Pension fund buys out Green's share of office
GREEN Property has disposed of its 30 per cent stake in a four-storey over basement office block occupied by Barclays Bank at 47/49 St Stephen's Green in Dublin. The Irish Airline Pension Fund, which held the remainder of the equity in the 30,000-square-foot building, bought out Green's interests for around £1.5 million. Barclays occupies the ground and first floors. The Nederland Bank and Lansdowne Market Research are tenants on the other floors. The rent roll is just over £500,000. Alan Bradley of Jones Lang Wootton acted for the pension fund.
Green has also secured over £700,000 for a two-storey house at 1 Ailesbury Road, Ballsbridge, Dublin 4, which has been used as an office in recent years. It is understood to have been sold to a private investor. The house, which is currently rented by Thorn EMI under a 15 year lease, is one of 10 properties which have been sold by Green Property for around £6 million.
The company secured more than £1 million for three shops occupied by UK multiples Ratners, Sears and Tyler at 6/7/8 O'Connell Street, Sligo. A shop at Main Street, Bray, Co Wicklow, was also offloaded. Green also sold two industrial buildings at Ballymount Road, west Dublin, and another unit at Westgate Business Park.
Meanwhile, Green has agreed terms for the sale of a one-acre site on a leasehold basis at Blanchardstown Town Centre. It will accommodate a 40,000-square-foot leisure complex to be operated by Mr Colm Butler. Green has also begun construction work on an extension to the shopping centre.