A round-up of today's other stories in brief.
Nassau Street investment makes €3.3m at auction
A private investor has paid €3.3 million for a retail and office investment at 17/18 Nassau Street, Dublin 2, in a deal that will show a net initial yield of 2.23 per cent. The Lisney auction room was packed for the sale which, like other retail investments put on the market, attracted an unusually high level of interest. Lisney had been quoting a guide price of €2.2 million for the investment which is currently producing a rental income of €82,150. The two shops on the ground floor are let to Lapis and the Irish Chocolate Company while the balance of the rent of €30,000 comes from overhead offices rented by Blarney Woollen Mills.
52-acre Shankill site beside Woodbrook to make €170m
Four Dublin housebuilders and a site assembly company have apparently been shortlisted for a mainly residential site of 52 acres beside Woodbrook Golf Club at Shankill in south Dublin which is expected to make around €170 million. The site, owned by Sir Mark Corcoran, is expected to accommodate around 2,000 homes and 13,935sq m (150,000sq ft) of retail space. The bidders include Cosgraves, Bernard McNamara, Liam Carroll, Durcans and the Bray golf club consortium which includes Paddy Kelly, Pierse, Newlyn builders and the Flynn family. Ardawn, which acquires residential sites, is also in the shake-up. The sale is being handled by CBRE.
Kilcullen site sells for €3.3m
Exceptional prices tend to be achieved mainly in Dublin but it was the turn of the Co Kildare town of Kilcullen last week when local agent DNG Dowling Fitzsimons auctioned a town centre site of just over half an acre. At best, the agent had been hoping to achieve €2 million but at the auction there were two strong competitors for the property and it was knocked down at €3.3 million to local businessman Adrian Dunne, who runs the fast-expanding Dunne pharmacy chain. The underbidder was also local, housebuilder Peter Dunlea. The site at Main Street has planning permission for two retail units of about 111sq m (1,200sq ft), three overhead apartments and a separate block of eight duplex units at the rear.
DID Electrical for Bray
DID Electrical is continuing its aggressive expansion with plans to open a large outlet in Bray Retail Park. The company will join Woodies, which is already open for business, and will occupy a store of 870sq m (9,364sq ft). The rent is €237 per sq m (€22 per sq ft). DID has been in business for over 30 years and recently opened stores in Kilkenny Retail Park and Drogheda Retail Park. The Bray park, which has two remaining units available, has been developed by a syndicate which includes Phil Monaghan, Pat Ryan, Finian McDonnell and the Colgan family. The syndicate is expected to seek planning permission for industrial units and motor showrooms on the rear part of its 18-acre park. DTZ Sherry FitzGerald is handling the lettings.
Farrow & Ball to open in D8
Paint and wallpaper manufacturer Farrow & Ball is opening a showrooms at Cornmarket near Christchurch in Dublin 8. The UK company also has showrooms in Chelsea in London, the US and Europe. It will be paying close to the asking rent of €60,000 for the former Banking Hall which has been leased on a long-term basis with a break option in the 10th year. Hooke & MacDonald Commercial, which handled the letting, is now marketing a corner unit of 160sq m (1,722sq ft) which is available at €65,000.
Over €1.75m for investment opposite Malahide Dart station
Bannon Commercial is quoting over €1.75 million for a residential and commercial investment at 7 Castle Terrace in Malahide, Co Dublin which is for sale by private treaty. The end-of-terrace house is located directly opposite the Dart station and includes four residential units on the ground and second floors and a dental surgery at first floor level. There is a garden to the rear and seven car-parking spaces. The building extends to 235sq m (2,530sq ft) and is currently producing a rental income of €54,260.
Meanwhile, Bannon Commercial has secured just over €3.75 million for a residential site of 3.53 acres at Navan Road, Dublin 15. The road runs between the old and the new Navan roads and could possibly accommodate up to 90 residential units.
Newbridge site for around €3m
With the Whitewater shopping centre opening tomorrow in Newbridge, Colm McEvoy Commercial is expecting considerable interest in a redevelopment site virtually opposite the new complex. A price around €3 million is being quoted for TJ McCabe's licensed premises which stands on a site of 0.11 hectares (0.28 of an acre). It goes to auction on May 11th. The property has town centre zoning and an extensive rear yard with frontage on to Dawson Street.
