In short

A round-up of today's other commercial property news in brief

Dublin drops out of top 10

Dublin is no longer included in the top 10 most expensive locations for offices, according to a new report from Lisney’s partners Cushman Wakefield. The Irish capital has slipped from ninth place to 15th since rents declined by 13 per cent to €620 per sq m (€57.6 per sq ft). Even more surprising is that both Hong Kong and Tokyo have overtaken London as the world’s most expensive office location. A square metre of office space in Hong Kong now costs €1,743 per annum.

€ 450 per sq m rent in D2

Bank of Ireland Asset Management has completed the refurbishment of an office building at 5-9 South Frederick St, D2, which was occupied for many years by public servants. The six-storey block with 2,134sq m (22,970sq ft) is available to let through agent HWBC on a floor-by-floor basis or in its entirety. Paul Scannel of the agency is quoting rents of €450 per sq m (€41.8 per sq ft) and €4,000 for each of the 10 car-parking spaces.

€1.75m for D2 Georgian

Estate agent Finnegan Menton is seeking €1.75 million for a well located Georgian office building at 4 Lower Hatch Street, Dublin 2. The street runs from Earlsfort Terrace to Lower Leeson Street in the heart of the Dublin 2 business district. The four-storey over basement house has a floor area of 230sq m (2,475sq ft).

€2.23m for creche

Savills is guiding €2.23m for a crèche with significant capital allowances at the Castlethorn-built Belarmine scheme near Stepaside, Co Dublin. The initial yield before the allowances are taken into account will be 6.75 per cent but, once the tax consideration is included, it moves to between 8 and 9 per cent. The capital allowances will be available on 95 per cent of the purchase price. The crèche has 766sq m (8,245sq ft) and is let on a long term, full repairing and insuring lease from 2007 to Giraffe Childcare at a rent of €170,724.