Revamped Central Bank site aims to attract big-name tenants

Central Plaza will provide 12,500sq m of fashion, food and office facilities

An image  of the newly branded Central Plaza (formerly the Central Bank building) in Dublin.

An image of the newly branded Central Plaza (formerly the Central Bank building) in Dublin.

 

A full-scale marketing campaign gets under way next month to attract tenants for buildings formerly occupied by the Central Bank at College Green and Dame Street in Dublin city centre.

The newly named Central Plaza will provide 12,500sq m (134,547sq ft) of fashion, food and beverage as well as office facilities that are expected to create a real point of difference for the city.

US property group Hines and Hong Kong-based Peterson Group, which bought the bank facilities for €67 million, are gearing up to spend a further €100 million on upgrading and converting the buildings to attract a range of big-name traders.

Agent BNP Paribas Real Estate will market two flagship fashion stores on College Green, adding to the growing presence of global brands such as Abercrombie & Fitch and H&M which already trade on the opposite side of College Green.

Sharon Walsh of BNP, who is handling all the retail trading opportunities, is quoting a rent of more than €650,000 for 6-8 College Green, which will extend to 939sq m (10,107sq ft) over three levels, with a ground floor trading area of no less than 357sq m (3,842sq m).

A marginally smaller store with 729sq m (7,846sq ft) at ground, basement and mezzanine levels, located at 2 Central Plaza, will be available at a rent of €550,000. As part of the refurbishment of that block the owners will be allowed to drop the existing windows to street level.

Strong interest

BNP’s Mervyn Ellis, who will handle newly-created food and beverage trading opportunities, said he expected strong interest in the Annexe building fronting on to Crown Alley in Temple Bar, which previously served as a staff canteen for the Central Bank. He is quoting a rent of €450,000 for the building, which has a total floor area of 588sq m (6,329sq ft) over three levels, as well as two large terraces for external seating.

The changes under way will see the top floor of Sam Stephenson’s famous block converted into a two-level bar, restaurant and viewing area once the roof is fully glazed, to provide unrivalled views over the city centre.

Ellis is quoting a rent of €1.5 million for the two-level rooftop hospitality venue, and has indicated that discussions with a suitable operator are under way. Entrance to the 169sq m (1,819sq ft) hospitality space will be in two dedicated high-speed lifts via a remodelled sunken plaza.

The existing plaza is to be substantially remodelled, subject to planning approval, to provide a new two-tier public plaza that will accommodate a range of food and beverage trading opportunities.There will also be six additional trading units around the existing building at street level, ranging from 32sq m to 230sq m (344-2,475sq ft).

Basement level

Hines and Peterson also plan to provide a 830sq m (8,933sq ft) double-height unit at basement level suitable for retail or leisure purposes at €376 per sq m.

The office component of Central Plaza has also been well received by the occupier markets – 1,250sq m (13,454sq ft) of space on four floors of 6-8 College Green is already booked by AmTrust Financial Services at €538 per sq m (€50/sq ft). Knight Frank is handling the office lettings.

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