Sunday 23 July 2017

Managers linked to Zoe group among three parties bidding for Anglo 'HQ'

NAMA

Maeve Dineen

A group of managers who were previously involved with Liam Carroll's Zoe group are one of three parties vying to buy the iconic Anglo building in the Dublin Docklands.

The other two bidders are understood to be Bank of New York Mellon and the Central Bank. A deal is expected to be announced in the coming weeks.

Anglo's ill-fated HQ has become a symbol of Ireland's property and financial collapse.

NAMA would be very anxious to sell the building so that it could be developed and no longer be seen as a blot on Dublin's landscape.

While property sources have said the building could change hands for €5m, it is understood that NAMA is seeking in the region of €10m to €15m for the unfinished premises.

A court was told last year that even with the €40m spent so far on the complex, it would cost an additional €68m to "clad and complete" the complex consisting of three buildings. However, a German company manufactured the window panes and cladding that were to be used for the building's exterior. Both the glass and cladding were custom made and have been lying idle in a German warehouse since. It is hoped any new occupant would be able to get hold of these materials at a discount.

The iconic 230,000 sq ft shell of a building on the northside of the Liffey in Dublin's docklands has been untouched since 2008 when a legal battle erupted about the complex's planning permission, which was finally resolved in September 2010.

The partially built block was one of a large number of properties owned by Liam Carroll's Zoe group of companies which collapsed into receivership and liquidation in 2009 with debts of €1.3bn. Most of the properties were subsequently transferred to NAMA.

Dispersed

The Central Bank has no solid proposals as yet on how it might consolidate its city centre offices which are currently dispersed between a building at Spencer Dock, in the north docklands, another at Iveagh Court, Harcourt Road, in addition to its headquarters in Dame St.

BNY Mellon, a major global player in financial investment management and investment service, is seeking a new headquarters building of up to 200,000sq ft to replace several offices in the city.

It is not known what the group of managers who previously worked with Liam Carroll in his Zoe Development group hope to do with the building.

Irish Independent

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