Owner occupiers, developers, storage operators and hotel investors will likely be interested in a landmark opportunity in Citywest. The property, which was formerly home to Eir’s headquarters, is coming to the market at €9 million – a sizeable reduction on its 2022 sale price of €37 million.
2022 Bianconi Avenue is one of only four properties in Citywest Business Campus, Dublin, with direct frontage on to the N7 – one of Ireland’s busiest arterial routes. The property benefits from a high profile, with the site offering a high profile within a thriving commercial hub.
Formerly home to Eir’s headquarters – the telecom group opted to move its headquarters from Dublin city centre to the property back in 2018 – this expansive commercial opportunity is now available for sale through TWM with the benefit of vacant possession.
The property – which was tenanted at the time – was previously put on the market back in 2022 quoting €37 million.
As such, the €9 million guide price, equating to €116 per square foot, represents a compelling opportunity, TWM said, at significantly below the estimated reinstatement value.
The property comprises a large building extending to 7,198sq m (77,490sq ft) with a Ber rating of C3, set on a generous site extending to 5.76 acres, about (2.33ha), representing a site coverage of 13.31 per cent. The opportunity includes 260 surface-level car-parking spaces, affording an incoming purchaser extensive redevelopment options subject to planning permission.
The property is strategically located on the N7 corridor and in close proximity to the Citywest Hotel, with easy access to the N7, the M50 (Junction 9), Dublin city centre and Dublin Airport. The area is well connected for public transport, with two Luas Red line stops nearby and frequent Dublin Bus services (77A, 65B, 69) linking directly to the city centre.
Citywest is a location for companies such as Glanbia, Fidelity Investment and SAP, while a number of residential schemes have been developed that have complemented and diversified the area.
Robbie Coakley of TWM said: “With an attractive lot size such as this, we expect to see interest from a wide range of buyers for this asset, including but not limited to owner occupiers, speculative developers, storage operators and hotel-type uses, due to the low site coverage and the diverse uses which can be utilised on this site subject to planning permission.”
Coakley added that an added incentive of this sale is the opportunity for an investor to acquire a building at a capital value “that is considerably lower than the reinstatement cost of the building”.
