Citi, the global bank, has launched the sale of its waterfront HQ building on North Wall Quay in Dublin’s North Docklands and sales agents Knight Frank are guiding over €120m for the asset.
Located at 1 North Wall Quay, the property comprises a six-storey over basement office building of about 230,000 sqft with 139 car-parking spaces. Its site area extends to two acres and benefits from about 125 metres of river frontage at North Wall Quay making it visible from along the Sir John Rogerson’s Quay thoroughfare. The site also has frontage onto Commons Street and Alderman Way in the International Financial Services Centre (IFSC).
Citi intends to remain in occupation of the premises for a period of time after the sale while it completes the purchase and fit-out of its new HQ and this search has already commenced.
A purchaser would have the option of subsequently letting out the building which is in good condition or availing of the scale of the site and its zoning to carry out a complete redevelopment.
Henry J Lyons has prepared a detailed feasibility study for the site on the basis of a refurbishment, refurbishment and extension and a full redevelopment option providing about 500,000 sqft.
In view of the proposed changes to car-parking provision in the upcoming Draft DCC Development Plan, the presence of 139 existing basement car spaces would be viewed as a significant asset to the site.
It is zoned Objective Z5 under the current Dublin City Development Plan and under the Draft Dublin City Development Plan 2022-2028.
Strategically situated within the IFSC, it benefits from public transport links with the Georges Dock Luas stop within 100 metres while Connolly Station is within 350 metres.
Furthermore, the IFSC multi-storey car park is directly opposite the site on Commons Street and a Dublin bikes station is nearby on North Wall Quay. The local area also offers a choice of hotels with Hilton Garden, the Spencer, the Mayson and the Samuel all in close proximity.
North Docklands is now a prime office location with prestigious occupiers which include Salesforce, NTMA, AIG, Central Bank of Ireland and A & L Goodbody all maintaining a strong presence.