Friday 20 October 2017

Offices price tag raised by one third

Tara Fitzsimmons

IN a sign of just how far the commercial property market has come in recent years, the asking price on an office block in the centre of Dublin has been increased by a third.

The former headquarters of Royal Sun Alliance at 13 to 17 Dawson Street in Dublin 2 was put on the market last year with an asking price of €15m.

Now however, BNP Paribas Real Estate have been appointed by receivers Simon Coyle and Tom O'Brien of Mazars to sell the property for €20m.

The property, which had been part of Garret Kelleher's Shelbourne Properties empire, was the corporate headquarters of the insurance giant Royal Sun Alliance before the company moved out to Dundrum.

BNP said that whilst the property has been marketed as an income producing investment, it is "arguably the best re-development opportunity to come on the market in the central business district in the last five years".

"It has been well received by private and institutional Investors looking to take income in the short term with upside through future development of the site and an ever improving Dublin office and retail market," he said.

Company managing director Patrick Curran said: "We have seen consistent level of interest from both Ireland and overseas since the beginning of the marketing campaign and are pleased to advise that we are now bringing this sales process to conclusion.

"With the shortage of quality offices and its prime location off Grafton Street, all the main Investors, Irish and International, are expected to show interest."

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