Findlater House on O’Connell Street in Dublin 1 will be offered for sale on behalf of Nama for offer in excess of €4.5m.
BNP Paribas Real Estate will handle the sale of the building which was bought by Garret Kelleher ’s Shelbourne Developments in 2005 for slightly over €30m. Funding was provided by the former Anglo Irish Bank.
Less than half the floor space is currently occupied and two of the three tenants are due to move out next December and in August, 2014. The ground floor retail area extends to 1,109sq m (11,941sq ft), while the overhead offices have a floor area of 4,231 sq m (45,542 sq ft).
Over the last 12 months hoteliers, hostel operators and companies providing student accommodation and education facilities had all expressed interest in acquiring the block. For that reason they had made a strategic decision to test the market by offering it for sale. SOurce: The Irish Times
