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Major Liffey development secures full funding

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

15.45 28 Mar 2017


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Major Liffey development secur...

Major Liffey development secures full funding

Newstalk
Newstalk

15.45 28 Mar 2017


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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.

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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.


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