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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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How come so many government buildings R rented? Y don’t they just buy it so they r not rentin it
Because our government always has an attitude of being a service provider, not a long term stakeholder in Ireland. In the UK, it is the mayors office in London that owns Scotland yard, and all police stations … In Ireland, we have a police service whose budget is subject to upward rent reviews at the whim of real estate investors.
They don’t hav the 20% deposit..
Zing !
Used to be handy free parking for Coppers. There’ll be a lot of disappointed Gardaí this morning.
New owner nothing really changes except the name on the governments rent cheque…. And potentially the amount if they renegotiate.
I would’ve thought the idea would be to redevelop into an office block.
I’m not quiet getting my head around this one either, why would a nation rent building for a Garda base?
Same reason AIB sold and re-leased their HQ in Ballsbridge…
Less money tied up, more cash to spend elsewhere, countries in debt remember.
The nation, as I understand, still pays ground-rent for a number of buildings, including the State Buildings where presides the Department of the Taoiseach.
Like any organisation, the OPW, who manages the site, must balance pros and cons of the cost of buying a site with a number of buildings outright against renting only the buildings/floors that it needs(less expensive).(expensive) with renting out the
I hear you Brian/Drew. I suppose needs might change in the future regarding building layout/building standards etc…It just stinks to me of balancing annual departmental budgets rather than best value for the taxpayer in the long term, much like my pet hate, those rented school prefabs.
Diceys and coppers will have to roll the Christmas party kegs a bit further now if they wanna keep partying till 7am on the weekends
many a piss I’ve taken against that building… i like to think all that urine somehow increased it’s value
You pissed against a Garda station…legend.
cheers.
great news
Someone else can do this one for a change.
2+2+2+1=7. Or does it??
It can’t be a prime number
have your say