A round-up of other commercial property stories in brief
Irish take up 25% of investment in UK property firm
Irish investors have contributed 25 per cent of almost €30 million invested in a British company specialising in the purchase and enhancement of housing sites in the UK. Each of the Irish investors contributed a minimum of €225,000 to Cordea Savills, the real estate fund management arm of Savills plc. The company specialises in obtaining planning permission before selling it on as serviced sites to housebuilders. A company spokesman said that "asset management capability" would be the key driver of returns in the commercial property investment market over the coming years.
€4m for mixed-use investment with potential on Thomas Street
A retail and residential investment opposite Frawleys shop at 114-116 Thomas Street, Dublin 8, has come on the market through Douglas Newman Good Commercial. The property comprises three ground floor retail units, two floors of commercial facilities and nine apartments which are producing a rental income of €243,000. The agent is seeking €4 million for the portfolio which would show a net yield of 5.45 per cent. With the Thomas Street area about to undergo widespread regeneration, there is obvious scope to upgrade the buildings or embark on a redevelopment.
Bank takes space in Blackrock
Ulster Bank is to lease 600sq m (6,458sq ft) in the newly built Frascati Hall on the Blackrock bypass in south Dublin. It will be paying €226,000 per annum for the ground and first floors of the five-star building, equating to €376 per sq m (€35 per sq ft). Twelve car-parking spaces will each cost €1,790 per annum. Douglas Newman Good Commercial, who handled the letting, said that well located offices, like Frascati Hall, were in strong demand because they were serviced by good transport services.
€1.028m or €67,000 rent for own-door units at Citywest
Joint agents Savills HOK and Bannon Commercial are quoting a rent of €67,000 and a selling price of €1.028 million for self-contained retail/office own-door units adjacent to the proposed Citywest shopping centre in west Dublin. Eight units varying in size from 890-996sq m (9,580-10,721sq ft) will be handed over in a shell and core condition with full external glazing.
Penneys to rent anchor store at Cork's Wilton shopping centre
The dispute over the assigning of the lease of the Roches Stores outlet at Wilton shopping centre in Cork will finally be resolved in the next week or two when Penneys completes contracts to take over the store. There was a lengthy stand-off between the owner of the centre, Joe O'Donovan, and Roches Stores over his refusal to allow the trader to assign the lease of its anchor store to Marks & Spencer. Other shops owned by Roches Stores were passed on to Debenhams. O'Donovan held his ground and has now agreed to lease the store of 3,716sq m (40,000sq ft) to Penneys for twice the €600,000 rent paid by Roches. This will increase the overall rent roll at the centre to over €6 million. Cormac Kennedy of CB Richard Ellis has been advising O'Donovan who put the shopping centre on the market last November at €285 million. A buyer has not emerged so far.
PA opens Cork offices
Project Architects (PA) has opened a new office in Cork to handle work in the Munster region. The initial staff of 10 is based in Ascon House at Euro Business Park on Little Island. The Cork team of PA has already won several awards for its work on Mahon Point shopping centre and Harty's Quay apartments on the Rochestown Road. It has also been widely acclaimed for its work at the stunning University of Limerick, Cappavilla Student Village and the sports complex which is being extended for use as a training centre for the 2012 London Olympics.
Over €1.75m for Portarlington site
Savills HOK is quoting over €1.75 million for a ready-to-go industrial site on the Edenderry Road in Portarlington, Co Laois. The site of 1.28 hectares (3.16 acres) has full planning permission for 14 industrial units of 215-444sq m (2,314-4,779sq ft).
Surveyors elect new president
Felix McKenna, managing director of Eircom's Osprey Property, has been elected president of the Society of Chartered Surveyors. He is the first ever building surveyor to occupy the position in the 105-year history of the organisation. McKenna has called on the Minister for Finance to bring clarity and certainty to the stamp duty issue without further delay and before the summer recess. If this was done it would enable normal business activity in the market to resume. The new senior vice-president is Sean McCormack of DTZ Sherry FitzGerald.
€2.4m for south docks office
HT Meagher O'Reilly is seeking €2.4 million for an own-door office unit at Forbes Quay overlooking the Liffey in Dublin's south docks. The 142.5sq m (1,534sq ft) unit over two floors is at the intersection of Forbes Quay and Sir John Rogerson's Quay.
Rathcoole industrial site for €1.6m
William Harvey & Co is guiding €1.6 million for an industrial site of 0.404 hectares (one acre) at Greenogue Business Park in Rathcoole, Co Dublin, which goes to tender on June 27th. It could accommodate a detached facility of up to 1,800sq m (19,375sq ft).
