A round-up of other property stories in brief.
New tenants at Jervis Centre
The owners of the Jervis Centre in Dublin are introducing a number of strategic tenant changes on the first floor of the complex to boost business at that level in the run up to the next rent review this autumn. The strategy of acquiring three leases on the first floor may also pave the way for a considerable rent increase when the review gets under way in November.
Two of the original tenants, The Bear Factory and D2 clothing, have sold their leases back to the landlords, leaving the way open for the highly successful fashion retailer Stradivarius to move into a combined unit of 604sq m (6,500sq ft) with some space on the ground floor. A sister company in the Inditex Group, Berskhka, already trades on the ground floor of the centre which, according to Bernadine Hogan of Hamilton Osborne King, is now attracting 300,000 people per week.
The third lease bought in on the first floor, the former Gadget Store with a floor area of 139sq m (1,500sq ft), is available to let at a rent of €230,000 per annum. However, Stradivarius is understood to be paying less than that rent level because of the considerably larger size of its unit and the undoubted appeal of this covenant.
Developer pays over €15m for 2.2-acre site beside ClareHall
A Dublin developer is believed to have paid over €15 million prior to tender for the Crosson Motors site at the new town centre on the Malahide Road in Dublin 17. CB Richard Ellis, which handled the sale, had been guiding over €12 million for it. The 2.2 acres is proposed as a new high street which will link into the new Dart station.
A master plan suggests that the site is suitable for a high density, six-storey mixed-use scheme which will include shopping and apartments. The site adjoins the ClareHall shopping centre which is owned by Tesco.
Over €2.1m for town centre site in Carrick-on-Shannon
A site for a commercial and residential development at Carrick-on-Shannon is expected to make over €2.1 million when it is offered for sale by tender through GVA Donal O Buachalla.
The agent says the site of 0.85 of a hectare (2.15 acres) is the last greenfield area within the town centre and would suit a high density retail, office, showroom and residential development. With the development plan for the town not due to be reviewed again until 2010, the agent says the site presents the best development opportunity within the town centre for the foreseeable future.
Coach House in Roundwood makes around €3.5m
One of the best known bars in Co Wicklow, The Coach House in Roundwood, has been sold for around €3.5 million after being withdrawn at auction at €3.05 million. The business had a gross turnover last year of €1.7 million. The premises has been extensively refurbished in recent years and has residential accommodation overhead as well as six bedrooms suitable for use as bed and breakfast lettings.
Over €9m for ready-to-go hotel and leisure centre site in Arklow
Lisney is suggesting a price of over €9 million for a 40-acre site in Arklow, Co Wicklow with full planning permission for a 105-bedroom hotel and leisure centre. The holding, which is for sale by private treaty, is located on the western side of the Arklow bypass to Dublin. The permission provides for not only the hotel and leisure facility, but also a conference centre, equestrian centre function room and swimming pool.
Ready-to-go Loughlinstown apartment site for over €1.2m
A ready-to-go site for seven apartments at Bridge House Forge, Bray Road in Loughlinstown, Co Dublin, is expected to make over €1.2 million when it is sold at tender on July 12th through DTZ Sherry
FitzGerald and Tom O'Higgins of Remax.
Six of the homes will be two-bedroom units and the other one will be a one-bedroom apartment. The agents say that a one-bed on this site should sell for around €230,000 while two-beds should fetch between €375,000 and €475,000.
Over €1.6m for Killiney house with redevelopment potential
A house on one-third of an acre at 184 Ballinclea Heights, Killiney, Co Dublin, going for auction through Lennox Estates on July 11th, has potential for an infill development.
The grounds have a three-car detached garage and frontage on to two roads. Several other large corner sites in Ballinclea Heights have already attracted developers. The guide price for number 184 is over €1.6 million.
