Urban RenewalThe South Western Area Health Board is leasing space in a Tallaght building that is part of a €70m development, writes Jack Fagan, Property Editor

The South Western Area Health Board has completed contracts to lease 1,240 sq m (13,350 sq ft) at The Exchange, part of the €70 million development at Belgard Square North in Tallaght, Dublin 24.

The South Western Area Health Board will be paying €204 per sq m (€19 per sq ft) under a 25-year lease of the space in Block 3 of the development. The board will use the premises for the provision of community services.

In addition, St John of God Hospitaller Services will be providing a range of services in three separate buildings within The Exchange complex, which also includes apartments, offices, and underground parking for 600 cars.

The Exchange is the first designated development to be completed as part of the Tallaght Integrated Area Plan (IAP).

Agent Finnegan Menton is offering the final office phase (Block 1) for sale or to let.

This six-storey air conditioned building has a floor area of 3,344 sq m (36,000 sq ft). A purchaser can avail of 100 per cent capital allowances.

Finnegan Menton is quoting rents of €231 per sq m (€21.50 per sq ft) and purchase prices of €4,520 per sq m (€420 per sq ft).

Owner-occupiers can offset the allowances against corporate tax, while investors can offset it against all Irish rental income.

The development undertaken by Breydon Developments Ltd is adjacent to Tallaght Hospital at Belgard Square North and is within 100 metres of the Luas Station.

The scheme has been hugely successful, with approximately 80 per cent of the space already sold or let. The development includes 5,700 sq m (61,354 sq ft) of offices, 170 apartments, St John of God Hospitaller Services and 600 basement parking spaces.

Developments like The Exchange are likely to be in keen demand following the Government announcement that all property based tax incentive schemes will close in December 2004.

The offices are finished to a high specification including air conditioning, raised access floors, suspended ceilings and category 2 lighting.

Construction of The Exchange was carried out by Michael McNamara & Company on behalf of Breydon Developments Ltd and St John of God Hospitaller Services.