Friends First will relaunch Elm Park
Friends First is planning to re- launch its €45m Elm Park office building in Dublin 4 on the lettings market. The move coincides with its decision to seek High Court approval to appoint a liquidator to the developer, Radora Developments, a joint venture between Bernard McNamara and Jerry O'Reilly.
The 8,700sqm office block was initially expected to generate a rent of more than €3m a year. No sooner was the ink dry on Friends' purchase than agents Spain Courtney Doyle were quoting a rent of €376 per sqm for the space.
Now Friends has appointed Lisney and Jones Lang La Salle as joint agents and they are expected to decide on a possible rent which is expected to reflect the fall in the market.
Possible tenants include members of the medical profession as well as embassies from the nearby diplomatic belt.