An investor in his early 30s has tied up more than €500,000 in a retail building on Dawson Street, Dublin 2, for possibly up to 51 years. The investor bought the freehold interest in number 31 Dawson Street despite the fact that it is let at a fixed annual rent of €444 until 2056. There is no provision in the lease to review the terms until then. Agent Conor O'Cleirigh, who handled the sale for a Dublin family trust, described the investor as a "budding property developer".
The extremely valuable 99-year lease was acquired some years ago by property developer Paddy McKillen who went on to let the building to Twohigs travel agency. The travel agency pays somewhat more than the €440 rent - in fact, its rent is €90,000 per annum, and rising.
C&C gets over €5.25m for industrial site in Dublin 12
Drinks company C&C has secured over €5.25 million for an industrial greenfield site of 4.1 acres at Merriwell Business Park in Ballymount, Dublin 12. The purchaser was an owner-occupier who deals in building materials.
Gavin Butler of Hamilton Osborne King, who handled the sale, is also quoting €7 million for a modern detached warehouse of 3,400sq m (36,597sq ft) standing on a site of 4.4 acres.
AIB branch in D9 makes €1.6m and Gorey site €13m
Colm Lundy of Newlyn Properties has emerged as the purchaser at €1.6 million for the former AIB bank premises at 239 Swords Road, Whitehall, Dublin 9. The building stands on a site of 0.22 of an acre. DTZ Sherry FitzGerald, which handled the sale, has also secured over €13 million for 38 acres zoned for a residential development at Carnew Road, Gorey, Co Wexford.
AIB leases space at €452 per sq m in Ballsbridge
AIB is to lease 1,000sq m (10,764sq ft) of office space in The Iona Building at Ballsbridge, Dublin 4, pending the expansion of its bank centre site. The bank will be paying €452 per sq m (€42 per sq ft) under a three-year sublease. Atis Harrington Bannon advised the bank and CBRE Gunne acted for Iona Technologies.
Construction has begun on three new five to seven-storey blocks which will have a total floor area of 37,000sq m (398,264sq ft) along with 228 car-parking spaces.
Shop lease at The Square sells for €50,000 premium
Toys retailer Toymaster has paid a premium of around €50,000 for the lease of a shop of 117sq m (1,259sq ft) on the ground floor of The Square in Tallaght, Co Dublin. Lisney handled the sale of the lease of the Exit unit which is rented at €130,000 per annum. Breslin Auctioneers advised the incoming tenant.
1.27-acre site on Rathcoole's Main Street makes nearly €4m
Auctioneer Colm McEvoy has secured close to €4 million for a site of 1.27 acres at Main Street, Rathcoole, Co Dublin. The site was bought by a housebuilder and is zoned both for a commercial and residential scheme.
The agent has secured a strong price of €790,000 for a half-acre site of one-third of an acre in Kildare town. It has town centre zoning.
And in Dundalk, Colm McEvoy has fetched over €15 million for a residential site of 32 acres at Mount Avenue, Dundalk, Co Louth.
New office block planned for south inner city site
Planning permission has been sought for yet another office block in the south inner city where most office developments are under way. Zed Developments plans to provide a five-storey over basement block at 3 Hanover Street East and 5 Windmill Lane, Dublin 2. There will be 6,758sq m (72,742 sq ft) of space including 243sq m (2,616sq ft) of retail facilities on the ground floor. The basement will contain 31 car-parking spaces.
Strong interest in holiday homes at St Lucia scheme
The Irish promoters of a new five-star holiday destination of the island of St Lucia in the Caribbean report a high level of sales following last week's launch in Dublin. Single family lots in the Sapphire Cove scheme start at $160,000 (€130,000) with apartments costing from $350,000-$3 million (€285,000-€2.44 million).
