The Office of Public Works (OPW) has negotiated a lower-than-usual rent level for offices in Dublin city centre by agreeing to a longer lease period without a break option.
The State agency has settled for a rent of €247/sq m (€23/sq ft) for three floors of the Infinity Building at Smithfield, Dublin 7, extending to 3,483sq m (37,500sq ft). The newly agreed level is about 50 per cent lower than some recent lettings in the city agreed at €430 and €538/sq m (€40 and €50/sq ft).
To avail of a relatively low rent, the OPW has signed a 25-year lease for the Smithfield block, with the first break option in year 14. The rent will be reviewed every five years.
The State agency will also pay an annual fee of €2,500 for each of the 14 car parking spaces in the basement
The three floors to be rented by the OPW is the last available office space in the block. The balance of the accommodation is already occupied by the State health agency Hiqa, the office of the Director of Public Prosecutions, and the Law Society of Ireland.
Paul Finucane of letting agents Colliers said the Smithfield deal “should act as a catalyst for further office developments in the area”.
Services
The office block is well located in the north inner city close to the Luas red line service and Heuston Station. It is a well-designed third-generation building with air conditioning, two 13-person lifts, two 10-person lifts, raised floors and suspended ceilings. It is a particularly bright block with excellent natural light via glazed panelling.
The 11,245sq m (121,038sq ft) building, previously known as George’s Court, was developed about 15 years ago by Liam Carroll’s now defunct Zoe Developments. It was sold two years ago on the instructions of a receiver to a Norwegian investor for €28.65 million.
The same investor also acquired the Ulster Bank on O’Connell Street for €11.4 million.
