‘The Arc’ in Drinagh sold for undisclosed sum
ONE of Wexford town’s most distinctive buildings, The Arc, in Drinagh, has been sold for an undisclosed sum.
The complex, designed and built by local architect Stephen Carr, has never been occupied as has been sold in shell and core condition, with no electrical works, heating, floor, ceiling or wall finishes.
Colum Murphy, managing director of Kehoe and Associates, was not available for comment, but it’s understood the building has been bought by an investor and will be let as offices.
When it first came on the market in the instructions of receivers Duff and Phelps, Kehoes and its joint agent, Savills, were guiding €850,000 for the environmentally-friendly building.
As it stands the building has a gross development value of €3.4 million, according to Kevin O’Reilly of Savills.
The asking price equated to €38 per sq ft even before the 100-space car park was taken into account. ACC advanced loans of €4.49 million for the building which was due to have a finger print recognition system for access.
The Arc is a high profile, modern landmark building extending to 22,000 sq ft (2,044 sq m) over four levels. This bespoke designed development includes a host of architecturally pleasing elements which include a custom designed curved steel facade.