Other commercial property stories in brief

Fund managers move from Hatch Street to Citywest

Fidelity, the investment fund manager, is to move its Irish headquarters from Hatch Street, Dublin 2, to Citywest Business Campus. The company is to rent 3,251sq m (35,000sq ft) in a new block at Lake Drive in the centre of the Citywest complex. The rent will be around €260 per sq m (€24.15 per sq ft). Car-parking spaces will cost an additional €650 a year. The lease is likely to include a break. Fidelity had also considered relocating to Cherrywood because of the lower overhead costs but finally opted for west Dublin.

Large letting in Galway as Cisco takes space at Oranmore park

Cisco, the leading supplier of networking equipment for the internet, is to occupy a newly completed office block in Oranmore Business Park at Oranmore, Co Galway. It is one of the largest office lettings in the Galway area for a number of years. Cisco will be paying a rent of €177.6 per sq m (€16.5 per sq ft) for 4,792sq m (51,581sq ft) in the four-storey block developed by Padraig Connolly Developments Ltd. DTZ Sherry FitzGerald handled the letting and Jones Lang LaSalle advised Cisco.

€100,000 key money for lease on Donnybrook's Main Street

Lisney is seeking a premium of €100,000 for the lease of a commercial building at 37 Main Street, Donnybrook, Dublin 4. The end-of-terrace multi-storey building has an 80sq m (861sq ft) retail outlet on the ground floor and 96sq m (1,033sq ft) on the first and second floors. The building is held on a 35-year lease from 1990 and is rented at €67,500 per annum.

South Dublin AIB bank branches sell for over €7 million

Atisreal has secured over €7 million for two former AIB bank branches at Deansgrange and Churchtown in south Dublin. A private client, advised by Barry Smyth of DeVere White and Smyth, paid over €4 million for the end-of-terrace premises at 2 Clonkeen Road in Deansgrange which has a floor area of 271sq m (2,917sq ft) over two floors. It stands on a site of 0.08 of a hectare.

The other branch at 7 Braemor Road, Churchtown sold for over €3 million, more than twice the guide price. It has 204sq m (2,200sq ft) of floor space over two floors and stands on a site of 0.04 of a hectare.

Peter Flanagan of Atisreal said that, despite the current market uncertainty, both sales attracted extensive interest from potential owner-occupiers, developers and investors.

Dublin is Europe's sixth most expensive for office rental

The cost of renting office space in Moscow rose almost 42 per cent in 2007, according to Jones Lang LaSalle's latest European office report. This was followed by central London (up 21 per cent), Madrid (up 16 per cent) and Paris (up 13 per cent) which also saw strong rental growth over the last year. The study shows prime rents in Dublin remaining steady in the last quarter of 2007 at €646 per sq m (€60 per sq ft) a year, making it the sixth most expensive office location in Europe after London's West End and city, Moscow, Kiev and Paris.

€200,000 key money for lease of retail unit on Duke Street

Douglas Newman Good Commercial is seeking around €200,000 for the leasehold interest in Bertoni, the men's fashion outlet on Duke Street, Dublin 2. The 45sq m (484sq ft) premises is at the entrance to the Creation Arcade and opposite the Bailey pub. The rent was recently reviewed to €85,000 per annum.

Mount Street Georgian with mews for over €4.5 million

Joint agents DTZ Sherry FitzGerald and HT Meagher O'Reilly are seeking over €4.5 million for a four-storey over basement Georgian house with a two-storey mews to the rear at 12 Upper Mount Street, Dublin 2. The main house has a floor area of 334sq m (3,595sq ft) with office use permitted at basement, ground and first floor levels. The two upper floors are in residential use while the mews has office use. The basement is leased to Eco-Clean on a lease which expires in 2009.

€100,000 key money paid for lease of Blackrock restaurant

The owners of Diep Le Shaker restaurant at Pembroke Lane in Dublin 2 are to open a new outlet in Blackrock. They have just paid a premium of €100,000 for the Roccia Nera pizzeria premises at 5-7 Main Street, which is close to Blackrock Dart station. The rent on the 95sq m (1,023sq ft) premises is €53,750.

Diep Le Shaker also operates a noodle bar restaurant and a take-away service in Ranelagh.

Patrick Convey of Atisreal handled the assignment of the lease and Colliers Jackson-Stops advised Diep Le Shaker.