Agents Murphy Mulhall are seeking in excess of €1.85 million for a mixed-use property investment at Oriel Court on Patrick Street, Dún Laoghaire. The three-storey, over-basement building will show a net return of 7.76 per cent. It has an office on the ground and first floors and three one-bedroom apartments along with a studio unit on the second floor. The basement has 14 car-parking spaces.
The building is let in its entirety to Sage Pay (GB) Ltd, a subsidiary of Sage Group Plc, on a 20-year lease from 2008 at a rent of €150,000, which is due to be reviewed next April.
Brian Gaffney of Murphy Mulhall said he expected considerable interest in the investment, which has the potential to gain further value through the next rent review.
€4.6m for 25 apartments near Guinness
A private investor has bought a block of 25 apartments between Christchurch Cathedral and the Guinness in Dublin 2 brewery for €4.6 million – €600,000 more than the guide price.
Duncan Lyster of Lisney handled the sale of the 10 two-bedroom apartments and 15 one-bedroom units in Hanbury Mews at Hanbury Lane, which were developed in 2008 by Danninger, a Liam Carroll company now in receivership. When fully let, the apartments produce an overall rent roll of about €345,000. There is scope to provide additional apartments on site, according to the selling agents.
€8m sought for Stadium Business Park building
Agent JLL is seeking in excess of €8 million for a modern industrial logistics building at Stadium Business Park, Ballycoolin, Dublin 11, which will show a return of more than 8.8 per cent.
The 7,279sq m (78,265sq ft) building is let to Viking Direct on a 20-year lease from 2007 at an annual rent of €743,517. The lease includes a break option in 2020.
Max Reilly of JLL says the high-quality industrial investment will be of interest to a variety of purchasers, including institutions, private investors and asset management funds seeking enhanced yields.
Thomas arthy to leave BNP
The board of directors of agents BNP Paribas Real Estate Ireland has announced the departure of Thomas Carthy from the post of executive director. A company statement said: “We want to thank Thomas Carthy for his many years of service and wish him well in his future career. Shane Duffy and Keith O’Neill, both directors within the office agency department, will take the lead during this transition period.”
€1.35m guide for Blackrock site
Kelly Walsh is guiding €1.35 million for a development site on the Stillorgan Road beside Merrion Avenue, Blackrock, Co Dublin, with planning permission for four houses with average floor areas of 230sq m (2,475sq ft).
Garvan Walsh of the selling agents said the finished houses would have a sales value of about €5,500/sq m. The site will be for sale by tender on June 30th.
€2.9m paid for Polonez building
A private investor has bought the Polonez Food Stores building at 49/50 Mary Street, Dublin 1, for just under €2.9 million. The three-storey, over-basement mixed use building extends to 929sq m (10,000sq ft) and has 380sq m (4,100sq ft) on the ground floor let to Polonez. The freehold building is producing a rental income of €82,000 and has a number of outstanding rent reviews.
Daniel McLaughlin of Bannon advised the new owner of the building.
Guide price surpassed in QRE sale
Agent QRE has successfully completed a hat trick of sales in conjunction with the BIDX1 online closing tool. The largest of the sales saw a multifamily investment at Parkhouse, Benson Street, Dublin 2, sell for €2.24 million – €140,000 over the guide price. The portfolio included seven two-bedroom apartments in Grand Canal Dock beside the Capital Dock development currently under construction.
A smaller residential led investment at The Coombe, Dublin 8, changed hands for €940,000 – €140,000 more than the guide. The sale comprised two retail units (one of them vacant), three two-bedroom apartments and two one-bed units. The current rent roll of €67,000 will show a return of 7.1 per cent.
The third sale involved a single-storey takeaway unit extending to 50sq m and a four-bedroom house to the rear at 14 Malahide Road in Fairview, Dublin 3. The sale price of 420,000 was €100,000 more than the guide price.
Office space in IFSC’s La Touche House
Agent JLL is quoting a rent of €538sq m (€50sq ft) for part of the ground floor office space in La Touche House in George’s dock in Dublin’s IFSC. The vacant space extends to 117sq m (1,260sq ft) and comes with vacant car-parking spaces at basement level. Tenants in the block include Zurich Bank, Unicredit Bank of Ireland and SS&C Technologies.
Expansion at Leopardstown Shopping Centre
Three new tenants – Costa Coffee, Grafton Barbers and Sivad Restaurant – have all recently opened up new outlets in Leopardstown Shopping Centre in Dublin 18, prompted by the news that its catchment area is about to change considerably.
The first phase of a new 425-house estate is due to be launched at Clay Farm this September, just as permission has come through for a 224-bed nursing home directly opposite the shopping centre.
The complex is anchored by Dunnes Stores and has a large primary care centre on the first floor.
Teegan White of letting agent Savills said Leopardstown Shopping Centre was consistently adding to its list of retailers. The agent expects to attract even more in the next 12-18 months.
Oxfam store now Trespass
The former Oxfam store at 54 South King Street, Dublin2, bought by Irish Life in an off-market deal in 2006, has been let to the outdoor footwear specialists Trespass. The tenant is understood to have agreed a rent of €135,000 for the 164sq m (1,765sq ft) store at ground and basement levels. The 15-year lease includes a six-month, rent-free period.
Trespass has more than 400 stores in more than 70 countries worldwide. Daniel McLaughlin of Bannon acted for Trespass and Declan Bagnall advised Irish Life.
