A 10-year-old block, in a rejuvenated area of the city just off South Great George's Street, has significant redevelopment potential
THE PRESENT slowdown in the commercial property market will inevitably throw up some worthwhile buying opportunities for developers with purchasing power and the support of their bankers.
One such event may well be the GE Money headquarters at 31-36 Golden Lane, Dublin 8, which is likely to be redeveloped and substantially enlarged when it is sold by tender on June 6th through estate agent Lambert Smith Hampton.
Ian Campbell of that agency is suggesting a price of over €17.5 million for the 10-year-old office block of 2,647sq m (28,492sq ft) which stands on a site of 0.34 of an acre.
GE Money plans to lease back the building for two years at a total market rent of €2.5 million while it seeks alternative offices in Dublin.
The office block is located just off South Great George's Street in an area that has changed dramatically over the past three years.
GE Money traded from a larger site on Golden Lane when the financial services group was originally known as GE Woodchester.
Part of the surplus land now accommodates two high quality office blocks, Le Pole House and Latin Hall, as well as the recently opened four-star, 161-bedroom Radisson SAS Royal Hotel.
All three schemes, as well as a block of apartments, were developed by Galway businessman Padraic Rhatigan who has led the rejuvenation of the area.
Last January Dublin City Council granted planning permission for an extension to the hotel as well as an office and apartment development on a vacant site running from Chancery Lane to Great Ship Street.
That project will not get underway until An Bord Pleanála adjudicates on a number of conditions set down by Dublin City Council, including one refusing permission for a double basement car-park on site.
Also on Great Ship Street, fashion retailer Sean Barron is planning to replace three large warehouses with an office and apartment scheme.
This formula has already paid off handsomely for developer Sean Kelly who has completed Adelaide Square, a mixed-use scheme on the site of the former Adelaide Hospital which is close to the GE Money headquarters.
While there has been no let up in the redevelopment of the area around Golden Lane, the most impressive contribution of all has come from Dunnes Stores which has completed an eye-catching new headquarters at the junction of South Great George's Street and Upper St Stephen's Street.
It now marks the entrance to an ancient district that has been transformed virtually overnight.
Before putting its headquarters on the market, GE Money commissioned architects Scott Tallon Walker to study the development potential of the site.
The result shows that the present office space could be more than doubled to 5,852sq m (almost 63,000sq ft) in addition to a surface car-park.
The plan envisages the development of a six-storey circular block situated at the junction of Golden Lane and Great Ship Street, to link up with a six-storey office building.
Such a development would undoubtedly appeal to many companies which are looking for a vibrant city centre location with a large concentration of restaurants, shops as well as other leisure facilities.
