While Friends First had already received planning permission in November 2016 to replace the original 1980s Enterprise House building of 3,065 sq m (32,991 sq ft) with a new structure of 8,082 sq m (86,993 sq ft) the company is now seeking to increase the property’s floor space by a further 438sqm.
The application has been appealed by Green Party councillor Ossian Smyth, according to the latest list of cases published by An Bord Pleanála.
Some 20,726 sq m (223,092 sq ft) at the new Enterprise House was pre-let to insurers Zurich Life Assurance towards the end of 2016, on a 20-year lease term at a rent of €30 per sq ft, a rate believed to have been the highest rent ever achieved in Dublin for a suburban office block.
A report from Goodbody’s senior research analyst, Colm Lauder, noted at the time that south Dublin rents had increased by 7.6pc in 2016, making it one of the top-returning areas for investors with a return of 13.2pc and an attractive equivalent yield of 6.5pc (MSCI).
Apart from its involvement in the redevelopment of Enterprise House, Friends First is also spending approximately €10m on the upgrade of the adjacent Blackrock Shopping Centre.