Other commercial property stories in brief:
Dominick Street sites for sale for €4 million each
Two residential sites on opposite sides of Dominick Street Upper in Dublin 1, are to be sold by tender on June 13th on behalf of Arnotts Ltd. Ronan Webster of CB Richard Ellis is quoting guide prices of over €4 million for each of the sites midway between the junction of Dorset and Western Way.
One lot of 0.14 hectares (0.34 of an acre) at 25/29 Dominick Street Upper has a single-storey warehouse with a two-storey front office section. The other lot at 58/64 Dominick Street extends to 0.24 hectares 0.64 of an acre) is currently used as a car-park.
Webster said that Dominick Street would be a pivotal access point to Grangegorman where the DIT colleges are due to be located.
Kilkenny investments make over €26m
Douglas Newman Good Commercial has finally wrapped up the last of 20 retail investments at Market Cross shopping centre in Kilkenny. The overall sales figure of over €26 million, achieved by BDO Simpson Xavier on behalf of investment clients, will show an average yield of 3.6 per cent for individual buyers. Most of them will also be able to avail of capital allowances equating to about 5 per cent of the selling price. The retail investments sold for between €450,000 and €3 million.
The centre opened in the early 1990s and is located off High Street. The anchor tenants are Superquinn, Penneys and Heatons. All the shops sold are held on 25-year leases.
Shopping centre in Longford gets go-ahead
An Bord Pleanála has granted planning permission for a shopping centre and new link road in Longford town. The facility, to be developed by CFO Construction, will include a 3,000sq m (32,291sq ft) anchor store and 14 retail units with a floor area of 1,834sq m (19,741sq ft) . There will also be a crèche, restaurant and medical clinic and 419 car-parking spaces.
The board inspector Michael Gleeson had recommended refusal, giving as one reason that the ground level car-parking "constitutes a wasteful use of scarce, serviced, urban land".
He also claimed that the design of the centre "would be detrimental to the amenities of the area and of future patrons in terms of overall height, particularly the glazed entrance element". He claimed too that there would be almost complete absence of any interaction between the building and the surrounding streets.
Roundstone hotel for sale for over €3 million
Sherry FitzGerald Kavanagh is seeking over €3 million for the former Seals Rock Hotel in Roundstone, Connemara, Co Donegal. The hotel has been closed for many years and is now likely to be redeveloped or demolished and replaced by a residential scheme. The buildings extend to 1,400sq m (15,069sq ft) and stand on a site of 0.53 hectares (1.31 acres).
Roundstone is one of the most popular holiday resorts in Connemara and attracts a huge of number of visitors for much of the year. The attractive village on Roundstone Bay offers spectacular coastal views.
€12m sought for Drury Street fashion warehouse
An interesting redevelopment opportunity will arise shortly on Dublin's Drury Street when the former Nath Brothers' fashion warehouse is sold by private treaty. Chartered surveyors Menton are suggesting a price of €12 million for the well-located building where planning permission was obtained to provide 1,130sq m (12,163sq ft) of space over seven storeys including a penthouse. The permission provides for a restaurant and four levels of offices overhead.
Aughrim site with room for 48 homes for €2.95m
The Phillips Partnership is seeking €2.95 million for a site of 2.24 hectares (5.6 acres) beside Aughrim village in Co Wicklow which is for sale by private treaty. The agency says that subject to planning permission there is potential to build 48 homes on the elevated site overlooking the village.
Tilestyle to open new store
Tilestyle is to open a new store of 3,716sq m (40,000sq ft) at Ballymount Retail. Other occupiers include O'Mahony's Home Value hardware, Subway, Spar and Graham O'Sullivan. SIG group will occupy 1,858sq m (19,999sq ft) of office space. Joint agents are Lisney and NAI Mason Owen & Lyons.
€2m for Monaghan hotel
Dundalk agent Gunne is seeking €2 million for The Riverdale Hotel in Ballybay, Co Monaghan, which goes to auction on May 30th. The 20-bedroom hotel was recently refurbished and stands on a site of 2.24 acres which was zoned for town centre use.
Last Clarion plaza unit let
The last remaining plaza unit on Clarion Quay in Dublin's IFSC has finally been let to the American Grind Restautrant. Other traders in the area include M&S Simply Food, Milanos and The Bagel Bar. The latest arrival will trade out of a unit of 200sq m (2,148sq ft). Savills Hamilton Osborne King handled the letting.
€2.95m for D15 premises
A private investor has paid €2.95 million for an industrial investment at 45 Rosemount Business Park in Ballycoolin, Dublin 15. The warehouse and office unit of 1,498 sq m (16,124 sq ft) is let to JOhn G Rathbourne Ltd on a 25-year lease from 2002 at a passing rent of €140,836 per annum. There are break options available to the tenant but the property offers capital allowances of €845,000. The sale price represents a net initial yield of 4.9 per cent but once the capital allowances and the outstanding rent review has been completed, the purchaser will get a return of around 5.2 per cent. Arisreal advised the vendor.
