D7 site for five-storey office building on sale for €2.25m

A site with planning permission for a 30,000sq ft office building at Blackhall Street, Dublin 7, goes for sale from Wednesday through Cushman & Wakefield.

Rory Breen of the selling agents is guiding €2.25 million for the 0.08 of a hectare (0.20 of an acre) site, which is occupied by a two- storey commercial building with dual frontage on to Blackhall Street and Oxmantown Lane.

The site is owned by the McDonnell family, which has been in business in the area over the past 40 years. In February the family secured planning approval for the five-storey office development, with a floor area of 2,725sq m (29,331sq ft). It is close to the Law Society of Ireland as well as Smithfield and Grangegorman.

With the Smithfield area experiencing significant regeneration in the office and student accommodation sectors, Mr Breen said the site would likely appeal to a range of occupiers, investors and developers.

AIB’s high-profile Grafton Street branch for sale for €48m

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Cork site with permission for 85 houses for sale in Mallow

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Irish whiskey flows as new distilleries open in Dublin and around country

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Small deal: commercial property investment down 35%

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Bioenergy plant near airport
In one of the most unusual sales in recent years, CRH Estates is to sell a site for heavy industrial use close to the junction of the N2 and M50 at Huntstown, Dublin 15.

Cathal Daughton of Lisney is handling the sale the site of 1.76 hectares (4.4 acres), which has full planning permission for a renewable bioenergy plant to generate up to 3.8 megawatts of electricity. The site is 2.5km east of Dublin Airport and is also convenient to the Rosemount, Northwest and Millennium business parks.

Investor buys D8 apartments
An Irish investor has bought 13 of the 15 apartments in the St Catherine's Church project off Bridgefoot Street in Dublin 8 for about €1.6 million. The investment will show a return of about 9 per cent before costs. A 90 per cent occupancy level was producing a rent roll of €143,000 when the homes were sold. Nine of the apartments come with a single bedroom, while the four others have two bedrooms.

Brian Garry of QRE handled the sale.

Mountainview centre sold
The Mountainview Shopping Centre, located about 1.5km from the Blanchardstown Centre in Dublin, has been sold for more than €1.6 million.

Turley Property Advisers handled the sale of the centre, which has seven retail units extending to 886sq m (9,535sq ft), apart from a bar, which was not included in the sale. The rent roll of €190,000 is schedule to rise to €210,000 within two years.

The highest rent of €46,705 is paid by a Polish supermarket, followed by a pharmacy at €40,000; newsagents and Paddy Power at €30,000 each; a Chinese takeaway at €29,700; and a hairdressers at €16,500.Each of the shop units has rear access to storage areas.

Offices near Christ Church
Agent CBRE is quoting a rent of €403/sq m (€37.50/sq ft) for the first and second floors of a prominent office building opposite Christ Church Cathedral on the corner of Castle Street and Werburgh Street in Dublin 2. The building has undergone extensive refurbishment and comes with Cat 6 cabling, recessed down lighting, air conditioning and a fibre broadband service.

The first floor has a floor area of 157sq m (1,690sq ft), while the second extends to 162sq m (1,743sq ft).

Robert Gardiner of CBRE said he expects keen competition for the office block, which is within easy walking distance of Grafton Street, Trinity College and a range of transport services.

€1m for D2 development site
Knight Frank is seeking in excess of €1 million for a development site of 0.0829 of a hectare (0.205 of an acre) off Charlemont Place in Dublin 2.The Green Luas line forms the western boundary of the plot. In 2000, Dublin City Council granted permission for the development of 16 apartments varying from one to four storeys in height. The permission has since lapsed.

Retaurant in Clontarf
Savills is guiding €750,000 for a restaurant investment along the busy Clontarf Road in Dublin 3. The two-storey premises is close to Clontarf village, with a ground floor area of 95sq m, and a further 72sq m on the first floor. The building is let to Fishbone Restaurant under two separate 25-year leases at a rent of €64,800 per annum.

Ciaran Kelly of Savills said the investment was bound to appeal to private investors looking for a well-located property with a strong income yield.

Industrial investment with office block
Lisney is guiding €700,000 for a modern detached single-storey industrial investment with a two-storey office block in the Owenacurra Business Park on the western side of Midleton, Co Cork.

The overall floor area of 1,441sq m (15,222sq ft) includes an office facility extending to 494sq m (5,318sq ft).

The US-based tenant, Symmetry Medical Ireland Ltd (trading as Tecomet), pays a rent of €87,742 under a five-year lease that began in January.

€10.5m paid for Coca-Cola HQ
An Irish company has paid €10.5 million – €400,000 above the guide – for a logistics and office building rented by Coca-Cola HBC at Huntstown Business Park in Ballycoolin, Dublin 15.

Joint agents CBRE and JLL handled the sale of the investment, which is let under two separate 25-year leases from 2010. The office is used as an Irish headquarters for Coca-Cola, which plans to sublet the warehouse. The combined rent is €632,846.

The detached office block has a floor area of 3,128sq m (33,637sq ft) and 114 car parking spaces. The logistics facility extends to 7,298sq m (78,555sq ft).

Significantly, there are no break options in the leases and more than 18 years left to run, with upwards only rent reviews every five years.