Offices on Limerick’s many fronts

A PUBLIC consultation process begins in Limerick on Friday on the Opera site, set to span a 550,000 sq ft office campus on a four acre city site as part of the Limerick Twenty Thirty programme.

There’ll be a two month public consultation period as part of the Part 8 process for what’s described as the largest single project set to transform the city centre across four strategic sites and to deliver more than €500 million in investment.

The local authority acquired the Opera site in 2011 after mixed-use plans for it fell foul of the property crash; its office element will add to that in the Gardens International project, started two months ago with 80,000 sq ft of LEED Gold office accommodation now under early construction.

The public consultation process for the Opera scheme which involves demolition, conservation and new builds on a large plot runs from June 30 to August 25, with the planning notice on display until August 11, aiming to commence work on the six-year project in 2018.

Meanwhile, also in Limerick, this week sees the launch of the Plassey Portfolio, a modern office investment of three office buildings at Limerick’s Plassey/National Technological Park (NTP).

Offered initially as one lot, but also open to purchases in smaller lots, are Clive House, with two floors occupied by ICON, and the ground by DAA, Hamilton House and Hamilton House Block 2, all developed by the Brookvale Group. They are on 7.58 acres, and span a new office floor area of 133,000 sq ft, with parking for 650 cars.

Portfolio income is €1,844,240 pa, with scope to rent further vacant space. One-third of that rent is subject to upward-only reviews, and quoted rent for the first floor at Clive House is €16.50 psf.

Selling agent Patrick Seymour of Power & Co guides the entire at €25m, reflecting a net initial yield of 7.06% after costs at 4.46%.

According to Mr Seymour, Limerick has seen major office occupiers enter the market in recent years and he says the NTP’s accessibility, Fibre Optic infrastructure and proximity to University of Limerick plus to the M7 (Dublin/Limerick) motorway underpin its strengths for major corporate occupiers; among the recent arrivals at the NTP is data hub ACI.

The agent says there’s a shortage of Grade A offices at the NTP, and he adds the Plassey Portfolio is its prime site, having secured many FDI companies.

Details: Power & Associates, 061-318770