Development work has begun on a new office building over Connolly railway station in Dublin which will attract the same tax breaks as are available in other parts of the International Financial Services Centre. The three-storey block will have 23,000 sq ft of high specification offices with air conditioning, raised access platform floors and triple glazing. The entrance will be alongside the headquarters of ABN Amro.
Willie Dowling of Gunne Commercial is quoting a rent of £27.50 per sq ft for the building which will be let either in its entirety or on a floor-by-floor basis. There are 50 car parking spaces. Tenants will be able to claim double rent allowances and a remission of rates for 10 years. Padraig Burke's Galway-based development company, Lowstrand, which is to building the office accommodation, will be sharing the rental income with CIE and the Dublin Docklands Development Authority. The two State companies will share £156,000 of the projected rental income of around £894,000 for a period of 200 years, subject to five-yearly upwards-only rent reviews.
In a separate transaction, CIE is to spend £3 million on the redevelopment of the concourse and the provision of a new twostorey administration and ticket sales office. A Co Down-based construction company, Graham, has been awarded the contract to upgrade the concourse and develop the £6 million office block.
