Other property stories in brief
€6.5m for Cork office investment
A high profile office investment at Eastgate Business Park in Cork has come on the market through Hamilton Osborne King with an asking price of €6.5 million. The two-storey block has a floor area of 1,985sq m (21,367sq ft) and is let on long leases to Neodyne Ltd, Canada Life and Transas Marine Ltd. The rent of €313,911 is in line for a significant rise when reviewed in 2007 and 2008. There are about 21 car-parking spaces on site.
West Dublin industrial building for around €6 million
CB Richard Ellis is seeking region €6 million for a 20-year-old industrial building at the entrance to JFK Park along the Killeen Road in west Dublin. The building has a floor area of 3,808sq m (40,989sq ft) including office facilities and stands on a site of 2.2 acres. Jarlath Lynn of CB Richard Ellis said the building's close proximity to the Red Cow interchange on the M50 should ensure strong interest in the property.
Over €3m for mixed-use building near Pearse Station
Davin Auctioneers is seeking over €3 million for a modern three-storey commercial building at 88-90 Townsend Street, Dublin 2, which is for sale by private treaty. The building has a floor area of 400sq m (4,306sq ft), including 175sq m (1,884sq ft) on the ground floor which could be used as a showroom area. There is a separate access to the first and second floor offices. The building is about 100 metres from Pearse Station.
Sherry Fitz move in Dun Laoghaire frees-up trading pitch
A new trading opportunity will arise shortly at 44 Upper George's Street in Dún Laoghaire when estate agent Sherry FitzGerald relocates to larger premises in the borough. DTZ Sherry FitzGerald is handing the assignment of the lease of the two-storey Victorian-style building which has a ground floor area of 45sq m (484sq ft) and a further 130sq m (1,400sq ft) of space to the rear and on the first floor. The building is held on a 21-year lease from 1989 and is rented at €47,500 per annum.
Over €12m for shopping centre with potential in Portlaoise
Bannon Commercial is in negotiations with two parties and is quoting over €12 million for Centrepoint shopping centre on the Mountrath Road in Portlaoise, after it failed to sell at tender.
The complex, with 4,800sq m (51,667sq ft) of space over two floors, is currently producing an income of €265,668 per annum. The owner, Shaws, does not contribute to the rent roll but it plans to vacate its store of 782sq m (8,500sq ft).
Robert McNamara of Bannon Commercial is handling the sale of the buildings which stand on a site of 3.79 hectares (9.6 acres). A new owner would be likely to seek permission for additional retail space and apartments.
Mixed-use investment on Parliament Street makes €1.7m
Agent Conor Ó Cléirigh has secured €1.7 million for a retail and residential investment at 24 Parliament Street, Dublin 2. The overall rent of the building will remain at €19,043 until 2009; it will then be increased to €31,740 and stay at that level until 2014 when it is due to be reviewed to open market value. The five-storey over basement building has a net internal area of 265sq m (2,850sq ft) and two separate tenants - Ciao Bella Roma Italian restaurant on the ground floor and basement, and Bridge House Accommodation on the upper floors.
D7 site makes €1.08 million, Blackrock site for €2.5 million
A small site with planning permission for six one-bedroom apartments at Berkeley Street, Dublin 7, has been sold at auction for €1,080,000.
Lisney, which handled the sale, is now quoting €2.5 million for a detached shop and residence on 0.1 of an acre at Rock Road in Blackrock, Co Dublin, after withdrawing it at auction. It could be redeveloped to provide up to six apartments.
Foodhall concept Fresh to open at Grand Canal Square
The Fresh foodhall concept - introduced at Smithfield in Dublin 7 by businessman Simon Kelly - is to be repeated at Grand Canal Harbour on the opposite side of the city.
Kelly has paid around €10 million for 1,207sq m (13,000sq ft) at 1 Grand Canal Square which has been developed by Roy Strudwick's Ryde Developments. An adjoining unit of 91sq m (979sq ft) has been rented by Cafe Java at €645 per sq m (€60 per sq ft).
Grainne Hollywood of Palmer McCormack is quoting similar rents for three other retail units in the building. Hollywood also acted for the Dublin Docklands Development Authority in the sale of 847sq m (9,117sq ft) in the CHQ Building to Ely Wine Bar for over €3 million.
Other traders who are due to pay rents of over €645 per sq m (€60 per sq ft) include Dieter Bergman, who will operate Il Primo Restaurant out of a unit of 142sq m (1,528sq ft), and The Deco Bar, which will have 158sq m (1,701sq ft). The main tenants in the new Longboat Quay will be Eurospar which will occupy 500sq m (5,382sq ft) and Milano which will trade out of 250sq m (2,691sq ft). A further shop of 96sq m (1,033sq ft) is to be allocated to a coffee shop operator.
