Airbnb’s Dublin HQ hits market

Airbnb’s Dublin HQ is on the market with a €41.5m price tag. The 40,000 sq ft, warehouse-style 8 Hanover Quay has been Airbnb’s EMEA HQ since 2016, at a rent of €1.7m pa. At the asking price the net initial yield would be 3.73%, with an open market rent review in 2026. Airbnb’s next break option isn’t until 2030, and the lease isn’t due to expire until 2036. The former Raleigh bicycle factory was redeveloped in 2016 by Targeted Investment Opportunities, a jv between Nama, Oaktree and Bennett Construction. The building is currently owned by a fund managed by BNP Paribas REIM. Savills and BNP Paribas Real Estate are handling the sale. Airbnb also occupy a further 40,000 sq ft across two floors in the adjoining Reflector Building, which is now owned by DEKA. Consent was granted by BNP Paribas REIM to break the boundary wall between the first floor in 8 Hanover Quay and the Reflector, to allow a fluid working space for Airbnb employees between both properties. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews