Tuesday 25 April 2017

Elmpark brings fight to Dublin's CBD on rent

Exterior of the new Seamark Building
Exterior of the new Seamark Building
Ronald Quinlan

Ronald Quinlan

The Seamark Building at the award-winning Elmpark Green development in Dublin 4 has been launched to the market by Starwood Capital Group and property developer Joe O'Reilly's Chartered Land.

Comprising 16,940 sq m (182,500 sq ft) of Grade A office accommodation, the Seamark has been designed with full flexibility to accommodate a range of occupier requirements in what joint letting agents CBRE and Colliers International describe as a "truly unique campus setting overlooking Dublin Bay".

The building can be split to facilitate two fully independent office blocks featuring separate double height glazed reception areas.

Alternatively the building can be combined to provide a single headquarter building.

Available for occupation in the final quarter of this year, the property will be capable of catering for office requirements ranging from 20,000 to 182,500 sq ft.

With prime rents in Dublin's CBD (Central Business District) already exceeding €60 per square foot, the €39.50 per square foot being quoted for the Seamark Building is likely to prove attractive to companies seeking to locate their operations within the immediate environs of Dublin city centre.

An artist’s impression of the lobby area
An artist’s impression of the lobby area

Occupiers will have the benefit of 161 secure basement car spaces which are being made available for €2.500 per space. Cyclists and fitness enthusiasts meanwhile will be able to avail of 32 showers and high quality changing areas provided within the building. The DART stop at Booterstown is a short walk away while both the Dublin Bus Service and Aircoach have stops directly outside the campus. The property has a target BER rating of A3 to B1 and a target LEED rating of Platinum. The office accommodation will be fully air-conditioned with a four pipe fan coil system and the design provides for an occupational density of one person per eight square metres of space.

The Elmpark Green campus is home to a community of 3,000 people. This is likely to grow to 4,600 on occupation of the Seamark Building. The campus provides an array of amenities including coffee shops, a childcare centre and leisure facilities. Elmpark Green has already succeeded in attracting some of the world's leading global corporates including Allianz, Novartis, Wipro & Willis.

Commenting on the opportunity available to the Seamark's prospective occupiers, Chartered Land ceo Andrew Gunne said: "Launching the 182,500 sq ft Seamark Building in the award-winning Elmpark Green campus is very exciting for us.

"On completion in Q4 2017 the Seamark Building will provide modern office accommodation for medium to large-sized corporate occupiers looking to take new space at a healthy discount to CBD rents."

In a joint statement, Alan Moran of CBRE and Nick Coveney of Colliers International said: "If you look at who has already located there and consider the quality of the environs, it is easy to understand why the Seamark Building has already generated considerable interest. The fact that the building is easily divisible gives us great flexibility on a lease-up strategy."

Acquired by Starwood Capital in February 2016, Elmpark Green is a major office and multi-family campus development extending over 17.3 acres close to the landmark Merrion Gates on Merrion Road in Dublin 4.

Currently, the scheme comprises three completed and occupied blocks of commercial offices, one of which is owned by Friends First and one by Standard Life. Tenants of the blocks include Willis, Wipro, Allianz and Novartis.

Also on site is the 182,500 sq ft Seamark Building, two blocks of multifamily housing totalling 332 units, a terrace of eight houses located at the front of the site, and a café, day care facility and leisure centre.

Sunday Independent

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