A redevelopment opportunity will arise shortly when agent Quinn Agnew sells three terraced office buildings at 10, 11 and 12 Eastmoreland Place, Dublin 4.
The agent is quoting a guide of over €2.5 million for the terrace which would be suitable as a small headquarters office building or for a scheme of residential units. The houses are not listed and stand on a site of 323sq m (3,477sq ft). They are to be sold at tender on November 29th.
H&M opens flagship store facing Henry Street in Ilac
Leading fashion retailer H&M has opened its new flagship store at the entrance to the Ilac centre on Dublin's Henry Street where the first phase of a €60 million redevelopment is under way. The Swedish trader has taken over the former Eason store where it has 1,300sq m (13,993sq ft). H&M's arrival is expected to give a major boost to the ILAC which is undergoing major changes. A huge outlet for Dunnes Stores of 13,499sq m (145,302sq ft) is under construction and will link Henry Street directly into the ILAC. The most notable changes are higher shop frontages, quality floors, walls and ceilings and an enhanced central area with views down the various malls. The upgrading programme is due to be completed in the spring of 2007. Joint agents HWBC and Bannon Commercial have reported a sharp increase in inquiries from leading retailers keen to gain a foothold in the centre due to the continuing success of Henry Street.
Three retail investments behind Jervis Centre make over €14m
A private investor has paid over €14 million for three retail investments on the corner of Millennium Walkway and Abbey Street, opposite the rear of the Jervis Centre in Dublin 1. The deal, handled by Colliers Jackson-Stops, will show a return of 4.5 per cent. One of the units is used as a careers centre by the OPW at a rent of €211,542. Another shop of 585sq m (6,295sq ft) trades as a pharmacy at a rent of €377,768. The third unit has been let to Spar. Jonathan Hillyer of the selling agent says the low yield reflects the purchaser's confidence in the area and the very real potential for good rental growth off a low rental base of €645 per sq m (€60 per sq ft).
Irish investors buy small investments in UK auction
Irish investors were among the buyers at the recent Savills commercial auction in London. One of the participants paid €910,000 (£615,000) for a freehold restaurant and residential investment at 68/69 High Street, Gravesend in Kent. It is currently producing rents of €70,727 (£47,760) and there is planning consent for a three-storey extension to the rear. The initial yield will be 7.34 per cent.
Another Irish investor paid €736,729 (£497,500) for a freehold retail investment with residential accommodation at 6 Talbot Street, Maesteg, Mid Glamorgan. The shop is let to Clinton Cards at €44,427 (£30,000) per annum. The net initial yield is 5.76 per cent.
Pia Bang pays €300,000 premium on South Anne Street
Dublin fashion retailer Pia Bang has leased a shop at 2 South Anne Street where she will specialise in homewares. She will continue to run her Grafton Street store as a ladies fashion outlet.
Pia Bang has paid a premium of €300,000 for the former L'homme building which has 225sq m (2,429sq ft) on five floors, including a ground floor area of 51.5sq m (554sq ft). The annual rent will be €115,000. Finnegan Menton acted for Pia Bang and Druker Fanning advised L'homme.
From €850,000 to €1.27m for three retail units in D22
HWBC chartered surveyors is quoting prices between €850,000 and €1.27 million for three retail investments at the busy Ninth Lock Road in Clondalkin, Dublin 22.
The buildings are directly across the road from the former Clondalkin Paper Mills which have a town centre zoning and have been acquired by developer Liam Carroll. They are also close to the former Gowan Group headquarters which was acquired by discounter Lidl.
Andrew Cunningham of HWBC is seeking best bids by November 30th for the three investments. The smallest, 95sq m (1,025sq ft), is let to Track Bookmakers at €40,000 per year and has a guide price of €850,000. The second unit of 148sq m (1,600sq ft) is let to Carry Out off-licence at €55,000 while the third of 148sq m (1,650 sq ft) is occupied by Godfathers Pizza at €60,000. At these prices, the yields range from 4.1-4.2 per cent but, according to the selling agent, the three investments offer reversionary potential at the next rent reviews.
€75,000 rent for shop unit near Shop Street in Galway
Lisney is seeking a rent of €75,000 for a shop unit of 158sq m (1,701sq ft) at Eglinton Street, close to the junction of William Street and Shop Street in Galway. The shop adjoins a larger unit recently acquired by discount trader Euro2. The combined space was previously occupied by Mary's store.
Dundalk residential site of 54 acres makes around €22m
A Co Louth housebuilder is understood to have paid around €22 million for 54 acres of land zoned for a residential development at Carrickmacross Road and Ardee Road in Dundalk. The new homes market remains strong in the town.
HT Meagher O'Reilly, which handled the sale, would not comment on the selling price.
