Dublin Office bought for €5 million in 2013, sells for €101 million

Dublin Docklands Office Sold (1)
Alan Clerkin

Alan Clerkin

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Dublin Docklands Office Sold (1)

When I read this yesterday, I nearly feel off my seat.

The vacant office building was bought by the Comer Group in 2013 for €5 million.   The 17,500 sq meter office space was built, by now bust developer, Liam Carroll, before the crash of 2008.  Receivers acting on behalf of the Bank of Scotland sold the block to the Comer Group.

According to the article in the Irish Times, it is understood the Comer Group invested €30 million upgrading and fitting out the building to a high grade.  That leaves a €66 million profit.  Wow.

It is amazing the turnaround in the Dublin office and commercial property market.  It went from been completed depressed in 2011-13, to now booming to levels not seen since the boom over 10 years ago.