Dublin 4, Ireland - Office
- Baggot Plaza was acquired 24 June 2014 as part of the Opera portfolio. At acquisition, the building, which dated from the 1970s, was functionally obsolete.
- We implemented a strategy to re-develop the asset using the existing frame and by extending the floorplates, as a result of securing planning permission for additional net 37,700 sq ft to the existing 91,600 sq ft office building, bringing the total redeveloped area to 129,300 sq ft.
- Following commencement of construction, we agreed a pre-let with Bank of Ireland for a 25-year lease (20-year term certain) to occupy the entire building at a headline rent of €47.50 psf.
- We are on budget and on track to achieve practical completion in summer 2016.