With its search for a new office in the capital already underway, global banking giant Citi is seeking a buyer for its existing European headquarters in Dublin's north docklands. No 1 North Wall Quay is being offered to the market by agent Knight Frank at a guide price of €120 million.
The sale is expected to attract significant interest from a range of parties owing to the building’s prime waterfront location and its development potential. A feasibility study prepared in advance of the property’s disposal suggests that its current footprint could be more than doubled to 500,000sq ft through a redevelopment of the site.
No 1 North Wall Quay currently comprises a six-storey, over-basement office building of approximately 230,000sq ft with 139 car-parking spaces. The subject property occupies a two-acre site with 125 metres of river frontage in the city’s thriving north docklands.
The site is zoned Objective Z5 under both the current Dublin City Development Plan 2016-2022 and the Draft Dublin City Development Plan 2022-2028.
While the building is in excellent condition, the scale of the site and its zoning offers the prospective purchaser scope to either refurbish the existing accommodation or to carry out a complete redevelopment of the site (subject to planning permission).
Given that potential, architects Henry J Lyons have prepared a detailed feasibility study for the site on the basis of a refurbishment and extension, and a full redevelopment option comprising 500,000sq ft of office accommodation. With the proposed changes to car-parking provision in the upcoming Draft Dublin City Council Development Plan 2022-2028, the presence of 139 existing basement car spaces will be seen by the purchaser as a significant asset to the site, according to the selling agent.
The subject site’s potential is further evidenced by the planned expansion of A&L Goodbody’s headquarters at 25 North Wall Quay. Due to get underway this year, the proposed development by Iput will see the existing footprint of the law firm’s headquarters increase by 36 per cent to 14,400sq m (155,000sq ft) through the addition of two new floors, landscaped rooftop terraces, a new atrium to encourage collaboration and a new client floor at penthouse level.
Location
The Citi site is well-located within the IFSC and benefits from excellent public transport links. The subject property is situated less than 100 metres from the Luas stop at George’s Dock and within 350 metres of Connolly Station. The IFSC multi-storey car park is positioned directly opposite the site on Commons Street and there is a Dublin Bikes station on North Wall Quay. The area is well served in terms of amenities with the Hilton Garden, the Spencer, the Mayson and the Samuel hotels all located in close proximity.
Dublin's north docklands has emerged as a prime office location over recent years with major corporate occupiers such as Salesforce, the NTMA, AIG, the Central Bank of Ireland and A&L Goodbody all maintaining a strong presence there. Citi has been based in North Wall Quay for over 20 years, and is now in the market for a new HQ facility in Dublin, as part of its global real estate strategy. Dublin is the headquarters for Citibank Europe Plc, with over 2,500 employees in Ireland and branches in 21 countries across Europe.
Citi intends to remain in occupation of No 1 North Wall Quay for a period of time post-sale while it completes the purchase and fit-out of its new HQ, and this search has already commenced.
Evan Lonergan and Finín O’Driscoll of Knight Frank say they expect to see significant interest in the sale of No 1 North Wall Quay, describing it as a “best-positioned waterfront city centre site”. Further information is available from the selling agent or by visiting the dataroom which can be accessed at www.1northwallquay.com.
