Three new commercial property sales in Dublin may help to lift much of the caution that has marked the reopening of the market after the lengthy Christmas break.
Sale terms have been agreed at around €36 million for the Esmonde Motors site of 0.607 hectares (1.5 acres) at the Stillorgan Road in Stillorgan, Co Dublin.
The high profile site occupies about half of a triangular-shaped parcel of land between the Stillorgan dual carriageway and the shopping centre. Blakes Restaurant and a surface car-park owned by Treasury Holdings occupies most of the remaining area of the triangle.
The site is zoned for district centre facilities and will probably be used for a mixed-use development of shops and apartments. The sale is being handled by agent Spain Courtney Doyle.
Meanwhile, developer John McCabe has paid just over €9 million for a three-storey college building which is likely to be redeveloped at the junction of South Richmond Street and Lennox Street in Dublin 2. Richmond House, a three-storey college building with lecture theatres, class rooms and rear parking for seven cars on a site of 0.36 of an acre, was developed by businessman Ray Kearns who founded the successful Institute of Education. Kearns secured planning permission in 2000 - renewed in 2005 - for a four-storey corner complex to include two office buildings totalling 2,322sq m (25,000sq ft) and 232sq m (2,500sq ft) of retail facilities. There is also provision for 20 car-parking spaces at basement level. Agent HWBC, who handled the sale, said that a recently commissioned study has suggested that the site can easily accommodate 3,065sq m (33,000sq ft) of new office space.
In Swords, a developer has bought a redevelopment site of 7.11 acres for over €13 million.
Savills HOK wrapped up the sale after inviting three interested parties to submit "best bids" by a specific closing date. Logistics firm DHL occupies two industrial buildings on the land with a floor area of 4,529sq m (48,750sq ft).
The company has opted to remain in situ for two years and has agreed to pay an annual rent of €300,000. With the Metro North route due to run close to the site, the likelihood is that a local area plan will provide for a high density mixed-use development of commercial buildings and apartments.
The zoning may also allow retail warehousing on the site because of its proximity to Woodies. The site is close to the entrance of Swords Business Park and about 3.5kms north of Dublin Airport.
