BMW takes space at Santry Demesne

OfficeMarket:The motor company will be paying close to €269 per sq m for 1,050sq m (11,302sq ft) in a new office scheme being developed by the Cosgrave Group, writes Jack Fagan

The Cosgrave Group has secured BMW as its first significant office tenant in Swift Square, an attractive new office development underway at Santry Demesne in Dublin 9 which is also near Dublin Airport.

The motor company will occupy a penthouse of 1,050sq m (11,302sq ft) in the newly completed five-storey block which will extend to 6,967sq m (75,000sq ft).

This is the first of several office blocks planned for the site alongside the highly successful retail warehousing venture developed by Cosgraves in recent years.

BMW will be paying close to €269 per sq m (€25 per sq ft) under a nine years and 11 months lease and will be moving in next month. Car-parking spaces will cost an additional €1,500 in the basement and €1,000 at surface level.

Estate agent Darren Nugent of CB Richard Ellis has agreed letting terms on two of the five floors in an adjoining office block of 6,967sq m (75,000sq ft) which is also due to be completed in the coming weeks.

Elated by the positive response to the first two blocks, Cosgraves has now commissioned its architects BKD to design two further office buildings on their extensive site which is to have its own station along the Metro North service.

The mixed-use park is already availing of a QBC serving both Dublin Airport and the city centre.

The proximity of the park to the M1 and the M50, as well as the airport and the Dublin Port Tunnel, is proving a strong marketing tool for the facility. It has also been helped by the fact that it is beside two top class hotels, the Crowne Plaza and the Quality Inn.

Darren Nugent says the immediate success of the office scheme has been greatly helped by the fact that Cosgraves has delivered quality buildings in a prime location at reasonable rents.