AN OFFICE BLOCK in Ballsbridge, Dublin 4, bought during the property boom by developers Gerry O’Reilly and Bernard McNamara for €10 million, has been resold to a private investor for about €4 million.
The Audi Centre, opposite the former Jurys Hotel, was sold on the instructions of receiver Declan McDonald of PwC, who was acting for Ulster Bank. The sale was handled by James Meagher of HT Meagher O’Reilly.
O’Reilly and McNamara bought the building, then known as Texaco House, in 2003 and subsequently let it as offices. In 2009, it was rented as offices and a showrooms to the Audi Centre at a rent of €376,000 per annum. The 10-year lease runs from 2009. The tenant also has the use of 28 car parking spaces on site.
The Audi Centre forms part of a larger site assembled by McNamara on Pembroke Road, running from Pembroke Lane to the American Embassy.
Another former office building bought by the same developers, McConnell House on the Grand Canal at Charlemont Place, Dublin 2, is currently being marketed by HT Meagher O’Reilly. It was originally bought for €8 million and now has an asking price of €3.25 million.
The five-storey block, with 20 parking spaces on the ground floor and 1,650sq m (17,760sq ft) of office accommodation overhead, will have to be refurbished at an estimated cost of €1.25 million, according to the selling agent.
