NTMA expands HQ in Dublin’s north docklands

Agency to take 25-year lease on entire first stage of Dublin Landings under construction

The Landings: The NTMA is leasing the entire new build next to the Central Bank building –  nearly 143,000sq ft. Photograph: Cyril Byrne

The Landings: The NTMA is leasing the entire new build next to the Central Bank building – nearly 143,000sq ft. Photograph: Cyril Byrne

 

The National Treasury Management Agency (NTMA) has opted for a considerably larger new headquarters than originally planned at the Dublin Landings development under construction in the north docks.

The State agency had initially opted for about 7,710sq m (83,000sq ft) in the first block under construction next to the new Central Bank. It has now decided to rent the entire building, giving it an extra 5,574sq m (60,000sq ft) of space. This will bring the overall capacity to about 13,284sq m (142,986sq ft).

Both lettings will be at the same rent level – €538/sq m (€50/sq ft) and will run for 25 years with break options in year 15.

The NTMA and its Nama subsidiary are currently renting about 9,290sq m (100,000sq ft) in the Treasury Building on Grand Canal Street under a number of leases, some of which are due to run out while others have break clauses.

In the meantime, an attempt by Percy Nominees to sell a 33.33 per cent freehold interest in the 1989 Treasury block and a proportion of the rent roll for €33 million has failed to attract a buyer. A company set up by Johnny Ronan and Paddy McKillen controls 66.67 per cent of the rent roll from the building.

Building 1 in the Dublin Landings is expected to be ready for fit out next February or March.

Sean Mulryan’s Ballymore company is partnering Singapore’s Oxley on the €700 million docklands development, which will include 65,000sq m (700,000sq ft) of office and retail space, with five office building due to be completed by 2020.

Development of a second block with about 7,432sq m (80,000sq ft) is well under way in the mixed scheme, which will include 273 apartments.

The amenities on the 2.35-hectare site on North Wall Quay will include rooftop gardens and terraces, a gym extending to 1,000sq m (10,000sq ft) and underground car parking.

Willy Dowling of CBRE is advising the Ballymore/Oxley consortium, while Roland O’Connell of Savills is representing the NTMA.