More commercial property news in brief.
€269 per sq m rent in D2
Hooke MacDonald Commercial is quoting rents of €269 per sq m (€25 per sq ft) for 1,850sq m (19,913sq ft) of offices on Lower Mount Street, Dublin 2. The agent says the offices at Clanwilliam Court will be of interest to companies looking to reduce costs yet locate in central Dublin. Block 1, previously occupied by Dillion Eustace solicitors and AON Insurance, was purchased by Abbeyrock Developments in 2006 and has street and courtyard frontage. It is part of a development which dates from the 1970s.
Hooke MacDonald Commercial is offering new flexible leases on the ground, first and second floor of the building. The Revenue Commissioners occupy the third and fourth floors.
Office space ranges from 581-1,848sq m (6,254-19,892sq ft) and the flexible layout provides for a mix of open-plan and cellular offices. There are also 21 car-parking spaces and these cost €3,250 a year.
Key money for IFSC shop
Lisney is marketing the leasehold interest in Unit 4A Excise Walk, IFSC, Dublin 1 - it is on the west side of Excise Walk in the heart of the IFSC. Nearby occupiers include Milano, Starbucks, The Bagel Bar and Marks Spencer Simply Food. The premises, part of a multi-storey mixed-use building, comprises a ground floor retail unit of 88sq m (947sq ft). It has an extensive glazed shop front onto Excise Walk. The property is held under a 25-year lease from December 2004 and the rent is €66,000 per annum. Lisney is seeking offers over €50,000 for the leasehold interest.
€200,000 premium on Green
Lisney is seeking a premium of over €200,000 for the leasehold interest in the ground floor and basement of 25 St Stephens Green/14 Kildare Street, Dublin 2.
The property, accessed from both St Stephens Green and Kildare Street, occupies a high profile position. Neighbouring businesses include Bank of Ireland, the Shelbourne Hotel, Anglo Irish Bank, Lisney and the Sony Centre. It forms part of a four-storey over basement mid-terrace commercial property and comprises an L-shaped ground floor retail unit of 255sq m (2,745sq ft) with 71sq m (764sq ft) of basement storage. The premises is held under a 35-year lease from July 1st, 1979, and is subject to a rent of €190,000 per annum.
Bord rejects Carroll's appeal
Liam Carroll's Danninger has lost its appeal to An Bord Pleanála to demolish the four-storey 1990s-built Grand Canal House on Upper Grand Canal Street and replace it with a six-storey office block. Carroll was looking to build a six-storey block with 4,386sq m (47,210sq ft) of office space and a basement car-park with 21 spaces.
But An Bord Pleanála ruled that the site is zoned to protect and improve residential amenity and office use is neither permissible or open for consideration".The board ruled that the nature and scale of the development would have an adverse impact on adjoining properties and a nearby protected structure due to overlooking and overshadowing.
Sovereign wealth funds on rise
Sovereign Wealth Funds (SWFs) are to become one of the most significant investors in the world's commercial property markets, potentially investing up to $725 billion over the next seven years, according to a new report from CB Richard Ellis. Although over half of SWFs are believed to already hold commercial real estate investments, allocations to the sector are expected to rise substantially.The potential impact on the global real estate market is significant.
Ray Torto, chief global economist at CB Richard Ellis, says: "Given that the real estate sector's investment characteristics, current income combined with long-term appreciation, closely match SWF requirements, we expect them to increase their weighting of commercial property to approximately 7per cent of their total assets. With nearly $4 trillion of assets under SWF control, a 7per cent allocation would mean worldwide commercial real estate investments of $280 billion."
Sandyford scheme rejected
Cedarhurst Developments has been refused planning permission by An Bord Pleanála for a nine-storey office, retail and restaurant/bar development on the former Tetrapak site fronting Blackthorn Avenue in Sandyford Business Estate. The developer was looking to build a block of 13,110sq m (141,115sq ft) up to 39.9metres. But the board ruled that the zoning of the site is for economic development and employment. It says that due to the amount of development (existing or permitted) in the estate and infrastructure constraints, "further development of the quantum proposed would conflict with the vision of the planning authority for a high quality and accessible environment".
€270 per sq m rent in D8
Savills HOK is quoting a rent of €270 per sq m (€25 per sq ft) for Merchants House on Merchants Quay in Dublin 8, and says the office suites are ideal for legal companies and other professions. Tenants include the Court Services, the HSE and Barnados.The office suites range in size from 25-488sq m (269-5,253sq ft). There are car-parking spaces available in a secure multi-storey car-park at €2,750 per annum.
Surveyors conference at UCD
Ireland's future in the global economy is the title of the ninth annual conference of the Society of Chartered Surveyors (SCS) on October 17th in the OReilly Hall, UCD. How Ireland will be affected by the crisis in the global economy will be debated from a number of perspectives, including finance, economics, construction and development. "We expect some thought-provoking presentations, says the society's president Sean McCormack, and hope that the conference may give us all some positive pointers for the future.
The panel of speakers includes David Drumm, chief executive of Anglo Irish Bank; Prof John FitzGerald of the ESRI; John Bruder, MD of Treasury Holdings Ireland; and David Strahan, author of The last oil shock - a survival guide to the imminent extinction of petroleum man.
