Other commercial property stories in brief
Sandyford office suite for €750,000
An exceptional office suite at Beacon Court in Sandyford, Dublin 18, has come on the market through Billy O'Sullivan & Associates with a guide price of €750,000. The 107.3sq m (1,156sq ft) of space in Suite 5 occupies the entire top floor of a three-storey block which is fitted out to a particularly high standard, including air conditioning and CAT-5 cabling. It has floor-to-ceiling windows and dual aspect views. The Beacon development is one of the most successful mixed-use schemes completed in the Dublin area in recent years. Parking is in the basement.
The Square gets planning permission for large extension
Construction is to begin shortly on a substantial extension to The Square shopping centre in Tallaght, Dublin 24, following the granting of planning permission for the project. DTZ Sherry FitzGerald has been appointed letting agent for the extension which will include an additional 60,385sq m (650,000sq ft) of retail space as well as 9,290sq m (100,000sq ft) of offices, 18,580sq m (100,000sq ft) of leisure and restaurant space, and 800 apartments. The initial work will include an extension to the North Mall, providing an additional 13,930sq m (150,000sq ft) of space.
Zumo continues expansion
Zumo, the Irish-owned chain of fresh juice kiosks and units, has opened another outlet in Dublin's South Leinster Street - opposite Trinity College - and signed the lease for another outlet in Bridgewater shopping centre in Arklow.
The company has expanded into the UK and now has almost 50 outlets between Ireland and there. "Zumo is still looking for new sites in busy shopping malls or high streets throughout Ireland in spite of its rapid expansion to date," says George Ross of Jones Lang LaSalle which handles Zumo's property requirements. The units are between 15-50sq m (161-538sq ft).
Sandyford site makes €25m
A mixed-use site of two acres at 72 Heather Road in Sandyford, Co Dublin, has been sold at tender for €25 million through CB Richard Ellis. It was owned by HE Clissman, pharmaceutical distributors. The new owner, a Dublin developer, is likely to seek planning permission for about 165 apartments and 11,148sq m (120,000sq ft) of commercial space.
€1.7m for Summerhill investment
Sherry FitzGerald is expecting strong interest in a top class retail and residential investment close to Dublin city centre. The agency is suggesting a price of €1.7 million for 72/72a Summerhill Parade which is producing a rental income of €80,000 from a large modern retail unit on the ground floor, four one-bedroom apartments and one two-bed unit on the three upper floors. The residential units are in strong demand due to the convenient location.
Over €750,000 for Rathgar shop
Douglas Newman Good Commercial is suggesting a price over €750,000 for a freehold shop with overhead accommodation at 14 Orwell Road, Rathgar, Dublin 6, which is to be auctioned on November 15th. Although well located in a busy area, the building is in need of complete refurbishment.
Surveyors' annual conference
"Is there too much money chasing property?" This will be the theme of the annual conference of the Society of Chartered Surveyors at The Four Seasons Hotel in Ballsbridge, Dublin 4, on November 3rd. "Hardly a day goes by without some comment in the media regarding the high loan-to-value level, the high level of borrowing and the cost of purchasing property," says the SCS president Conor Hogan. "This past year has seen significant increases in both bank lending and property prices. However, future residential and commercial developments are dependent on continued growth. Our conference will provide an opportunity to examine such issues." Speakers include Enda Faughan of PwC, Peter Donnelly of Quinlan Private, John Papworth of the EU, Patricia Richard-Clarke, Law Reform Commission, Marie Hunt, CB Richard Ellis, Niall O'Reilly of BearingPoint, and business journalist Brendan Keenan.
Course on property derivatives
A range of professions with interests in the property market will be interested in a one-day course on property derivatives to be run by the IPD in Dublin on November 8th. The course has been designed to provide real estate professions with a detailed overview of both the development and practice of derivative trading. Through an analysis of the issues affecting derivative trading within real estate investment, the course also aims to provide a background to the development of the market, review the impact of derivatives and will use case studies to show the benefits they bring to portfolios. The course tutors are Phil Tily of the IPD and James Henry of the Derivatives and Securities Consultancy.
