Two Dublin properties acquired for EUR16.1m

16th December 2014

Development Securities acquires two properties in Dublin for €16.1 million

Development Securities today announces that it has acquired two properties, Donnybrook House and Charlemont Clinic, in central Dublin for €16.1 million.

Donnybrook House, which has been acquired for €9.0 million, is a vacant office property in a prominent location within Dublin 4, one of the city's central districts. Occupying a 0.9 acre site, the 1970's office building has a net internal office area of 43,000 sq. ft. with a further 10,000 sq. ft. of basement space and 40 car parking spaces. The building has existing planning permission for a complete refurbishment of the office space and an extension and conversion of the ground floor offices to provide 14,600 sq. ft. of retail space, 17,600 sq. ft. of restaurant space plus a basement gym. Development Securities anticipates a start on site in Q2 2015, with the comprehensive renovation works completing in 2016 at an anticipated capex of c.€8.0 million.

Charlemont Clinic is a former private health clinic acquired for €7.1 million. The 0.95-acre site comprises seven buildings with a total net internal area of 19,900 sq. ft. which offer significant opportunities for redevelopment. Located in Dublin 2 next to the Grand Canal, the property is within walking distance of the city's main shopping streets and less than 300 yards from a tramline station that connects to the city centre within minutes.

Matthew Weiner, Executive Director, Development Securities said: "The two acquisitions announced today represent strong buying opportunities in well-connected locations within the centre of Dublin. Both sites are vacant and in a state of obsolescence, offering options for redevelopment which will allow us to add value through the planning and regeneration process, and to bring these prominent locations back to life. We have already completed several transactions in the Dublin market, with notable acquisitions at Burlington House and Robswall. Our focus is on opportunities where we can create value through regeneration, complementing our UK development activity and expertise."

For further enquiries, please contact:

Matthew Weiner/Lucy Grimble, Development Securities PLC

020 7828 4777