A private investor has paid over €2.1 million for a Georgian office investment at 6/7 North Frederick Street, Dublin 1, in a deal that will show a yield of 5 per cent.
The Eastern Regional Health Authority is paying a rent of €133,322 for 683 sq m (7,352 sq ft) of space in the main building and 225.75 sq m (2,430 sq ft) in a mews building. There are also five on-site car-parking spaces. The 35-year lease runs from 1980. Druker Fanning and Partners handled the sale.
Lynch Hotels adds 50 suites to two of its hotels
Lynch Hotels is to build 50 suites at two of their group of hotels - the Lynch Clare Inn at Dromoland, Co Clare, and at Breaffy House Hotel and Spa in Castlebar, Co Mayo. Twenty-eight of the units will be at Breaffy House. The plan is to sell the 78.9 sq m (850 sq ft) units to investors at prices ranging from €275,000. There will be a guaranteed return for 15 years after which Lynch Hotels will have a buy-back option. Investors at Breaffy House will be able to offset most of the cost against all income while the units at the Clare Inn will also have tax concessions.
Investor acquires landmark O'Connell Street banks
Two former Bank of Ireland branches in Dublin's O'Connell Street have now been acquired by the same private investor. Almost 12 months after buying the bank premises beside Clerys for almost €2 million - it has since been let to bookmakers Paddy Power at €150,000 per annum - the same purchaser has paid €2.4 million for the landmark building at the top of the street on Cavendish Row.
Hugh Markey of Lisney is now quoting a rent of around €175,000 for the four-storey over basement building which has an outstanding ground floor banking hall with a floor area of almost 150 sq m (1,615 sq ft) and 636 sq m (6,846 sq ft) in all.
€1.25m for listed buildings on Aungier Street site
A small development site near Whitefriar's Church in Aungier Street, Dublin 2, has come on the market through agents Harrington Bannon. Robert McNamara of the agency is seeking in excess of €1.25 million for the two listed period terrace buildings at 64/67 Aungier Street and an adjoining cleared site of 150 sq m (1,614 sq ft). The property would suit either a residential or commercial development.
A feasibility study by KMD Architecture indicated that a mixed scheme of nine apartments and a retail unit could be developed on the site. Two houses could be refurbished for office use with retail space on the ground floor.
Concrete group hires archaeologist
The Irish Concrete Federation has appointed an archaeological manager, the first private industry organisation to fill such a post.
Dr Charles Mount is to help members of the federation with the archaeologial aspects of planning applications. He will also be responsible for the implementation of the federation's code of practice, the first such archaeological code agreeed between the Government and private industry.
Three-storey delicatessan for around €474,000
Ennis agent Sherry FitzGerald McMahon is suggesting a price of €450,000 to €474,000 for a three-storey retail premises at Market Street in Ennis which goes to auction on October 2nd. The ground floor area extends to 135 sq m (1,453sqft) and there is a separate entrance to the upper floors. The shop is currently used as a delicatessen and is close to the entrance of Dunnes Stores.
€700,000-plus for building next to Zanzibar
Ganly Walters is guiding over €700,000 for a mid-terrace four-storey over basement building at 33 Lower Ormond Quay, Dublin 1, which goes to auction on September 24th. The building has a floor area of 232 sq m (2,497 sq ft) and is in need of refurbishment. It is located along the north quays beside the Zanzibar bar.
