InShort

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

Bettystown site makes region €27m

The Lyons family of Bettystown, Co Meath, has secured region €27 million for a large housing site between Laytown and Bettystown. A Dublin housebuilder bought the site of 25.6 hectares (63.4 acres) which is expected to accommodate up to 350 homes. The Bettystown area has attracted a large number of Dublin commuters in recent years because of the upgrading of the M1 and the train service. Cumiskey Real Estate Alliance handled the sale by tender.

Over €9m for Georgian pair

Two adjoining Georgian office buildings at 26/27 Mount Street Upper, Dublin 2, are expected to make over €9 million when they are auctioned by CB Richard Ellis. They are currently occupied by the Farm Media Group which is relocating. The mid-terrace, interconnecting houses have a net internal area of 684sq m (7,363sq ft) and are located close to the Pepper Canister church. The buildings have 18 car-parking spaces to the rear.

Sandyford site makes over €12m

A group of investors who trade as Highland Estates have secured over €12 million for a residential site of 1.05 acres at the junction of Sandyford Road and Blackthorn Drive in Sandyford, Co Dublin. The plot has planning permission for 50 apartments. Lisney, which handled the sale, has also secured over €5 million for 9.5 acres at Littlebrook, Delgany, Co Wicklow. The land is zoned for one house per acre.

€1.7m for quayside bank

CB Richard Ellis is quoting €1.7 million for a former bank building on Commercial Quay in Wexford which is let to the Bank of Scotland in a deal which will provide an initial yield of 4.5 per cent. The agency is also selling an adjoining site of 0.2 of an acre with town centre zoning. It is likely to be used for a mixed-use commercial and residential scheme. The guide price is €1 million.

Eirgrid seeks new HQ

Eirgrid, the company that is to take over the operation of Ireland's electricity transmission system from the ESB national grid, is currently looking for a new headquarters building in Dublin city. Market sources suggest that the State-owned company is looking for around 5,000sq m (53,820sq ft) in either Dublin 2 or 4. HT Meagher O'Reilly is advising Eirgrid. At present, transmission operator staff are based in the ESB head office in Fitzwilliam Street.

Over €6m for Maynooth hotel

A modern 43-bedroom hotel, the Straffan Court Hotel, on the edge of Maynooth, Co Kildare, is expected to make over €6 million when it goes to auction on June 28th. The wrong guide price was given in last week's edition. Coonan Real Estate Alliance is handling the sale of the hotel which stands on a site of 4.5 acres within three miles of the K Club where the Ryder Cup is to be staged next September.

Roscommon site for over €5.5m

A Dublin-based property company, Glencullen Developments, is likely to secure over €5.5 million for a mixed-use site of 14.5 acres in Roscommon town which goes to tender on July 7th. The site fronts on to the Lanesborough Road and is zoned for general development in the development plan. It has planning permission for a motor showroom and filling station. A planning application has been lodged for a neighbourhood shop of 1,650sq m (17,760sq ft). James Hanby of CB Richard Ellis says Roscommon is experiencing phenomenal growth, a factor that should lead to considerable interest in what is an excellent edge-of-town site.

€12m for Eden Quay building

An interesting investment opportunity in Dublin's north inner city has arisen with the pending sale of Eden House at Eden Quay in Dublin 1. Robert Murphy of CB Richard Ellis is quoting a guide price of €12 million for the four-storey over basement building which has a floor area of 1,393.8sq m (15,003sq ft). It is currently producing €120,000 per annum and, with three floors vacant, there is scope to substantially increase the rent roll. There have been a number of major new developments in the area largely because of support and encouragement from Dublin City Council.

Citywest site makes over €27m

A residential site of 3.33 hectares (8.25 acres) beside the proposed Citywest shopping centre at Saggart, Co Dublin, has been sold for over €27 million. The planned extension of the Luas service could open the way for a high density apartment scheme on the site, according to selling agent Hamilton Osborne King.

The same agent has sold a range of other small development sites, including the former Ashurst filling station on the Stillorgan Road. A housebuilder paid a surprisingly high price of over €12 million for the site of three-quarters of an acre which is located along a particularly busy stretch of the road.

In Greystones, a builder has paid over €6 million for a site of 0.67 acres which could accommodate about 25 apartments and a retail unit. In Parnell Road another site of 0.41 of an acre, suitable for a small apartment scheme, fetched over €5 million.

In Tullamore, a site of 2.25 acres at Church Street with planning permission for a 75-bedroom nursing home has made over €2 million.

Over €1m for guest-house

Palmer Real Estate Alliance of Waterford is guiding over €1 million for Derrynane guest-house which is opposite the City Hall and Waterford City Council offices. An Italian restaurant is planned for the building next door. Derrynane is a Georgian-style house with 13 bedrooms, two large reception rooms, a large kitchen and other ancillary accommodation.