COMMERCIAL PROPERTY

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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An image of the new 300,000sq ft City Gate Plaza office scheme.

JCD’s €50m office buy

GOOD story for Cork, good story for the country, and more cranes on the skyline to come.

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Tax break time limit on sale

Time may be running out for the Government’s commercial property tax breaks extended in the last budget, so demand for quality commercial property has been sustained, says Ed Hanafin of Lisney.

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Former Cork soccer stadium to be knocked?

A former League of Ireland football ground is in line to become an office and commercial development, if a recent application to Cork County Council succeeds.

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Elbows out in town

SOMETHING is brewing in Cork City centre — the impending opening of a new venture that will boast the city’s smallest craft beer brewery.

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Green Reit buy Sun Alliance building for €23 million

The news that Green REIT Plc has acquired the former Sun Alliance building — at nos 13-17 Dawson Street, in Dublin 2, for €23m — bodes well for the city’s crane count.

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Architecture Factory award

It’s been a good week for architecture faculties — following the first increase in CAO points in five years.

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Apple get go-ahead for Hollyhill site changes

Cork City Council has given the go-ahead for further developments at Apple’s facility on the city’s north side, at Hollyhill.

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Modern take on living over the shop in Cork’s Sunday’s Well

The former Village Inn has a retail premises, apartment and roof garden.

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Roberts Georgian classic in Waterford for €340,000

Strong early interest is being shown in the investment sale of an impressive Waterford City Georgian property, designed by the local, famed 18th century architect, ‘Honest John Roberts.’

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A good fit for investor

Recently vacated by clothes retailer Quills, nos 106/107 Patrick Street, Cork City, are selling for €1.95m.

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Decision imminent on Stapleton House plan

Cork City Council should decide within weeks on a plan to allow a permitted retail scheme be changed to mainly office use.

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Most southerly pub floated on the market

A ferry business move from one far-flung island corner of Ireland to the other brings the country’s most southerly pub and restaurant up for sale, on a hugely-popular tourist island, with a €250,000 asking price.

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Kinsale cost is roundabout €3.5m

The Kinsale Road Business Park which is largely let, has a current rental income of €420,000, representing a c 11.5% net initial yield to investors.

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Major port site sale

CORK harbour and port amenity with a deep water jetty at Marino Point is to be sold after a ‘Best Bids’ process in October, with a price expectation of up to €7m indicated.

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Asian food outlet thriving at pivotal city location

It’s fast food in more ways than one — Cork Asian street food company Ramen has opened its second Cork outlet at Dennehy’s Cross, doing a key restaurant unit deal with UK-based Comer brothers.

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Tuck into 250-seat capital restaurant

Following straight after the sale of Dublin’s The Marker Residences, with 84 apartments and six commercial units for over €50m for Brehon Capital Partners/Midwest Holdings, agents Savills bring an adjacent Grand Canal Square 250-seat restaurant for sale, guiding €3.5 million.

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170-bed Dublin city hotel plan rejected

An Bord Pleanála has rejected an application to build a new 170-bedroom hotel in Dublin city centre.

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Choice Hotels is planning a six-figure investment in the Blarney Golf Resort.

Blarney gets Choice

IRISH hotel operating group Choice Hotels have taken over management of the Blarney Golf Resort, which was snapped up this year by Northern Ireland-based investor Tommy O’Gorman for c€2.5m, after seeing a c€40 investment in its initial resort and hotel development.

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The nine quality apartments in one block on Killarney's Countess Road, are being sold with a guide in excess of €600,000 already exceeded.

Quality Kerry spread

AS nine city apartments in one lot go ‘sale agreed’ for over €1m, via Downing Commercial in Cork’s Mahon, a Killarney offer — also of nine quality units — comes to tempt a wide range of investors.

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The profit-turning Castleknock Golf Course is expected to see turnover hit €2m in 2014, says Marcus Magnier of Colliers.

Castleknock offered at €2.5m

Dublin’s profit-making Castleknock Golf Course, on 125 acres by the capital, is being sold with a €2.5m price tag.

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Golf clubs urged get on course with family market

Municipal golf courses can cash in on the growing appeal of the sport among young people and families, according to management at one of Dublin’s most scenic venues.

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The former GB Services Group property at Cork's Doughcloyne Industrial Estate in Cork, was sold at private auction.

Detached building on an acre sells for €770,000

THE former GB Services Group property at Cork’s Doughcloyne Industrial Estate, has been sold for almost 50% over its guide, at a private auction.

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Nineteen retail and office units — for an average of €26,000 each — are for sale in a former Supervalu centre in Bandon (upper right of the picture). Picture: Denis Scannell

Property mix on acre

A former SuperValu shop, along with other shop units giving a total of 19 retail and office units, is now for sale — for an average of just €26,000 per unit.

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Auction of 20 lots a success

A 95% auction success rate was recorded at last week’s IAM Sold/Munster Property Auction sell-off of 20 lots, with all but one finding new owners, evidence of the strength of cash buying and investor interest.

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Site priced at €350,000 has planning for nine houses

A site with planning permission for nine detached houses, with existing houses developed by Fleming Construction, is being sold for €350,000, or under €40k a stand.

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Mixed site with planning

A site with full planning in place for an infill suburban scheme of two shops and three houses is for sale in Cork’s Ballintemple — where the Marquee series of music events finally wrap up this week.

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Planning Notes: Pharma plant seeks expansion approval

A major extension of facilities at a pharmaceutical plant near Cork harbour is the subject of a recent planning application.

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