Preferred Bidder for Central Bank Dame Street Portfolio Nominated
The Central Bank has nominated Hines as the preferred bidder for its Dame Street property portfolio.
Hines and the Bank will enter into a process that is subject to various procedures, and will be managed by the Bank’s property advisors Lisney. The Bank expects to announce conclusion of the process and final sale in due course.
The Tower building is one of Dublin’s most recognisable buildings and has been described by Archiseek.com as a ‘highly assertive building with a bold outline and dramatic styling’. Its construction was somewhat unusual in that it was built using a cantilevered system located on top of the twin reinforced concrete service cores with each floor suspended from the twin cores by 12 external supports. The floors including all services were built at ground floor level and subsequently hoisted into place. Internally the Tower building is somewhat dated and it’s likely a new owner would at a minimum undertake a substantial refurbishment.
Hines has more than $1.5bn (€1.3bn) in assets in Ireland, according to its website, including retail, office and residential projects.
The Central Bank is developing a new city centre head office at North Wall Quay. Its current accommodation arrangement sees staff spread across four different city centre locations.
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