US real estate investor Kennedy Wilson said on Tuesday that it has secured planning permission at Hanover Quay, in Dublin south docklands.
In a joint venture with the National Asset Management Agency (NAMA), planning permission was granted for 68,400 sq ft (6,400 m2) net internal area of new office space.
The joint venture acquired Hanover Quay in July 2017, having previously been a warehouse and stables built in the 1780s. The development will see Kennedy Wilson transform these obsolete properties into a modern large floor plate office building with water views over both Hanover Quay and Grand Canal Docks.
Hanover Quay is located adjacent to Kennedy Wilson’s iconic Capital Dock development, where J.P. Morgan and Indeed are already confirmed as anchor occupiers. Construction of Hanover Quay is expected to commence by Q4-2018 with completion by Q3-2020.
Mary Ricks, President and CEO of Kennedy Wilson Europe, said: 'Hanover Quay is the last piece of the jigsaw for this key city hub, benefiting from the fantastic amenities to be offered at Capital Dock and extending the campus to almost 1 million sq ft GIA. Moreover, the Dublin office market remains very attractive with occupier demand outstripping supply. The addition of Hanover Quay will improve the asset management angles for the office element of the campus, which is either fully let or committed, and will add to Kennedy Wilson’s next phase of Estimated Annual NOI growth beyond 2019.'