THE IRISH investment market has once again turned its attention to Grafton Street in the hope that values will rebound there quicker than anywhere else. AIB’s surprise decision to sell its flagship building near the bottom of the street (while staying on as tenants) has given a lift to the largely dormant market.

This is a cracker of an investment and is sure to attract interest from all over Europe because of its bigger than usual ground floor and dual frontage on to Grafton Street and Wicklow Street. It will also be eyed by the dwindling number of cash-rich families looking for a gold-plated deal. Old money rather than new we’re thinking.

AIB is obviously hoping to bump up values on the street lest Nama goes about downgrading it in its valuations, to the detriment of some of its big customers. Then again, the bank couldn’t be seen to be sitting on one of the best city centre buildings when it is about to be bailed out by Nama and the rest of us.