A round-up of today's other stories in brief
Arbitrator awards families €10.6m more than council
Executives of Galway City Council have been left with red faces after failing to acquire land by Compulsory Purchase Order (CPO) at a fraction of the price that will now have to be paid. The council, advised by valuer Raymond J Rooney, had offered €5.9 million under a CPO for the land at Ballymoneen Road, Knocknacarra, which is owned by two local families. The land included a site of 5.25 acres zoned for housing, seven acres zoned for community facilities, 3.25 acres with high amenity zoning and seven acres with agricultural zoning.
When the two families rejected the council's offer, the matter was referred to the State Property Arbitrator, John Shackleton, who held a public arbitration hearing in Galway. He has now awarded the families €16.5 million - a 180 per cent increase on what the council offered. The families, who also got costs, were advised by Galway auctioneer Terry Cunningham.
Ready-to-go site makes €8.6m
Further confirmation of the strong demand for infill housing sites was provided last week when DTZ Sherry FitzGerald got €8.6 million at tender for a house needing upgrading at 81 Mount Merrion Avenue in Blackrock, Co Dublin, but with planning permission for three more homes in the grounds. The planning permission allows for the building of a five-bedroom, 280sq m (3,021sq ft) detached house facing Mount Merrion Avenue. Two semis will also have five bedrooms, 305sq m (3,291sq ft), and will face Southwood Park. The purchaser was little known developer Cathal Mallon.
€450,000 for Greystones lease
The lease of one of the best known restaurants in Greystones, Co Wicklow, Bels Restaurant on Church Street, is expected to make around €450,000 when it is sold by private treaty through Douglas Newman Good Commercial. The 85-seat restaurant is fully licensed and trades from 9am to 10pm. It has a healthy turnover. The building is held on a 30-year lease from 2002 at a rent of €50,000 per annum.
€2m or €100,000 rent for crèche
A crèche with tax allowances is for sale at Smithfield Market in Dublin 7. Joint agents HWBC and DTZ Sherry FitzGerald are seeking over €2 million or rent of €100,000 per annum for the facility to be located between a food hall and pharmacy. It will have 359sq m (3,864sq ft) and an outdoor play area of 119sq m (1,281sq ft). The capital allowances can be availed of in the first year or over seven years.
Italian footwear chain expands
Carl Scarpa, the Italian footwear chain, has new outlets in Galway and Limerick. The Galway store opened last month on High Street and another outlet on Limerick's O'Connell Street is being fitted out. The company acquired the Limerick lease from The Body Shop for a premium of around €200,000 and will trade from a high profile corner location next to Brown Thomas. This will bring the number of its branches to 12, including a flagship shop on Dublin's Grafton Street. The Carl Scarpa Group was acquired last year by brothers Keith and Stephen Moffitt. Eoin Feeney of HWBC Chartered Surveyors advised Carl Scarpa and indicated that they are on the lookout for a new store in Cork city centre.
Tralee site makes around €5m
A town centre site of 2.8 acres at Edward Street, Tralee, Co Kerry, has been sold by Douglas Newman Good for around €5 million. It is likely to be used for a development of offices, retail and residential units.
€10-€12m for Galway office
A guide of €10-€12 million is being quoted for an office investment in the heart of Galway city on Eyre Square. Odeon House has 1,486sq m (16,000sq ft) over five floors with a large car-park. Tenants include KPMG, NTL and Royal & Sun Alliance. The property will be sold at auction on May 26th by agent Donnellan & Joyce Auctioneers.
Over €1.2m for mixed-use investment in Dún Laoghaire
An investment/development opportunity has come on the market in Dún Laoghaire. Opposite the former Iceland building, it has a retail unit fronting Lower George's Street occupied under a four-year nine-month lease from April 2005. The rear has planning for a 138sq m (1,485sq ft) mixed-use scheme with a retail and office unit at ground and first floor level, and a penthouse above. Colliers Jackson-Stops is quoting over €1.2 million and it goes to auction on May 31st.
Over €750,000 for freehold interest in small D2 office
A own-door office at the Mews, 11 Stephen's Place, off Upper Mount Street, Dublin 2 offers 34.1sq m (367sq ft) at ground level and 21.9sq m (236sq ft) at first floor level. The accommodation is open-plan and the agent, Bannon Commercial, is seeking over €750,000 for the freehold interest.
€300,000 rent in Dundrum
The first opportunity for retailers to acquire space in the Dundrum Town Centre since the complex opened a year ago has arrived. Hamilton Osborne King and Bannon Commercial are offering a 25-year lease with a rent of region €300,000 per annum for a shop unit of 128.3sq m (1,381sq ft) on level two. The centre opened on March 3rd last year and the new tenant will join more than 120 others trading there.
