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Property That Houses Airbnb's European HQ In Dublin Hits The Market

Published on Sep 23 2021 10:37 AM in Hotel tagged: Trending Posts / Airbnb

Property That Houses Airbnb's European HQ In Dublin Hits The Market

The property that houses Airbnb's European headquarters at number 8 Hanover Quay in Dublin is being sold via by joint agents BNP Paribas Real Estate and Savills on behalf of a fund managed by BNP Paribas Real Estate Investment Managers (BNP Paribas REIM) with a guide price of €41.5 million.

Details

As reported by The Irish Times, number 8 Hanover Quay is docklands fully let to Airbnb until 2036, and its sale offers the prospective purchaser the opportunity to secure immediate rental income backed by a strong tenant covenant and a net initial yield of 3.73%.

BNP Paribas Real Estate and Savills reportedly declined to comment on the sale when contacted by The Irish Times.

The property is reportedly comprised of comprises 3,747 square metre (40,343 square feet) of grade-A office accommodation and has served as the Europe, Middle East and Africa headquarters of Airbnb since 2016.

The property is reportedly let in its entirety to Airbnb Ireland Limited under a full repairing and insuring lease with a full parent company guarantee in place from Airbnb Inc, and the next break option in Airbnb's lease at the property is reportedly in March of 2030, which gives the property a term certain of eight and a half years and a weighted average unexpired lease term of 14 and a half years with the expiry in 2036.

The property's current passing rent is reportedly €1.7 million (€454 per square metre/€42 per square foot).

The property reportedly has no onsite car parking, and the requirement is reportedly for staff to walk or cycle.

Adjoining Reflector Building

Airbnb reportedly also occupies a further 3,715 square metres (40,000 square feet) across two and a half floors in the adjoining Reflector Building, which is reportedly now owned by German-headquartered real estate investor Deka Immobilien, and BNP Paribas REIM reportedly gave consent to break the boundary wall between the ground floor and 8 Hanover Quay and the Reflector Building to allow for a seamlesss working environment for Airbnb employees between the adjoining properties.

Potential Airbnb Property In Cork City Suburb Of Blackrock Hits The Market

In other Airbnb-related news, a potential Airbnb property has hit the market in the Cork city suburb of Blackrock.

As reported by The Irish Independent, a 3.26-acre property in Blackrock is being sold via Savills with a €4 million plus guide price.

Savills reportedly that with its zoning for residential, local services and institutional uses, the property has appeal for residential development or a nursing home.

In line with its Convent Road address, it reportedly comes with a residential complex that extends to 8,870 square feet and is comprised of 16 bedrooms (including 15 en-suites), a communal kitchen and dining area, a community room, laundry room, and office space.

Consequently, a developer could reportedly generate short-term income from Airbnb, a guest house or co-living rental.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

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