Agent William Harvey Co seeks €550,000 for an end-of-terrace office building at Baldoyle Industrial Estate in north Dublin. The 855sq m (9,203sq ft) block comes on the market on the instructions of liquidator Pat Lavelle. The agent will consider letting for €53,000 per annum.
€18,000 rent for office suite
Agent Hooke & MacDonald is seeking a rent of €18,000 for an office suite near the Four Courts in Smithfield, D7. The 85sq m (915sq ft) unit is beside the Jameson Distillery Building, a short walk from Smithfield Luas stop. The own-door premises is on the ground floor and forms part of a restored period building. It has raised access floors, air conditioning and a modern fit-out. There is basement car parking. Enda Moore of the agency says the rent is “negotiable” for a good tenant.
Price of M50 units drops €800,000
HT Meagher O’Reilly has cut the asking price from €2.3 million to €1.5 million for three units in the M50 Business Park in D12, being sold on the instructions of receiver Deloitte Touche. The detached warehouse on Ballymount Ave has an overall floor area of 2,384sq m (25,661).
Property consultant Knight Frank Ireland has appointed Aisling Leddy and Peter Moloney as directors of the company. Ms Leddy is divisional director in professional services while Mr Moloney is director of property and asset management.
New directors at Knight Frank
Knight Frank Ireland managing director Paul McDowell said that “this will be an ongoing process into the future to strengthen the corporate governance as we plan for the succession of the company.”
County Infirmary for €250,000
A reminder of how much property values have fallen in Navan comes with the €250,000 guide price provided by estate agent Raymond Potterton in advance of the auction of the former County Infirmary in Navan town centre. It goes under the hammer on October 2nd. The main building extends to 930sq m (10,000sq ft) and stands on a site of 0.28 of a hectare (0.7 acres). The original structure dates from 1754. The former hospital adjoins one of the main car parks in Navan.
PC World/Currys for Manor West
Five years after it first looked at Manor West retail park in Tralee, PC World/Currys has begun fitting out an outlet of 1,207sq m (13,000sq ft). It will pay €172 per sq m (€16 per sq ft) for 929sq m (10,000sq ft). The balance will be for storage. Manor West is fully occupied said letting agent Jason Miller of Colliers International. PC World/Currys was represented by Fergus Slattery.
Mixed-use block for €2.1 million
Agent HT Meagher O’Reilly is seeking €2.1m for a mixed-use investment at Temple Road in Blackrock, Co Dublin. Temple Grove comprises a four-storey block of offices and retail extending to 701sq m (7,054sq ft) and four three-bed townhouses. There are nine parking spaces in the basement. The investment is producing €81,600 but if fully let should bring in €150,000 a year.
German fund gets record yield
Munich-based AM alpha GmbH yesterday confirmed it bought the Riverside 11 office block at Sir John Rogerson’s Quay in the south Dublin docklands. The fund paid €35.5m, giving it an initial yield of 8.6 per cent, as we reported last May. The yield is the highest achieved in the city for a modern office block. It is producing a rent roll of €3.196m per annum. The Government’s decision to change stamp duty will mean that the fund will pay €700,000 instead of the original bill of €2.1m. Savills advised the purchaser and Knight Frank acted for the owners of the block, the Elliott, Kelly, Flynn and McCormack families.
Ready-to-go residential site for €1.25m
A ready-to-go housing site in receivership at Stocking Wood in Rathfarnham, Co Dublin, is to be offered for sale through HT Meagher O'Reilly. The 2.2 acres being sold on the instructions of receiver Kavanagh Fennell has planning permission for 25 five-bed houses.
The Stocking Lane housing and apartment development was carried out by Tony and Sean Deane in 2006. In June of last year the receiver sold 50 completed houses after buyers queued on site for three-bed homes at €250,000 and four-beds at €300,000.
The receiver is happy to consider either a straight sale of the 25 sites or a licence agreement under which a developer would pay the site price on completion of the house.
HT Meagher O'Reilly is guiding a price of €1.25m for the 25 sites, equating to €50,000 per unit. The receiver also controls 100 other sites within the scheme which are also to be sold.
'Guardian' HQ loss for Irish investors
A group of Irish investors have taken a hit on the sale of the former HQ of the 'Guardian' newspaper at Farringdon Road in London. The investors, who originally paid £39m for the 1970s building with a floor area of 7,202sq m (77,522sq ft), have sold on their interest for £28.5m. It was bought by a Middle Eastern family who plan to redevelop the 1.25-acre site as offices or apartments. The building is producing a rent roll of £870,000, well short of the original rent roll of £1.5m.
The purchasers were represented by Tim McMahon of Allen Townsend and Marc Murphy of Chapman Petrie.