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Limerick becoming more attractive for inward investment as capital rents rise

Written by Robert McHugh, on 6th Feb 2018. Posted in Ireland

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Limerick and other regional cities are becoming a very attractive option for international companies as Dublin rates rise, according to Managing Director of Custman Wakefield, Aidan Gavin. 

Mr Gavin was speaking at event in the Savoy Hotel in Limerick. The event was celebrating Limerick’s state-of-the-art new Gardens International office space development which will be fully let in 2019.

Limerick Twenty Thirty, which is developing the site, hosted a briefing with stakeholders on the project at the Savoy Hotel, Limerick this morning at which it launched a website - http://gardenslimerick.com/ - and brochure for the 80,000 sq ft, €18m project.

Limerick Twenty Thirty is a special purpose vehicle created by Limerick City and County Council to develop key sites acquired by the local authority into employment and residential hubs. The wider Limerick Twenty Thirty programme, which also includes the 550,000 sq ft Opera Site and ten acre Cleeves Riverside Campus projects in the city, will be capable of accommodating over 5,000 jobs.

Gardens International is the first build in the Limerick Twenty Thirty programme, which will see over €500m worth of investment in state-of-the-art office, retail, residential, cultural, education and enterprise space developed in Limerick. Work on Gardens International, which includes significant restoration of what remains of the acclaimed Hanging Gardens and former GPO sites on Henry Street, commenced last summer and is set to be complete to pre fit-out levels in June. First tenants are due to move into the Leed Gold site in the fourth quarter this year.  

Key note speaker at the event, MD of Cushman & Wakefield, Aidan Gavin said that Limerick was now becoming a very viable option for companies looking for new locations.  “When we compete with FDI internationally we compete across Europe for those itineraries when they come. And when you look at the international markets, you see London (€821 per square metre) as the hottest market across Europe. Dublin is at €619 per square metre and, at that, is no longer as competitive as it was historically but we don’t have any concerns with that as it is where Dublin should be in the market. But I think what it is doing is making the likes of Limerick very competitive alternative for international companies coming here.”

Mayor of the City and County of Limerick Cllr, Stephen Keary added, "This project is the first in the Limerick Twenty Thirty programme and is setting an incredibly high standard, with the finished city centre project set to be right up there with best international office space developments.  It is symbolic of a dynamic and vibrant emerging Limerick, a city that is both high on ambition and delivery."

Source: www.businessworld.ie

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