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Conlan set to sell Hibernian House

Gerry Conlan's Quinby Properties is selling Hibernian House, a potential high profile headquarters office building on Haddington Road, in the heart of Dublin 4's office district.

Agents Knight Frank are quoting €2m for the 1,417sqm offices which extend over three storeys plus ground and basement levels.

Two of the floors are currently vacant while the ground floor is let to Quest Diagnostics whose lease is due to expire in 2014. Euromedics Ireland Finance Ltd have the lease on the second floor which is set to run until 2015. In addition there are 15 spaces in the basement car park.

Quinby acquired the red brick building around the peak of the market in 2006, as part of a portfolio of four office buildings, from Hibernian Insurance, the name at the time for the Irish subsidiary of Aviva. Initially Hibernian had been asking €80m for the portfolio.

The properties had been earmarked for immediate redevelopment into a 23,000sqm office development.

However, due to the deteriorating economic climate, the decision was made in 2008 to take a longer view on the redevelopment and so the developer decided to let the offices on short leases of three to five years.

Now Ciara Horgan of Knight Frank says that the offices could appeal to an owner occupier with expansion plans as they could generate rental income from part of the building.

Alternatively the second generation office block could be considered a refurbishment opportunity at a time when office lettings are enjoying an upturn in demand.

Mr Conlan is involved in a range of healthcare and property businesses and his companies own Mount Carmel Hospital in Dublin as well as two smaller hospitals, Aut Even in Kilkenny and St Joseph's in Sligo.

He was also one of Maple 10 investors who bought shares in Anglo Irish Bank at the time when the now bankrupt Sean Quinn was trying to sell off his major shareholding in the bank.

Prior to that Mr Conlan and his then business partner Dermot O'Rourke set a record when they sold the Millennium Business Park in Naas, Co Kildare for more than €400m.

Indo Property