ONE SPENCER DOCK has become Ireland’s largest office investment after selling to AGC Equity Partners Limited for €242m.
Joint selling agents Savills and CBRE sold the property on behalf of the joint receivers and Davy Real Estate.
The sale of the 21,000 square metre Dublin office block – which is fully occupied by professional services firm PWC – is one of the most high profile office investment sales to occur in Ireland.
Commenting on the sale joint receiver Luke Charleton of EY, who were appointed as receivers to the NAMA-secured property, said the sale means Dublin is still attractive to international firms.
“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”.
PWC pays around €11 million a year in rent and has 16 years left on their lease.
Spencer Dock and the wider docklands area is gearing up for the next phase of development which will see new office, retail and residential developments transforming the skyline.
This will in part come from the future development of the remaining Spencer Dock site, the Project Wave site, City Quay and the Exo Building adjacent to the 3 Arena.
This future development will further strengthen the area as a destination for top class occupiers and provide a mix of uses to create an energetic city district.
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