20 Storeys for North Lotts

From the Commercial Property section, Irish Times 18th June,

“The easing of the height restriction will allow three banks and several other major companies to move ahead with plans to relocate to the north docklands where developers have been waiting for the planning concessions, writes Jack Fagan .

A NEW planning scheme and masterplan for the Dublin docklands, due to be unveiled next week, is to recommend that the maximum height for new buildings at the North Lotts, Grand Canal Harbour and Grand Canal Docks should be increased from seven to 20 storeys. Parts of the City Quay area are also expected to benefit from the changes.

The easing of the height restriction will immediately allow three banks and several other major companies to move ahead with plans to relocate to the north docklands where developers have been waiting for the planning concessions.

Most of the high-rise and high density office blocks will be at North Lotts where the landowners include Liam Carroll, Treasury Holdings and Sean Dunne. The two largest sites at Grand Canal Harbour in the south docks are owned by Treasury Holdings and Sean Kelly who bought the former Bolands Mills about three years ago. The Kilsaran-owned cement site at Grand Canal Harbour will also benefit.

The first beneficiary in the busy north docks area will be Carroll who owns the seven-acre Brooks Thomas site next to Treasury’s Spencer Dock.

He has agreed to develop a building of 32,515sq m (350,000sq ft) for Anglo Irish Bank and another one of 5,574sq m (60,000sq ft) for solicitors O’Donnell Sweeney.

AIB Capital Markets is also in discussions with Carroll to rent a new high density office building on the site with a floor area of around 37,160sq m (400,000sq ft).

The third bank involved, Bank of Ireland, is also in “exclusive discussions” with him to occupy a planned new 51,095sq m (550,000sq ft) back office at the rear of the Brooks Thomas site on Mayor Street.

Carroll has attracted the three banks by offering artificially low rents for the first five years in the expectation that they will be reviewed to open market value at the first review.

Without the change of maximum heights from seven to 20 storeys it is doubtful if he could have accommodated the three banks as well as other clients.

Treasury also has large tracts of land in the area, including the former Tedcastles site and Spencer Dock, and they will obviously be hoping to attract other high profile tenants including KPMG, Deloitte, Citco Group, Arthur Cox and the IDA.

Although Treasury has lodged a planning application with Dublin City Council for a 33-storey, 400-bedroom hotel alongside the proposed National Conference Centre in Spencer Dock, the decision by the Dublin Docklands Development Authority to limit heights to 20 storeys will make it all the more difficult for the developer to fulfil its ambitions.

The docklands has become the prime location for large new office blocks in the city over the past five years. Since 2002, it has accounted for almost one-third of overall office take-up in the Dublin market.

Paul Maloney, chief executive of the DDDA, says their success has clearly demonstrated how they can continue to attract major headquarter buildings.

The new masterplan, which has been approved by the council and board of the DDDA, will provide for the expenditure of €4 billion in a public private partnership on vital improvements in infrastructure to accommodate major commercial and residential developments in the run up to 2020.

The transport facilities will include a new Luas service, rapid transit bus services, four new bridges, and an interconnector underground station.

The enhanced infrastructure will be required to service the increased office and residential densities to be allowed in designated areas of the docklands, Maloney said.

He added that this would be accompanied by a massive investment in the community through jobs, housing, schools, and arts and culture including three new theatres.”