Noel Smyth planning to boost office space ten-fold at south Dublin block
Developer Noel Smyth is planning to demolish a two-storey office block in south Dublin's Sandyford and replace it with a six-storey block that will see the amount of floorspace at the location increase almost ten-fold.
The multi-million euro project is planned for Innovation House, which is home to a number of Mr Smyth's own property companies.
It's the latest planned development scheme for Mr Smyth, who has lodged a number of planning applications in recent months for commercial and residential schemes.
Those schemes also come just weeks after Mr Smyth's Fitzwilliam vehicle finalised the sale of Arnotts to Selfridges.
The planning application for Innovation House proposes the demolition of the existing two-storey building, which extends over 2,490 sq m, and its replacement with a six-storey over basement office block with a gross floor area of 21,099 sq m.
It will include three blocks designed for single or multiple tenancies.
The three blocks will have respective floor areas of 4,221 sq m, 7,716 sq m and 8,372 sq m. They'll each have separate entrances, and there'll be parking for a total of 168 cars. Neighbours at Innovation House include computer software giant Microsoft. But it has recently begun construction of a huge, dedicated campus at nearby Leopardstown, in what will be a €100m project.
The new scheme, expected to be complete by next year, will be home to up to 2,100 Microsoft staff.
The development will see Microsoft vacate the Atrium Building in Sandyford, as well as two other offices in Leopardstown.
Mr Smyth's Innovation House in Sandyford is also home to a number of other companies besides his own.
By the end of the third quarter of 2015, there was a total office vacancy rate in Dublin city centre of just 4.6pc. That compared to almost 15pc in 2013 and 8.5pc in 2014. In some prime city centre areas, the vacancy rate is as low as 1.4pc.
In November, Mr Smyth's Fitzwilliam Real Estate Construction firm sought planning permission for a mix of 72 houses and apartments on a site beside the Carmel of the Assumption Convent in south Dublin.
The land is still owned by the convent, which consented to the application.
However, that housing scheme was refused permission by South Dublin County Council last week.