Property group Iput to spend €20m on former Arthur Cox HQ

Savills and CBRE to pre-let refurbished 66,000sq ft office block on Earlsfort Terrace

Illustration  of 5 Earlsfort Terrace once its €20m refurbishment has been completed next year

Illustration of 5 Earlsfort Terrace once its €20m refurbishment has been completed next year

 

Irish property investment group Iput plc plans to spend €20 million refurbishing the former offices of law firm Arthur Cox at 5 Earlsfort Terrace, Dublin 2, and has appointed estate agents Savills and CBRE to seek new tenants for the property.

The prominent block, situated beside the Conrad Hotel and opposite the National Concert Hall, comprises 6,130sq m ( 66,000sq ft) of grade A office space and will be available for occupation from the middle of 2018.

It was the headquarters of Arthur Cox from 1997 until March of this year, at which point the law firm moved premises to a new build nearby.

Savills and CBRE are seeking pre-letting agreements on behalf of Iput and its partner, Cashel Fund plc. The agents are quoting rent of €57.50 per square foot, which would equate to an annual income of just under €3.8 million.

The building is likely to appeal to companies seeking a large head office building in a central location. It might also prove an attractive opportunity to multinationals considering relocating operations to Dublin post Brexit.

Some 200 jobs will be created during the construction phase of the project. On completion, the building will accommodate up to 750 office workers across its seven floors.

The refurbishment works will include the addition of two new floors, featuring 2.7 metre floor-to-ceiling heights. Internally, the building will be modernised, with new features to include three high-speed lifts, the provision of showers, lockers and changing rooms.

There will also be 50 car park spaces and room for 70 bicycles at basement level. The contractor is Flynn Management & Contractors.

Distinctive facade

Externally, the building will retain its distinctive mirrored facade and will see the redevelopment of the plaza fronting onto Earlsfort Terrace.

Iput chief executive Niall Gaffney, said the investment by the owners in the refurbishment “reflects our strategy of consistently regenerating our existing portfolio and setting the standard for office buildings in Dublin’s core business district”.

He added, “the investment follows on from our investment in 10 and 40 Molesworth Street, both of which have been successfully redeveloped with lettings well underway.”

Andrew Cunningham, Savills’ director of offices, said it was a “unique opportunity”for an occupier to secure office space with a “stand-out address” in the heart of Dublin city.

Formed in 1967, Iput is the largest unlisted property vehicle in Ireland with 95 properties in its portfolio, worth €2.1 billion in net asset value.

Iput’s properties include 1 Grand Canal Square, the former passport office on Molesworth Street, 25-28 North Wall Quay and 7 Hanover Quay.

In August, Iput announced that it had completed a “re-gear” of 3,060sq m (32,943sq ft) of office space at the Iveagh Building in the Park, Carrickmines, Dublin 18, with telecoms group Vodafone.

It has renewed leases on more than 32,500sq m ( 350,000 sq ft) of space within its portfolio in the past two years, securing more than €10 million of income.