Former bank’s new look

There’s shades of banishing the remaining ghosts of the much-reviled Anglo Irish Bank at its building foot-prints in both Dublin and Cork cities: the Central Bank has started to convert Anglo’s vaunting vanity HQ project to new State service, while Cork’s former Anglo Irish Bank building is getting a re-brand and letting pitch after a multi-million euro purchase.

Enabling work on the former hulking shell structure on the North Wall in Dublin’s docklands (once destined for Anglo as a statement HQ, but abandoned since 2008,) has started with Linham Construction, following the €8m purchase of the quayside shell-site by the Central Bank. They’re due to depart their iconic Dame Street building by Temple Bar by 2016.

Meanwhile, in Cork, following a c €3m building purchase, there’s new owners, new lettings and a new name with the arrival of 11 Anglesea Street,Anglo Irish Bank’s former building in Cork City’s expanded CBD.The wedge-shaped building, developed at a reported cost of €20m by Howard Holdings and funded by Anglo, who branded it and took ground-level and some overhead space there, was sold to private investors at the start of this year for close to €3m.

It has 20,000 sq ft over four floors, close to City Hall, the District Court, Fire Station, Garda HQ and the Elysian tower, where Aldi will open on December 11.

The un-named private buyers were advised by accountant Jim McCarthy, ex Quintas andSean McSweeney of 26-job financial firm McCarthy McSweeney based at Penrose Wharf – and who are actively scouting other Munster property investments for private buyers and pension funds, in the middle of a €20m investment spree involving 10 properties.

Now, some 12,500 sq ft of very high quality upper floor space (floors 1, 2 and 3) is just being put up to let at No 11 Anglesea Street via agent Rob Coughlan of Cohalan Downing, who says it’s some of the best immediately available office space in the city centre: it’s ideal for FDI, or professional services and law firms, Mr Coughlan suggests.

It comes to let just after a deal was done by DTZ on 12,000 sq ft at the top floor of City Quarter, Lapps Quay, to Brookfield Renewable Energy. International firm CPL Recruitment (with Irish offices in Belfast, Cork, Dublin, Limerick and Galway) have been in on the Anglesea Street building’s ground floor for several years, and a new tenant recently installed on a portion of the top floor is Black Bee Investments.

No 11 Anglesea Street was designed by architects Scott Tallon Walker, who also designed an adjacent 32-unit apartment block for Howard Holdings, and the original plan had been acquire two adjoining bars, the Motor Arms and the Market Bar, for an even larger mixed-use scheme.Ten of those adjacent apartments, on Copley Street earning €100,000 pa, went up for sale in July with Savills, guiding €900,000, and is now ‘sale agreed’ close to €1.3m, according to James O’Donovan of Savills.

Meanwhile, the 12,500 sq ft third-generation office space at No 11 can be taken as an entire, or on a floor-by-floor basis, says Cohalan Downing’s Rob Coughlan, and indicative rents are €16-18 psf.

There’s parking (23 spaces) available to the rear of the building, likely to be charged separately to the rent levels. Fit-out of property sees lift and bright, wide stairwell access, air conditioning, with raised access floors and CAT 5 cabling, with an adaptable combination of open plan and private offices with glazed partitions.The building – sold via DTZ in the past year for close to €3m – had been developed at a reported cost of €20m, on a former garage site acquired for €2.5m.

Details: Cohalan Downing 021-427771


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