OfficeLeaseThe Greencore Group is to leave its city centre office complex in favour of new accommodation in Dublin's suburbs. This opens up exceptional office space with a large number of car-parking spaces in a building overlooking St Stephen's Green.
The group's current headquarters is in St Stephen's Green House on Earlsfort Terrace, Dublin 2. This measures 880sq m (9,472sq ft) and also has basement storage providing 167sq m (1,798sq ft).
The prestigious office suite is located on the building's sixth and seventh floors and is fitted out to very high standards (it was given a comprehensive refurbishment in 1998). The offices offer panoramic views of the Green and have the benefit of a private lift from the ground floor.
Perhaps more importantly, the suite comes with access to 32 car-parking spaces.
The accommodation is currently fitted out to provide executive offices and open-plan accommodation with air conditioning, category two lighting, category five cabling and high quality finishes as appropriate for a corporate headquarters.
The lease is for a term of 20 years from June 1st, 1998 at a competitive rent of €470,000 fixed in 2003. It breaks down at €393 per sq m (€36.5 per sq ft) for the offices, €135 per sq m (€12.50 per sq ft) in the storage and €3,175 per car-parking space.
The incoming tenant will have the benefit of a "profit rent" of no less than €50,000, according to GVA Donal O Buachalla, appointed by Greencore Group to seek the assignment of its office lease. He derives the figure given that the open market rental value of the suite would currently be in the region of €520,000.
Current open market rents for city centre offices are over €430.5 per sq m (€40 per sq ft). "The lease also incorporates a very attractive break clause at May 31st, 2008 in favour of the tenant," says O Buachalla.
He describes the suite as "amongst the finest office accommodation in the city centre, fitted out to the highest specification in a prime location with panoramic views and unusually large car-parking complement". Yet it comes at a knock down rent fixed for a further two and a half years.
O Buachalla therefore expects keen interest in the accommodation from corporates, professionals or financial services looking for a new office location.
