Agent Finnegan Menton is quoting over €1 million for a retail investment at 35 Parliament Street, Dublin 2, which goes to auction on May 5th. The premises are occupied by US fast food franchise Subway under a lease which has 25 years to run. The current rent is €51,000 per annum.
The ground floor extends to 51.54 sq m (585 sq ft) while the basement has 21.54 sq m (232 sq ft). The building was refurbished in 1990 under the Temple Bar renewal scheme. The upper floors are in separate ownership and have their own access. Subway has expanded rapidly in Ireland in recent years and now has 60 outlets. The group has 17,000 sandwich bars in 75 countries.
€1.8m for office buildings opposite Four Courts
An office investment on Dublin's south quay opposite the Four Courts is to be offered for sale by private treaty through Hamilton Osborne King. Michael Clarke of the agency is looking for over €1.8 million for two interlinking four-storey office buildings of 505 sq m (5,345 sq ft) at 18/19 Merchant's Quay, Dublin 2. They are fitted out to a high standard and serviced by a lift. There are also six car parking spaces.
The entire building with the exception of the third floor is let to Sales Placement Ltd on a 25-year lease from 1999 at a current rent of €98,000. The next review is due at the end of 2008 and there is a break option in the 10th year. The overall income will be boosted once the third floor is let.
Four-storey building with potential in Howth for €2.7m
It is rare that commercial properties come on the market in Howth, so there is likely to be strong interest in a commercial building at Harbour Road which has obvious development potential for residential units. Colliers Jackson-Stops is quoting €2.7 million for the modern four-storey property which overlooks Howth Marina. Currently let to Datalex at a rent of €120,000 per annum, the building is almost fully sublet on short-term leases up to December 2007, when there is a mutual break in the lease.
Jonathan Hillyer says that at that time, the property could be adapted to a number of uses including residential. There is full planning permission for five residential units ranging from a one-bed apartment to a three-bed duplex penthouse. Other uses include selling individual floors or retaining it as an income-producing office investment by renegotiating the leases.
€1.25m for 99-year lease of Orwell Road premises
William Harvey & Co is guiding €1.25 million for an extremely long lease of the former Squash Ireland premises at Orwell Road in Rathgar, Dublin 6, which is to go to tender on May 4th. The property is held on a 99-year lease from 1979, leaving 73 years unexpired. Unusually, there is no provision for a rent review on the lease and so the annnual rent stands at a mere €3,940.
The property is located beside the Driving Test Centre and forms part of the Marianella complex. It comprises a two-storey building with 607 sq m (6,533 sq ft) which has been used as a fitness centre and squash facility. The building could readily be adapted to suit other businesses, according to Philip Harvey of the agency. The zoning provides for wide range of possible uses.
Leitrim warehouse on market for over €750,000
A substantial industrial facility producing €120,000 per annum at Mahorhamilton, Co Leitrim, is for sale at over €750,000 through Hamilton Osborne King. The L-shaped manufacturing, warehouse and office facility has a floor area of 2,560 sq m (27,555 sq ft) and is let to Eaton Automotive Ltd on a two-year lease from January 1st, 2005.
Eaton is a subsidiary of the global Eaton Corporation and manufactures car and truck components. The company employs 200 people and has been in occupation since September, 2001. There are capital allowances available on the building, which has been extended since its construction in the late 1970s.
