Ulster Bank's distressed property investment company, West Register (ROI) Property Ltd, has submitted plans for a major redevelopment of the Ballsbridge premises currently occupied by the Audi Centre at Pembroke Road.
Located opposite the former Jurys Hotel, the threestorey building at 83 Pembroke Road was sold in February this year on the instructions of receiver Declan McDonald of PwC, who was also acting for Ulster Bank.
West Register's planning application follows its purchase of the property earlier this year for around €4m -- a sharp drop on the €10m which developers Gerry O'Reilly and Bernard McNamara paid for it in 2003.
The new plans include demolition of the existing three-storey 1,715 sqm building and its replacement with part two-storey, part five- storey offices with 4,400sqm of floor space including a basement level of 772sqm. It will have 12 parking spaces to the front.
The premises is let to the Audi Centre as offices and showrooms at a rent of €376,000 per annum on a 10-year lease from 2009.
West Register has also bought another former office building, McConnell House, Charlemont Place, Dublin 2, which was also previously owned by the McNamara O'Reilly development team.
The agents on both deals, HT Meagher O'Reilly, are believed to have agreed a deal to sell the McConnell building for about €2m.