NAMA’s sale of one of Dublin's biggest office blocks has fallen through

The PwC building generates annual rent of close to €11m

NAMA’s sale of one of Dublin's biggest office blocks has fallen through

Treasury Building in Dublin. Image: RollingNews.ie

NAMA’s planned sale of one of Dublin’s largest office complexes, the Headquarters of Price Waterhouse Coopers (PwC) beside the Convention Centre on the city’s north docks to the giant US property group Hines will not go ahead according to reports in The Irish Times.

Hines, which is active in a number of other developments across the city including the development of a giant housing and commercial project at Cherrywood near Leopardstown in south Dublin, had been expected to buy the complex in association with German pension funds for close to €242m.

Hines has offered no comment regarding the collapse of the deal.

In the meantime, PwC has sub-let a large portion of its offices to an American health company.

One of two other investment companies who previously bid for the property has been invited to enter discussions with selling agents CBRE and Savills.

The nine-storey building is one of the city's most spacious office blocks, its total floor area is 1,054sq m.

It is let to PwC under a 25-year lease, with upward-only rent reviews every five years - there are 15 years remaining on that lease.

The overall rent is reported to be more than €11m per year.