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Lease Agreements

Dáil Éireann Debate, Thursday - 9 July 2015

Thursday, 9 July 2015

Questions (128)

Thomas P. Broughan

Question:

128. Deputy Thomas P. Broughan asked the Minister for Jobs, Enterprise and Innovation if he will indicate any current Government leasehold interest in Carrisbrook House in Ballsbridge in Dublin 4; if the reported 65 year upward only rent review lease on this property was sanctioned by the then Minister for Finance (details supplied) and by the Lynch Government in 1968; the annual rent on this building; the total amount of rent paid by the Exchequer on the building since 1968; and if he will make a statement on the matter. [28072/15]

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Written answers

IDA Ireland currently holds the Head Lease interest in Carrisbrook House, Ballsbridge, Dublin 4.

Carrisbrook House was acquired by AnCO in 1969 on a 65 year full-repairing lease, commencing on 1st August 1969 and expiring on 31st July 2034. There is no provision for lease breaks on the property and the rent is due for review every seven years.

The Industrial Development Authority acquired the lease from AnCo on 20th October 1976.

The Industrial Development Authority occupied Carrisbrook House from 1976 until 1985, when the agency relocated to Wilton Park House. I understand that the Youth Employment Agency occupied three floors of Carrisbrook House between 1986 and 1989.

On 1st January 1994, the leasehold interest transferred to Forfás. This was transferred back to IDA Ireland from Forfas in September 2013 as part of the transfer of leasehold interest following the dissolution of Forfás at that time.

Since 1985, the available offices were sub-let to a number of tenants outside the public sector on a continuous basis until early 2008 when a major tenant exercised a break clause in its sublease and vacated the building. The Israeli Embassy is currently the only occupant of the premises, on a sub-lease which expires in 2025.

The annual rent on this building is €1,180,000. Income and expenditure details prior to 1994 are not available. However, the building was largely fully let until 2008. The total cost to the State from 1994 to date in 2015 is €8.9 million.

Since 2008 Forfás and more recently IDA Ireland has been actively seeking to market the vacant space in Carrisbrook House. Despite a number of engagements with potential tenants, a letting has not yet been secured.

The information requested by the Deputy regarding the possible sanction by the then Minister for Finance and by the Government in 1968 to sign a lease on Carrisbrook House in 1969 is not readily available due to the passage of time.

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