The troubled Waterford Crystal company is set to get a windfall through the sale of 22 acres of land beside its leisure centre on the Cork Road in Waterford. The company has apparently been offered in excess of €35 million for the land after local estate agents O'Shea O'Toole and Partners invited private offers from about 10 developers.
The sale is contingent on the local planners implementing their decision to rezone the land mainly for retail warehousing. If this goes ahead, the land is to be sold to Northern Ireland developer Gerard O'Hare who owns the Fairgreen Shopping Centre in Carlow and The Quays Shopping Centre in Newry.
The land is exceptionally well located within the ring road and has been used as football grounds by employees of Waterford Crystal. The company also recently secured close to €2 million for an industrial site of 2.3 acres near the Waterford plant.
Profits at the company have been in steady decline for the past three years largely because of a reluctance by consumers to spend large sums of money on top-end luxury goods at a time of economic uncertainty. The company has been operating short-time working at its plants in Waterford and Dungarvan in a bid to boost its working capital.
Fonthill industrial unit in Clondalkin sells for €7.1m
A Continental investor has paid €7.1 million for a modern industrial premises at 38 Fonthill Business Park in Clondalkin, Dublin 22, which had been owned for several years by Green Property. The building is let to a subsidiary of the French multinational company Lafarge SA Group on a new 25-year lease at a rent of €506,000 per annum.
The purchaser, who was advised by Patrick Curran of ATIS Harrington Bannon, also recently acquired an office building at 1/2 Hatch Street owned by Independent Newspapers Pension Fund. Green was represented by John Moran of Jones Lang LaSalle.
Large store on Midleton's Main Street for €3.2m
Margaret Kelleher of Lisney's Cork office is quoting a guide price of €3.2 million for a large store at Main Street, Midleton , Co Cork, which is to be vacated by Tesco when it moves to the new Market Green Shopping Centre next May. The retail premises has a total covered area of 926 sq m (9,975 sq ft) with an undeveloped site immediately south of the building
The total site covers 0.86 acres and has three access points. The property offers redevelopment opportunities for a mixed commercial and residential scheme, according to the agents.
Santry industrial site of 3.3 acres sells for €3.3m
Hamilton Osborne King has secured €3.3 million for a 3.3-acre industrial site at Old Airport Road in Santry, Co Dublin. It is located close to the entrance to the Port Tunnel and Dublin Airport. Paddy Cusack of the selling agent says that since the beginning of the year there has been a noticeable increase in the number of inquiries for industrial land and buildings in north Dublin. This was due in part to the opening of the new extension to the M1 and the plans for the Port Tunnel to go into operation in 2006. The same agent is seeking a rent of €670,000 for a modern high bay industrial unit of 6,080 sq m at Furry Park in Santry.
GameStop expansion continues with store in Newry
GameStop, Ireland's largest games specialist retailer, has just opened its 25th store at The Quays Shopping Centre in Newry. It is its fourth outlet in Northern Ireland. The company has aggressive growth plans in place and will open further stores across the country over the coming months, according to George Ross of Jones Lang LaSalle.
GameStop says the market for computer and video-based games is growing at a furious pace with new entrants and the expansion of product offerings.
One acre redevelopment site in Kilcock for €675,000
Coonan Estate Agents is suggesting a guide price of €675,000 for a redevelopment opportunity in the centre of Kilcock, Co Kildare. The former bar known as The Lamp at Bridge Street stands on a site of one acre and is likely to be demolished to make way for a commercial development. Apart from the three-bedroom building there is an extensive garden and yard at the rear with separate access on to a side road.
Redevelopment work on the site would qualify for tax breaks under the Town Renewal Scheme, according to Susan Kirk of Coonan's Maynooth office.
Coast opens new store at Liffey Valley centre
Fashion retailer Coast has just opened a new store at Liffey Valley Shopping Centre in west Dublin. It took over the former Gymboree store where they are paying a rent of €343,000 for a unit of 184 sq m (1,981 sq ft). The Coast business was acquired seven years ago by Oasis with the objective of satisfying a segment of the women's fashion market that Oasis could not stretch to.
Coast aims its products at the older, sophisticated women prepared to pay for design, fit and quality, according to Hamilton Osborne King which handled the letting.
British Land was developer of St Stephen's Green centre
The St Stephen's Green Shopping Centre in Dublin was developed by British Land and not Irish Life as suggested in last week's commercial property supplement. Irish Life did not therefore have any input into the planning of the centre or the decision not to have shop fronts opening out on to South King Street. We regret the error.
