Wednesday 16 October 2019

Sheridans Insurances set for move to 'Arc'

The Arc at Drinagh.
The Arc at Drinagh.

By Maria Pepper

Sheridan Insurances are rumoured to be moving into the Arc building on the Rosslare Road at Drinagh which was sold recently for an undisclosed sum.

The insurance firm currently based in North Main Street, Wexford with additional offices in New Ross and Kilkenny is set to become the first tenant of the distinctive building designed and developed by the award-winning Wexford architect Stephen Carr.

Other prospective tenants are also believed to be currently in discussions wih the new owners Mythen Construction Ltd with a view to renting other parts of the building.

The extensive 22,000 sq ft space in six sections over four floors with a custom designed curved steel facade, is a modern landmark close to the IDA Business Park that has stood unoccupied for almost a decade, as a monumental reminder of the effects of the property crash and the economic downturn.

It was sold some months ago by Kehoe and Associates Auctioneers and joint agents Savills on the instructions of receivers Duff and Phelps having been placed on the market in late 2015 in shell and core condition with no electrical works, heating, floor, ceiling or wall finishes. The guiding price for the property was €850,000.

According to Kevin O'Reilly of Savills, the building has a gross development value of €3.4 million. The asking price was equivalent to €38 per sq ft before the 100-space car park is taken into account.

ACC bank advanced loans of €4.49 million to Stephen Carr and his wife Patricia to develop the property in 2007 and took a court action against the couple in late 2010 over non-payment of the amount plus interest.

The iconic Arc building may finally be about to overcome its prolonged false start and to welcome its first tenants as the management and 30-strong staff of Sheridan Insurances' Wexford town office are said to be moving into the building which has undergone refurbishment and re-fit work.

The attractiveness of the property as a high-profile office location should dramatically increase with the arrival of the family run insurance company, founded by Paddy Sheridan more than half a century ago in 1964.

Sheridan Insurances are remaining officially tight-lipped about the company's plans, however.

'I can't confirm anything just yet,' said Managing Director Ciaran Sheridan, adding to the intrigue this week.

Wexford People

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