Rents on one of Dublin's secondary streets look set to soar just as traders on both Grafton Street and Henry Street are preparing for general increases.
Number 9 North Earl Street has just been let to Bonavox Ltd, a company specialising in hearing aid equipment, at a Zone A rent of almost €3,100 per sq m - more than double the going rate on the street.
Mark Reynolds of Hamilton Osborne King, who handled the letting, said the shop attracted "enormous interest" as it was quite difficult to secure a trading position on the street due to the high level of owner occupation. In addition, tenants also preferred to secure new leases without having to pay substantial premiums.
The shop has a ground floor area of 83.61 sq m (900 sq ft) and three other floors including a basement. The overall rent is €180,000 per annum.
Waterford guesthouse guiding €750,000
Property Partners Fogarty is quoting a guide price of €750,000 for a six-bedroom guesthouse based on a 19th century townhouse which was extensively renovated in Waterford city in the 1990s. Browns Townhouse at 29 South Parade figures in numerous travel guides in Europe and the US. It goes to auction on June 25th.
€2m spent on new restaurant in D2
Cafe Kylemore has invested €2 million in the redesign and refitting of their 1,114 sq m (12,000 sq ft) food outlet at the St Stephen's Green Shopping Centre in Dublin 2. Rebranded as Kylemore, the restaurant will be based on a foodcourt concept, offering a bigger variety of tastes and dishes. Architects Douglas Wallace handled the new design.
€8m for large Cork industrial facility
Hamilton Osborne King in Cork is quoting a guide price of €8 million for Emerson Electric's Rigid manufacturing facility at Mahon in Cork which is to be sold by tender. The building extends to 11,268 sq m (121,290 sq ft) and stands on a site of 4.31 hectares.
D5 industrial unit sells for strong price
Portfolio Agencies has paid €850,000 for Railway House, a new detached industrial unit at Kilbarrack, Dublin 5. The selling price of €1,767 per sq m (€164 per sq ft) is probably the highest paid for an industrial property in the general area this year, according to Hamilton Osborne King. The building has a floor area of 481 sq m (5,177 sq ft) including 164 sq m (1,765 sq ft) of offices.
€1.55m for detached D24 warehouse
Industrial property specialists William Harvey & Co is guiding €1.55 million for a detached factory/warehouse building of 1,700 sq m (18,300 sq ft) at Cherry Orchard Industrial Estate, Dublin 24, which goes to tender on June 23rd. The building can be subdivided into two units and stands on a good-sized site at the entrance to the estate.
The same agent has secured €725,000 for unit three Ardee Street, Dublin 8, which was formerly owned by Lawford Motors.
Dun Laoghaire office let for €247 per sq m
Michael Punch & Partners has leased the second floor of Carnegie House, a new three-storey office building at Library Road in Dún Laoghaire.
The company will be paying a rent of €247 per sq m (€22 per sq ft) for 628 sq m (6,760 sq ft) under a 20-year lease with a break option half way trough. CB Richard Ellis Gunne handled the letting.
Superquinn Select to open in Tyrrelstown
With few opportunities remaining in the greater Dublin area for additional supermarkets, the main multiples are now concentrating on convenience stores which are opening as part of new shopping facilities on many of the large housing developments.
The latest scheme to attract a Superquinn Select brand is Tyrrelstown Town Centre in Mulhuddart, Dublin 15, where the Irish chain is to rent a unit of 464 sq m (4,994 sq ft).
Superquinn will join German discounter Lidl as co-anchor at the €50 million development. Lidl has a 2,420 sq m (26,048 sq ft) outlet. The town centre being built by Twinlite Development in an open street style will have 8,500 sq m (91,493 sq ft) of retail and community facilities including 30 retail units, a pub, crèche, medical centre, restaurants and 50 apartments.
The town centre will be located on the link road between the N2 and the N3 north of Blanchardstown. It will service 2,250 homes in Tyrrelstown as well as other surrounding developments.
