Value of Spencer Dock offices falls by 46%

The failure of the Spencer Dock Development Company (SDDC) to honour a rental guarantee, given to investors in a fund promoted by Anglo Irish Bank, has contributed to a 46 per cent fall in the valuation of its offices, the bank has claimed.

28th May, 2011
Value of Spencer Dock offices falls by 46%
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The failure of the Spencer Dock Development Company (SDDC) to honour a rental guarantee, given to investors in a fund promoted by Anglo Irish Bank, has contributed to a 46 per cent fall in the valuation of its offices, the bank has claimed.

The offices at 3 Spencer Dock are now valued at just €35.85 million, compared with €66.3 million at the time of purchase five years ago.

This was partly because the market for offices had...

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