A roundup of today's other commercial property news in brief
World player moves in
INTERNATIONAL real-estate firm Hines has opened an office in Dublin to capitalise on development opportunities following the restructuring of the Irish banking and real-estate sectors.
The company has offices in 18 countries and is involved in investment and development as well as property management.
The new Irish office will be managed by Dublin-born Brian Moran.
Food for thought in Dundrum
PADDY McKillen’s Wagamama restaurant chain is to open its fifth branch – in Dundrum Town Centre. It has agreed a rent of €120,000 per annum for a unit of 295sq m (3,175sq ft) at an external location next to a number of other restaurants including Nandos, Port House and Rory Maguires.
Wagamama will be able to avail of a rent-free period of nine months under the terms of the 20-year lease.
Agents Savills and Bannon handled the letting, which brings the number of food outlets in Dundrum to over 30.
Clouds lifting in Spain
UNLIKE the Spanish housing market, which has crashed, the commercial property sector has shown a positive return in 2010 of 4.9 per cent, compared to a drop of 9.3 per cent over the previous 12 months. Capital values fell by 1.2 per cent, a considerably lower rate than in 2009 when it slipped by 13.3 per cent.
The Spanish returns were broadly similar to those of its Iberian neighbour, Portugal, which posted a positive return of 4.2 per cent.
Boots opens outlet in Cork
THE Boots health and beauty group is to open a new outlet at Blackpool Retail Park in Cork. This will bring the UK company’s overall number of stores in the Republic to 58. Boots is to take over the former Reid furniture unit which extends to 92.9sq m (1,000sq ft). The rent is in the region of €269 per sq m (€25 per sq ft).
Last December, Aldi also took over the former Land of Leather store in the same park. Savills Cork office handles lettings in the park, where other traders include Argos Extra, Heatons, Sportsworld, Next Home and Lifestyle Sports.
