Case Study – Office – Belfield Office Park

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Belfield Office Park is an office development of 355,000 sq.ft. located in Dublin 4. The development was completed in 1999 and some 100,000 sq.ft. was disposed of by way of long leasehold shortly thereafter. Wilson Wright personnel have been involved in the management of the asset since 2004 and assumed full responsibility in 2011.

 

 

 

Optimising value

Wilson Wright has achieved a 62% uplift in capital value in less than 4 years.

 

Tenant Retention / Lease Negotiation

97,000 sq.ft. of offices in Belfield Office Park were retained through lease break options or expiry.

 

Commercial Lettings

146,000 sq.ft. of new lettings since 2009.

 

Income restructuring

Since 2009 78% of the leases in the park have been restructured with income retained to 86% of the full rental value. The average unexpired lease term improved from 3.5 to 5 years.

 

Rent Collection

Wilson Wright collect rent and account for VAT payments on behalf of the funding institution.

 

Dilapidations / Surrender Settlements

Overseeing approximately €6 m in dilapidations and surrender settlements with outgoing tenants in the past 5 years.

 

Ongoing Management

Managing tenants and facilities and property management teams in designing and implementing annual service charge budgets.

 

Management Accounts and Reporting

Quarterly reporting to funding institution.

 

Ongoing Management

Managing tenants and facilities and property management teams in designing and implementing annual service charge budgets.

 

Insurance

Ensuring that the campus is insured at relevant reinstatement levels and managing claims on behalf of the co-owners.

 

Capital Works

Wilson Wright has managed in excess of €4 m of capital improvements since 2009.

 

Ownership Structure

Representing the interests of Belfield Office Park Limited alongside the interests of Irish Life and UCD.