Irish Life submits plans for Dublin office hub on former AIB site
Construction
Irish Life CEO Declan Bolger outside its HQ on Abbey Street Dublin. Photo: Gerry Mooney
Irish Life has submitted plans to build a multi-storey office development in Dublin city centre in a site last occupied by AIB.
Last week, the assurance and pensions company applied to Dublin City Council seeking permission to demolish the existing eight-storey office block at 1 Adelaide Road in the heart of Dublin. It hopes to build a new office development on the site, including part for retail/cafe use and a community facility.
The planning application says the proposed building would range in height from four storeys facing Albert Terrace to a nine and 10-storey setback level towards the front Harcourt Road/Adelaide Road end.
An existing 51 surface-level car spaces will reduce to 24 spaces, with 289 bike spaces to be provided.
The office development, part of Irish Life Investment Managers’ portfolio, previously counted AIB as occupants. It is currently empty.
It comes as a report in the Irish Independent said the value of Irish investment properties fell in 2022, and the pace of decline accelerated in the last quarter of the year, according to a key index.
The index, MSCI/SCSI Ireland Quarterly Property Index, which monitors over €9bn of direct Irish property assets, saw capital values fall 4.5pc in quarter four, bringing the annual rate of decline to 6.2pc. This quarter also saw the worst quarter for capital values since September 2011, MSCI said.
The index is considered the authoritative monitor of the performance of the Irish commercial property market.
An Irish Life spokesman said: “Irish Life has lodged a planning application for an office development at 1 Adelaide Road extending to 150,000sq ft.
“It will be an important and exciting new addition to the streetscape of Adelaide Road and surrounding streets.
“The building has been designed to be highly energy efficient in line with Irish Life’s sustainability strategy and its pathway to net zero. Irish Life is committed to investment in real estate as an ongoing, long-term strategy. We believe high-quality properties with strong sustainability characteristics present attractive opportunities for investors.”
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