Receiver seeks €5.5m for office block in Dublin 2
Receiver Simon Coyle is seeking offers of around €5.5m for an office block in the heart of Dublin's prime office area -- less than a third of its asking price during the boom.
Block 1, Clanwilliam Court, Lower Mount Street, Dublin 2, is located near the junction of Lower Mount Street and Northumberland Road and directly across the road from the newly completed headquarters for Bord Gais.
It is close to the heart of Dublin's office district, which stretches along the Grand Canal from Leeson St to the Liffey and is also within walking distance of Dublin 4.
Part of the Clanwilliam Court developed by Clancourt Group in the early 1970's, this block comprises 3,032sqm of net space over five floors which are laid out in a combination of open plan areas and private offices. In addition there are 74 car spaces.
In 2005 it was sold for around €19m and in 2008 Richard Farringdon's company, Abbeyrock Developments, received planning permission to build a seven-storey block of 5,200sqm gross on the site but unfortunately the market changed before this could be built.
In June 2010 Ulster Bank appointed Mr Coyle, of consultancy firm Mazars as receiver to Abbeyrock (St Doolaghs) Developments Limited.
Paul Scannell of HWBC who is handling the sale says the building design and modern specification makes it suitable for a variety of users including owner occupiers looking to purchase a substantial HQ at a greatly reduced price. "It may also interest educational users, subject to planning," he adds.
"This is one of the few vacant and substantial office blocks to be offered for sale in D2 since the crash and should provide a good test of where capital values are," Mr Scannell said.
Demand for office space has picked up this year with a number of banks and high tech companies in the market and this block might attract an investor with an eye to meeting some of this demand.