The Residential Tenancies Board (RTB) is closing in on a deal for a new headquarters at the Clerys Quarter development on O’Connell Street in Dublin city centre. Having based its operations on nearby D’Olier Street since its establishment in 2004, the board is set to take 18,000sq ft of office space at the scheme and is expected to pay a rent of about €50 per sq ft.
The agreement with the RTB will bring the consortium behind the Clerys Quarter a step closer to its objective of securing full occupancy for the scheme’s office element in advance of its plan to sell its remaining interests there.
The Oces Property Management (OPM) consortium, which comprises Luxembourg-based asset manager Europa Capital, Derek McGrath’s Core Capital, and Paddy McKillen jnr’s Oakmount, already sold about a third of the mixed-use development’s office space in November 2023 when the HSE acquired the 30,700sq ft Earl Building on North Earl Street for use as a new outpatient facility for the Rotunda Hospital.
Developed on the site of the former Clerys department store, the Clerys Quarter scheme also includes 60,000sq ft of retail accommodation, most of which is occupied by Swedish fashion giant H&M and French sports retailer Decathlon, and a new 229-bedroom Premier Inn hotel which is under construction. The hotel is currently being offered to the market on behalf of Premier Inn’s owner, the Whitbread Group, on a forward-funding basis for €66.6 million.
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Separately, Core Capital managing director Derek McGrath has said that he is pursuing new development opportunities following the recent dismissal of a High Court petition from the Revenue Commissioners to have his firm wound up.
Mr McGrath confirmed the matter relating to a Covid revenue liability had been resolved in a post on LinkedIn, saying: “The petition to strike out the business brought by the Revenue Commissioners on November 17th has now been dismissed. The company continues to trade and is seeking to pursue new development opportunities in Dublin city.”
