David Daly: 140 Pembroke Road a 'logical' move in D4
David Daly has returned to the fray of the Ballsbridge office market with a bespoke office offering at 140 Pembroke Road.
The businessman who bears the distinction of being the first major Irish developer to have exited Nama following the repayment in full of his companies' debts in 2011, describes the building which has been brought to the lettings market by Lisney as a "logical extension" to the adjoining portfolio of luxury apartments and office buildings which I have developed in Ballsbridge over a considerable period of time."
With Johnny Ronan's Ronan Group Real Estate (RGRE) recently securing a rate of €62.50 per sq ft from US pharmaceutical giant, Theravance, for office space at Connaught House on nearby Burlington Road, the €58 per sq ft being quoted by Lisney for space at 140 Pembroke Road presents a competitive proposition for potential occupiers.
While Maeve Furlong of Lisney noted that there is some 160,000 sq ft of new office accommodation under construction in Ballsbridge presently, and an additional 510,000 sq ft in the pipeline, she noted that many of the schemes due for delivery within the next 12 to 18 months would extend to over 50,000 sq ft
Taking that into consideration, Ms Furlong believes the floor area of 25,000 sq ft available at 140 Pembroke Road will prove attractive to companies employing between 200 and 250 people, and seeking a state-of-the-art headquarters.
The property which has been developed by Mr Daly's October Investments and funded by Bank of Ireland is spread across seven floors and are finished to a high specification. The scheme includes triple-glazed windows, floor-to-ceiling heights of 2.9m, raised access floors, suspended ceilings, concept bathroom fittings throughout and an A3 BER rating.
The building also offers a range of tenant amenities including nine parking spaces, 30 bicycle spaces, eight showers, two terraces and two passenger lifts.
Quite apart from the office space now on offer at 140 Pembroke Road, Mr Daly told the Irish Independent of his plans to deliver significant new office space in Ballsbridge in the near future as part of his ongoing expansion programme in the area.
"As a further part of this expansion programme, I recently obtained planning permission to develop an 87,000 sq ft office building on the site of IPC House on Shelbourne Road. Construction should commence on this building early in the new year," he said.
David Daly is widely acknowledged within the property industry both here and internationally as one of Ireland's most experienced housebuilders and commercial real estate specialists.
Best known as the head of Albany Homes, a company which at its peak built 800 new homes a year in Dublin and the greater Dublin area, Mr Daly's portfolio includes Airside Retail Park and Airside Office and Motor Park in Swords, numerous commercial properties on St Stephen's Green and Fitzwilliam Square. 140 Pembroke Road meanwhile has been developed on a site once occupied by Franklin House, which Mr Daly acquired from the developer Gerry Gannon in 2006.
Outside of Ireland, Mr Daly's portfolio includes a number of prime properties on Bond Street in London. His decision to invest in the city's Mayfair area has stood him in good stead. Indeed, it was his sale for Stg£300m of the 20,000 sq ft Louis Vuitton store on Bond Street to France's richest man, Bernard Arnault, that allowed him to clear his debts in full to Nama.
Mr Daly had created the highly-valuable premises by first buying the original Louis Vuitton building at 17/18 New Bond Street for Stg£70m (€78.75m), and then combining it with 19/20 New Bond Street, which he acquired for Stg£60m (€67.5m).