Wednesday 21 August 2019

Central Bank signs off on Dame Street sale to Hines

Central Bank is moving from Dame Street to North Wall
Central Bank is moving from Dame Street to North Wall

Michael Cogley

The Central Bank has signed a contract confirming the sale of its Dame Street headquarters to real estate investment firm Hines.

The State's financial regulator will move to its new Dublin Docklands premises in the first quarter of next year.

Hines was identified as the preferred bidder for the city centre portfolio, which included the main tower as well as two adjoining buildings. The property originally went up for sale for €65m in September.

While the value of the deal was not disclosed, it is understood that Hines agreed a fee just under the market price.

Lisney was appointed as the agent by the Central Bank for the buildings, which were offered in one or more lots.

Speaking in September, Central Bank director of currency Paul Molumby said: "The move to new premises is essential as our mandate increases and our staff complement grows. It is being done in a cost-effective, environmentally efficient and sustainable way."

The Central Bank has been based in Dame Street since 1979 with the upcoming move impacting all city centre staff, including those in Iveagh Court. The bank said it will not renew its lease on that building when it relocated more than 1,500 staff to the IFSC. It is understood Hines beat competition from five other bidders for the landmark Dublin property.

Irish Independent

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