McKillen jnr seeks €65 per square foot for Dawson Street offices

Former New Ireland headquarters ready for occupation in 2021 following redevelopment

When developer Paddy McKillen jnr's Oakmount and its partners, Core Capital, paid €38 million to acquire the landmark headquarters of New Ireland Assurance in 2018, there was little doubt they had secured a prime asset in a prime location.

Two years on, No 12 Dawson Street, as it is now known, is set to test the prevailing strength of the office market in the city’s core central business district. While the owners are targeting the second quarter of 2021 for the completion of a significant redevelopment of the building, agents Knight Frank are inviting prospective occupiers to register their interest now. The property is expected to command a rent of about €65 per sq ft notwithstanding the unprecedented challenge Covid-19 currently presents to the office sector.

Upon delivery, No 12 Dawson Street will comprise 60,000sq ft of grade A office space distributed over seven floors, following the addition of two new floors with private landscaped terraces offering panoramic views over St Stephen’s Green and Dublin city centre.

The office floors will provide premium light-filled space and range in size from 8,200 sq ft to 10,700sq ft. All floors have four pipe fan coil air-conditioning with fresh-air handling with typical floor to ceiling heights of 2.7m.


Parking spaces

The building also includes 12,500sq ft of retail/restaurant space at ground and basement levels and will be served by three high-speed passenger lifts linking the office floors to its reception along with two firefighting goods lifts. At basement level, the property will have 10 car parking spaces, 91 bike parking spaces and seven self-contained shower/changing rooms along with locker and drying-room facilities.

The redevelopment of the building, which is being directed by Mahoney Architecture, involves the sympathetic restoration of its original facades and the preservation of numerous of its internal features.

Commenting on the process, Paschal Mahoney of Mahoney Architecture said: “The concept here was to celebrate the historic character of the original buildings whilst creating a new vision for No 12 Dawson Street as a modern, progressive workspace. The building is designed to meet the most exacting standards required to attract a long term discerning occupier.”

The care being taken will be immediately apparent to visitors on entering the building. The reception will incorporate original retained features including a bespoke stained glass window and staircase and a hexagon-shaped double-height reception which extends to approximately 1,700sq ft.

No 12 Dawson Street is located at the heart of Dublin's core central business district. Neighbouring occupiers currently include Barclays Bank, TD Securities, Standard Chartered, the Banking and Payments Federation Ireland (BPFI), and Davy.

Luas stop

The property enjoys excellent access with a Luas stop situated on its doorstep, while the Dart and numerous Dublin Bus routes are all available within a short walk of the building.

Derek McGrath of Core Capital says: “No 12 Dawson Street is an excellent addition to Dublin’s thriving city landscape. We will deliver this truly unique HQ building by the second quarter of 2021 and potential occupiers should contact our agents Knight Frank now to register their interest.”

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Acting Property Editor of The Irish Times