Irish Life is to take a 50 per cent stake in a pre-funding deal for a speculative office development at Broomfield Road in Tallaght, Co Dublin. The 50,290 sq ft block is likely to have an end value of around £13 million. The block is being developed on a corner site by Alanis Ltd and Paddy Kelly and will have 2,500 sq ft of storage space in the basement in addition to 187 car-parking spaces. Office developments in Tallaght have been letting well in recent years because rents are considerably lower than in the city centre.

Joint agents DTZ Sherry FitzGerald and Palmer McCormack are quoting a rent of £15.50 a sq ft for the entire block and £400 a year for car-parking spaces. Irish Life is to include the Tallaght investment in its property fund which has a value of £285 million. The office block will have all third-generation facilities, including air-conditioning. Hamilton Osborne King advised Irish Life.