Bill Cullen's showrooms in Swords for €2.6m
The break-up of Bill Cullen’s car dealership is to get under way this week when estate agent DTZ Sherry FitzGerald seeks a buyer for a substantial modern garage and showrooms at Airside Motor Park in Swords, north Dublin.
The sale has been triggered by Tom Kavanagh and Ken Fennell of Kavanagh Fennell, appointed receivers by Ulster Bank, which had apparently advanced €12 million in loans to Mr Cullen’s Glencullen Holdings. The company has a second dealership in Liffey Valley.
Brendan Smyth of the selling agent is seeking €2.6 million for what he describes as a “superb” building in Airside which has already attracted interest from some of the major players in the industry who have a “common requirement” that the sale should be completed before the 2013 car selling season gets under way.
The Cullen building is regarded as probably the best in the Airside motor mall, having frontage onto the entrance. One possibility is that it may be purchased by one of the main car manufacturers and leased to a dealer. If a sale does not materialise, the agent will consider letting the premises at a rent of €260,000 per annum.
Mr Smyth says that the Airside premises are the only purpose-built motor showrooms available in north Dublin. Other showrooms occupied over the previous 12 months include Belgard in Tallaght; Appleyard in Stillorgan; White Bishop on the Long Mile Road and the former Nissan showrooms on the Naas Road.
The Cullen building extends to 2,372sq m (25,533sq ft) and includes a purpose-built showroom, offices and service centre as well as an ancillary wash/valet bay to the rear. The showroom has a particularly high specification, including full-height glazing to the front, tiled floors and an air-handling system.
The sales office also comes with a modern fit-out and air conditioning. The service area to the rear has a range of scissor lifts and is plumbed for hydraulic and air systems.
Smyth said the quoting price reflected the current market realities but, at a guide of just over €100 per sq ft, it was a mere fraction of the build costs for a facility of this standard.
Meanwhile DTZ Sherry Fitz- Gerald has sold the former Appleyard motor premises at Blackthorn Drive in Stillorgan Industrial Park, Co Dublin to Spirit Motor Group for use as a Ford facility. The 2,112sq m (22,739sq ft) building had been offered for sale at €1.5 million at the request of receiver David O’Connor of BDO. The selling price was not disclosed.
Also in Stillorgan, DTZ has sold the former Legrand garage on Holly Avenue to Merrion Fleet for around €1.2 million. The premises are currently being modernised.
The same agency handled the sale of a mid-terrace unit of 512sq m (5,511sq ft) on Maple Avenue and three lettings on Spruce Avenue and Birch Avenue.
Smyth is currently quoting a selling price of €450,000 or a rent of €40,000 for a 513sq m (5,527sq ft) unit close to the former Appleyard premises on Maple Road. He said there was growing interest in Stillorgan Industrial Park from owner-occupiers moving away from retail warehousing who wanted to avail of the more realistic rents now available.