Belfield Office Park
A consortium led by Paddy Kelly and John Flynn bought the former Jones Group site in Clonskeagh for around £3.5 million and surprised many by obtaining planning permission for more than double the volume of space that had been expected.
The 365,000 sq ft Belfield Office Park, with 950 underground car-parking spaces, opened in 1998 and has attracted major clients. These include Eircell, which took a 28,000 sq ft unit, and the European Veterinary Office, which leased 40,000 sq ft. Compaq has 160,000 sq ft in four interconnecting buildings, SmartForce has 60,000 sq ft and Ericsson has 55,000 sq ft. Ericsson bought its building for around £12 million. Irish Life took a 50 per cent stake in the veterinary office block and Eircell building.
Lettings are pitched at £15 to £18 per sq ft, which will be reviewed in 2003. The consortium is currently earning around £4 million in rents and a further £1 million goes to Irish Life. Experts say that when the rents are next reviewed, the overall rent roll will rise to around £8 million. "It was a great deal and it put a smile on our face for a long time," says Paddy Kelly. "It's difficult to get that kind of a deal these days."