Dublin,
15
September
2015
|
11:42
Europe/Dublin

Planning Application Lodged to Develop Landmark Docklands Office Building

Summary
  • Proposed development of 73 metre high office building at The Point Village
  • Research by Savills puts the current demand for office space in Dublin at 2.9M sq. ft.

Joint Receivers Stephen Tennant & Paul McCann of Grant Thornton have today, Tuesday 15th September, lodged a planning application, funded by the National Asset Management Agency (NAMA), to Dublin City Council (DCC) for the development of a 224,500 sq. ft. office building at the Point Village in Dublin’s Dockland’s. At 73 metres high, ‘THE EXO’ Building would become Dublin’s tallest commercial office building and could accommodate up to 2,000 office workers. NAMA is funding the planning application as part of its overall commitment to facilitate the delivery of new development within the provisions of the Dockland’s Strategic Development Zone (SDZ) as approved by Dublin City Council and An Bord Pleanála.

The Point Village is one of only a handful of locations where taller buildings are permitted in Dublin. The Exo, which is designed by Irish architectural practice Shay Cleary Architects, responds to the design brief set out in the SDZ Planning Scheme and reflects the importance of this site within the wider Docklands. Subject to planning approval, construction will take approximately 24 months – creating over 350 jobs in the process. The overall development construction cost will be in the region of €80m.

According to Savills and CBRE – joint letting agents for The Exo – The Point Village is now benefitting from Dublin’s economic recovery, with demand for commercial and retail space growing rapidly.

Last year, Yahoo moved its EMEA HQ to The Point Village and now accommodates 375 employees in its new Point Village offices. Meanwhile, 3Arena concert revellers, business travellers, and leisure tourists, have ensured The Gibson Hotel remains one of the most popular in the City and the Odeon Cinema, which opened in 2012, continues to grow audience numbers.

Grant Thornton also announced today that Starbucks, Eddie Rockets, Piano Plus and several other retailers have entered into leases to open stores within The Point Village Centre and who are due to commence opening in early 2016.

Stephen Tennant from Grant Thornton commented;

“The Point Village has the potential to become Dublin’s newest commercial, entertainment and leisure hub. The economic downturn stalled its progress, but due to the strong demand for quality office and retail space in Dublin, it is now the opportune time to recommence development of a new commercial and entertainment hub.”

Brendan McDonagh, Chief Executive of NAMA said: “This is part of the extensive land area within the SDZ connected with NAMA and we look forward to supporting further significant planning and development projects within the SDZ over the remainder of this year and into 2016. NAMA is committed to facilitating the delivery of the SDZ Scheme objectives, in particular the provision of new employment and residential accommodation and is working closely with Dublin City Council to achieve this.”

Last month, An Bord Pleanála granted planning permission for the Alexandra Basin Redevelopment Project which will transform Dublin Port’s infrastructure, enabling cruise liners to berth at Alexandra Basin directly adjacent the Point Village. This will create a positive economic impact for the city – which has already seen the arrival of 91 cruise liners in the past 12 months – enhance inbound tourism and contribute to the development of Docklands.

Roland O’Connell, Chairman, Savills Ireland and Mark Smyth, Senior Director, CBRE commented;

“With renewed interest in the Docklands, both north and south, as a result of the new SDZ planning framework, planned new infrastructure in the shape of new footbridges linking the north and south dockland areas, and recent development and commercial activity, The Point Village has witnessed a significant increase in footfall over the past 18 months. As a result, numerous high-profile office occupiers and retailers have been enquiring about accommodation at the Point Village. The proposed construction of The Exo in addition to other planned development – will only serve to increase that demand.”

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.