Sweepstakes block sets rent benchmark

A new rent benchmark of £29 per sq ft has been set for a letting of 20,000 sq ft of office space at the latest block under construction at The Sweepstakes at Merrion Road, Ballsbridge, Dublin 4. It is the highest rent yet achieved in the city. The previous highest rent of £27 per sq ft was paid by Scottish Amicable for 45,000 sq ft in the Hardwicke development at Hatch Street.

The final block of 13,500 sq ft in that scheme has yet to be offered for letting. Global Crossings Ireland, a subsidiary of the Bermuda-based Global Crossings Ltd, has just completed contracts to rent two floors of the 59,000 sq ft building in The Sweepstakes. Palmer McCormack and Partners are in discussions with several international companies for the remaining space, 7,700 sq ft at penthouse level and 30,000 sq ft on the ground, first and second floors. It is the only sizeable volume of office space available in Dublin 4.

Global Crossings, who were represented by Willie Dowling of Gunne, will be taking a 15-year lease on the space, with a break option in the 15th year. Global owns and operates a fibre optic sub-sea cable system. It recently announced merger plans with US West, which will create a major new telecom company. The first block of 36,000 sq ft in The Sweepstakes was let to Eagle Star over seven years ago at £16 per sq, a rent that has subsequently been increased to £18 per sq ft. Goodbody Stockbrokers is to occupy the second block of 59,000 sq ft at a rent of £22.50 per sq ft. Druker Fanning and Partners bought both blocks for the Telecom Eireann Pension Fund. All three blocks, which were developed by Ryde Developments, are acknowledged as among the best in the city. They were designed by architects Gilroy McMahon.