Marlet Property Group has appointed Walls Construction as the lead contractor on a €100 million development planned for its Charlemont Exchange building close to the Grand Canal in central Dublin.
Some 100 construction jobs will be created during the redevelopment of the site, which was bought by Marlet in March 2017 for €45 million.
The Irish property group, led by Irish developer Pat Crean, and London-based M&G Investments, has engaged Savills to seeks tenants for the building.
The agent is seeking rent of €55 per sq ft, which is close to the peak level that was being charged for prime office space in the capital before the property crash in 2008.
The building was previously occupied by ACC Bank and its parent company Rabobank. ACC closed in the wake of the banking crash while Rabobank has largely pulled back from the Irish market.
The office block was constructed in 1998. Marlet is now planning an extensive refurbishment, which is due to be completed in the second quarter of 2018. This will include the addition of two new floors to the building, extending it to 8,279 sq m (89,118 sq ft) that will accommodate up to 1,200 office workers over seven floors.
The redevelopment will include a double-height reception area along with the creation of a terrace on the sixth floor, re-glazing of the existing corner drum feature, and new entrance doors and windows.
The block will also benefits from 86 car-parking spaces and spots for 90 bicycles. There will also be shower and changing facilities, along with storage. The building adjoins the Hilton Hotel and is beside the Charlemont stop on the green Luas line.
‘Much-needed demand’
Mr Crean said he was “delighted” to get the project under way. “There is no question that there is a much-needed demand for office space in Dublin and we hope that our investment in this project, and its quick turnaround and completion date, will help to go some way to meeting the demands of businesses in Ireland,” he said.
According to Andrew Cunningham, head of offices at Savills, almost all of the new and refurbished office space that was completed in 2017 in central Dublin has been taken up.
“Charlemont Exchange is set to deliver high-quality office accommodation in a mature location at a time when stock levels are low and demand is strong,” he said. “The design flexibility allows the space to split horizontally or vertically which enables the building to cater for requirements from 5,000 sq ft to 89,118 sq ft.”
The site might well prove attractive to companies seeking to relocate activities from London to Ireland in the wake of Brexit.
