Hibernia REIT has said the first phase of its development at Block 3, Wyckham Point in Dundrum, Dublin 16 has been completed. 

Phase one of the project was completed ahead of schedule and within budget, Hibernia said.

The project comprises 29 units, which are a mixture of one, two and three bed apartments. 27 units have been let to an international technology company at rents which are about 9% ahead of September 2014 rental values.  

Hibernia has also secured bookings for the rent of a further 35 units from the end of June.  

It acquired loans secured against the partially completed Wyckham Point development as part of its acquisition of a loan portfolio from Ulster Bank last year.

It said the phased completion of the rest of Block 3 is progressing well, with the last units expected to be available for rent by the end of September 2015. This is ahead of its original guidance of the end of 2015.  

"We are delighted with this letting, at levels ahead of the estimated rental value, which underscores the quality of Wyckham Point and its attractive location close to Dundrum Shopping Centre, the Luas line and the M50," commented Kevin Nowlan, CEO of WK Nowlan REIT Management Limited, Hibernia's Investment Manager.      
       
"With the strong tenant interest we are receiving, we are confident that the remaining units will let well," he added.