Price rises to €20m at Dawson Street block

The guide price for an office and retail building at the junction of Dawson Street and Molesworth Street in Dublin city centre has been increased from €15 million to €20 million now that the sale is to proceed after being held up for almost 12 months.

With Simon Coyle and Tom O'Brien of Mazars finally installed as receivers to owners Shelbourne Properties, selling agents BNP Paribas Real Estate have announced that they will be seeking expressions of interest in the property by Friday, 6th June.

A large number of private and institutional investors have inspected the block which is possibly the best redevelopment opportunity to have come on the market in the central business district over the past five years.

Patrick Curran of BNP said there had been a consistent level of interest from both Ireland and overseas since the launch of the marketing campaign and they were pleased to advise that they were now bringing the sales process to a conclusion.

The former HQ of Royal Sun Alliance was acquired by Garret Kelleher's company in 2005 for €63.5 million.The extravagant funding was provided by the former Anglo Irish Bank.