THE FUTURE OF the former Hibernian United Services Club at 8 St Stephen’s Green is likely to be known shortly, with the launch today of what is planned as a final push to sell one of Dublin’s finest Georgian buildings.
Joint selling agents DTZ Sherry FitzGerald and Kelly Walsh are reporting strong interest in the building from companies involved in the hospitality sector as well as firms looking for prestigous headquarters in the city centre.
When the remodelled and modernised building was first shown to potential purchasers towards the end of 2009, the general expectation was that it would make between €15 and €20 million. There were no takers at those valuations and with the receiver now anxious to bring matters to a head he has instructed the joint agents to seek offers over €8 million.
The former gentlemen’s club was bought for €10 million in 2002 by businessman Hugh O’Regan who is thought to have spent almost as much again on upgrading it. His plan was to re-open it as a private club for “young businessmen and women” but his ambition ended when Anglo Irish Bank appointed a receiver.
The building has an overall floor area of 2,581sq m (27,800 sq ft). It has about 929sq m (10,000sq ft) of space suitable for retailing on the ground and first floors. There is a separate exernal access to the basement, which has been fitted out as a restaurant complete with kitchen and toilets. The building is presently laid out for a private club use with bar, restaurant, and functions rooms on the ground and first floors and residential accommodation overhead.
