Hibernia Reit plans additions to Dublin office block

Irish real-estate investment trust Hibernia Reit is planning development of Marine House, a building it acquired for €26.5 million in 2016.

The premises, which is a neighbour to Google’s Velasco building, was built in the 1970s and has office accommodation totalling 41,000sq ft arranged over six floors above a double basement.

The fully-let premises generated annual total rent of €1.2 million, the group said in 2016.

Hibernia is now planning an extension of the building which would result in an increase in gross floor space of 11,367sq ft (1,056sq m), and has applied for planning permission.

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In addition to external and internal refurbishment, Hibernia plans construction of a 3.5m extension with a glazed facade as well as a minor extension of the existing two-level basement.

Hibernia wants to remove all “own-door” offices in the building to create open-plan spaces, which would add to the usable square footage in the building.

Cycling facilities in the premises will be upgraded too, and the company expects landscaping outside the building on to Clanwilliam Place to include a dedicated cycle ramp.