Buyer to acquire East Wall Road building at 65% discount to price paid by South Korean bank in 2018
The Beckett Building on East Wall Road in Dublin's north docklands is close to changing hands in a deal worth around €35 million.
While the deal has yet to be completed, the Irish-headquartered real estate and investment manager is expected to secure ownership of the north docks office block for around the €35 million price which had been guided by agent Colliers when it offered the property to the market on behalf of receivers John Boland and Nicholas O’Dwyer of Grant Thornton last May.
This is the second time the Beckett Building has become the subject of a receivership sale since being built by the late Liam Carroll’s Zoe Developments in 2007.An air steward on Kirstie Allsopp’s parenting: Some parents have no shameHaving lain dormant for four years following its completion, the property was sold on the instructions of receivers acting for the Bank of Scotland to the Comer Group for just €5 million.
Should the sale of the property proceed at its €35 million guide price, it would provide BCP Capital with a net initial yield of 14.9 per cent and a capital value of just €185 per square foot after standard purchaser’s costs of 9.96 per cent.
Meta Dublin Docklands BCP Capital Comer Group Grant Thornton Kookmin Bank Zoe Developments Luke Comer Brian Comer Facebook Bank Of Scotland
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