Navigating Complexity: Securing ICOT College’s New Dublin Headquarters

ICOT College Case Study

Background

Murphy Mulhall were engaged by our client, ICOT College, to source between 15,000-30,000 sq.ft. of space with educational use for their new headquarters in Dublin.

Objective

The primary goal was to identify and acquire a suitable property, ideally with existing educational use, that would meet the clients operational needs in the long term, cumulating in a consolidation of various locations across Dublin City Centre.

Our Role

1. Market Search: Murphy Mulhall conducted an extensive market search in order to identify suitable properties that matched our clients specific criteria. Block A Joyce’s Court, Dublin 1 emerged as the clients preferred option. However, the property posed two main challenges, it was tenanted so only available via sub-lease or lease assignment and it did not have the required education use as it was office space.
2. On the basis that a lease surrender was agreed the process of negotiating a new lease on behalf of our client began. A key component in this deal was the planning application needed for a change of use from office to education, alongside meeting all required fire and building regulations. Once we agreed terms this process could begin in earnest.
3. Lease Surrender: The property was ideal for what our client was looking for from size to location, however the client preferred to enter into a new lease directly with the landlord. This meant a lease surrender was needed with the existing tenant. This was a complex negotiation with numerous stakeholders (landlord, tenant, our client).  We provided any advice needed to ensure the process was as smooth as possible for all parties and engaged with both the current tenant and landlord representatives.
4. The Planning Process: Securing planning permission for the change of use took approximately 18 months from submission to approval. This created delays for all parties involved so we worked closely with them to manage expectations and keep the process moving. Our experience in navigating these complex and moveable timelines was essential to ensuring the deal progressed. The acquisition of a fire cert involved liaising with architects, planners and engineers to ensure the process was moving along smoothly.
5. Completion: Despite an 18 month delay, we successfully completed lease negotiations, secured the required planning permission and resolved all fire cert issues delivering the best possible outcome for our client.

Outcome

This process resulted in the largest educational acquisition of 2024 in the Dublin Market and enabled our client to complete their long term goal of securing a large, modern and centrally located educational facility in Dublin, which can provide them with the impetus for future growth.

Conclusion

Here at Murphy Mulhall we pride ourselves on being involved at every step of the way handling your needs with precision and expertise. Block A Joyces Court is a prime example of why having us –  your premier commercial property advisors – involved is essential for getting you the best deal.