€130m for Nama Acorn Portfolio
Joint agents Bannon and JLL have been appointed to handle the first single lot sale of a NAMA shopping portfolio comprising Blackpool Shopping Centre and Retail Park in Cork, Millfields, Balbriggan, Co Dublin and The Showgrounds, Clonmel, Co Tipperary, at a guide price of more than €130 million. At that valuation, the portfolio will show an initial yield of about 9.6 per cent.
Retail Sales Recovery Continues
There is mixed commentary when it comes to the CSO published yesterday.
Retail Ireland, the Ibec group that represents the retail sector said CSO figures for retail sales in March were very disappointing and showed no change in sales in shops around the country. In fact, core retail sales volumes, excluding motor trade, rose by 2.6% in the first quarter while overall volumes rose by approximately 9%.
Ernst and Young to create almost 500 new jobs in Belfast
Accountancy and consultancy firm Ernst and Young, known as EY, is to expand its operation in Belfast with creation of nearly 500 new jobs. EY which already employs 1,450 people across its five offices in the Republic and Northern Ireland, said the 486 new roles which will be phased in over the next four years would be in various business consultancy fields, including auditing. These new jobs will contribute £19 million in salaries to the local economy.
Summary of “The Commercial Property Review & Outlook 2014”
A Summary of the Commercial Property Review & Outlook 2014 published by the Society of Chartered Surveyors Ireland (SCSI), which reveals the office sector in Dublin is leading the way in the Irish Commercial Property Market.
Two restaurants on high-profile sites for sale at fraction of original cost
Two fully glazed stand-alone restaurants on high-profile sites along the river Liffey campshires at North Wall Quay in Dublin 1 are to be offered for sale by tender at a fraction of their original cost.
There is a guiding price of €350,000 for the J2 Grill & Sushi building and €400,000 for the slightly larger single-storey premises close by that currently is vacant.
David Carroll of Bannon advised two of the purchasers.
The Irish Commercial Real Estate Market Quarter 1
There was increased activity in Dublin’s retail investment market in Quarter 1 of this year with a total €524m also invested in Dublin’s office market. The acquisition by Hines and HSBC Alternative Investments of 73% of Liffey Valley Shopping Centre for €253m marked the first significant shopping centre sale of the year. Assets on Dublin city centre prime street, Grafton Street, traded for yields ranging from 4.6% to 6.7%.
