Commercial Property

Alder Capital moves down the road to Mount Street

Also for sale: Temple Bar three-storey vacant and a semi-detached warehouse in Finglas

Behan House, Dublin 2: The third floor was recently let to Alder Capital DAC

Tue Nov 21 2017 - 17:00

Investment management firm Alder Capital DAC has relocated its Dublin offices from Merrion Square to the third floor of Behan House on Lower Mount Street, Dublin 2.

The firm is believed to have agreed a rent close to €409 per square metre (€38 per square foot) for 207sq m (2,235sq ft) on the third floor of the building, which is now fully let.The 15-year lease has break options in years six and 10.

Darren Burke of BNP Paribas Real Estate, who acted for the landlord, said they had noticed a considerable increase in the number of inquiries for office units ranging from 1,500sq ft to 3,000sq ft.

11-12 Upper Liffey Street, Dublin 1: On sale for €1.65m

Site at Balrothery, Tallaght, with planning permission for 13 houses

Burke also handled the letting of 376sq m (4,050sq ft) of space in Maple House, Stillorgan, to house builder Durkan Homes. Another company, Your Smiles Direct, has leased a slightly smaller unit on the second floor of Maple House at a rent of about €161 per sq m (€15 per sq ft).

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Tallaght acre

A site of just under one acre in Tallaght, Co Dublin with planning permission for 13 houses goes on the market from Wednesday through agents Cushman & Wakefield at a guide price of €1.5 million.

The site of 0.97 of an acre at Balrothery, Castletymon Road, has planning approval for two three-bedroom detached houses and 11 semi-detached units ranging in size from 125sq m to 136sq m. The area is well-served by public transport, including several Dublin bus routes and the Luas.

Temple Bar three-storey

CBRE is guiding €415,000 for a three-storey, over-basement vacant building at 1A Crown Alley in the Temple Bar area of Dublin, which is likely to a be redeveloped.

Originally a goldsmiths shop, the 167sq m building “presents a variety of opportunities for upgrade and refurbishment with the potential for retail, office and residential use”, according to Stevie Grehan of CBRE.

Located near the Liffey

A well-located retail building at 11 and 12 Upper Liffey Street in Dublin 1 goes for sale from Wednesday for about €1.65 million. The investment produces a current rental income of €115,000, which will show a return of 6.43 per cent, according to selling agent Nigel Kingston of Lambert Smith Hampton.

The end-of-terrace, three-storey, over-basement premises is located in a busy shopping area opposite Marks & Spencer and is occupied by CeX, which buys and sells videogames, DVDs and accessories.

The company trades under a 20-year lease from 2011 with break options in years six and 10. The building extends to more than 390sq m (4,202sq ft) and has retail use on the ground and first floors.

New Frontier’s €8.65m new property

A UK Reit company, New Frontier Properties, has bought a commercial building at 1 Stadium Business Park at Ballycoolin, Finglas, Dublin 11 for €8.65 million. This represents a net initial yield of 8.23 per cent.

The 7,270sq m (78,265sq ft) building is let to Viking Direct (Ireland) Ltd, one of the largest suppliers of office stationery in the world, on a 20-year lease from 2007 at a rent of €743,518.

New Frontier said the purchase was in line with its investment strategy to acquire European logistics and warehouse properties in order to benefit from the increase in etailing activity across Europe.

Fairview site proves poplar with developers

A development site that could possibly accommodate 10-12 apartments at Poplar Row, Fairview, Dublin 3, is attracting considerable interest, according to selling agents Kelly Walsh Property Advisers. The 0.35 of an acre plot off Annesely Place could also be used for mixed services, having been previously used as a car showroom. The asking price is €1.2 million.

Facilities in Finglas for €990,000

Industrial agent William Harvey is seeking €990,000 for a modern, semi-detached warehouse and office facility within Jamestown Business Park in Finglas, Dublin 11.

The facility extends to 2,659sq m (26,793sq ft) and comes with an expired planning permission to enlarge it even further.