A round-up of other commercial property news in brief

Penneys expand Waterford store

PENNEYS’ newly redeveloped store in Waterford looks set to be expanded again following Primark’s purchase of the adjoining Belfry Hotel on Conduit Lane. A price in excess of €3 million is thought to have been paid for the hotel, bar and retail unit.

Dublin agent Arthur Ryan together with Thomas Reid Auctioneers acted for the owners of the hotel.

Eircom's McKenna joins Nama

FELIX McKENNA, head of property at Eircom for many years, has joined Nama as a senior portfolio manager.

He is recognised as one of the most astute property managers in the country and at the height of the property boom, in December 2006, he sold Eircom’s newly developed headquarters at Dublin’s Heuston Station to Quinlan Private for €195 million. The investment is currently showing a net yield of 3.93 per cent – almost half the return an investor would expect in the current market.