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 Post subject: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 2:02 pm 
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Garda Headquarters sold for 70m.
Rent roll of about 5m per year.
http://www.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.
http://www.wsj.com/articles/SB100014240 ... 0794682840

Here is old lease information for the OPW
http://www.opw.ie/media/Leased%20Office%20details.pdf

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.


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 3:00 pm 
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Yield compression since 2011 has been absolutely massive, so that initial 7% looks like good value to me.

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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 3:10 pm 
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It is an old building. If Gardai weren't there they wouldn't find someone else to occupy it.


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 3:31 pm 
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dipole wrote:
It is an old building. If Gardai weren't there they wouldn't find someone else to occupy it.

:roll: 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.


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 3:34 pm 
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Guards are out (one assumes).
Question is, do they build resi, comm, retail or a mix ?


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 3:36 pm 
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mr_anderson wrote:
Guards are out (one assumes).
Question is, do they build resi, comm, retail or a mix ?


Would there be any issues with planning given the venerable residents of the park? Wrong building

I've been in that building. Not very pretty.

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Last edited by Mantissa on Tue Feb 10, 2015 5:48 pm, edited 1 time in total.

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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 3:41 pm 
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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.


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 3:48 pm 
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Mantissa wrote:
mr_anderson wrote:
Guards are out (one assumes).
Question is, do they build resi, comm, retail or a mix ?


Would there be any issues with planning given the venerable residents of the park?

I've been in that building. Not very pretty.


Did your cell have wifi ?


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 3:52 pm 
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:-D

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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 5:40 pm 
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dipole wrote:
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.

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


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 5:42 pm 
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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


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 5:49 pm 
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slasher wrote:
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


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 5:54 pm 
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Luan wrote:
slasher wrote:
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

Sorry I was confusing it with the park, where Crime & Security are. I was in Harcourt Square years ago since computer crimes are in there. Neither building is much to look at :-D

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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 6:00 pm 
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Luan wrote:
slasher wrote:
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

http://garda.ie/Controller.aspx?Page=3430


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 Post subject: Re: Hibernia REIT buys the Garda Headquarters
PostPosted: Tue Feb 10, 2015 8:33 pm 
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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.


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