Bank of Ireland has instructed agents to sell the 48,018 sq ft Dublin headquarters of New Ireland Assurance, which offers the potential for an office, leisure or hotel redevelopment.
Savills has been appointed to seek offers in excess of €35m (£31.3m) for the building at 9-12 Dawson Street, Dublin 2. The property will be sold with vacant possession, after New Ireland Assurance vacates this summer.
A feasibility study undertaken by Henry J Lyons Architects shows scope to redevelop and extend the existing building to accommodate up to 66,941 sq ft net internal area, subject to planning permission.
Built in the 1960s and early 1970s, 9-12 Dawson Street comprises two office buildings over five and six storeys respectively, in addition to a basement car parking and storage accommodation. The merging of the two buildings over time provided a larger office space to satisfy New Ireland’s changing business requirements.
The Dawson Street area has undergone significant change over the past three years, with new office, retail and public transport development. On Molesworth Street – which connects Dawson Street and the political district of Kildare Street – four new office buildings have been developed, attracting occupiers such as Barclays, AIB and Jet.com.
The Ivy restaurant is due to open at One Molesworth Street later this year and Specsavers is planning to establish its first flagship Irish store at 40 Molesworth Street.
The arrival of the new LUAS Cross City line has improved the public transport network in Dublin, with a stop at the doorstep of 9-12 Dawson Street.
Mark Reynolds, director of development, agency and consultancy at Savills Ireland, said: “We believe the property’s exceptional location coupled with Dublin’s strong economic growth makes 9-12 Dawson Street a highly attractive and unique proposition and represents a prime development opportunity.”
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