Commercial Property

New €80m IFSC building lands first tenant at rent of €50/sq ft

Food Safety Authority initial tenant in first new IFSC development since 2003

The Exchange: The new IFSC office building will have an overall floor capacity of 105,000sq ft and provide a 6% income yield when fully tenanted.

Wed Jun 21 2017 - 06:30

The Food Safety Authority of Ireland (FSAI) will be the first tenant to occupy a new office building under construction in Dublin's International Financial Services Centre.

The €80 million block, to be known as The Exchange, is being forward funded by IPUT and will be the first new office development within the original footprint of the IFSC since 2003.

The FSAI will occupy 1,768sq m (19,041sq ft) across the first floor of the six-storey over-basement building, which will have an overall capacity of 9,750sq m (105,000sq ft).

As the first tenant, the FSAI will pay a rent of €538/sq m (€50/sq ft) under a long-term lease with a break option in the 15th year.

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The FSAI has an overall staff of 104 based at the Abbey Court in the Irish Life Centre, where it has been paying a rent of €376/sq m (€35/sq ft). The lease is to run out shortly.

IPUT stands to earn a 6 per cent income yield once the new block is completed in October by contractors John Sisk & Co.

Joint agents Savills and JLL are continuing to market the remaining Exchange space at a rate of €565/sq m (€52.50/sq ft). The building will have 37 car spaces and 133 secure bicycle spaces.

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