OfficeSector: A scarcity of investment properties in Dublin has led Friends First to pre-fund a large office block off the Merrion Road, writes Jack Fagan.
Friends First is to pre-fund one of three office blocks at Elmpark, a new business and residential complex under construction close to the Merrion Road in Dublin 4.
The insurance company is spending €45 million on the acquisition of the eight-storey block which is due to be completed in the summer of 2006.
Friends First is one of a number of institutions that have been looking at pre-funding opportunities because of the immense scarcity of high value investment properties in the Dublin area.
Agent Spain Courtney Doyle is already marketing the 8,697sq m (93,614sq ft) block which will be located on the western end of the site overlooking the grounds of Elm Park golf club. Patricia Ward of the letting agent is already in discussions with potential clients at a rent of €376 per sq m (€35 per sq ft).
There will be 69 car-parking spaces available at a rent of €1,900 per annum. All three office blocks have been designed to make the most of natural ventilation and heating to ensure lower running costs. Existing wind forces are to be used to drive the natural ventilation system. In addition, winter gardens will provide light to the courtyards between the offices.
The largest of the two other office blocks, HQ1 with a floor area of 10,363sq m (111,547sq ft), will include Elmpark conference centre beneath it. The auditorium will have 250 seats, meeting rooms and reception areas. The eight-storey block will have uninterrupted views over Dublin Bay towards the Howth peninsula.
The facilities will also include a private day surgery to be known as Merrion Day Surgery and a 108-bedroom hotel. People working and living on-site will be able to avail of an indoor heated swimming pool and gym, restaurant, coffee shops and a bar.
Hooke & MacDonald will be handling the sale of more than 300 apartments which are not expected to go on the market until the latter half of next year. There is likely to be keen competition for them given their superb location so close to Ballsbridge and within a few minutes' walk of the Dart service.
The developers of Elmpark, Gerry O'Reilly and Bernard McNamara, plan to deliver one of the most imaginative and pleasant office and residential parks in Dublin. Parking for over 850 cars will be hidden below ground and the 14.5 acres will be tastefully landscaped with mature fir and pine trees imported from Scandinavia.
The office buildings will feature tall stilts allowing an unobstructed view straight under the blocks. The atria will have glass walls to maximise daylight and to allow gardens to grow up through the buildings.
The availability of office space in Elmpark is expected to appeal to a range of organisations which are reluctant to rent at the going city rate of €538 per sq m (€50 per sq ft) yet do not want to move to Sandyford where rates are about half that level.
Elmpark rents at €376 per sq m (€35 per sq ft) are pitched about half way between both camps.
