THE FORMER headquarters building of Belgard Motors on Belgard Road in Tallaght, Dublin 24, has finally been sold to the Renault motor company.
Brendan Smyth of DTZ Sherry FitzGerald is understood to have secured in the region of €2.5 million for the premises which were sold on the instructions of liquidator Tom Kavanagh of Kavanagh Fennell.
Belgard Motors closed in November 2009, when it was declared insolvent with debts of €17 million.
The headquarters has 4,046sq m (43,550sq ft) of floor space, including a ground floor showroom and an overhead floor which serves as a showroom and office. Unusually, there are 125 car parking spaces on the roof of the building. The overall site extends to 0.49 of a hectare (1.2 acres).
Last July DTZ also sold the Topaz petrol station adjoining the headquarters to a private investor for €2.7 million. The station is let to Topaz under a 35-year lease at a rent of €285,432 per annum. The lease dates from 2000 and provides for five yearly upwards-only reviews. An unusual feature is that the yearly rent is payable 12 months in advance.
A fully-equipped service centre at the front of Cookstown Industrial Estate on Belgard Road is expected to attract renewed interest following the sale of the headquarters building. The centre includes the service, parts and body repair workshop with an overall area of 3,733sq m (40,000sq ft).
Also in west Dublin, the former White Bishop car showrooms on the Long Mile Road has been leased by a company handling the sale of Mercedes, Volkswagen and Audi cars. Lambert Smith Hampton was the letting agent.
Earlier this year Fiat Ireland also leased the former Nissan headquarters close by on the Naas Road. Keith Begley of Lisney had been quoting a rent of around €190,000 for the facilities which include 5,109sq m (55,000sq ft) of offices and showrooms.
Lisney was acting for the Cork builders O’Flynn who paid around €115 million in February 2007, for the Nissan HQ and car compound with an overall area of 18.7 acres. It was one of the largest land sales in the Dublin area within 18 months of the collapse of the property market.
