89% drop to €2.85m for D2 block
THE FORMER Dublin headquarters of the Commissioners for Irish Lights at 16-19 Lower Pembroke Street, Dublin 2, are to be offered for sale at €2.85 million on the instructions of Nama – a 89 per cent per cent drop on the €26 million paid for the block in 2006 by Pembroke Partnership.
Wesley Rothwell of CBRE says the building, which has not been occupied since it was sold in 2006, is now in need of extensive refurbishment.
Pembroke Partnership, a company controlled by Gerry Deane and Paddy Fitzgerald, secured planning permission to redevelop and enlarge the block to provide four floors of offices with an internal area of 4,318sq m (45,000sq ft), two penthouses and 22 car-parking spaces.
The project was expected to have an end value of €50 million but was not proceeded with because of the economic downturn and the banking crisis.
The block is particularly well located between Lower Baggot Street and Leeson Street next to Fitzwilliam Square. Its mixed-use zoning would allow it to be used either as offices or as a budget-style hotel with about 80 rooms.
The current layout provides an overall floor area of 2,275sq m (24,488sq ft) as well as a surface car park at the rear with about 30 spaces.