Monday 21 August 2017

Prime site on Dublin 4's exclusive Shrewsbury Road to go on sale for €10m

'The US private equity giant is understood to have acquired the debt securing the property as part of its purchase of Nama's €3bn Project Gem portfolio.' (stock photo)
'The US private equity giant is understood to have acquired the debt securing the property as part of its purchase of Nama's €3bn Project Gem portfolio.' (stock photo)
Ronald Quinlan

Ronald Quinlan

A prime site on Dublin 4's most exclusive thoroughfare, Shrewsbury Road, is expected to be brought to the market shortly for a guide price in the region of €10m.

No 20 Shrewsbury Road - the former home of the Chester Beatty Library - is certain to attract significant interest from investors given its potential for development.

In 2009, the property's current owners, O'Malley Homes and Development, received approval from An Bord Pleanala for the development of a total of seven houses on the site. While that planning permission has since expired, prospective purchasers could reasonably expect to secure a similar approval in the future.

The Sunday Independent understands from sources within the property sector that CBRE has been requested to handle the sale of No 20 on behalf of Cerberus. The US private equity giant is understood to have acquired the debt securing the property as part of its purchase of Nama's €3bn Project Gem portfolio.

While the O'Malley Group of companies continues to trade successfully, a number of its loans were included in the Nama sale. Contacted by the Sunday Independent, a spokesman for the O'Malley Group declined to comment on No 20 Shrewsbury Road.

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