€13m for former Irish Nationwide HQ
1.7-acre development opportunity looks likely to be used for apartment scheme
Overlooking the Grand Canal at Grand Parade: the block has also been the headquarters of the then Irish owned tobacco company PJ Carroll whose manufacturing plant was located in Dundalk
The former headquarters of the Irish Nationwide Building Society goes for sale today with a guide price of €13 million.
The seven-storey over basement listed building at Grand Parade, Dublin 6, will be of interest to a range of companies attracted more by the development opportunities on the 1.7 acre grounds than the 51-year-old office block.
The development options open to buyers range from a substantial hotel or office scheme to a large apartment complex.
The mixed zoning on the site would also permit an educational facility, embassy or medical related use.
Several developers contacted this week felt confident that it would be used for an apartment scheme because of its prime location and proximity to the Luas service.
Refurbishing and modernising When the Irish Bank Resolution Corporation moves out of the 3,948sq m (42,500sq ft) Robinson Keefe Devane designed office block, a new owner will have the option of stripping out the building and bringing it back to the frame before installing a modern fit out.
A full scale refurbishment would probably cost at least €5 million but is likely to prove worthwhile because of the higher rents on the way for top range offices. There are currently 92 surface car parking spaces on site.
Wesley Rothwell of CBRE is handling the sale of the Nationwide HQ on behalf of Kieran Wallace and Eamonn Richardson of KPMG, who are joint special liquidators to the Irish Bank Resolution Corporation. Several more distressed assets held by the bank are due to be sold before the end of the year.
The office block overlooking the Grand Canal was purchased by the Michael Fingleton-run building society in 1991 for £4 million (about €5.1 million).
It has previously been used as the headquarters of the then Irish owned tobacco company PJ Carroll whose manufacturing plant was located in Dundalk.
The grounds of the Grand Parade building, originally around two acres, were reduced to 1.7 acres after the Luas line cut through part of the site.
The grounds have frontage on to Dartmount Road as well as Grand Parade.
The property is on the opposite side of the Grand Canal from the Hilton Hotel which is currently for sale at €22 million on behalf of Jerry O’Reilly and Bernard McNamara whose loans have been transferred to Nama.
An adjoining office block, McConnell House, also owned by McNamara, was bought in for €2.5 million by the Ulster Bank’s asset wing, West Register, when it failed to attract a buyer.