Derek McGrath’s Core Capital has been selected as preferred bidder to purchase the former headquarters of the Construction Industry Federation (CIF) in Dublin 6.
Two sources familiar with the sales process for the site, called Canalside, told The Irish Times that McGrath’s firm bid in the region of €14.5 million for the 0.50-hectare site on Canal Road.
Core Capital said it could not comment on the matter. A spokeswoman for CIF said it could not comment on the matter because the sales process was still ongoing.
International property developer Osborne + Co previously agreed a deal in 2021 to buy the site for €23 million. The sale was never completed, but a firm linked to Osborne + Co did secure planning permission to redevelop the site.
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That planning application, which was approved in 2024 following an appeal, cleared the site owners to demolish the existing properties and build a new 13,500sq m, eight-storey office scheme.
In April 2026, CIF and the Construction Workers Pension Scheme (CWPS) instructed joint agents Savills and FQP to put the organisation’s former offices on the market with full vacant possession at a guide price of €16 million.
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Canalside is based on the banks of the Grand Canal near Ranelagh and located a couple of hundred metres from the Luas green-line stop at Charlemont.
Last year, a number of derelict Victorian cottages on the site partially collapsed along the Grand Canal. The buildings were then demolished and hoarding has been erected around the site.
CIF and CWPS brought the site to market following their relocation to a new head office in the nearby Bankside building on Charlemont Street.
The site is one of few shovel-ready plots in the Dublin 6 area on which new office developments can begin immediately due to the planning permission in place.
A number of property sector reports have warned Dublin city centre faces a looming shortage of Grade-A office space due to no new speculative office projects being commenced in recent years.
In April, a report from property agency Knight Frank said close to 80 per cent of the pipeline of new office buildings was already pre-let. It also forecast Dublin office rents would rise by about 10 per cent over the next year due to the lack of Grade A supply, which is in demand.
