Fine Grain Property, the Singapore-based property investor and developer, has agreed to lease about 2,137sq m (23,000sq ft) of newly developed office space in Galway to FotoNation, a division of US multinational Xperi, in what joint agents JLL and Power Property describe as the largest office letting “in years” for the Galway market.
Fine Grain Property announced its intention to develop Block 5 at Parkmore East Business Park in 2017 with hopes of facilitating the IDA's job creation programme and foreign direct investment in the Galway region.
The three-storey block, which extends to 4,180sq m (45,000sq ft), is understood to have been the first LEED Gold-rated office to be constructed in the county when construction was completed less than five months ago.
With more than half the block now leased, the joint agents are seeking rents of about €210 per sq m (€19.50 per sq ft) for the remaining 2,044sq m (22,000sq ft) of office space, which may be rented by one or more tenants. While FotoNation’s rent was not disclosed, it is likely that the company’s annual rent breaks back at a similar level including car parking.
FotoNation, which develops imaging and computer vision solutions, has been present in Galway since 1997 and is upgrading to the new Grade A office space, where it will occupy the entire second floor and about half the first floor. The company's neighbours at the business park include a range of multinational companies including SAP, Oracle, Fidelity Investments and Merit Medical. FotoNation was represented by Cushman & Wakefield's Galway office in the letting.
Fine Grain Property's investments in Irish commercial property have been focused on locations outside of Dublin, namely Cork, Limerick, Galway and Athlone. In addition to the recently completed Galway offices, the company is developing Hawthorn House which, on completion, will provide a new office building extending to 4,645sq m (50,000sq ft) at the National Technology Park in Limerick.
