An investor has paid in the region of £280,000 for a group of run own buildings owned by Irish Press Newspapers at the corner of Corn Exchange Street and Poolbeg Street.
The new owner is expected to demolish some of the buildings and to redevelop all of them for a mixed commercial and apartment scheme. The 5,500-square-foot buildings adjoin Mulligans bar and are located in a tax designated area.
Lisney, which handled the sale, has also secured over £50,000 for a garage and warehouse owned by the Irish Press at the rear of the Point Depot in Upper Sheriff Street, Dublin 1. The property is held under a lease from CIE for 21 years. The annual rent is currently £24,000, but the lease has the benefit of rental income of £25,300 from the adjoining warehouse, which is let to Gypsum Industries.
Meanwhile, the Irish Press liquidator, Mr Tom Grace, is shortly to offer for sale the main Irish Press building at Burgh Quay. The 40,000-square-foot building dates from the 1970s and expected to make in the region of £2 million.
