Saturday 7 December 2019

Fine Grain seeking tenants for newly completed Limerick office building

Regional projects in line with ISIF plans

Office development: Fine Grain has completed construction of Hawthorn house in Limerick
Office development: Fine Grain has completed construction of Hawthorn house in Limerick
Hamilton House
Donal Buckley

Donal Buckley

Fine Grain Property, the Irish-owned operator of business park offices, has completed construction of Hawthorn House, a 55,000 sq ft, green office building in Plassey, Limerick, at a cost of more than €12m.

The four-storey building could accommodate up to 500 employees. Joint agents Power Property Group and Cushman and Wakefield are quoting €25.50 per sq ft.

Colin MacDonald, CEO and founder of Fine Grain Property, says the new building "is our fourth project in Limerick and brings our total investment in the area to €35m".

In January last year, the firm acquired the site for Hawthorn House as part of a €25m deal which included three other office buildings: Hamilton House, Hamilton House 2 and Clive House, totalling some 140,000 sq ft of workspace in the Plassey Campus of the National Technology Park. These three are 100pc occupied.

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The Ireland Strategic Investment Fund (ISIF) was an early investor with Fine Grain in Ireland, contributing some €25m to the company's initial asset acquisition, development and management strategy, which has since delivered a €180m portfolio of 15 properties with 925,000 sq ft of workspace. Of these, 12 buildings are outside Dublin.

It has developed 100,000 sq ft of new LEED Gold standard office space on greenfield sites including Block 5 Parkmore East Business Park, Galway.

The firm has also upgraded 20,000 sq ft of space at Cork Airport Business Park. It will also bring a further 20,000 sq ft of offices to market early next year when it completes Block C, Maynooth Business Park. It bought the 60,000 sq ft Block C in the Kildare campus for around €5m, with 40,000 sq ft already occupied.

ISIF director Eugene O'Callaghan said: "The completion of Fine Grain's latest building highlights ISIF's commitment to supporting regional development and how ISIF investments can help make Limerick and other regional cities and towns more attractive locations for employers and entrepreneurs.

"By investing in Fine Grain, ISIF is helping to deliver high-quality office accommodation that will support jobs and economic activity in line with our refocused investment strategy." It prioritises regional development, indigenous businesses, climate change and housing.

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