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Lisney
# Central Bank
Central Bank of Ireland seeks €110 million for its Spencer Dock office building
Proceeds from the sale will be used to offset the costs of its North Wall Quay expansion.
THE CENTRAL BANK is selling its Spencer Dock, Dublin 1 office building.
Bought for €104 million in September 2015, Block R at Spencer Dock is being brought to market by Lisney with a guide price of €110 million.
The 11,913 sq m building is adjacent to the Central Bank’s headquarters on North Wall Quay, which it bought for €7 million in 2012.
Last year, the Central Bank further expanded its HQ by acquiring two adjacent buildings, being developed by Sean Mulryan’s Ballymore in partnership with listed Singapore-based property group Oxley.
Proceeds from the sale of Block R will be used to offset the €205 million expansion.
Most of the Central Bank’s staff moved to the North Wall Quay HQ in 2017 following the sale of its Dame Street office.
Once Block R has been sold, all Dublin City Centre staff will be based at the North Wall Quay office.
Block R was developed by Johnny Ronan and Richard Barrett’s former company, Treasury Holdings, before the property crash.
Goldman Sachs eventually acquired a majority stake in the property as part of ‘Project Stone’, which the special liquidators of IBRC — formerly Anglo Irish Bank — offloaded in 2015.
NAMA and American property developer Hines held the remaining stake before the Spencer Dock property was sold to the Central Bank a few months later.
