1 Windmill Lane, Dublin 2
This is a new development to a LEED Gold standard extending over six floors with a lettable area of approx. 122k sq ft of Grade A office space. The building is part of our regeneration of the Windmill Lane area of the South Docks.
The one acre site in the South Docks was acquired in June 2014 from an affiliate of Starwood Capital for €7.5m. The site has planning permission for a 122,000 sq. ft. office development, plus c. 6,000 sq. ft. of retail and 15 residential units. Simultaneously we acquired the Hanover Building, an office building which adjoins the site, and shortly afterwards acquired the neighbouring Observatory office building and the site at 1 Sir John Rogerson’s Quay (all from different vendors), giving Hibernia a quadrant of adjoining assets in the South Docks.
As part of the purchase, Starwood was granted an option to buy back in as a joint arrangement partner on Windmill Lane, which it exercised in 2015, leading to the formation of the Windmill Lane Partnership, owned 50:50 by Hibernia and Starwood and to which the Hibernia Group is acting as asset manager and development manager. As the design process has evolved, Hibernia has been successful in making a number of improvements to the specification of the building which have allowed for a more efficient design so that the building has the potential to be let on a multi-occupancy per floor basis. The site has been cleared, construction work is progressing well and the project is on schedule for completion in late 2017 with capital expenditure expected to be €52m (Hibernia’s share: €26m). Together with the development of the neighbouring site at 1 Sir John Rogerson’s Quay and improvement works in the Hanover and Observatory buildings, we believe this project will deliver a significant regeneration of the area.