A round-up of today's other stories in brief
Over €3m for office investment in Ballsbridge
DTZ Sherry Fitz-Gerald is quoting over €3 million for an office investment involving numbers 1 and 2 Pembroke Place, Ballsbridge, Dublin 4, which are for sale by private treaty. Located just off Herbert Park, both properties form part of a terrace of houses and are let to the City of Dublin Vocational Education Committee at a rent of €98,600 per annum. The 25-year leases from 2002 and 2003 provide for five yearly upwards-only rent reviews. Lisa McInerney of DTZ says that the quoting price reflects the reversionary potential of the investment with a rent review due next month and another in 2008.
Over €3.25 million for retail investment in Dublin 8
Joint agents Lisney and HWBC are seeking offers over €3.25 million for a retail investment at 2 and 3 Cathedral Court, New Street, Dublin 8. The Londis store occupying the 421sq m (4,532sq ft) premises is paying a rent of €150,000 under a new 25-year lease with reviews every five years.
According to Lena Clarke of Lisney, a purchase price at this level would produce an initial yield of 4.14 per cent allowing for full purchase costs.
€5.5 million for ready-to-go residential site in Blackrock
Harrington & Co is suggesting a price of €5.5 million for a site with planning permission for three substantial houses at Woodlands Park and Priory Avenue in Blackrock, Co Dublin, which goes to tender on March 22nd.
The five-bed detached houses will each have a floor area of 302sq m (3,250sq ft) and have been designed by architects O'Mahony Pike. The agent says that, while it expects strong interest in the site, a developer may also reapply for planning permission for a scheme of high-end apartments. The site was acquired two years ago for €3.7 million. Woodlands Park is one of the best addresses in Blackrock, located as it is between Mount Merrion Avenue and Avoca Avenue.
New tenants take space at Beacon South Quarter
ProGolf, one of the world's largest golf retailers, is to open its first Irish franchised store at Beacon South Quarter in Sandyford, Co Dublin.
The company will trade out of 929sq m (10,000sq ft), including a boutique-style area featuring golf fashion labels for on and off the course. There will also be a computerised simulator to match a golfer's swing with the right clubs. Corporate customers will also be able to have company logo crests on all clothing, including shoes.
Also moving into Beacon South Quarter is Lighting by Gregory Allen, a store of 557sq m (6,000sq ft) which will have over 1,000 chandeliers from Europe's leading designers. The store will feature separate displays for outdoor lighting, full bathroom mock-ups and lounge areas. Previously trading under the name of Lightworks, the company is also due to open a new store in Ashbourne in the coming weeks. It already trades in Navan and Dundalk.
ProGolf and Lighting are just two further traders in a growing line-up of retailers planning to set up in Beacon South Quarter. Rents have been in the region of €370 per sq m (€34 per sq ft), according to CBRE.
Letterkenny retail investments for around €2m and €3m
Hotelier Sean Lyne is selling two well-let retail investments at Main Street in Letterkenny. One shop, let to Birthdays Ireland at €87,000, is expected to sell at auction on March 8th for around €2 million. The second unit, let to Lifestyle Sports on a long lease, is rented at €125,000 per annum. Sherry Fitz-Gerald Rainey is quoting a pre-auction AMV of €3 million in this case.
Association introduces two new forms of membership
The Irish Property & Facilities Management Association is to introduce two new forms of membership - corporate and honorary. David O'Brien, vice-chairman of the association, said the new form of corporate membership would benefit the industry as a whole by setting out standards that must be adhered to at all times and would be based on industry best practice and legislative compliance. Former development officer, Brian Whelan, will be the first to receive the honour.
€3.5m for site near Swords
Savills Hamilton Osborne King is guiding €3.5 million for a commercial site of 0.91 of an acre at Airside Motor Park near Swords, Co Dublin, which goes to tender next month. There is full planning permission for a detached motor showroom, including basement car-parking.
Small sites in centre of Skerries
CB Richard Ellis is quoting a guide of €500,000 for each of two small sites onto Strand Street and South Strand in Skerries, Co Dublin. The two sites back onto each other and will be sold by tender in either one or two lots. The combined site is 0.12 of an acre.
