Major Liffey development secures full funding

The face of the capital is changing...

Fresh details have been released today relating to the development of 13-18 City Quay on the southside of the Liffey.

Full funding has been secured for the €125m project. Irish Life will pre-fund the development which will be leased to financial advisory firm Grant Thornton.

Up to 350 workers will be employed during the construction phase.

Upon completion of the development, full ownership will be transferred to Irish Life.

The 118,000 square foot office building – which will be constructed by Bennett Construction - will bring in €5.8m per annum in rent payments.

City Development Fund, a sub-fund of Targeted Investment Opportunities confirmed these funding details.

Its chairman Justin Bickle commented: "We are delighted to get the City Quay project off the ground and look forward to seeing it through to completion. The pre-let to Grant Thornton and pre-funding agreement with Irish Life is further evidence of the strong fundamentals in the Dublin office market.

"We have invested significant capital in Irish real estate in the past 5 years and continue to believe in Ireland’s economic growth prospects and job creation opportunities."

Grant Thornton is currently based just up the Liffey at 24-26 City Quay. It employs over 1,000 people across eight locations in Ireland - it plans to create 250 jobs during the next 18 months.