City technology hub to be sold for fraction of original cost
A high quality office development in the city partially funded by Enterprise Ireland is to be sold off at a fraction of its original cost.
The Irish Times reports that the webworks at Fosters street, which includes a full scale coach station and underground car park will now be put on the market by Declan McDonald of PWC, who was appointed receiver by the Ulster Bank.
Joint selling agents HT Meaghar O' Reilly and DTZ Sherry FitzGerald are understood to be looking for up to 5 million on the property.
The paper reports the public-private complex is thought to have involved an expenditure of about 35 million by enterprise Ireland, the city council, and a company controlled by developer Bernard McNamara.
Enterprise Ireland invested over 4 million in the Webworks which it promoted as a state of the art technology hub.
The first tenants moved in September 2009, but the occupancy levels never exceeded 16 percent.