- €80m funding for six storey office accommodation for 1,000 people
Tuesday 14 February 2023: Limerick Twenty Thirty (LTT) and the Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), today announced the creation of a unique joint venture partnership to finance the development of the One Opera Square project in Limerick city centre.
LTT has appointed John Sisk & Son (Sisk) for the design and construction of the circa 10,000sqm Opera Square site-wide basement and the six storey One Opera Square office building. Works on the project have commenced and will be completed in January 2025.
Demolition and enabling works on the site - the largest such contract undertaken outside the capital – have already been completed by Sisk. This included the stabilisation of the 16 historic Georgian buildings onsite for redevelopment. The works on the current contract comprise of the construction of the site wide basement and the 6 storey One Opera Square office building. The basement will accommodate 155 car spaces including Electronic Charging Spots, 323 bicycles and ancillary areas serving the buildings above.
Steven McGee, COO, Ireland, John Sisk & Son said: “On foot of the successful delivery of Phase 1 of Opera Square, Sisk is proud to have been selected as preferred contactor to complete Phase 2 of this project that will transform this area making it more competitive to attract European businesses and offer much needed accommodation in the Midwest region. We look forward to working with all stakeholders on Phase 2 of Opera Square to leave a lasting legacy on local communities in Limerick.”
Chairman of LTT Conn Murray said: “The agreement is a major boost for the Opera Square project and the wider region. One Opera Square is going to be one of the landmark buildings in this emerging new Limerick city centre and will deliver huge economic benefit for the city and region, with capacity for up to 1,000 employees. Having a trusted partner like the Ireland Strategic Investment Fund on board to enable its delivery is a major vote of confidence in the wider project and Limerick’s growth potential.”
LTT & ISIF joint venture of €80m is the largest direct commitment by ISIF to date under its €500m investment programme for five regional cities – Cork, Galway, Kilkenny, Limerick and Waterford –announced last summer. The programme is a cornerstone of ISIF’s new investment strategy that will result in major investment being targeted to each city in the form of new places to work, places to live and enabling investments resulting in the regeneration of regional city centres.
The Joint Venture Partnership was announced today at the first flagship project developed by LTT, the multi-award-winning Gardens International in the heart of Limerick.
One Opera Square will be developed over six flexible-use floors located at the corner of Michael Street and Ellen Street, in Limerick city centre. It provides for circa 10,000 sqm of Grade A office space and can accommodate several tenancies per floor and up to 1,000 employees in the building. The development will also offer restaurant and retail units at ground level with an external seating area in the Public Square, external landscaped roof terraces and world-class cycle facilities for employees.
One Opera Square will be developed to the highest international sustainability standard by achieving LEED Platinum accreditation as well as achieving a ‘Nearly Zero Energy Building’ (nZEB) rating and WiredScore. LEED certified buildings have the highest energy efficiency, lower carbon emissions and create healthier places for people to work and live. They are a critical part of addressing climate change and meeting ESG goals, enhancing resilience and supporting more equitable communities.
The wider Opera Square development is a 3.7acre landmark commercial development that will be significant for both the region and national context, reflecting Limerick’s status as a leading city in sustainability and innovation. It will encourage additional people to work in the city of Limerick, boosting its status as a vibrant place to work and delivering significant economic benefit.
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*NB: All photographs taken on a non-active construction site
About John Sisk & Son
John Sisk & Son is an innovative, international, construction and engineering business with a long-term vision and over 160 years in operation. Sisk employs approx. 1,900 people and is Ireland's leading provider of construction services with extensive operations across Ireland, the United Kingdom and mainland Europe with the track record, scale and capacity to successfully undertake large, complex multidisciplinary programmes. Sisk is recognised by global clients as a world leader in safe delivery.
Sisk delivers projects and programmes in key sectors such as Data and Technology, Pharmaceutical and Life Sciences, Infrastructure, Transportation, Healthcare, Commercial, Residential, Retail, Industrial, Leisure, Education and Energy. Sisk offers a life-cycle approach to construction from planning and offsite construction, through delivering and fitting out a project safely and sustainably with technology as a key enabler, and then working with clients to help manage and maintain buildings efficiently throughout their lifespan.
About Limerick Twenty Thirty
Limerick Twenty Thirty is a dynamic property development company established as a special purpose vehicle of Limerick City and County Council to plan and develop key strategic sites in Limerick City and County. These sites will act as anchors for enterprise and investment development across Limerick and the Mid-West Region.
About Ireland Strategic Investment Fund
The Ireland Strategic Investment Fund, managed and controlled by the National Treasury Management Agency (NTMA), is Ireland’s sovereign development fund with a unique mandate double bottom-line mandate to invest on a commercial basis to support economic activity and employment in Ireland.
ISIF uses its capital to address strategic challenges and make transformational investments across its key impact themes of Climate, Housing and Enabling Investments, Indigenous Businesses, and Food and Agriculture. As at June 2022 it had committed €6 bn to 175 investments in Ireland.
About Opera Square
The 3.7acre Opera Square project will be a landmark commercial development in a regional and national context and one that will reflect Limerick’s status as a leading city in sustainability and innovation. The 1.62 hectare project is funded, thanks in the main through lending from the European Investment Bank, the Council of Europe Development Bank and now ISIF. A transformational project for Limerick, the fully developed site will be capable of employing up to 3,000 people across 450,000 sq ft campus accommodation. Sustainability will be at the heart of Opera Square’s design and build, with the project developed to international best practice ‘Leadership in Energy and Environmental Design (LEED) Platinum’ and ‘nZEB’ standards. A day-time employment hub, it will transform into a bustling night-time destination complete with restaurants, bars and open entertainment spaces. The design will also be entirely complementary to and protect existing important Georgian architecture. The project will deliver significant employment opportunities and act as a catalyst for other major city centre investment.
