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LAND SALE

  • £5m-plus expected for Dundrum site

    Agents Finnegan Menton expect to secure in excess of £5 million for a prime residential site of 3.7 acres at Ballinteer Avenue, Dundrum, Dublin 16, which goes to tender on September 3rd. The land is likely to attract widespread interest from house-builders because of the immense shortage of development opportunities in south Dublin and the superb location beside a public park, Marlay Park. Houses in the area have risen sharply in value in recent years.

  • School buys Booterstown land from religious order

    St Andrew's College, at Booterstown Avenue, Blackrock, Co Dublin, has acquired three acres adjacent to its school grounds from the Sisters of Mercy in Booterstown. The price paid was not disclosed but while development land in this location would probably make in excess of £2 million an acre, it is understood that the Sisters of Mercy sold for considerably less than this valuation. Arthur Godsil, headmaster of St Andrew's College, said the college had been anxious to acquire the land for the past 27 years. He praised the Sisters of Mercy for the way in which they dealt with the issue.
IN BRIEFBack to Top

  • Second major retail warehousing park blocked

    Another major retail warehousing park planned for a site at the end of the M50 near Malahide in north Dublin has been blocked by An Bord Pleanala. Last month, the board overruled an earlier decision granting permission for 340,000 sq. ft of retail warehousing off the N1 near Swords. Walls Properties, a subsidiary of PJ Walls construction company, will now have to drop its plans to develop 200,000 sq. ft of retail warehousing on a site of 24 acres on the north-western side of the motorway at Malahide Road. The reasons cited by the board for refusing both developments are virtually identical - the parks would adversely affect the flow of traffic on major roads and would also impinge on established retail outlets in the areas. While property developer David Daly is expected to seek approval for a scaled-down retail development on the Swords site, Walls is likely to opt for a different type of scheme. It is looking at the possibility of developing a "motor plaza" to include about car 10 showrooms and a substantial volume of office space.

  • Scottish Provident to pre-fund £7m block

    Scottish Provident is to pre-fund a 44,000 sq. ft office block at Woodford Business Park, near Dublin Airport, at Santry, at a cost of £7 million. The initial yield is likely to be about 7.5 per cent. Although the terms of the deal were agreed around 12 months ago, it could not proceed until now because of a planning appeal. Woodford Developments is understood to be guaranteeing the rent for one year at around £14 per sq. ft. The tenant will also have the use of 165 car-parking spaces. The block will be one of three to be built by Woodford Developments with a total floor area of 90,000 sq. ft. Scottish Provident's £70 million Irish fund also includes the Frascati Centre, Blackrock, Westlink Industrial Estate in west Dublin and one of the office blocks in East Point in the Dublin docklands.

  • Developer gets planning for Clonsilla golf course

    Property developer Phil Monahan has secured planning permission to provide a 181-bedroom hotel and an 18-hole golf course at Somerton, Porterstown Road, near Clonsilla, Dublin 15. An Bord Pleanala has also cleared the way for a two-storey clubhouse and car-parking on the land. Mr Monahan sought the planning permission in the name of Ping Golf Enterprises.

  • Easons to open store in Nassau Street

    Easons is to open a new store in the former Ulster Bank premises at the junction of Dawson Street and Nassau Street in Dublin 2. It will be the company's first outlet on the south inner city. Easons agreed terms prior to tender to rent the 5,000 sq. ft sq. ft premises on a long lease. Lisney had been guiding a rent of £100,000 for the ground and basement areas of the building and a premium of around the same amount. Palmer McCormack advised Easons.

  • AIBIM pays £4.3m for complex let to Microsoft

    AIB Investment Managers (AIBIM) has paid about £4.3 million for a 19,000 sq ft high-tech commercial building occupied by Microsoft at Sandyford Industrial Estate, Co Dublin. The building is let on a 20-year lease at a current rent of £275,000 per annum. The deal will show an initial net yield of 6 per cent until the next review in 2002. Jeremy Kelly of Gunne Commercial acted on behalf of a private consortium and DTZ Sherry FitzGerald advised AIBIM.

  • Naas Court Hotel on the market for £2m-plus

    Michael Smurfit's sister, Sheila Leonard, and her husband, Michael, are to sell their Naas Court Hotel, in the centre of Naas, Co Kildare, after running it successfully for over 10 years. Colm McEvoy Auctioneers is quoting in excess of £2 million for the business, which has 10 en suite bedrooms and a turnover of over £1 million. The hotel is in superb condition and has a thriving restaurant, a regular stopping off point for many people passing through the town. Meanwhile, the auction of Donnellys, The Corner House, residential bar in Kinnegad, Co Westmeath, is to be conducted by McDonald Brothers on July 23rd. The old world bar has changed little over the years.

  • Gateway to open retail unit at Liffey Valley

    Computer giant Gateway 2000 is to open its first retail outlet in the Republic at Liffey Valley Shopping Centre, in west Dublin. The company will be paying a rent of £90,000 for the 1,850 sq. ft premises under a lease, which has a break clause. Arrivals at the centre include fashion outlet Carraig Donn, which is to occupy a store of 1,900 sq. ft at a rent of £90,000; The Phone Store, £68,000 for 1,100 sq. ft; and a Fuji photo development and camera sales outlet, which will occupy a kiosk at a rent of £25,000. David Potter of agents Hamilton Osborne King is quoting a rent of £90,000 for a 1,300 sq. ft store, which has become available following the relocation of the gifts and home-ware retailer Gazebo from a shop of 573 sq. ft to one of 1,800 sq. ft. Gazebo will be paying a rent of £100,000 for the space, as well as a store of 1,000 sq. ft. The agents are in negotiations with a number of restaurants to trade out of three units opposite the new 14-screen multiplex cinema.

  • £1.5m-plus expected for Kinsale pub-restaurant

    In Kinsale, Co Cork, the Jim Edwards bar and restaurant is expected to make in excess of £1.5 million when it is sold by Jones Lang LaSalle and Cohalan Downing and Associates. The property includes a bar-restaurant to seat 80 people and seven en suite bedrooms. The business is acknowledged as one of the best pub-restaurants in the country and has been run by the same family for 25 years.

  • Telecommunications firm for Baggot Street

    Telecommunications company Interoute has leased two adjoining office buildings at the rear of Upper Baggot Street, Dublin 2. The company, which will be paying a rent equivalent to £25 for the rear block and £26.50 for the front section, plans to spend £750,000 on fitting out the buildings. Lisney and Turley and Associates handled the letting of the building for businessman Jim Cobb.
COMPANY ACQUISITIONSBack to Top

  • Howard gets ready to expand with four key sites

    Dublin property group Howard Holdings is expecting rapid growth over the next few years following its acquisition of four key development sites, two of them fronting on to the Thames outside London. The other two deals agreed last week involve the redevelopment of Cork Airport Hotel and the replacement of the Havesham Hotel, at Rochestown, Co Cork, by a townhouse scheme.
REDEVELOPMENTBack to Top

  • Reduced scheme planned for old Waterford infirmary

    A Galway-based developer is set to make a renewed application to develop an apartment complex at the former Waterford Infirmary building. The plan by Sertonbury Ltd to build 106 apartments on the site of one of Waterford's most prominent and historic buildings was rejected this month by An Bord Pleanala on foot of a third-party appeal. The board was unhappy with the scale of the proposed development.
RETAILBack to Top

  • Plans for super pub behind shop lease clause

    The retail unit at the corner of Dawson Street and Duke Street is up for lease - again. Kenneally McAuliffe is offering the 1,235 sq ft unit at a current rent of £45,000 per annum on a 35-year lease, which began in 1986. Key money of £175,000 is also required. The property would seem to have everything going for it. Its location is good on a busy corner that is getting busier all the time with the increased activity on Dawson Street.
INTEREST RATESBack to Top

  • You may not like it but the good times may have to roll at a much slower pace

    The face of Federal Reserve chief, Alan Greenspan, is beginning to haunt the financial dreams of property investors around the State. His decision last Wednesday to approve a quarter-point increase in US rates sent shivers down the spines of investors long enough in the property game to remember double digit rates.
TOURISMBack to TopIN FOCUS/INTERNET SHOPPINGBack to Top
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