A round-up of today's other stories in brief
Top Shop to pay around €1m rent for Cork shop
UK fashion giant Top Shop is believed to have agreed rental terms for a major store in Opera Avenue, the new fashion enclave which will link Patrick Street and the Cork Opera House in Cork.
The multiple is likely to pay around €1 million for its 2,322sq m (25,000sq ft) of retail space on four levels. The new street - being developed by Owen O'Callaghan on the site of the former Cork Examiner - will have 16 large fashion outlets. Letting agent Savills HOK came up with an attractive selling slogan for the scheme - "Patrick Street just gets bigger".
Half-acre site in Sandyford sells for over €10 million
Although development sites have been slow to sell in recent weeks because of the credit crunch, a half-acre site in Sandyford, Co Dublin, has just been sold for what HT Meagher O'Reilly describes as "a price significantly in excess of €10 million". The agency had been quoting over €9 million for the site at the junction of Carmanhall Road and Ravens Rock Road. It is opposite the Courtyard office development and within a five-minute walk of the Luas stop. The land has road frontage on two sides. Ian Campbell of Lambert Smith Hampton advised the purchaser.
Design company pays over €1 million for D7 office unit
The Boyle Design Group, a graphic design company, has paid over €1 million for a 227sq m (2,443sq ft) own-door office unit with two car-parking spaces at Camac House on Bow Lane West, Dublin 7.
Camac House is close to Heuston Station and the Royal Hospital in Kilmainham, an area where major developments are under way, including a new headquarters for Eircom. Jones Lang LaSalle handled the sale.
Trinity to lease top floor of Apollo House on Tara Street
Trinity College has taken a two-year lease on the top floor of Apollo House on Tara Street, Dublin 2.
Acquired by Shelbourne Developments in 2005, Apollo House is eventually to be redeveloped along with the adjoining Hawkins House where the Department of Health is based.
The 492sq m (5,296sq ft) of space on the eighth floor has been unoccupied for a long period and is in need of considerable upgrading. Atisreal handled the letting for Shelbourne, and Knight Frank Ganly Walters acted for the college.
Firm to pay €593 per sq m rent for office space at City Quay
The Jersey-based Bedell Group, which provides legal and fiduciary services in key financial services, has sublet the third floor of 19-20 City Quay in Dublin 2 on a four years and nine months lease for its Irish subsidiary.
Jones Lang LaSalle had been quoting a rent of €593 per sq m (€55 per sq ft) for the available 206sq m (2,217sq ft). Two other floors of the building are occupied by AC Capital Partners, a specialised asset management company.
Gant to open shop at Dundrum Town Centre extension
American clothing giant Gant is to be one of the tenants in the next phase of Dundrum Town Centre. The retailer will trade out of 557sq m (6,000sq ft) offering a full range of men's, women's and children's wear.
The next phase of 46,450sq m (500,000sq ft) will bring the overall area in the shopping centre to over 148,640sq m (1.6 million sq ft). It is due to open in 2011.
Schuh to open store at City Central in Limerick
Schuh, which has six stores in the Republic, is to open another outlet at City Central in Limerick before Christmas. It will trade out of 430sq m (4,630sq ft) over three floors at Bedford Row, linking O'Connell Street with Henry Street. The rent is about €180,000. Maria Duffy of DTZ Sherry FitzGerald said Schuh's decision to opt for this venue underlined its belief in high street shopping.
Developers' conference set for January 17th in Dublin
PricewaterhouseCoopers has announced details of Ireland's third property developers' conference to be held in Dublin's Four Seasons Hotel on January 17th next.
The main speaker will be Thomas Dowd, a founding partner in Quinlan Private, who will discuss the role of private equity in property development funding. Also in the line-up are developer Paddy Kelly of Redquartz; Sean Conlon of Conlon and Co; and Richard Nesbitt, group chairman of Arnotts. Pat Gunne of CBRE will act as chairman.
Dermot Reilly, business and wealth services leader with PWC, said the current volatility in the global capital markets together with the emergence of new markets highlighted the even greater need for property structuring from the start in order to maximise returns.
