A round-up of other commercial property news in brief
1m rent for Cork shop
Cork estate agent Downing Commercial is guiding a rent of €1 million for the former Virgin store at the junction of Grand Parade and Patrick Street.
The premises, located in the Queens Old Castle, has a ground floor retail area of 1,120sq m (12,100sq ft) and a further 750sq m (8,070sq ft) of office and storage space on the upper floor. Neighbouring traders include Brown Thomas, River Island, Boots and Marks Spencer.
The retail building is owned by Clarendon Properties which is controlled by Tony Leonard and Paddy McKillen.
A Wear for Wexford
A Wear has leased a newly redeveloped retail building at 1 South Main Street in Wexford, bringing to 17 the number of its outlets. It is planned to open further stores in Ireland and the UK later this year.
Agent Mason Owen Lyons had been quoting €260,000 for the high profile four-storey building which has 371.6sq m (4,000sq ft) of retail space at ground floor and mezzanine levels.
The building was acquired by Ryan Group Holdings in 2006 and has since been refurbished and extended. Colliers Jackson-Stops acted for A Wear.
€1m for Dun Laoghaire shop
Agent Mervyn Feely Associates is seeking a highly competitive price of €1 million for the well located Corrig Stores on Corrig Road in Dún Laoghaire, Co Dublin, which is for sale by private treaty.
The compact detached premises is likely to be of interest both to investors and traders because of its suitability to a wide range of businesses. The ground floor shop extends to 101sq m (1,087sq ft) and was formerly used as a convenience store. The 84sq m (904sq ft) of space on the upper floor is laid out for staff with toilets and office space.
Agent wins three awards
Knight Frank's Dublin office has won three awards for property investments worth €91 million at Parkstadt in Munich, Germany. The award was made by the US-based SIOR (Society of Industrial and Office Realtors). Knight Frank and another SIOR member, the German-based Berendes, bought the mixed-use development at Parkstadt for the Irish fund managers Custom House Capital.
Loan solutions group
Jones Lang LaSalle has launched a specialist "property and loan solutions group" to provide lenders and corporates exposed to real estate risk with strategic advice on how to maximise their property assets and minimise associated problems.
The team offers a broad range of services including valuation advice, corporate finance debt and structured finance, property and asset management, as well as planning alternative use strategies.
John Moran of the agency says their twin objectives would be on serving the needs of financiers' lending on all types of real estate and also providing assistance to companies, banks and professionals involved in potential examinership, liquidation or receiverships.
