Rathmines commercial office investment for over €550,000
Castlewood Place is at the rear of Rathmines Road Lower in Dublin 6
10 Castlewood Place, Rathmines, D6: The office investment is for sale for €550,000
The 1.4-acre site in Tullamore centre, for sale for €1m
Mary Buckley, executive director of IDA Ireland (second from left) joins Nigel Spence, managing director of KMCS (centre), to welcome new company directors Colm Larkin, Eileen Finn and Andrew Gargan. Photograph: Julien Behal Photography
Brown Corrigan Chartered Surveyors is quoting more than €550,000 for a well-designed commercial office investment at 10 Castlewood Place, which will show a return of 7 per cent. Castlewood Place is near The Swan shopping centre.
The three-storey office has a gross internal area of 223sq m (2,400sq ft) and is let to Zinc Design Consultants at a rent of €40,000 per annum. The lease commenced in 2005 and is due to run until May 2020.
Peter Brown of the selling agent said the 7 per cent yield on the building represents good value considering the high quality and architectural design of the building and the secure tenancy.
North Cross sites
Three development sites at Northern Cross on the Malahide Road in north Dublin are currently being marketed through agent JLL.
The three sites extend to 2.92 acres and are available for more than €3.4 million or in individual lots. The first lot of 1 acre is available for €250,000-plus. The second, of 1.4 acres with a lapsed planning permission for 102 apartments above ground floor retail and a double level basement, is expected to sell for more than €2.25 million. The third lot of half an acre fronting on to the Malahide Road has a guide price of more than €850,000.
The three sites are located within the Northern Cross, which was developed by a subsidiary of the Walls Group and includes 500 apartments, offices including Bewley’s HQ, the Hilton Dublin Airport Hotel, and a range of retail outlets.
Daragh Sheehan of JLL says that with the sites located in a Strategic Development and Regeneration Area, he expected to see high volumes of construction and development in the short to medium term.
A vacant five-storey, over-basement retail and office building at 84 Talbot Street, Dublin 1, will be offered for sale through CBRE at €1.2 million.
The 408sq m (4,400sq ft) building has planning permission for retail use at ground and basement level. There is a separate access to the office accommodation on the upper floors. The building is close to the Irish Life Mall and Guineys department store and, according to Simon Plunkett of CBRE, has significant income producing potential.
Agent QRE is expecting offers above €695,000 for a five-storey, over-basement mixed use building at 6 D’Olier Street, Dublin 2, which is for sale by private treaty.
The partially occupied buildings extends to 276sq m (2,975sq ft) and produces a rental income of €37,040 from a tanning salon, beauty rooms and two one-bedroom apartments.
Ellen Prenderville of QRE says her agency is expecting significant interest in the investment because of the prospects for significant rental growth and the opportunities for managing the asset.
A development site of 0.56 of a hectare (1.4 acres) located off High Street in Tullamore centre goes for sale from today through CBRE at a guide price of €1 million. It is zoned for “mixed use” with residential use open for consideration. The site is close to Tullamore train station, which links up directly with Heuston Station after a 50-minute journey.
New directors at KMCS
KMCS, an Irish consultancy involved in construction projects and cost management, has announced the appointment of three new company directors: Colm Larkin, Andrew Gargan and Eileen Finn.