Life Homes

Sunday 31 August 2014

Colliers is seeking €6.5m for the Avid building as activity rises in Sandyford

Peter Flanagan

Published 18/05/2014 | 02:30

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FOR SALE: The Avid building sits on 0.73 hectares of land and is being sold for €6.5m as a development site

THE Avid building is the latest major commercial property to go on the market in Sandyford, as activity in the area increases rapidly.

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Colliers is seeking close to €6.5m for the property, which is being sold as a development site.

It comprises a detached building of 3,872 sq m together with 109 car parking spaces standing on a site of 0.73 hectares.

The development site was formerly occupied by Chadwicks as a builders' provider and Avid Technology has been the tenant since 1997.

It is paying rent of some €807,000 but the lease has less than three years.

The site is governed by the Sandyford Urban Framework Plan (SUFP) 2011-2016 and is zoned "Z5".

Under this plan, the site allows for a residential density of 175 units per hectare over eight storeys.

Based on this, the subject property should accommodate 127 apartments.

This is a pivotal site being one of the only designated residential sites within Sandyford which allows for a 'higher' density of eight storeys. The site is situated within what is designed primarily as a residential quarter under the SUFP.

The site is subject to Special Local Objective 113 – "to facilitate the provision of community infrastructure at ground floor along the eastern outer edge of the Carmanhall residential neighbourhood along Blackthorn Road, to create active street frontage and to ensure the appropriate provision of social and community infrastructure to serve the needs of the residential and employee population".

Carmanhall Road has been identified for residential development due to its proximity to the existing residential developments primarily Beacon South Quarter, Rockbrook and developments at Corrig Road and Ballymoss Road.

If a deal goes through for the Avid building, it will be the latest deal in Sandyford, which has seen a rapid increase in interest from both domestic and overseas buyers.

Most notably, businessman Denis O'Brien has taken control of the Beacon Hospital but there have been a wealth of lower-profile agreements in recent months.

Receiver Simon Coyle of Mazars expects to sell 217 apartments at Beacon South Quarter (BSQ) this year as part of a residential portfolio sale.

Dramatic improvements in rental rates, meanwhile, are considered likely to persuade the Comer brothers to address the major shadow on the landscape – the shell of the Sentinel office tower that developer John Fleming could not complete because he ran out of money when the market crashed.

The Comers are planning to create 294 live work units in the 14-storey tower and the adjoining building, which would be increased from six to eight storeys.

And nearby, the former Fannin Healthcare property, which is adjacent to the Beacon Hospital, has recently gone sale agreed for more than €1.8m.

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