A round-up of other commercial property news in brief

Nama sinks upwards-only law

The Government is not to proceed with the abolition of upwards-only rent reviews even though the legislation has already been passed by the Oireachtas, says FBD Retail Excellence which represents over 50 retailers. David Fitzsimons, CEO of Retail Excellence, told members it was very unusual for a minister to announce a measure in the Dáil and then not proceed with it. His interpretation was that advisers to the Department of Finance and Nama had insisted on not abolishing upwards-only reviews as this would further undermine asset values.

Legislation to end upwards-only reviews on new leases was approved by the Dáil before the summer. While it would not have affected existing leases, Retail Excellence says it would have “sent a strong message to the landlords”. Labour TD Ciaran Lynch has tabled a question in the Dáil enquiring whether the legislation is to be implemented.

New agency opens

Two of Dublin’s best known property consultants, Robert Murphy and James Mulhall (right), are setting up their own business – Murphy Mulhall. They were previously directors of CB Richard Ellis, specialising in investment and office agency. The practice, at 15 Upper Fitzwilliam Street, will focus on the commercial market, including offices, rent reviews, investments, valuations and strategic consulting. Murphy and Mulhall have over 30 years of experience between them and have been involved in some of the most significant office and investment deals in the past decade. Mulhall, managing partner, says the firm was founded with the objective of working exclusively for a select group of clients at any one time and to dedicate only senior personnel to get results.

Organic Irish bar for Dundrum

Dundrum Town Centre is to get a traditional Irish bar. Ruairi Maguire’s Bar Organic Kitchen is to open in November in the Pembroke District area. It is to pay a rent of around €250,000 for 350sq m (3,767sq ft). Bannon Commercial handled the letting. The business claims to operate Ireland’s only 100 per cent organic food outlet including organic wines, teas and coffees. Ruairi Maguire’s will be run by businessmen Shane Maguire and Ruairi Cosgrove who have been involved in the hospitality business for some years. There are over 35 cafés, restaurants, fast food outlets and bars in Dundrum Town Centre but, says centre director Don Nugent, Ruairi Maguire’s “is sure to be a real hit”.