Though the Dublin office vacancy rate remains high at 14 per cent "there is hope that the bottom of the depressed cycle has now been reached", according to Marie Hunt of CB Richard Ellis Gunne.
The agency reports that over 40,000 sq m (430,556 sq ft) of space was let in the third quarter, bringing the total take-up for the year to date to over 100,000sqm (1million sq ft). The overall vacancy rate has risen not only because of new supply but also because of companies vacating older buildings.
Bridgestone leases building in Fingal business park
In one of the largest industrial pre-letting deals for some years, Bridgestone Ireland has leased a 7,000 sq m (75,347 sq ft) distribution building at Fingal Bay Business Park at Balbriggan, Co Dublin. The company will be paying around €94 per sq m (€8.73 per sq ft) for the first building in the park. The 20-year lease provides for a break option in the XXX year..
The business park has the potential to cover 200 acres and is a joint venture beween Fingal County Council and Howard Holdings. The first phase of 30 acres will comprise a business park with own-door office units and light industiral buildings. There will also be a retail element, a creche and leisure facilities.
Hamilton Osborne King handled the letting and Druker Fanning and Partners advised Bridgestone.
€450,000 for Orwell Road retail investment
Nigel Kingston of Douglas Newman Good Commercial expects to secure around €450,000 for a retail investment at 12 Orwell Road, Dublin 6. The two-storey mid-terrace building is let to a Forte fast food unit on a long-term lease at a rent of €20,593 per annum. There is a rent review due next month.
Reuters moves from Mount Street to IFSC
Reuters, the international news agency and financial services provider, is moving from Mount Street, Dublin 2, to the IFSC. The agency, which has been based in Kestrel House for over 15 years, has been considering the move for the last 12 months and decided on the IFSC, where most of its Irish clients are located.
It has taken a new 20-year lease of a self-contained office suite on the ground floor of 12/13 Exchange Place with break options at years five, 10 and 15.
Brian Reid of Reuters said it expected its presence in the IFSC to lead to more opportunities for face-to-face meetings with clients. Reuters' local presence would also lead to improved response times for support calls to its clients in the IFSC and surrounding areas.
Jones Lang LaSalle represented Reuters in the negotiations and HOK acted on behalf of the landlords.
Inner city listed building back on market for €4.5m
One of the most important listed building in Dublin's north inner city, Aldborough House at Portland Row, is once more being offered for sale by the Irish Music Rights Orgqanisation. CB Richard Ellis Gunne is quoting €4.5 million for the Georgian mansion which has a gross floor area of 2,497 sq m (26,888 sq ft).
IMRO paid €3.81 million for the house at the end of 1999 and spent another €952,303 on conservation reports and securing planning permission for the construction of a left wing and the creation of mezzanine levels within the principal rooms. The agents say it needs "extensive refurbishment and and redecoration".
The house was built in 1793 by Lord Aldborough as a beach house for his wife but she never used it and it remained empty until 1813, when it was taken over as a private school. It has a sweeping central staircase surrounded by beautifully-proportioned rooms at hall level and on the first floor.
