Commercial Property

Capel Street retail/apartment portfolio sells well above guide

Also: General Electric to pay rent of €538/sq m for Lower Leeson Street offices

Number 37 and 38 Capel Street in Dublin has been sold to a private investor for €3.5 million

Tue Oct 31 2017 - 17:00

A private investor has bought two shops and 11 overhead apartments at 37 and 38 Capel Street, Dublin 1, for €3.5 million – more than €500,00 above the guide price.

Turley Property Advisors handled the sale of the portfolio, which produces a rental income of €250,000 with potential to increase it to more than €300,000.

The mixed-use development dates from 2006 and is located midway along Capel Street, two doors from the Louis Copeland shop.

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Brookfield Hall Student Village, Castleroy, Limerick

One of the two ground-floor and basement shops is vacant and the other is let to Moldovan Supermarket at €50,000 per annum. Moldovan originally traded on a lease of four years and nine months but is now overholding.

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The 11 apartments include three extra large two-bedroom units, six two-bedroom units and two one-bedroom penthouses.

General Electric’s 10-year lease

General Electric has taken a 10-year lease on newly refurbished offices at 86/88 Lower Leeson Street, Dublin 2. The company will pay a rent of €538/sq m (€50/sq ft) for 1,532sq m (16,500sq ft) between the first and fourth floors.

The ground floor of the same building, extending to 418sq m (4,500sq ft), has been leased to commercial estate agent Lambert Smith Hampton for 10 years at €50/sq ft.

Edmund Douglas, head of the agency’s Dublin and Galway offices, said the new location and specification will enable them to accommodate their clients more efficiently and comfortably. The new space will also allow for full expansion of Lambert’s Dublin team in the future.

Robert Corrigan of Brown Corrigan handled lettings in the block, which has greatly benefitted from an upgrading including the development of glass extensions at the rear of each of the floors.

Pinset Mason into docklands

UK law firm Pinset Mason is to lease an office suite in the 1WML, the stylish new mixed-use complex being developed in the south Dublin docklands by Hibernia Reit.

The new tenant is to rent 925sq m (9,959sq ft) for €557,500 per year. The lease will include two car spaces and an annual contribution to the reception and townhall space in the building. The 20-year lease will have a break option after 10 years. Pinset Mason will join Informatica and Core Media, which is currently fitting out.

Aisling Tannam of letting agents Cushman & Wakefield says the high specification of the office and common areas coupled with the ground floor townhall space continues to be a huge selling point. Deirdre Costello of JLL advised Pinset Mason.

Stillorgan building for €2m

Cushman & Wakefield is guiding in excess of €2 million for a chemist shop and four apartments in Stillorgan, Co Dublin. Bradley’s pharmacy at 5 Lower Kilmacud Road produces a rental income of €97,100 under a 35-year lease from 2003.

A three-bedroom apartment with separate access on the first and second floors of the chemist building is currently vacant. The sale also includes two one-bed apartments and a two-bed unit to the rear of the chemist.

Cushman & Wakefield will also sell five further investment properties occupied by Bradley’s in Louth and Meath.

Housing site in Malahide for sale

A site with planning permission for four large five-bedroom houses at Swords Road in Malahide, Co Dublin, goes for sale today through agents CBRE at a guide price of €975,000.

The 0.18 of a hectare (0.44 of an acre) site is currently occupied by a derelict bungalow. It is located close to a number of new and long established housing estates, including Seabury.

Peter Garrigan of CBRE says Malahide continues to attract significant interest as a residential resort because of Malahide Castle and Malahide Marina, as well as the infrastructure links to the Dart and M50.

Mayo’s McWilliam Park Hotel on market

Selling agent JLL is guiding in excess of €9 million for the profitable McWilliam Park Hotel at Kilcolman Road in Boherduff, Claremorris, Co Mayo

The four-star hotel has 103 bedrooms, bar, restaurant and 600 person McWilliam Park suite, four additional meeting rooms and a full leisure centre with an 18m swimming pool and spa.

The hotel was built by JJ Rhatigan and opened in 2006. It has extensive conference and banqueting facilities and regularly hosts concerts, social dancing and some of the best country and cabaret performers. It is affectionately dubbed “the Nashville of the west”, according to JLL’s Dan O’Connor.

Student apartments in Limerick for €2.4m

Cushman & Wakefield is guiding €2.4 million for a block of 40 purpose-built modern student apartments at Brookfield Hall Student Village at Castletroy, Limerick. The price equates to only €60,000 per unit.

Block 8 includes 29 two-bedroom units, eight three-bedroom apartments and three four-bed apartments, totalling 94 bed spaces. They produce an annual net income after costs of €150,000.

Ciara McCarthy of the selling agent said she expected significant interest in the investment because of the guaranteed income and the undersupply of purpose-built student accommodation in Limerick city.

General Electric