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September 10, 2008

Major office deals for banks in doubt

Two of the largest ever office lettings planned for the North Lotts area of the Dublin docklands are now unlikely to proceed because of legal disputes. Bank of Ireland has pulled out of discussions to locate its new back office along Mayor Street while AIB Capital Markets is also expected to announce that it will not be proceeding with a major new headquarters on the former Brooks Thomas site. The cancellation of both deals would be a major blow to Liam Carroll, Dublin’s most prolific developer, whose company Danninger had been involved in “exclusive talks” with both banks for several months and had been expected to complete legal contracts within weeks. However, Mr Carroll could still have a chance of doing a deal with the Bank of Ireland should it opt for the former Hammond Lane site on the opposite side of the city quays at Sir John Rogerson’s Quay. He is currently developing a block of 15,793sq m (170,000sq ft) on that site for the State Street Bank. The Bank of Ireland is also likely to consider Heuston South Quarter, a high quality mixed-use development opposite Heuston Station which is being carried out by Galway developer Padraic Rhatigan. It adjoins the new Eircom headquarters and is served by the Luas. East Point Business Park is also likely to be on the shortlist because it is already served by a Dart station and the Port Tunnel and will be within easy walking distance of the planned docklands Luas service.

The Irish Times

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