Singapore-headquartered real estate investment trust Mapletree has achieved 96% occupancy at its Nova Atria office scheme at Sandyford in south Dublin.
The well-known consumer finance company Avant Money has signed a 10-year lease for 978sq m (10,527sq ft) on the penthouse floor of the development’s north block. The remaining 1,022sq m (11,000sq ft) of office accommodation on this level is in the process of being refurnished and will be available for occupation in spring 2023.
Acquired by Mapletree for €167 million in 2019, the Sandyford scheme comprises a total of 31,505sq m (339,000sq ft) of space distributed across two six-storey blocks, Nova Atria North and South. The development which had been known previously as the Atrium and occupied by Microsoft and other companies, is home today to the offices of a number of other major tech employers including Facebook, Salesforce and Verizon.
Nova Atria is located within a short walk of the both the Luas green line stop at Stillorgan and Beacon South Quarter with its range of cafés, restaurants and shops. The scheme is accessed easily from both the N11 and M50 and the wider motorway network.
Commenting on his company’s decision to locate its operations in Nova Atria North, Niall Corbett, chief executive of Avant Money, said: “This is an exciting time for our business, and I believe this move into a top-class working environment and having a strong presence in both Dublin and the northwest is a signal of our intent to continue to grow our business and bring value and innovative solutions to Irish consumers.”
Sam Daunt of CBRE represented Mapletree subsidiary Clover Asset (Dublin) Limited in the negotiations while Avant Money was advised by HWBC. CBRE and Linsey are acting as joint agents for the remaining 1,022sq m (11,000sq ft) on the fifth floor (penthouse floor).
Mapletree entered the European and UK markets in 2015, and has grown its presence significantly since then. Last year it signed Chinese-headquartered social media platform TikTok as tenant for the entire 216,000sq ft of office accommodation at the Sorting Office in Dublin’s south docklands. TikTok committed in December 2021 to occupy the Cardiff Lane property on the basis of a 15-year lease with 10 years’ term-certain and a rent-free period of about 18 months.
The rent agreed for the office scheme is understood to have been between €55 and €60 per square foot.
