Receivers call in CBRE to put Dublin office up for sale

CBRE has put Burlington House in Central Dublin up for sale after it was called in by the receivers.

The building was owned by developer Glasbay, which is now in receivership. CBRE has been appointed by receivers Grant Thornton to sell the five storey site, which was formerly occupied by Allianz.

It comes with planning permission for demolition and rebuild, potentially adding another floor and increasing the current net internal area from 7,000 m2 to 15,500 m2. The asking price is put at €25 mln.

The asset sits in Dublin 4. Office vacancy rates in Dublin 2 and 4 have fallen to 3.2% recently, with prime rents passing €430 per m2, according to CBRE.