Grand Canal site with full planning for large office scheme seeking €16m

Having come close to being sold to an international developer for €23 million in the midst of the Covid-19 pandemic, the former headquarters of the Construction Industry Federation (CIF) has returned to the market.

Following its relocation to fourth floor of the nearby Bankside building, the CIF and the Construction Workers Pension Scheme (CWPS) have instructed Savills and FQP as joint agents to offer the federation’s former offices to the market with full vacant possession at a guide price of €16 million.

The figure represents a 30.4 per cent discount on the price the developer Osborne + Co had been set to pay to secure ownership of the building and its 1.24-acre (0.50 hectare) site during the Covid-19 pandemic.

Planning permission

While the deal with Osborne did not proceed, the property’s owners secured planning permission in September 2024 to demolish the existing property and to replace it with Canalside, a new office scheme comprising 146,000sq ft (13,500sq m) of grade-A office space distributed across two buildings of five and eight storeys respectively, along with 65 car-parking spaces.

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The Canalside site occupies a high-profile position on the banks of the Grand Canal at the intersection of Ranelagh, Charlemont and at the approach to the central business district in Dublin 2. The immediate area has attracted several large international employers in recent years including Amazon and Zendesk

The property is readily accessible thanks to its position just 250m from the Luas green-line stop at Charlemont. The planned MetroLink terminus at Charlemont is also located nearby, while St Stephen’s Green is a 15-minute walk away.

Paul Nalty and Peter Owens from Savills Ireland say: “With limited new development coming forward and a market increasingly defined by scarcity, shovel-ready opportunities of this scale are attracting growing interest from both domestic and international investors.”

Suzy Quirke from FQP adds: “Canalside represents a compelling opportunity to deliver a grade-A office scheme in a highly established and well-connected location. The Grand Canal corridor continues to perform strongly, supported by its proximity to the city centre and depth of occupier demand.”