16 January 2017: Central Bank completes sales process of Dame Street premises.
Find our more about our property sale in our key facts and figures or frequently asked questions below.
Frequently Asked Questions
- Why is the Central Bank moving?
- What conditions are attached to the sale?
- What will the building be used for?
- Are there any clauses into the contracts to protect the building etc?
- When will the Dame Street buildings be vacated?
- What will the Central Bank do with the proceeds of the sale?
1. Why is the Central Bank moving?
The current accommodation sees staff spread across four different city centre locations which has presented challenges in operating efficiently and effectively in the context of an increased staff head count over recent years and a growing organisational mandate. As part of the decision to move the Bank considered a number of alternate options, including investment in our existing properties, before choosing to develop a partially constructed building at North Wall Quay. Our analysis shows that this option is the most appropriate and long term cost effective solution for our long-term accommodation needs. The new offices will provide a modern, sustainable and fit-for-purpose workplace, and facilitate an improved Central Bank both operationally and organisationally.
2. What conditions are attached to the sale?
The Central Bank will remain in the Dame Street premises as tenants on a rent free basis while staff continue the move to the Dockland Campus.
3. What will the building be used for?
The Central Bank commissioned architects Henry J Lyons to produce Indicative Masterplan Proposals for the Dame Street premises. The aim of this was to analyse the existing buildings in the context of the existing planning framework and contribution to the public realm. Also to develop a public realm strategy to inform any future renewal or redevelopment of the site and to explore the commercial potential of the buildings and identify possible future uses. The Master Plan has been published as part of the sales process.
4. Are there any clauses into the contracts to protect the building etc?
The building and its environs is subject to planning permission. The Bank agreed that Crann an Oir will remain in place. The decision was arrived at after careful discussion with the wider arts and architectural community, where the strong consensus was that Eamonn O’Doherty’s artwork commissioned by the Central Bank is an integral part of the fabric of the plaza and an important site-specific installation.
5. When will the Dame Street buildings be vacated?
The Central Bank expects staff to complete the move of all staff from the Dame Street and other city centre premises to the new building in the first quarter of 2017.
6. What will the Central Bank do with the proceeds of the sale?
The Central Bank will retain the proceeds as part of income, which will be fully accounted for in the published annual accounts.
Key Facts and Figures
1. The Central Bank portfolio consists of:
- The Tower building extends to 83,393 sq ft (net including storage/ancillary accommodation) and has two levels of underground car parking (107 car spaces).
- The Annex building provides a further 12,110 sq ft (net including storage/ancillary accommodation) over four levels, two of which are underground and is mainly used as a kitchen and staff canteen.
- The Commercial Buildings comprise 11,116 sq ft (net including storage accommodation) of accommodation over three levels with basement storage space.
All Tower properties have direct access to the Plaza and share the underground car spaces.
9 College Green extends to 5,236 sq ft (net including storage/ancillary accommodation) with five levels of offices over basement space. 9 College Green is a protected structure.
6/8 College Green extends to 23,029 sq ft (net including basement ancillary space) and is a six storey over basement modern building.
2. The Central Bank is moving to its new Dockland campus (North Wall Quay and Spencer Dock), and the move to North Wall Quay is due to be completed in the first quarter of 2017. The site for this was acquired for €7m in 2012 with a total development cost estimated to be approximately €140m.
3. The costs of the new building and income from the sale are provided for within the Central Bank's own resources.
4. In 2015, the Central Bank reported a financial profit of €2.2bn. After retained earnings, €1.7bn of surplus income was transferred to the Exchequer. The scale of profits earned continues to reflect the broad range of measures the Central Bank has taken in recent years in response to the financial and sovereign debt crises.
5.The Central Bank of Ireland was founded in 1943 and its staff are currently based in four separate locations (Dame Street/College Green, Spencer Dock, Iveagh Court and the Currency Centre in Sandyford).
6. The selling agents have a dedicated marketing website: www.centralbankportfolio.ie which contains all relevant information including videos of each lot.
7. The Central Bank contributes to the formulation of the Eurosystem monetary policy, protects financial stability and the consumer of financial services, and regulates financial institutions and enforcement actions. It also develops regulatory policy, provides independent advice and statistics, is responsible for recovery and resolution of financial institutions and for efficient and effective payment and settlement systems and currency services.