DUBLIN--(BUSINESS WIRE)--IPUT plc, the largest unlisted property vehicle in Ireland, announces that it has pre-let the entire of 10 Molesworth Street to leading Irish financial services group Allied Irish Banks plc (‘AIB’ plc). The 115,000 sq. ft. (10,680 sq. m.) landmark office building is located at the heart of Dublin’s commercial and government quarter and is due for completion in Q1 2018.
10 Molesworth Street
- 115,000 sq. ft. Office development on Molesworth Street pre-let to AIB
- 20-year lease
- Newly built contemporary office building set over seven floors
- Landmark building in Dublin’s city centre with LEED Platinum environmental certification
- IPUT has now leased a total of 400,000 sq. ft. of commercial space in 2017 YTD
- Development programme now de-risked with current pipeline fully pre–let
- New leases in 2017 add €16 million or 19% to IPUT’s rental income stream
- IPUT contracted annual rental income to exceed €102M by year end 2017
- IPUT portfolio comprises 95 properties, 99% by value situated in Dublin, with a NAV* of €2.2 billion
*Net Asset Value as at 30 September, 2017
IPUT plc, Chief Executive Officer, Niall Gaffney, commented: “We are delighted to welcome AIB plc to 10 Molesworth Street and to the IPUT portfolio. The completion of this major letting to AIB means we have now fully pre-let all of our development projects, bringing our total lettings for the year to date 2017 to 400,000 sq. ft, generating €16 million in new rent for our shareholders in 2017.
We designed 10 Molesworth Street to reach the highest possible standards of sustainability and it will be the first newly constructed office building in Ireland to achieve platinum accreditation through the LEED rating system.
We take a long term approach to investment and this strategy is reflected in the selective redevelopment of our properties. As we see with the successful completion and leasing of 10 Molesworth Street, this form of investment both enhances the quality of our building stock and regenerates our rental income for the longer term."
JLL and Knight Frank handled the letting for IPUT plc; AIB plc was advised by Cushman & Wakefield.