Central Bank building to go up for sale at €65m

The Central Bank building on Dame Street in Dublin, which has split opinion for decades, is to be offered for sale next month along with four other adjoining office blocks.

The complex has been valued at €80 million by selling agent James Nugent of Lisney.

Opinion on the Sam Stephenson-designed building has been divided since its completion in 1978, with critics and members of the public either championing it as brilliant or lambasting it as brutalist.

Either way, Lisney is expecting the tower and two interconnecting blocks to sell for about €65 million when best bids are called for on October 19th.

Investors are also likely to pay more than €2 million for a period building at 9 College Green and about €14 million for a substantially larger block at the corner of College Green and Anglesea Street.

Mr Nugent said whoever bought the portfolio would have a “unique opportunity to shape the future use of an important and vibrant part of Dublin city centre”.

Retail facilities

An architect’s report on the tower suggests there is “undoubted scope” to create more activity on its substantial plaza by introducing more amenity attractions and retail facilities. Given the impending pedestrianisation of part of College Green, businesses will be looking for opportunities to provide additional retail uses at street level.

Another option would be to convert it into a hotel.

Either way, Lisney has admitted that the tower will require considerable refurbishment by its new owners. Surprisingly, it is not a listed building though the small period house in the same complex is.

With the Central Bank due to relocate in November to its new headquarters at North Wall Quay in the docklands, Paul Molumby, director of currency and facilities mangement, said: "It's time we passed on the buildings to new owners who will care for them in the future". The Central Bank is due to move most of its 1,400 staff to its new HQ which was originally planned to accommodate Anglo Irish Bank.