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17 May 2022

Financial firm bid to lease Limerick council spot

Financial firm bid to lease Limerick council spot

FINANCIAL services company Fundrock is planning to lease space at the council’s offices in Dooradoyle.

At this month’s metropolitan district meeting, members were asked to note a proposal to rent 8,798 square metres of space in an area used until recently by General Motors.

FundRock is an independent UCITS management company and AIFM investment fund manager and it is in this capacity that they act as fund manager to investment funds.

A council representative said: “Fundrock will make any announcements themselves in relation to additional jobs that may be created.”

According to a briefing document from council’s property director Jayne Leahy, the firm is seeking to take occupation of the space from early next month.

But how it wishes to achieve this is unclear, with councillors not due to meet to rubber-stamp the move until the end of that month.

Ms Leahy said Fundrock wishes to take on a lease of five-years, with a break clause after the third year, and is proposing to pay €25 per square foot. This is alongside a service charge amounting to €6 per square foot.

Thirty car parking spaces will be provided for this development.

Councillors will decide whether to accept or reject these proposals at their full monthly meeting, scheduled to take place on Monday, May 23.

At this moment in time, a council spokesperson said the authority has no other agreements with private firms to lease office space.

“Potential rental was discussed with members. If this proceeds, members will be advised in due course when an agreement is in place,” they added.

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