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Oxley in final talks to sell 300-year lease of building in Dublin project
OXLEY Holdings is in the final stage of negotiations to sell a 300-year lease of a building in its mixed-use development Dublin Landings in Ireland.
Dublin Landings, which was launched in October 2016, is situated along Dublin's North Wall Quay. The project will consist of Grade A office and retail space, and luxury residential apartments.
In an update on the project, Oxley said that the total gross development value of Dublin Landings - comprising Blocks D1, D2, A, B and E - is expected to amount to approximately 835 million euros (S$1.4 billion).
The construction of Blocks D1 and D2 is expected to be completed by May this year. Construction of the other blocks has started and they are expected to be completed from the last quarter of 2019 to the second quarter of 2020. Oxley plans to sell the blocks when they are completed.
In February, the group had entered into an agreement to lease Block D2 to Dublin Landings Tenant as the tenant, and Wework Companies Inc as guarantor for a term of 20 years, with initial annual rent for the first five years expected to be around 4.8 million euros.
Oxley said: "The group is confident that the completion of the development of Dublin Landings in phases and the handover of the blocks will have a positive impact on the revenue and cash flow of the group."