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Case Study

Velasco, Grand Canal, Dublin 2

Vendor:              Hardwicke & Ardstone Capital

Purchaser:           Irish Life 

Rentable area:    4,738 m2 (approximately)

Price:                   €58 million

Velasco is a 51,000 sq. ft. landmark Grade A office building in a prime Dublin 2 location at the corner of Clanwilliam Place and Lower Grand Canal Street.  The building was sold with vacant possession by JLL, on behalf of the joint owners / developers Hardwicke and Ardstone Capital, in a private off-market transaction agreed in late 2016 – two months in advance of practical completion.  

We advised the vendors originally in purchasing the site in an off-market deal in 2014 and following their redevelopment of the property this sale provided our clients with an efficient and very satisfactory exit on practical completion.

The property was purchased by Irish Life in a competitive off-market transaction process.  The sale price, in the region of €58 million, represents one of the highest prices per sq. ft. obtained in the city for an office building and is particularly noticeable as the purchaser is taking on the letting risk. 

This sale demonstrated JLL’s expertise in complex off-market sales processes which requires a detailed knowledge of the active investors in the marketplace and their specific requirements along with maintaining the utmost client confidentiality.

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