Home / Media

Nationwide's HQ for Spencer Dock

The building society apparently paid the quoted rent of 532 per sq m (€49.50 per sq ft) but will be able to avail of a rent-free period of  about six months

THE  BRITISH-BASED Nationwide Building Society has chosen an office block in Dublin's Spencer Dock as its new Irish headquarters following its decision to expand its operation into this country.

It is expected to compete with local building societies and banks on home mortgages and credit cards. Nationwide's  arrival has  to some extent been overshadowed by the credit crisis and the turmoil in the banking sector which looks like staggering on for some considerable time.

There was intense competition among many Dublin office developers  to attract Nationwide
because of its reputation as one of the biggest building societies in the world with 15 million customers.  Nationwide has completed legal contracts to occupy  650sqm (7,000sq ft) at penthouse level in 3 Spencer Dock adjacent to the Central Bank and the Financial Services Authority which  has already leased 5,515sq m (59,364sqft) of overspill space from its head  office in  Dame Street.  Nationwide's  25-year lease provides a break option in year 15.
 The tenant apparently paid the quoted rent of €532 per sq m (€49.50 per sq ft) but will be able to avail of a-rent-free period of Treasury Holdings plan to let the remaining six floors, with floor areas from 593 to 935sq m (6,383 to 10,064sq ft) on a floor-by-floor basis at around the same rent levels.

Having both the Central Bank and Nationwide on board should help to attract other high profile tenants, according to letting agent HTMeagher O'Reilly.The 11,157sqm (120,093sq ft) block  was forward-funded  by Anglo Irish Assurance Company over two years ago and developed by Treasury Holdings.

Its managing director, John Bruder, said  that  Nationwide's arrival was a "great vote of confidence in  Spencer Dock and the Irish financial  sector, particularly in these challenging times".   Accountants PwC and Fortis Bank are based in Spencer Dock and it will also be the venue for the National Conference Centre which is due to open in August 2010. The
Luas will shortly service Spencer Dock and  other developments in the north docklands.
Carl Gandy  of Nationwide Building Society said  they were very  excited  about their
expansion strategy for Ireland. Spencer Dock  was an ideal location for the headquarters because of its accessibility and high quality amenities.

Jim O'Reilly of  letting agent HTMeagher O'Reilly said that, despite the tough conditions in the office market, they were confident that high  quality developments, like Spencer Dock, would continue to attract top tenants. Nick  Coveney  of Colliers Jackson-Stops  advised  Nationwide.

Meanwhile there is an  equally intensive battle going on between developers in  the south  Dublin docklands area to attract the operator of the social internet site Facebook. The firm has shortlisted five vacant buildings through its agent DTZ Sherry FitzGerald and is due
to announce  before  very long where it will be renting 929sq m (10,000sq ft).  It plans to hire a staff of 70.