InShort

Other comercial property stories in brief

D6 convent site makes €25 million

The Presentation Sisters have secured over €25 million - more than €10 million above the guide price - for a residential development site of 1.26 hectares (3.12 acres) at Terenure Road West in Dublin 6.

Selling agent GVA Donal O Buachalla did not give any indication of the density likely to be approved by the planners but, given the widely accepted policy of allowing at least four-storey buildings on most sites, it seems likely that the convent site will accommodate at least 120 homes. A convent on the site is not listed for preservation and is likely to be demolished and replaced by a block of apartments. The Presentation Sisters have owned the land since 1867 and ran the primary and secondary schools until recent years.

Six office lettings at ClareHall

An office suite perched on the roof of ClareHall shopping centre on the Malahide Road in Dublin 17 has been let along with other office space within the centre. Six office units with a combined space of 1,654sq m (17,803sq ft) on the roof were let at an average rent of about €177 per sq m (€16.44 per sq ft). The new tenants include shipping company APL, Ediets and McCabe's Pharmacy. Another office of 173sq m (1,862sq ft) within the centre was let to Martin solicitors.

Lisa McInerney of DTZ Sherry FitzGerald said the lettings underlined the continuing demand for high quality office space of small lot sizes which are easily accessible to the city centre and Dublin airport.

Two retail investments on Camden Street for €2.75m

Finnegan Menton is quoting €2.75 million for two retail investments at 83 and 84 Camden Street Lower, Dublin 2. Informal bids are to be lodged by June 14th. At that price the investment would show a net initial yield of 3.8 per cent, rising to 4.7 per cent following upcoming rent reviews. Number 83 is a three-storey building with retail use on the ground floor and two upper floors which are let to Aspens Beauty Clinic at a rent of €31,000. The ground floor retail premises is occupied by the vendor and is being sold with vacant possession. It has an expected rental value of about €70,000. Number 84 has a ground floor leased to Burger Max on a 20-year lease from 1996 at a rent of €15,000. The rent is expected to rise to around €25,000 when the outstanding review is settled. The property may be sold in one lot or separately. Number 83 has a guide of €2.2 million while number 84 has a guide of €550,000.

Investments on SCR for over €1.85m and over €1.1m

Grays of Rathmines is suggesting a price of over €1.85 million for an investment property at 203 South Circular Road, Dublin 6, which goes to auction tomorrow. In addition to the ground floor shop, which is producing €20,000 per annum, there is a two-bedroom townhouse, two one-bedroom apartments over the shop and a two-bedroom unit at second floor level. The overall rent is around €70,000 per annum and, according to the auctioneers, an uplift in the income is clearly achievable.

Grays is also quoting over €1.1 million for 76 South Circular Road, Dublin 6, which is producing €48,000 from six pre-63 apartments. It also goes to auction tomorrow.

Ready-to-go residential site in Stepaside for over €2.5m

A ready-to-go development site for 12 apartments close to Stepaside village in Dublin 18 is expected to make over €2.5 million when it is sold by tender through Davin Auctioneers and Chartered Surveyors. The elevated site of 0.6 of an acre is located on tree-lined Kilgobbin Road, opposite Kilgobbin Castle. The planning permission provides for eight two-bedroom apartments and four one-bed units on three levels. There will be 18 car-parking spaces at basement and surface level. There is no requirement to set aside any of the units as social or affordable housing.

Over €2m for vacant Georgian office on Leeson Street

CB Richard Ellis is quoting over €2 million for a vacant Georgian house at the junction of Pembroke Street Upper and Lower Leeson Street, Dublin 2, which is for sale by private treaty.

The four-storey over basement house has a net internal area of 181sq m (1,948sq ft) and retains many of its original features. A second entrance is available at basement level to allow new owners to create two own-door letting opportunities. Car-parking is available by licence close to the house which has been used as offices.

The same agent is suggesting over €4.5 million for a recently refurbished office block, The Distillery Building at Distillery Road, Dublin 3, which is to be sold by private treaty. It is located off Clonliffe Road and within a 10-minute walk of the city centre. The block comprises two units of 418sq m (4,504sq ft) and 345sq m (3,713sq ft).

Shop on busy Dundalk street sells for €1.8 million

Dundalk auctioneers Sherry FitzGerald Carroll has secured €1.8 million at auction for a shop located along one of the busiest streets in the town. "Tommy The Bikes" at 11 Earl Street, sells outdoor clothing and was sold as a going concern.