Sale of vacant office block close
Hibernia REIT is in talks to buy an office block in Dublin, in a move that will cut the number of vacant large buildings in the top areas of the capital to one.
In a stock exchange announcement, the investment firm confirmed it was in exclusive talks to buy Cumberland House on Fenian Street.
Cumberland House is a seven-storey office building of 112,000sqft with "substantial refurbishment opportunities" located close to Merrion Square, said the company.
While Hibernia made clear that there was no guarantee the sale will go through, industry sources said it was close to completion. Cumberland House is thought to be in good condition and could probably be occupied straight away. For the landlord to charge top-level rents a substantial renovation is required.