HARCOURT STREET GARDA Station is changing hands.
Hibernia REIT plc has announced this morning that it has arranged to acquire the building that houses the force’s regional HQ from its current owners, Gangkhar plc. for €70m, in an off-market transaction.
The complex — across from the Odeon bar and Harcourt Luas stop, just up the road from Stephen’s Green — has 116,848 sq. ft. of office accommodation in four blocks, and parking spaces for 158 cars.
The property is let to the Office of Public Works (OPW) and fully occupied by the Gardaí.
“The lease on Block 1 expired in late 2014 and the leases on Blocks 2-4 expire during 2016. The OPW has applied for a court lease renewal on Block 1 and discussions are ongoing regarding possible lease extensions for the other blocks,” Hibernia said in a statement.
The real estate trust has been on a spending spree since last year, and this acquisition is its fourteenth since listing.
Once this sale is completed, Hibernia will have invested more than €500 million in Dublin property.
Last summer, Hibernia secured a block of buildings on the south docks in advance of what is expected to be considerable redevelopment of the area. It has also purchased several office buildings in the IFSC.
“We expect to submit a planning application shortly and look forward to working closely with Dublin City Council to deliver attractive new Grade A office space in the city centre in future,” investment manager Kevin Nowlan said in a statement.
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