Investors and owner-occupiers will shortly have an opportunity to buy office suites in a new development behind the facade of the former Adelaide Hospital at Peter Street in Dublin 2.
In one of the most unusual sales in the city for a considerable time, 25,000 sq ft of high quality offices will be offered for sale in various lots in July.
Located at the rear of DIT College on Aungier Street and facing on to the new Bishop Square offices, the four storey over basement Adelaide Chambers development will have 10 self contained office suites varying in size from 1,400 to 3,500 sq ft. They will be available for letting as well as sale. Purchase prices will range from £600 (€760) to £650 (€825) per sq ft, or from £35 (€44) per sq ft to rent.
Similar sales have become more usual in areas like Sandyford over the past year because of increasing concern about the suburban office market.
Developer Sean Kelly of Benton Property Holding expects the units to be snapped up quickly because of their high specification and the convenient location, a short distance from St Stephen's Green. He expects the scheme to appeal particularly to professionals in the legal, architectural or accountancy fields. "It's a good longterm investment, ideal for a pension fund," he said.
Bought in 1998 for £6.2 million (€7.87m), the old hospital site is behind the landmark Whitefriar Street Carmelite Church. Mr Kelly is well advanced with work on a mixed development, to consist of 175 apartments, 25,000 sq ft of offices, a fitness centre and a creche. The apartments will be located in new three, five and six-storey over basement buildings around a courtyard, and fronted by the former hospital building. All 75 apartments released in the first phase have been sold.
As a Grade 2 listed building, the hospital facade, with Georgian features, has been carefully preserved and restored. The interior will be restyled to blend the traditional features with the new, and all modern telecommunications needs will be catered for.
The main entrance to Adelaide Chambers will be located at the former hospital entrance on Peter Street, and an underground parking facility will form part of the development.
Benton Property Holdings acquired a further site of 0.4 acres late last year for £3.2 million (€4.06m) and, subject to planning permission, this will be developed as a management training centre with conference facilities capable of accommodating up to 200 people. This site is located on Wood Street, to the rear of the offices.
The current blueprint provides for the demolition of the existing on-site building, which for the last decade has been used by KDI Bikeworld for motorbike retail. KDI Bikeworld is relocating to the former Motorkov premises on the Long Mile Road.
A proposed three-storey over basement building would house a 41,800 sq ft management training centre, equipped to the highest standards and catering for the needs of companies wishing to hold out-of-house meetings, seminars, training programmes and corporate review sessions.
The facility is designed to accommodate from 20 to 200 people and will incorporate the full range of teaching and presentation aids, as well as language translation booths and full catering facilities. The operation will be run by a subsidiary company of Benton.
Located in a once neglected and down-at-heel quarter of Dublin, the Bishop Square office scheme on Kevin Street and the Adelaide Square project are proving anchors for the regeneration of the entire area. Bishop Square, one of the largest city centre office developments of recent years, with a total of 160,000 sq ft upon six levels, is due to be completed in May. Most of the accommodation has been pre-let. The Office of Public Works, Norkom Technologies and a financial services company will fill most of the space.
The Adelaide, Meath and Harcourt Street hospitals closed their doors in 1998 having been incorporated into the new Tallaght Hospital when it opened in 1997. The Meath Hospital is still used to provide health services while the former National Children's Hospital, bought by a consortium headed by Alanais, is to be extended and converted into offices.