About €8 million for D2 office redevelopment site


Infill SiteA first class redevelopment opportunity for an office and retail scheme at South Richmond Street, Dublin 2, has come on the market through agent HWBC.

Ronan Downing of the agency is quoting in the region of €8 million for Richmond House, a three-storey college building with a lecture theatre, class rooms and rear parking for seven cars on a site of 0.36 of an acre at the junction of South Richmond Street and Lennox Street.

The property is owned by the Institute of Education which no longer requires these facilities.

It secured planning permission in 2000 - which was renewed in 2005 - for an impressive four-storey corner complex to include two office buildings totalling 2,322sq m (25,000sq ft) and 232sq m (2,500sq ft) of retail facilities.

There is also provision for 20 car-parking spaces at basement level.

Since the proposed development was designed in 2000, the arrival of the Luas service close by has opened the way for a larger development.

A recently commissioned feasibility study has suggested that the site can easily accommodate 3,065sq m (33,000sq ft) of new office space.

HWBC says the site should be of interest to office developers given the huge demand for well located office space in the city.

It would also be of interest to companies looking to buy a modern corporate headquarters.

The agent estimates that it would cost between €7.5 million and €8 million to build the approved office block and, should it be decided to sell on own-door office suites, these could be expected to make around €10,754 per sq m (€1,000 per sq ft).

Other companies based in the area include ACC Bank, Mercer, Barclays, Ernst & Young and HSBC.

The site is less than 10 minutes walk from St Stephen's Green and is beside Camden Street where there is a variety of shops, restaurants and bars.