Hines Doubles Investment on €182m Sale of Bishop’s Square

US real estate giant, Hines have completed the sale of Bishop’s Square for €182m to GLL Real Estate Partners, an affiliate of the Australian investment bank Macquarie Group and German-headquartered investor Patrizia AG.

Located on Kevin Street at the heart of Dublin’s central business district and within a short walk of St Stephen’s Green, Bishop’s Square features over 180,000-square-foot of grade-A office accommodation.

Hines had acquired Bishop’s Square in 2015 from New York-based investment firm King Street Capital for €92.5 million.

Bishop’s Square Improvements:

Built originally in 2001 by developer Bernard McNamara and designed by Ashlin Coleman Heelan, the building has undergone a significant programme of improvement work since coming under Hines’s ownership five years ago.

Architects, ACH Architects redesigned the office building in 2017 with CGI consultants, 3D Design Bureau designing aerial and interior CGIs to promote the new office spaces.

The works included a new penthouse floor and the extension of the building’s fourth and fifth floors has increased the property’s overall floor area from 14,213 sq m (153,000 sq ft) to 16,980sq m (182,774sq ft).

Other improvement work includes the provision of six new lifts, an upgraded reception area, and the delivery of a full-height atrium to increase the flow of natural light.

Rental Income:

GLL Real Estate Partners acquiring Bishop Square €182m means they could expect to secure a net initial yield of 4.04 per cent based upon its current rent roll of €7.881 million.

Some 86 per cent of the rental income is accounted for by Government tenants, namely the OPW and Tourism Ireland. Other tenants include Starbucks and International Financial Data Services.

Interior CGI of Bishop's Square Office Development located on Kevin Street, Dublin City.
Interior CGI of Bishop’s Square Office Development located on Kevin Street, Dublin City.

Building Extension Development Team

Developer: Hines is a privately owned global real estate investment, development and management firm, founded in 1957, with a presence in 214 cities in 24 countries and $120.6 billion of assets under management. Hines Ireland is based in Dublin 2.

Architects: ACH Architects is a Dublin based architects with their headquarters in Dublin 18.

Planning Consultant: Tom Phillips and Associates is a Dublin-based company specialising in spatial planning, development and geospatial analysis operating throughout Ireland since 2002.

Project Manager: Vitrus PM: is one of Ireland’s leading Project Management and Surveying companies. Our clients include leading development companies, international property funds and major FDI and indigenous Irish companies. Virtus PM are based in Dublin 7.

Civil & Structural Engineers: OCSC is a one-stop shop service for fully coordinated multidisciplinary engineering design and project management. They have offices across the UK, Ireland and Central Europe.

Interior Designers: MCA Architects provide a wide range of architectural services including design, fit out, due diligence, master planning as well as conservation and sustainable design.  MCA Architects are based in Dublin 2.

CGI consultants: 3D Design Bureau are specialists in Architectural Visualisation, BIM and VR – Delivering Quality Design Planning and Marketing Solutions. For this project, 3D Design Bureau created a series of aerial and interior CGIs all of which were used for marketing and planning purposes. They are based in Dublin, Ireland.