A round-up of today's other stories in brief
Gap and NikeFactoryStore to open outlets at WestEnd
Two leading retail brands, Gap and NikeFactoryStore, are to open large outlets at WestEnd shopping park in Blanchardstown, Dublin 15.
The lettings are expected to prove a major boost for the shopping complex which is owned by the Cosgrave Property Group.
The adjoining Blanchardstown shopping centre owned by Green Property is understood to have been in competition for the two brands, which are likely to have agreed to pay a percentage of their turnover – generally between 8 and 10 per cent – rather than a standard rent. It will be the first ever NikeFactoryStore in the Dublin area and the first GAP outlet in the Republic.
Gap is planning an Easter opening of its new 929 sq m (10,000 sq ft) store which will replace the motor accessories trader Halfords.
Like Gap, Nike has signed a 10-year lease for a similarly sized store previously occupied by Laura Ashley, who has relocated to a larger unit in the park.
WestEnd has made a strong recovery in footfall to pre-recession levels, with more than 300,000 customers now visiting the complex each month.
The line up of tenants includes Next, Arcadia, New Look, Lidl, Argos, Heatons,Pavers and and Mountain Warehouse.
Paul McGrath of the Cosgrave group said they were not only seeing an increase in visitor numbers but were seeing increased competition for units from leading international brands. “This is very positive news not only for WestEnd but also for the Irish retail market.”
CBRE and Savills are joint letting agents on WestEnd, which has been able to capitalise on its location off the M50.
€550,000 for ready-to-go site Blackrock
Lisney is seeking €550,000 for a site of .2 hectares (0.5 of an acre) at 4 Newtownpark Avenue, Blackrock, Co Dublin, with planning permission for two detached houses.
The site, known as Belrobin, is at the Blackrock end of Newtownpark Avenue, and is likely to be of interest both to builders and individuals interested in building their own homes, according to Ross Shorten.
Separately, Cathal Daughton of Lisney has been instructed by receivers WK Nowlan Associates to quote a reduced asking price of €650,000 for an end of terrace industrial building extending to 1,227sq m (13,207sq ft) at 29/30 North Park, North Road, Dublin 11.
The building was previously used as a bonded warehouse and includes 494sq m (5,317sq ft) of offices. There are 27 car parking spaces on site.
Milano for Blanchardstown
Green Property has strengthened its restaurant offering at Blanchardstown Town Centre with the signing of Milano for a 300sq m (3,229sq ft) unit facing the Central Piazza at the Blue Mall entrance. It will trade beside fast food operator Nandos. Both traders are paying close to €200,000. The joint letting agents for the centre are BNP Paribas Real Estate and Jones Lang LaSalle.
Ready-to-go site makes €1m
A site with permission for 92 apartments has been sold for close to €1 million by agent CBRE. The plot at Benburb St, D7, includes the former Edmundson Electrical building and the H Matthews pub.
TK Maxx for Ilac centre
Dublin’s Ilac shopping centre is in for a boost following the decision by the fashion group TK Maxx to open a large new outlet there in the coming weeks.
TK Maxx is due to trade out of the two-storey 3,251sq m (35,000sq ft) former Dunnes Stores shop on the Moore Mall. Iceland occupies part of that space.
The fashion group is due to pay a rent of around €500,000 for the new store, its 16th in Ireland, but is expected to get a rent-free period of up two years.
The success of TK Maxx in Ireland has encouraged the company to look for other suitable outlets.
Jason Miller of Colliers advises TK Maxx while Michael Harrington of CBRE is agent for the Ilac.
€1.3m for Naas investment
Joint agents GVA Donal O Buachalla and Murphy Mullan Ward are looking for over €1.3 million for an office and restaurant investment in the centre of Naas, Co Kildare.
Abbey Moate House extends to 937.9sq m (10,096sq ft) and, with 79 per cent of the space occupied, it is producing a rent roll of €124,232.
This will give an initial yield of 9.15 per cent.
Prime industrial for €1.1 million
Joint agents CBRE and Downing Commercial are quoting €1.1 million for a prime industrial investment at Rosemount Business Park in Ballycoolin, Dublin 15, which will show a return of 9 per cent and a yield of 11.3 per cent after a fixed rent uplift. The 2,027sq m (21,819sq ft) detached facility built for document storage is let to Iron Mountain Ireland under an eight-year lease from last April at a rent of €94,000.
Investec takes more space
Investec, the international specialist banking and asset management group, is one of the first overseas firms to rent additional office space in Dublin this year. It has been based on the fourth and fifth floors of the prestigious Harcourt Building at the top of Harcourt Street since 2003 and has now leased an additional 2,300sq m (24,756sq ft) on what the company’s agent (BNP Paribas Real Estate) calls a “coterminous agreement”.
Since acquiring NCB Stockbrokers, Investec has been planning to bring the additional 230 staff under the same roof as its original personnel. It looked at a number of options in the city before leasing the vacant second and third floors of the Harcourt Building previously occupied by BNY Mellon and Ernst Young. Intense competition to attract Investec meant that it was able to rent the additional space for under €322 per sq m (€30 per sq ft) as well as a significant rent-free period.
The Harcourt Building was developed by David Agar whose loans are with Nama. Ulster Bank has control of the building which has Paul Scannel of HWBC as letting agent. Investec was advised by Shane Duffy of BNP.