Price drop for DIT-owned college off O’Connell Street

The Dublin Institute of Technology has dropped the asking price to €12 million-plus for a high-profile college adjoining the Gresham Hotel in Dublin's O'Connell Street, which will be offered for sale in two lots.

WK Nowlan Real Estate Advisers originally sought in excess of €15 million for the Cathal Brugha Street and Marlborough Street buildings in March 2016, but withdrew them from the market because of uncertainty over a date for vacant possession due to a court case taken by a contractor, which was later dismissed. This delayed the execution of a contract for accommodation at Grangegorman.

The complex off O’Connell Street includes two properties: the original early 1940s art deco-style building fronting on to Cathal Brugha Street, Marlborough Street and Thomas Lane; and a connected 1990 building opening on to Marlborough Street.

Each building has its own independent access but are linked at the ground and first floor via a six-storey building, of which the remaining upper floors form part of the Gresham Hotel.