A roundup of today's other stories in brief.
Over €1.25m for office in Dublin 1
Agent Davin is seeking over €1.25 million for a vacant office building at the Lotts, off Bachelors Walk in Dublin 1. The former warehouse is at the junction of Lotts and Litton Lane, a cobble-stone mews lane between Bachelors Walk and Middle Abbey Street. The building has a floor area of 100sq m (1,076sq ft) and has undoubted redevelopment potential, as the building next door was recently enlarged and has four floors. The selling agent will also consider leasing the building at a rent of €35,000 to €40,000.
€2.3 million for business park unit near Balbriggan
Treasury Holdings is seeking €2.3 million for a semi-detached commercial building on the MI Business Park near Balbriggan, Co Dublin. The unit of 1,366sq m (14,703sq ft) works out at a cost of €1,668 per sq m (€155 per sq ft) and would be ideal for a logistical firm, according to joint agents CBRE and Jones Lang LaSalle.
Meanwhile, CBRE is quoting a rent of €152,000 for a two-storey office and warehouse space at Unit 4 of Parkway House on the Ballymount Road in Dublin 12. It has 1,181sq m (12,712sq ft), including 336sq m (3,617sq ft) of warehouse accommodation. There are 30 car-parking spaces.
Over €1.5 million for office and showrooms in Rathfarnham
Joint agents Harper O'Grady and Orchard Real Estate Alliance are seeking over €1.5 million for a commercial investment at 51 Village Court, Butterfield Avenue in Rathfarnham, Dublin 14. The modern three-storey mid-terrace office and showrooms is occupied by Orchard Properties on a 25-year lease from 1996 at a current rent of €60,000. The next review is due in 2011. The premises has a floor area of 167sq m (1,800sq ft), including 55.7sq m (600sq ft) of showrooms and office space on the ground floor.
Direct European real estate investment of €242bn in 2006
Direct investment into real estate in Europe reached record levels in 2006 with total transaction volumes of €242 billion for the full year, up 39 per cent on 2005, according to Jones Lang LaSalle's latest European Capital Markets Bulletin. This number represents the biggest volume increase (€68 billion year-on-year) ever recorded. Cross border transactions have surged in volume terms, reaching around €150 billion (around two-thirds of the total) in 2006.
The majority of European countries have seen rising volumes in 2006, with volumes in Germany rising by 141 per cent to €49.5 billion and France by 67 per cent to €24.1 billion. This contrasts with static volumes in the UK totalling €80 billion in 2006. Elsewhere in Europe, Russia has witnessed a huge increase in volume of over 700 per cent to reach €3.4 billion. Volumes are also up over 70 per cent in Poland to €5.1 billion, as investors move further east and up the risk curve in pursuit of growth and value opportunities.
Granite and marble distributor wins US advertising award
A leading distributor of granite and marble, dé Bros Marble Works, of Ashbourne, Co Meath, has won a top US advertising award for the high quality of its corporate brochure. The company, which offers a complete range of stone from many parts of the world, was founded in 1986 by Michael Deehan and Patrick Brosnan. It was grant-assisted by the Meath Enterprise Board and employs 28 staff.
€205 per sq m rent for shop in Sandyford neighbourhood centre
Agent Hooke & MacDonald is quoting a rent of €205 per sq m (€19 per sq ft) for the remaining retail unit in a new neighbourhood centre at Blackglen Village Centre in Sandyford, Co Dublin. The shop has a floor area of 100sq m (1,076sq ft) and would suit a video store, dry cleaners or other uses.
Over €5m for ready-to-go apartment site in Milltown
A site with planning permission for 12 apartments on Milltown Road in Milltown, Dublin 14, is expected to make over €5 million when it goes to tender next month. The site of 0.3 acres at Little Grove has permission for 12 two-bedroom apartments in a four-storey block. The units will be quite large, varying in size from 99-116sq m (1,066-1,249sq ft). Parking will be provided at surface level, as well as in the basement. DTZ, which is handling the sale, says the development will be within walking distance of the Luas stations at Cowper, Beechwood and Milltown. The homes will also be conveniently located close to Ranelagh village.
AG at arbitrators annual lunch
The Attorney General, Rory Brady, is to be the guest speaker at the annual lunch of the Irish branch of the Chartered Institute of Arbitrators which is to be held in Dublin on March 9th. Tickets are available from the institute at 01-707 9739.
Over €2.7m for D15 industrial
A modern industrial investment at Damastown Industrial Park is for sale by private treaty through Savills Hamilton Osborne King for over €2.7 million. The building is at Damastown Close, Damastown Industrial Park, Dublin 15, about 2kms from the M50 junction with the Navan Road (N3) and 11kms northwest of the city centre. The property is a detached, hi-bay industrial unit of 1,975sq m (21,259sq ft), including two-storey offices of 335sq m (3,606sq ft).
The unit is let to United Cargo Services Ltd on a nine-year and nine-month full repairing and insuring lease from May 9th, 2006, at a rent of €143,472 per annum, equating to around €72.65 per sq m (€6.75 per sq ft). This is significantly below rental levels achieved in similar units within the industrial estate, which have been over €96.90 per sq m (€9 per sq ft).
New Measuring Practice Guide
An updated version of the Measuring Practice Guide has been published to help surveyors measuring commercial, retail and industrial premises. The guide covers a wider range of properties than the previous edition and deals with areas such as agency, marketing, rating valuations and rent reviews. The Society of Chartered Surveyors says the guide reflects modern measurement practice.
