A round-up of today's other stories in brief
€1.8m for high profile hardware store in Maynooth
Coonan Real Estate Alliance is guiding over €1.8 million for the high profile Ua Buachaslla Hardware premises at Main Street, Maynooth, Co Kildare, which goes to auction on October 6th. It is one of the longest established businesses in the town dating back to 1853.
The two-storey building has frontage on to Buckley's Lane as well as Main Street. The retail area and storage area extends to 445sq m (4,790sq ft) while the living accommodation includes three bedrooms.
Coonan Real Estate Alliance is also handling the sale of 22 acres of housing land in Rathcoffey, Co Kildare, which goes to auction on October 6th. The site, which is expected to make over €7.5 million, is within the boundary of the village.
€53m raised by development company for property investments
Ardawn Developments, a newly formed property company investing in development land, has raised €53 million from private clients of NCB Stockbrokers. With bank borrowings bringing the overall fund up to €120 million, the company has already invested €52 million in seven sites in the greater Dublin area. Its policy is to buy land with development potential, bring it through the planning process and sell it on at a profit.
Ardawn is managed by Cova Properties, which was involved in the redevelopment of Blessington town centre. Cova and Ardawn are managed by Pat Shine, a former partner in PwC, auctioneer Bill Mulrooney and builder Brendan Fitzsimons.
German discounters to target Iceland's seven Irish stores
Discount traders Aldi and Lidl are likely to target seven retail stores being vacated by Iceland as it moves out of Ireland. BWG may also be a contender with some of the sites being seen as potential new locations for large format Eurospar stores.
Six of the units in Dublin are at Thomas Street, Finglas, Raheny, Ballyfermot, Talbot Street and Navan Road. The other is in Letterkenny, Co Donegal. All of them are over 743sq m (7,998sq ft).
Declan Stone of Colliers Jackson-Stops said the stores are likely to be sold in one lot but consideration will be given to disposing of them individually.
€20m paid by Irish investor for Brussels office investment
An Irish investor has paid €20 million for an office investment in the centre of Brussels which will show a return of 6 per cent. Numbers 17-23 Rue Drapiers has a floor area of 6,500sq m (69,965sq ft) and 55 car-parking spaces. It is let to the European Defence Agency on a nine-year lease at a rent of €1.22 million - equating to €165 per sq m (€15.3 per sq ft). The tenant is to spend €2.5 million fitting out the building. CBRE Gunne advised the investor.
UK agency to market 40-acre office scheme in Shannon region
A UK estate agency - Cushman & Wakefield Healey & Baker - has been appointed to market a 40-acre speculative office development, Westpark Shannon Business Campus, in the Shannon region. It will have 92,903sq m (1 million sq ft) of office space which will be targeted at Irish companies and US corporates from the east and west coasts. The space will also be aimed at back office and call centre operators.
Irish-owned juice bar chain agrees six new locations this year
Zumo, the Irish owned chain of fresh juice bars, has agreed six new locations so far this year, bringing its total around the country to 23. The company is on target to have 30 outlets by year end. The company is looking for sites between 15-50sq m (161-538sq ft) in busy shopping malls or high streets, according to Jones Lang LaSalle.
Retail investments for €1.4m and €1.3m
Hamilton Osborne King is bringing two investment opportunities on to the market in Donnybrook and Parliament Street. The agency is seeking over €1.4 million for a three-storey building with a shop at ground floor level and two overhead apartments. The retail unit is let to Stanley Racing at a rent of €34,500 and, according to Michael Clarke of HOK, a significant increase is expected at the next rent review in September, 2007. The one-bed apartment on the first floor is producing €10,200 per annum while a two-bedroom unit is vacant.
The agency is guiding over €1.3 million for the ground floor of 5 Parliament Street which is let to an internet café group at a rent of €58,000 per annum. The lease incorporates five yearly upward-only rent reviews. Another major attraction is that whoever buys the investment can avail of about €150,000 in capital allowances.
Georgian townhouse on St Stephen's Green for €6m
Another Georgian house on St Stephen's Green, Dublin 2 - number 99 - goes for sale this week through Druker Fanning & Partners with a guide price of region €6m. The four-storey over basement building has been occupied since the late 1960s by the English Language Institution which is now to relocate to larger premises. It would make an ideal HQ for a professional practice or a magnificent townhouse, according to the agent. The house has a floor area of 293sq m (3,154sq ft) and an enclosed rear garden which extends to 117sq m (1,259sq ft).
Prime Navan retail investment with potential for over €3m
Investors and traders will be interested in a prime retail premises in the centre of Navan town. Local agent Reilly Estates (046-9060450) is guiding over €3 million for the three-storey building at 8 Trimgate Street which is on what is probably the best trading pitch in the town. The shop has a floor area of 67sq m (718sq ft) but, with a large site at the rear and separate access from a side laneway, there is huge potential to expand the retail facilities. Own-door offices on the first and second floors are let on short leases until 2008.
€1.8m for high-spec unit in Clonskeagh office park
DTZ Sherry FitzGerald is guiding €1.8 million for for a stand-alone office building of 242sq m (2,605sq ft) at Richview Office Park in Clonskeagh, Dublin 14. There are eight car-parking spaces and a rear garden area. The building is fitted out to a high standard.
All Saints to open first Irish store at Powerscourt centre
The UK fashion multiple All Saints is to open its first Irish store at the Powerscourt Townhouse Centre in Dublin city. One of the shareholders in the company, Kevin Stanford, also has a stake in Karen Millen which trades at Powerscourt. The company will be paying €1,292 per sq m (€120 per sq ft) for a shop of 167sq m (1,800sq ft) on the ground floor.
Bernadine Hogan of Hamilton Osborne King handled the letting to All Saints which markets menswear, womenswear and accessories.
In Killarney, Heatons Department Store has agreed to rent 2,800sq m (30,139sq ft) over three levels in the old Scotts Hotel which is being redeveloped to include a shopping facility and an 80-90 bedroom hotel. It will be known as Scotts Street and also include a further 12 shops of 70-300sq m (753-3,229sq ft). The development is being carried out by the O'Donoghue family, owners of three other hotels in Killarney, and is due for completion towards the end of 2006. Bernadine Hogan is the letting agent.
Surveyors firm takes assignment on lease in D14
Kerrigan Sheanon Newman, chartered surveyors and project managers, has taken an assignment of the Bank of Scotland's unexpired lease at 4 Clonskeagh Square in Dublin 14. The two-storey 1,000sq m (10,764sq ft) building has a 14 years unexpired lease at a rent of €288,000 per annum. It was originally occupied by Saatchi & Saatchi. HWBC acted for Kerrigan Sheanon Newman while Davin & Co represented the Bank of Scotland.
€2 million for landmark city centre office in Limerick
Irish Life is to sell its landmark city centre offices at 49 O'Connell Street, Limerick. Joint agents O'Connor Murphy Gubbins and Hamilton Osborne King are quoting a €2 million guide for the four-storey over basement period building which has 563sq m (6,060sq ft). It goes to auction on October 7th.
Donnybrook office investment sold off market for €11m
An office investment, Jefferson House, in Donnybrook, Dublin 4, has been sold off market for €11 million. Atis Real Harrington Bannon handled the sale of the block with 1,550sq m (16,684sq ft) of offices, two penthouses of 248sq m (2,669sq ft) and 21 car-parking spaces. Jefferson House is let under a 35-year lease from 1982 to Smurfit Services at a passing rent of €552,336 per annum. The investment will produce a net initial yield of 4.5 per cent.
€32,500 rent for retail unit on Lord Edward Street in D2
Agent Quinn Agnew is quoting a rent of €32,500 for a retail premises at Lord Edward Street, near Christchurch in Dublin 2. The 40sq m (431sq ft) unit is owned by design retailer, Whichcraft, which last year acquired DESIGNyard, the jewellery and sculpture market at Cow's lane in Temple Bar. Whichcraft is moving from Lord Edward Street to a new 130sq m (1,399sq ft) corporate gift showroom close by on Castle Street.
