Briefs

A round-up of today's other stories in brief

Chinese restaurant to reopen

One of Dublin’s longest running Chinese restaurants, The Imperial on Wicklow Street, is to reopen under new ownership after being put into receivership by Bank of Ireland.

A London-based Chinese restaurateur known as Mr Tse has paid in excess of €1.8 million for the freehold of the building which was used as a restaurant for more than half a century. Turley Property Advisers handled the sale for Jim Luby of McStay Luby who was appointed receiver by the Bank of Ireland. The business was operated for many years by the Cheung family. It was originally known as The Universal and in recent years the owners acquired the Benetton shop at the front to allow it to seat up to 200 diners.

Like the Cheung family, the new owner will have to continue to lease the rear of the restaurant including the kitchen, part of the basement and mezzanine from separate owners at a rent of €50,000 per annum.

Samsung moves HQ to The Grange

Samsung is moving its Irish HQ from Beacon South Quarter to The Grange office block on the Stillorgan Road in Co Dublin. It has agreed to lease 836sq m (9,000sq ft) on the top two floors of the block developed by Ray Grehan’s Glencairn company before it ran into financial difficulties. Receiver Grant Thornton is managing the development for Nama.

Samsung is likely to be paying at least €160 per sq m (€15 per sq ft) for its office space at the front of The Grange. Some 300 apartments have been sold or rented at The Grange and Nama is expected to fund the completion of a partly built block of 120 apartments.

Orca Financial and Big Tree Capital Data also recently rented office space at The Grange, leaving only two suites available – 483sq m (5,200sq ft) on the ground floor and 510sq m (5,500sq ft) on the third floor. Letting agent Hooke MacDonald is quoting a rent of €160 per sq m (€15 per sq ft) for the space and €1,000 per car-parking place.

Service charges in The Grange are €2.80 per sq ft.

€1.75m on menu for Milano restaurant at Grand Canal Dock

Dublin Docklands Development Authority is to seek a purchaser for the Milano restaurant at 1 Longboat Quay at the Grand Canal Dock in Dublin 4.

Pat Campion of agents HWBC is quoting €1.75 million for the investment to show an income yield of 8.2 per cent.

Milano occupies a corner site overlooking Grand Canal Harbour and the canal square with a return frontage to Asgard Road. The premises is particularly large with a ground floor and storage space extending to more than 273sq m (2,940sq ft).

The premises are let to Milano on a 25-year full repairing and insuring lease from 2007 with five yearly upwards-only rent reviews. The tenant has a break option in 2022. The premises are currently rented at €150,000 per annum and the next review is due in 2017.

Milano has 12 outlets in Ireland and trade internationally as Pizza Express.

Sandyford CBRE seeks €580,000 for medical suite at Beacon Clinic Docklands

One of the most unusual investment properties to hit the market so far this year – a medical suite at the Beacon Clinic in Sandyford, Dublin 18 – is expected to interest Irish investors looking for a safe haven.

Colm Luddy of agents CBRE is quoting a guide price of €580,000 for the ground-floor facility which is currently rented at €54,500 per annum and will show a net initial yield of 9 per cent.

The suite extends to 178.9sq m (1,925sq ft) in the four-storey clinic located adjacent to the Beacon Hospital. It is let on a new 10-year lease to Áras Sláinte from 2012 with a review in year five based on the consumer price index.

Áras Sláinte is the holding company for Centric Health which employs 350 people and operates 10 primary care and GP centres across the State. It is also a joint venture partner with VHI Swiftcare.