Iput to spend €20m on for­mer Arthur Cox HQ

Block op­po­site Na­tional Con­cert Hall will be ready for oc­cu­pa­tion from mid 2018

The Irish Times - Business - - BUSINESS NEWS - CIARÁN HAN­COCK Busi­ness Ed­i­tor

Ir­ish prop­erty in­vest­ment group Iput plc plans to spend €20 mil­lion re­fur­bish­ing the for­mer of­fices of law firm Arthur Cox at 5 Earls­fort Ter­race, Dublin 2, and has ap­pointed es­tate agents Sav­ills and CBRE to seek new ten­ants for the prop­erty.

The prom­i­nent block, sit­u­ated be­side the Con­rad Ho­tel and op­po­site the Na­tional Con­cert Hall, com­prises 6,130sq m (66,000sq ft) of grade A of­fice space and will be avail­able for oc­cu­pa­tion from the mid­dle of 2018.

It was the head­quar­ters of Arthur Cox from 1997 un­til March of this year, at which point the law firm moved premises to a new build nearby.

Sav­ills and CBRE are seek­ing pre-let­ting agree­ments on be­half of Iput and its part­ner, Cashel Fund plc. The agents are quot­ing rent of €57.50 per square foot, which would equate to an an­nual in­come of just un­der €3.8 mil­lion.

The build­ing is likely to ap­peal to com­pa­nies seek­ing a large head of­fice build­ing in a cen­tral lo­ca­tion. It might also prove an at­trac­tive op­por­tu­nity to multi­na­tion­als con­sid­er­ing re­lo­cat­ing op­er­a­tions to Dublin post Brexit.

Some 200 jobs will be cre­ated dur­ing the con­struc­tion phase of the project. On com­ple­tion, the build­ing will ac­com­mo­date up to 750 of­fice work­ers across its seven floors.

The re­fur­bish­ment works will in­clude the ad­di­tion of two new floors, fea­tur­ing 2.7 me­tre floor-to-ceil­ing heights. In­ter­nally, the build­ing will be mod­ernised, with new features to in­clude three high-speed lifts, the pro­vi­sion of show­ers, lock­ers and chang­ing rooms.

There will also be 50 car park spa­ces and room for 70 bi­cy­cles at base­ment level. The con­trac­tor is Flynn Man­age­ment & Con­trac­tors.

Ex­ter­nally, the build­ing will re­tain its dis­tinc­tive mir­rored fa­cade and will see the re­de­vel­op­ment of the plaza fronting onto Earls­fort Ter­race.

Iput chief ex­ec­u­tive Niall Gaffney, said the in­vest­ment by the own­ers in the re­fur­bish­ment “re­flects our strat­egy of con­sis­tently re­gen­er­at­ing our ex­ist­ing port­fo­lio and set­ting the stan­dard for of­fice build­ings in Dublin’s core busi­ness dis­trict”.

He added, “the in­vest­ment fol­lows on from our in­vest­ment in 10 and 40 Molesworth Street, both of which have been suc­cess­fully re­de­vel­oped with let­tings well un­der­way.”

An­drew Cun­ning­ham, Sav­ills’ di­rec­tor of of­fices, said it was a “unique op­por­tu­nity” for an oc­cu­pier to se­cure of­fice space with a “stand-out ad­dress” in the heart of Dublin city.

Formed in 1967, Iput is the largest un­listed prop­erty ve­hi­cle in Ire­land with 95 prop­er­ties in its port­fo­lio, worth €2.1 bil­lion in net as­set value.

Iput’s prop­er­ties in­clude 1 Grand Canal Square, the for­mer pass­port of­fice on Molesworth Street, 25-28 North Wall Quay and 7 Hanover Quay.

In Au­gust, Iput an­nounced that it had com­pleted a “re-gear” of 3,060sq m (32,943sq ft) of of­fice space at the Iveagh Build­ing in the Park, Car­rick­mines, Dublin 18, with tele­coms group Voda­fone.

The agents are quot­ing rent of €57.50 per square foot

A com­puter-gen­er­ated im­age of the re­de­vel­oped for­mer of­fices of law firm Arthur Cox at 5 Earls­fort Ter­race, Dublin 2 which will have 6,130sq m (66,000sq ft) of grade A of­fice space

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