Wednesday 18 September 2019

Citywest Business Campus in new Grade A office launch

Joint agents Cushman & Wakefield and JLL are quoting €27.50 per sq ft for space at 3009 Lake Drive, Citywest Business Campus
Joint agents Cushman & Wakefield and JLL are quoting €27.50 per sq ft for space at 3009 Lake Drive, Citywest Business Campus
Ronald Quinlan

Ronald Quinlan

The developers of the hugely- successful Citywest Business Campus in Dublin are bringing a new Grade A office building to the market this week. At 52,785 sq ft, 3009 Lake Drive is the first of two blocks totalling over 115,000 sq ft, which Davy chiefs Brendan Hickey and Hugh Lynn intend to deliver to help meet the increasing demand for high-quality office space in the Dublin suburbs.

With prime office rents in Dublin's Central Business District (CBD) forecasted to grow to as much as €65 per sq ft this year, the rate of €27.50 per sq ft being sought by joint letting agents Cushman & Wakefield and JLL for 3009 Lake Drive should prove attractive to new business entrants seeking a value-driven accommodation option.

The price at Citywest Business Campus is competitive even within the suburban Dublin office market, and compares favourably to South County Business Park in Sandyford, where letting agents BNP Paribas Real Estate are quoting a rate of €30 per sq ft for One South County, the 140,000 sq ft Grade A, LEED office space being developed by former Trintech chief and current CEO of Infinity Capital, Cyril McGuire.

As the latest office to be delivered at the Citywest Business Campus, Lake Drive will carry an LEED Gold and BER A3 energy rating, and will be delivered in two phases, with the first of these due for completion in May of this year.

Designed to create what the agents describe as "a sense of space" with views of the campus's Pool of Tara lake and landscaping, the office will enjoy the benefit of a range of amenities including the development's extensive road and public transport network. In terms of access to Dublin city centre, Lakeside Drive will benefit from its close proximity to the Luas red line, which provides a direct connection to the IFSC.

Prospective occupiers of the new building will be afforded maximum flexibility when it comes to meeting their requirements for space, with the developers offering highly-efficient floor plates of 17,000 sq ft. Finishes will include four-pipe fan coil air-conditioning, suspended ceilings, raised access floors as well as showers on each floor. With car parking a necessity for incoming occupiers, Lake Drive will provide 165 parking spaces with each of the two new buildings.

Ger Carr of agents JLL said: "This is an ideal HQ opportunity within an already-established and hugely successful office park. Given the calibre and timing of the building, we expect a lot of interest".

Citywest Business Campus is home to more than 150 companies across a range of sectors including pharmaceuticals, IT software, telecoms, electronics, food and media. As part of its masterplan, Davy Hickey Properties will shortly be releasing their first phase of residential development at Citywest Village. Mostly three- and four-bedroom houses, these homes take inspiration from Dublin's old villages and will have traditional redbrick facades, granite sills and slate roofs.

Davy Hickey Properties chiefs Brendan Hickey and Hugh Lynn were in the news recently, after a company controlled by them paid €6.4m - some 60pc above the €4m guide price - for a 44-acre (7.8 hectares) site with potential for the development of up to 400 houses in the commuter town of Navan, Co. Meath. The site, which fronts on to Academy Street on the Dublin Road out of Navan, forms part of the grounds surrounding Belmont, a period house that had been home to the well-known Spicer family. Apart from developing housing, the site's new owners are expected to apply to Meath County Council for a commercial development in return for the provision of six acres for a new school on the site.

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