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News Release

Dublin

Velasco, Grand Canal, Dublin 2

Sale of new Grade A high profile office building in Dublin 2


​JLL is delighted to confirm the sale of Velasco 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 two months in advance of practical completion.  The successful purchaser was Irish Life.
The sale, at a figure in the region of €58 million, for the vacant building, represents a strong vote of confidence by Irish Life in the prospects for sustained office occupier demand in the prime Dublin office market. 

The early delivery of Velasco demonstrates excellent foresight by Ardstone and Hardwicke in getting early mover advantage to deliver an excellent high quality office building into the front end of the development supply pipeline.
 
John Moran CEO of JLL Dublin who advised Ardstone and Hardwicke on the sale said "the price achieved is reflective of the both the quality of the building and its pivotal location at the axis of the traditional city core and the South Docks".
 
The sale of Velasco is another very successful result for Ardstone, following its other recent disposal via JLL of 2 Habourmaster Place in the IFSC to German fund Real IS.