Bank to rent additional space

Office MarketBank of Scotland (Ireland) is to rent additional office space at Cherrywood Business Park in south Dublin.

The bank originally looked for 7,432sq m (80,000sq ft) but has now revised it up to 10,590sq m (114,000sq ft).

Planning permission has been obtained for an office complex of this size and, with development work well under way, the new facility is due to be ready for fit-out in 2009.

Liam Carroll's company Danninger is undercutting most other suburban office developers on rents in order to attract them to Cherrywood.

Bank of Scotland is likely to have secured a range of incentives to move to the park, including an initial rent of under €215 per sq m (€20 per sq ft) as well as a rent free period. The bank is not so fortunate in St Stephen's Green where it is paying rents of around €484 per sq m (€45 per sq ft) for its new headquarters. That rent will rise sharply when it is reviewed in about two years.

To broaden the appeal of Cherrywood, Danninger is developing a facilities building on site to accommodate a health and fitness centre, restaurant/wine bar, sandwich bar, juice bar, convenience store and a pharmacy.

Joint agents CBRE and Atis Real are currently marketing a newly completed office block of 11,770sq m (126,692sq ft) at a rent of €269 per sq m (€25 per sq ft).