Tuesday 20 February 2018

Revamped 7 Grand Canal leads Dublin office lettings

JLL is letting agent for the 7 Grand Canal office block
JLL is letting agent for the 7 Grand Canal office block
JLL is the letting agent for the 7 Grand Canal office block
Peter Flanagan

Peter Flanagan

JLL is seeking tenants for a number of office block in Dublin.

The firm is marketing 26,000 sq ft at 7 Grand Canal Street to let for €42.50 per sq ft, while it is also letting space at Citywest Business Campus and nearly 10,000 sq ft at Brooklawn House in Dublin 4.

7 Grand Canal has been refurbished by its owner Aviva Investors. The property has for 25,822 sq ft over four floors.

JLL say "flexibility is a key selling point of the development", with the building split into two separate wings per floor, with prospective occupiers capable of taking a single section or indeed the entire building.

The size of space available ranges from 2,443 sq ft to 25,822 sq ft.

The refurbishment represents a complete overhaul of the existing building, formerly known as Block 7 Clanwilliam. Principle design changes include the addition of a double height glazed atrium to the front of the building, totally re-modelled common areas and the latest in modern Grade A office fit out; with a new air conditioning system, M&E components and refurbishment of all floors throughout.

Each floor within the building will have standalone shower facilities.

JLL say the €42.50 rent reflects "the quality and extent of the refurbishment". The property will be available from September 2015.

The property is expected to attract sharp interest considering its location and the relatively low cost of rent there. Some offices have been on the market to let for close to €50 per sq ft, while on St Stephen's Green airline leasing firm AerCap has agreed to pay €60 per sq ft for space at the new "LXV" office block being built there.

Analyts at Davy Stockbrokers and elsewhere are forecasting rents to top €70 per sq ft next year.

JLL's Bryan Walsh commented: "offering a brand new solution on the doorstep of such notable international occupiers such as Facebook, Google and Accenture, 7 Grand Canal represents a significant opportunity to acquire 26,000 sq ft in the beating heart of Dublin 2, particularly at a time when stock is conspicuous for its scarcity".

At Brooklawn House in Dublin 2, JLL has 8,963 sq ft available at €48.50 per sq ft. The third floor, benefits from a recent tenant fit out to include two open plan areas with a number of meeting rooms or offfices, a communications room and a kitchen. The floor is fully cabled for power and data and presents a 'walk-in' option for requirements in the market. There are nine secure basement car parking spaces available with the floor. Those spaces are being marketed at €3,750 per annum each.

Immediately adjacent to all of the amenities and transport options in Ballsbridge, the building is also only a short distance from the South Docks and traditional CBD in Dublin 2, while offering all the benefits of the tranquility of the Dublin 4 setting, say JLL.

The agents are acting on behalf of Kennedy Wilson, and have already finalised two new lettings and a re-gear with the existing tenants in Brooklawn House.

Elsewhere, joint agents JLL and DTZ have only one unit left to let within 4075 Kingswood at Citywest Business Campus.

The property is described as being a "unique own door development consisting of 12 self-contained offices suites which are located at one of the entrances into the campus".

The last remaining unit, Unit 3, extends to 3,423 sq ft and has 13 car parking spaces.

JLL and DTZ are quoting €65,000 per annum for the office accommodation and car parking.

"It is clear that Kingswood has been designed to suit the needs of domestic and international clients seeking to locate in a quality environment with excellent transport links," said JLL's Aishling O'Hanlon.

"The offices are finished to the highest of specification consisting of raised access floors wired for power, carpet tiles, plastered & painted walls, suspended ceilings, air conditioning, kitchenette and fully finished WC and common areas," she said.

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