Tuesday 12 December 2017

Former BoI HQ to hit the market

Donal Buckley

THE former Bank of Ireland headquarters building on Lower Baggot Street in Dublin is expected to come to the market in the coming days as the receiver Kieran Wallace of KPMG seeks to recoup some of the funds owed to Bank of Scotland (Ireland), Danske Bank and Rabobank.

Jones Lang LaSalle are handling the sale of the 20,495sqm building. However they declined to offer any details as yet on their marketing plans.

On the other hand, industry observers suggest that the guide price could exceed €30m.

The offices were bought for €200m by a consortium led by Derek Quinlan and Paddy Shovlin at the height of the boom in 2006 and the vendor was the Bank of Ireland staff pension fund.

At the time it was considered a development coup as the site has significant redevelopment potential in the heart of Dublin's Central Business district.

Quinlan had the investor track record from his involvement in international property deals such as some of London's famous upmarket hotels, while Shovlin and his business partners, Patrick and Anthony Fitzpatrick, had established themselves as serious developers with the Beacon hospital and hotel in Sandyford Industrial Estate in south Dublin.

Their Baggot St consortium reads like a who's who of Celtic Tiger Ireland including former Anglo Irish Bank boss Sean FitzPatrick.

Now a listed building, the vast office block was built between 1968 and 1978 in a modernist style that contrasts with the traditional Georgian style of properties in the surrounding streetscapes.

Bank of Ireland moved many of its staff out of the property after the 2006 sale and they moved to new premises on the south side of the Grand Canal.

Nevertheless with demand for Dublin office space improving and with international investment funds now acquiring prime Dublin offices, the Baggot St premises is expected to attract strong investor interest.

Indo Property

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