One Spencer Dock sells for €242m

This is the first major sale in Dublin since the Brexit vote

One Spencer Dock sells for €242m

onespencerdock.com

Dublin's One Spencer Dock, one of Dublin's highest-profile office developments, has been sold to London's AGC Equity Partners for €242m.

The building is fully occupied by PwC, which has has signed a 25-year lease from 2007 to 2032.

It's 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, it 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."