Tuesday 17 October 2017

Ryanair seeks to rent out part of new headquarters

The Concourse Building in Airside Business Park which Ryanair bought for their new headquarters for around €11million
The Concourse Building in Airside Business Park which Ryanair bought for their new headquarters for around €11million

Ryanair is seeking tenants for part of the Swords office building which it acquired earlier this year for a price reported to have been around €11m.

The airline is moving its headquarters into the north block at its Concourse building in Airside Business Park, and is seeking tenants for the 4,100sqm south block which extends over four floors.

Colliers International, which acts for Ryanair, is quoting a rent of €190 per sqm (€17.65 per sq ft) and €1,000 a year per car space. Car parking is available at a ratio of four spaces per 100sqm of offices being rented.

Paul Finucane of Colliers reports strong interest in the accommodation, which he attributes to the limited supply of modern office accommodation in the north suburbs to cater for requirements in excess of 2,000sqm.

The south block is available immediately and the specification includes raised access floors, air conditioning and suspended ceilings with recessed lighting.

Work is currently underway on the fit-out of the north block. 400 staff will move from its current offices at Dublin Airport to Airside before the end of 2013 including its Irish commercial, customer service, finance, IT, legal and marketing departments.

The airline will continue to maintain some facilities at Dublin Airport for its pilots and cabin crew.

A spokesman for the airline said that the acquisition allows the company the space and facilities to further develop its organisation "at much lower costs than the high rents on the Dublin Airport campus and allowing other staff currently housed in satellite offices to be brought together under one roof, resulting in a large reduction in rental expenses and further cost savings".

The four-month fit-out will support some 140 construction jobs.

The Concourse was completed a number of years ago by developer David Daly, who was also responsible for the development of the adjacent retail park.

It was reported that the airline may spend up to another €9m fitting out the new headquarters.

When the move is underway it is also expected to seek a tenant or tenants for some of its current head office, which was developed by an associate of the airline in 1992.

As part of the deal on this property, it handed over ownership to the airport authority and has been paying rent of €244,000 a year and has about nine years to run on the lease.

Irish Independent

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