Le mie ricette per la real estate communityFollowing the recent completion of the Ten Hanover Quay office development at Capital Dock, global real estate investment company Kennedy Wilson and 40% joint venture partner, National Asset Management Agency (‘NAMA’), have signed a full-building lease with a global occupier, signing a new 15-year lease, with a tenant break option at year 12.
The tenant will occupy 68,300 square feet across seven floors at the waterfront, Class-A industrial warehouse office redevelopment that combines historic features and contemporary office space in the heart of Dublin, Ireland. Following the new lease, Ten Hanover Quay is expected to generate a yield on cost of in excess of 6%.
The development has leading sustainability credentials, including Gold certifications across LEED, WELL and WiredScore and thoughtful placemaking and community engagement. As part of the redevelopment project, Kennedy Wilson refurbished and extended the historic Lock Keepers Cottage, which is earmarked for community use, and commissioned the Sentinel, a 40-foot limestone sculpture by the renowned artist Michael Warren that anchors the extensive public realm.
The Ten Hanover Quay property dates to the 1780s, when it originally served as a warehouse and stables. Following the acquisition of the site in 2017, Kennedy Wilson, working with its partner NAMA, transformed the site into a unique, modern, large floor plate office building with a roof top terrace that fuses contemporary design by OMP and Mola Architecture with best-in-class conservation features. John Sisk & Son were the contractor.
Fronting onto Three Locks Square at the heart of the Capital Dock campus, Ten Hanover Quay completes this iconic 5.3-acre mixed-use urban quarter, including 460,000 square feet of fully occupied offices; 190 premium residential units that are currently 92% occupied; 2.5-acres of public space, 27,000 square feet of restaurant, bar, and food offerings, including Dublin’s flagship Brewdog Outpost and Fresh the Good Food Market, and a new waterside park and playground.
Kennedy Wilson and its equity partner acquired a 3.4-acre site as part of its acquisition of the loan on the State Street building at end 2012 with direct ownership of the site taken in mid-2013. KW worked with NAMA to get zoning (Strategic Development Zone for Docklands) for the combined now Capital Dock site, eventually extending to 5.3 acres. A joint venture agreement was signed with NAMA in December 2014 for an 85:15 economic split, with KW as the development manager. Master planning was achieved in October 2015 and site enabling works commenced in November 2015. The main contract was awarded to John Sisk & Son in July 2016 and the construction of Capital Dock was formally launched in September 2016. A forward-funding agreement was agreed with J.P. Morgan for its own office accommodation at 200 Capital Dock in May 2017 and the remaining offices at 100 and 300 Capital Dock were let to Indeed in November 2017. The 190-unit Capital Dock Residence completed in January 2019. NAMA disposed of its 15% investment in Capital Dock in 2019 and retains its 40% interest in Ten Hanover Quay. Capital Dock achieved ISO certifications across three standards:
Source : Kennedy Wilson