LeasePlan, the leading provider of commercial van and car leasing, has taken a lease of an extensive headquarters facility fronting on to the M50, at the Red Cow, in west Dublin.

The company is understood to have agreed a stepped rent starting at €125,000 per annum for the building, which extends to 2,296sq m (24,714sq ft), alongside a 0.76-hectare (1.9-acre) concrete yard.

Jarlath Lynn of CBRE, who handled the letting, said his client was delighted to have secured a top calibre tenant on a long-term lease.

The same agent has secured in excess of the guide price of €3.5 million for a redevelopment site of 3.01 hectares (7.45 acres) at the Naas Road, west Dublin.

It is located directly opposite the Gateway site, bought by Hibernia REIT for €10m in 2014.