South Richmond Street
August 21, 2008 at 1:02 pm #710111Rory WParticipant
Was up there yesterday and the early 90s office block opposite The Bernard Shaw boozer is nowt but a cleared site with hordings. The image attached is of the building for reference. Anyone know what happened or what’s going in its place
August 21, 2008 at 4:31 pm #802801adminKeymaster
That was only built circa 1995 as far as i remember, less than 13 years old, whats going on !
August 21, 2008 at 4:57 pm #802802AnonymousInactive
I pass this most days on the bike- they started dismantling it a couple of months ago and it’s been clear for a couple of weeks now. Yes- dismantling, not demolishing. Don’t know of there are fragile foundations in the area, if it was a noise thing, or if it was due to its proximity to the road.
I think we had a brief thread on this before, but I can’t remember what it was called. Or maybe it was a sub-set of the thread on the HKR proposal for the Bernard Shaw, or the proposal for the back the Portobello College? My memory’s hazy.
August 21, 2008 at 4:59 pm #802803Paul ClerkinKeymaster
From last October
About €8 million for D2 office redevelopment site
Infill Site A first class redevelopment opportunity for an office and retail scheme at South Richmond Street, Dublin 2, has come on the market through agent HWBC.
Ronan Downing of the agency is quoting in the region of €8 million for Richmond House, a three-storey college building with a lecture theatre, class rooms and rear parking for seven cars on a site of 0.36 of an acre at the junction of South Richmond Street and Lennox Street.
The property is owned by the Institute of Education which no longer requires these facilities.
It secured planning permission in 2000 – which was renewed in 2005 – for an impressive four-storey corner complex to include two office buildings totalling 2,322sq m (25,000sq ft) and 232sq m (2,500sq ft) of retail facilities.
There is also provision for 20 car-parking spaces at basement level.
Since the proposed development was designed in 2000, the arrival of the Luas service close by has opened the way for a larger development.
A recently commissioned feasibility study has suggested that the site can easily accommodate 3,065sq m (33,000sq ft) of new office space.
HWBC says the site should be of interest to office developers given the huge demand for well located office space in the city.
It would also be of interest to companies looking to buy a modern corporate headquarters.
The agent estimates that it would cost between €7.5 million and €8 million to build the approved office block and, should it be decided to sell on own-door office suites, these could be expected to make around €10,754 per sq m (€1,000 per sq ft).
Other companies based in the area include ACC Bank, Mercer, Barclays, Ernst & Young and HSBC.
The site is less than 10 minutes walk from St Stephen’s Green and is beside Camden Street where there is a variety of shops, restaurants and bars.
August 22, 2008 at 10:14 am #802804AnonymousInactive
“HWBC says the site should be of interest to office developers given the huge demand for well located office space in the city.”
Ah those were the days – what a difference a year makes
August 24, 2008 at 9:41 pm #802805adminKeymaster
True a year makes a huge difference gone are the sub 4% yields and market conditions where the viability of literally anything within its use class inside the M50 was assured whether it was well executed or not. You still feel the owners made the right decision to total the old institiute building as it would be of little or no use as anything other than a purpose built education building due to the poor configuration of the entrance and scarcity of lifts.
It will be interesting to see what is proposed by I’d guess it is likely to be a mix between basement leisure, ground floor retail and upper floor resi given the constrained nature of the site and the levels of rent free available in existing office schemes. When markets move from rent frees in months shifting to years you can really say what a difference a year makes in the office market. A great time to be a blue chip tenant with an expired lease; at this stage of the market the real proffessionals will become clear as will the carpetbaggers that rode the wave of the past decade.
Architecturally one feels that things may improve with the carpetbaggers off the stage and the fewer requirements in the market having more negotiating power; an attractive building would probably be more likely to be in demand during recession due to the absence of supply constraints leading to rushed procurement decisions if international experience is anything to go by .
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