The Construction Industry Federation (CIF) and the Construction Workers Pension Scheme (CWPS) are said to have secured around EUR 23 million through the sale of the CIF headquarters on Canal Road in Dublin 6.

The building and its land were bought by international real estate developer Osborne + Co with real estate veteran Tom Hamilton as the company’s managing director in Ireland.

Osborne’s takeover of the site known as Canalside is the second deal in the Irish market. The company made its first foray here last year when its subsidiary Vanguard Global Realty paid € 23 million to the Legionaries of Christ in an off-market transaction for 2.6 acres of land associated with the House of the Order and St. Michael’s School was in Sandyford in south Dublin. Vanguard intends to continue delivering an office led remediation to this location.

Osborne’s plans for the latest acquisition include demolishing the 1980s CIF headquarters building and replacing it with Class A office space of 150,000 square feet. About 17,000 square feet of this will be contained in a new building that the CIF will maintain under the contract. The majority of the area – 130,000 square meters – will be housed in a second office building, which is expected to come onto the market in early 2024. A planning application for the development is to be submitted in November this year. The master plan architects of the project are Reddy Architecture and Urbanism.

The Canalside site is 200 meters from the Charlemont Luas green line stop in an area that has attracted a number of major international employers in recent years, including Amazon, LinkedIn and Zendesk.

Aside from its involvement in the Dublin office market, Osborne + Co has a track record in large office and mixed use projects elsewhere, including Santander Bank’s new UK headquarters in Milton Keynes, Belfast Waterside (Belfast) and in the Middle East HSBC headquarters in Dubai .

The company has an established Irish connection through co-founders Jim and Conor Osborne and has ambitious plans to do business here. After spending 46 million euros on the two Dublin deals that have been concluded so far, the company is aiming to put together a portfolio of 500 million euros over the next three years.

Tom Hamilton, Managing Director of Osborne + Co Ireland, commented on his company’s takeover of the CIF headquarters: “We have ambitious renovation plans to create both a new home for the CIF and a new office building in a prime location adjacent to public transport and the city center, for which we see very convincing demand and supply dynamics. We are confident that despite the recent challenges posed by the pandemic, the outlook for foreign investment and demand remains positive, particularly from international tech companies, where fundamentals in Ireland remain extremely attractive. “

CIF President Frank Kelly said, “This is an exciting step forward for the Association of the Construction Industry. Our new headquarters will reflect the exceptional quality, sustainability and dynamism of the industry that the association represents. “

Andy O’Gorman, Chairman of the Construction Workers Pension Plan, said, “The CWPS Board of Trustees is pleased, on behalf of all members of the system, that the joint sale of the property will add significantly to the value of the Canal Road property, which is part of the larger Investment portfolios of the system, which is currently valued at more than EUR 1.8 billion. “

The sale of the Canalside location was handled by Des Lennon at JLL and Suzy Quirke at FQP. Osborne + Co has appointed Cushman & Wakefield and CBRE as joint rental agents for the offices slated for competition in early 2024.