Dublin Apartment Building Next to Google Base Put on Sale for $58 Million

A Dublin apartment building less than 150 meters (164 yards) from Google Inc. (GOOG)’s European headquarters was put on the market for 43 million euros ($58 million), according to property’s broker, Savills Plc. (SVS)

The nine-story Alliance Building with 210 apartments generates income of about 3.25 million euros a year, London- based Savills said today in a statement. The property was developed along with the search-engine company’s office in an area now nicknamed Googleland.

The entire complex was developed by companies linked to Irish developer Liam Carroll before they went into receivership after the value of most of his property holdings collapsed. Plans to turn the apartment block into a hotel never came to fruition and the receiver appointed to oversee the building rented out the apartments.

“There have been a number of inquiries already from buyers in the United States, the U.K. and mainland Europe but also from Asia as well, Singapore and Hong Kong specifically,” said Mark Reynolds, a director at Savills, who said that at least 60 percent of the apartments are leased by Google employees.

The interest from overseas buyers emerged amid speculation grew that the building would be put on the market, Reynolds said. Apartment prices in Dublin are about 65 percent below their peak in 2006, he said.

Google, based in Mountain View, California, bought the two buildings that make up its European headquarters in March for an undisclosed price.

Room to Grow

The U.S. company also bought the Montevetro building across the road from its headquarters in April. The property was purchased for about 100 million euros from Real Estate Opportunities Plc, owner of Battersea Power Station in London. The new building will give Google the “space and flexibility to support our future operations,” John Herlihy, head of Google in Ireland, said at the time.

Google employs more than 2,200 people in the area, according to the Savills statement.

The company is also investing 75 million euros to build a data center in Dublin on an 11-acre site (4.5 hectares) on the west side of the city, it said in September.

To contact the reporter on this story: Neil Callanan in London at ncallanan@bloomberg.net

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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