Friday 30 September 2016

Part of AIB's Bankcentre likely to fetch over €50m

Published 21/05/2015 | 02:30

A section of AIB's headquarters is to be sold off with an asking price likely to be in the region of €50m.

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Knight Frank and Eastdil Secured have been appointed to seek a buyer for the 3.7 acre property, which makes up the section of the Bankcentre complex that faces onto the Merrion Road.

The site was bought by bust developer Sean Dunne for an estimated €200m back in 2006 when the so-called Battle for Ballsbridge was at its height.

The sale now however is being carried out on the instructions of William O'Riordan of PwC, who was appointed receiver by Ulster Bank and Nama.

Whoever buys the property will likely redevelop it. The four office blocks on the site date from the 1970s and contain an estimated 110,000 sq ft. A new development on the site could theoretically accomadate up to three times as much office space.

AIB vacated the buildings last year.

However the property does not have planning permission for a redevelopment at present.

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