Other commercial property stories in brief
Boots closes down Aston Quay outlet
The giant chemist chain Boots has closed one of its Dublin branches - the first time it has done so. The business at Aston Quay, just off O'Connell Bridge in Dublin 2, opened in September 2004 as part of the redeveloped Virgin Megastore. DTZ Sherry FitzGerald says it is "open to offers" for the lease of the 164sq m (1,765sq ft) unit which is rented at €174,000 per annum. The 25-year lease provides for a break in year 15. DTZ said the store was "not large enough for the requirements of the city centre". The company was constantly looking for large outlets in the city.
The Boots decision will be a disappointment to Robbie Dolan of Crunch Fitness who paid around €25 million for the overall investment property at 14-18 Aston Quay, including the Boots store. Crunch Fitness Centre was one of the original tenants. The property is also occupied by Musgraves (Super Value) and a café. Musgraves pays a rent of €385,000; another of the original tenants, Cafe Sol, had agreed to a rent of €70,000 while the rent for the Crunch Fitness Centre was fixed at €440,000.
Over €950,000 for vacant shop and apartment in Donnycarney
Agent Finnegan Menton is quoting over €950,000 for a vacant shop with an overhead apartment opposite Clontarf Golf Club at 107C Malahide Road, Donnycarney, Dublin 3, which is for sale by private treaty. The ground floor retail unit of 75.76sq m (815sq ft) currently trades as Greggs Family butchers but will be vacated with the sale. There is a large duplex apartment overhead of 92.9sq m (1,000sq ft). The building should produce a rent of €50,000, according to the selling agent.
D12 site makes around €17m
A Dublin housebuilder has paid around €17 million for the Dulux paint storage and distribution plants beside the Goldenbridge Luas stop on the Davitt Road in Dublin 12. The housebuilder is expected to seek planning permission for a mixed-use development of apartments, offices and retail. The zoning on the 2.06-acre site allows for all three uses. Five different parties tendered for the site, including one of the two German convenience store discounters. Hamilton Osborne King handled the sale.
Small D1 site makes over €8m
A site of 0.405 of an acre with a series of buildings formerly occupied by Tom Stafford Motors at Amiens Street, Dublin 1, has been sold for over €8 million. It is likely to be redeveloped for apartments, offices and retail on the ground floor. A feasibility study has shown that the site could accommodate 21 apartments, 2,371sq m (25,521sq ft) of offices over six storeys, including 1,195sq m (12,863sq ft) of retail, and 37 car-parking spaces at basement level. Hamilton Osborne King was the agent.
Strong prices for period offices
Further evidence of the strong demand for well- located period office buildings in Dublin city was provided last Thursday when Lisney got good prices for two such properties. Number 30 Kildare Street, Dublin 2 - once the home of Dracula author Bram Stoker - was sold under the hammer for €2.3 million. The four-storey over basement terraced building has a floor area of 193sq m (2,077sq ft) and a separate access to the basement. The agency also got €2.85 million at auction for 106 Pembroke Road, Dublin 4, a four-storey over garden level building in particularly good condition.
Agent moves to Percy Place
Estate agent Ganly Walters is moving its operation from Lower Baggot Street to Percy Place in Dublin 4. It has leased 622sq m (6,695sq ft) on the ground floor of AIB Investment House which will be newly fitted out before the move in mid-July.
Irish buy Stuttgart complex
Custom House Capital Ltd has bought a multi-let office and retail complex in Stuttgart for around €33.5 million. The seven-storey Messeblick development has a floor area of 14,165sq m (152,471sq ft) and 350 car-parking spaces. It is 80 per cent let and the remaining space is under negotiation. A five-year developers guarantee has been provided for any unlet space. The rent roll of €2.24 million will provide a net initial yield of 6.1 per cent. Agent Ganly Walters advised Custom House on the deal and also on a previous acquisition of another investment property for over €15 million in Bielefeld.
D3 pub makes around €12m
MKN Properties, the residential and commercial company controlled by the McKeon family, is expected to seek planning permission for a residential scheme on the site of Dollymount House licensed premises on the Clontarf Road in Dublin 3, which it has just bought for around €12 million. The one-acre site is one of the best along this coastline and has views over Dublin Bay and the Royal Dublin golf course. John Ryan of CB Richard Ellis handled the sale of Dollymount House.
Over €2.8m for Kildare town site
Colm McEvoy auctioneers is quoting over €2.8 million for a residential site in Kildare town. The 2.5 acres has town centre zoning and is likely to accommodate at least 55 apartments, says Laura Keenan of the agency. It is for sale by tender on July 20th.
€600,000 for Glendalough site
Hassett estate agent is suggesting a price around €600,000 for a site of 1.5 acres over Glendalough Valley in Co Wicklow. The site has 350ft of road frontage and has potential for a tourist-related activity, according to the agent.
