5 Hanover Quay, Dublin Docklands A German based fund manager, Union Investment, has purchased 5 Hanover Quay for over €190m (4.25% NIY). The fund already owns 4 and 5 Grand Canal Square. The property comprises 160,000 sq.ft. over seven floors and is fully let generating €8.75m per annum from Docusign and Aptiv. The property was brought to market in May this year by joint agents JLL and London-based Eastdil Secured. The Irish Times, 12thAugust
Salesforce Tower, Dublin Docklands, Dublin 1Dublin City Council has rejected Johnny Ronan’s second application to increase the height of Salesforce’s new European headquarters. Spencer Place Development Company had sought to add two further floors to the scheme under the Strategic Development Zone (SDZ) guidelines. The council noted that the additional storeys “would not be consistent with the provisions of the North Lotts and Grand Canal Dock SDZ planning scheme and would be unduly dominant and visually incongruous when viewed in the context of the existing quayscape on North Wally Quay, a conservation area, and the surrounding built environment”. The Irish Times, 6th August
19 Acre Site, Drumcondra The Irish Times reports that US commercial property group Hines is the preferred bidder for the 19 acre residential development site in Drumcondra. The site forms part of a larger site which is being sold by the Catholic Archdiocese of Dublin to the GAA for a reported €95m. The GAA will sell the 19 acre section for a reported €105m. The Irish Times, 8th August
Q2 2019 House Building Homes completed in Q2 2019 increased 12% YoY. The Central Statistics Office noted that 4,920 new homes were completed between April and June. There was a 17% increase in number of houses built in the first half of 2019 YoY with 9,185 completions compared to 7,867 last year. Apartments were the fastest growing category rising 55% from 487 in Q2 2018 to 758 in Q2 2019. One-off houses rose by 15%. Scheme dwellings, comprising more than one home, increased by 3%. The Times, Irish Edition, 9th August
Ires Reit Interim Report ResultsIres Reit, the largest landlord in Ireland, recorded profits which have more than halved in the first half of 2019. Profits fell to €34.1m from €69.5m YoY despite a 17.6% increase in rental income. The drop in profit can be attributed to the net movement in fair value of the investment properties which increased by €22.5m due to revaluation but this figure was down on the €57m increase the year before. Ires Reit, established in 2007, has a portfolio of 2,771 residential units with a further 298 units contracted under pre-purchase contracts and development. Those combined with the recently announced acquisition of the Marathon Portfolio of 815 units, increases the overall portfolio to 3,884 units, a 45% growth since December 2018. The Irish Times, 9th August
Green Reit Sale The Irish Times reports that Henderson Park, the UK property company, is set to agree to acquire Green Reit this week. Green Reit, the offices and warehouse group has a rent roll of €73m pa and the market value of the Reit has increased to €1.3bn since it was put on the market for sale four months ago. Green Reit’s share price has increased by 21.5% to €1.86 since being put up for sale. Green Reit was the first real-estate investment trust to float on the Irish stock market in 2013 and has acquired €1.48bn portfolio of office, logistics and development assets. The Irish Times, 13th August
Cathal Brugha College, Dublin 1 The Department of Education paid €24m for the Cathal Brugha College to help deliver a new secondary school for 1,000 pupils in the area. DIT had dropped the original asking price from €15m to €12m to pay for the Grangegorman campus which the department is also funding. The department has identified the need for an extra 1,630 secondary school places in the Drumcondra-Marino school planning area by 2029. A private sector bidder had offered €24m before the department expressed an interest. DIT cancelled the sales process and obtained a value of €24m for the site from the Valuation Office. The Sunday Business Post, 11th August
Fast Track Planning The Sunday Independent reports that An Bord Pleanála have turned down almost a third of applications filed through the fast-track system in 2018. Developers building out sites with 100 or more housing units or 200+ student beds or shared living beds can apply for planning straight from An Bord Pleanála with a decision available within 16 weeks. 39 applications were submitted in 2018 and permission was granted to 27 proposals which will deliver 3,284 houses, 3,818 apartments and 4,479 student beds. 97 valid requests for pre-application consultation relating to large-scale developments were received by the planning body, of which 63 opinions have been offered with the remainder to be offered in 2019. The Sunday Independent, 11th August
Core Reit A US investment fund, Pramerica Real Estate Capital (PRECap) has financed, York Capital, an American Hedge fund out of Core Reit, making PRECap the controlling party. Core Reit is the property fund which came within days of floating on the Dublin and London stock market last year. Core Reit’s portfolio comprise 106 industrial buildings and 167 acres of land of which 35 acres is zoned for development. The Times, Irish Edition, 11th August
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Druids Glen Hotel and Golf Resort, Co. Wicklow It is reported that Neville Hotel Group are in talks with the owners of Druids Glen. The Neville Hotel Group own the Royal Marine Hotel in Dun Laoghaire, the Kilkenny River Court Hotel and the Tower Hotel in Waterford City. Savills brought Druids Glen to market in August 2018 guiding €45m. The Irish Independent, 21st March
Donnybrook, Dublin 4 Knight Frank is seeking offers in excess of €4m for a 0.21 acre site on Donnybrook Road, beside the fire station which has planning for a 71 bedroomed six storey hotel. The site currently comprises of four retail units and one dental practise on short term letting agreements with an annual rental income of €130,000 pa. Knight Frank, 22nd March
Bruxelles Pub, Dublin 2 Louis Fitzgerald has bought Bruxelles pub in a deal thought to be worth c€10m and now owns 21 pubs including the Gin Palace in Dublin and the Quays bars in Temple Bar and Galway. Louis Fitzgerald told the Sunday Independent that he will not be bidding on Copper Face Jacks. The Sunday Independent, 24th March
Harvey’s Point Hotel, Donegal The Irish Independent reports that the four star Harvey’s Point hotel is being sold to an investment fund managed by Davy Real Estate. The hotel is located at Lough Eske at the foot of the Blue Stack Mountains. Savills managed the sale on behalf of the vendors. The Irish Independent, 25th March
Gorey Retail Park, Co Wexford A local investor has paid €1.33m (9.66% NIY) for a retail park in Gorey Co Wexford. The property was brought to market with Colliers guiding €1.3m (€65 psf). The park comprises six retail units and two office units, 20,000 sq.ft. in total and produces €139k pa in rental income. The Irish Times, 20th March
10 Talbot Street, Dublin 1 A private investor paid €1.4m (6.78% NIY) for a mixed use investment property at 10 Talbot Street Dublin 1. The property was sold by Lisney on their click to purchase online sales platform. The property has an annual rent roll of €103k. The Irish Times, 20th March
21 Herbert Place, Dublin 2 Colliers is guiding €1.8m (€653 psf) for a 2,756 sq.ft. four storey property with a derelict mews. The property is laid out as offices on the ground, first, second and third floors and the basement was previously in use as an apartment but could be converted back to offices with the benefit of planning. The Sunday Business Post, 24th March
The Circle Collection Savills are guiding €46m (7.2% NIY) for a portfolio, called The Circle Collection, of 27 pre-63 properties with 213 residential units and three commercial units in the city Centre. The portfolio produces €3.49m pa in rental income and is “effectively fully let”. All properties are fully compliant with planning, fire regulation and local authority housing standards. The properties are located in Clontarf, Rathmines, Rathgar, Phibsborough and South Circular Road. The Irish Times, 20th March
Kilcarbery Business Park, Dublin 22 QRE is guiding €875k (8.23% GIY) for a 4,219 sq.ft. three storey office investment which is let to Forensic Technology (Europe) at €72k pa with 7.8 years unexpired on a 25 year lease. The Sunday Business Post, 24th March
Block B, Nutgrove Office Park, Dublin 16 Lisney has reduced the asking price for Block B, Nutgrove Office Park to €5.8m (€145 psf) which falls below the cost of replacement. The property was brought to market in May 2018 guiding €7m (€176 psf). The 39,845 sq.ft. vacant four storey property built in 2007 includes 45 car parking spaces. The property is subdivided into three units which are 21,159 sq.ft., 11,443 sq.ft., and 7,243 sq.ft. respectively. The Irish Times, 20th March
23 Shelbourne Road, Dublin 4 Three tenants are now occupying 9,300 sq.ft. of the refurbished office block at 23 Shelbourne Road, Ballsbridge. Friends First are seeking €50 psf for the remaining 10,000 sq.ft. through Lisney and BNP Paribas. Friends First bought the property in 2015 for €18m and have refurbished the entire building. The Irish Times, 20th March
Bishop’s Square, Dublin City Centre CBRE have been instructed to bring Bishop’s Square to market on behalf of Hines. Hines bought the property in 2015 for €92.5m and commenced construction works in 2017 of a new penthouse floor and extension to the fourth and fifth floors. Once completed the property will total 187,500 sq.ft. The property currently produces €8.7m pa in rental income and is expected to achieve c€180m. The Irish Independent, 21st March
14 Warrington Place, Dublin 2 A UK purchaser paid €2.1m (6% GIY) for a 3,085 sq.ft. three storey over basement period property which is divided into five apartments. Savills brought the property to market guiding €1.95m. The property is let to Adoor Premium Services Apartments on a five year lease at €130k pa. The Irish Times, 20th March
27 Ailesbury Road, Dublin 4 Savills is seeking €6.5m (€1,385 psf) for an end of terrace 4,962 sq.ft. redbrick four bedroomed house on Ailesbury Road. The Sunday Business Post, 24th March
54 Heytesbury Lane, Ballsbridge, Dublin 4 Knight Frank is guiding €1.2m (€785 psf) for a 1,528 sq.ft. three bedroomed mews residence built in 1990. The Sunday Business Post, 24th March
32 Carrickmines Chase McMorrow Properties is seeking €1.395m (€451 psf) for a 3,089 sq.ft. five bed roomed house with a sixth room in a self-contained annexe on 0.4 acres located in Carrickmines. The Sunday Business Post, 24th March
0.84 Acres Goatstown Road, Dublin 14 Knight Frank is guiding €6.5m (€7.7m per acre) for a 0.84 acre site with 90m of road frontage on Goatstown Road. According to a feasibility study carried out by O’Mahony Pike, the site could accommodate a scheme of 75 apartments over a basement carpark, subject to planning. The property is currently occupied by Charles Hurst Premium used-car sales showroom but is being sold with the benefit of vacant possession as the occupier is relocating to the Naas Road. The Irish Times, 20th March
8.6 Acres Ballyboden GVA O’Buachalla is guiding €18m (€2m per acre) for 8.6 acres at Taylor’s Lane in Ballyboden. John Fleming Architects suggest the site could accommodate 212 homes or 436 build to rent units subject to planning. The Irish Times, 20th March
Development Land Sales 2018 witnessed the highest volume in development land sales since the economic crash. €1.39bn of land was bought and sold in Dublin, Cork, Galway and Limerick, which is almost double the 2017 figures according to Cushman & Wakefield. €928m or 67% of the 2018 total was spent on residential sites. The Irish Times, 20th March
7.6 Acres Rathmichael Savills is guiding €3m (€395k per acre) for a 7.6 acres site with planning for ten five-bedroom detached houses ranging from 3,875 sq.ft to 5,167 sq.ft. The site is within the grounds of Shankill House, off Ferndale Road. The Irish Times, 20th March
0.2 Acres Dundrum, Dublin 16 O’Mahony Auctioneers is guiding €1m (€5m per acre) for a 0.2 acres site at Ballawley Lodge on Sandyford Road, Dublin 16 with planning for five three storey 2,000 sq.ft. houses. The site may have potential for a higher density scheme subject to planning. The Irish Times, 20th March
Student Accommodation Construction Information Services (CIS) notes that 6,060 bed spaces were buillt in 22 student projects in Dublin, Cork and Galway between June 2016 and February 2019. Planning was granted in 2018 for a further 2,309 in Dublin and 810 in Cork. Plans have been submitted for another 2,216 bed spaces in the last four months. In the last 15 months, student accommodation accounted for 21% of the 65 applications under the fast track planning. The Irish Independent, 21st March
Floating Wind Turbine A floating wind turbine will be built off the coast of Mayo. The project which will demonstrate the potential of harnessing the wind and wave conditions in the Atlantic received €31m in funding and is expected to be completed by 2022. The Times, Irish Edition, 21st March
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South Dock House, Hanover Quay, Dublin 2 BNP Paribas Real Estate on behalf of Hibernia REIT is offering two high end south docks first floor office suites suitable for up to 100 staff to let at €62.50 per sq. ft. or to purchase for €10.8m. The Irish Times, 20th February
10 Hanover Quay, Dublin 2 Knight Frank is offering office space extending to 69,000 sq. ft. in total in a converted 1880s warehouse at 10 Hanover Quay to pre let quoting €65 per sq. ft. Construction work has just begun at the Kennedy Wilson (in conjunction with NAMA) development with completion due Q1 2021. The Irish Times, 20th February
Leeson Street, Dublin 2 Knight Frank is guiding €1.8m for a four storey over basement Georgian office investment extending to 3,579 sq. ft. with a courtyard to the rear at 22 Lower Leeson Street. The property is being sold with vacant possession bar the 752 sq. ft. self-contained basement which is subject to an occupational lease (expiring September 2022) producing rent of €20k. The Irish Times, 20th February
Cork QRE Real Estate Advisers is quoting €1.55m for a vacant 28,670 sq. ft. industrial and office investment in the IDA Business and Technology Park on Model Farm Road, Cork. The asset includes a production area of 18,900 sq. ft. and a two-storey office block at the front of 9,769 sq. ft. The site includes 85 car parking spaces. The Irish Times, 20th February
Harold’s Cross, Dublin 6 Rosie O’Grady’s pub at 280-288 Harold’s Cross Road on 0.66 acres in Harolds Cross has been sold by hospitality group Canbe. The purchaser or agreed price was not disclosed. The Irish Times, 20th February
Clonburris Strategic Development Zone (SDZ), West Dublin A 65-acre SDZ site in west Dublin is being offered for sale by Savills guiding €27.5m. The 65-acre site could accommodate 800 to 950 residential units (at a density of 18 – 23 per acre) and 8,611 sq. ft. of commercial space. The guide price is €423k per acre or €30k to €32k per residential plot. Plans for Clonburris, between Lucan and Clondalkin, envisage a new town of about 21,000 people in 8,400 homes (minimum of 2,700 will be social and affordable) delivered under the SDZ “fast-track” planning system located on 280 hectares of former farmland on both sides of the Dublin-Kildare railway line and the Grand Canal, just over 10km from the city centre. The Irish Times, Wednesday 20th February
Dundrum, Dublin 16 Hammerson is reportedly in pre-application talks with planners about proposals to build 100 homes, and possibly a hotel, on a neighbouring site to its co-owned Dundrum Town Centre with Allianz at the south Dublin suburb. The company additionally owns shopping centres at the Ilac in Dublin City Centre in partnership with Irish Life and is a stakeholder in the Pavilions, Swords, Co. Dublin with Iput. It reported net rental income of €46.6m (increase of 1.4% y/y) from its Irish properties in 2018. The Irish Times, 26th February
Douglas, Cork It is reported that a seven acre site in Douglas for residential development of 150 units has been sold by Savills for c. €10m (€1.428m per acre) to developers Centurion Homes. The Irish Examiner, 21st February
Harold’s Cross, Dublin 6 1.25 acres at the former Classic cinema site was sold for more than €8m by Knight Frank. The site was initially guided at €6m and a feasibility study suggested that 76 apartments and retail space might be accommodated on it. The Irish Times, Wednesday 20th February.
Dublin 11 Hooke & MacDonald is quoting €2.835m for a portfolio of 19 residential properties (c. €149k per unit) located 600m from Ikea at Mayeston Hall, Dublin 11 on St. Margaret’s Road. The portfolio comprises of four 1-bed and 14 2-bed apartments in addition to a 4-bed house. Two apartments are let on standard tenancies and the remainder of the portfolio is vacant. The Irish Times, 20th February
Chapelizod, Dublin 20 A residential site for nine large houses extending to 0.37 acres at 3 – 9 Lucan Road is being marketed for sale by Knight Frank for €1.6m. The planning permission allows for the restoration and extension of an existing house known as Mayfield House and demolition of four derelict cottages for a development of nine three storey, three bed terraced houses ranging from 1,356 – 1,722 sq. ft. The Irish Times, 20th February
Dunboyne, Co. Meath Coonan Property is quoting €1.95m (€50k per acre) for 39 acres of agriculture land that may have development potential located c. 3km from Lucan, Co. Dublin. The Irish Times, 20th February
76 Grafton Street, Dublin 2 Savills is offering a sublet of the Fitzpatricks Shoes unit, 76 Grafton Street at €510k p.a. The retail element extends to c. 1,462 sq. ft. on the ground floor with 1,403 sq. ft. at basement level. The 1,000 sq. ft. first floor is currently a canteen with the second floor (540 sq. ft.) used as offices and the third floor (690 sq. ft.) as storage. The Irish Times, 20th February
22 Wicklow Street, Dublin 2 CBRE is seeking €2.2m for a fully let four storey 1,991 sq. ft. retail and office investment at 22 Wicklow Street generating €102k p.a. (NIY 4.27%). The four-storey-over-basement property extends to 1,991 sq. ft. KNails occupies the basement and ground floor (c. 850 sq. ft.) on a 20-year lease from February 2019 at €72k p.a. with a tenant break option at year 10. The first, second and third floors (c. 1,142 sq. ft. of office space) are occupied by Equindo Ltd on a five-year lease from March 2016 at €30k p.a. The Irish Times, 20th February
Showgrounds Shopping Centre, Co. Tipperary Joint agents HWBC and Cushman & Wakefield have completed six new lettings at the 30 unit 129,000 sq. ft. Showgrounds shopping centre in Clonmel, Co. Tipperary. The shopping centre is anchored by TK Maxx, Argos and Marks & Spencer. The new tenancy terms were undisclosed but the tenants include Iceland (25,220 sq. ft.), Dealz (8,200 sq. ft.) and Costa Coffee (2,195 sq. ft.). The Irish Times, 20th February
Blackrock, Co. Dublin QRE Real Estate Advisers is guiding €1.9m for a retail and residential investment at 1 and 3 Rockville, off Newtownpark Avenue generating €145k p.a. (NIY 7.03%). Spar (guaranteed by BWG Group) occupies the ground floor level at €70k p.a. on a 25 year lease from 2015 with a rent review due in 2020 and break option in year 10. The Irish Independent, 21st February
South Anne Street, Dublin 2 A well-known Irish footwear retailer has reportedly agreed to lease the 2,231 sq. ft. unit over five levels at 2 South Anne Street at €120k p.a from Irish Life with the letting handled by Savills. The unit was formerly occupied by Alan Keville since 2011 under a 15 year lease initially at €87.5k p.a. due to increase to €92k in July 2015 and included a tenant break option in July 2018. The Irish Times, 20th February
Munster Sector The Irish Examiner reported that LeBruin raised over €70m in finance for its clients in 2018 via a range of funding options for investments and new developments in Munster, including South Mall, Little Island and Douglas with €100m in the pipeline. LeBruin noted that the largest growth in capital demand was for new developments in the residential, hotel and office sectors. The Irish Examiner, 22nd February
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178-Bed Hotel, Portobello, Dublin 8 MKN Property Group and Tifco Ltd have been granted planning permission for a €40m, 178-bed hotel located in Portobello. There was almost 60 objections to the application, including an Bord Pleanála’s own inspector. Objections were raised regarding the height, scale, form and design. The appeals board noted the development would integrate into the urban setting and did not “injure the character of Portobello House”. The Irish Times, 30th January
71-Bed Hotel, Donnybrook, Dublin 4 An Bord Pleanála have approved plans for a six storey, 71-bed hotel in Donnybrook. Planning was lodged in early 2018 by investment firm Kouchin. The Irish Independent, 1st February
9 Hanover Quay Harry Crosbie has been refused planning permission to convert his own house at 9 Hanover Quay to a 4 star, 19-bed hotel. It was intended that the hotel would complement the U2 visitor centre on an adjacent site, which obtained planning permission last week. Planning was refused on the basis that the public would not be given access to the waterfront at the hotel. The Irish Times, 30th January
DIT, 6-12 Sackville Place, Dublin 1 will be sold by tender through Lisney on 6th March. The guide price is €5m. The buildings are located between O’Connell Street and Marlborough Street and comprises 21,571 sq.ft. mid terraced, mainly four storey over basement. The Sunday Business Post, 3rd February
Infinity Building, Smithfield, Dublin 7 a 125,206 sq.ft. office building, which was bought for €28.65m (€237 psf) in April 2015 has been sold by its Norwegian Investor for €57m (€455 psf) in an off market deal, representing a 99% increase in four years. €5m capex was spent on the property in the period. The property produces annual rental income from Hiqa, DPP, OPW and the Law Society of €3.18m (5.18% NIY). Colliers represented the vendor, Cushman & Wakefield represented the purchaser. The Irish Times, 30th January
73 North Wall Quay, Dublin 1 Molloy & Sherry Logisitics have been granted planning permission for a 39,825 sq.ft. nine storey over basement building, comprising retail on the ground floor and office across eight floors at 73 North Wall Quay. The office element has a lettable area of 23,185 sq.ft. Recent lettings in the vicinity include Saleforce’s letting of 430,000 sq.ft. at Spencer Place and WeWork’s letting of 99,513 sq.ft. at Dublin Landings. The Irish Times, 30th January
Kildare Street, Dublin 2 Kennedy Wilson have commenced works on their €40m, seven storey office block located behind Georgian properties on Kildare street. Works are due to be completed by 2021. The Sunday Times, Irish Edition, 3rd February
51-54 Pearse Street and Magennis Court, Dublin 2 have been brought to market guiding €27m by Knight Frank. The properties produce an annual rental income of €1.32m (4.5% NIY) but market rent is closer to €1.7m which would equate to a 6% NIY. 51-54 Pearse Street is a 25,619 sq.ft. refurbished Georgian property to the front linked by a glazed atrium to a modern six storey office block at the rear and includes 10 car spaces. Magennis Court is a grade A 17,490, sq.ft. five storey office block. The Irish Times, 30th January
Sales Force Tower, Spencer Dock, Dublin 1 Ronan Real Estate Group and Colony Capital have submitted plans to Dublin City Council to add an additional two floors totalling 100,000 sq.ft. to the Sales Force Tower at Spencer Place, to bring the building to ten stories. It follows the Minister for Housing’s decision to lift of the caps on maximum heights of buildings in towns and cities in December 2018. The Sunday Business Post, 3rd February
HWBC Dublin Office Market Review notes that demand for large scale office space in excess of 100,000 sq.ft. is masking the decline in demand for smaller spaces in the market with spaces less than 30,000 sq.ft. slow to fill. HWBC forecast prime office rents will remain at €60-€65 psf, a sign the market is maturing. In Dublin suburban areas, rents are expected to pass €32 psf and peak at €35 psf. The Irish Independent, 1st February
Unit 1, Dublin Airport Logistics Park Iput have commenced €3m refurbishment works at Unit 1, to enable the property to be ready for occupation by Summer 2019. Iput recently acquired the 184,886 sq.ft. vacant property for €19m. William Harvey will be the letting agent. The Irish Times, 30th January
2.31 Acre Site, Baldonnell Business Park, Dublin 22 Savills are guiding €1m (€432.9k per acre) for a 2.31 acre industrial site located at Balldonnell Business Park. The site is zoned EE which allows for low-to-medium intensity enterprise and employment uses such as high-tech manufacturing. The Irish Times, 30th January
Hazelbrook Square, Churchtown, Dublin 14 54 apartments at Hazelbrook Square, comprising 22 one-bed, 28 two-bed and four three-bed, were sold for c €18.25m by Cushman & Wakefield on behalf of NAMA. It is understood an overseas investor purchased the portfolio through sales agent TWM. Rental income at the time of sale was €896,000 (4.9% GIY) but had the potential to increase to €1.18m (6.4% GIY). The Irish Independent, 1st February
Nine Apartments, Printworks, Bray Bagnall Doyle MacMahon have brought a portfolio of nine apartments at the Printworks Bray to market guiding €1.55m (6.53% NIY / €172k per apartment). The apartments generate €105,120 which could rise to €150,000 when two of the vacant units are let. The apartments range in size from 570-775 sq.ft. and form part of a 45 unit complex. The Irish Times, 30th January
Fairways Apartments, Cualanor, Dun Laoghaire The Irish Independent reports that there are offers in excess of €100m from six bidders for 214 apartments currently under development by the Cosgraves in Dun Laoghaire. Hooke and MacDonald brought the portfolio to market in November guiding €95m. The Irish Independent, 31st January
1.25 Acre Site, Blackrock, Co Dublin Cushman & Wakefield are guiding €9m (€7.2m per acre) for the former Europa Motors 1.25 acre site located at the corner of Maretimo Terrace and Newtown Avenue in Blackrock. The site has planning for 51 residential units including 11 one-bed, 31 two-bed apartments and nine three-bed houses. The site previously transacted for €7.5m in 2015. The Irish Times, 30th January
Naas Road, Dublin Property company Development 8 are in discussions with An Bord Pleanála regarding a potential build to rent scheme on lands at the Concorde industrial estate on the Naas Road. The proposed development would include 492 residential units. The Sunday Times, Irish Edition, 3rd February
2.25 Acre Site, Blanchardstown, Dublin 15 Coonan Property are guiding between €3m and €3.5m (€1.55m per acre) for a 2.25 acre site located at the heart of Blanchardstown Village, Dublin 15. The site is zoned ‘Town Centre’ and ‘High Amenity’ in the 2017-2023 Fingal Development Plan. ‘Town Centre’ aims “to protect and enhance the special physical and social character of town and district centres and provide and/or improve urban facilities” while the ‘High Amenity’ aims “to protect and enhance high amenity areas”. The Irish Independent, 31st January
Capital Dock, Dublin Docklands Two bedroom apartments in Ireland’s tallest building will range from €3,500 to €4,000 per month or €20,000 per month for the 22nd floor penthouse. The development incorporate 700,000 sq.ft. across 22 floors including 190 apartments and two neighbouring office blocks. The Irish Times, 30th January
0.63 Acre Moores Hotel and AOH Hall, Cork was sold for over €7m (€11m per acre). The combined site is located off South Mall and was sold by ERA Downey McCarthy. The Irish Examiner, 31st January
7 Acre Site, Castletroy, Limerick Costelloe Estate Agents are guiding €2.5m (€357k per acre) for a 7 acre site located at Singland, Castletroy, Limerick. The site has planning for 98 residential units comprising 54 three-bed semis, 15 two/three-bed houses and 29 apartments. The Irish Times, 30th January
30 Acre Site, Ratoath, Co. Meath Knight Frank are guiding €7.5m (€250k per acre) for a c 30 acre site on Fairyhouse Road, Ratoath, Co Meath. The majority of the site is zoned residential. The Sunday Business Post, 3rd February
16 Apartments, College View & Gateway Mews, Dublin 11 Bagnall Doyle MacMahon have brought a portfolio of 12 apartments at College View Ballymun, Dublin 11 to market guiding €1.55m (€129,166 per apartment). The same agent is also guiding €625k for four town houses at Gateway Mews just off the Ballymun Road. The Irish Times, 30th January
Project Beech, AIB Loan Sale the Irish Times reports that Lone Star Funds and Cerberus are reported to be amongst parties that have progressed through to the next stage of the AIB Project Beech Loan Sale. It is anticipated that the next stage will commence in February with the transaction expected to complete in quarter two. The portfolio with a par value of more than €3bn comprises mainly mortgages and business loans. The Irish Times, 31st January
BidX1 February Auctions are taking place on 20th and 21st February. C240 lots with a combined value of €40m will be auctioned online.
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Tivoli Theatre Site, Francis Street, Dublin 8 DWS, a global asset manager, has acquired the 0.968 acre Tivoli Theatre site on Francis Street, Dublin 8 and intend to forward fund construction of a 242-bed aparthotel. Staycity has agreed a 25 year FRI lease once construction is completed. The development is expected to have a GDV of more than €70m. Savills represented DWS in the transaction.The Irish Times, 23rd January
Uncle Tom’s Cabin, Dundrum CBRE is guiding €3.75m for Uncle Tom’s Cabin, a pub located beside Dundrum Town Centre. The property sits on a 0.8 acre site and offers redevelopment potential subject to planning. The Collins family have traded from the property for 129 years and it is being sold on behalf of Tony Collins who is retiring. The Irish Independent, 24th January
Units 4-5, Mygan Business Park, Finglas, Dublin 11 Cushman and Wakefield is guiding €10.5m (5.23% GIY) for two interconnecting hi-bay logistics units totalling 95,594 sq.ft. on a 5.65 acre site. The units generate rent of €550k p.a. from Nightline Group with an unexpired lease term of 12 years. Planning permission was also obtained in 2012, but not acted upon, for additional warehouse space. The Irish Times, 23rd January
2018 Dublin Industrial Take Up CBRE identifies that industrial take up in Dublin in 2018 was up 22% YoY. Average vacancy rates in 25 of the most modern industrial estates in the capital in Q4 2018 was 8.04%, a 0.19% decrease QoQ, and eight of the parks had no vacancy. Prime industrial rents were €9.85 psf and are set to rise by 6.5% in 2019. CBRE note that there is demand for 331,367 sq.ft. of space in Dublin. The Irish Times, 23rd January
151 Thomas Street, Dublin 8 Iconic Offices is set to renovate the 200 year old former IAWS premises at 151 Thomas Street into a 69,965 sq.ft. office development to accommodate 900 workstations. The Sunday Business Post, 27th January
Sandyford, Dublin 18 Construction has commenced on the 222,000 sq.ft. “Termini” office block located on Arkle Road, Sandyford. Aldgate Developments acquired the site in 2016 with the benefit of office planning permission but applied to change the planning to increase efficiency and usability of the office space by revising internal layouts and other exterior improvements. Joint agents Cushman & Wakefield and Knight Frank are seeking tenants quoting rents of €30 psf. The Irish Times, 23rd January
Setanta Centre, Nassau Street, Dublin 2 The Kilkenny Group along with three other parties have appealed An Bord Pleanála’s decision to grant planning permission for Ternary Ltd’s €100m redevelopment of Setanta House to construct a new office block. The Kilkenny Group’s flagship Kilkenny Design store is located in Setanta House. The Irish Independent, 26th January
BNP Paribas Q4 2018 Irish Office Market Report notes that 1,685,316 sq.ft. of office space was taken up in Q4 2018 across 67 deals, bringing the annual take up to the highest on record of 3,982,647 sq.ft. Of the Q4 2018 take up, 67% related to pre-lets. The market is dominated by Technology, Multimedia and Telecommunications (TMT) sector which accounted for 69% of take up in Q4 2018.
Dublin Serviced Office Market Serviced office broker Click Offices maintain that the Dublin serviced office market grew by 50% in 2018, equating to 400,000 sq.ft. or 8,000 desks. Click Offices identified that there is currently 1.15m sq.ft of serviced office space in the capital, up from 750,000 sq.ft. in 2017. Click Offices note there are 55 service office providers in Dublin with WeWork, Regus, Iconic, Glandore and Pembroke Hall accounting for 55% of the market. Monthly prices for desks range from €300 to €650. The Irish Times, 23rd January
Hooke & MacDonald Report notes the Build to Rent sector in the Irish property market is the most vibrant part of the Irish investment market and has potential for “sustained growth” for the next five years. The report identifies c. 2,000 apartments were built in 2018, 3,000 are scheduled for completion in 2019 and there will still be a demand for 9,000 more in Dublin. Investment in Build to Rent schemes accounted for 30% of 2018 transaction activity. The Irish Times, 23rd January
Longboat Quay, Dublin Docklands Savills is guiding €8.75m for 17 apartments at Longboat Quay (c. €515k per apartment). The properties comprise 2 x one-bed, 4 x two-bed, 10 x three-bed apartments and a shell and core penthouse along with 23 parking spaces. 15 of the 17 apartments for sale are vacant, but once fully let could generate €545k p.a. (6.2% GIY). Demand in this area is strong as seen by Cairn Homes’ sale of Six Hanover Quay, a development nearing completion with 120 apartments and 6,400 sq.ft. of space for a restaurant and café for €101m (c. €800k per apartment). Google also recently acquired 46 apartments currently under construction at its Boland’s Quay scheme. The Irish Times, 23rd January
Dublin Landings, Dublin Docklands The Irish Independent reports that Ballymore is in exclusive talks with Greystar for the sale of 268 luxury apartments currently under construction at Dublin Landings Development for c. €175m. The apartments, once completed, will comprise 82 x one-bed, 146 x two-bed, 31 x three-bed apartments and 9 x three-bed duplexes. The first phase of the scheme is due to be completed in September 2019. The Dublin Landings project will comprise 1,076,391 sq.ft. of office, residential, retail and leisure space of which 237,000 sq.ft. is residential space. The Irish Independent, 26th January
Cherrywood, Dublin Hines has obtained planning permission to build 146 apartments at Town Centre 5 (TC5) quarter at Cherrywood, Co Dublin. There are already 1,269 apartments under construction at Cherrywood Town Centre. TC5 will comprise 171,243 sq.ft. of residential units across four blocks of one, two and three bed apartments along with 189 car spaces and 166 bicycle spaces. The Sunday Business Post, 27th January
Sandyford, Dublin 18 Ires Reit is preparing a planning application for 428 apartments at Rockbrook development in Sandyford following a previous rejection for 456 apartments at the site by an Bord Pleanála. The Irish Times, 23rd January
133 Stillorgan Road, Dublin Hunters Estates Agents are guiding €1.8m (€597 psf) for a 3,014 sq.ft. four-bed detached house which also comes with planning permission for a 431 sq.ft. self-contained apartment to the side of the property. The property was built in 1930 and has been recently renovated to turnkey condition. The Sunday Business Post, 27th January
Blackrock, Co Dublin Lisney is guiding €1.45m (€728 psf) for a 1,991 sq.ft. four-bed house located at 4 Grove Avenue, Blackrock, Co Dublin. Separately, Sherry Fitzgerald is guiding €1.595m (€677 psf) for a 2,357 sq.ft. three-bed semi-detached property at 3 Glenart Avenue, Blackrock. The Sunday Business Post, 27th January
Dalkey, Co. Dublin Estate agent Brady and McCarthy is guiding €1.275m (€658 psf) for a 1,938 sq.ft. three-bed semi-detached property located on 3 Tower Hill, Harbour Road, Dalkey. The Sunday Business Post, 27th January
Ashford, Co Wicklow Savills is guiding €13.5m (c. €233k per acre) for a 58 acre site in Ashford, Co. Wicklow. The site which is located on the Eastern side of Ashford between the R772 and M11, comprises 28.5 acres zoned residential and 18.63 acres zoned strategic land reserves. A feasibility study by Darmody Architecture notes that the site could accommodate 343 houses. The Irish Times, 23rd January
Ratoath, Co. Meath Knight Frank is guiding €7.5m (c. €252k per acre) for a 29.73 acre site with the majority zoned residential on the Fairyhouse Road within 1km of Ratoath town centre. The balance of the holding comprises lands zoned for “Open Space” (c. 0.12 acres), un-zoned lands (c. 6.22 acres) and lands reserved for the Ratoath Outer Relief Road (c. 4.31 acres). The Irish Independent, 24th January
BNP Paribas Q4 2018 Irish Investment Market Report identifies that the final quarter of 2018 saw an increase in investment in Irish commercial property with turnover reaching over €1.1bn across 85 deals. This represented an 8% increase for the quarter YoY and brought 2018 total turnover to €3.66bn. Investment in PRS schemes increased in Q4 2018 with €399.7m invested in the sector across 13 deals. €335m was invested in the office sector across 23 deals.
Banking and Payments Federation of Ireland (BPFI) Data identifies that 45,656 mortgages with value of c. €10.1bn were approved in 2018 while 40,203 residential mortgages with value of €8.7bn were drawn in 2018 (increase in value by 20% YoY). First Time Buyers represented 48% of 2018 drawdowns. Goodbody chief economist Dermot O’Leary noted that a normal market would see c. €14bn in mortgage drawdowns, and growth of 16% to c. €10bn of drawdowns is expected in 2019. Separately, Central Bank figures show household debt as a percentage of disposable income is currently at its lowest level since 2004 although Irish households remain the fourth most indebted in the EU. The Irish Times, 29th January
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71 South Mall, Cork Planning permission has been lodged by South Mall Hospitality Ltd, for a 58-bed hotel at 71 South Mall, the former National Irish Bank premises. If approved, it has a target opening date of 2021. It is intended to retain the existing five-bay classical banking hall for bar / restaurant / café use. The existing four storey building will be upgraded adding 12,000 sq.ft. behind in a five / six storey building with set-back and roof deck. The application was lodged a month after the 163-bed Dalata / Maldron hotel opened on South Mall / Parnell Place. The Irish Examiner, 17th January
Vicar Street, Dublin 8 Harry Crosbie has been granted planning permission for an eight storey, 185-room hotel on Vicar Street. It is expected to cost in the region of €17m and will take 16 months to complete. Construction is expected to commence in Q1 2019. The Sunday Business Post, 20th January
Dublin Docklands Dalata has entered into arrangements to lease a hotel currently under construction in the Dublin Docklands. The 200-bed hotel will form part of Johnny Ronan’s “Spencer Place” project and will be within walking distance of the IFSC, 3Arena and Convention Centre. The lease will comprise a 35 year operating lease with 5 yearly rent reviews. The Irish Independent, 21st January
The Kestrel Pub, Walkinstown, Dublin 12 The Irish Independent comments that there are a number of interested parties seeking to purchase the Kestrel Pub which was brought to the market in October 2018 guiding €1.8m. The pub located at the Walkinstown roundabout is being sold alongside the adjoining commercial unit let to Ladbrooks at €24k + VAT pa. The Irish Independent, 17th January
0.5 acre site, Dublin 8 CBRE are guiding €5.75m (€11.5m per acre) for a 0.5 acre site in Dublin 8 with planning permission for a nine storey 149-unit apart hotel. The site is adjacent to the planned national children’s hospital and 150m from the Luas stop. The Irish Times, 16th January
Unit 1, Dublin Airport Logistics Park IPUT Plc has announced that it has completed the off-market acquisition of an 184,886 sq.ft. unit on a standalone site of 8.4 acres, located at Dublin Airport Logistics Park. The property was purchased with the benefit of vacant possession and IPUT will commence upgrading works prior to reletting. Philip Harvey of William Harvey Ltd advised IPUT in the acquisition of Unit 1, and has been appointed as sole letting agent. This purchase follows the successful acquisition and refurbishment of two large scale logistics buildings at North West Business totalling 240,000 sq.ft. https://www.iput.ie/news
Unit H, Aerodrome Business Park, Rathcoole, Co Dublin William Harvey Ltd handled the sale of Unit H on behalf of a group of investors. The 46,177 sq.ft. warehouse was sold for €7.55m (5.19% NIY). The property is fully let to Fannin Ltd on a 25 year term from 2007 at €425k pa rising to €450k in 2022. Peter Flanagan of Knight Frank acted for the purchaser. William Harvey, Industrial Property Specialists
Blanchardstown, Dublin 15 Bretland Construction have commenced works on their €24m office development at Blanchardstown Corporate Park, Dublin 15. The offices when completed will span 169,962 sq.ft. across two six floor buildings. The development is expected to take two years to complete. The Sunday Business Post, 20th January
Dublin Docklands Salesforce have pre-let 430,000 sq.ft. with the potential to increase to 530,000 sq.ft. of grade A office space. The development will form part of Johnny Ronan’s “Spencer Place” project. This is larger than Facebook’s letting of 350,000 sq.ft. at AIB Bank centre. The Irish Independent, 19th & 21st January
Century House, Harold’s Cross, Dublin CBRE have brought a former parochial hall, converted to offices spanning 6,393 sq.ft. over two floors, to market guiding €1.75m (7.3% NIY). The property comes with 12 parking spaces and is fully let to PKF O’Connor, Leddy & Holmes Ltd on a 25 year lease from 2001, with a break option in 2021. The annual rent role is €133,500. The Irish Independent, 17th January
Dawson Street, Dublin 2 It is reported that WeWork, the collaborative workspace providers, are in negotiations to lease the previous New Ireland Assurance headquarters on Dawson Street, Dublin 2. The property was purchased last year for €38m by Paddy McKillen Jr and Matt Ryan and planning has been submitted to refurbish the property adding two setback floors. The property if completed will extend to 99,000 sq.ft. office and 9,160 sq.ft. licenced premises. The Irish Times, 16th January
Bonham Quay Project, Galway Construction work will commence in March 2019 on Gerry Barrett’s €100m Bonham Quay Project. Planning was approved in September 2018 for 370,000 sq.ft. of grade A offices across four blocks on a two acre waterfront site. The Irish Times, 16th January
White Heather Industrial Estate, South Circular Road, Dublin 8 U+I, a British property group who purchased a 2.84 acre industrial site in Dublin 8 may seek to get the site rezoned to residential in the next city development plan which comes into effect in 2022. The industrial site produces €555k pa from tenants including An Post and the nearest break option is over five years away.The Irish Times, 22nd January
Malahide Road, Dublin Cairn Homes and NAMA have agreed a joint venture (75% Cairn, 25% NAMA) to create over 550 homes. Cairn announced it had created the vehicle to provide the units on a 14.5 acre development site beside its “Parkside” development on the Malahide Road. Cairn own 33 residential development sites with capacity for over 14,500 homes of which 90% based in the greater Dublin area. The company is currently building on 13 sites in the greater Dublin area, planning to deliver 4,750 homes. The Irish Times, 22nd January
25 Raglan Road, Dublin 4 Lisney have brought a 4,349 sq.ft. three storey over garden level Georgian building built in 1859 to market guiding €3.5m (€805 psf). The Sunday Business Post, 20th January
Dominick Street / Parnell Street, Dublin 1 Works have commenced on the Duggan Brother’s €35m social housing scheme on Dominick Street and Parnell Street. The scheme will comprise 67 apartments and five houses along with commercial units and is expected to be completed by Q1 2021. The Sunday Business Post, 20th January
Belgard House, Tallaght, Dublin 24 Plans for a €64m residential and student accommodation comprising 438 apartments and 403 student beds, located in Tallaght has been submitted to An Bord Pleanála by Atlas GP Limited. A decision is expected in April 2019 The Sunday Business Post, 20th January
New Housing Completions 2018 New housing completions reached a nine year high in 2018 with 18,855 completed, a 31% increase YoY, according to analysis from Goodbody. The southeast of the country saw a 49% increase YoY. Apartment completions accounted for 13% of the year’s total. The Irish Times, 18th January
Terenure, Dublin Borrisron Ltd, of which Greg and Niall Turley, the brothers behind Cartrawler, are the shareholders, have lodged planning to develop a six storey, 55 unit build to rent scheme at a site which previously housed Rathdown Motors in Terenure. The scheme if approved, will comprise 40 one-bed and 15 two-bed apartments along with 37 underground car spaces. The Irish Times, 21st January
Athy, Co Kildare Conack Construction has commenced works on an €8.5m primary care centre in Athy, Co Kildare. The property will comprise three stories including HSE, Tusla and general practitioners. The Sunday Business Post, 20th January
Co-Living London based co-living company, The Collective, has purchased its first Irish property in Fumbally, Dublin 8. The business offers flexible leases and their UK properties typically include a bed, an ensuite, private kitchenette and desk along with high end communal areas. It is anticipated they will target the growing number of tech workers in Ireland. The Sunday Independent, 20th January
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Twilfit House, Dublin 1 Whitbread, owner of the Premier Inn Hotel chain have purchased Twilfit House development site in Dublin 1 and intends to build a 180-bed hotel on the site. This will be the second Premier Inn in Dublin following planning granted in 2018 for a 97-bed hotel on South Great George’s street, Dublin 2. The group are actively seeking both freehold and leasehold opportunities in Ireland to fulfil a requirement of 2,000 to 2,500 bedrooms in Dublin. The Irish Independent, 14th January
Parnell Street, Capel Street, Dublin 1 Brian McGettigan’s Vision Wave Ltd are seeking to construct a seven-storey, 65-bed hotel at Parnell Street and Capel Street. As part of the submission, Crowe commented that based on developer appetite and planning, 3,000 hotel rooms could be opened by 2023 in addition to the 699 rooms currently under construction. The Irish Times, 14th January
Thornton Hall, North County Dublin The majority of the 165 acre Thornton Hall site, located in North County Dublin, which was once designated to be the State’s first “super prison” has been offered to the Land Development Agency to build 150,000 homes over the next 20 years. The site was previously purchased by the government in 2005 for €32m (c€200k per acre) but was valued at €2.4m in 2015. The Irish Times, 14th January
Tallaght, Co Dublin The Marlet Property Group have applied for planning permission through the fast track system for 438 apartments and 403 student bed accommodation at the junction between Belgard Road and Belgard Square North. It is proposed this phase will be the first of two for “Belgard Gardens” which if approved, will see a total of 1,500 apartments, 403 student beds, commercial units along with communal lounges, gym, and meeting spaces on the 17.8 acre site. The site was assembled in 2016 for a reported €16m. The Irish Times, 9th January
Dulex Paint Factory Site, Drimnagh Durkan (Davitt Road) Ltd have applied for planning permission through the fast track system for 265 apartments on the site of the old Dulex Paint Factory site in Drimnagh, North Co Dublin. Davitt Road is a main route in Dublin City Centre beside the Grand Canal and the Luas red line. The Irish Times, 11th January
Ardarostig, Bishopstown, Cork Ardstone have applied through the fast track system for planning permission for 240 new housing units comprising 154 houses and 86 apartments at Ardarostig, Bishopstown, Cork. It is anticipated the project will cost c€50m. The Irish Times, 9th January
Castletownshed, West Cork Sales agent Charles P McCarthy in Skibbereen has brought “Seafield House” an 8,500 sq.ft. six bed house, with 300 yards of shoreline frontage with slipway and boathouse to market guiding €5m. The property is located in Castletownshed, West Cork. The Irish Examiner, 12th January
Fernbank Development, Churchtown Irish Life Investment Managers is seeking rents of c€2,350 for two bed apartments at the Fernbank development. The company paid c€128m for 261 apartments and one listed building on land previously owned by Notre Dame School, which marked their entrance into the build to rent schemes. Lisney are acting as rental agents for the units. The Irish Times, 14th January
Dublin Office Leasing surpassed all records in 2018 with 3,918,063 sq.ft. of space let in 2018 according to CBRE. The overall office vacancy rate in Dublin was just over 6%. The Irish Independent, 9th January
ESB Depot, South Lotts Road, Ringsend it has been reported that ESB may consider bringing their c9 acre site on South Lotts Road, Ringsend to the market. It is anticipated the sale would achieve c€150m and if completed, would be the largest by a semi-state body since RTÉ sold c9 acres of land at its Donnybrook campus to Cairn Homes for €107.5m. The property is located within walking distance of Google’s €300m Bolands Quay development which will include 301,389 sq.ft. of office space which Google will retain for its own use and 46 apartments. The Sunday Times, Irish Edition, 13th January
St Stephen’s Green, Dublin 2 The Royal College of Surgeons (RCSI) have applied to Dublin City Council to demolish part of the former Eir headquarters on St Stephen’s Green in Dublin 2 to allow for an 110,868 sq.ft. eight storey education and research building. This will be the first phase for the three blocks that comprise Ardilaun Centre. RCSI purchased the properties from Green Property in 2002 for €75m. Block A was let to Eir before they moved to Heuston South Quarter, RCSI occupy block B and Block C is let to Iconic Offices. The Sunday Times, Irish Edition, 13th January
Royal Liver Retail Park, Naas Road, Dublin has been sold to Allied Real Estate Group for c€25m. The Park was the first retail park to open in Ireland and tenants include Carpetright, Bargaintown and Furniture District. The Previous owner Willie Smyth, applied for redevelopment to a mixed use scheme including six blocks ranging from eight to 26 storeys in 2009. This plan was rejected by an Bord Pleanála. The new owner will examine asset management opportunities to increase the value of the retail pack. The Sunday Times, Irish Edition, 13th January
Ulster Bank’s Construction Purchasing Manager’s Index (PMI) shows that the construction industry is expanding rapidly with the overall index hitting a four month high at 56.3 in December 2018 up from 55.5 in November. The commercial construction index was 58.5 in December up from 57.5. Housing activity growth reduced to 56 from 58.2. Civil Engineering activity index was 45.5. A reading higher than 50 indicates expanding activity. Jobs in the construction industry sector rose for the 64th consecutive month. The Irish Independent, 14th January
IAM Sold 2019 Auction Dates have been announced for more than 30 online and public auction dates. The property auctioneer runs Munster, Leinster and Connacht property auctions. The next auction dates for Connacht are 31st January (online) and 21st February (public), Munster 7th February (online) and 28th February (public) and Leinster 14th February (online) and 7th March (public). The Sunday Business Post, 13th January
Dublin Crane Count reached a record high of 109, up from 104 in December 2018. There are 41 cranes on the north side of the River Liffey and 68 on the south side. The Irish Times, 9th January
Irish Property Market Investment According to BNP Paribas, more than €3.6bn was invested in the Irish property market in 2018 with the office market the highest performer. It was also the fourth strongest year on record with 11 “mega deals” worth more than €100m. 4,008,922 sq.ft. of office space was taken up in Dublin, a 5.1% YoY increase on 2017. Residential investments totalling €1.1bn accounted for 31% of total turnover up from 15% the previous year. The Irish Times, 9th January
CBRE Real Estate Market Outlook 2019 discusses potential yield compression in 2019 for offices, prime build to rent, industrial and hotels. Office take up is expected to have another strong year but supply will be tight despite the amount of construction ongoing. Two sections of retail sheltered from structural change in consumer behaviour are “larger experiential retail schemes” offering leisure and food and secondly convenient local retail shops. Demand in industrial and logistics is expected to increase due to Brexit related demand and prime industrial rents are expected to increase by 6.5% as a result.
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Dublin Pubs saw average sale prices rise by 64% in 2018 to €1.68m, almost three times what they were in 2010. Despite this, the number of pubs sold in Dublin is down 21% on 2017 figures and down 35% on 2016 figures. CBRE’s John Ryan has commented that one of the key trends in 2018 was pubs being put on the market with ‘alternative use potential’. Brady’s pub in Castleknock was offered with planning for 36 apartments, The Big Tree on Dorset Street was sold for residential and commercial development and the Black Horse Pub in Inchicore was acquired for residential development. The Irish Independent, 28th December
Bowe’s Pub, Fleet Street, Dublin Planning has been lodged to more than double the size of one of Dublin’s last Victorian pubs; Bowe’s on Fleet street along with the adjacent Times Hostel while slightly decreasing the size of Doyle’s pub. The planning application was lodged following the purchase of 6 College Street by the owner of Doyle’s Pub. Capital Estate Management Limited which controls the Times hostel has applied to develop the site between 6 and 9 College Street and 28 to 31 Fleet Street. The Irish Times, 4th January
34-37 Ormond Quay, Dublin 1 Bennett Construction has commenced the main works on the redevelopment of the former Zanzibar club in Dublin 1 into a 165-bed aparthotel development over seven stories. The €17m project is due for completion in the first half of 2020. The Sunday Business Post, 30th December
21-25 Chancery Street, Dublin 7 MB McNamara Construction has commenced construction on the new eight storey 249-bed hotel at River House, 21-25 Chancery Street. It is reported that the project will be a Hampton by Hilton once completed. The Sunday Business Post, 30th December
Hotel Transactions JLL expect Hotel transaction volume for the last 12 months to reach €750m equating to a 36% increase YoY from 2017. The largest portfolio sale involved the Tifco Hotel Group, totalling 19 hotels and development sites, which were acquired by Apollo Global Management for c. €350m. Another portfolio of Irish and UK Hilton Hotels was acquired for more than €110m by LRC Group. Other large single asset sales included the Hilton Dublin Hotel for €23m and the Ibis Dublin Red Cow for €14m. JLL note challenges expected in 2019 will be the reintroduction of the 13.5% VAT rate, Brexit and the recent forecast by STR Global of a 3% decline in Dublin RevPar. The Sunday Independent, 6th January
House Prices Myhome.ie predicts that house prices will rise by 5% in 2019 on account of strong demand, rising wages and assuming Brexit uncertainty is resolved. Their report details that house prices rose nationally by 6.1% in 2018 and 3% in Dublin during the same period. The report further notes that prices dipped nationally by 0.9% in the 4th quarter of 2018, leaving the median cost nationally at €266,000 or €375,000 in Dublin. The Irish Times, 2nd January
Leopardstown, Co Dublin Castdale Ltd, a subsidiary of Michael Cotter’s Park Developments, has obtained consent from An Bord Pleanála to construct 341 new homes surrounding the British Ambassador’s official residence in Leopardstown, Co Dublin. The scheme will comprise 243 apartments across six blocks, 98 houses and a childcare facility. The Irish Independent, 3rd January
Coolock, Dublin 17 Coldwell Banker are seeking €1m for a 0.42 acre site (€2.38m per acre) with development potential on the Malahide Road, Coolock, Dublin 17. The property currently comprises two detached houses but offeres potential for residential redevelopment subject to planning. The Sunday Business Post, 23rd December
Lad Lane, Dublin 2 McGill Construction have started works on a 25 apartment and enterprise scheme at 5/5A Lad Lane, Dublin 2. Main works are anticipated to commence in April 2019 when the development will be built up to basement level. The Sunday Business Post, 30th December
South Circular Road, Dublin 8 Development firm U+I has purchased the White Heather industrial estate on the South Circular Road in Dublin 8 for an undisclosed sum. The 2.84 acre site, located near the Liberties area of Dublin has huge development potential and was guided at €7m when brought to market by Lisney in September 2018. The site incorporates seven warehouse buildings and a 1,136 sq.ft. three-bed period house and currently produces €542k rent annually from five tenants including An Post. The Sunday Business Post, 30th December
9 – 12 Dawson Street, Dublin 2 Paddy McKillen Jr’s company Goldwing Real Estate Ventures Ltd has sought permission from Dublin City Council to “preserve, refurbish and extend” the former headquarters of New Ireland Assurance at 9-12 Dawson Street. Planners are currently considering proposals for its addition to the Council’s Record of Protected Structures. The proposed addition of two setback floors will increase the building’s size from 72,452 sq.ft. to 99,103 sq.ft. While the majority of the property will remain as offices, there is a change of use application for the ground floor to restaurant. The property was purchased for €38m in June 2018. The Irish Independent, 8th January
The Gateway Offices, Titantic Quarter, Belfast has been brought to market by CBRE guiding €37.7m (€283 psf). The 133,000 sq.ft. Grade A office building is fully let to Citibank. The property was completed in 2009 and comprises three connected blocks. CBRE note that this is one of the most prominent Grade A office buildings in the city with prime rents expected to achieve €24.4 psf by year end. The Sunday Business Post, 23rd December
JYSK Store Openings JYSK, a Danish home retail brand, has announced plans to open 15 stores across Ireland over the next two years, with the first opening in Naas in April 2019, in Drogheda and Navan in May and Portlaoise during the Summer. The company was founded in Denmark in 1979 and has over 2,700 stores in 51 countries. The Irish Independent, 4th January
Commercial Property Sales were set to hit €3.5bn for 2018 according to Knight Frank. While the final figure was dependent on the completion of a number of deals pre year end, the overall value will be ahead of €2.5bn in 2017 but behind the record of €4.5bn recorded in both 2014 and 2016. The office market accounted for the largest share of deals done in 2018 with prime office yields in Dublin at 4%. The Irish Independent, 27th December
U2 Visitor Centre, Dublin Docklands U2 have reduced the height of their planned visitor centre in Dublin Docklands by 16.25%. The proposal submitted by Paddy McKillen Snr’s Gold Brook Ltd and U2’s MHEC Ltd is to include a reconstruction of the band’s original studio and various themed exhibit areas. They anticipate it will attract 390,000 U2 fans annually. The Irish Independent, 5th January
Commercial Land Sales reached a 10 year high in 2018 reaching almost €1.5bn. CBRE note that during 2018, 125 transactions were signed. Previously in 2006, 260 sites were transacted totalling €4bn. The office sector was the best performing market sector with take up reaching 2,368,060 sq.ft. and a third of office stock in Dublin in the first nine months of 2018 comprised of pre lettings. The Irish Independent, 21st December
Build to Rent Schemes 2018 saw a rise in build to rent schemes acquired. In May, Irish Life Investment Managers purchased 262 apartments at Park Developments’ Fernbank scheme in Churchtown, Dublin. The same month, Ires Reit purchased 128 apartments in Hampton Wood Square in Finglas for €40m. In June, Kennedy Wilson and AXA Investment Managers purchased 274 apartments of the 507 at the Grange Stillorgan and Cairn Homes secured €101m for 120 apartments and two retail units at 6 Hanover Quay. In October, European real estate investor Tristan Capital Partners forward purchased 372 apartments under development at Clongriffin in Dublin 13 for €140m. Irish Independent, 27th December
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South Bank House & The Warehouse, Dublin City Centre Google Ireland has acquired two Grade A offices leased to Dublin law firm Mason Hayes and Curran from Kennedy Wilson. The assets located on Barrow Street comprise of c. 81,000 sq.ft. in total and are adjacent to Boland’s Quay, a mixed use development due Q1 2020. South Bank House was completed in 2006 and provides c. 62,000 sq.ft. Grade A offices. The Warehouse is on the waterfront to the rear of South Bank House and comprises a 19th century, three storey warehouse building with c. 19,500 sq.ft. refurbished to modern office space. The Irish Times, 17th December 2018
Hume House, Dublin 4 Irish Life is reportedly set to obtain planning permission to develop a new 236,000 sq.ft. eight storey over double basement office complex at Hume House Pembroke Road, Dublin 4. Irish Life acquired the Hume House office block on 0.86 acres for €35m in 2016 from Blackstone with the benefit of planning permission for a 150,000 sq ft office scheme. The Irish Times, 12th December 2018
Drogheda, Co. Louth A first-floor 6,157 sq.ft. Grade A office space with six car-parking spaces in South Quay Buildings, Drogheda, Co. Louth is being offered to let at €96k p.a. (€15.59 psf) by agent Shane Black. The property was previously occupied by Ulster Bank and is close to the centre of Drogheda. The Irish Times, 12th December 2018
White Heather Industrial Estate on the South Circular Road, Dublin 8 has been acquired by British property group U + I for an undisclosed amount. The 2.84 acre site comprising of seven warehouse buildings and a three-bedroom period home generating rental income of €542k p.a. from five tenants including An Post. The closest break option in the leases is 5.4 years. The sale was offered for sale by Lisney via Public Tender in September and it was reported the site could sell for c. €7m at the time. The Irish Times, 17th December 2018
Carrickmines Retail Park, Dublin It is reported that Iput has agreed to buy phase two of Carrickmines Retail Park for €95m. The fund already bought phase one of the park in 2014 for €157m and also controls phase three of the site, which planning has been lodged for 600,000 sq.ft. of retail space. The vendor of phase two is understood to be a syndicate of Warren Private clients. The Sunday Business Post 16th December
Abbey Street, Dublin 1 Fitzwilliam Real Estate Properties has lodged a commencement notice for a €55m retail development and 310-bedroom hotel to be operated by budget brand Motel One at the junction of Liffey Street and Middle Abbey Street in Dublin 1. Fitzwilliam Real Estate Properties also recently obtained planning permission nearby on a site with frontage onto Middle Abbey Street and Williams Lane for a hotel with restaurant, bar and 257 bedrooms. The development will involve the demolition of several buildings and the replacement of the top three floors of Arnotts’ car park with hotel rooms. Separately, Marlet Property Group obtained planning permission last week for a 239 bedroom hotel on Abbey Street Upper and an aparthotel of 257 units on Great Strand Street. SW3 Capital was also granted planning permission for a 180 bedroom hotel to replace Twilfit House on Abbey Street Upper beside Jervis Shopping Centre earlier in 2018. The Irish Times, 12th December 2018
Ashling Hotel Dublin Planning permission for a nine-storey aparthotel, including 27 self-contained suites, beside the Ashling Hotel in Dublin has been refused by Dublin City Council. The plans would have involved the demolition of the four storey semi-derelict building adjacent to the existing Ashling Hotel. Dublin City Council noted that it would be contrary to development plan provisions. The Irish Independent 14th December
Build to Rent Platform Urbeo Residential is to partner with Starwood Capital through its Starwood Global Opportunity Fund XI and the Ireland Strategic Investment Fund (ISIF) to develop a €1bn build-to-rent platform targeting standard, social and supported tenancies in Dublin and other cities. The platform will initially have a portfolio of three assets totaling 334 private and social units in Dublin in addition to a pipeline in excess of 2,500 units under negotiation or exclusivity, including a scheme at Bancroft in Tallaght. ISIF is reported to have invested €60m in the platform including an existing 48% share in the Bancroft Tallaght site. The Irish Times, 17th December 2018
Ring of Kerry “An Culu”, a 20 year old 9,000 sq.ft. six-bed, five-storey ‘castle like’ property complete with moat, turrets and towers, set on five acres has been brought to market with Savills guiding €4.5m (€500 psf). The Irish Examiner, 15th December
Serviced Office Space 13.5% of office take up in Dublin during the first three quarters of 2018 was by serviced workspace suppliers. The figure just passed London’s 13% for the same period. Dublin’s 13.5% take up equated to 290,626 sq.ft. The Irish Independent 17th December
Monasterevin, Co KildarePaddy McKillen’s plan for an Irish Whiskey distillery on the site of the Ballykelly Mill in Monasterevin Co Kildare has been returned by Kildare County Council deeming the application invalid as the site notice did not mention the “Natura Impact Statement” which was included in application. The proposal is for a €50m distillery and visitor centre. The Irish Independent, 14th December
Clare University TownConstruction on a €2bn university town in Clare will commence in 2021. Clare County Council intend to apply to designate the area as a Strategic Development Zone in January. The 325 acre site intends to include commercial and residential units. It is intended for the campus to form part of University of Limerick’s wider campus. The Sunday Business Post, 16th December
Portfolio of Six Crèches let to Park Academy generating rent of €647k p.a. in total with a WAULT of 13.75 years has been sold by Kelly Walsh for €7.28m (NIY 8.19%). All bar one crèche in Greystones are located in south Dublin being Beacon South Quarter, Sandyford; Beacon Court, Sandyford; Cherrywood; Cabinteely and Booterstown. The Irish Times, 12th December 2018
Limerick Twenty Thirty the property development company which is an SPV of Limerick City and County Council has announced plans to create a €200m tourist attraction on its ten-acre Cleeves campus, a former toffee factory, on the Northern bank of the River Shannon. The scheme will include residential, commercial, retail and educational uses as well as a tourist attraction on the site when it is completed in about five years’ time. Cleeves is one of five sites under the responsibility of Limerick Twenty Thirty. One of the other sites, the 112,000 sq.ft. Gardens International site will be opened in January 2019. Half of that building has been pre let to Nordic Aviation Capital The Sunday Business Post, 16th December
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Mount Merrion, Dublin 4 An Bord Pleanála has granted permission for 50 apartments, pub and restaurant on the site of the Union Café in Mount Merrion which is likely to increase the interest from bidders in the site. Knight Frank brought the site to market last month along with the adjoining lot occupied by Flanagan Kerins totalling 1.88 acres guiding €32m. The Irish Independent, 6th December
Foxrock, Dublin 18 Knight Frank is seeking €1.295m for a four-bed, 2,443 sq.ft. rebuilt dormer bungalow located on 1.18 acres on Mart Lane, Foxrock. The Sunday Business Post, 9th December
RTÉ Montrose Site, Dublin 4 Cairn Homes has lodged planning permission with an Bord Pleanála for 619 apartments and three townhouses on the 8.64 acre site it bought from RTÉ for €107.5m (€173k per site) in 2017. It is 22% more than the original 500 units Cairn Homes indicated it would build. The Irish Independent, 6th December
Maynooth, Co. Kildare A 23 acre residential landbank in Maynooth, Co Kildare is being offered for sale with a guide price of €17 million (€739k per acre) via joint agents Cushman & Wakefield and Sherry Fitzgerald Brady O’Flaherty. The landbank for sale is part of 81.5 acres recently rezoned in the Railpark area east of Maynooth town centre which is set to accommodate a significant residential scheme of up to 800 units. The Irish Times, 5th December
Cherrywood, Co Dublin Construction commenced this week on 1,269 units which will be available to rent in Cherrywood by 2020. The completed build to rent scheme will be held, rented and managed by Hines and APG. The scheme will also include 130 social housing units. Hines and APG have also announced plans to deliver 3,000 units to the rental market in Dublin and the Greater Dublin Area in the new few years. The Irish Independent, 11th December
Roseville House, Corbally Road, Limerick DNG Cusack Dunne is seeking €855,000 for a 4,000 sq.ft. two storey over basement, four bed house in Limerick. The property, dating back to 1840 has been recently renovated and comes with a B1 energy rating, which is unusual for a house of that age. The Irish Examiner, 8th December
Sandymount, Dublin 4 Maxol has been given approval to demolish their petrol station and adjoining car dealership on Beach Road, Sandymount, Dublin 4 to make way for 90 apartments. The 11,500 sq.ft. development will comprise 23 one-bed, 53 two-bed and 14 three-bed apartments along with 90 car parking spaces. The Sunday Independent, 9th December
2018 Office Lettings and Acquisitions Facebook and Google topped 2018’s largest Dublin property deals. The announcement of Facebook’s move to what will be the redeveloped of 14 acres at AIB Bankcentre in Ballsbridge has been the largest office letting to ever complete in Dublin. When redeveloped, Facebook will have an office footprint of 870,000 sq.ft. Separately Google also completed a number of large deals, most significantly the purchase of the Boland’s Quay development together with its Barrow Street headquarters for €300m. This will include 301,389 sq.ft. of office space and 46 apartments along with cafes and cultural spaces. The Beckett Building on East Wall Road, Dublin 3, a 190,000 sq.ft property also sold for €101m to South Korean-based Kookman Bank. The Irish Times, 5th December
Farranlea Road, Cork Round Hill and NBK Capital have acquired a site in Cork and intend to start construction immediately on the mixed use project including 145 student beds. It is estimated that the project will cost in the region of €19m. The Cork building will be managed by Nido Student, Round Hill’s operational platform and brand for European student accommodation. The Irish Independent, 5th December
Kylemore Road, Dublin 10 M7 Real Estate has acquired the 31 unit (192,000 sq ft) multi-let Westlink industrial estate on Kylemore Road in Dublin 10 for €13.87m (€72.24 psf and a reported NIY c. 7%). The vacancy rate is 22% and M7 is reportedly planning extensive upgrade works with refurbished units due to be available to let from Q1 2019 through letting agents JLL and CBRE. The property previously transacted in 2016 for €7.5m. The Irish Times, 5th December
Iceland has announced plans to open 50-70 new stores throughout Ireland, doubling their size within the next five years. The Sunday Independent, 9th December
Dublin Airport It is reported that the DAA, the operator of Dublin airport has entered into exclusive talks with UK based Arora Hotels regarding the construction of a 400-bed hotel at Terminal 2. The Sunday Times, Irish Edition, 9th December
Hotel Sales have slowed in 2018 despite average Dublin room rates reaching a record €155.75, occupancy rates of 89.6% and RevPar increasing 9.7% to €139.51. Cushman and Wakefield noted that the slowdown is attributable in part to the drying up of distressed asset sales which were prevalent in 2014-2016. Recent sales include Hilton Dublin Airport for €22.5m and Ibis Hotel off the Red Cow Interchange for €14m and are the only two to transact in the Capital in the year to date. The Irish Times, 5th December
Windfarms Greencoat Renewables, an Irish subsidiary of Greencoat Capital has acquired two wind farms from Blackrock Real Assets for c€88m. The two windfarms are based in Monaincha, Co. Tipperary and Garranereagh, Co. Cork. This deal brings the company’s Irish share in the onshore wind market to c10%. The Times, Irish Edition, 11th December
Foreign Direct Investment Rankings According to the annual report from fDi Intelligence, an investment publication which is part of the Financial Times Group, Dublin is ranked as the third best city in the world for foreign direct investment. Dublin ranks behind London at number two, although the report notes that gap is closing, and Singapore at number one. fDi Intelligence commented that “Dublin boasts the highest level of foreign direct investment on a per capita basis of all locations in the study” Dublin also performed well in sub categories in the study, ranking number one for “economic potential” among large cities. The Times, Irish Edition, 11th December
Crane Count Crane Count in Dublin reached a record high of 104 on 1st December. 39 of the cranes are located in North Dublin and 65 in South Dublin. The Irish Times, 4th December
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