Irish sell EU office in Brussels to developer

International real estate adviser Savills has completed the sale of the former offices of the Irish Permanent Representation to the European Union in the Leopold District of Brussels on behalf of the Irish Government for an undisclosed sum to Belgian developer Cobelfroi.

The building, which had been vacated by the Irish Representation following its move into new headquarters earlier in 2010, totals circa 2,800 m² and received interest from over 10 parties during the bidding process. Its prominent location adjacent to the Schuman roundabout and near to the headquarters of the Council of the EU and European Commission were key factors in attracting these parties, Savills said.

Additionally, recent projects around the micro-location of the Place Jourdan/Belliard have given this location additional significance as it continues to be regarded as a key position to local developers where prime office and residential projects are anticipated. Cobelfroi currently already owns the corner buildings on the Rue Froissart/Rue Belliard axe and further to the acquisition of the Froissart building, plans to redevelop the entire site.

Sheelam Chadha of Savills Belux Investment said: 'The abundance of interest in the Froissart property from both occupiers and developers simply shows that a well located property like Froissart is not easy to find. The sale of the property concludes that market players are now anticipating the rebound in the market from 2012 onwards where we foresee a scarcity of prime properties in the future extended EU quarter.'

Savills Belux and Clifford Chance represented the vendor in this transaction.