With office availability at an all time low and grade A vacancy rates now down to 2.7 per cent in Dublin 2, both local and international developers are expected to look at the potential to refurbish or redevelop the extensive Charlemont Exchange at Charlemont Place in Dublin 2.
Declan O’Reilly of Knight Frank is guiding €45 million for the landmark building which has served as the Irish headquarters for ACCLM/Rabobank.
Staff are now to be relocated to the Rabobank offices in the IFSC following ACCLM’s decision to outsource its loan book to Capita.
Charlemont Exchange has been located at the corner of Charlemont Street and Charlemont Place since 1997 and consists of three interconnecting office buildings (blocks A, B and C) around a central courtyard.
Hilton Hotel
The development forms part of a larger mixed-use complex which includes the Hilton Hotel, the adjacent Block D, a common plaza and a common basement car park.
The five-storey exchange has a net internal floor area of 6,776sq m (72,935sq ft) and 94 car-parking spaces.
The corner building is defined by a large, fully glazed circular rotunda, a recognisable marker at one of the key gateways into the city.
All three buildings offer a fine degree of occupation flexibility and can be divided if required to provide two self-contained headquarter buildings.
Blocks A and B are linked through a main entrance off Charlemont Place and share the same internal core extending to 4,879sq m (52,516sq ft). Block C is accessible from Charlemont Street and extends to 1,897sq m (20,418sq ft).
BKD Architects and IMG Limited Planning Consultants have jointly prepared feasibility and planning risk assessment reports providing their views and recommendations on the potential for expanding the office facilities.
Declan O’Reilly said that given the shortage of Dublin 2 ready-to-go opportunities, the exchange was likely to appeal to both owner-occupiers and developers looking to refurbish or extend the building without the planning risks associated with a standard brownfield opportunity.
He said that with the much publicised positive impact that Brexit was likely to have on the Dublin office market, the former HQ could be ideally placed to cater for new entrants that would require accommodation quickly.
