COMMERCIAL PROPERTY

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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The Distillery Lanes development in Midleton, Co Cork, which will house the frozen food retailer Iceland.

Iceland stores expand

EXPANDING food retailer Iceland has made a second foray into Munster, acquiring an outlet at Main Street, Midleton, at the €30m Distillery Lanes office and shops development.

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No 94, St Stephen's Green, Dublin, is on 0.24 acres.

Department of Justice building on sale for €15m

The Dublin offices of the Department of Justice, on St Stephen’s Green, are to be sold for €15m, having been acquired by Brehan Capital, last year, as part of the larger Ulysses Portfolio.

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No 4 Washington Street, Cork, is a good investment opportunity.

Four-storey is a must-go alongside Cafe Gusto

Top TV entertainer and broadcaster Graham Norton spent some of his UCC college years living in a bedsit on Cork’s Washington Street above what was then O’Brien’s Ice Cream Parlour.

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Shournagh House has five tenants and a guide price of €750,000.

Investment opportunity at Shournagh House

Billed as a commercial investment opportunity is the fully tenanted Shournagh House, a stand-alone building with five tenants, a €75,000 pa income stream, and a guide price of €750,000.

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 Bedford Row, Limerick

History in shop front

SHOP fronts don’t come much more historic, or reborn, as at Limerick city’s Grand Central, on pedestrianised street Bedford Row off O’Connell Street.

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Friends First Property Fund now fully owns the Blackrock Shopping Centre.

IWI buys building in Bray for €10m

A building at Bray Civic Centre, let to the OPW in Wicklow, has been bought by equity group, Ireland World Investments (IWI), for €10m.

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Above, exterior shot of Hayes Hotel which sold at auction for €650,000, way beyond its reserve.  Picture: Brendan Moran/ Sportsfile

Hotel sale is highlight of auction season

A MUNSTER property auction is set to offer 30 lots to investors and buyers in Cork on October 2, following hot on the heels of a very successful Allsops auction last week that netted an all time high of €54m from 194 lots.

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House sales up by 48% nationally

House sales are up 48% nationally, according to figures presented to the Oireachtas by IBEC-related lobby group, Property Industry Ireland.

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The Blackwater Commercial Centre has a modest €300,000 guide.

Development drawing very strong interest

Very strong interest is being shown in an uncompleted, mixed-use commercial development in Fermoy town, North Cork, according to Savills agent Steven Denehan.

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The profitable Strand Hotel overlooking the Shannon in Limerick is for sale at a guiding price of €17 million.

Sea change at the Strand

A TOP and profitable Limerick city hotel comes for sale this week guiding €17 million, less than half of its development cost, estimated to have been c €40 million.

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Muckross Park Hotel and Spa is on the market with a price guide of €6.5m.

Hotting up in Killarney

ONE down, another to go in Kerry — DTZ Sherry FitzGerald this week bring Bill Cullen and Jackie Lavin’s Muckross Park Hotel to market guiding €6.5m, after their summer 2014 off-market sale of Killarney’s 74-bed Aghadoe Heights for just over €6m, bought by Davy asset managers.

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The Rockbrook Estate, Sandyford, Dublin, has 280 fully rented apartments and planning for 416 more.

Former Fleming Sandymount scheme guides at €80m

Luck, and timing, and what might have been....but that’s no consolation for the Fleming Group, whose costly buy-in €245m site assembly vision for Sandyford on Dublin’s southside is only now coming to fruition, as some of its fruits get sold on again.

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Cork shopping centre extension appealed

An appeal has been lodged in relation to the recent grant of permission for changes to the Douglas Court Shopping Centre on Cork’s southside.

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Annette and Michael Carlos behind the bar at the Roaring Donkey in Cobh; below, an exterior view of the pub. Pictures: Denis Scannell

Donkey a real local

THERE are pubs and bars, and then there are locals — and Cobh’s Roaring Donkey is all three, under the one hat and roof.

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Property management critical as recovery gains strength

IT HAS been an active nine months for Ireland’s commercial property market, with further increased transactional activity anticipated between now and year end.

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City retail building a shoe-in on market

AGENTS Lisney bring a second Patrick Street, Cork City, retail building for sale this month as an investment, seeking offers of €750,000 for No 121, opposite the Merchant’s Quay Shopping Centre and Marks & Spencers.

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Wilton unit the right fit for Skechers

SHOE retailers Skechers have found a second Cork shopping mall footprint, taking a 2,400 sq ft-plus mezzanine vacated by A-Wear at the Wilton Shopping Centre.

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Refurbished Seanachai back on the market

A Kinsale bar and night venue is back for sale a year after it last changed hands — and in a far better, updated condition.

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Banking on Waterford

INVESTOR demand for quality buys outside the main two or three Irish cities is about to be sampled — with the offer of a fine AIB bank branch in Waterford City, with an excellent covenant.

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Zazzle deal dazzles

A US online custom design and sales firm, Zazzle, is setting up a European HQ on Cork City’s Union Quay, capable of hosting 150-200 employees in an IDA-backed expansion.

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New entrances for Cork railway station?

The planned redevelopment of Kent railway station, in Cork City, is the subject of a new application by Irish Rail.

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Trish Stokes

Economy is gradually building and we need housing stock to match it

Trish Stokes, residential manager with Lisney, takes a critical end-year look at a recovering house market.

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The 35,000 sq ft Abbeycourt House, George's Quay,  leased by the Department of Social Protection for the country's largest INTREO office. Picture: Denis Scannell

Office deal is the job

IN one of the biggest office deals in recent years in Cork, the Department of Social Protection has leased the 35,000 sq ft Abbeycourt House, on George’s Quay, to serve the roll-out of its Intreo employment-and-income supports services.

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A portion of the 766-acre grounds of Adare Manor, above; inset, the magnificent main house; and, below, one of the bedrooms.

Lands of opportunity

World-renowned Irish trophy property, Adare Manor Hotel and Golf Resort, on 766 acres in Co Limerick, has gone to market this week for a price of €25-27m, via agents CBRE, acting for vendor and owner, US-based Tom Kane, who has redeveloped it over the past 27 years.

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A building for buyers to ‘court’

Two former Cork City sites, associated with boom-time purchases involving Oyster Developments, are being brought to market by Savills.

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Douglas Court Shopping Centre developed by  the Love family's Shipton Group. Picture: Denis Scannell

Douglas Court part of six-scheme sale for €120m

A second Cork shopping centre complex, Douglas Court, developed by the Love family’s Shipton Group, is part of a retail-dominated portfolio that is for sale valued at €120m.

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