DUBLIN OFFICE MARKET OVERVIEW Q3 2018 WITH AREA FOCUS: DUBLIN 8 - RESEARCH - Knight Frank
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RESEARCH DUBLIN OFFICE MARKET OVERVIEW Q3 2018 WITH AREA FOCUS: DUBLIN 8 OCCUPIER TRENDS INVESTMENT TRENDS MARKET OUTLOOK
DUBLIN OFFICE MARKET OVERVIEW Q3 2018 RESEARCH
Q3 OVERVIEW Occupier market West Suburbs was boosted by DPS
SUMMARY
FIGURE 3
Group’s taking of 22,480 sq ft at 3096
Take-up by location
Just over 562,000 sq ft transacted in Lake Drive, Citywest Business Campus.
Year-to-date office letting activity is 8% higher than at Q3 which represents a 47% increase in
SOUTH
In the South Suburbs, PLR Worldwide
comparison to the same quarter last year.
1. The ESRI upgraded their the same juncture in 2017. SUBURBS
This brings the year-to-date take-up to SOUTH
Sales took 17,562 sq ft at Red Oak
in the South County Business Park
economic forecast for 2018 to NORTH
10
sq ft, 8% % 22
% same
NORTH SUBURBS
23%
8.9% from 4.7%
2.2 million
SUBURBS ahead of the SUBURBS
10% with the area accounting for 10% of
Economy 43.3% as measured by GNI* and 67.9%
as measured by GDP, with the variance
7
point of the record
% breaking WEST
2017.
SUBURBS
The
FRINGE
8% WEST
SUBURBS letting activity, while the North Suburbs5% WEST
SUBURBS
CityFRINGE
7
Centre dominated letting activity,
% 7% comprised 8% of the market with its 2% NORTH
2. 562,000 sq ft transacted in Q3, The Irish economy continues to expand between the two largely explained by the accounting for 53% of all transactions. SUBURBS
share supported by
SOUTH the second
FRINGE largest
at a rapid clip. Stronger than expected aforementioned activity in 2015. Take-up in the City Centre was driven
bringing take-up to 2.2 million
domestic consumption combined with
transaction ofSUBURBS
Q3 which saw Kellogg’s
% 13
sq ft for the first nine months of
the year trade effects has prompted the Economic
By either reckoning, growth has been very by the strong performance of Dublin
2, which comprised 40% of occupier
become the first tenant
%19 at Three Dublin
strong and outperformed expectations. For CITY CENTRE CITY CENTRE Airport Central. The company is taking
Social and Research Institute (ESRI) activity and included the largest deal
3. Prime Grade-A rents stand at
to revise up its 2018 GDP forecast to
example, in June 2012, the International
Monetary Fund (IMF) forecast cumulative
53
of Q3 which saw Google%take 58,000 53% 39,008 sq ft – a move that will see them
relocate from their current location at the
8.9% in its Autumn Quarterly Economic sq ft at One Grand Canal Quay. Dublin
€62.50 psf in Q3, unchanged for growth for Ireland of 22.7% between 2013 Airside Business Park.
Commentary, up from the 4.7% contained 2 also accounted for the third largest
the past 12 months and 2017. Therefore, despite the recovery Source: Knight Frank Research
within its Summer forecast. transaction of Q3 with biopharmaceutical The Fringe market CITY CENTRE
comprised the
While GDP figures for Ireland need to be
being much stronger than anticipated, it is
worrying that the Government is still due to
company Biomarin taking 25,863 sq ft
at 5 Earlsfort Terrace, which is currently
related moves, occupying 2,097 sq ft remaining share of take-up%with 7%. 61
4. O
ffice yields remain at 4.0%, treated with a degree of caution due to run a budget deficit in 2019 as a result of at 4 Earlsfort Terrace and 1,413 at 23 Looking at a sectoral view of the market,
unchanged since the end of being refurbished by IPUT.
the well documented distortions caused expansionary measures contained within Shelbourne Road respectively. TMT dominated occupier activity with
last year by the multinational sector, the alternative the recent Budget. While Government policy 38% of deals. This was followed by
The West Suburbs accounted for 23%
measure introduced in 2017 by the Central following the crisis had been successful FIGURE 2 the Professional Services and Finance
of take-up, significantly surpassing its
5. Dublin 8 is seeing heightened Statistics Office (CSO) designed to strip in introducing measures that reduced the Office take-up sq ft sectors which accounted for 21% and
5-year average of 8%. Take-up in the
investor activity out these effects – Modified Gross National country’s high level of Government debt, 13% respectively. Prime rents remain
Income or GNI* – has illustrated broadly progress has stalled since 2016 as a degree 4,000,000 stable at €62.50 psf, representing 12
similar growth for the Irish economy over of complacency appears to have set in. FIGURE 4 months unchanged at this level.
the last couple of years (12.3% for GNI* V
3,500,000 Take-up by sector
By threatening macroeconomic stability
12.1% for GDP between 2016 and 2017). 3,000,000 FIGURE 5
in the event of an economic downturn,
The new measure was developed in persistent high levels of Government debt
3% 10% Dublin prime office rents
2,500,000
2% € per sq ft per annum
response to the 2015 GDP growth is the number one risk to the real estate
2,000,000
figure which showed an expansion of market at this moment. With the IMF 4% €70
34.4% compared to 8.6% for GNI*, the recently downgrading its global growth 1,500,000
€60
former figure being grossly inflated by forecast for the first time in two years 38%
a number of one-off re-domiciliations due to ‘dangerous undercurrents’, the
1,000,000 13% €50
of intellectual property to Ireland in the emerging complacency regarding the 500,000
€40
FIGURE 1 aircraft leasing sector. Overall, between elevated government debt position at
Government debt 2013 and 2017, the economy grew by this juncture is a cause for concern. 0 9% €30
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Q3 2018
€Bn
21% €20
€250 € GROSS GENERAL 180% Source: Knight Frank Research €10
GOVERNMENT DEBT
% DEBT-TO-GNI* 160%
KNIGHT FRANK VIEW ON RISK TMT
PROFESSIONAL SERVICES
EDUCATION
STATE €0
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Q3 2018
% DEBT-TO-GDP PHARMA COWORKING
€200 Figures released by the Irish Venture but masked in Q1 due to a couple of Interestingly, there were also a number of FINANCE OTHER
140%
Capital Association have shown a sharp large deals transacting. The number of lettings that took place in the City Centre
Source: Knight Frank Research Source: Knight Frank Research
120% decline in venture capital funding to deals taking place in the first six months that are believed to be Brexit related.
€150 tech firms in the first half of the year. declined from 141 to 89 while very Following on from their announcement
100% The analysis shows that venture capital early stage seed funding fell by 37% in last year that it would be establishing Top 5 office leasing transactions
funding fell by 9% in the first half of the first half of the year. Although the a presence in Dublin, Simmons and
80%
the year to €453 million but that Q2 importance of the large tech firms to the Simmons will take 5,306 sq ft at Esprit’s Property Tenant Sector Size (sq ft)
€100
60% volumes were down over 50% to €121 Dublin office market is well publicised, Waterways House. They will be joined One Grand Canal Quay, Dublin 2 Google TMT 58,000
million, down from €252 million the the presence of a start-up community by Standard & Poors who are taking
Three Dublin Airport Central, Co. Dublin Kellogg’s Other 39,008
€50
40% previous year. While venture capital is vital in developing a vibrant tech 4,967 sq ft at the same development
funding has expanded greatly over the ecosystem in Dublin. It remains to be – a move designed to ensure that the 5 Earlsfort Terrace, Dublin 2 Biomarin Pharma 25,863
20%
last number of years, the organisation seen whether this fall in funding is a company continues to meet European Professional
3096 Lake Drive, Citywest, Dublin 24 DPS Group 22,480
0 0% said that the figures bear out a temporary lull in activity or signals the Union regulations for rating agencies Services
after Brexit. Finally, insurance group
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
softening in start-up funding which start of a more serious tightening in an Red Oak, South County Business Park, PLR Worldwide
TMT 17,562
has been felt since the start of the year important sector to the city’s economy. Royal London and financial services Dublin 18 Sales
Source: Knight Frank Research
firm DTCC were among the other Brexit Source: Knight Frank Research
2 3DUBLIN OFFICE MARKET OVERVIEW Q3 2018 RESEARCH
DUBLIN 8 CIT Y QUA
Y
OFFICE LETTINGS OFFICE INVESTMENTS
1. The Brunel Building 2. 140 Thomas Street 3. Fumbally Square 4. 31-36 Golden Lane 1. 1 & 2 HSQ 2. Fumbally Estate 3. 1-3 High Street 4. The Chancery 5. 31-36 Golden Lane 6. Adelaide Chambers
Date: Q2 2018 Date: Q2 2018 Date: Q3 2018 Date: Q2 2017 Date: Q1 2018 Date: Q3 2018 Date: Q3 2018 Date: Q4 2017 Date: Q2 2018 Date: Q2 2018
Rent: €35.00 psf Rent: €40.00 psf Rent: €42.50 psf Rent: €47.00 psf Price: €176,000,000 Price: €33,500,000 Price: €5,850,000 Price: €23,800,000 Price: €25,500,000 Price: €7,230,000
Take-up: 31,225 sq ft Capital value: €806 psf Capital value: €400 psf Capital value: €408 psf Capital value: €689 psf Capital value: €823 psf Capital value: €398 psf
Take-up: 5,974 sq ft Take-up: 10,370 sq ft Take-up: 31,000 sq ft Initial yield: 5.7%
Tenant: HSE Initial yield: 4.9% Initial yield: 3.9% Initial yield: 5.8% Initial yield: 5.3% Initial yield: 2.9%
Tenant: Tibco Tenant: VSware Tenant: New Relic Buyer: BCP Asset Management
Note: Lease assignment with Buyer: CK Properties Ltd Buyer: Private Irish Buyer: Credit Suisse Buyer: KGAL Buyer: Chartered Land
three years remaining Note: Includes four residential units
and a development site
CONYNGHAM ROAD
PHOENIX THE CRIMINAL
PARK COURTS
OF JUSTICE
OTHER NOTABLE B
FUTURE
DEVELOPMENTS
D7
HEUSTON
CLANCY STATION VICTORIA QUAY
A. Clancy Quay – QUAY
Phase 3
Description: 246 USH
ER’S
SS
residential units D BYPA Q UAY
ELIZO 1 GUINNESS
Status: Under construction CHAP 2 BREWERY UA Y
Due Date: Q2 2020 WOOD Q
1
D2
Owner: Kennedy Wilson ST. PATRICK’S
B RID GE ST
A HOSPITAL PEARSE LYONS
DIGITAL HUB
WHISKEY
B. Hickey Site DISTILLERY
Description: Site with high- EE
R
T
density potential recently IRISH MUSEUM THOMA
2 CHRIST
purchased by Chartered Land OF MODERN ART S ST
REE
3 CHURCH
T CATHEDRAL
NATIONAL
COLLEGE 4
OF ART &
SOUTH CIRCULAR ROAD
DESIGN D
3
KILMAINHAM GAOL EET
STR
PATRICK STREET
ES
JA M
4
45
1
C. National Children’s OLD KILMAINHA M ROA
D
Hospital E LA
NE
Description: Total capital BON
OW ST. PATRICK’S
investment of €1 billion and RR CATHEDRAL
extending to 1.7 million sq ft ST. JAMES’S MA
C HOSPITAL
Status: Under construction 6
Due: 2021 KEV
SOUTH C IN S
IRCULAR TRE
ROAD ET
UP
PE
R
D. Iveagh Markets 6
Description: Lapsed planning
permission for a 75,000 sq ft
multi-function market and retail
ET 5
centre along with a 97 room RE 7 23
ST
hotel and 83 aparthotel units R K TEELING
CO WHISKEY
DO
DISTILLERY
NO
RE
AV
EN
SOU
UE
TH
CIR
CUL THE COOMBE
AR
D12
T
ROA HOSPITAL
Y STREET
DO
EE
LP D
R
HIN
ST
KEY RO
IL
A
FUTURE
D OFFICE DEVELOPMENTS
SS
HEYTESBUR
EXISTING MODERN OFFICE BUILDINGS >10,000 SQ FT
BRA
EXISTING STUDENT ACCOMODATION 1. 30 Old Kilmainham Road 2. HSQ – Remaining 3. St. James’s Gate 4. 61 Thomas Street 5. Site 2, Newmarket Square 6. Newmarket Square 7. 55 Fumbally
N
CLA
FUTURE STUDENT ACCOMODATION DEVELOPMENTS Size: 40,000 sq ft Size: 147,000 sq ft Size: 560,000 sq ft Size: 13,000 sq ft Size: 80,000 sq ft Size: 90,000 sq ft Size: 22,000 sq ft
EXISTING HOTELS Status: Has planning Status: Pipeline Status: Pipeline Status: Under construction Status: Has planning Status: Has planning Status: Has planning
Due date: N/A Due date: N/A Due date: 2023-2025 Due date: Q2 2019 Due date: Q4 2020 Due date: N/A Due date: Q3 2020
FUTURE HOTEL DEVELOPMENTS
Owner: The Comer Group Owner: Marathon Asset Management Owner: Diageo Owner: Oakmount Owner: UK Irish Consortium Owner: Newmarket Partnership Owner: Oakmount
LUAS TRAM LINE
Note: All areas and delivery times noted above are approximate estimates only and subject to change.
4 5DUBLIN OFFICE MARKET OVERVIEW Q3 2018 RESEARCH
Development market AREA FOCUS: DUBLIN 8
granted approval to demolish College represents another substantial purchase
House where they will be constructing for Spear Street Capital following its
550,000 sq ft of new office space was a new 157,600 sq ft office scheme. acquisition of the Cherrywood Business
brought to the market in Q3 as a number Park last year for €145.0 million. The It is hard to argue with the assessment that Dublin 8 has underperformed as an office
of new office buildings reached practical
completion. The largest of these was
Investment deal ensured that US buyers accounted
for 44% of investor activity in the Dublin
location. Despite its central location adjoining Dublin 2, it has remained a fringe office location
€631.0 million worth of investment office market with Irish buyers comprising
accounting for just 2.7% of total take-up between 2013 and 2017. However, there are signs
the Seamark Building at Elmpark Green
which comprises 182,500 sq ft and transactions changed hands in Q3. the remaining share with 8%. that the area’s fortunes are changing. In this Area Focus, we examine the dynamics at play in
was developed as a joint venture by This represents an increase of 19% in
While the suburbs comprised only 16%
this sub-market and evaluate its prospects for future growth as an office location.
Starwood Capital Group and Chartered comparison to the same quarter last
of the market, there were a number of
Land. Elsewhere, 117,757 sq ft was year. The year-to-date spend of €2.5
notable suburban transactions. This
delivered at 13-18 City Quay, a scheme billion is almost double the amount that
included the PayPal occupied buildings
REGENERATION brewery/distillery theme, and give tourists
cause to linger longer in Dublin 8. This
Overflow from Dublin 2: Due to its
location on the edges of Dublin 2, the
pre-let to Grant Thornton and forward transacted during the corresponding
period in 2017 when €1.3 billion
at Ballycoolin Business Park in Dublin STORY tourism factor is being supported by area along Golden Lane and Christchurch
funded by Irish Life. Also located on 15, which sold for €22.1 million at a net
transacted. Of the Q3 figure, the office While having a rich historical heritage the opening of new hotel rooms, with is benefiting from spillovers in occupier
the South Quays, IPUT were granted initial yield of 9.1%. Meanwhile, the Intreo
sector accounted for 42% or €266.9 dating back a thousand years to the very 2,594 rooms in the pipeline, of which demand from the city core. The most
planning permission for a 75,000 sq ft tenanted Ninth Lock Road in Clondalkin
million. Dublin remains the primary foundation of Dublin near Christchurch, 725 are under construction. This will add significant letting in Dublin 8 in the recent
office scheme at the former Tropical sold for €5.9 million with the deal Dublin 8’s evolution in the 20th Century considerable capacity to the current stock past occurred here, with New Relic
Fruit Warehouse at 30-32 Sir John destination for this activity with a
representing a net initial yield of 5.1%. saw it become characterised as an area of 1,070 rooms, which includes the 137 taking 31,000 sq ft at 31-36 Golden Lane
Rogerson’s Quay. Finally, Marlet were market share of 97% or €259.6 million.
Prime office yields in Dublin remain stable of low density working class housing and rooms recently opened at the Maldron on for €47.00 psf in Q2 2017. The letting
Investment activity was focused on the at 4.0%. heavy industry. Kevin Street. represented the successful execution of
City Centre with 47% of transactions a value-add strategy by Mm Capital who
FIGURE 6 This regeneration is supported by an
occurring in this location. In the IFSC, Times are changing however. As
Irish commercial investment FIGURE 8 acquired the building in Q2 2017 before
illustrated in the map, there are a number accommodative public policy stance, with
Hibernia REIT sold the Bank of Ireland refurbishing, letting and then disposing
volumes € million Dublin office buyer and vendor source Dublin City Council locating six of its 18
tenanted New Century House – which of ongoing regeneration projects across a
it to German Investors KGAL for €25.5
range of uses that are helping to revitalise ‘Strategic Development and Regeneration
5,000 was its first office acquisition following million, representing a net initial yield of
EUROPE US IRELAND UK
Dublin 8. In particular, regeneration is Areas’ in Dublin 8, the highest of any
the initial public offering in 2013 – to 5.3%. Nearby, Credit Suisse paid €23.8
being driven by the forces of housing postcode. Meanwhile, the Government’s
Credit Suisse for €65.3 million, with the million for The Chancery in Q4 2017,
4,000
and tourism: decision to locate the new €1 billion
deal representing a net initial yield of BUYERS representing a net initial yield of 5.8%.
National Children’s Hospital next to the
4.0%. Credit Suisse also purchased the Housing: Government led regeneration Oakmount’s 61 Thomas Street is the
existing St. James’s Hospital will double
3,000 Sharp Building for €56.3 million from The only new delivery of office stock due next
projects of old 1950’s built residential flat the number of workers on campus. With
McGarrell Reilly Group for a net initial year in Dublin 8, with the quoting rent
complexes (Fatima Mansions, Dolphin two other existing hospitals in close
2,000 yield of 4.4%. Both of these transactions VENDORS of €45.00 psf representing a significant
House and St Teresa’s Gardens) have proximity, the area has the potential to
ensured that European investors were the discount on prime headline rents in
helped address social problems in the become a medical innovation hub.
most active source of capital in Dublin Dublin 2 of €62.50 psf.
1,000 area. This, combined with its proximity
comprising 48% of transactions in Q3.
to the city centre, is seeing young Newmarket and Fumbally: Few areas of
The Fringe market accounted for 37% of professionals move to Dublin 8, a trend Dublin are witnessing such concentrated
0
investment deals in the capital, supported facilitated by the significant delivery of Strategic Development and
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Q3 2018
and rapid development across a mix of
by the largest transaction of Q3 which PRS in the area. Clancy Quay is one of Regeneration Areas in Dublin 8
uses, with tourist, student housing, hotel
was the sale of the Belfield Office the largest such complexes in Ireland, and office developments all taking place
Source: Knight Frank Research Heuston and Environs
Campus to US investors Spear Street while lands near the Coombe Hospital in close proximity. In terms of the latter,
Capital for €90.0 million. The transaction Source: Knight Frank Research have the potential to deliver 1,000 new St. Michael’s Estate 170,000 sq ft of office space is due to
FIGURE 7 residential units, of which a substantial come on stream at Newmarket Square
Dublin prime office yields portion will also be PRS. Finally, Dublin St. Teresa’s Gardens and Environs
with a further 22,000 sq ft due at nearby
8% Top 5 office investment transactions 8 has also emerged as an area of 55 Fumbally. The Fumbally Estate is
Dolphin House
key importance for student housing the main standing office asset and was
7% St. James’s Hospital Campus
Property Seller Buyer Approx. price development, with 1,430 beds delivered recently sold for €33.5 million by M7
6% over the last two years and a further and Environs Real Estate to BCP Asset Management,
Colony Spear Street
5%
The Bellfield Office Campus, Dublin 4 €90.0m 2,040 in the pipeline, of which 887 are Liberties and Newmarket Square representing a net initial yield of 5.7%.
Capital Capital
under construction. The Fumbally Estate was purchased by
4%
New Century House, IFSC, Dublin 1 Hibernia REIT Credit Suisse €65.3m Source: The Dublin City Development Plan M7 Real Estate in Q1 2017 for €21.5
Tourism: While Dublin 8 has always had (2016-2022)
3% million for a net initial yield of 7.9%.
a strong tourism offering – Kilmainham
The McGarrell
The Sharp Building, Dublin 2 Credit Suisse €56.3m Gaol, the Irish Museum of Modern Art, Heuston: The area around Heuston
2%
Reilly Group
the Guinness Storehouse – visitors to DUBLIN 8 AS AN Station is of key importance in planning
1%
Buildings 2-5, Ballycoolin
Xerox Confidential €22.1m Dublin 8 have tended to limit their visits OFFICE LOCATION terms, and one of only four areas of
0% Business Park, Dublin 15 to the main attractions and not strayed Dublin 8 is a large postcode and, as the the city designated for a height cluster
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Q3 2018
to explore the wider area. However, the zones of activity make clear in the map, (along with the Docklands, Connolly and
Ninth Lock Road, Clondalkin, Dublin 22 Varde Private Irish €5.9m
opening of three new whiskey distilleries there are four areas of interest from an Georges Quay). This is reflective of the
Source: Knight Frank Research Source: Knight Frank Research is designed to capitalise on the area’s office perspective: Council’s view that developing an east-
6 7west commercial axis along the Liffey is the tech industry, helping to realise the RESEARCH
crucial to act as a counter weight to the original ambitions for the Digital Hub. John Ring, Head of Research
Docklands. Recent deals include the HSE The site’s critical location in the heart of +353 1 634 2466
taking an assignment of 31,225 sq ft at Dublin 8 will also play a key role in helping john.ring@ie.knightfrank.com
the Brunel Building for €35.00 psf, with to link-up the currently disparate parts of Robert O’Connor, Research Analyst
three years remaining on the lease. 1 HSQ Dublin 8 by bringing HSQ closer to the +353 1 634 2466
is currently on the market for sub-lease/ Digital Hub and Newmarket/Fumbally. robert.oconnor@ie.knightfrank.com
assignment by Eir for a rent of €40.00 psf,
CAPITAL MARKETS
while 2 HSQ is believed to be reserved.
1+2 HSQ were purchased in Q1 by CK CONCLUDING Adrian Trueick, Director
Properties for €176.0 million, representing REMARKS +353 1 634 2466
adrian.trueick@ie.knightfrank.com
the third largest office deal ever in the While Dublin 8’s vacancy rate is currently at
Peter Flanagan, Director
Dublin market. Other activity includes 7.1%, it drops to 3.6% when one excludes +353 1 634 2466
Chartered Land’s purchase of the landmark the 56,000 sq ft under reserve at 2 HSQ. peter.flanagan@ie.knightfrank.com
Hickey site which has the capacity for a That a building of modest size has such a
large mixed-use scheme. Ross Fogarty, Director
large impact on the vacancy rate illustrates +353 1 634 2466
St. James’s Gate: This mixed-use that the office market in Dublin 8 is very ross.fogarty@ie.knightfrank.com
development has the potential to be thinly spread. By having the potential to
a game changer for Dublin 8. With an expand Dublin 8’s office stock by a third in OFFICES
estimated delivery of up to 560,000 sq one location, it also illustrates the important Declan O’Reilly, Director
role that the St. James’s Gate scheme will +353 1 634 2466
ft of office space slated from 2023, the
declan.oreilly@ie.knightfrank.com
site will bring critical mass and scalability have in deepening the Dublin 8 market
to Dublin 8, enabling it to compete with and tying together its currently disparate Paul Hanly, Director
more established office locations in Dublin parts. While the lack of stock is holding +353 1 634 2466
paul.hanly@ie.knightfrank.com
by becoming an occupier location in its take-up levels back, investors are clearly
own right. It is expected that the project’s bullish on Dublin 8’s future prospects as Jim O’Reilly, Director
historic setting in the home of one of the evidenced by the variety of investment +353 1 634 2466
jim.oreilly@ie.knightfrank.com
world’s iconic brands will ensure that funds deploying capital across a range of
occupier demand will be very strong from uses in the postcode. Gavin Maguire, Associate Director
+353 1 634 2466
gavin.maguire@ie.knightfrank.com
Mark Headon, Associate Director
+353 1 634 2466
mark.headon@ie.knightfrank.com
David Reddy, Associate Director
+353 1 634 2466
david.reddy@ie.knightfrank.com
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