A round-up of this week's other stories in brief

IN SHORT: Tesco Express in Temple Bar 

The large number of convenience stores now operating in Dublin’s south inner city will face new competition shortly when a new Tesco Express store opens in the former ESB showrooms at Fleet Street in Temple Bar. The UK multiple is understood to have agreed a rent of around €200,000 for the new outlet which will have a floor area of around 1,021sq m (10,910sq ft) at street and basement level.

The building was bought about two years ago by the Wexford-based Stafford Group which also operates the Lifestyle Sports retail business.

Jones Lang LaSalle advised the Stafford Group and DTZ Sherry FitzGerald acted for Tesco.

'No rental growth in 2011'

ESTATE agent CB Richard Ellis says that while the commercial property market is largely dependent on the direction of the wider economy, 2011 should see the market emerge from what it describes as “the most significant and unprecedented crash it has ever experienced”.

The annual property outlook also forecasts that there will be no rental growth in any sector during the year with rents and values – other than for prime buildings in key locations – expected to show further declines over the course of the year. A notable improvement in transaction volumes is expected in many sectors of the market this year as Nama, banks and borrowers start to unwind their positions and bring properties to the market. The bulk of demand for prime investment properties will emanate from overseas investors.

Marie Hunt of CBRE said that while many high profile retailers continue to go into administration there was an encouraging level of demand for retail properties, particularly in prime locations. The outlook for prime shopping centres in key locations and prime high streets was considerably better than secondary retail properties, particularly those in provincial towns. The forecasts on the Irish market fell well short of the performance in the UK where commercial property has just delivered a total return of 14.5 per cent for 2010 – the best result for four years.

Rathgar retail unit to rent

Savills is quoting a rent of €35,000 for a two-storey retail building at 14 Orwell Road, Rathgar, Dublin 6, which recently gained planning permission for a restaurant.The building is opposite the newly opened Superquinn store and is close to Spar, Comans and Bijou Deli. The groundfloor, currently being fitted out as a retail unit, has a floor area of 58.9 sq m and there is a further 51.8 sq m available at first floor level.