A round-up of today's other stories in brief
New arrivals at Liffey Valley centre
THE OWNERS of Liffey Valley shopping centre in west Dublin yesterday announced the arrival of two new fashion retailers and three fast-food operators. Two tenants are also enlarging their premises. The changes will create 120 new jobs and bring the centre’s overall occupancy close to 100 per cent, according to the letting agent Savills.
The already strong line-up of fashion outlets in the centre has been enhanced by the opening of a large shop by the American outdoors lifestyle brand Timberland. Its unit of 176sq m (1,900sq ft) is the first to have been opened by the multiple in any shopping centre since 2005.
Also planning a grand opening in Liffey Valley is the UK fashion chain Bank which is to lease 436sq m (4,700sq ft) over two floors.
Sports fashion chain JD Sports is to triple the size of its outlet, moving into a unit of 993sq m (10,690sq ft). Also expanding is fashion label Diesel which will trade out of 383sq m (4,130sq ft) over two floors.
Liffey Valley’s food court is also to get a boost with the arrival of Nando’s, the popular Portuguese chicken restaurant chain; sandwich specialist Subway; and Mexican/Californian cuisine restaurant Saburritos. Nando’s will rent 353sq m (3,800sq ft), Subway will have 102sq m (1,100sq ft) while Saburritos will trade out of 100sq m (1,080sq ft).
Bernadine Hogan of letting agent Savills said she was precluded from providing details of the quoting rents or the rents agreed with the tenants.
Rents in all shopping centres have fallen heavily in recent years. Many new traders have managed to negotiate a relatively small base rent with a top up coming from a percentage of sales.
€500,000 for infill site
LISNEY IS quoting €500,000 for an infill redevelopment site extending to 0.12 of a hectare (0.3 of an acre) at Milltown Road in Dublin 6.
It is being sold on the instructions of fixed receiver Edward Lyons of Mason Owen Lyons.
A derelict bungalow stands on the site known as Little Grove which is located opposite the Garrynure and Abbeyfield residential developments.
The site also adjoins The Grove apartments.
Ross Shorten of Lisney says a number of builders have already shown interest in the site which is likely to be used for five or more houses.
Occupied office block for €950,000
THE OWNERS of a fully occupied office block off Camden Street in Dublin 8 are offering investors an initial yield of at least 13.76 per cent on the 10-year-old building.
Patricia Ward of DTZ Sherry FitzGerld is seeking €950,000 for Olympic House on Pleasants Street which is producing rental income of €136,594 – €43,000 less than the contracted figure.
If a new owner manages to collect the full rent roll then the return on the investment rises to 18.09 per cent. The three-storey building has an overall floor area of 893sq m (9,612sq ft) and is laid out in eight individual suites. There are also 12 car-parking spaces in the basement.
New line-up at Blanchardstown
CASUAL DINING chain Nando's is to open at Blanchardstown Town Centre in west Dublin. The multiple is likely to pay around €200,000 for the new 300sq m (3,229sq ft) external unit with outdoor seating near the Blue Mall entrance. The extension will also include a second 300sq m restaurant, currently the subject of negotiations. Also moving in is KFC: it is fitting out the 350sq m (3,767sq ft) former Pizza Hut unit close to the multiplex cinema entrance. The rent in this case could be up to €350,000
Meanwhile, the Odeon Group, which has taken over the UCI cinema chain in Ireland, is fitting out the nine-screen complex in Blanchardstown which will include the new iSense facility.
The Green Propertly-owned centre is also in line for a boost in September when Boots take possession of its 2,500sq m (26,909sq ft) unit. Letting agents for the centre are BNP Paribas Real Estate and Jones Lang LaSalle.
United Drug pays €29.9m cash for offices
United Drug plc, the Irish pharmaceutical wholesaler, has bought its HQ building and stores at Magna Park in Citywest, west Dublin for €29.9 million in cash. It now owns all buildings on the site.
The company, which reported operating profits of €76.8 million in 2011, has operations in the UK, the Netherlands, Belgium and the US as well as Ireland.
Lisney advised the developer Roadbridge while DTZ Sherry FitzGerald acted for United Drug.
Green light for Aldi store in Terenure
GERMAN discounter Aldi has got approval from An Bord Pleanála to develop a single storey supermarket on the site of a former tramyard at Terenure Road East in Terenure, Dublin 6. The permission also provides for 85 car-parking spaces, 77 of them at basement level.
There are already two Aldi stores within 3kms of the former tramyard – at Nutgrove and Rathmines. Meanwhile, the same group is currently building another supermarket at East Wall Road – close to The Point shopping centre which has yet to open for business.
