Developers Paddy Kelly and John Flynn, new owners of the former Bank of Ireland Finance office at 6 Burlington Road, Ballsbridge, Dublin 4, have sold a 50 per cent stake in the building to a fund managed by AIB Investment Managers. The 26-year-old building has 23,000 sq ft and was bought from Fyffes for slightly over £10 million.
When it is vacated by Citibank next March, it is planned to remodel and refurbish it to provide third-generation space. The new owners along, with AIB, are also expected to look at the possibility of amalgamating Number 6 with the adjoining Ark Life building, also owned by AIB, to increase the overall volume of space. It is hoped to pre-let Number 6 as a headquarters building. The block has been sold three times in the past three year, rising in value from £4 million three years ago to £10 million.
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