Sunday 24 February 2019

Central Bank to pay €204m for new IFSC headquarters

The Central Bank building
The Central Bank building

Ronald Quinlan Commercial Property Editor

The Central Bank has agreed to pay a total of €204m to acquire two buildings being developed by Sean Mulryan's Ballymore in partnership with Singapore-listed developer, Oxley, next to its existing headquarters on Dublin's North Wall Quay.

In a statement issued to the Singapore stock exchange last week, Oxley confirmed it had entered into an agreement with the Central Bank for the sale of Nos 4 and 5 Dublin Landings at prices of €97m and €107m respectively.

Oxley added in its statement that a deposit of €20.4m had already been paid by the Central Bank, with the remaining balance of €183.6m due for payment following the expected delivery of the two buildings this October.

The Central Bank said last November that it intends to sell its building at Spencer Dock to partly fund the cost of acquiring the Dublin Landings properties.

The purchase of the two buildings provides the bank with the scope to grow its 1,815-strong workforce by as much as 300 employees.

Nos 4 and 5 have a combined floor area of 200,000 sq ft (18,850 sq m), which is some 60pc more than the Central Bank's HQ, which it acquired for €104m in 2015.

In a separate statement to the Singapore stock exchange which it issued yesterday, Oxley confirmed it had agreed to sell the 268 luxury apartments it is delivering in partnership with Ballymore at Dublin Landings to the US-headquartered property giant Greystar for €175.5m.

The sale of the 'Dublin Landings Residential' portfolio, the details of which the Irish Independent exclusively revealed last Thursday, has been targeted for completion on February 27 next.

Greystar has been granted an exclusivity period until March 4 to conduct due diligence on the property and process the necessary documents related to the agreement, the statement said.

The 268 units at Ballymore's 'Dublin Landings Residential' will comprise 82 one-bed, 146 two-bed, and 31 three-bed apartments, in addition to nine three-bed duplexes.

The scheme, the first phase of which is due to be completed in September 2019, will include numerous on-site resident amenities including a concierge service, landscaped gardens, a private gym, business lounges and 210 basement parking spaces.

All told, the 'Dublin Landings' waterfront regeneration project is set to extend to 100,000 sq m (1,076,391 sq ft) of office, residential and retail/leisure accommodation, of which 22,019 sq m (237,000 sq ft) will be residential accommodation.

Irish Independent

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