Other commercial property stories in brief
Key money sought for Galway shops
Key money of €250,000 and €150,000 is being sought for two retail units which have become vacant in Corbett Court on Williamsgate Street in Galway city. The shops are on the ground and first floors of the complex which links the Eyre Square centre with the Corbettcourt Centre. Units 11 and 12 extend to 145.11sq m (1,562sq ft) and 137.96sq m (1,485sq ft), giving the potential for a shop of over 253sq m (2,723sq ft). There is also a separate storage space. Unit 11 is rented at €51,000 while the other shop has a rent of €51,000. Storage space costs an additional €12,6123. Bernadine Hogan of Savills HOK said the vacancies offered a rare opportunity in Galway to join a great mix of tenants including Japan, Vera Moda, Gameworld, Vodafone, Elverys, Mothercare and The 3G Store. Smith & Co are joint agents.
Former Haddington Road Snap Printing unit makes over €2.7m
A restaurateur has paid over €2.7 million for the former Snap Printing unit of 248sq m (2,700sq ft) in Victoria House on Haddington Road, Dublin 4. An adjoining unit, trading as a coffee shop, was sold as an investment for over €1.2 million. The rent of €37,500 is due to be reviewed. Peter Flanagan of Atisreal says the sales underline the strong appetite for well located retail units and investment properties in the Dublin area. DTZ acted for the restaurateur.
Bag Shop to open in Arklow
The Bag Shop has continued its march around the country by securing its 30th shop in the new Bridgewater shopping centre in Arklow, Co Wicklow. The group is also seeking other outlets. James Hardy of Jones Lang LaSalle says they are looking for more locations in Athlone, Mullingar and Tullamore. The size of unit could range from kiosks of 14sq m (151sq ft) up to retail premises of 100sq m (1,076sq ft).
€3m for ready-to-go Galway site
In Galway, agent O'Donnellan & Joyce is suggesting an AMV of €3 million for a development site of 471.5sq m (5,075sq ft) close to Fair Green at Foster Street/St Mary Magdalen's Terrace, which goes to auction on May 25th. There is planning permission to demolish five terraced houses and replace them with a 25-bedroom hostel and two car-parking spaces. The three-storey development will have 108 bed spaces. Last week the same agent secured €450,000 at auction for a site with planning permission for a detached house at 21b Newcastle Park, Newcastle, Galway.
Units to rent at Carlow retail park
The second phase of Barrow Valley Retail Park in Carlow is now available for lettings and is due to be completed in January following the successful launch of the first phase late last year. The park is located on the Carlow ring road, about a mile-and-a-half from the town centre. Its anchor tenants are Dunnes Stores and Home Superstore. Adjacent occupiers include the Dome Leisure centre, the Talbot Hotel and car showrooms.
The second phase will include 10 retail units, close to Dunnes Stores, ranging in size from 700sq m (7,535sq ft) to 2,100sq m (22,604sq ft). Four of the buildings have already been reserved for a medical centre, pharmacy and a furniture store, and the remaining six are available on long leases through agents Jones Lang LaSalle and Sherry FitzGerald Haythornthwaite in Wexford who are quoting annual rents of €248 per sq m (€23 per sq ft).
Little Sisters of the Poor to sell 3.08-acre site in Clonskeagh
Another religious order is hoping to cash in on the high prices that have been available for housing sites in the Dublin area. The Little Sisters of the Poor is planning to sell 1.247 hectares (3.08 acres) at Roebuck Road, Clonskeagh, Dublin 14. Building densities in the area are generally 15 units per acre, though religious-owned land is generally subject to a higher volume of open space than in most other developments. The surrounding area is predominantly in residential and institutional use. NAI Mason Owen & Lyons is refusing to provide a guide price for the site which goes to tender on May 30th.
€1.25m for Balbriggan building
Property Team Noland & Fahy is quoting a modest €1.25 million for Tankardville House, a newly refurbished building in Balbriggan, Co Dublin, which goes to auction on May 30th. There is planning permission to use it as a crèche for 40 children. The house is reputed to be an inn from the Cromwellian period and is listed for preservation.
Revenue up 45% at Jones Lang LaSalle in Q1 2007
Jones Lang LaSalle, the global estate advisors who have an office in Dublin, made further growth strides in the first three months of this year. First quarter revenues totalled $490 million (€360 million), a 45 per cent increase from the corresponding period in 2006. Net income came to $27.2 million (€20 million) or $0.81 (€0.59) a share, compared to $0.14 (€0.10) a share in 2006. The Irish managing director, John F Mulcahy, said: "Growth in the firm is gathering speed as our local performance in each marketplace is complemented by a rapidly expanding global platform. Around the world, the immediate prospects for real estate remain good."
Record number of new surveyors
A record number of students have qualified as surveyors. A total of 107 new surveyors were presented with their diplomas last week by the Society of Chartered Surveyors. This brings the number of chartered surveyors in Ireland to over 1,700. Newly qualified valuation surveyors Maria Duffy (left) and Orla O'Byrne, both of DTZ Sherry FitzGerald, are photographed with the society's president, Conor Hogan, at the diploma presentation ceremony.
Over €4.1m for Kimmage shops
Brian Berg of Savills HOK is seeking over €4.1m for three retail buildings at 54/58 Sundrive Road in Kimmage, D12, which are for sale by private treaty. They have a combined space of 592sq m (6,372sq ft). A large yard at the rear offers development potential.
