Hines has acquired the second phase of Chatham & King mixed-use portfolio in Dublin on behalf of the Hines European Core Fund (HECF). The purchase price was not disclosed.
Construction of the prime building on Chatham Street and Clarendon Row was recently completed by Lone Star Funds. Chatham & King is located adjacent to Grafton Street and St. Stephen’s Green, in the heart of the city’s premier shopping district, close to the Westbury Hotel and the recently announced new European Parliament Headquarters in Dublin.
The asset comprises six residential units, five prime retail units totalling 16,000 square feet, and 26,500 square feet of office space which will be occupied by global data analytics management firm, Qualtrics, which already has its European headquarters located in the adjoining 31,000 square feet office.
”Negotiations are advanced on each of the five new retail spaces, which range from 495 to 12,680 square feet respectively, with the incoming tenants to sit alongside a quality line-up of existing retail tenants, including Zara, H&M and newly arrived Apple-reseller CompuB, which recently signed a new lease for a 3,400 square feet retail unit on South King Street,” said Hines in a press release.
“The acquisition of Phase 2 of Chatham & King completes the final element of this portfolio and marks the delivery of a LEED accredited asset in the Dublin office and retail sector at an opportune time. The property is an excellent fit for HECF given its central location in Dublin, a city which continues to show strong economic growth. We are already encouraged by the promising engagements to date from some very exciting retail brands who would be ideally suited to this prestigious shopping district. We hope to have further announcements in this regard in the near future,” said Simone Pozzato, Managing Director and HECF Fund Manager at Hines.
“We are delighted to make this timely announcement as Dublin city centre continues to reopen and as Chatham Street itself has recently undergone a significant transformation with Dublin City Council’s high-quality pedestrianisation programme. Chatham & King is a very high quality addition to this historic street and our new premium retail spaces will represent a significant enhancement to the city’s most fashionable shopping district. We are also equally excited to be working with Qualtrics as our lead office occupier as they continue on their exciting growth story,” said Peter Lynn, Director with Hines Ireland.