The Sunday Independent has revealed that developer and Press Up Entertainment chief Paddy McKillen Jr. is negotiating the acquisition of the Clerys premises on Dublin's O'Connell's Street from the Natrium consortium for upwards of €60 million.
A source familiar with the matter said that McKillen Jr. is in "pole position" to acquire the premises, even though a number of other parties are still in contention, including American real estate firm Thor Equities.
The same source told The Sunday Independent that McKillen Jr. is engaged in a "serious conversation" with Natrium and "things are moving quickly."
If McKillen Jr. and Natrium come to an agreement, the latter will make a significant profit on the Clerys property, having purchased it for €29 million in 2015.
© 2018 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.