ESB seeking tenant to neighbour head office location

Fitzwilliam 28 will go on the market quoting rent of €57.50 per sq ft

 

ESB is seeking a tenant for the office block next to the building that will house its head office on Dublin’s Fitzwilliam Street following redevelopment of the site.

The grade A development comprises over 26,000sq m of lettable floor space, in two blocks. ESB will retain one block to house more than 1,300 staff.

The adjacent block, Fitzwilliam 28, with approximately 12,500sq m of space is being put on the rental market quoting a rent of €619 per sq m (€57.50 per sq ft), slightly below what is being charged in central Dublin where grade a developments are securing around €60sq ft.

That would deliver an annual rent roll of just under €7.74 million.

“There is simply no similar office development of this scale and flexibility available in the heart of the Georgian core and traditional CBD [central business district], close to all amenities and facilities, and certainly not with the sense of place and historic relevance this scheme exudes,” said joint agents Savills and Bannon.

“With the understandable development constraints inherent in this area of architectural beauty and heritage it is unlikely we will see another new office scheme of this scale developed in this location again,” they added.

The original ESB building was designed in the 1970s and caused consternation at the time as it led to Europe’s longest Georgian Street losing that status.

Georgian structures

O’Mahony Pike and Grafton architects have been responsible for the retention and refurbishment of a number of protected Georgian structures and the construction of the two new seven storey office blocks.

“Today marks another key milestone in this project and I know that the new building will create a modern, sustainable and innovative office space which will reduce carbon emissions, as well as deliver an attractive commercial property in Dublin’s historical Georgian Quarter,” ESB chief executive Pat O’Doherty said.

Staff formerly working in the block have been housed in temporary office accommodation and they will all move back to this building when it’s completed in 2020.

While the space hasn’t increased significantly in size, ESB is making a more efficient use of space which allows it lease out the adjoining building.