OFFICE MARKET:ONE OF THE best located office facilities in Dublin city centre - part of the mixed-use development next to the Gaiety Theatre on South King Street - has come on the letting market through the Bannon agency.
The 2,789sq m (30,000sq ft) of office space will be located over three floors in the mainly shopping complex off Grafton Street and opposite the side entrance to the St Stephen's Green shopping centre. The offices, with an address of One Clarendon Row, will be available to rent in suites measuring from 420sq m (4,521sq ft).
Arthur Ryan of Bannon is quoting €645 per sq m (€60 per sq ft) for the space which will have all the best features, including air conditioning, raised access floors and metal suspended ceiling tiles.
The offices are owned by Joe O'Reilly's Chartered Land who sold the retail element of the scheme to Anglo Irish Assurance Company - an offshoot of Anglo Irish Bank - last November for €100 million. The purchaser settled for a net yield of only 2.75 per cent for the core investment income as well as top-up payments based on the turnover of the retailers going into the centre.
The 3,200sq m (34,292sq ft) of retail space will be rented by H&M, Zara and Warehouse.
