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Commercial Property

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Dublin offices available at 40pc discount for Coronavirus work

 

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The five offices are located on Merchant’s Quay
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The five offices are located on Merchant’s Quay

The new owner of five revamped office buildings on Merchant's Quay, opposite Dublin's Four Courts, is offering a 40pc discount on office space to any State department, non-government organisation or private company tackling the coronavirus outbreak.

In 2018, the National Asset Management Agency (Nama) put the five adjoining buildings on the market for a guide price of over €25m, with the 108,000 sq ft portfolio producing a rental income of €2.112m.

The new owner then spent €5.2m on a refurbishment that is almost complete, according to Shane Bourke of Irish Office Space, the commercial office agency representing the landlord, who declined to be identified.

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The new owner of the portfolio is willing to offer 10,000 sq ft of the office scheme at a discount of €24 per sq ft for the duration of the Covid-19 crisis, for uses such as working on disaster recovery, temporary call centres to process coronavirus-related insurance claims, or for staff from Government departments.

The scheme consists of Merchants Hall, Merchants Court, Marshalsea Court, Merchants House and Bond House.

Merchants House, a four-storey office block, Merchants Hall and Marshalsea Court - the largest property with 45,316 sq ft of office space over five floors - were all built in the 1990s. Bond House and Merchants Court were developed in the 1980s. There are also 175 parking spaces in a multi-storey car park.

During the outbreak, the short-term tenants can "drive straight from their house to the car park and straight into the building, where we are trying to maintain social distancing, with everyone to be placed at least two metres apart," Bourke said.

The block's 35 tenants include some functions of the Health Service Executive, as well as some law firms.

While new tenants have moved in over the last month, others who had terms agreed "put things on hold, which has freed up some space" during the health emergency, Bourke said.

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