The departure of Davy from Dawson Street may well prompt the redevelopment of the Hibernian Way office and shopping complex

DAVY, ONE OF Ireland’s largest stockbroking and wealth management companies, is looking for a new headquarters in Dublin.

The company, which has been based at Dawson Street for many years, is believed to be concentrating its search in the Dublin 2 and 4 districts for around 5,574sq m (60,000sq ft).

Davy is renting about 4,180sq m (45,000sq ft) under four different leases, some of which are due to expire shortly. The company has a staff of over 400 in offices in Belfast, Cork, Galway and London as well as Dublin.

Davy is likely to have been prompted by the much reduced rents and the attractive concessions available in the office market, as well as by the firm’s need for extra space, to launch a search for alternative accommodation at this stage.

Top rents in the city are around €344 per sq m (€32 per sq ft), about half the level at the peak of the property market in 2007.

The departure of Davy from Dawson Street may well prompt the redevelopment of the Hibernian Way office and shopping complex which has been on the cards for several years. The owners are hoping to capitalise further on the prime shopping location by enlarging some of the retail outlets.

Davy is being advised by Thomas Carthy of BNP Paribas Real Estate.

A short distance away, the Japanese insurance company, Mitsui Sumitomo Insurance Group, is to lease the penthouse suite in Trinity Point, a newly developed office block on South Leinster Street.

The company will be paying a rent of €349 per sq m (€32.50 per sq m) for 447sq m (4,811sq ft) on a new 10-year lease with a break option in year five.

It is understood that another branch of the Japanese company is looking for a further 1,858sq m (20,000 sq ft) of office space to rent in the city.

The six-storey Trinity Point has uninterrupted views over the grounds of Trinity College and was developed by solicitor Cyril Ford.

Keith O’Neill of BNP Paribas Real Estate is marketing the remaining 3,630sq m (39,072sq ft) of space in the block.

Michael Healy of Savills advised the Japanese insurance company.

Also on the move is Eden College which is to rent the former Irish Aviation Authority building at Eden Quay in Dublin city centre. The college is likely to be paying around €161 per sq m (€15 per sq ft) for around 2,787sq m (30,000sq ft).

Meanwhile, Irish Life Permanent, which appointed an agent to find an additional 3,251sq m (35,000sq ft) of office space in Dublin, has now indicated that it will not be proceeding with the plan.