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Ellier buys cut-stone mill beside Google in Dublin 4 for €1.2m

Ellier Developments, the property development company controlled by Francis Rhatigan and Chris Jones, has availed of the sharp fall in values to acquire a partially renovated mill looking directly over the Grand Canal basin off Barrow Street, Dublin 4.

The two businessmen paid in the region of €1.2 million for the mill which was first offered for sale last April by CBRE at €1.5 million.

Ellier is one of the first of the long-established property companies to re-enter the market following the collapse in prices. It had a highly successful run during the boom years in both the residential and commercial markets when it built and sold hundreds of houses in the foothills of the Dublin mountains at Ballycullen, Dublin 24.

It also developed a mixed-use scheme at Hanover Reach in the south Dublin docklands including the Irish headquarters of Facebook.

Ellier has now sought planning permission to convert the cut-stone mill on Barrow Street for use as offices. It has an overall floor area of 923sq m (9,938sq ft) and planning permission for four apartments on each of the four levels. There is also provision for car parking in the basement. A glazed extension to the mill had been fitted with a lift and stairs to provide direct access to each floor.

The mill adjoins the high rise Monte Vetro office block which was acquired by US multinational Google. It is also close to the Dart railway station. The mill is being sold by a receiver to a company originally controlled by Bernard McNamara and Jerry O’Reilly.

€295,000 rent for Henry St shop

Property consultant Harrington Co is seeking a rent of €295,000 for a newly available shop at 3 Henry Street, Dublin 1. It was previously occupied by Early Learning Centre which surrendered its lease.

The shop is next door to number 4 which was recently sold by Irish Life to Israeli investor Igal Ahouvi for €4.15 million.

Number 3 is expected to appeal to a broad range of traders because of its larger than usual ground floor retail area of 213sq m (2,300sq ft).

Provision has been made for storage and office use on the two upper floors.

The quoting rent is broadly similar to that recently agreed for the former Best store at 39 Mary Street which was acquired by AWear and is slightly less than the rent achieved for the O2 unit which has now been let to the BT2 business MAC Cosmetics.