Wednesday 23 May 2018

Central Bank set to cash in with €80m sale of Dame St HQ

The Central Bank's Dame Street HQ, designed by the late Sam Stephenson, is being sold with two other properties by Lisney
The Central Bank's Dame Street HQ, designed by the late Sam Stephenson, is being sold with two other properties by Lisney
Ronald Quinlan

Ronald Quinlan

The eagerly anticipated sale of the Central Bank's iconic Dame Street headquarters and other associated properties on Dame Street and College Green has been launched by estate agents Lisney.

In a somewhat unusual departure for the market, there are no asking prices for the properties, which have the potential to be adapted for an array of uses by potential purchasers.

Lisney chairman James Nugent expects bidding to be in the region of €65m for the Sam Stephenson-designed Central Bank 'Tower' building, and bids in the region of €2m and €14m for Lots 2 and 3 respectively.

The properties - all of which are coming to the market with full vacant possession - comprise the majority of a city block bounded by College Green and Dame Street to the south, Cope Street to the north, Anglesea Street to the east and Upper Fownes Street to the west.

Nugent says there is the possibility of a single buyer securing all three lots for around €80m, which he anticipates the sale will achieve. The properties are to be sold by best bids, with formal offers due by October 19.

The Central Bank building extends to 83,393 sq ft and has been described by as "a highly assertive building with a bold outline and dramatic styling". Notwithstanding those plaudits, the property is not a protected structure.

The second lot consists of a five storey over basement period building at 9 College Green which extends to 5,236 sq ft.

The final lot is 6/8 College Green, which sits on the site of the original Jury's Hotel. This provides a modern, six-storey over basement standalone office building of 23,029 sq ft (net including storage/ancillary accommodation).

In anticipation of the sale the Central Bank has commissioned a number of technical due diligence reports which will be made available to potential purchasers.

Among these is an indicative master plan for the buildings which has been prepared by Henry J Lyons architects. This shows a possible enlivening of the plaza area with more associated amenity and retail space. Another option which may be considered by potential purchasers is conversion into a hotel. Given the impending pedestrianisation of College Green, it is anticipated there will be increased focus on retail uses at street level.

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