The €25m (£22m) Smurfit Kappa headquarters in Clonskeagh Dublin 4 is expected to be put up for sale in the coming weeks with Savills appointed as a fixed charge receiver.
The building was bought by a consortium of developers John Flynn, Paddy Kelly and the McCormack family in 2003 and is expected to be brought to market soon following Nama calling in the distressed Anglo Irish Bank loan used to buy the building.
The site contains two office blocks with a floor area of 30,000 sq ft and a redevelopment site of seven acres. There are 70 car-parking spaces alongside the office blocks as well as a helicopter landing pad.
Smurfit Kappa is paying a rent of €500,000 for the office space under a lease that is due to run out towards the end of 2013. It is expected that Smurfit will offer to buy the property as it has been the company’s HQ for more than 30 years.
While the building was bought for a premium back in 2003, it is now expected to fetch no more than €10m as property and land values have fallen through the floor.
james.a.kenny@estatesgazette.com
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