PROPERTY developer Brian Rhatigan is to proceed with three speculative office blocks at Dublin's International Financial Services Centre following the sale of a 42,000-square-foot block to ABN Ambro Bank. The three individual blocks to go ahead in the Custom House Plaza will have 20,000, 25,000 and 29,000 square feet and will be available on a staggered basis after ABN Ambro moves in on May 1st next. Mr Rhatigan's company will be responsible for the fit out of the block, which will be carried out by the main contractors, G & T Crampton.
The decision to build the offices on a speculative basis will make it more difficult for licensed traders to stay outside the IFSC. About 300 traders are currently located in cheap office accommodation around the city and despite periodic warnings from the Department of Finance that they must move into the docks they have been excused because of the slow pace of development by the British Land-Hardwicke consortium.
Peter Stapleton of Lisney, which is the letting agent for the Custom House Plaza, says the agency is quoting "not less than £25 per foot" for space in the 180,000-square-foot development, which will have an end value of around £70 million.
Lisney is currently marketing two city centre office buildings which are to be taken over by Mr Rhatigan when ABN Ambro moves to the IFSC. One of them, a 23,000-square-foot block on St Stephen's Green is valued at £5.5 million while the second building at 1 College Green has 13,500 square feet and should make at least £3.4 million. It forms part of the Temple Bar area.
