Hibernia REIT, which only began trading before Christmas, said it had agreed terms to buy the one-acre site on Windmill Lane for €7.5m and the loans held against an adjacent office block for an additional €20.16m.
In a stock exchange announcement, Hibernia said the site has existing planning permission for a mixed-use development of 125,000 sqft net lettable of offices, 9,000 sqft of retail space and 15 residential units.
Hibernia has granted a 12-month option to another party, believed to be US private equity firm Starwod Capital, to invest on a side-by-side, equal cost basis in the combined redevelopment of the Hanover Building and the site.
If exercised, Hibernia will act as the asset manager and development manager.
The site held U2's studios at Windmill Lane but they were taken over by the Dublin Docklands Development Authority a decade ago.
As part of that deal, U2 was to get a studio in the planned 'U2 Tower' on Britain Quay. That has yet to be built, however. Meanwhile, the company has forked out €20.16m for the loans held against the Hanover Building on Windmill Lane, which backs on to the site.
http://www.independent.ie/business/irish/u2-studio-site-sold-to-hibernia-reit-in-276m-deal-30315926.html
Terrible news in my opinoin. What's your views on this? Do you think they will demolish the place?
