Acquisition: Pelham House, Leopardstown, Dublin 18

Client: Friends First

Opportunity

HWBC office department identified an interesting opportunity to acquire a vacant award winning office building formerly occupied by Merck Sharp and Dohme. The investment department identified an experienced investor to take on the measured risk of acquiring a vacant building in need of upgrade works.

The property was marketed for sale with vacant possession and culminated with a best bids process. We successfully acquired the property on behalf of the client Friends First for €5.7m.

The Property

Pelham House comprises modern three-storey office building extending to 2,461 m² and situated in a prime suburban office location, South County Business Park home to the new Microsoft HQ. This is a highly accessible location with Pelham House situated only two minutes’ walk from the Central Park Luas stop.

Strategy and Implementation

HWBC through cross departmental collaboration identified an opportunity to acquire a first-class modern office block with the goal of upgrading the building to achieve the best rent, covenants and lease terms available in the market.

Added Value

HWBC advised on the upgrade works, actively marketed the property and successfully secured a single letting of the entire to a first-class covenant.

The tenant, Ardagh Packaging, carried out an extensive fit-out to suit their own requirements and currently occupy Pelham House on a new 15-year lease at €749,235 per annum.