Construction work has begun on a new office building at the National Technology Park in Plassey, 5km from Limerick city.
It will be the first privately developed office complex in the midwest for several years.
The four-storey, 3,716 sq m (40,000 sq ft) block will mark the third phase of the successful Hamilton House development undertaken by Brookvale Trust, a development company headed by Joe Seely and Jim Cranwell.
Thompson Architects handled the design.
The development company is understood to have paid around €600,000 for the site, which will have considerable on-site parking. Half the space under construction has already been let to an unidentified multinational.
Chartered surveyors Power & Associates are quoting €161 per sq m (€15 per sq ft) for the remaining 185 sq m (20,000 sq ft), which is expected to be ready for fit-out next July.
Phase 3 will bring the overall office accommodation to more than 13,006 sq m (140,000 sq ft) in Hamilton House. The tenants include E-Net, Northern Trust, Cook Medical, QAD, Thomson Reuters, DTS and Gilt Group.
In addition Brookvale Trust recently secured planning permission to develop a further 5,109 sq m (55,000 sq ft) in Plassey. Because of its close proximity to the University of Limerick and the M7, this will be especially attractive to technology companies as well as those in financial services and software industries.
