In Short

A round-up of other news in brief

Rent on Grafton Street HMV store more than doubles

The new rent level for the HMV store on Dublin's Grafton Street has finally been settled through arbitration and the use of an "expert" valuer. The new rent will rise by more than 100 per cent to €1,705,200 compared to the old figure of €805,529.

The building, which replaced the former Woolworths store on the street, is held under two separate leases. The rent on one part of the store was set by an "expert" last year and the second lease went to arbitration. David Potter of Savills HOK, who represented the landlords, Irish Property Unit Trust, says the store is "one of the best on the street in terms of size, shape and configuration".

The overall store extends to 856sq m (9,217sq ft) and trades on ground, basement and first floor levels. The new rent equates to a Zone A figure of around €9,418 per sq m (€875 per sq ft) - marginally short of the benchmark rent set for the Karen Millen store. Fergus Cross of College Properties advised HMV.

€3.25m for Sandyford office block on corner site with potential

CB Richard Ellis is suggesting a guide price of €3.25 million for a two-storey office block of 578sq m (6,222sq ft) at 3B Corrig Road in Sandyford, Co Dublin. It occupies a corner site at the junction of Blackthorn Drive and Corrig Road, opposite Beacon Hospital. A new owner who chooses to redevelop the site can opt for a higher density office block, cash and carry outlet, motor sales, retail facilities or possibly a residential scheme. The building goes to tender on June 20th.

Carrickmines site of seven acres for around €5 million

Estate agent Hassett is quoting around €5 million for a site of 2.83 hectares (seven acres) at Springton Stud, Carrickmines, Co Dublin, which is for sale by tender on June 27th. It is suitable for either a commercial or residential scheme, according to the agent, and is close to Carrickmines Retail Park. The site has a zoning objective "to protect and improve high amenity area".

Aldi applies for permission to build store in Ardee

The rapid expansion of the German discounters is continuing. The latest planning application from Aldi Stores is for a site in Ardee, Co Louth, where it hopes to build a single-storey licensed discount foodstore with a gross floor area of 1,559sq m (16,781sq ft). Interestingly, the company is also seeking approval for a bulky goods retail unit with a gross floor area of 737sq m (7,933sq ft). It is planned to provide 165 car-parking spaces on the site which extends to 0.991 hectare (2.45 acres) at Glebe. The entrance to the site will be from the N33 Ardee Link Road.

Irish fund pays over €10m for French office investment in Lyon

Custom House Capital, an Irish asset management fund, has paid over €10 million for an office investment at Lyon in France in a deal that will show a return of 7.1 per cent. The 3,502sq m (37,695sq ft) block, to be completed in October, will have 62 car-parking spaces. The deal was negotiated by Knight Frank Ganly Walters.

€296 per sq m rent for office space on Parnell Street

Atisreal is marketing what is possibly the largest single floor office plate in Dublin's north inner city. The floor extends to 2,700sq m (29,063sq ft) and is located in Shelbourne Development's Parnell Plaza (right) on Parnell Street. The remainder of the block has retail at basement and ground floor, and Jurys Inn on other floors. Conor Whelan of Atisreal is quoting a rent of €296 per sq m (€27.5 per sq ft) and said the quality of internal finishes is "unmatched in the area".

€250,000 rent for former bank building on College Green

DTZ Sherry FitzGerald is quoting a rent of €250,000 for a distinctive period building at 9 College Green in Dublin 2 (right), which has become vacant following the decision of Atlas travel agents to relocate to 38 Pearse Street. The five-storey over basement former bank building has a floor area of 462sq m (4,973sq ft) and has retained many of its original features, including high floor-to-ceiling heights and wooden panelling. The ground floor and basement are ideal for retailing while the other floors are laid out as offices.

Retail units to rent in Tallaght

French Estates is marketing retail units on a new street linking Tallaght town centre with Courthouse Square. The buildings range in size from 30-170sq m (323-1,830sq ft) and have basements with planning permission for leisure uses. The units, which are expected to be used for a convenience store, pharmacy or as offices for the legal profession, are to let at €360-€700 per sq m (€33.45-€65 per sq ft).