Nama to sell three business buildings at value of €100m

The properties are the Bloodstone Building in the docklands district, Grand Mill Quay near the Google European headquarters on Barrow Street and Hume House, a Ballsbridge property that's likely to be redeveloped.

Nama hasn’t decided whether to proceed with the sale, which would be its biggest divestment in Ireland since it was set up in 2009. A spokesman declined to comment.

Hume House
Hume House was bought by Séan Dunne in 2006 for €130 million and is one of several properties controlled by him included in the receivership by Nama in 2011. Current tenants in Hume House include AIB, Bank of Ireland and Pearse Trust.

Last month, lawyers for Mr Dunne told the High Court they would be seeking to overturn a decision declaring him bankrupt. Mr Dunne was adjudicated bankrupt in July by Ms Justice Elizabeth Dunne over a €161 million debt arising out of unpaid loans made by Ulster Bank for properties in Dublin. The now US-based developer was not in court for the hearing. Mr Dunne has filed for bankruptcy in the US. He claims to have debts of $1 billion and assets of $55 million.

The Bloodstone building in the docklands, also developed by Mr Dunne, is “one of Dublin’s most-sought-after office locations” and “competitive rent and lease terms are available”, according to property website Lisney. In May, computer services company LogMeIn opened offices on the top floor of the eight-storey building at Sir John Rogerson’s Quay. The companyagreed a rent of €301 per square metre (€28 per square foot) for 436sq m (4,700sq ft).

Grand Mill Quay on Barrow Street, Dublin 4, is advertised on property website Daft as an 808sq metre office building and is described as a “unique and innovative workspace development”. The advertisement says rent is “negotiable”.

Commercial recovery
Dublin appears to be leading a recovery in the European commercial property market. Income returns from office buildings in the capital are more than 10.5 per cent a year, the highest among the cities covered by research firm Investment Property Databank. City centre office values increased for the first time in six years in the first quarter, gaining 0.3 per cent from the previous three months, IPD said in April. – (Additional reporting, Bloomberg)