A round-up of this week's other stories in brief
€400,000 key money sought in Galway
Galway's restricted high street area has raised expectations that owners can get Dublin-style premiums for the leases of shops as they become vacant. A good example is the key money of at least €400,000 being sought by local agent O'Donnell & Joyce for the lease of the Redlight record shop at 37 Shop Street, one of the busiest pitches in the city centre.
Shop leases seldom come on the market in this location, close to McDonalds, Boots, River Island and Lifestyle Sports. The unit has 92.9sq m (1,000sq ft) on the ground floor and and the same space on two upper floors. The current rent of €185,000 is not due to be reviewed until 2008. The building is owned by George Herlerich, who previously operated a meat shop from the premises.
Dunnes to build €12 million convenience store on bypass
Dunnes Stores' aggressive expansion strategy is continuing to throw up new trading opportunities. The multiple is to spend around €12 million on a new convenience store of about 2,322sq m (25,000sq ft) to be located off the Dundalk bypass and opposite a retail park. The building is to be developed by Innabar Estates, also responsible for the retail park, which has still to find its feet.
Monasterevin site with town centre zoning sold for €3 million
Kildare agent Colm McEvoy is continuing to have a strong run in the market for development sites. The latest sale involved a site of 1.78 acres in Monasterevin, Co Kildare, which made a surprisingly strong €3 million. It has town centre zoning and is likely to be used for a mixed development.
€11 million guide for five-unit Waterford industrial portfolio
An investment portfolio of five industrial units at Waterford Industrial Park is for sale by private treaty through Jones Lang LaSalle with a guide price of €11 million. This would provide a gross yield of 6.5 per cent or a net yield of 5.75 per cent. The industrial estate, developed originally by IDA Ireland, is beside the N25 Waterford-to-Cork primary route and has approximately 290,000sq m (3,121,531sq ft) of accommodation covering about 128 hectares.
The other four units are occupied by Sanofi Aventis Pharmaceuticals, one of the world's largest pharmaceutical companies, which occupies 4,830sq m (51,989sq ft) at an annual rent of €322,000; AOL Europe Ltd, part of the world's largest media group, which occupies 2,560sq m (27,555sq ft) at an annual rent of €183,163; Reflexite Ireland, a private US firm involved in optical engineering, micro replication and polymer processing technology, occupies 1,520sq m (16,361sq ft) at a rent of €104,325; and Rigney Dolphin Ltd, which operates a call centre from a 410sq m (4,413sq ft) unit and pays an annual rent of €29,500.
The units produce a total annual rent of €716,988 and are for sale as one portfolio or in individual lots. Leases extend to 2020 in the case of Sanofi Aventis and AOL Europe Ltd, while the others range from 2009 to 2017. In several cases, break options have passed unused since the estate was sold by the IDA.
Apartments/shops near harbour in Courtown to be launched
A mixed residential/retail development in Courtown, Co Wexford, is to be launched this Sunday, July 9th, by agents Re/Max. Ocean Point, which is less than 150m from Courtown harbour, comprises 34 apartments and a variety of shops, a licensed premises and a crèche.
Eleven of the 34 apartments, to be built on five levels, will be penthouse-style apartments, and many of the units will have rooftop-garden access and private balconies. The first phase of apartment and retail units will be sold from plans in the Ashdown Park Hotel in Gorey, Co Wexford, on Sunday. They are expect to be completed next year.
Comfort Inn motorway hotel opens off M7 at Portlaoise
What is claimed to be Ireland's first motorway hotel, The Comfort Inn, will open on Friday off the M7 motorway in Portlaoise. The 90-bedroom, four-star hotel is located off the Togher interchange, which handles about 25,000 motorists daily. A special business area has been developed with eight meeting suites. There is also a leisure club and a food court.
The Choice Hotels Ireland Group not only controls the Comfort Inns but also the Quality and Clarion hotel brands.
Over €8m for Cabra residential site with planning permission
Dublin agent CB Richard Ellis is understood to have secured in excess of €8 million for a site for 64 apartments at Quarry Road in Cabra, Dublin 7. The price paid, before costs are taken into account, work out at over €125,000 per unit.
In Co Louth, Gunne Property has obtained €5,125,000 at auction for a residential site of 8.58 acres at Mullavalley, Louth Village. There is currently planning permission for 30 homes on part of the site.
Power City opens it second store outside Dublin
Electrical retailer Power City is the latest tenant to join the M1 Drogheda Retail Park. Hamilton Osborne King was the agent who completed the signing. Power City will be in Unit 1, which measures 1,450sq m (15,607sq ft). Other tenants include Woodies, Heatons and Smyths Toys.
