Hibernia REIT buys the Garda Headquarters

Garda Headquarters sold for 70m.
Rent roll of about 5m per year.
rte.ie/news/business/2015/02 … rnia-reit/

Did Hibernia REIT overpay.
Google got nearly twice the square footage in a brand new building for 100million in 2011.
wsj.com/articles/SB100014240 … 0794682840

Here is old lease information for the OPW

I doubt the Gardai are sticking in as many staff per sq. ft. as Googlers would.

Between rent allowance for private property and council housing and OPW and NAMA the Government is the biggest player in the Irish property market.

Yield compression since 2011 has been absolutely massive, so that initial 7% looks like good value to me.

It is an old building. If Gardai weren’t there they wouldn’t find someone else to occupy it.

:unamused: The guards are in the high court trying to force extensions to the various leases (the first of which expires in 2016).

Perhaps there is a development play on the site.

Guards are out (one assumes).
Question is, do they build resi, comm, retail or a mix ?

So 70m for a 1.9 acre building site with one would expect major limitations on what you could build considering there is Georgian architecture around and some loon will probably argue that the existing eyesores that are the buildings themselves are architecturally significant.

Did your cell have wifi ?

The site could accommodate 250k to 300k sq ft of Grade A Offices (vs the current 116k sq ft plus 158 car parking spaces)

Is this Garda HQ or what? I though HQ was in the Phoenix Park? Lots of higgledy piggledy buildings there (no pun intended) - though building larger ones would be tough

Harcourt Square, D2

yeah, I knew the location - didn’t think it was “HQ” though…

seems it’s
“Dublin Metropolitan Region Headquarters,” and CAB/Fraud/ etc


It is the Dublin Area HQ. There is a plan to purpose build a new HQ on the vacant/derelict site beside Kevin Street Garda Station, plans delayed by the recession. The new owners of Harcourt Square would be aware of that, and would therefore probably not wish to renew the leases on Harcourt Square and redevelop it, given its potential as outlined above, and the relatively short term intentions of the OPW towards Harcourt Square.

cf.broadsheet.ie/wp-content/uplo … ner-17.jpg

8.2 million a year for 900 employees. Thats 9111 euro per seat per year.

What would the commercial landlords of Dublin do without Governmental support.

Don’t forget the poor beef barons
irishtimes.com/business/comm … -1.2344666

Larry Goodman behind that one AFAIK

This annoys me as the building I’m in has over 900 seats and could be built for less than a year’s rent and I know the elevators were installed in 2002 so it has been rent free for the last 15 years.
It is a standard design which is replicated across our campuses and it works well.

Someone made an “ideological” decision or one that could be argued to be “ideological” that it is better to rent than buy in state so the “Entrepreneurs” of Irish society just hold properties and charge huge rents.
They have an intravenous drip directly from the tax take of the country. In Ireland it isn’t a case of building a better mouse trap to become a millionaire it is a case of getting connected so that you can receive a generous stipend in perpetuity from one arm of Government or another.

Someone close to me works in an IT job in a Hospital. They have their own office. They have no need for their own office. While this person is diligent he isn’t exceptional in having an office and very little gets done by others enjoying the same privilege.

If it were me I’d be happier to get an additional 9111 euro in my pay packet. That 9111 euro would get taxed extortionately everytime I opened my wallet and it would cycle around the economy. Who thinks corporate landlords haven’t arranged their tax affairs in the most tax efficient manner possible.

1 Like

I talked to a guy that works in Dept of Health in the IT Dept- this delay is due to the unions supporting the staff’s demands that they should not have to move to another building if they don’t get the same conditions they are in now (it if you have an office to yourself in Hawkins house you have to get the same in the new building).

And separate to this they are ALL getting a relocation allowance for the move to Dublin 4- despite the fact that it will be a closer commute for more than half the staff.

It beggars belief.