Sandyford office development gets planning approval

Noel Smyth's Fitzwilliam Real Estate Capital is to launch a marketing campaign for a substantial office development which has just got planning approval at 3 Arkle Road in Sandyford, Co Dublin.

An estimated €55 million to €60 million is likely to be spent on developing three interlinking six- and seven-storey blocks which will have an overall floor area of 21,367sq m (230,000sq ft), a café on the ground floor and 186 car parking spaces. The company is likely to fix rent levels at about €301 to €323 per sq m (€28 to €30 per sq ft)

The Smyth-controlled Wexele company will be pitching for a pre-let of the office space or alternatively for a funding partner for the entire scheme which is expected to have an end value of about €150 million.

Given the upheaval in the UK that has followed the Brexit vote, Wexele is now to market the office development as a major entity or back office opportunity.

Legal home base

Some banks are reported to be planning to shift at least part of their work to Dublin, Paris or Frankfurt to establish a new legal home base.

The Sandyford site, one of the most prominent locations in Sandyford, was originally acquired by Wexele in 2004.

The original plan to provide 264 apartments in a 24-storey block overlooking the reservoir was referred to An Bord Pleanála and after 33 months the board, in a split decision, refused planning permission.

Another Irish company, Ardstone Capital, lodged a planning application last September for 41,805sq m (450,000sq ft) of offices over five buildings at Eden Plaza in Sandyford after buying a 5.06 acre site from Nama.

The individual buildings will range in size from 3,251 to 13,935sq m (35,000 to 150,000sq ft). They will have large flexible floorplates with 18m spans.