Hibernia REIT has bought two properties in the South Docks area of Dublin for €4.6m.
Both properties are located on Lime Street, in Block 11 of the area designated by Dublin City Council as a Strategic Development Zone (SDZ).
8/9 Hanover Street East, which is on the corner of Lime Street and Hanover Street East, is a four storey office building of approximately 12,700 square fee.
It has a current passing rent of €110,000 a year and 3,900 square feet of the building is currently vacant.
11 Lime Street, on which contracts have been exchanged, is a refurbished three bedroom, four storey house.
Kevin Nowlan, CEO of WK Nowlan REIT Management Limited, said the new properties are located close to its quadrant of assets at Windmill Lane and position it well to participate in the regeneration of the area.
A REIT is a company that owns and manages property on behalf of shareholders. It can contain commercial and/or residential property but excludes the letting of owner-occupied buildings.
REITs provide a way for investors to access the risks and rewards of holding property assets without having to buy property directly.
