Hines to double investment on €180m sale of central Dublin offices.

South Korean real estate investment firm IGIS Asset Management are in a pole position for the purchase of Bishop’s Square office scheme on Kevin Street, Dublin city centre.

IGIS has agreed to pay in excess of the €180 million price guided by agent CBRE when it brought the property to the market just over two months ago.

The building’s current owners, US real estate giant, Hines acquired Bishop’s Square in 2015 from New York-based investment firm King Street Capital for €92.5 million.

Interior CGI of Bishop’s Square penthouse office – 3D Design Bureau

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 four 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.

Interior CGI of Bishop’s Square penthouse office – 3D Design Bureau

Rental income

IGIS acquiring Bishop Square at the guided €180m price 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 penthouse office – 3D Design Bureau

Full project details:

Name: Bishop’s Square.

Location: Redmond’s Hill, Dublin City Centre

Size: 153,558 square feet

Major Tenants: IFDS, News International, Office of Public Works

Development Team

DeveloperHines: 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.

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

Project managersVitrus PM: Virtus Project Management 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 engineersOCSC: 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 designersMCA 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 consultants3D Design Bureau: are specialists in Architectural Visualisation, BIM and VR – Delivering Quality Design Planning and Marketing Solutions. For this project, Team3DDB created a series of aerial and interior CGIs all of which were used for marketing and planning purposes. They are based in Dublin, Ireland.

Hines required aerial and interior CGIs for both planning and marketing purposes. They received planning permission and their marketing images have made the rounds on national media. We’d love to hear about your project.