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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.

Image: Lisney

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. 

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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.

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