September date set for sale of Dawson Street premises

Agents BNP Paribas Real Estate has announced that due to ongoing interest in the office and retail building to be sold at the junction of Dawson Street and Molesworth Street in Dublin city centre and the pending August holiday season, the marketing campaign is to be extended through next month with the intention of completing the sale in early September.

A large number of private and institutional investors have inspected the block, which is arguably the best redevelopment opportunity to have come on the market in the Central Business District over the past five years.

The building, which is expected to make in excess of €15 million, offers rental income in the short time with the opportunity to redevelop and enlarge the block as the office market improves.

Additional time
Patrick Curran, managing director of BNP Paribas Real Estate, said they had seen consistent levels of interest from both Ireland and overseas since the beginning of the marketing campaign and out of courtesy to interested parties it was decided to facilitate their request for additional time to complete their due diligence over the holiday season.

“In the circumstances, all parties have now been advised that we will be bringing this sales process to conclusion in early September.”

The €15million-plus expected for the well-located complex is a long way from the €63.5 million paid for it in 2005 by Garret Kelleher's Shelbourne Developments. Funding was provided by the former Anglo Irish Bank.