5 Earlsfort Terrace – the former headquarters of leading Irish law firm Arthur Cox – is undergoing a €20 million refurbishment which will provide 66,000 sq. ft. of Grade A office space. Upon completion in mid-2018, the building will accommodate up to 750 office workers across its 7 floors. 200 construction jobs will be created in the process.
Refurbishment works will include the addition of two new floors – featuring new 2.7 metre floor-to-ceiling heights. Internally, the building will be completely modernised and delivered to LEED Platinum standards. New features will include 3 new high-speed lifts, generous provision of showers, lockers and changing rooms – in addition to 50 car park spaces and space for 70 bicycles at basement level.
Externally, the building will retain its distinctive mirrored façade and will see the redevelopment of the plaza fronting onto Earlsfort Terrace. Designed by award winning landscape architect, Robert Townshend, ‘The Earlsfort Plaza’ – frames views of the iconic National Concert Hall directly across the road. This vibrant new urban space will provide a public amenity for occupiers and visitors alike.
5 Earlsfort Terrace is situated in the heard of Dublin’s central business district overlooking the iconic National Concert Hall and adjacent to the Five Star Conrad Hotel. The location is central to all of Dublin city’s amenities and transport links with the LUAS light rail system accessible nearby at St Stephen’s Green, providing access to the North City, Docklands and the South & West suburbs. Commuters can access an abundance of Dublin Bus routes serving all parts of the city along with Dublin bikes on the doorstep. The DART and mainline rail are nearby at Pearse Street Station.
IPUT Chief Executive, Niall Gaffney, said: “We are pleased to announce a significant investment in the refurbishment of one of Dublin’s landmark office buildings. Our investment in 5 Earlsfort Terrace, together with our partner, Cashel Fund plc reflects our strategy of consistently regenerating our existing portfolio and setting the standard for office buildings in Dublin’s core business district. The investment follows on from our investment in 10 and 40 Molesworth Street, both of which have been successfully redeveloped with lettings well underway.”
Andrew Cunningham, Director of Offices at Savills Ireland comments:
“5 Earlsfort Terrace says it all. This is a unique opportunity to obtain 5 Star, headquarter quality office space with a stand out address just off Stephen’s Green. This eye catching building will overlook the new Robert Townshend designed plaza, the National Concert Hall beyond and the adjacent 5 Star Conrad Hilton.”
IPUT plc has completed a re-gear of 3,060 sq m (32,943 sq ft) of office space at the Iveagh Building in the Park, Carrickmines, Dublin 18, with Vodafone Ireland Limited, “Vodafone”, a wholly owned subsidiary of Global Telecommunications company Vodafone Group plc.
Vodafone, who occupy the first and second floors in the Iveagh building on two separate leases have agreed to a lease extension of 10 years incorporating a break option at year 5 which will see the company remain in occupation of the building into the medium term.
Commenting, IPUT’s Head of Investment, Michael Clarke, said “This is a positive outcome for both Vodafone and IPUT and we are delighted to retain this world-renowned company within our portfolio. We continue to actively engage with our existing occupiers and have renewed leases on over 350,000 sq ft of space within our portfolio securing over €10 m of income since 2015.”
Vodafone Group plc is one of the world’s leading Telecommunications groups with over 400 million customers around the world. The company generated revenues of £41bn per annum in 2016.
The Iveagh building is located in the Park in Carrickmines, Dublin 18, where IPUT’s ownership also extends to Phase 1 the Park and lands at Q3 the Park. The Park Carrickmines is regarded as Ireland’s premier retail park.
IPUT plc announces that it has pre-let Unit 624 in Northwest Business Park, Dublin 15 comprising 9,570 sq m (103,000 sq ft) of high quality distribution space to German Logistics operator DB Schenker. DB Schenker have signed a long-term lease on the building and will take occupation later this month following the completion of a substantial extension to the facility.
Unit 624 Northwest Business Park, was acquired vacant by IPUT in June 2015 and a short-term tenancy was sourced to allow IPUT the opportunity to acquire the adjoining site and secure planning permission for a 15,600 sq ft extension that commenced construction in January 2017. The extended 103,000 sq ft modern facility now sits on a secure 5.1 acre self-contained site with 3 gated entrances. The building has been enhanced and upgraded to the highest standards with an internal height of 10m (33ft), 9 dock levellers and the benefit of cross docking capability making it particularly suitable for the FMCG sector. The unit is strategically located close to Dublin Airport with excellent links to the motorway network including the M2, M3 and M50 motorway.
IPUT plc owns a substantial logistics portfolio extending to over 2 million sq ft and comprising 33 properties which are situated in strategic logistics locations across Dublin. Existing occupiers in the portfolio include DHL, Dunnes Stores, BWG, Geodis, Musgraves, Uniphar and Nightline Logistics.
DB Schenker is the transport and logistics division of Deutsche Bahn AG. The logistics sector of DB is the world’s second largest transportation and logistics service provider based on revenues and performances. DB Schenker operates in over 130 countries worldwide and generated revenues of €15bn in 2016.
Michael Clarke, Head of Investment at IPUT plc said: “We are delighted to continue to build on our relationship with DB Schenker by accommodating their expansion requirements within the IPUT portfolio. This acquisition and subsequent pre-letting demonstrates the ability of our asset management team to generate enhanced returns for our investors while meeting the exacting requirements of one of the world’s leading logistics operators.”
Philip Harvey of William Harvey & Company advised IPUT plc on this transaction. Brendan Smyth of Cushman & Wakefield acted on behalf of DB Schenker.