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Pan-European real estate investor Europa, with local partners Core Capital and Oakmount, has sold the Earl Building, part of the Clerys Quarter development in Dublin, to the Health Service Executive on behalf of the Rotunda Hospital.
The deal is the latest for the restored Clerys department store on O’Connell Street, which has retained the colonnaded façade, internal staircases, columns, ceilings and the famous refurbished Clerys clock.
The HSE will transform the 31K SF building, which accounts for approximately a third of the office space at Clerys Quarter, into a new healthcare facility catering to over 100,000 outpatient visitors annually across services including maternity, pediatric, colposcopy, perinatal, mental health and allied health, or social work, dietetics and physiotherapy.
The building includes a ground-floor retail unit that has been let to sandwich and coffee chain Pret A Manger.
The sale forms part of the wider mixed-use redevelopment of Clerys Quarter, which has achieved WiredScore Platinum certification and is on track to target LEED Gold, according to Europa. H&M is fitting out its 31.8K SF unit at Clerys for its largest store in the city following practical completion of the project.
Sushi specialist Rolled has also signed a new lease for a 400 SF 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 the spring, including the Rolled and H&M stores.
The deal was brokered by Conor Whelan and David O’Malley of QRE Real Estate Advisors.
“The agreement to sell the Earl Building to HSE on behalf of the Rotunda Hospital is a major development for the wider Clerys Quarter,” Europa Director, Asset Management James Keast said in a statement. “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.”
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