THE sale of the iconic CHQ building in Dublin's docklands has stalled as the process failed to achieve the hoped for €10m price tag, the Sunday Independent has learnt.
Though agent Lisney claims it was happy with the number and initial level of bids, sources say last-stage bids barely approached more than half the hoped for price. Final bidding closed last week.
The building's future will now be discussed at the Dublin Docklands Development Authority (DDDA) board meeting at the end of next month.
Poor rental roll prospects for the building's current shopping plaza format were said to be a factor in lower than hoped for offers.
Bidders included Porterhouse group founder Oliver Hughes, the criminal lawyer turned pub entrepreneur, who has a Borough Market-style vision for the space, proposing developing a food market and microbrewery.
The listed 19th-Century building was developed by the DDDA in 2005 at a cost of €47m. Tenant numbers dwindled, leaving the DDDA coping with increasingly Marie Celeste-like levels of occupancy and costs of a reported €600,000 a year for maintenance against circa €500,000 in rent roll. At present, 20 per cent of the 100,000 sq ft space is occupied.