The Irish Independent has today reported that Hibernia Reit, Johnny Ronan's Ronan Group Real Estate (RGRE), developer Eamonn Duignan and the UK property group U+I are among a number of parties understood to have submitted offers to acquire the Central Bank's Dame Street headquarters by the close of bidding yesterday.
The newspaper reported that other parties who had expressed an interest in the building and its associated portfolio decided not to follow through with an offer, having formed the view that the indicative pricing of €65m given to the Stephenson 'Tower' by selling agents, Lisney, was excessive.
With the sale of the Central Bank's Dame Street headquarters being conducted on a 'best bids' basis, yesterday's process represented the one and only opportunity for potential purchasers to make an offer.
Quite apart from the requirement to submit the highest offer and be in a position to complete the purchase of the Central Bank's Dame Street headquarters, its new owners will have to comply with a number of conditions of sale set down by the Central Bank.
One stipulation requires the purchaser of the Central Bank Tower to seek permission from the Central Bank should they wish to remove the famous Crann an Oir sculpture from its present position on the bank's main plaza.
While there has been speculation that the Central Bank headquarters could be converted for hotel use, sources familiar with the matter said this was unlikely given the estimate that the building could accommodate just 108 hotel rooms. That esimate was contained in the master plan drawn up for the Central Bank portfolio by Henry J Lyons architects.
Based on a €65m price tag, any buyer proposing to redevelop the Stephenson-designed building as a hotel would be paying an effective €601,000 per room before the commencement of any conversion or refurbishment.
Source: www.businessworld.ie
