COMMERCIAL PROPERTY

Planning Notes: Retirement village plan for equestrian centre

An equestrian centre near the Cork suburb of Rochestown could become a retirement village if a recent planning application is successful.

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Corner warehouse in bustling east Cork business park already over the offer at €165,000

One unit down, one smaller one to go in East Cork’s jostling business parks this week with Lisney.

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China girl sews up sale near Singers Corner

An un-named Chinese investor has stitched up a deal on Fitzgerald House, an 11,600 sq ft property facing Cork city’s English Market and adjacent to the dramatically just-painted up Singers Corner, where - coincidentally - a commissioned mural by artist Johnny Bugler depicts a floral Chinese pattern, as seen on old Singer sewing machines.

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Hooked on the market

There is an aisle? It’s all go, gongs and gills at the fish-mongers’ section of Cork city’s famous food-friendly English Market.

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Another sales boost on horizon for Cork docklands

Tommy Barker reports on quay deals for future dock developments.

 

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TD’s former offices up for letting to right candidate

There are different and unexpected ways to lose a tenant – but a constituency redraw is one of the more unusual.

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Street food for thought

IF an army marches on its stomach, and an economy on its retail and restaurant expansion, then things are clearly picking up in Cork - with knives, forks and chopsticks at the ready in the ‘Asian Street Feud’ moves.

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Five Nama-controlled shopping centres up for sale

Three Munster shopping centres are among five so-called ‘provincial shopping centres’ dubbed the Harvest Portfolio, up for sale promising a nine per cent return on a €50million investment.

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Commercial unit on the western edge of Cork City

A new Audi car showroom has opened 100 metres away, and a new filling station, shop and food complex is nearing completion directly across the way – so what new use now for this Ardarostig, Bandon Road Cork property?

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Auction deadlines looming before end of CGT exemption

There’s several auction deadlines looming in the coming weeks, in the run-up to the expiry of the CGT exemption reliefs at year’s end.

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Malone snaps up Strand Hotel

The €20m sale of Limerick city’s four-star Strand Hotel has gone through to US billionaire John Malone: he adds it to his other Irish hotel investments, such as Dublin’s Hilton Hotel, the Westin and the Trinity City Hotel.

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Tara jewel in the crown

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100-bed Westlodge Hotel faces sale by tender

West Cork’s Westlodge Hotel in Bantry is now facing a sale by tender, by December 5, to effect a sale by the year-end CGT expiry deadline.

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Thirst for former bars as buyer interest hots up

A bar with name that sums up its catchment is up for sale: it’s the Thirsty Scholar, on Western Road/Lancaster Quay, near UCC, the Mercy Hospital and The River Lee Hotel which changed hands last year for €25m.

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Waterford island floated

IRELAND’S signature castle hotels have been changing hands with aplomb this year – think Ashford Castle, and now Adare Manor on the hook for c €40m, while this week the illustrious roll-call is joined by the more modestly priced Waterford Castle.

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Dealicious investment

IT’S A Dealz, says East Cork estate agent Miah McGrath, holding out the prospect of a 10% return on a Midleton town centre investment, guided at €1.3 million, and with €140,000 a year income stream.

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Sandyford umbrella group’s launch puts business on the map

There are already 22,000 people employed across Dublin’s Sandyford Business District — where a collection of four existing business parks has scope for 17,500 more employees, as well as further commercial and residential development.

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Savills went for a song at cities’ talent show fundraisers

A talent-show fundraiser run by estate agents Savills in Cork, Dublin and Belfast cities last week raised over €50,000 for cancer services in each of the three locations, entertaining over 1,000 people in the process. And, Louis Walsh impressions featuree among the three different judging panels in the Cork/Dublin/Belfast’s ‘Got Talent’ shows.

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Former bank’s new look

There’s shades of banishing the remaining ghosts of the much-reviled Anglo Irish Bank at its building foot-prints in both Dublin and Cork cities: the Central Bank has started to convert Anglo’s vaunting vanity HQ project to new State service, while Cork’s former Anglo Irish Bank building is getting a re-brand and letting pitch after a multi-million euro purchase.

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Two Midleton sites ideal for residential developments

TWO sites aimed at builders at East Cork’s Bailick Road come to market this month, one with agents Lisney, the other with DTZ Sherry FitzGerald.

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A top office opportunity

THE top floor of City Quarter, the Cork City quayside office block facing the ambitious, new One Albert Quay €45m office site, has finally been leased.

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Site is on the right track

Wheels within wheels — an appropriate new use has been found for part of the giant, old Cork Ford factory — it’s to host whizzing karts, on a brand new indoors track.

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Investing in Mall ware

Further office sales and investments beckon on Cork city’s South Mall traditional offices heartland, hot on the heels of a building investment sale by Allsops last month, for €1.4million.

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Plannning Notes: Permission granted for medical clinic at Lotamore

An historic home on Cork’s northside is in line to become a medical clinic after a recent grant of planning permission.

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Planning notes: Permission granted for Castleknock scheme

Permission has been granted for a scheme of over 200 new homes near Castleknock in Dublin 15.

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Strategic investment opportunity close to city

Two apartment complex offers in Cork city, and both strongly let, are being offered to investors at sums of €5.5m and €6m-plus apiece.

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New lettings at Mahon Point reflect positive Cork City retail outlook

AS agents Savills predict that 2015 will be the best year for retail in Cork since the downturn began in 2008, and witha number of tenant deals and relocations completed along Patrick’s Street (including SuperDry into the Moderne), a 75,000 sq ft site is now on the market for €6m at Grand Parade/Patrick Street: and retail deals are also flowing at suburban Mahon Point Shopping Centre for its owners, Deka.

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Good brews for park

A multi-million euro brewing investment has commenced on Cork city’s Marina Park— ironically, in a 50,000 sq ft unit previously used by Beamish and Crawford as a distribution depot.

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Large retail investment for sale in Killarney

A sizeable retail investment in one of Killarney town’s most central modern developments, the Courtyard, has come for sale on behalf of three private investors, offering a c 12% return to a new owner.

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New plans lodged at Fermoy for M8 motorway services

New plans have been lodged for a motorway service area off the M8 motorway near Fermoy in north Cork.

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Building offer adds up to a good proposition

ONE of Ireland’s top ten accountancy firms, Moore Stephens Nathans, is to sell its Cork HQ — a former Bank of Ireland premises on the South Mall — on a new 12-year lease and at a rent of €180,000 pa.

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Good opportunity to express interest in retail investment

A Dublin 8 retail investment let to Tesco Express is on offer at a c 7% net initial yield. Michelle McGarry of Colliers International seeks offers around €1.6 million for the ground floor investment at 51/52 Thomas Street, Dublin 8, close to the Meath Street junction near NCAD and St James Hospital.

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Former IFI plant bids may lead to new use and jobs

After years in abeyance, Cork harbour’s infrastructural asset Marino Point may be poised for new uses and employment, subject to its multi-million euro sale being ratified by Nama in coming weeks.

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Aldi unit hard to discount as Ballincollig investment

A retail unit acquired in 1999 as the second ever Aldi Irish store is up for sale by tender as an investment: it’s the anchor tenant in the Westside Retail Park, Ballincollig in Cork, on a lease set to run until 2024.

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Plum private portfolios

AS Nama this week brings 588 apartments for sale for €116 million in Dublin, aimed at REITS and overseas investment groups, offers on a smaller scale of apartment blocks maybe of more interest to private buyers conscious of the end of year expiry date of the CGT exemption for investments held for seven years.

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Offers ’round €800k for Rochestown’s Oval Bar

A large bar and overhead restaurant, purpose-built within a development of over 800 new homes, is for sale, with a €800,000 asking price - about its original site value, notes estate agent Sam Kingston.

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Record sales in sight as hotels spree continues

AS Irish hotel sales inch up to an end-of-year €500m tally, more hotels, north and south of the Border, have found new owners in the past week, in Wexford, Galway and Fermanagh.

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West Cork Technology Park deal goes through

AN investment that included land, and buildings and rental income has been sold in West Cork for c €1.4m.

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Firm puts forward major changes to shopping centre

Significant internal and external changes to Cork’s Merchants Quay Shopping Centre are proposed in an application lodged last week.

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Sales flow at property auctions in both Cork and Dublin

AN 81% sales record was achieved at last week’s Munster Property Auction, with 21 out or 26 lots selling at Cork’s Rochestown Park Hotel. It comprised 16 Cork lots, five from Kerry, three from Limerick and one apiece from counties Waterford and Tipperary.

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Banking on a great return as  Tralee town centre bank comes on market

Private investors are being invited to become ‘King of the Castle,’ as a Tralee town centre bank, occupied by Bank of Ireland on Castle Street, is being touted for sale, with an attractive rental income of €277,000 pa.

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Prime residential land minutes from Killarney guided at €100,000

Top Killarney residential development land is for sale, guided at €100,000 an acre, for a plot within a short walk of the busy tourist capital.

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Groves Pub in Blackpool, Cork, on market with price tag of €525,000

One of the largest, and best trading pubs on Cork city’s Northside, the 9,000 sq ft Groves in Blackpool, has been put to market by a receiver for €525,000, via agents Behan Irwin Gosling.

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Sites in demand around Cork with builders back in town

The sale at public auction this week of a 1.25 acre house-building site in Cork for €845,000 shows builders are back to town — and bidding for sites.

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Shandon Travel have been on the move in Cork city

When you’re in the travel business you have to get used to people moving about, but Cork city-based travel experts Shandon Travel are still getting a little excited about their switch to a new city centre location.

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Youghal’s Quality Hotel for sale for just €450,000

JOINING Savills’ offer of the Dundrum House Hotel in Tipperary for sale at €2.75m, and the 110-bed Heritage Hotel in Portlaoise for €1.5m, is another Munster hotel — a beachside offer at €450,000, just waiting for the tide of opportunity to turn.

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Merchant’s Quay Shopping Centre is to be redeveloped

Face of change in Cork City

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Planning notes that caught our eye ...

Mahon Point 

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Nama fuels hotels blitz

Limerick’s Savoy Hotel, Killarney’s Malton, Kilkenny’s Ormonde Hotel and now Cork’s Metropole Hotel are set to boost the end of year hotel sales tally to about €350 million.

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Cork City office proposal referred to appeals board

The recent decision of Cork City Council to allow a previously-permitted development change from retail to mostly office use has been referred to An Bord Pleanála.

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A calling to the bar

Yet another career beckons for Pat Burton - this time, he’s taken on the challenge of a 10,000 sq ft bar and bistro, bought from a receiver, in Cork city’s western suburbs.

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Top of class Maryborough to get top glass extension

Thanks to over-building, and over-supply, many Irish hotels continue to be lemons - but it’s orangeries all the way for the winner of the ‘AA Ireland Hotel of the Year’ accolade for 2014-2015.

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Former orphanage could be returned to private home usage

A former orphanage property n Cork harbour’s Passage West town, on over seven acres and being sold for the HSE, carries a €750,000 asking price.

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Tasty offer in gourmet town

An end of year sale closure is aimed for the in €1.1m-plus investment sale of an AIB bank branch in Kinsale, Cork.

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