Wednesday 21 March 2018

Setanta Centre to sell in deal worth over €100m

The Setanta Centre, situated on a prime site on Dublin’s Nassau Street close to Trinity College
The Setanta Centre, situated on a prime site on Dublin’s Nassau Street close to Trinity College

Peter Flanagan Commercial Property Editor

The Setanta Centre in central Dublin is set to be sold in a deal worth well over €100m.

A group of Middle Eastern investors is said to have been chosen as the preferred bidder for the property on Nassau Street close to Trinity College.

The 1970s office building has been owned by a company controlled by businessman Larry Goodman since 2003.

While Mr Goodman did not officially put the property on the market, he is thought to have received a number of unsolicited offers for the block,.

Setanta is widely seen as one of the major untapped redevelopment opportunities in the area around Nassau Street and St Stephen's Green.

JLL and Savills are understood to have been retained to assess interest in the property.

The Middle-Eastern group is thought to have been brought into Ireland by the private client business of an international bank.

US investment firm Hines and developer Noel Smyth are both believed to have shown interest in the property but are not believed to have gone forward with a deal. Hardwicke Investments, which developed the Setanta Centre, is reported to have been among the other firms which have offered to buy the block from Mr Goodman.

Mr Goodman, who heads beef processing giant ABP, has owned the property for several years through his Parma Investments company. He owned the property previously before buying it back from Green Property in 2003 for €89m.

Talks between Parma and a number of potential buyers have been going on for sometime.

The Setanta Centre is seen as being one of the last major redevelopment opportunities in the city centre for the current cycle. The block features a relatively large surface car park in a courtyard style layout in the centre of the property.

That means that a relatively large percentage of the property is not currently built on.

Spokesmen for Mr Goodman and JLL declined to comment.

Irish Independent

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