Former Quinlan office sells for €6m

 

THE TURKISH embassy has acquired the former offices of property investor Derek Quinlan at 8 Raglan Road, Ballsbridge, Dublin 4, for €6 million. The embassy currently has its offices on Clyde Road, Ballsbridge.

Guests were told at a recent reception that it had bought the former Quinlan building at the corner of Raglan Road and Elgin Road. The 10,000sq ft property was formerly offices for Quinlan’s company, Avestus Capital. It went on the market in September through Knight Frank Ireland seeking in the region of €5 million.

Paul McDowell of Knight Frank, who was appointed fixed charge receiver for the property, described it as “a good result for Nama”. He said it was a difficult property to value because it was a period building with modern offices to the rear “which is unusual in Ballsbridge”.

The embassy is believed to have been interested in the property for some months but was awaiting clarification on a planning issue and to get vacant possession before the sale went ahead.

Next door, the Belgian embassy has applied for planning permission for change of use on another former Quinlan property at 1 Elgin Road.

According to Mr McDowell, embassies in leafy parts of south Dublin have an appetite for property. “Foreign governments are deciding that with the drop in value in Irish property, it represents good value to buy rather than rent,” he said.