International property developer Osborne+Co has bought the site by the Grand Canal that houses the headquarters of the Construction Industry Federation in a deal understood to be worth €23m.
The site is known as “Canalside” and is joint-owned by the CIF and the Construction Workers Pension Scheme (CWPS).
Osborne+Co plan to demolish the existing 1980s office building on the site and build 147,000 square feet of new Grade A office space.
The redevelopment will replace the existing CIF offices with a new 17,000 sq ft building which the CIF will retain under the terms of the deal.
The new scheme will include a second 130,000 sq ft Grade A office building, which will come to market in early 2024.
Today’s deal marks Osborne+Co’s second acquisition in Ireland after it bought 6.5 acres of land in Sandyford for an office-led redevelopment last year that is adjacent to the Central Park office campus.
Osborne+Co has an existing Irish connection through its co-founders, Jim and Conor Osborne. The company aims to build on its current acquisitions to create a €500m Irish portfolio over the next three years.
Tom Hamilton, Managing Director of Osborne+Co Ireland, said the company was confident that despite the recent challenges of the pandemic, a positive outlook for inward investment and demand remains.
This is particularly so from international technology companies for whom the fundamentals in Ireland remain highly attractive.
“We believe this will continue to sustain demand for high quality, well located and sustainable workplaces such as our development at Canalside,” Mr Hamilton said.
“We will be designing this building with the aim of creating and curating the kind of collaborative space for innovation and engagement that modern occupiers and the digital economy demand,” he said.
“Osborne+Co has a strong pedigree of executing ambitious redevelopment schemes internationally, and we are excited about our continued investment into the Irish market. We expect to make further investments this year and look forward in the near term to progressing our planning application to redevelop this site,” he added.
Frank Kelly, President of the Construction Industry Federation, said its new headquarters would reflect the exceptional quality, sustainability and dynamism of the industry the Federation represents.
“Osborne+Co’s track record internationally is exceptional. As our trusted development partner, they will deliver an office development to meet the evolving needs of our members and industry,” he added.
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