A round-up of today's other commercial property news, in brief ...
Developer seeks judicial review
Despite all the despondency in the commercial property market, there has been a high level of interest in a retail, office and hotel complex at Westmoreland Street, Dublin 2, which has been put on the market on the instructions of AIB.
Paul Collins of CB Richard Ellis said they had received over 25 serious enquiries about the property complex within two days of the sale announcement and viewings would continue through this week.
Mr Collins is guiding €12 million to €15 million for the former Bewleys restaurant, an adjoining bar and nightclub, and a 71-bedroom hotel around the corner in Temple Bar. Over two years ago the complex was sold for €26 million to a business consortium comprising Simon Kelly, Col Campbell and Rory Donohoe. Their company has since been put into receivership.
Strong interest in D2 portfolio
Waterford business park developer Jim Tracey is to seek a judicial review of a recent decision by An Bord Pleanála blocking discount fashion retailer TK Maxx from trading in Butlerstown Retail Park, on the outskirts of the city.
The American company has been trading exceptionally well in the park for over eight months.
The planning issue came before the appeals board after a rival development company, Noel Frisby Construction, objected to the type of goods (cut-price fashion and footwear) being sold by TK Maxx.
Two years ago the board granted Frisby permission to redevelop Lisduggan shopping centre close by but set restrictions on the sale of clothing, footwear and other comparison goods by Tesco.
Bord says yes to plan for pub
An Bord Pleanála has cleared the way for a substantial apartment development on the site of the former Dollymount House bar at Clontarf Road in Dublin 3. Two-and-a-half years after the bar was bought by the McKeon family company, MKN Developments, the board has approved plans for 59 apartments, three fewer than had been sought in the planning application.
The homes will be provided in three blocks of three to five storeys incorporating a pitched roof over a double level basement with 105 car-parking spaces and 70 bicycle spaces.
Navan farm makes €1.115m
A total of 56 acres of land close to the Tara Mines plant at Navan, Co Meath, were sold at auction last week for €1,115,000. The land at Knockumber, Navan, was sold in four different lots, with farming land working out at around €17,000 an acre. A small parcel of 1.82 acres with zoning for light industrial enterprises made €200,000 under the hammer.
Most of the agricultural land was bought by a local farmer. Two further lots, one of 4 acres and zoned for light industrial use, remains on the market along with another 14 acres of farming land.
Tara Mines, which had attempted to buy the farm on many occasions over the last 30 years, did not bid for any of it at the auction which was conducted jointly by Smith Harrington and Lisney.
€517m sale in London
In the largest property transaction in London City’s investment market for over 12 months, a 75 per cent interest in Hammerson’s Bishops office scheme has been sold for £445 million (around €517 million).
The Grade A office development will now be held on a 75/25 joint venture basis between Oman Investment Fund and Hammerson. CB Richard Ellis handled the sale.
