Thursday 27 October 2016

US billionaire's Dublin HQ on market for €3m

Published 11/09/2016 | 02:30

Chuck Feeney
Chuck Feeney

The Dublin headquarters of the billionaire Irish-American businessman Chuck Feeney's Atlantic Philanthropies has been put on the market with a guide price of €3.3m.

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Nos 31-32 Lower Baggot Street, together with an attractive rear mews, extend to approximately 667 sqm (7,172 sqft) and are available with vacant possession. Located within walking distance of both Merrion Square and Fitzwilliam Square and St Stephen's Green, the properties are being offered for sale through Savills by private treaty.

News of the sale of Atlantic Philanthropies' Irish office comes as it continues to wind down its global operations with the distribution this year of its final grants. Since its establishment in 1982, the organisation has made some $6.2bn (€5.5bn) in capital investments on the island of Ireland, Vietnam, Cuba, Australia and South Africa. In the case of Ireland alone, Atlantic Philanthropies has invested over $1.2bn (€1bn), making more than 1,000 grants for the purposes of advancing higher education, human rights and services for the young and old.

Feeney, who made his fortune in duty-free shopping, decided to provide funding for education in Ireland following a visit here in the late 1980s. The University of Limerick benefited enormously from the New Jersey-born businessman's largesse. Acting in partnership with bodies such as Shannon Development, Feeney helped transform what was then the National Institute for Higher Education in Limerick from an institution with 735 students into a university with an enrolment of 11,000.

Feeney's affection for Ireland and all things Irish is reflected both in the presentation and condition of Atlantic Philanthropies' Lower Baggot Street offices.

Commenting on the property, David O'Malley of Savills said: "The buildings have been maintained to an exceptional standard and were meticulously restored by the previous occupiers. Many of the original Georgian features are still in place with decorative cornicing, ceiling roses, fireplaces and magnificent staircases. It also boasts a very impressive ceiling from the former Frascati House in Blackrock, Co Dublin."

Apart from its offices, the property also provides prospective purchasers with residential accommodation with a two-bedroom apartment on its lower ground floor which has only recently undergone a full refurbishment. The building's rear mews offers additional accommodation. The property comprises three bedrooms and a substantial open plan living and kitchen space.

Sunday Independent

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