Dublin is booming. This is also benefiting the real estate market. There is considerable demand for office space, particularly in the area of the city known as Dublin Docklands. Several hundred tech companies have already established themselves there. It is also home to more than 300 companies in the financial and consulting industries. These companies maintain their impressive headquarters in the Irish Financial Services Centre (IFSC), the well-known financial district in the Docklands.
In September 2018, CS REF International purchased a fully occupied office building in a very favorable microlocation. However, at the time of purchase the building's tenants were paying rents that were considerably below market levels in the area. Moreover, the property, which was built in 1999, was no longer up to current standards. So a renovation plan, tailored to current needs, was developed to take advantage of the property's full potential. This meant a total overhaul, which would considerably increase the value of the building, known as "Dockline."
Sustainability is part of the concept
A great deal of importance is being attached to sustainability in the renovation of this six-story building, which includes approximately 8,000 square meters of rental space. This will be helpful in earning LEED Gold certification upon completion of the renovation. The ongoing work is scheduled to be finished in the first quarter of 2022.
The Dockline building will feature an impressive lobby, which will be two stories high and include an eye-catching mural by a student at the National College of Art and Design (NCAD). Greenery will be added to the interior courtyard – which was unused in the past – to provide tenants with a unique oasis in the heart of the city. A fitness center as well as a room for recreation and events will allow for relaxation and amusement. Other attractive amenities include changing rooms with lockers and showers.
The space is well designed and allows for maximum flexibility. An underground parking garage can accommodate at least 60 cars, as well as numerous motorcycles and bicycles. This enables tenants to take full advantage of the excellent traffic connections that this first-class location has to offer.
Focusing on added value for investors
This prestigious Dublin building clearly demonstrates that renovating a property can help to retain existing tenants, while also attracting potentially interested parties. Every building goes through a life cycle. At various intervals, certain renovations become necessary. It is important not only to have the expertise to carry out the necessary renovations, but also to have intimate knowledge of the relevant markets. In this context, the Global Real Estate unit of Credit Suisse Asset Management relies on the expertise of its real estate specialists at six locations around the world. They are familiar with the entire real estate value chain, and play a crucial role in generating sustainable added value for investors.