WORK has begun on the first major speculative office development in Dublin city centre since 1990. Four new office buildings with a total of 88,000 square feet are due to. come on stream next August at Charlemont Exchange, a £14 million project at Charlemont Street, Dublin 2. It is being promoted by London-based Irish businessman J.A. Murphy. The decision to proceed with the office blocks will surprise other office developers who had been hoping to hold the line on securing pre-lets before starting the next round of developments. Charlemont Exchange will be the only significant office scheme to get under way in the city centre this year even though the vacancy rate is at its lowest for over 20 years. Other developers have held back on speculative schemes because of the huge oversupply which built up during the height of the last round of developments and the lengthy delays experienced in finding tenants.

Charlemont Exchange will be located directly opposite The Barge pub on Charlemont Street. It will adjoin the proposed 195-bedroom Stakis Dublin International Hotel, which is well under way. Cosgrave is completing apartments on the remainder of the 4.5-acre site, which was assembled over many years by Albert Holdings, a company controlled by Mr Murphy.

The four office buildings designed by Burke Kennedy Doyle will be joined together to give the promoters the option of linking them to provide extra floor space. Rents are likely to be about £17 per square foot. Hamilton Osborne King, which is marketing the buildings, says the new offices will be located in one of the busiest parts of the city. The planned Luas light rail system would run through the site and car-parking facilities would be twice as large as in most other office buildings.