Enterprise House plan faces appeal
A plan by Friends First to increase the floor space of Enterprise House in Blackrock, South Dublin, has been thrown into doubt, following an appeal to An Bord Pleanála by the newly-elected Cathaoirleach of Dun Laoghaire Rathdown County Council.
While Friends First had already received planning permission in November 2016 to replace the original 1980s Enterprise House building of 3,065 sq m (32,991 sq ft) with a new structure of 8,082 sq m (86,993 sq ft) the company is now seeking to increase the property's floor space by a further 438sqm.
The application has been appealed by Green Party councillor Ossian Smyth, according to the latest list of cases published by An Bord Pleanála.
Some 20,726 sq m (223,092 sq ft) at the new Enterprise House was pre-let to insurers Zurich Life Assurance towards the end of 2016, on a 20-year lease term at a rent of €30 per sq ft, a rate believed to have been the highest rent ever achieved in Dublin for a suburban office block.
A report from Goodbody's senior research analyst, Colm Lauder, noted at the time that south Dublin rents had increased by 7.6pc in 2016, making it one of the top-returning areas for investors with a return of 13.2pc and an attractive equivalent yield of 6.5pc (MSCI).
Apart from its involvement in the redevelopment of Enterprise House, Friends First is also spending approximately €10m on the upgrade of the adjacent Blackrock Shopping Centre.