Mon, 18/06/2018 - 10:29
Global real estate investment company Kennedy Wilson has secured planning permission at Hanover Quay, in Dublin's south docklands.
In a joint venture with the National Asset Management Agency (NAMA), planning permission was granted for 68,400 sq ft NIA (87,400 sq ft GIA) of new office space.
The joint venture acquired Hanover Quay in July 2017, having previously been a warehouse and stables built in the 1780s. The development will see Kennedy Wilson transform these obsolete properties into a modern large floor plate office building with water views over both Hanover Quay and Grand Canal Docks. Kennedy Wilson expects the unique blend of modern office layout within a warehouse setting will appeal to a variety of occupiers.
Hanover Quay is located adjacent to Kennedy Wilson’s iconic Capital Dock development and extends the natural footprint to complete this new campus. The new building will front onto Three Locks Square at the heart of the Capital Dock development, where JP Morgan and Indeed are already confirmed as anchor occupiers. Construction of Hanover Quay is expected to commence by Q4-2018 with completion by Q3-2020.
Mary Ricks, President and CEO of Kennedy Wilson Europe, says: “Hanover Quay is the last piece of the jigsaw for this key city hub, benefiting from the fantastic amenities to be offered at Capital Dock and extending the campus to almost 1 million sq ft GIA. The architecture will fuse contemporary design, heavily influenced by the industrial and maritime heritage of Dublin’s docklands, with best in class conservation, with a target of LEED Gold and WELL Gold certifications.
“Moreover, the Dublin office market remains very attractive with occupier demand outstripping supply. The addition of Hanover Quay will improve the asset management angles for the office element of the campus, which is either fully let or committed, and will add to Kennedy Wilson’s next phase of Estimated Annual NOI growth beyond 2019.”
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