NCB plans to move operation to IFSC

NCB Stockbrokers has sought the approval of its parent company, the National Westminster Bank in London, to move its entire operation to Dublin's International Financial Services Centre.

The company has agreed leasing terms to occupy a 25,000-square-foot block, 3 George's Dock, which is due to be ready for fitting out next September.

Ulster Bank, which acquired NCB at the end of 1994 for £25 million, is supporting the move to the IFSC - but it is by no means certain that it will be endorsed by Nat West, according to banking sources.

Jones Lang Wootton is the letting agent for the development and Hamilton Osborne King is understood to be acting for NCB.

Should the deal go ahead, NCB will be paying a rent of £27 per square foot for the five-storey building and £1,500 for each of the 25 car-parking spaces.

Like the other tenants in the IFSC, NCB would be able to claim double rent allowances and tax breaks on the overseas element of its business. The stockbrokers operate as a stand-alone subsidiary and are also Irish gilt market-maker for the bank.

NCB occupies about 14,000 square feet of office space at around £11 per square foot under different leases at Ferry House in Lower Mount Street, Dublin 2.

The company should be able to assign its leases because of a shortfall of good quality space on the south side of the city.

Last month, businessman Dermot Desmond, founder of NCB, offloaded a lease of the third floor of Ferry House, which had been occupied by one of his companies, Quay Computers. The lease had another 12 years to run but Mr Desmond succeeded in assigning it to the Irish Progressive assurance group by making a financial contribution towards upgrading the 7,300square feet of space, which was rented along with car-parking at £78,200.

If NCB moves to the IFSC, its neighbours at 4 George's Dock will be the Irish Intercontinental Bank, which is buying the 21,000-square-foot block for more than £8 million. On the opposite side, the 43,000 square feet of space in 2 George's Dock is to be rented by Deutsche Bank, Morgan Grenfell. Airbus and Koratrade.

Office space in the IFSC is fast running out as the Hardwicke-British Land consortium moves into the final phase, due to be completed in the autumn of 1997.

A 28,000-square-foot block at Exchange Place, which is also due to be completed later this year, will be aimed mainly at small, licensed traders requiring office space under 1,000 square feet.

The developers have also completed building contracts to develop 105,000 square feet in 5, 6 and 7 George's Dock and a second block at Exchange Place.