Shire may join Dept of Health in bank HQ

€100m being spent on redevelopment of former Bank of Ireland HQ

Larry Goodman bought the former Bank of Ireland HQ in 2013 for more than €40m. Five years earlier it had been sold for €180m.

Larry Goodman bought the former Bank of Ireland HQ in 2013 for more than €40m. Five years earlier it had been sold for €180m.

 

Ireland’s largest meat processor, Larry Goodman, looks set to hit the jackpot with his newly remodelled former Bank of Ireland headquarters at Lower Baggot Street in Dublin 2.

Four months after agreeing to lease the main office building to the Department of Health his company is in advanced discussions with Shire to rent the two smaller blocks on site to the global biotechnology manufacturer.

The overall initial rent roll is expected to end up at about €13 million.

Shire’s interest in the city centre offices comes shortly after it announced plans to invest some €354 million in a biologics manufacturing campus to employ 400 permanent staff at its 120-acre base in Piercetown, Dunboyne.

Redevelopment

Derek QuinlanPaddy Shovlin

Letting agent Declan O’Reilly of Knight Frank has been quoting rents of €60 per sq ft (€645 per sq m) for the three blocks in the newly named Miesian Plaza which has an overall floor area of 20,345 sq m (219,000 sq ft).

If the letting to Shire proceeds as expected, it will have the use of the two smaller blocks, one of them with a floor area of 4,180sq m (45,000sq ft) and the other extending to 288sq m (31,000sq ft). The new tenant is expected to have the use of 30 to 40 of the 125 parking spaces at basement level.

The Shire blocks are due to be completed before year end. The rear block of 13,284sq m (143,000sq ft) is expected to be ready for occupation by the Department of Health early next year. The department is based at Hawkins House in Poolbeg Street, just off the city quays, which is in a rundown condition and due to be redeveloped.

Scott Tallon Walker

Project architect Ronan Phelan said their goal was to provide Grade A office accommodation of the highest modern standard to equal or surpass the finest developments in the market.

The biggest impact of the redevelopment both visually and in terms of occupant comfort is the upgrading of the bronze curtain wall on all three blocks. About €20 alone was spent on renovating the façade, installing new high-performance glass, thermal insulation and modern draught and weather seals that will ensure a high performance building.

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