Commercial Property

New lease of life for period building in Lad Lane for €55,000

Also: Times Building adds tenants; residential development in Monkstown/Blackrock

Number 4 Lad Lane, Dublin 2: the three-storey block, dating back to 1836, originally served as a Dublin Metropolitan Police barracks

Wed Feb 7 2018 - 06:00

A distinctive period building dating back to 1836 is about to be given a new lease of life at 4 Lad Lane, Dublin 2. The three-storey block originally served as a Dublin Metropolitan Police barracks and, after the dissolution of that force, was handed over to An Garda Síochána, which remained there until the Harcourt Terrace station became available in 1948.

Agent Conor Ó Cléirigh & Co is now seeking a rent of €55,000 per annum for 139sq m (1,500sq ft) of newly upgraded offices. He has already found tenants for three two-bedroom apartments in the block at €3,000 per month and a one-bed unit at €2,000 per month.

More tenants added to Times Building

The Times Building on Dublin’s D’Olier Street has attracted two further tenants. One of the new arrivals is Platinum Hair, which also trades on Grafton Street and in Eyre Square shopping centre in Galway. The company will be paying an annual rent of €50,000 for the new outlet on two levels extending to 145sq m (1,560sq ft).

Sol Art Gallery is to relocate from Dawson Street to the Times Building, where it has also agreed a rent of €50,000 for 386sq m (4,155sq ft) over three levels.

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Fiona Kennedy of CBRE is now seeking a tenant for the one remaining unit of 133sq m (1,432sq ft), which is set out over three levels and is available at €32,500 per annum.

Development site in Monkstown for €1.85m

A development site with planning permission for six four-bedroom houses at Shandon Park in Monkstown/Blackrock, Co Dublin, is expected to attract considerable interest among small- and medium-sized construction companies when it is auctioned on February 22nd.

Agent Cushman & Wakefield has set a reserved figure of €1.85 million for the site of 0.40 acre close to the Alma and Monkstown roads. A small portion of the site, with planning permission for a large detached house with sole access off Stradbrook Road, is to be retained by the vendor. The area is well served by both the Dart and Dublin Bus.

Apartment development site in Sallynoggin

An interesting site of 0.75 acre going for sale shortly at Pearse Street in Sallynoggin, Co Dublin, is expected to be used for an apartment development after it is sold through CBRE.

The sales agency is quoting €1.5 million for the site, a 1,580sq m (17,000sq ft) industrial building and a car park. Robert Colleran of CBRE estimates that the site could accommodate a mixed-use development of up to 36 apartments and a ground floor retail showrooms or medical units.

The property adjoins an almost similar-sized redevelopment site that seems likely to be tackled in the near future.

Both sites are conveniently located beside an Aldi branch and within a short walking distance of the Glenageary roundabout. They are around 2km from the Dart station.

Commercial building at NCR for €750,000

A freestanding three-storey commercial investment building at 340a North Circular Road, Dublin 7, goes for sale from today through Lambert Smith Hampton at €750,000. The property will show a net initial yield of 8.36 per cent.

The ground and first floors are let to Costcutter convenience store at an annual rent of €40,000, with five-yearly upwards-only rent reviews. The second floor is let to a medical and dental clinic at €28,000 per annum.

Harry Corry rolls out second outlet in Limerick

The curtains and bedding specialist Harry Corry is to open a second outlet in Limerick. The company has agreed rental terms at around €11 per sq ft for 727sq m (7,828sq ft) at Ennis Road Retail Park in Limerick. Harry Corry now operates more than 50 stores in Ireland, Northern Ireland and the UK.

Declan Bagnall of Bagnall Doyle MacMahon, who handled the letting, has also agreed rental terms with KFC, which has just received planning permission for a drive-through facility on the park. Only one remaining outlet of 724sq m (7,800sq ft) is still available for letting. Other tenants in the park include Woodies, Smyths Toys, Petmania and Showtime Cinemas.

Dexia and Qatar share space at Exchange Place

Two Grade A companies have been lined up to share 4 Exchange Place in Dublin’s International Financial Services Centre.

Dexia Credit, the State-owned Belgian-French banking institution, has moved from La Touche House to 263sq m (2,833sq ft) in Exchange Place at a rent of €365 per sq m (€34 per sq ft). A 10-year lease will include break options at the end of years four and five and car parking fees of €3,500 per annum.

Qatar Airways, one of the world’s fastest-growing airlines, has moved into the third floor, which extends to 28.8sq m (996sq ft) on a four-year, nine-month lease at an annual rent of €38,500.

Patrick Kiersey of Cushman & Wakefield handled the two lettings for the landlord.