Saturday 16 December 2017

Friends First will relaunch Elm Park

Friends First is planning to re- launch its €45m Elm Park office building in Dublin 4 on the lettings market. The move coincides with its decision to seek High Court approval to appoint a liquidator to the developer, Radora Developments, a joint venture between Bernard McNamara and Jerry O'Reilly.

The 8,700sqm office block was initially expected to generate a rent of more than €3m a year. No sooner was the ink dry on Friends' purchase than agents Spain Courtney Doyle were quoting a rent of €376 per sqm for the space.

Now Friends has appointed Lisney and Jones Lang La Salle as joint agents and they are expected to decide on a possible rent which is expected to reflect the fall in the market.

Possible tenants include members of the medical profession as well as embassies from the nearby diplomatic belt.

Irish Independent

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