Irish Nationwide Building Society is preparing to sell all its offices, most located on high streets in Dublin and provincial cities and towns, following its merger with Anglo Irish Bank
IRISH Nationwide Building Society is preparing to sell off its 48 branch offices following a Government decision to merge it with Anglo Irish Bank before running down the two troubled lenders over time. The society’s freehold and leasehold portfolio was valued at €45.7 million at the end of 2009.
The society has invited five or six Dublin estate agents to devise a sales strategy for the retail properties, most of them located on high streets in Dublin as well as in a number of provincial cities and towns. There is also a freehold property on Wigmore Street in London.
The first tranche of properties expected to go for sale will not include the society’s head office at Grand Parade in Dublin 6 which is expected to be in use until the Government merges the two rumps of the banks into a wind down vehicle.
If, as expected, the HQ eventually goes on the market, it is likely to attract considerable attention from developers not only because of the high quality building but also on account of the substantial car park beside it which will inevitably be redeveloped for additional office space or for apartments.
The former Carrolls cigarettes offices and the surface car park would be expected to sell for at least €15 million.
In the meantime, the top price is likely to come from the Nationwide’s little used but high profile building on the corner of Dublin’s O’Connell Street and Eden Quay which should make over €2 million.
The block is more noticeable for its signage than its architecture. It was built in 1922 on the site of Hopkins Hopkins, watchmakers and jewellers, whose building was completely destroyed in the 1916 Rising.
Like other building societies during the boom years, Nationwide had been anxious for a presence on Grafton Street but had to settle for a second class building near the bottom of the street with little retail space on the ground floor and excessive offfice accommodation overhead. Luckily the lease on the building is due to run out in about two years.
The other Dublin branches are at Upper Merrion Street; Lower George’s Street in Dún Laoghaire; Lower Drumcondra Road; Crumlin Road in Crumlin; Main Street in Dundrum, Marino Mart in Fairview and Sundrive Road in Kimmage.
Of the five offices in Co Cork, the only property of note is at Patrick Street in Cork city. Another branch at Cruises Street in Limerick would obviously be of interest to both traders or investors.
Nationwide was generally good at selecting buildings on high streets and for that reason it should have no difficulty in finding buyers for offices at Eyre Square in Galway, O’Connell Street in Clonmel, Ellison Street, Castlebar and Upper Main Street in Letterkenny.
The society’s branch office in the Centrepoint Building on the Ormeau Avenue in Belfast is rented but the one in London should invariably atttract a good price.
