New Office Buildings set to transform neglected zone
Irish Independent, Commercial Property, Wednesday 2nd March 2005.

Two major new office buildings in the heart of Dublin's emerging North East Inner City (NEIC) precinct - just metres from the International Financial Services Centre - are nearing completion.

Both the Metropolitan Building and Bloom House schemes on James Joyce Street/Railway Street have been developed by the Linders of Smithfield Group. The Linders Group commenced developing one entire side of James Joyce Street (since renamed) in 1996.

Their two latest buildings (spurred by the NEIC Integrated Area Plan) climax a remarkable redevelopment achievement representing an investment of over €200m in total. There are also 180 apartments (valued at €65m), now virtually all sold out.

The first phase of this ambitious undertaking - Colville House - is now home to Bank of Ireland Treasury. The €60m Metropolitan Building (8,335m²) will be ready for occupation this summer.

The ultimate stage of the Linders development programme will be the €30m Bloom House (4,500m²) on an adjoining site and due for fit-out within weeks. This will complete an overall development delivering over 20,000m² of offices together with 180 apartments, a new national headquarters for St Vincent de Paul and underground car parking.

Transport hub
"These are probably two of the best located office buildings in the city centre in terms of accessibility to the main transport hubs, offering access to national and international communications," Declan O'Reilly of joint letting agents HT Meagher O'Reilly commented.

"Their pivotal position offer access to Connolly train and DART station, Tara Street DART station, Busáras and the red Luas line. Talbot Street/James Joyce Street links the IFSC with O'Connell Street, the heart of the city centre. The area thus offers unrivalled location advantages only now beginning to become apparent as the NEIC regeneration nears fruition.

Designed by leading architects Anthony Reddy & Associates, both buildings incorporate the highest quality standards with raised access floors, suspended ceilings, Category 2 lighting, air conditioning and lifts.

The six-storey signature Metropolitan Building incorporates a combination of stone faced concrete cladding panels and a feature copper-clad curved wall at the main entrance. Internally, the double height entrance lobby boasts an unusual lacquered patina copper and timber panelling to the curved feature wall. There are 101 car spaces in a secure basement car park.

Mr O'Reilly points out that occupiers of similar specification buildings in the nearby IFSC are currently labouring under rents in the order of €538 per m² and very heavy service charges. This development offers these occupiers an alternative in the same location at costs of between 30% and 40% less. Significant cost savings can be made with no upheaval of staff out-of-town.

Joint agents HT Meagher O'Reilly and DTZ Sherry FitzGerald are quoting a rent of around €403 per m² for both buildings.