A round-up of today's other stories in brief
€300,000 premium on Grafton Street
Hamilton Osborne King is seeking a premium of over €300,000 for the lease of Hickey's Pharmacy at 45 Grafton Street, Dublin 2. The retailer also has an outlet at number 21.
The shop has a ground floor area of 72.33sq m (779sq ft) with another 30.5sq m (328sq ft) in the basement. It is held on a 35-year lease which is due to expire in 2011. The tenant has a right but is not obliged to renew the lease at that stage. The current rent is €184,112.
Over €4.5m for Brittas Bay bar and holiday complex
The only bar in Brittas Bay, Co Wicklow, has come on the market, as well as holiday accommodation and a development site. DTZ Sherry FitzGerald is quoting over €4.5 million for McDaniel's Inn and Holiday Complex which is for sale by tender on April 12th. The property is for sale in either one or three lots. One lot includes the bar, 10 guest bedrooms and eight two-storey terraced homes at the rear of the licensed premises. Lot two includes seven two-storey terraced holiday chalets while the remaining lot is an elevated site of 19 acres adjoining Ballinacarrig Holiday Park. The land has obvious development potential but is not zoned.
D2 investment makes over €4m
DTZ Sherry FitzGerald has achieved over €4 million for an office and part-residential investment at 11-13 Anglesea Street, Dublin 2. The property is let to FitzGerald and Associates at a rent of €170,000 per annum. The building comprises over 600sq m (6,458sq ft) of office accommodation with three residential apartments on the top floor. The property was bought by a private investor at a net yield of 3.8 per cent.
Irish investors pay over €26m
Ganly Walters has purchased two European properties on behalf of its Irish investors. One is at Moulin a Massy near Paris for €10.58 million acting on behalf of Le Premier Property Funds. The Moulin a Massy property, located 17kms south of Paris, includes six office and warehouse buildings forming part of a business park and giving a net initial yield of 7.8 per cent. The second deal was in Bielefeld in Germany for around €16 million. It comprises a multi-let landmark 11,800sq m (127,014sq ft) office building bought on behalf of Custom House Capital and giving a net initial yield of 7.3 per cent. The anchor tenant is Commerce Bank.
Belfast sale to make over €43m
An auction of commercial property and land takes place on March 24th at the Europa Hotel in Belfast with organisers, Osborne King and Megran, anticipating combined sales of over €43.5 million. In total, 26 properties, including residential land, are up for sale mostly within Northern Ireland with a number in Scotland and England. Lot sizes range from €724,000 to €14.4 million and include a 12-acre residential site in Portavogie. Northern Ireland investors purchased over €43.5 million worth of commercial property and land at auctions organised by Osborne King and Megran in 2005.
New offices on Burlington Road
CB Richard Ellis launched its new company offices this week at Connaught House on Burlington Road in Dublin 4. Last year CB Richard Ellis Group Inc acquired all the remaining outstanding shares of its 10 per cent owned affiliate CB Richard Ellis Gunne in Ireland. CBRE occupies 1,486sq m (15,995sq ft) on the third floor of Connaught House.
€1.5m for building on Aungier St
Number 15 Aungier Street, Dublin 2 is for sale by private treaty through Atisreal Harrington Bannon with a guide of €1.5 million. The agent says the four-storey over basement 280sq m (3,014sq ft) property has "refurbishment potential". It is let under a single short term lease which is due to be extended in May for a three-year term at a revised annual rent of €78,000. The ground and basement are in retail use and the three upper floors are residential.
PWC to sell lease of office building at Wilton Place
The accountancy firm PriceWaterhouseCoopers is advertising for sale by tender its lease of Gardner House, a prime seven-storey office building overlooking the Grand Canal on Wilton Place in Dublin 2.
The 7,020sq m (75,563sq ft) block and 104 car-parking spaces are held on a 35-year full repairing and insuring lease from 1983 at an overall rent of €2,654,684. The rent works out at €326 per sq m (€30.28 per sq ft) and €3,500 for the car-parking spaces.
Declan O'Reilly of HT Meagher O'Reilly, who is handling the assignment, says that the passing rent shows a significant discount on rents in the area which are in the region of €530 per sq m (€49.23 per sq ft).
The sale of the lease comes a week after the owner of the building, the Irish Property Unit Trust, announced that it is to sell the office investment which has a valuation of over €65 million. PWC is to relocate to Spencer Dock later this year and, though their lease has almost 13 years to run, Treasury Holdings will apparently underwrite the rent.
Niall Gaffney, investment manager with IPUT, said yesterday that the market was well aware that the office space that PWC occupy in both Gardner House and Block B of George's Quay has been available since 2003 and that the usual procedure of landlord consent is required to any proposed tenant assignment. "Additional public marketing of the Gardner House lease at this juncture comes as no surprise and makes little difference to the forthcoming sale of the investment," he said.
