DUNLOE EWART, a property company controlled by developer Liam Carroll, will earn €8 million a year in rent from a 165,000sq ft office block on Sir John Rogerson’s Quay in Dublin, which it handed over last month to international financial services group State Street.
Dunloe Ewart recently completed the fit-out on the building ahead of schedule and State Street has already relocated 500 staff to the block, which is based on the southside quay in the docklands.
State Street, which has taken a 15-year lease, is consolidating its operation in Dublin into one large office and expects to have 1,200 staff in situ by June. It also has offices in Kilkenny, Naas and Drogheda and employs about 2,000 staff here in total.
The rental equates to about €48 per square foot, a healthy price in the current depressed market. Finance for the development was provided by Ulster Bank.
Dunloe Ewart is hoping to develop the balance of its four-acre site with two additional headquarter offices and residential buildings. But this will depend on a recovery in the economy and securing funding.
This is a rare piece of good news for the embattled property developer, who last year lost control of his Zoe group of companies following lengthy and high-profile court proceedings.
Dunloe Ewart was not part of that legal action and remains under the control of Mr Carroll.
The property company was once listed on the stock market but was taken private by Mr Carroll in 2003 following a lengthy tussle for control with solicitor Noel Smyth, who had built the business.
No financial details are available for Dunloe Ewart as the company is unlimited.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/df7f58f1-ac9c-44fd-bf8e-ea534d775f7b.png)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)