Commercial Property

Dublin 2 office block let at €40 per sq ft

Iconic Offices to lease Herbert House at Harmony Row off Lower Grand Canal Street

Herbert House at Harmony Row is just off Lower Grand Canal Street

Justin Comiskey
Wed Jan 25 2017 - 05:00

Another revamped office block in an up-and-coming part of Dublin 2 has just been let.

Flexible workspace operator Iconic Offices is to lease Herbert House at Harmony Row which is just off Lower Grand Canal Street and a short distance from Pearse Street station.

The three-storey over basement block was built in 2001 and extends to 1,331sq m (14,326sq ft). To accommodate Iconic’s growing requirements, an extra floor will be completed in Q2 2017 which will bring the floor area up to 1,858sq m (20,000sq ft).

The letting is for a 25-year term with break options at years 11, 16 and 21. Rent has been agreed at around €430.56 per sq m (€40 per sq ft) per annum while nine basement car-parking spaces are being leased at €2,750 each.

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Iconic, which is to open phase one of the building in Q1 2017, intends to invest significantly in the building to provide high-end office space as well as a basement gym, secure bicycle storage, changing rooms, outdoor heated terrace, and an extensive kitchen stocked with complimentary snacks.

Herbert House was bought in early 2015 by Lugus Capital after it was offered for sale at over €4.25 million on the instructions of receiver Luke Charleton of EY on behalf of Albion Property which is controlled by Pascal Conroy and Des Walsh. Lugus was founded in 2013 by former Davy brokers Peter Horgan and Tim Cahill and has since built up an extensive commercial and residential portfolio.

Also founded in 2013, Iconic Offices now has 14 buildings in its portfolio extending to 12,077sq m (130,000sq ft) and employs 27 people. Its design-led, culture-driven space is backed up by top-end IT facilities allowing it to act as an incubator for aspiring start-ups.

Aisling Leddy of Melford Property represented Iconic while Keith O'Neill of BNP Paribas Real Estate acted for Lugus Capital.

The Fenian/Grand Canal Street area has seen a number of office refurbishments in the past two years, such as Twitter at Cumberland House and Stripe at The One Building. This area was overlooked in the boom years but its proximity to docklands and the city centre has seen its fortunes improve of late.

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