Monday 18 December 2017

Recent Dublin development deals spark further supply

Donal Buckley

An increased supply of development prospects, some with short-term income potential, has come to the market in Dublin partly inspired by recent acquistions.

In Dublin 6, where two sites sold in recent times, a property from the Glenkerrin Group portfolio is now available.

The 0.1 acre site currently incorporates a single-storey warehouse of 234sqm which was formerly Rowans Bakery.

Agents Hooke and MacDonald, who are acting for the receiver, are asking €280,000 for the site.

Located alongside the Swan Leisure complex on Lower Rathmines Road, it is directly to the rear of DIT Rathmines and frontage to both Williams Park and a laneway at the rear of properties that front Rathmines Road.

Glenkerrin planned to use the site to offset its social and affordable housing obligations for its Veterinary College site in Ballsbridge.

In 2005 Dublin City Council granted planning permission for a three-storey apartment building, incorporating seven apartments on the Rathmines site.

While this permission has expired, Hooke and MacDonald believe it could be suitable for three or four townhouses or for commercial uses.

Dublin 6 has been one of the more active areas for the languishing development land market and late last year a 1.25 acre site on Eglington Road sold for around €2million.

Another site at Northbrook Lane, with planning permission for two mews houses, sold for over €350,000.

Lucan auction

A former restaurant on a 0.18 acre site in Co Dublin is to go for auction with a €400,000 guide price.

Located next door to a McDonald's at Celbridge Road, Lucan, the former Annadale Chinese Restaurant comprises a single-storey detached building extending to 194sqm.

It is fully fitted as a restaurant and takeaway and can seat 85 people. As well as ample parking to the front and side, there's a large public car park across the road.

It is only a few hundred feet from a Maxol service station and is also convenient to The Lucan Spa Hotel.

Lisney has set March 9 as the auction date.

10-acre site

Digital Realty Trust (DLR) has begun ground development work on the 10-acre site which it recently purchased at Profile Park, in West Dublin.

It plans to offer data storage space to a range of businesses small and large in a state-of-the-art data centre.

Its facilities will include 11.5 megawatts of technical space across four buildings, featuring almost 18,000sqm of space in total.

It has also commissioned CB Richard Ellis to market the facilities to a range of businesses from multinational hi-tech companies to indigenous professional service firms.

Michael F Foust, chief executive officer of Digital Realty, said: "Dublin remains an important data centre market for both local and multinational corporations, including large technology and internet companies as well as IT service providers."

Dublin's mild climate significantly improves a data centre's energy efficiency by lowering its power utilisation efficiency and therefore its total cost of occupancy at a site.

DLR expects to substantially reduce its power utilisation efficiency in the new Profile Park facility.

Indo Property

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