Developer Osborne+Co has bought the Construction Industry Federation’s HQ in Dublin, which it intends to redevelop into 147,000 sq ft of grade-A offices.
It is understood that the Canalside site, previously owned by the CIF and the Construction Workers Pension Scheme, was bought for around €23m (£20m). The offices currently sit in a 1980s building, which will be demolished.
As part of the deal, CIF will keep its offices at the site in a new 17,000 sq ft building. The scheme will include a second 130,000 sq ft grade-A office building to come to market in early 2024. A planning application will be submitted by November this year.
Tom Hamilton, managing director of Osborne+Co Ireland, said: “We have ambitious plans for a redevelopment to provide both a new home for the CIF and a new office building in an excellent location adjacent to public transport and the city centre, for which we believe there is a highly compelling demand and supply dynamic.
“We are confident that despite the recent challenges of the pandemic there remains a positive outlook for inward investment and demand, particularly from international technology companies for whom the fundamentals in Ireland remain highly attractive.”
The masterplan architects on the project are Reddy Architecture and Urbanism.
JLL and FQP acted for the vendor. Cushman & Wakefield and CBRE have been appointed as the letting agents for the scheme.
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