The leasehold interest in the Ardilaun Centre, a large corporate headquarters building on St Stephen's Green, Dublin 2, could attract a premium of €7 million, according to market sources. The centre, two adjoining office blocks with a total of 8,716sq m (93,818sq ft) of space, is currently generating €3.54 million in rent. It is held under two leases - one a 25-year lease from 1998, the other a 35-year lease from 1981.
Paul Fanning of Lambert Smith Hampton is handling the assignment of the leases which have come to the market due to Eircom's planned relocation to a single headquarters, currently under construction at Westgate beside Heuston Station. This new building is due to be ready in early 2008.
The two blocks of the Ardilaun Centre, owned by the Royal College of Surgeons, are set around a courtyard. The complex has 69 car-parking spaces.
Clonskeagh office block sale sets new benchmark
DTZ Sherry FitzGerald has set a new benchmark for an office sale in Dublin with the successful auction of a small office block, Unit 13, at Richview Office Park in Clonskeagh, Dublin 14. The 243sq m (2,608sq ft) building was sold under the hammer for €2.62 million, reflecting a yield of 2.98 per cent. The price equates to a capital value of €10,817 per sq m (€1,004.6 per sq ft) - easily a record in the Dublin market. The building is understood to have been bought by an owner-occupier.
Northbrook Hotel in Dublin 6 sells for around €3m
A property investor has paid around €3 million for The Northbrook Hotel at Northbrook Road in Dublin 6. It is one of the oldest hotels in the south inner city and was sold by private treaty through Colliers Jackson-Stops.
Over €1m for newsagents beside Taoiseach's base in Drumcondra
A newsagents two doors from the constituency office of the Taoiseach Bertie Ahern is to be sold by private treaty through Lisney. The shop was used for the launch of the euro in 2002 by Mr Ahern.
Emma Coffey of Lisney is seeking over €1 million for the two-storey mid-terrace building which comprises a ground floor retail premises which can easily be extended. The overhead residential accommodation includes four bedrooms.
€2.5m and €3.5m for ready-to-go sites in Dundrum and Dublin 7
Development opportunities continue to come on the market in Dundrum, now that the town centre has settled down and new apartment schemes near it have been selling so strongly. CBRE Gunne expects to secure over €2.5 million for a quarter-acre site at Windy Arbour which has planning permission for ten two-bed townhouses and two three-bed units.
In Dublin 7, Gunne is quoting €3.5 million for a site behind Hanlons bar on the North Circular Road with planning permission for 24 apartments. The same agency recently secured over €5 million for a site with full planning permission for 37 apartments at Oldcourt Road in Tallaght.
Meanwhile, Ganly Walters has got €2.5 million for a site of 0.40 acres at Long Mile Road and Drimnagh Road, Dublin 12. It was sold for Texaco and is likely to be used for a mixed-use scheme.
Over €5m and €3.5m for sites in Dublin 7 and Drogheda
Davin Auctioneers and Turley and Associates are suggesting a price of over €5 million for a former Maxol site at Blackhall Place in Dublin 7. It has planning permission for 25 apartments, ground floor retail area of 6,568sq m (70,697sq ft) and 20 basement car-parking spaces. Meanwhile in Drogheda, GVA Donal O'Buachalla expects to secure over €3.5 million for an infill site of 0.18 acres at Dyer Street, on the edge of the River Boyne.
D2 Georgian makes €3.9m
A four-storey over basement period building at the side of the Shelbourne Hotel at 19 Kildare Street, Dublin 2, has been sold at auction by Conor O'Cleirigh & Co for €3.9 million. The freehold property has a floor area of 296sq m (3,191sq ft) and is in need of complete refurbishment.
D24 creche makes over €2.6m
Davin Auctioneers has secured over €2.6 million for a crèche in the successful Hunterswood housing scheme at Ballycullen Road in Dublin 24. The 371sq m (4,000sq ft) crèche has been let to Chuckelberry at a rent of €110,000 per annum. Ellier Developments has already built and sold over 400 houses at Hunterswood and plans 250 more.
€1.3m for Ballymount buildings
Lisney has handled the sale of two almost identical industrial buildings at Ballymount in Dublin 12. The first, an end-of-terrace building of 534sq m (5,748sq ft), was sold for €700,000. The second unit of 498sq m (5,360sq ft) made €600,000.
Elsewhere, Hamilton Osborne King has let an industrial building of 1,327sq m (14,284sq ft), including 292sq m (3,143sq ft) of offices, at Furry Park in Santry, Dublin 9, to Geo Logistics on a long lease at a rent of €147,500.
Meanwhile, Lisney and Harrington Bannon are likely to secure around €8 million for nine acres of housing land at Proudstown Road in Navan which is for sale by "informal tender". The site forms part of the Clonmagadden Strategic Development Zone.
Pat Gunne on CBRE board
Pat Gunne, managing director CBRE Gunne, has been appointed to the European management board of CB Richard Ellis Group. The group recently acquired all of the remaining shares of its 10 per cent-owned affiliate in Dublin.
