THE State has emerged as the purchaser of the Bord Iascaigh Mhara (BIM) headquarters building overlooking Dun Laoghaire Harbour in Co Dublin. The 37,000-square-foot building was withdrawn at a Finnegan Menton auction at £3.8 million and sold in subsequent negotiations. It is understood the Office of Public Works did not bid at the auction although it was known to be keen to buy the building because of the State lease has another 20 years to run. BIM is currently paying a rent of £322,000 per annum under a 35-year lease with no break options. Rents in the BIM building were due to be reviewed and would probably have risen significantly because of the recovery taking place in the Dun Laoghaire office market. The present rent of £322,000 breaks back at £8.45 per square foot and £500 per car-parking space.
The block was sold by property investors John Ronan and Richard Barrett two years after they bought it as part of a larger portfolio from Irish Life.
In the past month, the OPW has spent £2.7 million on the purchase of Goldsmith House, a modern office building at Pearse Street, and £1.37 million on 7 Merrion Square, which is occupied by Bord na Gaeilge.
