SW3 expands Dublin portfolio with two new office buildings

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London-based SW3 Capital has added two more Dublin office investments to its portfolio. It has bought Dublin Business School (DBS) on Aungier Street, South Great George’s Street, for €10 million and another office investment, J5 Plaza at North Park on the North Road in Dublin 11, for €5.6 million.

SW3 will get an initial return of 8.6% on the J5 Plaza office building which extends to 5,834 sq.m (62,796 sq.ft). The selling price will reflect a capital value of €1,184 per sq.m (€110 per sq.ft). The HSE contributes more than three-quarters of the rent which is €520,000 per annum. The other tenants include the Special Olympics, engineering consultants Fehily Timoney and Kavanagh Accountants.

David Carroll, of Bannon handled the negotiations for the vendor.

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Bannon confirms 1st industrial sale of 2015

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In one the first industrial transactions of 2015 Bannon has completed the sale of Oakwest House in Western Business Park, Dublin 12.

The high spec unit with 12m eaves and excellent loading access extends to 5,232 sq.m (56,312 sq.ft) and was sold with vacant possession.

The building is situated close to the Red Cow interchange amongst a number of high profile occupiers including DHL, An Post and Diageo Baileys Global Distribution.

It was purchased by Exeter Property Group a North America based investment manager specialising in industrial assets. The purchase price of €2.85m equates to just over €50 psf.

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For further information on similar units please contact Niall Brereton, of Bannon today.

Bannon secures new tenant for Woodford BP

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Bannon has secured a new tenant for a modern warehouse unit extending to 9,450 sq.ft at Unit 6.2 Woodford Business Park, Santry.  Hella Group, the global car parts manufacturer, has agreed a letting of Unit 6.2 to cater for expanded product lines in the Irish market and to secure the company’s future growth.

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For further information on similar units please contact Niall Brereton, of Bannon today.

Donegal shopping centre put on the block

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The centre is for sale by private treaty from Joint selling agents Bannon and Bundoran-based Sean Meehan & Co. The property is being sold on the instructions of receiver Tom Kavanagh of Deloitte.

The shopping centre is located right in the town centre and features significant amounts of on-site parking. It includes an anchor store of 734.3 sq.m and twelve retail units over two levels comprising 649 sq.m. There are three well-proportioned office suites on the first floor.

The current rent roll is €37,580 with an immediate opportunity for potential purchasers to increase revenues through active lettings.

There are 12 retail units and an anchor store with a further 3 office suites on the first floor.

At present three of the retail units are occupied with the anchor store also under offer.

The three office suites are occupied two of which are held under a short term tenancy with the HSE.

The agents expect strong interest with the quoted price level at an attractive €650,000, given the centre’s proximity to the seaside resort of Bundoran, the commercial centre of Donegal Town and the adjoining County Fermanagh hinterland.

The anchor store was formally occupied by a Mace supermarket. The supermarket closed in May last year.

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Please contact Jennifer Mulholland of Bannon today for further information on 01 6477900

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IFSC office block sells for €37.85m

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Ardstone Capital, the private investment manager, and CBRE Global Investment Partners, have bought 2 Harbourmaster Place for €37.85 million in a deal that will show a net initial yield of 5.4%.

The 5,688 sq.m (61,012 sq.ft) multi-let building close to the main entrance of the IFSC and Connolly Station has a mix of tenants in the block including KPMG, Wells Fargo, Bank of Montreal, Kleinworth Benson, Aspen Reinsurance and United Health Group.

Ardstone was advised by the Bannon agency while JLL acted for Irish Life.

2 Harbourmaster Place is the seventh office investment in the area to have changed hands this year as long-term investors availed of the pick-up in the market to offload assets on which they claimed 100 per cent capital allowances over a 10-year period.

IPUT to buy Carrickmines RP as part of €157m portfolio deal with Marathon

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IPUT property fund is to take over ownership of Carrickmines Retail Park in south Dublin as part of a successful tender by the New York-based Marathon Asset Management for the Irish retail parks portfolio. IPUT offered around €78 million for just the Carrickmines retail Park in the first round of bidding but Nama thought it should not be sold on its own but rather as part of the Parks Portfolio which also included four lesser-known parks in Drogheda, Mullingar, Clonmel and Carlow.

IPUT then joined forces with New York-based Marathon Asset Management who had survived the first round after pitching for the entire portfolio – a final bid of approximately €157 million for all five parks – €47 million above the guide price.

Carrickmines Retail Park is currently producing a rental income of €4.4 million which will rise by another €300,000-plus if, as expected, a leading furniture retailer rents a vacant building on site extending to 974 sq.m (10,500 sq.ft). Woodies DIY and garden centre is the anchor tenant paying a rent of €1.8 million for 6,038 sq.m (65,000 sq.ft).

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Development land for sale in Drogheda, Co. Louth

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Approximately 12.9 ha. (31.87 acres) of development land for sale in Newtown, Drogheda, Co. Louth. Planning permission is until July 2017 on part of the site for 260 units. One of the last major greenfield development sites in Drogheda.

Located close to Drogheda Grammer School, Scotch Hall Shopping Centre and other amenities. Drogheda is the largest town in Ireland with a population of 38,578 people (Census 2011).

For further details please contact Bannon on 01 6477900.

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Prime Retail Investment in Dublin City Centre for €4m

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Bannon are guiding €4 million for 49 Lower O’Connell Street, a Georgian retail building rented by Footlocker at €240,000 a year. The investment will show an initial return of just under 6%.

The five-storey over basement building is located at the southern end of the street close to Penneys, McDonald’s and Schuh. It has an overall floor area of 483 sq.m (5,205 sq.ft) and previously had retail use on the first floor as well as at street level.

Footlocker concentrates all its selling efforts on the ground floor and uses the additional space for offices and storage.

There are 13 years remaining on the lease with the next upwards only review due in 2017.

David Carroll of Bannon, who is handling the sale, said the building had a “great profile” beside what would be a very busy intersection of the Luas cross-city service and the Luas red line. The €4 million sale would appeal particularly to cash buyers and debt-backed investors.

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Starbucks Open a Further Two Stores

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Bannon have recently let two units to Starbucks, the American coffee chain, namely at no. 8 North Earl Street, Dublin 1 and the Marshes Shopping Centre, Dundalk which was acquired by Kenny Wilson earlier this month.

Starbucks have taken the ground and basement of 8 North Earl Street under a sub-lease with 7 years unexpired lease term from Carphone Warehouse. The unit measures 129.5 sq.m with a ground floor retail area of 72.5 sq.m, Starbucks are believed to be paying a rent of €70,000 per annum with a minimal limited rent free period provided.

Starbucks have also agreed to take a unit at Marshes Shopping Centre, Dundalk which is understood to be a 20 year lease for 1,800 sq.ft at a rent of €60,000 p.a.

Daniel McLaughlin of Bannon who dealt with the lettings commented “there were a number of offers from established retailers for the property given the profile and high levels of passing footfall. We are witnessing demand for well-located city centre properties which far outstrips the availability currently within the market.  We see this trend continuing for the foreseeable future as consumer spends recovers coupled with a lack of new stock being redeveloped.”

Upper floor accommodation to let on Middle Abbey Street, Dublin 1

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Recently refurbished upper floor accommodation to let on Middle Abbey Street.

Extending to net internal area of 127 sq.m (1,367 sq.ft). Excellent high profile location.

For further details please contact Louise Doherty or Katie Williams of Bannon on 01 6477900

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Society of Chartered Surveyors - SCSI Ireland

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19-26 Pembroke Street Lower
Dublin 2
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