THE ARNOTTS department store on Dublin's Henry Street is now valued on the books at between about €50 million and €60 million following an 80 per cent writedown of property assets last year by its parent group, Arnotts Holdings Ltd, its chief executive Nigel Blow has told The Irish Times.

He described this valuation as “way too low” in real terms, given that Arnotts’ retail business is returning to the black. Arnotts made a loss of €295 million last year, taking a writedown of €248 million on property assets. It is now owned by its lenders, Anglo Irish Bank and Ulster Bank.

Asked what a truer valuation might be, Mr Blow said: “It would certainly be north of €100 million.

“This business and this building has great value. We’re not realising it at the minute.

“But within three to five years we can put some serious value back into it.”