CB Richard Ellis is to handle the sale of the Smurfit Kappa headquarters at Beech Hill Road in Clonskeagh, Dublin 4, which is expected to sell for around €10 million. It was bought by an investment group in 2003 for €25 million.

The distressed loan made available by Anglo Irish Bank to a consortium headed by Paddy Kelly, John Flynn and the McCormack family has been transferred to Nama.

Smurfit Kappa is currently paying a rent of €500,000 annually for the the 3,291sq m of offices and 70 surface car parking spaces on a site of seven acres. The lease runs out at the end of 2013.

UCD may decide to bid for the property after reaching agreement on the future of the site. Planning permission was granted almost two years ago for a mixed development of 18,399sq m of offices and 121 apartments.