Cork Waterstones building bought for €6.25m

Also: Sit down with your pizza and chocolate for Ballsbridge


A Cork-based private investor has emerged as the new owner of Waterstones bookshop in Cork city after agreeing a purchase price of €6.525 million. CBRE had been quoting €6.25 million for the investment, which will show a net initial return of 10.88 per cent.

The double-fronted store produces an annual rental income of €770,000 under a 35-year lease, which has almost five years to run. The building has an overall floor area of 1,050sq m (11,367sq ft), including 590sq m (6,353sq ft) at street level.

The building has 10m of frontage on to Patrick Street and another 11m on to the almost equally busy Paul Street.

Dominos’ first Irish eat-in pizzeria
American pizza chain Dominos is to open its first seated Irish restaurant in a newly redeveloped building at 2-4 Bridge Street in Ringsend, Dublin 4.

The fast food chain will pay rent of €50,000 a year for the ground floor restaurant and takeaway unit extending to 130sq m (1,400sq ft).

Commercial estate agent Bannon has also completed the letting of 185sq m (2,000sq ft) in the basement of the same building to a gym operator at around €22,000 per annum.

The property was bought last November by a private investor, who embarked on a full modernisation programme, including fitting out of a number of overhead residential apartments.

Daniel McLaughlin of Bannon said the lettings underlined the continued scope for regenerating much of the docklands area.

Butlers’ newest chocolate eatery
Butlers is to open its 21st “chocolate cafe”in Ireland at the Comer Group’s mixed-use development, Number One Ballsbridge, which is nearing completion in Dublin 4.

Butlers will pay a rent of €65,000 for a 1,400sq ft unit, which will trade alongside Avoca food hall and a restaurant operated by Dylan McGrath. The dining facilities will be located on the ground floor of three seven- and eight-storey blocks, which will also accommodate high end stores, offices, a leisure centre, 88 apartments and car parking facilities.

Butlers Chocolates was established in Dublin in 1932 and remains a family-owned business. The company’s chocolates are available in more than 30 countries.

D1 end-of-terrace guides €300k
An end-of-terrace building with redevelopment opportunities at 87 Parnell Street, Dublin 1, goes on the market today with a guide pride of €300,000.

Peter Love of Cushman & Wakefield is handling the sale of the rundown two-storey building, which includes a former takeaway food outlet on the ground floor extending to more than 72sq m (782sq ft) and a two-bedroom apartment overhead.

Lapsed planning permission had provided for the demolition of the building and its replacement with a four-storey over-basement layout, with a ground floor takeaway food outlet and three two-bedroom apartments and one single bedroom apartment with balcony overlooking the rear area.

Manor Mills signs tenants, extends leases
Manor Mills shopping centre in Maynooth, Co Kildare, has signed up four new retail tenants and extended the leases of four other traders in the centre.

Costa coffee has leased a 167sq m (1,800sq ft) unit at an annual rent of €50,000 with a nine-month period rent-free. The Natural Bakery has opened its 13th outlet with a floor area 102sq m (1,1200sq ft). The 10-year lease is understood to provide for a rent of €35,000 per year.

Meanwhile Shade, a multi-branded Bestseller store, has taken a 10-year lease of a 153sq m (1,648sq ft) shop at a rent thought to be around €40,000. Shade’s stock will be primarily focused on Jack & Jones, Only and Vera Moda brands.

The fourth new store will be the children’s clothing specialist Name with an outlet of 111sq m (1,200sq ft).

Daniel McLaughlin of letting agent Bannon said the new lettings were a significant stepping stone for the centre to become the dominant retail oulet in Maynooth.

Sandyford office sells for €80,000 above guide
Agent TWM has completed the sale of an office suite at Beacon South Quarter in Sandyford, Co Dublin. The modern offices extending to more than 227sq m (2,451sq ft) in the Cubes Offices was sold on behalf of receiver Deloitte for €605,000, well ahead of the quoted price of €525,000. The price breaks back to €247 per sq ft.

Ollie Lyons of agent TWM said the sale attracted a good level of interest from potential tenants and investors who were well aware of the increasing rental values in the Sandyford area.

High bay in Blanchardstown for rent
Core Industrial Reit has retained commercial agent William Harvey to market two high bay facilities currently under expansion and refurbishment at Northwest Business Park in Ballycoolin, Blanchardstown, Dublin 15.

Core purchased the buildings in 2016 and on the advice of William Harvey subsequently bought an adjoining 1-acre site to provide a large yard and the retrofitting of six dock levellers. Harvey is now quoting a rent of €695,000 or €8.75 per sq m (€7.50/sq ft) for the entire facility. The two buildings may also be let separately.

Grand Canal Dock retail unit sold
Cushman & Wakefield has secured around €600,000 – €100,000 above the guide – for a modern retail unit in the centre of Grand Canal Dock in Dublin 2.

The ground floor retail premises extends to 90.7sq m (976sq ft) and is let to Jule Beauty on a 20-year lease from 2014 for €27,000 a year. There will be a fixed uplift to €28,000 from August. The unit is fitted out to a high standard and has an open plan retail area at the front with five treatment rooms to the rear.

Retail/apartment in East Wall sells for €690,000
QRE has achieved a strong price of €690,000 for a mixed-use investment property at 125 East Wall Road in Dublin 3. The ground floor retail unit is rented by Graham Bookmakers, while a pair of two-bed overhead apartments bring the full annual rent up to €47,000.

Ellen Prenderville of QRE said the sale at a yield of 6.8 per cent underlined how much the area had improved, particularly since Facebook had taken an interest in the location.

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