First sales from QRE in Limerick and Dublin

The first sale to be handled by the newly launched agency Quadrant Real Estate (QRE) will involve the partially let Bracken Court office investment at the junction of Blackthorn Road and Bracken Road in Sandyford, Co Dublin.

A guide price of €2.75 million has been set for the investment property which was built in 2000 and extends to 2,461sq m (26,500sq ft) with 59 car parking spaces.

Around 50 per cent of the space is currently occupied by Prima Management, Infinite Technology and Irish Welcome Tours and is producing rents of €102,000 per annum.

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24 Fitzwilliam Place, Dublin

Conor Whelan of QRE says there is potential to push the rent roll over €400,000 by letting the remaining office space which has been newly refurbished, and renegotiating the existing leases.

QRE is also to handle the sale of Castletroy Shopping Centre on the outskirts of Limerick city which is available at €2.2 million. The centre has a 60 per cent vacancy rate and is producing a rent of €364,000 per annum.

It has 8,504sq m (91,547sq ft) of retail space, on a site of 5.25 hectares (13 acres) with 720 car parking spaces. The main enclosed mall is laid out predominantly over one trading floor, although some units have additional space at mezzanine level and a few trade from the first floor.

The centre is anchored by owner-occupier Supervalu who trade out of 3,994sq m (43,000sq ft)

The 29 mall units extend to 4,203sq m (45,247sq ft) and currently include Lloyds Pharmacy, An Post, a florist, beauticians, healthfood store, Hooke & Ladder Restaurant sand a drive-through McDonald’s fast food restaurant. There are a total of 19 shops currently vacant.

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Whelan attributes the vacancy rate to the fact that the shopping centre had not been marketed for over two years.

“This is an opportunity for an investor to purchase a landmark retail development in an affluent Limerick suburb at considerably less than its replacement cost.”

In Dublin, QRE is quoting €2 million for each of two Georgian houses at 33 Fitzwilliam Square and 24 Fitzwilliam Place which are let to Glandore Business Centres on long-term leases.

The Fitzwilliam Square house extends to 430sq m and is rented at €112,000 per annum.The other Georgian has a floor area of 500sq m and a rear coach house which could be redeveloped. The main building is producing a rent of €65,000 and is in need of some upgrading.