UP TO a dozen developers and building contractors are expected to pitch for the contract to develop a 38,000-square-foot office block at Connolly railway station in Dublin where it will qualify for the same tax incentives that are available in the adjoining International Financial Services Centre.
The Hardwicke/British Land consortium, which had exclusive development rights over most of the site, and Mr Brian Rhatigan's company, which is building the Custom House Plaza, are likely to be among the companies bidding for the latest development rights when contracts close next Friday. Whoever secures the contract is guaranteed tenants from about 100 Iicensed traders still looking for space in the IFSC.
The planned three-storey office block is expected to cost around £5 million, while another £3 million to £4 million will have to be spent on upgrading the railway concourse. The successful developer will have to pay CIE £500,000 on top of a proportion of the rent accruing from the building. Some of the companies planning to tender are less than happy about CIE's insistence that rent reviews over a 300-year term should be on an upwards-only basis. Should rents remain stagnant or fall back after the IFSC tax breaks run out, the developer will still have to cover any shortfall to CIE.
