Hardwicke returns to office market
Eight-storey office building is built by developer who was involved in IFSC
New €35 million eight-storey office building at Clanwilliam Place, Dublin 2 with 4,738sq m
Deirdre Costello of agents JLL is quoting a rent of €645 per sq m (€60 per sq ft) for the striking eight-storey glazed block which will have an internal floor area of 4,738sq m (51,000sq ft).
The €35 million-plus project marks the return of Mark Kavanagh’s Hardwicke company to the Dublin construction scene after an absence of around 14 years.
The company was a central player along with British Land in the development of the first phase of Dublin’s IFSC – a large scale, speculative project carried out in extremely difficult economic conditions.
That development has now become among the most sought-after investments in the city. In the past three years in particular there has been intense competition for some of the original office blocks which have come back on the market following the ending of tax breaks and also because of renewed interest in the area by investors and developers.
Hardwicke’s reappearance will be warmly welcomed because of the shortage of experienced construction companies in the Dublin area.
Joint ventureThis will be their 35th office development, and like most is being carried out on a joint venture basis with another company.
Its partner on this occasion will be Ardstone Capital, an independent investment management company, which was invited into the project because of its understanding of the development process and its ability to provide development finance
One of the attractions of the new high quality block will be the availability of the most sought after layout of floor plates ranging in size from 491 to 726sq m (5,285 to 7,815sq ft).
There will be 13 car parking spaces and accommodation for 64 bicycles.
The location is within a few minutes’ walk of the Grand Canal Dart station.
An assembly plant for Rolls Royce was once located on the site, prompting the developers to name the new office block Velasco after the muse of the flying angel emblem, Lady Eleanor Velasco Thornton, was associated with the car.
The new block replaces the much smaller Kerstrel House which was bought in an off-market deal from quantity surveyors Bruce Shaw Partnership for around €10 million.
Ardstone’s managing director, Donal O’Neill, said that along with Hardwicke they were delighted to be bringing the office block to the letting market at a time when the availability of best in class hq accommodation enjoying a physical prominence was all but non existent.
Brian Owens, Hardwicke’s chief executive, said the new building would be available for tenant fit out in September next with practical completion scheduled for next December.