Business Irish

Sunday 23 July 2017

East Point nets 12pc of Dublin office lettings

Space available: Pinnacle 2 at East Point, Dublin can be let on a floor-by-floor basis
Space available: Pinnacle 2 at East Point, Dublin can be let on a floor-by-floor basis

Donal Buckley Commercial Property Editor

More international IT firms are expected to follow Google and Yahoo to East Point Business Park in Dublin's North Docklands next year following the connection of the park to Ireland's newest hyper- capacity fibre optic sub-sea data cable which connects Ireland to the UK.

As East Point (EP) will provide the cable's first station, local occupants will have access to the most up-to-date data transfer infrastructure.

This station has also helped to attract Google and Yahoo which are each taking about 3,700sqm of office space bringing take-up at the park to around 12,000sqm this year -- that's about 12pc of all the Dublin office space expected to be let for the whole of this year.

EP's office take up has also been reflected in recruitment activity and Matt Gallagher, head of the development firm, Earlsfort Group, estimates that at least seven firms have recruitednew people including IT companies Oracle, Citrix and Ergo.

Recruiting

In addition Quintiles, a pharmaceutical and clinical research business, and Peninsula, which provides health and safety, personnel and employment law consulting services have also been recruiting. More than 500 new jobs have been created in the park this year bringing the total employment to around 5,000.

Most rental deals are for new space in the region of €161 per sqm. Some existing occupants have been offering sub lets of smaller and older space for around €110 per sqm.

Sitting on a 40 acre site, more than 139,000sqm of commercial space has been developed in the last 15 years and up to 102,000sqm of this has been sold on. About 37,000sqm of office space has been retained and about 23,200sqm of this has been leased to Yahoo, Enterprise Ireland and others. One third of the space still owned is in Pinnacle 2, a seven-storey landmark building, which extends to a total of 10,141sqm. together with 103 car spaces.

This open plan building can be let in its entirety or on a floor by floor basis.

Irish Independent

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