Dublin firm of solicitors A & L Goodbody is believed to be planning to relocate to a new office block to be developed in the International Financial Services Centre. Although formal contracts have yet to be completed, the firm is in negotiations to rent a block of more than 75,000 square feet, which is to be built by a group of investors. The group is, in turn, close to agreement on the purchase of a site of slightly over one acre for around £11.5 million from the Dublin Docklands Development Authority. A short distance away, a consortium headed by Westmeath developer Christopher Bennett and the UK-based Bovis Group have successfully tendered about £9 million for a one-acre site with full planning permission for a 72,000square-foot office block. Goodbody is currently based at the Earlsfort Centre where it rents around 50,000 square feet at £14.50 per square foot. The company would be able to avail of valuable tax breaks in the IFSC, including double rent allowances and a remission of rates for 10 years.
The consortium planning to develop the block over a 15-month period would also be in a position to claim 100 per cent capital allowances. Development costs are likely to be around £15 million. The two projects will mark a turning point in the development of the IFSC. It will be the first time sites in the IFSC have been sold off to independent developers. The Bennett site was sold by tender and the site earmarked for the Goodbody building is being sold through private negotiations with the Dublin Docklands Development Authority.
The two sites form part of an additional 12 acres which has been added to the IFSC. Most of the land was originally acquired from businessman Harry Crosbie for a national sports centre, a project that was subsequently scrapped. Several more office developments are planned for the site as well as up to 500 apartments. Willie Dowling of Gunne has already launched a marketing campaign to let the Bennett buildings, to be known as Mayor House. Work on it will start within two months and it will be completed in about a year.
