Thursday 5 December 2019

Prime office space in Dublin 4 for rent while Aspen moves into D2

Aspen Pharmaceuticals have taken space at 1 George’s Quay Plaza
Aspen Pharmaceuticals have taken space at 1 George’s Quay Plaza
Space is available at The Oval.

Peter Flanagan

JLL have been retained to seek tenants for part of a top grade office block in south Dublin.

With the pipeline supply of Modern Grade A office accommodation expected to come under immense pressure in 2015, JLL say they are "delighted to announce the upcoming availability" of a new floor within Building 3 of The Oval on Shelbourne Road at Ballsbridge in Dublin 4.

JLL say the Oval is a "luxury mixed use development benefitting from generous frontage along the Shelbourne Road, presenting five floors of exclusive office accommodation, together with a variety of convenient retail and leisure uses".

Among the amenities are a Centra newsagent, Starbucks and an Energie Fitness which boasts a 20 metre swimming pool amongst its extensive facilities.

Surrounded by a host of amenities within Ballsbridge, The Oval is within a short walking distance of Lansdowne Dart Station as well as numerous bars, restaurants and hotels, the agents add.

The floor space extends to some 3,262 sq ft with two accompanying car spaces. The part second floor will be available from January 2015.

The floor will be available on a new long term lease, quoting €45 per sq ft and €3,500 per car space per annum.

JLL's Bryan Walsh commented: "With demand as high as it is for prime office accommodation, this represents a rare opportunity for a tenant to secure space within a building which is otherwise entirely let.

"As offices go, The Oval is best in show and we expect the level of interest to match its quality," he added.

Meanwhile JLL's Simon McEvoy acted for Cosgraves and Green REIT in the letting of a refurbished space at 1 George's Quay Plaza, George's Quay, Dublin 2.

The 7,100 sq ft NIA space was let to Aspen Pharma. The generic pharmaceuticals company will take up the space on a 10 year lease quoting €38 per sq ft.

The offices were previously occupied by Swiss bank UBS.

Suitable office space has become gold dust in central Dublin in recent months, as the shortage of new builds begins to bite.

The market has been further tightened by the expansion of a number of US technology companies over the last year.

Several of them, including Facebook, Google and Twitter have made plans to dramatically increase the amount of space they need.

While that has been welcomed by landlords - who broadly prefer for one major tenant to take over an entire building rather than have several clients taking space on a piecemeal basis, it has put the squeeze on companies which do not require a full building and instead only need to take up a few floors or even just part of a floor.

With The Oval offices, €45 per square foot is thought relateively easy to attain.

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