Monday 23 October 2017

Rent of €60 per square foot sought for new Kestrel House

JLL will seek €60 per sq ft for space in the Velasco Building
JLL will seek €60 per sq ft for space in the Velasco Building
Peter Flanagan

Peter Flanagan

Developers Hardwicke and Ardstone are seeking tenants for a new office block to to be completed later this year.

The two firms have retained JLL to market the Velasco building - a redevelopment of Kestrel House in Dublin 2.

The property is expected to be ready for tenant fit out in September.

The 51,000 sq ft building features eight floors of grade A office space, with floor plates ranging from 5,285 sq ft to 7,815 sq ft as well as car and bike parking spaces.

In a sign of just how high rents are getting in Dublin, JLL are seeking a whopping €60 per sq ft - that would match the record in the current cycle.

Deirdre Costello of JLL claimed that "Velasco is a stunning office building with fantastic profile in the heart of the city with access to all public transport options.

"The completion of this Grade A building will deliver much needed office accommodation to the market in 2016. We can make this building available for tenant fit out from September with full practical completion in December. JLL are confident that Velasco will generate strong interest from occupiers seeking a high profile building with these exceptional finishes".

This is the latest refurbished or newly built office block to be marketed in recent weeks, as landlords seek to lock in high rents ahead of a possible influx of additional office space over the next 18 months to two years.

UK developer U+I has retained Savills and Knight Frank to begin marketing the Vertium Building, a 172,000 sq ft office block to to be completed next year on Burlington Road in Dublin 4. Other blocks to have been marketed in recent times include the One Building close to Grand Canal Dock. Most developments are in the Dublin 2 or 4 areas.

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