Fine Grain Property Ireland has announced the launch of a new 45,000 square foot office development in Parkmore East Business Campus, Galway, following an agreement with the IDA.
Ready for occupation by mid 2018 and designed by architects Arthur Gibney & Partners to meet the needs of Galway’s growing international and domestic businesses, the modern, sustainable office building will be located in Block 5 of the Parkmore East Business Campus, an established IDA business park located 10 minutes from Galway city centre. The adjacent facilities currently serve high profile international companies including SAP and Oracle. Once confirmed, the new tenant for the facility will have an option to significantly extend the three storey building in the future.
Fine Grain Property is an established international real estate investor and operator with strong Irish roots.
The business was founded in Singapore by Irishman Colin MacDonald and the Irish business is headed by CEO Cormac Ó Tighearnaigh, the former Deputy CEO and CFO of Jurys Inn and Amaris Hospitality. Fine Grain is chaired by former KPMG Ireland Managing Partner, Ron Bolger.
Since its establishment in 2007, Fine Grain Property has successfully invested in a number of commercial property projects in Singapore. Fine Grain has a proven track record of acquiring and breathing new life into underinvested and under-managed commercial properties and green field sites, actively managing each property to provide tenants with the best possible care and high quality facilities, tailored to their individual needs.
A key element of Fine Grain Property’s strategy and approach is matching the right tenants with the right properties to create long-term value.
In Ireland, Fine Grain Property is investing in business parks, industrial zones and logistic hubs throughout the country, seeking to provide spaces for employers, in line with the IDA’s clear strategy to bring employers to areas outside Dublin. To date, the company has purchased two commercial properties in Galway, and one in Dublin, and is actively working on further investments in various other sites.
Cormac Ó Tighearnaigh, CEO, Fine Grain Property Ireland, said:
“Fine Grain Property is passionate about creating great workspaces, to help domestic and international employers to attract and retain talent. The Firm’s international experience and presence on the ground in Ireland leaves us very well placed to realise these opportunities, providing tenants with high quality facilities tailored to their individual needs.”
“The needs of office occupiers have changed dramatically over the past ten years. We have been listening carefully to employers in Galway. In addition to creating a sustainable, state of the art business facility, we have put a great deal of thought into creating a great place to work, incorporating lifestyle elements such as bright spaces, secure bicycle parking, and comfortable shower and changing areas for employees.” said Ó Tighearnaigh.
IDA’s Divisional Manager of Regional Development & Strategic Property Management Frank Conlon said:
“Having turn-key property solutions is key in attracting Foreign Direct Investment (FDI) into Ireland and it is a significant asset particularly for regional locations. IDA congratulates Fine Grain Property on its development of this substantial property which will help meet future demand for top-tier office space in Galway.”
Commenting on the launch, Fine Grain Property’s Chairman, Ron Bolger, Singapore Honorary Consul to Ireland and former Managing Partner of KPMG, said: “We are delighted to be combining Asian Investors and Irish skills to build a stable, long term investment portfolio of industrial, logistics and business park properties across Ireland.”
He added: “We have over €50 million in capital to invest, which, combined with prudent leverage from banks in Ireland, will allow us to acquire over EUR100 million in industrial, logistics, and business park properties. Our principals and investors represent long term, patient capital, and include the Ireland Strategic Investment Fund (ISIF), which has invested €25 million with a view to driving continued economic growth and development in Ireland. The new office development at Parkmore East is a great example of that.”
A spokesperson for the Ireland Strategic Investment Fund said: “This is an excellent example of our “double bottom line” mandate of generating a commercial return and supporting economic activity and employment in Ireland. We are committing capital on commercial terms to facilitate and encourage FDI in the west of Ireland. We anticipate this investment will generate significant economic activity in the region, both directly and indirectly.”
The new building is being built by leading Irish main contractor, Stewart Construction.
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