Tuesday 24 April 2018

Office block in Bray business park available for rent

The unit at One Southern Cross is being marketed by Colliers
The unit at One Southern Cross is being marketed by Colliers
Peter Flanagan

Peter Flanagan

Colliers International have been retained as agents for an office block at an IDA business park in Co Wicklow.

The firm have been tasked with marketing approximately 1,524 sq m (16,400 sq ft) of office space at One Southern Cross, IDA Business Park in Bray.

The available accommodation is on the first floor and the space currently divided into two self-contained office suites of 914 sq m and 610 sq m.

The specification includes among others, a full air-conditioning system throughout, suspended ceilings, fluorescent CAT 2 lighting, raised access floors with CAT5E cabling, carpeted throughout, toilet/bathroom and kitchenette facilities.

Colliers' John Shannon, who is managing the space said he is already reporting interest in the office as firms deal with the lack of alternative space in Dublin.

"The well documented tightening of supply of top quality office accommodation and increasing rents in Dublin city centre has resulted in many large occupiers focusing on suburban locations," he said.

Space can be had for about €130 per square metre. Mr Shannon said flexible leases were available.

The lack of top quality office space in Dublin has become one of the leadign stories of the revival in the commercial property market.

With little or no new construction over the last five years, rents have shot up in the city centre and as a result there have been several cases of firms looking to move out to cheaper options but moving into offices of a comparable spec to those they had in central Dublin.

While rents in the central business district in Dublin tend to be around €35 a square foot at present - up about a fifth in the past year.

The IDA has repeatedly warned about lack of new building in Dublin.

The investment agency believes there are only three buildings left in the capital that could accomadate a major foreign investor.

If new construction doesn't take place, the IDA say Ireland may lose out on badly needed inward investment from major overseas firms.

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