Few Dublin office buildings have fallen in value as rapidly as the former Cablelink/NTL complex at Pembroke Place in Ballsbridge.
The two-storey block, valued at €27 million about 12 months before the property crash, failed to attract a buyer at the time and, when it was offered for sale again in 2009 at a much reduced €9.5 million, there were still no takers.
Agent HT Meagher O'Reilly is hoping it will be a case of third time lucky when it invites bids later this week for the 1980s building which stands on a site of 0.4 of an acre beside the Herbert Park Hotel.
With secondary property values currently on the floor, Paul Hanly of the commercial agency is guiding €2.75 million for the 1,430sq m (15,400sq ft) building which has been vacant for some considerable time.
He says the block will either have to be refurbished or redeveloped. With parking space at the front of the building for 12 cars, there is obvious scope to opt for a considerably larger development on this occasion.
A new owner will have the option of going for offices, apartments or student accommodation and with renewed interest in infill sites – particularly in Dublin 4 – the selling agent is confident of finding a buyer.
The immediate neighbours include the American and British embassies, the RDS, AIB headquarters and the Four Seasons Hotel.
The receiver for the Pembroke Place property, Martin Ferris of Ferris & Co, is acting for the former ACC Bank which provided loans of around €16 million to developer Paddy Kelly and three of his adult children for this particular investment.