Other property news in brief
IPUT to spend 10m on block
The Irish Property Unit Trust is to spend around €10 million on doubling the size of its three-storey office building next to Lansdowne House at 10-12 Lansdowne Road in Ballsbridge, Dublin 4.
The 1,460sq m (15,715sq ft) building dates from the 1970s and was occupied by the global reinsurance company Aon before being let on a short lease to the IRFU.
Dublin City Council has given notification of its intention to grant planning permission for the block to be demolished to make way for a six-storey structure over a double basement that will provide for 15 car-parking spaces.
D2 investment makes 1.78m
Douglas Newman Good Commercial has just closed a sale on the Studio Building in Temple Bar, Dublin 2 for €1.78 million.
The price was slightly lower than the €2 million the agent was seeking when the building went on the market in July.
This investment property is producing €90,000 annually in rent which equates to a yield of 4.66 per cent under the new 6 per cent stamp duty rates, according to agent Nick Crawford.
It is rented by the Film Institute of Ireland and a physiotherapy company on a 25-year lease.
The new owner can avail of €234,000 in capital allowances.
855,000 rent for D15 industrial
William Harvey Co is marketing a modern detached 7,947sq m (85,541sq ft) distribution facility in Northwest Business Park, Ballycoolin, Dublin 15 at a rent of €855,000 per annum.
Unit 624 was built in 2007 as part of phase three of the park. It is a walk-in opportunity, fully fitted and is available on flexible lease terms. The storage space totals 7,319sq m (78,781sq ft) and the offices and staff facilities have 628sq m (6,760sq ft).
30,000 an acre in Meath
Agents Knight Frank has managed to shift part of a large land holding which was split into two with the opening of the N2 Ashbourne bypass in Co Meath.
The agency is believed to have secured in the region of €30,000 an acre for just over 90 acres with agricultural zoning. It was bought by a farmer from another area. The same agency is now quoting €12 million for the remaining 57 acres at Ballybin Road which includes 16.5 acres zoned for industrial use, five acres with residential zoning and 12 acres designated as amenity land.
6.7m for 1.43 acres
Colliers Jackson-Stops is marketing Unit B, C D, Spruce Avenue in Stillorgan Industrial Estate opposite the Beacon Hotel.
The property is for sale in separate lots. Lot one (Unit D) measures 1,123sq m (12,088sq ft) with an asking price of €3.5 million. The unit is for sale with vacant possession. Lot two (Units B C) measures 1,776sq m (19,117sq ft) and comprises two buildings let to Hire All Catering under two long leases from 1985 and 1990 respectively. Hire All pays €200,000 per annum and rent reviews are due on both units in 2010. The agent is seeking €3.2 million for lot two. The entire site measures around 0.57 hectare (1.43 acres) and is available for €6.7 million.
80,000 rent for D6 offices
Unit 7, Terminus Mills in Clonskeagh, Dublin 6 is available to let through Bogle Estates which is looking for a rent of €80,000 per annum. The agent is saying the refurbished offices and showrooms would suit an office tenant, such as an advertising or PR agency, an architect, design studio or a showroom and offices.
The ground floor has 136sq m (1,464sq ft) of open-plan showroom/office area and the first floor has 71.5sq m (770sq ft) of space. There are three car-parking spaces to the front of the property. The building will be subject to a new long term full repairing and insuring lease and will be subject to a rent review at the end of every fifth year.
