Former IAWS HQ in Dublin 8 sells for €5.2m

An Irish investor is to look for tenants for the available space in the former IAWS headquarters on Thomas Street in Dublin 8 after buying it for €5.2 million, well ahead of the guide price of €3.5 million.

There is currently about 650sq m (7,000sq ft) of office space available mainly on the ground floor of the building which served as the IAWS headquarters for 117 years from 1897.

IAWS was set up by co-op members to deal directly on their behalf with the international commodity markets.

The landmark 1,114sq m (12,000sq ft) building was sold by One51, the plc specialising in plastics and environmental services which occupies part of the accommodation.

Most of the space on the first, second and third floors is let to the IAWS group under a long-term licence agreement at €182,000 a year.

IAWS is now a wholly- owned subsidiary of the Swiss-based Aryzta AG, a global food trader with annual revenues of more than €4 billion.

Loft-style offices

Enda Moore

of agents Hooke & MacDonald, who handled the sale, said there were plans to convert a 15,865sq m warehouse at the rear of the main building into loft-style offices.

A surface car park extending to 0.2 of a hectare (0.48 of an acre) has long-term development potential but in the meantime can accommodate up to 90 vehicles.

The site would be ideal for an apartment development or other uses such as offices, hotel/hostel and student accommodation. A feasibility study by Keoghan Architects estimates the car park could accommodate 35 to 40 apartments and townhouses as well as commercial facilities.

The property is strategically located beside the Digital Hub which is reported to be operating close to full capacity at the moment. It is also close to the Guinness Storehouse.