With top grade office space in Dublin city now down to 5.3 per cent of the overall vacancy rate, Rohan Developments is about to embark on a €6 million upgrade of 2 Grand Canal Plaza, its 5,574sq m (60,000sq ft) office block in Dublin 2.
It forms part of a three- building plaza which includes Accenture’s European HQ and Google’s European HQ in what is now one of the most sought after office locations in the city.
The sudden pick-up in the office market and the improved rents now being implemented has triggered a small number of speculative developments in the city which are not expected to come on stream for at least 18 to 24 months.
Long-term lease
Rohan has already begun the refurbishment at Grand Canal Plaza and the building is due to be ready for occupation towards the end of the summer.
The “five-star hotel standard” upgrade will include a new double-height reception lobby, improved mechanical and electrical services, attractive common areas finished with heated natural stone flooring and high-gloss wall panelling, dedicated showers and changing facilities.
BT, the IT services provider, which previously occupied the entire building, has signed a new long-term lease for the top two floors in Grand Canal Plaza, leaving 3,917sq m (42,174sq ft) available for new lettings.
Deirdre Costello of letting agent JLL, says the block will be one of a select few Grade A office building in the city centre which can cater for requirements between 743 and 3,716sq m (8,000 and 40,000 sq ft). The agent is quoting a rent of €425 per sq m (€439.50 per sq ft) and €3,000 for car-parking spaces.
