Converted south docklands warehouse expected to be rented at €700 per sq m

Office space in a converted 1880s warehouse at a top south docklands location hits the letting market this week.

Construction work on Ten Hanover Quay has just begun and is set for completion during the first quarter of 2021. It will eventually extend to 6,410sq m (69,000sq ft) and letting agent Knight Frank is suggesting an indicative rent of €700 per sq m (€65 per sq ft).

The offices are being developed by Kennedy Wilson (in conjunction with Nama) which has just completed the massive Capital Dock scheme adjacent to Ten Hanover Quay.

Capital Dock spans 4.8 acres with more than 64,103sq m (690,000sq ft) of new mixed-use space, a 1.5-acre public park and Ireland’s tallest residential tower at 22 storeys. Its construction involved a whopping 200,000 tons of concrete, 15,000 tons of steel and 7,500 panes of glass. Global investment bank JP Morgan and jobs site Indeed have committed to occupy all of the available office space at Capital Dock.

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Developed

This location, at the confluence of the Liffey, Dodder and Grand Canal, is now nearly fully developed. In fact, Ten Hanover Quay is probably the last scheme to get under way in the area.

The south-facing offices will be in a former warehouse that was once occupied by the Raleigh Bicycle Company in the mid-1940s. A modern six-storey extension is being added at the rear and key features include triple frontage, a glazed central atrium offering light-filled work space and a clear floor-to-ceiling height of 3.4m.

This type of repurposed office space proved a big hit with Airbnb which moved into the nearby former warehouse at 8 Hanover Quay in 2016. It now plans to link this 3,574sq m (38,471sq ft) of space with its offices in The Reflector next door where it has just agreed to lease 3,715sq m (40,000sq ft).

Recent rents at The Reflector, which was put on the market last week through Savills and CBRE at €155 million, were in the €597-€673 per sq m (€55.50-€62.50 per sq ft) range.

Waterside promenades

Many tech companies and law firms have set up shop in this part of the south docklands over the past decade. It now offers a good selection of restaurants, high-quality cultural space, hotels and attractive waterside promenades.

Hanover Quay is within walking distance of the Dart at Grand Canal Dock and the Luas which runs to the 3Arena in the north docklands. A ferry also now operates – Monday to Friday from 7am to 7pm – on a three-point route from the 3Arena on the northside, to Sir John Rogerson's Quay on the southside, to MV Cill Airne at North Wall Quay, and back.

Paul Hanly, a director at Knight Frank, says Ten Hanover Quay will offer a balance of contemporary warehouse design and new-build offices. "Its waterfront setting will no doubt be a very attractive proposition to occupiers," he says.