In Short

A round-up of other commercial property news in brief

New arrivals in Carrickmines

The Park in Carrickmines continues to broaden its appeal as an out-of-town shopping complex. Latest arrivals are pet retailer Petstop and beauty boutique Brown Cow. Petstop will trade out of a unit of 705sq m (7,589sq ft) while Brown Cow is renting a store of 139sq m (1,496sq ft). Petstop also has outlets in Blanchardstown and Cork while Brown Cow also trades at Ticknock Hill in Sandyford.

Bernadine Hogan of letting agents Savills said trading opportunities in the second phase of The Park remain for a restaurant operator, a convenience store and one large general retail unit. The retail complex was developed by Michael Cotter’s Park Developments and has a strong line-up of tenants including TK Maxx, Curry’s, PC World, , Home Focus at Hickey’s,Harvey Norman and Costa Coffee.

INTO finds 10-year tenant

The Irish National Teachers Organisation has found a tenant for 39 Parnell Square, Dublin 1 – one of two interconnecting Georgian buildings it acquired a number of years ago. The two buildings, previously used as a hotel, have been extensively refurbished by the INTO. Number 39 has been let to Business and Computer Training at a rent in the region of €215 per sq m (€20 per sq ft). Number 38 is to be used as a learning centre by the INTO which has its headquarters in an adjoining building. Brown Corrigan chartered surveyors handled the the 10- year letting to the new tenant.

UK Farmland return is 8.2%

Farmland property has outperformed commercial property markets in the UK for the third consecutive year, delivering a return of 8.2 per cent last year, according to the researcher IPD. The annual return is more than double the 3.5 per cent delivered by commercial property and considerably improved on 2008’s 10-year low of 1.7 per cent. This improvement has been driven by capital growth, pulled back from 40 basis points depreciation in 2008 to 6.3 per cent.

Bewleys Hotel sale 'active' 

PAUL Collins of agent CBRE has confirmed that he is in “active negotiations” on the sale of the former Bewleys Hotel,restaurant, bar and offices off Westmoreland Street and Fleet Street in Dublin 1. The guide price for the extensive property is €12.5 million. CBRE is also in discussions on the sale of the former Ormond Hotel at Ormond Quay, Dublin 1. The for 64-bedroom hotel is expected to make between €4 million and €5 million.