More commercial property news in brief
Traders threaten legal action
Tenants in Stillorgan shopping centre in south Dublin are threatening to take legal action against owners Treasury Holdings over a new plan to demolish about 20 shops and replace them with larger units.
Tenants were taken by surprise when Treasury, owned by Johnny Ronan and Richard Barrett, posted copies of their planning application in the centre without first informing the operators of the stores affected.
Leases on about two-thirds of the stores are due to run out later this year while others are not due to end until next year at the earliest.
Although Treasury failed to give tenants any advance warning of their intention to move ahead with the closure of many long standing shops, a spokesperson for the company said yesterday that "there is no question of any action being taken before we communicate with the tenants". The spokesperson described the move by Treasury as "an interim measure" and said the company would be going ahead with the redevelopment of the centre.
Treasury secured planning permission on its fourth attempt in 2006 to redevelop and enlarge the centre but it is not now expected to proceed with this scheme. In recent years the company has bought-in several properties nearby, including Blakes Restaurant and the Leisureplex with the clear intention of substantially enlarging the shopping centre. The existing Dún Laoghaire Rathdown development plan only allows for 25,000sq m (269,100sq ft) of retail space in Stillorgan. However, Treasury has since claimed that this is "overly restrictive" and has sought to have the volume of retail space enlarged to 40,000sq m (430,556sq ft). Sean Barron, chairman of the tenants association in the centre, said yesterday that "difficulties had arisen in the centre" but he refused to discuss the matter.
Green light for D2 scheme
While good news has been a rather scarce commodity in the property industry, developer Padraic Rhatigan of JJ Rhatigan had every reason to celebrate last week after getting full planning permission for a mixed-use development including a substantial extension to his highly successful Radisson SAS Royal Hotel at Golden Lane, off South Great George's Street in Dublin 2.
The Galway developer is to add another 38 bedrooms to the four-star hotel, bringing the total up to almost 200, and will also be providing a new leisure centre and spa.
The centrepiece of the overall plan will be a curved pedestrian street from Ship Street to Chancery Lane where there will be two new restaurants, 50 additional apartments and 557sq m (6,000sq ft) of offices. Even before the construction gets under way early next year, the Rhatigan scheme has radically changed one of the oldest parts of the city.
High-spec suite to let in docks
A suite of penthouse offices (above) with a truly exceptional fit-out and spectacular views over the city is now available to let at Block 1, Grand Mill Quay, beside Grand Canal Dock Dart station, in Dublin 4 through Jones Lang LaSalle. The seventh-floor office suite extends to 476sq m (5,124sq ft) and is available either by assignment of the nine-year and nine-month lease from July 2007 or alternatively by way of a flexible short-term sub-lease.
"This is a rare opportunity to acquire a penthouse office suite in the heart of the south docklands area and it has spectacular views over the city centre and the Liffey and docks, both from inside and from a number of generous terraced areas," says Trish Byrne of Jones Lang LaSalle.
The present rent is €640 per sq m (€59.50 per sq ft) to include the fit-out and, when reviewed in four years time, will be based on a rent of €538 per sq m (€50 per sq ft).
The suite comes with six car-parking spaces and is in walk-in condition, fully furnished to a very high standard and laid out in a mixture of open-plan and cellular offices providing significant capital cost savings to any incoming tenant.
€1.25m for warehouse
William Harvey and Co is seeking €1.25 million for a 649sq m (6,986sq ft) warehouse, showrooms and office building at Weatherwell Business Park in Clondalkin, west Dublin. The warehouse has a clear internal height of 6.3 metres and loading access is provided to the front via a full height door.
Waterford site for €2.35m
WATERFORD ESTATE agent Purcell Properties is guiding €2.35 million for a well-located showrooms on three-quarters of an acre along "Motor Mile" on the Cork road in Waterford.
The property is about 300 yards from the Butlerstown roundabout and faces Butlerstown Retail Park which is anchored by B Q and Harvey Norman. The site is surrounded by several garages, including Toyota, Chevrolet and Opel, and it adjoins Sheridan Garage.
Des Purcell of the selling agent says that, because of its location and general business zoning, the site could be used for a range of commercial activities, including retail, residential, offices, bar/restaurant, health or enterprise centre.
There were no other sites available on the Cork road inside the borough boundary, he said, and that the site would clearly benefit from the continuing development of the Butlerstown Retail Park and the imminent completion of the bypass and the second river crossing.
€8m for Wicklow estate
Sales agent JP M Doyle is seeking €8 million for an attractive country estate close to the coast at Newcastle, Co Wicklow. Blackditch House, a two-storey period farmhouse, stands on 205 acres which are presently in tillage and grass. There are two farmyards, one of them with farm buildings extending to 613sq m (6,600sq ft) and the other a stone courtyard with stables, store house and staff accommodation.
Paul King to retire
Paul King, who has been head of property with Irish Life Investment Managers since 2001, is planning to retire in January next.
Over his 36 years with the company, he has experienced no less than five peaks and five troughs in the Irish commercial property market cycle.
Since moving to the top position, he has headed up a team responsible for managing a €3 billion property portfolio and was involved in a number of major deals including the purchase of the Scottish Provident portfolio and a 25 per cent stake in the Pavilions shopping centre in Swords.
