Central Bank's Dame Street HQ sold for €67m

The bank is now bound for the Docklands...

Central Bank's Dame Street HQ sold for €67m

Image: RollingNews.ie

The Central Bank has sold its Dame Street premises in Dublin for approximately €67 million.

The deal includes the bank's tower building and commercial buildings, as well as a number of premises on College Green.

Two major real estate companies – Hines and Peterson Group – formed a partnership to make the acquisition. Hines had emerged as the preferred bidder back in November. The deal was managed by the banks property advisors, Lisney

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.

They've also bought a premises on Grand Parade in Dublin, which was at one stage the headquarters of Irish Nationwide Building Society.

The main Dame Street property is expected to be used as high-spec office or retail space as the possibility of converting it into a hotel has been deemed financial unfeasible due to the fact it could only accommodate 108 rooms.

The brutalist building was completed in 1978, officially opened in late 1979 and has been a controversial presence on the capital's skyline ever since.

The Central Bank is in the process of moving to a new campus on North Wall Quay in the Docklands area. The new head office cost €140m to develop.