BHSM LLP advise on sale of Earl Building, Clerys Quarter to HSE

A BHSM LLP Commercial Real Estate and Construction team led by Rob Gibbons, assisted by Giles Smyth, Michelle McArdle, Hannah Kenny, and Jessica Russell (Commercial Real Estate); Conor Mac Nally, Greg Gannon and Nicole Irwin (Banking and Finance Department); and Eimear Grealy, Eoghan Murphy, Nadine Cannon and Stephen McVeigh (Corporate Department), recently advised OCES Property Holdings Limited in the sale of the Earl Building (part of the iconic Clerys Quarter) to the HSE, and the granting of a number of leases in the Earl and Clerys Buildings on Dublin’s O’Connell Street. BHSM originally acted for the owners of the Clerys Quarter on its acquisition in 2018, and have continued to be involved in their journey, culminating in today’s announcement.

Europa, a pioneer in pan-European real estate investment, in partnership with its local partners Core Capital and Oakmount, announces that it has completed the sale of the Earl Building, part of the iconic Clerys Quarter development in Dublin, to the Health Service Executive (“HSE”) on behalf of the Rotunda Hospital.

The HSE will transform the c. 30,700 sq. ft building, which represents approximately a third of the office space at Clerys Quarter, into a new healthcare facility catering for over 100,000 outpatients annually across services including Maternity Outpatients, Paediatric Outpatients, Colposcopy, Perinatal Mental Health and Allied Health (Social Work, Dietetics and Physiotherapy). The Earl Building provides a modern, current build to enable the provision of ambulatory maternity and OPD services. In addition to the healthcare facility, the building also includes a ground floor retail unit which is let to Pret A Manger.

The sale forms part of the wider redevelopment of Clerys Quarter, one of Dublin’s most iconic and exciting new mixed-use schemes in the heart of city, which has achieved WiredScore Platinum certification and is on track to target LEED Gold. H&M is currently fitting out its 31,750 sq ft unit at Clerys for its largest store in the city following practical completion of the project.

ROLLED, the number one hotspot for fresh, on-the-go sushi, has also signed a new lease for a 400 sq ft ground floor unit on Earl Place Market at Clerys Quarter.

The phased opening of Clerys Quarter is expected to start over the coming months, with Pret A Manger due to open in December, followed by a second phase in Spring of next year, including ROLLED and H&M.

The restoration of the Clerys building, which is being delivered by Europa with Core Capital and Oakmount, combines traditional elements and modern concepts to create a landmark destination which will be a vibrant, thriving space on Dublin’s O’ Connell Street. The building’s historic features have been retained, including the colonnaded façade, internal staircases, columns, and ceilings and the famous refurbished Clerys clock.

The deal was brokered by Conor Whelan and David O’Malley of QRE Real Estate Advisors.

James Keast, Director, Asset Management at Europa, commented:

“The agreement to sell the Earl Building to HSE on behalf of the Rotunda Hospital is a major development for the wider Clerys Quarter. We anticipate that the opening of the outpatient services, along with the recent food & beverage lettings at the Clerys Quarter development, will support the overall eco-system of the area.”

Derek McGrath, Core Capital commented:

“Today’s announcement marks a significant milestone for Clerys Quarter, as we continue to develop a vibrant mixed-use space in the heart of Dublin city centre. The Earl building is a state-of-the-art development with excellent sustainability credentials, which we believe will make an excellent home for the Rotunda Hospital’s outpatient services. We are delighted to welcome the HSE to the wider Clerys Quarter development.”

For the full press release, please CLICK HERE