Case Study
Swift Square, Santry Demesne
Background
Location: Santry, Dublin 9
Sector: Office
Size: 157,860 sq ft
Year Acquired: 2025
Located in Northwood Campus, one of North Dublin’s most established business districts, Swift Square offers exceptional connectivity. Both the M50 and M1 motorway network are within easy reach, whilst the Quality Bus Corridor (QBC) and nearby Dublin Port Tunnel also provide quick and easy access to Dublin City Centre. Additionally, the property is located 10 minutes from Dublin Airport.
Blocks 1 and 2 in Swift Square comprise a total of 152,402 sq ft of Grade A office accommodation, while the offices are also serviced by a total of 413 car parking spaces at surface level and in the underground basement.
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Block 1 comprises 75,431 sq ft and is multi-tenanted by occupiers including the National Standards Authority of Ireland, Affidea Diagnostics Ireland Limited, and Xeinadin.
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Block 2 comprises 76,971 sq ft and is leased to the ESB from the ground to the third floor.
What We Did
We acquired Blocks 1 and 2 in 2025 and at the time of acquisition, there were upcoming tenant break options across a number of leases. There was also the possibility that over half of the occupied space could become vacant within one year. We were tasked with retaining as many existing tenants as possible and securing new tenants for any vacant space.
Through early engagement and by embarking on strategic negotiations with the tenants, we successfully retained tenants across circa 60,000 sq ft who had break options. We further de-risked the asset by securing a new tenant for 50% of the newly vacant fourth floor space.
The Results
Within six months of acquisition, we significantly increased the WAULT and related capital value of the property.
We also successfully renegotiated break options to stabilise occupancy and mitigate void risk.
Key outcomes included reducing the potential hand-back from 76,971 sq ft to just 15,000 sq ft (the fourth floor). Through proactive leasing activity, we secured a new tenant for 50% of the newly vacant fourth floor space.