Former home of Smithwicks Bewery set to become a vibrant new urban quarter in the heart of Kilkenny City
Acquired by Kilkenny City Council in 2016, the 10 acre site that until 2013 housed Diageo's Smithwicks Brewery is set to become a vibrant urban quarter in the heart of Kilkenny city. Taking its name from the remains of the 13th century Franciscan Abbey, which will form a central feature of the development, Abbey Quarter will be a living and working destination for the local community as well as international and national businesses.
Greenfield Shopping Centre for sale by Private Treaty for €1.25 Million
Investment yield of 11.34% set to rise to 12.38% within three years.
Joint agents Lisney & Hibernian Auctioneers are seeking offers in excess of €1.25 million for a well let high yielding retail investment property in Maynooth Co. Kildare.
Greenfield Shopping Centre is situated just 0.5km south of Maynooth railway station on the east side of Straffan Road which connects Maynooth with the M4 motorway. The development comprises a single storey neighbourhood shopping centre with ample car parking all on a site area of approximately 1 acre. Tenants within the centre include Centra, St Patrick’s Pharmacy, Kin Kaho Thai Restaurant, Mulcahy Craft Butcher and St. Vincent De Paul.
Lisney an Hibernian Auctioneers are marketing the freehold interest in the entire development for sale, out of which a small number of long leasehold interests have been carved out and sold to two owner occupiers.
The property is fully let with nine retail units extending to approximately 698.63 sqm (7,520 sqft) GIA leased on traditional occupational leases. The combined rental income from these units along with the long leasehold interests is €153,790 per annum.
This income is considered secure with a current weighted average unexpired lease term (WAULT) of just less than 8 years. Investors will benefit from an increased rent roll in the short term with income set to increase to €167,790 in three years’ time due to contracted stepped rental increases.
Christopher Belton of Lisney and Gerard Hyland of Hibernian Auctioneers are handling the sale and anticipate strong interest from private investors seeking attractive yields in the current marketplace.
Mixed use Georgian house at 120 Pembroke Rd., Dublin 4.
For sale by private treaty with a price tag of €1,975,000
This mixed use Georgian house in the heart of Ballsbridge, measuring over 4,300 sq ft (net), comprises residential, office and restaurant accommodation.
The property, conveniently located at the junction of Lansdowne Road and Northumberland Road, is currently let to three commercial tenants producing €109,800 per annum. The two upper floor apartments are currently vacant but have previously been let on a short term basis, each producing in excess of €30,000 per annum.
The house was a long time home of leading Dublin estate agent, Gerry Henry and his family. Famous for selling development sites with many religious orders amongst his clientele, his last marquee sale was the sale of the land for what is now known as the Elm Park Development close to the Merrion Gates in Dublin 4. He was also a close advisor to the hotelier PV Doyle.
The Henrys moved in to the house in 1976 after it was refurbished by Bradbury & Co builders and he and his family lived there until 1998 when they moved to an apartment in nearby Sandymount. He died in 2001.
120 Pembroke Road was put on the market thought Lisney in February of this year with a price tag of €2,200,000. A recent price reduction sees the property now offered for sale by private treaty at €1,975,000 which equates to a capital value of €421psf.
Duncan Lyster, Managing Director of Lisney, who has long connections with the property having let the offices accommodation for Mr Henry in the 1990s, expects interest to be strong. “Significant levels of new residential and commercial development in the Ballsbridge area make this a very attractive investment opportunity with strong reversionary potential.”
Kraft Heinz has secured a lease in the newly refurbished Avoca Court in Blackrock for their new Irish headquarters. Deborah Mahon, of the letting agents Lisney, said “the deal is testament to the city centre standard refurbishment at Avoca Court and is an excellent fit for an international occupier such as Kraft Heinz to showcase their European presence in a prominent highly visible building.“
Kraft Heinz signed a 15 year lease and joined the existing long term tenants LHW Financial Planning and LHK Insurance. Lisney is already handling new enquiries for the last two remaining floors, which extend to a net internal area of 708 sq.m 7,618 sq.ft., especially from city based companies looking for rents half that for new city centre space. The quoting rent is €32.00 per sq.ft. for Avoca Court which has very high specification new shower facilities, associated changing areas with a newly upgraded car park accommodating a motorcycle/bicycle parking area to accommodate the ever growing ride-to-work culture.
In some respects Blackrock echoes Ballsbridge as both are undergoing dynamic and vast redevelopment. Blackrock’s growth is pronounced and includes: Zurich’s new 67,0000 sq ft HQ under construction; the 10 million redevelopment of Blackrock Shopping Centre; and directly opposite, the extensive expansion at Frascati Shopping Centre which is nearing completion.
When asked what’s driving this development Mahon responded with: it’s something more than just the DART service and array of cafes, eateries and amenities in Blackrock. It’s almost as if in some respects the city is expanding southwards which also happened in Ballsbridge. There is a growing perception that Blackrock is becoming more sophisticated and city like ....or even Ballsbridge-esque!