Other commercial property stories in brief
Industrial unit at Park West makes over €6 million
Irish Life has paid just over €6 million for an industrial investment at Park West Industrial Park on Nangor Road in Dublin 12, in a deal that will show a net initial yield of 4.62 per cent and an equivalent yield of 5 per cent. The detached modern building of 3,143sq m (33,831sq ft) is leased to Gardiner Group for 20 years from 2004 at a rent of €309,000. It is divided in two and occupied by two subsidiary companies.
GVA Donal O Buachalla advised Irish Life while William Harvey & Co acted for the vendor, Cork-based company Charles Nolan & Son.
Around 90% of space at Gorey Town Centre committed
Six months before it is due to open for business, about 90 per cent of the retail space planned for the new Gorey Town Centre is already committed.
The complex will have an overall floor area of 11,148sq m (119,996sq ft), including an anchor store of 8,157sq m (87,801sq ft) to be occupied by Dunnes Stores.
Paul Fahey of agent Bannon Commercial said they had already agreed terms with Carphone Warehouse, Hickey's Pharmacy, The Bagel Bar, Cantec, The Bag Shop, Hermedic, Whitmore Jewellers and Cribben Butchers. Bannon Commercial is also due to sign up a number of leading fashion retailers.
Beacon South Quarter in D18 to get two new retailers
Hair and beauty salon Free Spirit and Godfather's Pizza are the latest tenants to agree rental terms for Beacon South Quarter in Sandyford, Dublin 18.
Free Spirit will also operate a gym in its unit which will have a floor area of 297.2sq m (3,200sq ft).
Godfather's Pizza will rent a unit of 83.6sq m (900sq ft) and by the end of August it plans to have 30 outlets in the Republic. Dunnes Stores will be the anchor tenant in Beacon South Quarter.
Out-of-town retail investment to show record low yield
What is possibly a record yield for an out-of-town retail investment has been set in Mulhuddart, west Dublin, when an auctioneer's office was sold for €1.5 million. The 125.9sq m (1,355sq ft) unit at Crescent shopping centre was sold at a net yield of 3 per cent, largely because the purchaser can avail of 79 per cent capital allowances on the purchase price.
The shop, rented by Wilson Moore Auctioneers at €50,000 per annum, adjoins other units occupied by Spar, Boyle Sports, O'Briens off licence and a pharmacy.
Barbara Lennon of Savills HOK, who negotiated the deal, said it was "an exceptional price" because of the capital allowances and the fact that the rent on the auctioneer's office was significantly lower than that on adjoining units.
Over €3.2m for redevelopment building on Thomas Street
A redevelopment opportunity on Dublin's Thomas Street has arisen with the pending sale of a four-storey building at number 88.
Ganly Walters is suggesting a price of over €3.2 million for the site which extends to 0.0497 hectares (0.123 of an acre) which could accommodate a retail premises, overhead apartments and a basement car-park. The premises goes for sale by tender on June 7th.
Ballycoolin industrial site of nearly four acres for over €3.6m
An industrial site of 1.59 hectares (3.93 acres) at Northwest Business Park in Ballycoolin, Dublin 15, is expected to sell for over €3.6 million when it goes to tender on May 24th. Paddy Jordan of Savills HOK says that the site, with substantial frontage onto the Ratoath Road, would be ideal for high quality industrial units or a small enterprise scheme.
€450,000 for adjoining shops on South Quay in Wicklow town
The Philips Partnership is seeking €450,000 for two adjoining shops at South Quay in Wicklow town. Each of the shops has a floor area of 72.5sq m (780sq ft) and will inevitably be redeveloped. Both back onto Main Street.
Munchies opens two new outlets
Munchies, the specialist sandwich and organic fair-trade coffee providers, has opened two new outlets in Dublin, bringing its total in the city to five. It is planning to expand further through franchising.
Its two latest premises are at the new headquarters of solicitors Dillon Eustace on Sir John Rogerson's Quay and on Lower Baggot Street.
Munchies was founded in 1989 by former Ms Ireland Elaine O'Hora who was joined shortly afterwards by Charlotte Develin. The third member of the group is John Keane. The business is advised by Jones Lang LaSalle.
Clare woodlands for €250,000
Two woodlands near Inagh in Co Clare have come on the market through agent Atisreal. The guide price is €250,000.
Cloonmackan Wood, which has dual road frontage and a surfaced internal road, extends to 10.36 hectares. The wood was planted in 1977 with sitka spruce and has a mixture of ash, hazel, holly and silver birch. Eighteragh Wood covers an area of 3.3 hectares and was planted in 1976 with sitka spruce.
