Wednesday, October 26, 2016/Categories: News
The online retail giant Amazon has completed legal contracts to rent a high-density office building under construction beside the former Burlington Hotel, now trading as Double Tree by Hilton Hotel Dublin. The letting of the 15,922sq m (172,000sq ft) block is by far the largest in the city for several years.
Amazon is to pay a blended rent that works out at about €538 a sq m (€50 a sq ft), ranging from €484 a sq m (€45 a sq ft) at basement office level and €592 a sq m (€55 a sq ft) on the upper floors. The new tenant will have a break option in year 13 and the use of 95 car-parking spaces at lower basement level.
Amazon is already renting a substantial part of the Burlington Plaza building which it shares with Sky and Adroll. The company is also renting the former Irish Nationwide headquarters at Grand Canal Parade from London & Regional Properties, which bought it at the end of 2013 for a €13 million.
The Burlington Road site had full planning permission for the large scale office scheme when it was bought in June 2014 by developer Johnny Ronan in a joint venture with U+I and Colony Capital. The German investment and management company, Union Investment Real Estate, is to take over ownership of the project when it is completed next summer.
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