Developer Joe O'Reilly confirmed 50% owner of Ilac
Leading property developer Joe O'Reilly has been confirmed as a 50 per cent owner of the Ilac shopping centre off Henry Street in Dublin 1. Last month he agreed to pay €125 million for British Land's stake in the centre but the deal could not proceed until the other joint owner, Irish Life, first decided whether to exercise its option to buy in the remaining shareholding at the same price.
The company did not do so before last week's deadline so Mr O'Reilly can now proceed with the purchase of the centre which is to be remodelled and enlarged at a cost of a further €40 million. He is eventually expected to push for a link-up between the Ilac and O'Connell Street through the development of the long delayed Millennium Mall. Dublin City Council has agreed to to sell him the Carlton site if the courts uphold its move to compulsorily acquire the property.
Sports chain pays €220,000 for Wicklow Street lease
UK sports multiple J D Sports has paid €220,000 for the lease of 26 Wicklow Street, Dublin 2. The 187.45sq m (2,017sq ft) four-storey over basement building with a retail area of 54.98sq m (592sq ft) is just off Grafton Street. JP Sisk acted for Douglas Newman Good.
A two-storey office unit in Glencormack Business Park, Kilmacanogue, Co Wicklow, three miles south of Bray, is also for sale through the same agent. Unit D, 580 sq m (6,243sq ft) of offices which come with 17 car-parking spaces, is for sale for €1.8 million.
Sam McAuley pharmacy group to open in St Stephen's Green
A new pharmacy brand is about to make its first appearance in Dublin when the Sam McAuley group opens an outlet in St Stephen's Green Shopping Centre, Dublin 2. The multiple, primarily based in the Wexford area, has been able to negotiate lease terms in the St Stephen's Green complex following a relaxation in pharmacy regulations. Boots already trades there on the first floor.
The Sam McAuley group will be paying a rent of €170,000 for a ground floor shop of 70sq m (753sq ft)with a further 48sq m (517sq ft) at mezzanine level. The rent equates to a Zone A rate of €3,400 per sq m (€248 per sq ft) compared to a top rate of €8,700 (€636) on nearby Grafton Street.
99-bed hotel planned for quays
Dublin developer Pierse Contracting has lodged a planning application to build a seven-storey, 99-bedroom hotel fronting on to Ormond Quay Upper, Charles Street West and Ormond Square in Dublin 7. The main entrance will be on Ormond Quay Upper.
Meanwhile Noel Ryan has sought permission to demolish a warehouse at 34-42 Pearse Square, Dublin 2 and its replacement by 38 residential and 44 car-parking spaces.
