One Spencer Dock sells for €242m
One Spencer Dock, has been sold to London’s AGC Equity Partners for €242m.
One of Dublin’s highest-profile office developments is currently occupied by PwC, which has has signed a 25-year lease from 2007 to 2032.
The building is nine storeys high and comprises of 21,000 sq m of office space. It also features a basement with 100 car parking spaces.
The ‘big four’ accounting firm employs 1,800 people at One Spencer Dock and another 1,000 throughout the country.
Annual rent from the building is close to €11.8m and was developed by Treasury Holdings in 2007.
This is the first major investment in office space in the capital since the Brexit vote.
Commenting on the sale, Joint Receiver Luke Charleton of EY, who were appointed as receivers to the NAMA-secured property, said:
“We are very pleased to announce the sale of One Spencer Dock following significant interest from domestic and international investors, which is a testament to the potential and value of a major development such as this. This is a successful outcome which reaffirms the international investor interest in Dublin.”
Fergus O’Farrell of Savills added: “The sale marks a significant milestone for the Irish market, and reflects investor confidence in the office market, supported by continued strong occupier demand in the city centre, leading to further rental growth.”
