1960s office block on Stephen’s Green to get €20m makeover

Planning application has been lodged to turn Hainault House into ‘green’ block

 

Irish Life Investment Managers is to replace a 1960s office block on St Stephen’s Green with a development adjoining another new office scheme being funded by billionaire businessman Denis O’Brien.

A planning application was due to be lodged today with Dublin City Council for the redevelopment of Hainault House at 69-71 St Stephen’s Green, Dublin 2.

The 3,066sq m (33,000sq ft) block, built in 1966, is to make way for a 5,388sq m (58,000sq ft) development rising to six storeys over a double basement.

The proposed building, which includes 20 car-parking spaces, is designed by Dublin architects A&D Wejchert to achieve a BER rating of A3 which will make it one of the most environmentally friendly in the city. “Its distinctive stone and glazed façade will complement the quite different styles of its neighbours on either side and can best be described as quietly dramatic,” according to Irish Life.

Work began on the redevelopment of the former Canada House next door in late 2013. Aircraft leasing company Aercap agreed in April to pay a benchmark rent of €645 per sq m (€60per sq ft) when it moves into the new six-storey LXV block next year at the junction of St Stephen’s Green and Earlsfort Terrace. The 25-year lease includes a break option in year 15. Because of the strong interest in letting the LXV block, the capital value of the property will be boosted by at least €12 million.

Record rent

Hedgeserv

Strong demand

Savills

Fergus Dowd, of Irish Life Investment Managers, said the redevelopment will “enhance the performance of our property portfolio and contribute to the infrastructure of Dublin. We believe we are developing an excellent asset . . . while making a positive contribution to the built environment.’’