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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The Exchange, IFSC, Dublin 1 Following the letting of the remaining 60,000 sq.ft. of office space for €50 psf, the Exchange, the first office block built in the IFSC since 2003, is now fully let. Tenants now include Mediolanum Banking Group, PartnerRe, Coinbase, Walkers, Food Safety Authority of Ireland and Ronan Daly Jermyn. Construction of the 106,000 sq.ft five storey grade A office block along with two retail units totalling 1,679 sq.ft. commenced in 2016. The Irish Times, 28th November
61 Thomas Street, Dublin 8 Developers Oakmount are currently constructing 13,401 sq.ft. of grade A office space over four floors along with a landscaped terrace area. Construction is expected to complete by end of Summer 2019 and will include six car parking spaces. The Sunday Business Post, 2nd December
The Wythe Building, Cuffe Street, Dublin 2 the 17,494 sq.ft. six floor office block currently under construction, which is due for completion by March 2019, has been brought to the letting market through joint agents Savills and CBRE who are seeking €55 psf. One floor has already been reserved. Floor plates are between 2,121 sq.ft. to 3,531sq.ft. The Irish Times, 27th November
Lennox Building, Dublin 2 The Irish Independent reports that Paddy McKillen Jr is in negotiations to sell the the Lennox Building to an unnamed party. The 32,938 sq.ft. four storey over lower ground basement currently under construction, with a January 2019 completion date, is pre-let to Iconic Offices. Press Up Entertainment Group will let the ground floor restaurant and ancillary area. Rent is expected to be €1.383m pa. The Irish Independent, 1st December
98 Merrion Road, Dublin 4 Bartra Capital has secured planning permission for the demolition of 98 Merrion Road and construction of 20 luxury apartments over five storeys. The Sunday Independent, 2nd December
Santry, Dublin 9 The Cosgrave Group has sold 219 apartments currently under construction at Bridgefield, Santry, Dublin 9 to joint venture purchasers QuadReal Property Group and Round Hill Capital for more than €80m. The apartments will be incorporated in three six-storey apartment blocks and will comprise three one-bed, 161 two-bed, 15 three-bed apartments along with 34 two-bed penthouses and three three-bed penthouses. The scheme will also include 328 car parking spaces. Construction is expected to complete at the end of 2019 and rents are forecast at €1.6k for one-bed, €1.8k for two-bed and €2.05k for three-beds. The Sunday Business Post, 2nd December
Dublin Landings, Docklands First round bids are due to be submitted by 12th December for 268 apartments currently under construction by Ballymore and Oxley at Dublin Landings. The Irish Independent reports that over 12 parties have expressed an interest and offers could exceed €200m. The Irish Independent, 29th November
42 Acres, Maryborough Ridge Douglas, Cork has been purchased by Glenveagh Properties for €22m (€523k per acres). 19 of the 42 acres has planning permission for 198 houses. The remaining 23 acres is zoned and has the potential to provide hundreds more. The land was offered as (i) a licence to develop on lot 1 (19 acres) and (ii) option to buy on lot 2 (23 acres). The company separately applied for planning last month under the fast track strategic development provision for 176 homes at Maple Woods, Ballincurra. The Irish Examiner, 29th November
4.2 acres Maynooth, Co Kildare Coonan Property are seeking €2.94m (€700k per acre) for a newly zoned residential 4.2 acre site near Maynooth. The site has capacity for up to 60 houses. The Irish Times, 28th November
3.75 acres, Killiney, Co Dublin Park Developments has purchased 3.75 acre site located beside the Graduate roundabout in Killiney for €9.5m (€2.53m per acre) and it is reported that they will seek planning permission for up to 150 apartments on the site. The Irish Times, 28th November
Magna Business Park, West Dublin CBRE is guiding €3.75m (6.13% NIY) for a 31,620 sq.ft. warehouse / office property in Magna Business Park. The property is let to O’Brien’s Ingredients at €240k pa. The Irish Times, 27th November
Heritage Hotel, Killinard, Co Laois a five star, 98 bed room hotel, known for its spa, which is one of the top five spas in the country has been sold for almost €9m to FBD Hotels and Resorts. The hotel overlooks the Seve Ballestros-designed championship golf course. The Hotel and golf course were previously sold separately by Receivers. The Irish Times, 3rd December
Project Beech AIB is preparing to open the data room for Project Beech in the next few days, a loan sale worth an estimated €1bn. It is reported the majority of the sale will relate to non-family home loans. AIB has reduced its non-performing loans from €31bn peak in 2013 to €7.2bn. The Sunday Business Post, 2nd December
Project Glenbeigh The Permanent TSB €1.3bn bad loan portfolio has completed bringing the bank’s non-performing loan ratio to less than 10%, the lowest it has been since the economic crash. The tranche of non-performing loans, primarily regarding private homes, was dealt with through a securitisation procedure, rather than a straight loan sale. Irish banks have until 2020 to comply with European Central Bank stipulations to reduce their bad loan exposure to 5% of their loan books. The Times, Irish Edition, 30th November
DIT Cathal Brugha Street, Dublin 1 a 76,126 sq.ft four storey over basement property has been bought by the Department of Education for €24m. It is expected that the Department will use this for their planned “1,000-pupil post-primary school” for students from Dublin 1, Marino and Drumcondra. The property was previously brought to market guiding €15m in 2016 but was withdrawn over uncertainty on the timeframe for the relocation to the DIT campus in Grangegorman, Dublin 7. This will be available by 2020/21 academic year when DIT will vacate Cathal Brugha street. The Irish Times, 28th November
Cushman and Wakefield Q3 Report – Limerick Industrial / Office
175,452 sq.ft of industrial space transacted in the first nine months in 2018, 90% of which related to leasehold transactions. There is currently 1,469,812 sq.ft. of space available at the end of Q3 and while this is the highest of the three regional centres outside Dublin, it is a decrease of 5% YoY. Cushman and Wakefield highlight that while availability is the highest, Limerick also holds the largest volume of Grade C space at 65% compared with 19% in Cork and 7% in Galway. Prime rents have increased to €5.48 psf up from €4.48 psf during the same period in 2017.
68,351 sq.ft. of office space was taken up in Limerick in the first nine months in 2018 over 11 lease deals compared with 84,497 sq.ft in the same period in 2017.Notwithstanding this, there was 65,660 sq.ft. either signed or pre-let at the end of Q3 which if taken up by year end will match 2017 figures. At the end of Q3 there was 631,303 sq.ft. available, which represents at 19.2% decline YoY, and is the first time in ten years the figure has fallen below 645,834 sq.ft. Vacancy rates were 15.3% at the end of Q3 from 19.4% the previous year. City Centre prime grade A rents are achieving €30.19 psf while new building in the suburbs are achieving 26.62 psf. Prime headline rents remain at €19.97 psf.
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Harcourt Square, Dublin 2 Hibernia Reit has secured planning permission for 315,000 sq.ft. on the 1.9 acre site located at the current Dublin regional Garda Headquarters on Harcourt Street. It is expected that the development will cost in excess of €100m. Construction is expected to commence in January 2023 when the Garda staff will be moved to a new seven storey facility on Military Road near Heuston station. Work on this property is expected to commence in early 2019. Hibernia Reit purchased the property for €70m in 2015. The Irish Times, 27th November
Dublin Landings, Docklands JR AMC, a South Korean REIT, has purchased one of the five office blocks currently under construction in the Docklands for €106.5m (4.21% NIY). No. 2 Dublin Landings, a 100,000 sq.ft. property has been let to WeWork at €4.87m pa rising to €5.38m in year five. The Central Bank has purchased No. 4 and No. 5 for c€210m. The Irish Times, 21st November
Apollo House, Dublin City Centre The Irish Independent has reported that Marlet Property Group will acquire the 0.72 acre site of the former Apollo House for €56m (€77.7m per acre). The property was brought to market in September this year with Savills guiding €40m. The site has planning permission for a 135,863 sq.ft. 11 storey over basement office building. The Irish Independent, 26th November
8 & 9 Grant’s Row, Dublin 2 will be auctioned on 4th December with Sherry Fitzgerald guiding €3.25m. The current 5,328 sq.ft. office building on a 0.13 acre site with 13 car parking spaces has planning permission for a 10,839 sq.ft. five storey office block. The Irish Independent, 22nd November
Bonham Quay, Galway City Gerry Barrett’s company Edward Capital is due to commence work on 279,862 sq.ft. of grade A office space and 21,582 sq.ft. of retail at Bonham Quay in February 2019. Gerry Barrett also secured the tender to redevelop the 8.2 acre CIE site adjoining the train station. The Sunday Business Post, 25th November
Lucan, Co Dublin Cushman and Wakefield are guiding €1.8m (9.66% NIY) for nine retail units at Rosse Court, Lucan. The properties which are 12,722 sq.ft. in total generate €188,600 pa which will increase to €198,600 by 2020. The Irish Times, 21st November
43 – 45 Bolton Street, Dublin 7 will be auctioned at IAM Sold’s Leinster public auction on December 5 guiding €950k. The 2,895 sq.ft. property is let to Spar at €76k pa (8% GIY). The lease expires in 2041 and the next rent review is 2021. The Irish Independent, 22nd November
Kiltipper, Dublin 24 Cushman and Wakefield are guiding €1.25m (9.68% NIY) for units 1 – 4 at Marfield Mall in Kiltipper Dublin 24. The properties extend to 11,808 sq.ft. and three of the four units are let generating €131,370 pa. The 1,130 sq.ft. vacant unit has planning permission for bookmakers. The Irish Times, 21st November
Dun Laoghaire, Co Dublin Hooke and MacDonald are guiding €94m for 214 apartments currently under construction at Fairways Scheme, Cualanor, Dun Laoghaire which are due for completion by the end of 2019. The apartments will be within four blocks of five and six storey over basement buildings and are expected to generate €5.15m to €5.41m, reflecting a yield of 5.4% to 5.7%. The Irish Times, 21st November
Dalkey, Co Dublin Bartra Capital Property have been refused planning permission by Dun Laoghaire Rathdown County Council for a residential scheme in Dalkey comprising 19 apartments (in three blocks ranging up to four storeys), five three-bed houses and two semi detatched houses on a 1.4 acre site. The planning was refused on the basis that it “would seriously injure the residential amenities and depreciate the value of property in the vicinity” The Irish Independent, 26th November
42 & 43 Blessington Street, Phibsoro, Dublin 7 will be auctioned through the online BidX1 auction platform on 13th December guiding €1.4m. The6,049 sq.ft. three storey over basement interconnecting properties also includes an 2,982 sq.ft. industrial unit to the rear. The Sunday Business Post, 25th November
George’s Quay, Dublin 2 Johnny Ronan has appealed again to Dublin City Council to have planning permission granted for a 22 storey 104,087 sq.ft. office and 107 bed hotel development on the 0.5 acre site bounded by George’s Quay, Poolbeg Street and Tara Street. Plans have been previously rejected twice by Dublin City Council due to concerns of negative visual impacts on the city. The Times, Irish Edition, 26th November
The Devlin Hotel, Ranelagh, Dublin 6 has been brought to market through JLL guiding €20m- €22m. The Press Up Entertainment Group will enter a sale and leaseback agreement with the purchaser for 35 years at €1m pa. The 21,528 sq.ft. 40 bed boutique hotel includes an underground cinema and cocktail bar and rooftop bar. The Sunday Business Post, 25th November
Barnacles Hostels, Dublin and Galway Two Barnacles Hostels, one located in Temple Bar Dublin and one located in Quay Street Galway have been sold for more than €12m. MM Capital have purchased the 171 bed, 35 room Dublin Hostel for €8m. A company associated with Burkeway Group purchased the 112 bed hostel on Quay Street with six more on Kirwan’s lane for over €4m. The Irish Times, 21st November
Tara Towers, Booterstown, Dublin 4 is scheduled to be demolished and replaced with a 140-bed 4 Star Maldron Hotel and 69 residential units with basement carparking. Dalata Hotel Group purchased the hotel in January 2016 for €13.15m. The redevelopment of the 1.5 acre site is expected to cost €51m and will take two years to complete. Ires Reit have agreed to purchase the entire residential element for €42.4m. The Sunday Business Post, 25th November
Pre Contract Investigation of Title System From 1st January 2019, all real estate transactions will be required to move to a Pre Contract Investigation of Title (PCIT) System whereby all vendors’ solicitors will need to produce their title packs pre contract and all purchasers’ solicitors will have to review all title packs before the contracts are signed. The Irish Times, 21st November
Dublin Crane Count November reached a record 102, nine more than the previous high of 93 in September and 13 more than October’s 89. There are 45 cranes on the north side of the city and 57 on the south side. The Irish Times, 21st November
Cushman & Wakefield Industrial Market Q3 notes that 1,029,010 sq.ft. of industrial properties were under construction of which 423,022 sq.ft. is being developed speculatively. Take up figures reached 2,896,030 sq.ft. in Q3 of which 62% of the space occupied through lettings and 38% through owner occupation. Vacancy rates have fallen to 12.2% from 15.1% at Q3 2017. Availability has declined 18% YoY reaching 5,438,466 sq.ft. in Q3 2018. Primes yields are 5.10% and are expected to reach 5% by year end. Prime rents are €8.83 psf.
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Fibonacci Square, Ballsbridge, Dublin 4 Fibonacci Property ICAV, a joint venture between Ronan Group Real Estate and Colony Capital, has signed a 25-year lease agreement (rent undisclosed) with Facebook for the entire 350,000 sq.ft. office space at Fibonacci Square, Merrion Road currently under construction. The new buildings at Fibonacci Square will frame the entrance to the wider Facebook 14 acre Ballsbridge campus to incorporate the refurbishment of the existing AIB-occupied buildings. The Ballsbridge campus will be the largest single office letting in the history of the State. The Irish Independent, 15th November
No. 12 Merrion Square, Dublin 2 has been placed on the market for sale by Lisney with a guide price of €5m (€692 psf). The property is a Georgian office building with NIA of 7,228 sq.ft. and nine car parking spaces to the rear currently generating c. €528.5k p.a. from a number of short term licence agreements (NIY 9.75%). The Irish Times, 14th November
26 – 30 Upper Abbey Street, Dublin 1 occupied by Spar as its flagship store, is being offered for sale by Coldwell Banker Commercial seeking €4.95m (€723 psf). The 6,846 sq.ft. property is producing rent of c. €392.6k p.a. (NIY 7.3%) and is located beside the Jervis Shopping Centre in Dublin city centre. The Irish Times, 14th November
Stephen Court, St. Stephen’s Green, Dublin 2 Irish Life has agreed flexible leases for c. 42,000 sq.ft. of office space in Stephen Court in the past 12 months at €45 psf to Intercom (15,000 sq.ft.), KBC Bank Ireland (14,600 sq.ft.) and Game on Media (12,800 sq.ft.) The Irish Times, 14th November
Citywest Business Campus, Dublin 24 global engineering company DPS has agreed to lease 22,500 sq.ft. of offices in Block B at Lake Drive, Citywest Business Campus for annual rent of €545k (€24.22 psf). CDK Global has also agreed to rent 5,300 sq.ft. of the ground floor of Block A for €119k p.a (€22.45 psf). It is further reported that Davy Hickey Properties has agreed to rent the only remaining vacant offices in the campus to an undisclosed international finance company, and Adobe Systems has rented an additional 8,500 sq.ft. increasing its overall office space to 42,000 sq.ft. The Irish Times, 14th November
Gateway Retail Park, Galway Harvey Norman is to open a 60,000 sq.ft. flagship store as part of the 125,000 sq.ft. second phase of the Gateway Retail Park in Knocknacarra, Galway currently under construction. Harvey Norman’s rent is reported to be in the region of €900k p.a. (€7.20 psf). The overall retail space at the park managed by Sigma Retail Partners will extend to c. 325,000 sq.ft. once the extension is completed and will be the first large-scale retail space to be completed outside Dublin since 2008, and the first in Galway for more than two decades. The Irish Times, 14th November
Construction Information Services (CIS) Report Year to end of September identifies 1,100 projects, comprising 26,500 units, which applied for planning permission across the country (27% increase YoY). All regions experienced substantial growth in planning permission applications bar Dublin at just 1%. The report identifies that 466 individual projects moved to on-site stage (4% increase YoY) equating to over 14,000 units if all completed and Dublin was also identified as the only region where the number of projects moving on-site decreased to 4,800 units. Over 720 residential projects obtained planning permission for year to end of September, equating to an increase of 16% YoY and over 20,000 units if all of the projects are completed (33% increase YoY). The Irish Independent, 19th November
Douglas, Cork Cohalan Dowling is guiding €1.25m (€169 psf) for a five bed, 7,400 sq.ft. residential property “Lavender Heights” on Rochestown Road, Cork. The property sits on 4.7 acres and includes an indoor swimming pool, bar, gym and putting green. The property is located five-minute drive from Douglas village, 20-minute drive to Cork city centre and less than 15 minutes to Cork airport. The Sunday Business Post, 18th November
Killiney, Co Dublin DNG is guiding €1.35m (€374 psf) for a five bed detached, 3,606 sq.ft. residential property located on Ballinclea Road in Killiney, Co. Dublin. The property is located a short walk from Killiney shopping centre and is close to Dalkey. The Sunday Business Post, 18th November
Morehampton Lane, Dublin 4 Sherry Fitzgerald has brought four new residential builds in Dublin 4 to market for sale. The properties comprise three, four bed, three storey houses (2,799 sq.ft. each) and one three-bed, two storey house (2,153 sq.ft.) The four beds are guiding €2.25m each (€804 psf) and the three bed is guiding €1.9m (€882 psf). The scheme was developed by Richard Barrett’s Bartra Homes. The Sunday Business Post, 18th November
Apollo House, Dublin City Centre Marlet Property Group has acquired the 0.72 acre site of the former Apollo House office block in Dublin city centre for a reported €40m. The site has full planning permission for an 11-storey office building extending to 135,863 sq.ft. over a double basement. The site is also immediately adjacent to Marlet’s existing property holdings on Townsend Street. The Irish Independent, 15th November
Waterford Portfolio A portfolio of six Waterford properties, five of them in the city centre and the sixth on the Main Street, in the seaside town of Tramore, is due to be auctioned as six separate lots on 29th November by Sherry FitzGerald John Rohan guiding €2.3m in total. The most valuable lot seeking €950k is 4/5 Michael Street, a 12,700 sq.ft. four-storey terraced property let to Poundland Limited trading as Dealz retail store at €108k p.a. on a 10-year lease since November 2012 (NIY 10.48%). Michael Street is Waterford’s main shopping destination and a street which is to see construction of a major new €58m development including a shopping centre and multi-storey car park. The Irish Independent, 15th November
The Conrad Hotel, Dublin 2 The Irish Independent has reported that the five-star, 192-bed Conrad Hotel on Earlsfort Terrace will be brought to market for sale by CBRE in early 2019 guiding €120m – €125m. The Hotel underwent a €13m refurbishment two years ago. The Irish Independent, 19th November
Sackville Lounge, Dublin 1 Joint agents Lisney and Knight Frank are guiding €700k (€274 psf) for the Sackville Lounge, located adjacent to the former Clerys department store. The property consists of 2,551 sq.ft. over four floors. The Irish Independent, 15th November
Milltown, Dublin 6 Agents Finnegan Menton and GVA Donal O Buachalla are guiding €7m for a 1 acre site which includes the former Murphy & Gunn BMW dealership and adjoining site to the rear located at Milltown. The site is zoned residential and has potential for 67 apartments in three blocks according to a feasibility study by Reddy Architects. The Sunday Business Post, 18th November
Cabra, Dublin 7 CBRE is guiding €6m (€5m per acre) for a 1.21 acre site located on Fassaugh Avenue, Cabra, Dublin 7 with full planning permission for a 194 bed student accommodation development. The site is occupied by the former Matts of Cabra to the front of the site and the rear of the property is currently vacant and undeveloped. A feasibility study identifies that the asset offers the potential for a Build-to-Rent scheme comprising of 140 apartments. A separate feasibility study was also carried out for a Co-Living scheme that could provide for 250 bed spaces (215 sq.ft. each) and 5,382 sq.ft. of flexible work space. The site is zoned Z1: Sustainable Residential Neighbourhood, with a portion of the site zoned Z3: Neighbourhood Centre under the Dublin City Development Plan 2016-2022. The Irish Independent, 15th November
Cork City ERA Downey McCarthy is guiding €6.5m (€10.3m per acre) for a 0.63 acre site located at Morrison’s Quay, Fitton Street East, Catherine Street and and Keeffe Street, Cork City. The agent notes potential uses could include office, residential, educational, leisure or institutional. The Irish Times, 13th November
Damastown Way, Dublin 15 William Harvey is guiding €1.9m (€93.25 psf) for a 20,376 sq.ft. industrial and office property let to Rennicks Group on a 10 year FRI lease from November 2017 at €125k pa (NIY 6.07%) with an open market rent review in year five and no break.The Sunday Business Post, 18th November
Blackrock, Co Dublin The Department of Education has purchased a period house on 2.94 acres in Blackrock for €8m. The property includes 50m of road frontage on the same road as Newpark Comprehensive School but when redeveloped will not be linked to this school. The department has announced plans to establish 42 new schools over the next four years. The Irish Times, 14th November
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14 Apartments, Artane, Dublin 5 QRE has sold 14 apartments in Brookwood Abbey, Artane, Dublin for €3.35m. The portfolio consists of 11 two-bed, one three-bed and two one-bed apartments. Nine of the apartments are let generating €178k pa. When fully let, ORE note the apartments will generate €275k pa (8.2% GIY). The Irish Times, 7th November
1.26 acres Sandymount, Dublin 4 Knight Frank are guiding €9.5m (€7.5m per acre) for the 1.26 acre site which includes a detached house off Gilford Road, Sandymount. The site has planning permission for 25 residential units (€380k per site) including nine three-bed houses and apartments comprising seven two-beds, one three bed and eight four-bed duplex. The house on the site is in need of extensive refurbishment. The Irish Times, 7th November
92.5 acres at Newlands Cross, Dublin has been sold by the IRFU to Hibernia Reit for €27m (€291.8k per acre). The land is currently zoned agriculture but if rezoned in the next ten years, the IRFU will be entitled to an additional payment of 44% of the uplifted value, less the purchase price and other costs. Hibernia Reit confirmed they have closed another 5.8 acres in the same location for €1.7m (€293k per acre) bringing their total holding in the area to 143.7 acres. The Irish Independent, 12th November
Former Annesley Motors Site, Ballybough Road, Dublin Cushman and Wakefield are guiding €5.5m for the 0.68 acre site (€8m per acre) which has planning permission for 10,656 sq.ft ground floor retail with medical suites above. McCullough Mulvin Architects have completed a feasibility study showing the site has potential for 285 student bed space. The Irish Times, 6th November
George’s Street, Dublin 2 Dunnes Stores have purchased their supermarket on George’s Street for €21m having rented the property for the last 50 years. The supermarket and adjoining George’s Street Arcade were purchased by the Layden Group in 1992 for €2m. Dunnes have purchased the 12,000 sq.ft supermarket and 30,000 sq.ft over head space. The Irish Times, 7th November
Gowan Motors Site, Glenageary, Co. Dublin Knight Frank are guiding €1.95m for the Gowan Motors car showroom at the Glenageary roundabout. The property consists of a 9,500 sq.ft two storey building on 0.6 acre site. Knight Frank note the “neighbourhood centre” zoning allows for a range of uses including residential, health, public house and restaurant. The Irish Times, 6th November
2 Cumberland Place, Dublin 2 Flynn, the Irish-owned contractor and fit-out specialist, is working on the 75,000 sq.ft, six storey over double basement property for Hibernia Reit. The project will cost c€24m. The property is adjacent to Twitter’s HQ in Dublin. The Sunday Business Post, 11th November
Dublin Landings, Docklands The Irish Independent reports that the Central Bank has agreed to purchase two buildings under construction at the Dublin Landings site. It will also sell a property at the nearby Spencer Dock on foot of this deal. The Irish Independent, 10th November
City Gate Park, Mahon, Co Cork CBRE has completed the sale and lease back of the 87,000 sq.ft Quest Building located at Block C, City Gate Park, Mahon for in excess of €21m to an undisclosed purchaser (7% NIY). Quest Software has leased back the property. Separately Voxpro is taking an assignment of a lease from VCE for 40,000 sq.ft in the City Gate Park at €18 psf. The Irish Examiner, 8th November
Adelaide Chambers, Peter Street, Dublin 8 a 17,670 sq.ft four storey over basement office with 31 basement car parking spaces, has been bought by Chartered Land for €7.23m (€409.16 psf). Annual rent of €252,000 reflects a 3.22% NIY. The Irish Times, 7th November
Northbrook Road, Dublin 6 Knight Frank are guiding €5m for a 9,099 sq.ft redbrick building with 10 car parking spaces. The property is being sold with the benefit of vacant possession but there is a short term licence agreement in place for the ground floor. The Irish Times, 7th November
Plaza 256, Blanchardstown Corporate Park, Dublin 15 Veolia are leasing 11,000 sq.ft of office space for their new HQ. The letting, through Lisney, is thought to be €23 psf. The Irish Times, 7th November
Webworks, Cork a 43,000 sq.ft property let to Ervia at €800,000 pa, located beside Cork City Hall and the Elysian is reportedly sale agreed at €16m (4.6% NIY). Lisney brought the property to market in June 2018. The Irish Examiner, 8th November
Sheen Falls Lodge Hotel, Co.Kerry has been bought by Thai investors for a figure believed to be between €16 and €17m. The five star hotel was bought by UK-based luxury hotel group, Palladian Hotels for €5m in 2013. The Irish Independent, 8th November
Kildare House Hotel, Co Kildare a 21 bed hotel with two bars, a restaurant and ballroom that can seat 200 guests, located close to Kildare Shopping Village, has been brought to market through Dowling Property guiding €1.1m. Hotel occupancy has been 82%. The Irish Times, 7th November
Clancy’s Bar, Cork City a 12,000 sq.ft former public house, with planning permission for a 27 bedroom niche aparthotel will be brought to auction with Behan Irwin Gosling guiding €2.25m on 29th November. The Irish Examiner, 8th November
The Former Foxhunter Pub, Lucan has been brought to market through Savills. Although there is no formal guide price, it is thought that it could achieve €3m. The 3.1 acre site with 127 meters of road frontage on the N4, has planning that allows for retail and motor sale outlets less than 1,076 sq.ft. The Irish Times, 7th November
Supermacs Motorway Plazas Supermac’s owner Pat McDonagh intends to open five more motorway plazas over the coming years. In addition to the planning permission granted for one at junction 17 in Portlaoise last week, there are two other plazas in the planning process in Co Longford and Co Clare and he intends to apply for planning for three more, two in the midlands and one in Cork. The Sunday Business Post, 11th November
Hibernia Reit Figures The value of their real estate investments rose by almost 4% to €1.33bn in the six months to 30th September 2018, with Rental income rising from €21.9m to €26.6m, a 21.5% increase. These figures indicate that Hibernia Reit generated total returns of 5.9%, ahead of the market which grew by 4.4%. They declared an interim dividend of 1.5 cent a share for the period, an increase of 36.4% on the 1.1 cent paid last year. The results are announced as Hubspot, who already occupy 73,000 sq.ft in Hibernia’s 1 & 2 Docklands Central properties, confirmed they will take an additional 112,000 sq.ft in Sir John Rogerson’s Quay. The Irish Times, 13th November
Central Bank Reporton Vulture Funds due before Cabinet today notes there is “no evidence” that firms acting on behalf of the funds are not engaging with borrowers and that there is “no material difference” in the level of home repossessions between the funds and banks. The Minister for Finance, Paschal Donohue had requested that the Central Bank review its code of conduct for how institutions deal with borrowers in mortgage arrears. The report due before cabinet today, notes no changes to the code are required. It further noted instances where firms acting on behalf of the vulture funds went beyond minimum requirements to help borrowers, extending deadlines, fast tracking appeals. The report further notes that the vulture funds are considering more arrangements than banks but that they have a narrower suite of arrangements than banks. The Irish Times, 13th November
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Dublin 1 Portfolio Joint agents Lisney and Knight Frank are guiding €13m for seven properties (c40,000 sq.ft) on O’Connell Street, Abbey Street and Sackville Place. The portfolio generates €518,279 pa and 55% of the floor space available is vacant. The O’Connell Street properties comprise two adjoining buildings on Lower O’Connell Street (20,235 sq.ft) let to Londis, Dublin Tourist Office and Paddy Wagon Tours with vacant upper floors. 4&5 Lower Abbey Street (7,500 sq.ft) are partially let to Ladbrokes Bookmakers and Madigan Public house with vacant upper floors. The Sackville Place properties extend to 11,500 sq.ft The Irish Times, 31st October
O’Connell Street, Dublin 1 The Irish Times reports that as plans are being finalised for the redevelopment of Clery’s department store, IPut have sold 47/48 O’Connell Street, a 9,761 sq.ft property let to Schuh Footwear at €480k pa for €7.6m (6.3% GIY). It is also reported that Irish Life intends to sell the former Clarks Building (10,207 sq.ft) for €5.5m or lease it for €275k pa. The Irish Times, 31st October
Tuam Shopping Centre, Galway TWM agents are seeking €1.25m for the anchor supermarket unit in Tuam Shopping Centre Galway. The 20,236 sq.ft unit is current occupied by Joyce’s Supermarkets on a 10 year lease from 2010 with a passing rent of €150,000 pa (11.06% NIY) The Irish Independent, 5th November
The Hive, Sandyford Construction work has commenced on The Hive, a 73,000 sq.ft office block in Sandyford. HWBC are quoting rents of €34 psf. The property is being developed by U+I Group and Colony Capital and will form part of a pipeline of 250,000 sq.ft of office space in Dublin. The Irish Times, 31st October
Docklands, Dublin The Irish Independent reports that Google are bidding to purchase two more buildings in the Docklands; South Bank House and The Warehouse, which are located beside their European HQ on Barrow Street. The Irish Independent, 6th November
Grove Road, Dublin 6 Sales agent Acres are seeking €3.3m (€413 psf) for a 7,981 sq.ft, four storey office building along with 11 car spaces overlooking Portobello bridge in Dublin 6. The Property is let to a language school with current annual rent of €207,500 increasing to €239,400 in year 5. The Sunday Business Post, 4th November
Eastgate, Galway McDonagh Capital Investments has lodged planning permission for the first phase of Eastgate office campus, a €50m suburban office campus to the east of Galway city. The first phase will comprise 187,649 sq.ft across three blocks. It is intended to provide Eastgate in three phases including offices, hotel and public plazas. The Irish Times, 31st October
Cushman & Wakefield Q3 Report Office Report notes 858,422 sq.ft of office space was occupied in Q3 2018 in Dublin, 18% higher YOY, and brings the 2018 total to 1,967,105 sq.ft across 169 deals. The report notes that subleases are becoming more prominent, with tenants committing to longer term expansion by committing to more space than is currently required. Tech companies are the key drivers of the growth but flexible office workspace take up has grown from sub 1% in 2014-2016 to 9% in 2018 to date. The space under construction has increased by 4% to 4,373,377 sq.ft across 42 schemes, 16% ahead of the previous cycle’s peak in 2006 and 215,278 sq.ft shy of the record high in 2001.
The Old Stand, Dublin 2 The Doran brothers have sold their leasehold interest in the Old Stand Pub in Dublin 2 for €3m. This sale brings the total number of Dublin pub sales in 2018 to 18 with a combined value of €33m. The Old Stand’s 35 year lease from 1997 from Dublin City Council is €122,500 pa with a right to renewal. Separately, John P Younge Auctioneers, is also selling Davy Byrnes at 21 Duke Street on behalf of the Doran brothers. Best and final bids are due 22nd November. The Irish Independent, 1st November
Rathgar, Dublin 6 Colliers International has launched two newly built 1,400 sq.ft, three storey, semi-detached homes on Kenilworth Lane East in Rathgar for €750,000 and €730,000 respectively. The Sunday Business Post, 4th November
Belgrave Collection Orange Capital Partners, a Dutch company, has purchased the Belgrave collection, a portfolio of 30 redeveloped Georgian properties in Dublin 4, 6 & 8 for more than €60m. The portfolio comprises of 46 studio apartments, 85 one-bed apartments, 29 two-bed apartments and five three-bedroom homes and had originally been bought by Lugus Capital. The Sunday Times, Irish Edition, 4th November
Mount Merrion, Dublin 4 Knight Frank are seeking €32m (€17m per acre) for 1.88 acres in Mount Merrion. Part of the site on the western side has planning permission for 48 apartments and 3,035 sq.ft of offices while part of the eastern side of the site has further planning permission for 50 apartments and a 12,529 sq.ft pub and restaurant. The Irish Independent, 1st November
Sandyford, Co Dublin Cushman and Wakefield are seeking €36m (€9.4m per acre) for 3.81 acres with planning permission for 459 apartments directly opposite the Stillorgan Luas stop in the Sandyford Industrial Estate. Development guidelines have changed since the five year planning permission was granted in July 2018 and it is thought that the number of apartments could be increased to 539 (€67k per site). The Irish Times, 31st October
Industrial Space JLL report that 1m sq.ft of industrial space was taken up across 36 deals in Q3 2018, a 92% increase on the take up in Q2 2018. The average deal size in Q3 was 29,862 sq.ft. The largest deal in Q3 was the sale of 219,853 sq.ft located at Lufthansa, Naas Road. The Irish Independent, 1st November
Bank of Ireland Loan Sale The Sunday Business Post reports that BOI are in negotiations with potential advisors regarding a loan sale of non-performing loans. Earlier this year, CEO, Francesca McDonagh noted the bank would consider selling some of the bank’s €5.9bn bad loans. The Sunday Business Post, 4th November
CBRE Bi Monthly Report November 2018 notes prime office rents in the city centre are €65 psf, €28.50 psf in south suburbs, €19.50 psf in north suburbs and €17.50 psf in west suburbs.
The report notes that while the Irish retail market has resisted the negative European trend, CBRE anticipates it will slow in the next two months before Christmas allowing for retailers to focus on the Christmas trade. Prime retail rents are €604 psf in Grafton Street, €437 psf in Dundrum, €418 psf in Henry Street, €279 psf in Blanchardstown, €255.50 psf in Liffey Valley, €139 in the Square in Tallaght, €93 psf in secondary city centre, €35 psf for prime retail warehouse, €15.70 psf for secondary retail warehouse and €12 psf for provincial prime retail warehouse.
Total returns in Irish commercial property increased by 6.9% in the first nine months of 2018 and €2.67bn has been invested in the Irish market in the same period. Prime yields are 3.15% for retail (high street), 4% for retail (super prime shopping centres), 4% for office and multifamily BTR residential, 4.75% for retail (prime shopping centres), 5% for warehouse, 5.10% for industrial and 5.25% for student accommodation.
12 hotel transactions totalling €263m along with one hotel investment sale totalling €17.5m has occurred in the first three quarters of 2018.
€940m across 105 development land transactions have been signed in the first nine months of 2018.
Industrial take up in 2018 has reached 2,260,419 sq.ft in the first three quarters. Prime Dublin rents are €9.85 psf, €6.25 psf for secondary Dublin and €5.80 for prime provincial.
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GPO Arcade, Dublin 1 Cushman and Wakefield are offering An Post’s leasehold interest in the GPO Arcade for €4.18m (€297 psf). The property is held on a 200 year lease from the State from 1989 at €126,974 pa and includes 10 of the 13 self-contained shops that have frontage on both Henry Street and Prince’s Street North, generating €444,562 pa (7% NIY). The Irish Times, 24th October
Dame Street, Dublin 2 The “Pen Corner” located at the junction of College Green and Trinity Street, comprising four street shops and overhead office space has been brought to market by Lambert Smith Hamilton guiding €6.5m. Annual rent is €360,000 (5.5% gross yield). The Irish Times, 24th October
12 Camden Street Upper, Dublin 2 has been brought to market by Cushman and Wakefield guiding €1.3m. The 2,734 sq.ft property is let to Figurate Ltd T/A Brady’s Pharmacy who occupy they ground and basement at €52k pa on a 25 year lease from 2005. The first floor is let to Nurse Buddy on a four year 9 month lease from 2016 at €12k. The two bed duplex located on the second and third floor is vacant. The Irish Times, 24th October
Parnell Centre, Parnell Street, Dublin 1 QRE are seeking €2m for two retail units at Parnell Centre. The units are let to Euro Giant and Eddie Rockets generating €195,000 pa (9% NIY) and have a combined weighted average unexpired lease term of 13.6 years. The Irish Times, 23rd October
Office Market JLL noted a 30% increase YOY in Q3 2018. Take up reached 593,091 sq.ft across 69 deals, 12% higher than the same period in 2017. Half of the take up (53%) has been in the city centre and Dublin 2 accounting for 41% of this. Prime city centre rents are €60 – €65 psf. Prime suburban rents are €27 – €32.50 psf. The Sunday Business Post, 28th October
The Central Hotel, Exchequer Street, Dublin 2 has been brought to market by Cushman and Wakefield guiding €40m. The 130 year old hotel has secured planning permission to increase the number of bedrooms from 70 to 112. The three star hotel has an 88% occupancy rate and reported a €1.7m profit last year and has additional income of €660,000 from five retail units on the ground floor. The Irish Times, 24th October
Sandymount, Dublin 4 Kelly Walsh are guiding €3m for a residential investment opportunity Radcliff Hall in Sandymount. The properties comprise six townhouse and apartment units with an average size of 979 sq.ft. One unit is vacant and the current annual rent roll is €94,800 but the agent notes the ERV is €204,000 pa. The Sunday Business Post, 28th October
Dublin Landings, Docklands, Dublin 1 Savills are bringing 268 apartments (250,000 sq.ft) currently under construction close to the Central Bank to market. The apartments will be located in two seven to 11 storey blocks and will comprise 82 one-bed, 146 two-bed and 31 three-bed apartments. Neither of the two development companies, Ballymore and Oxley have given any indication of selling price. The Irish Times, 24th October
Ashtown, Dublin 15 A 12.29 acre site located along the Royal Canal has been brought to the market by Savills guiding €22m (€1.7m per acre). The site has planning permission for 296 apartments and houses. The site previously transacted for €70m in 2006. Savills expect three-bed houses on the site to sell for €385k and four-bed to sell for €480k while one, two and three bed apartments will sell for €240k, €300k and €330k respectively. The Irish Times, 24th October
Moycullen, Co Galway Savills are seeking €2.7m for 14.45 acres with planning permission for 61 houses in Moycullen, Co. Galway (€44k per site). The Irish Times, 24th October
Property Investment Market BNP Paribas report that Ireland has outperformed Europe over the last 12 months to the beginning of October. Investment in Ireland has increased 32% YOY to €3.4bn compared with a 2% growth rate in Europe to €265bn. The Sunday Business Post, 28th October
Annamoe Trout Fishery, Wicklow has been brought to market by Sherry Fitzgerald Catherine O’Reilly for €820,000. The property comprises 10.75 acres of land and lakes, a lodge used to sell fishing equipment, a detached three bed house and a purpose built café and office. The Irish Times, 24th October
BidX1 The next BidX1 online auction will be held on 15thNovember. 13 apartments at Richmond Hall, Richmond Road, Dublin 3 are guiding €2.3m generating €103.5k pa. The Bull Ring on Meath Street, Dublin 8 , a mixed use property generating €244,500 pa is guiding €3.3m. The Irish Independent, 25th October
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51 & 52 Capel Street, Dublin 1 A 5,235 sq.ft, four storey over basement with commercial at ground floor and five two-bed, four one-bed and one studio accommodation above, has been brought to market by Turley Property Advisers guiding €2.2m (€420 psf). The commercial unit was previously in use as a restaurant / karaoke bar. Turley believe the property when fully let, will achieve €300k pa. The Irish Times, 17th October
Carlow Retail Park a 100,000 sq.ft facility has been bought by Friends First for c€16.75m in an off market deal representing a 7.8% NIY. Friends First already control Kilkenny Retail Park and the Globe in Naas and purchased Citypoint in Galway a couple of weeks ago. Tenants in Carlow Retail Park include Woodies, Harry Corry and Halfords amongst others. The Irish Times, 17th October
32, 35 and 36 Aungier Street, Dublin 2 Savills have bought three ground floor retail units opposite DIT Aungier Street, D2 guiding €775,000 generating €64k pa from tenants who all renewed their leases for another 15 years with no breaks. Tenants include Dublin Pizza Company and Mobile Fix. The Irish Times, 17th October
13 St Stephen’s Green the 1,482 sq.ft ground floor and basement, previously occupied Elverys Rugby Store is available to let for €140,000 pa through Finnegan Menton. The Irish Times, 17th October
24 South Great George’s Street, Dublin 2 a 3,595 sq.ft, four storey over basement property, has been brought to market by Murphy Mulhall guiding €1.8m (€501 psf). Total annual rent from The Good Food Store (retail) and three self-contained apartments above is €109,000. The Irish Times, 16th October
North Point Retail Park, Tuam Road, Galway comprising seven retail warehouse units, three warehouses and six offices totally 118,750 sq.ft sold at BidX1 for €2,225,000, €1.8m above its €400k guide price. The Irish Independent, 18th October
Retail Statistics The Sunday Business Post draws on JLL and CBRE reports noting that increases of 0.4% were seen in retail rents and capital values in Q3 2018. Despite this increase however, retail rents have only increased 36.8% since the trough, far behind office rents which have almost doubled. The Sunday Business Post, 21st October
5 Harbourmaster Place, Dublin 2 BNP Paribas is seeking €18.5m (€559 psf) for a 33,052 sq.ft, three storey office building with 49 car parking spaces. The property produces an annual income of €1,026,557 (5.5% yield) The Irish Times, 17th October
The Capel Building, St Mary’s Abbey, Dublin 7 Knight Frank has brought a 5,662 sq.ft, four storey office building with 10 basement car spaces, owned and occupied by McDowell Purcell Solicitors, to market guiding €3.1m (€547 psf). The current owners will then leaseback the property at €235k (€41 psf) for 8 years. Irish Times, 17th October
Sandyford, Dublin 18 Knight Frank are guiding €1.1m (€335 psf) for Suite 34, the Mall, Beacon Court. The 3,286 sq.ft vacant office unit is spread across three floors with four basement car spaces. The Irish Times, 17th October
Bray, Co. Wicklow DNG are seeking €1.1m for “The Anvil Stores” premises at 22-24 Main Street extending to 0.247 acres. The site has planning permission for five three-bed townhouses, offices and a large retail unit. The Irish Times, 17th October
Dundrum Gate, Dundrum Sherry Fitzgerald have brought six apartments to market guiding €2.2m (€366.6k per apartment) within Dundrum Gate comprising three one-bed and three two-bed with an annual rent roll of €117k pa. The Irish Times, 17th October
Milltown Road, Dublin 6 Sherry Fitzgerald are seeking €2.1m for seven apartments at Shanagarry Scheme on Milltown Road, Dublin 6. The properties comprise three one-bed and four two-bed apartments and generate €107,400 pa. The Irish Times, 17th October
Residential Market Statistics Hooke and MacDonald Q3 report notes residential investment sales in Dublin in the first three quarters of 2018 reached €500m across 15 transactions with €150m of this in Q3. The most substantial transactions were 262 apartments at Fernbank, Churchtown (c€138m), The Grange Stillorgan (c€126m) and 120 apartments Hanover Quay (c€101m). The Sunday Business Post, 21st October
Greenogue Business Park, Dublin 24 A sale and leaseback deal involving the 100,000 sq.ft Zeus Packaging Group headquarters has been closed by Aviva Irish Property Fund for €12m (€120 psf). The Irish Times, 17th October
Groody Student Park, Castletroy, Limerick 37 student units, comprising 24 three-bed and 13 six-bed apartment / duplexes has been brought to market by REA O’Connor Murphy guiding €5.2m. The properties are located in a scheme of 88 units, 4km from University of Limerick and generate €565,066 pa. The Sunday Business Post, 21st October
Project Lee a €300m portfolio of fully performing loans has been bought by Deutsche Bank from NAMA. The loans were associated with the late Cork Developer, Owen O’Callaghan, and are secured on assets in and around Cork city. The Irish Examiner had previously reported that the loans had an income stream of c€12m pa. Irish Times, 17th October
The Devlin Hotel, Ranelagh, Dublin 6 a 40 bed boutique hotel is due to open this week and take its first bookings from November 1st. The sister hotel of the Dean on Harcourt Street will be Ranelagh’s first hotel. The Sunday Business Post, 21st October
Issacs Hostel, Dublin 1 located on Frenchman’s lane adjacent to Busáras and Connolly Station has been brought to market by JLL guiding €9.3m. The property, comprising 53 dormitories with 290 bed spaces, is being offered with full vacant possession. The Irish Independent, 18th October
JLL Property Index noted little movement in property values during Q3 2018 based on a portfolio comprising 56% office, 33% retail and 12% industrial. Capital values rose by 0.4% in retail but were flat for office and industrial. The report also noted that rental values plateaued during the same quarter. The Irish Times, 17th October
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Sandyford, Dublin 18 two office blocks, Corrig Court (38,293 sq.ft) and Silverstone House (30,357sq.ft) in Sandyford, have been brought to market by joint agents Savills and QRE guiding €23.8m as one lot, or, €12.3m for Corrig Court (6.8% NIY) and €11.5m (6.52% NIY) for Silverstone House, if sold separately. Both blocks are fully let and 4 storey over basement carparks. Corrig Court generates €907,660 pa. Silverstone House generates €812,723 pa. The office blocks were bought for €15m three years ago. The increase in asking price reflects the sharp recovery in suburban offices. The Irish Times, 10th October
Lennox Building, Dublin 2 a 38,938 sq.ft property over five floors with 8 parking spaces, due for completion in January 2019, has been brought to market by Knight Frank guiding €25.5m (5% NIY). The ground floor will comprise leisure and restaurant along with offices at 1st, 2nd & 3rd floor. Iconic Offices have pre-let the office (€52.50 psf) and leisure space (€22.50 psf) on a 25 year term with break options in years 12 and 18, and includes car parking at €3k per space. The ground floor restaurant and ancillary accommodation at lower ground floor is let to Press Up Entertainment Group at €240k pa for 20 years with a break option in year 10. The Irish Times, 10th October
Hanover Quay, Dublin 2 CBRE are seeking €3.75m for a 5,955 sq.ft ground floor office unit at Hanover Quay let to MCA Architects at €171,666 pa. The Sunday Business Post, 14th October
19, 20, 21 & 22 Lower Baggot Street, Dublin 2, all newly restored Georgian properties fitted for office use, have been brought to market by Cushman and Wakefield guiding €8.5m. Total floor space is 12,723 sq.ft. Numbers 20 and 21 are interconnected at all levels and 19 and 22 are connected at basement level.The Irish Times, 10th October
Unit 3 & Unit 4, Sandyford Business Park, Co Dublin have been brought to market with BNP Paribas guiding €1.425m (6.5% NIY) and €3.025m (6.7% NIY) respectively. Both units are fully let. Unit 3, a 4,671 sq.ft building with 10 car spaces, is let to Phonewatch Ltd on a 35 year lease from 1991 at €100k pa. Unit 4, a 9,892 sq.ft building with 28 car spaces, is let to Eir, on a 35 year lease from 1994 at €222,000 pa. The Irish Times, 10th October
Waterways House, Grand Canal Dock, Dublin 2a 38,000 sq.ft office block over seven floors, located opposite Boland’s Mill, has been fully let for more than the quoted rent of €60 psf. Tenants include S&P Global, Simmons & Simmons Solicitors and Telnyx. The Irish Times, 10th October
Ashford, Co. Wicklow a 16,975 sq.ft investment property with redevelopment opportunity, comprising Ashford House public house, three ground floor retail units and four overhead offices has been brought to be market by Kelly Walsh guiding €2.7m. Annual rent of €75k can increase to €150k once the pub and commercial unit are let. There is a 2.15 acre surface level carpark to the rear of the pub. The site is zoned town centre. Previous planning for five ground floor retail units, five overhead offices and eight apartments has since lapsed. An extension of planning was granted for eight 2-bed units at the western side of the site. The Irish Times, 10th October
73 Ranelagh Main Street, Dublin 6 Knight Frank are guiding €725,000 for a 1,615 sq.ft, three storey commercial property in Ranelagh. The ground floor is let to Gmale Ltd, a barbers, at €24k pa. The upper office floors are vacant. The Sunday Business Post, 14th October
Dublin 2 Car Park Lisney are guiding €1.6m for 0.14 acres with 32 marked car spaces off Baggot Street and Fitzwilliam Square. The site currently produces €112,000 pa and has potential for development as residential or commercial. The majority of the site is zoned Z1: sustainable residential neighbourhoods ‘To protect, provide and improve residential amenities’, with a small portion close to the Baggot Street end of the site falling within the Z8 zoning (Georgian Conservation Area). The site is being sold by way of online tender using the “Click to Purchase” platform. The Sunday Business Post, 14th October
Ballycoolin, Dublin 15 Savills are seeking €8.6m for a warehouse and office unit currently under construction. It is also available to rent at €475k pa. Unit 629 will be available for occupation by summer 2019 and will comprise 50,000 sq.ft of space including 4,047 sq.ft of office space, five loading bays and internal heights of 15 meters. It is the first phase of a new extension to Park Development’s Northwest Logistics Park, which has planning permission for six new logistics facilities totalling 233,000 sq.ft with unit sizes varying from 15,000 sq.ft to 78,000 sq.ft. The Irish Times, 10th October
The Plaza, Tallaght, Dublin 24 Knight Frank are seeking €15m for a 200,770 sq.ft, six storey over double basement, mixed use development in Tallaght comprising a 122 bed hotel, three floors of office and three ground floor retail units. Annual rental income from the OPW, who occupy two floors of office space and from Low Price Supermarkets and Fitzpatrick Club, who occupy two retail units is €652,350. The Hotel and one office floor is vacant. Previous planning for an additional 77 bed hotel and 97 apartments which was refused, may be reconsidered given recently planning changes regarding height and density. The Irish Times, 10th October
Kestrel Licensed Premises, Walkinstown Dublin 12 Morriseys are seeking full and final offers on the Kestrel Pub and adjoining retail unit leased to Ladbrooks, located at Walkinstown roundabout, by 3pm Thursday 18th October. The Irish Independent, 11th October
Navan, Co Meath a multi-let investment property comprising of 27 residential units and five retail units has been brought to the marketing guiding €3.5m with REA Grimes. The residential units comprise nine 2-bed, and 18 1-bed apartments. The Sunday Business Post, 14th October
Claregalway, Co Galway TWM have brought 13 partially completed residential units in Cuirt na hAbhainn estate in Claregalway to market guiding €1.6m. Four of the 13 units are fully completed and subject to short term residential lettings, the remainder are partially completed to varying levels. The Irish Independent, 11th October
Beaumont Road, Dublin 9 Lisney have brought a 1.4 acre site including a vacant shop, carpark and bungalow to market guiding €3.5m (€2.5m per acre). The Irish Times, 10th October
Former Classic Cinema Site, Harold’s Cross, Dublin 6W a 1.25 acre site, has been brought to market guiding €6m (€4.8m per acre) with Knight Frank. Zoning allows for mixed facilities including residential, hotel and shopping. Architects O’Mahony Pike’s feasibility study shows the site could accommodate 76 apartments and retail space. The Irish Times, 10th October
22.8 acre Residential Site, Castletroy, Limerick has been brought to market by Savills guiding €6.8m (€298k per acre). The Irish Times, 10th October
Rathfarnham, Dublin 16 4 acres in the Grange Hill development has been brought to market by Kelly Walsh guiding €6.5m (€1.625m per acre). The first phase of the development is complete comprising 19 family homes and an extension to the 2017 planning allows for a further 48 units. Kelly Walsh believe 35, 2,637 sq.ft homes, could be delivered on the 4 acres if the existing planning is revised. The Irish Times, 10th October
Dublin Crane Count The Irish Times reports that there were 89 cranes visible over Dublin city centre from 1st October, down 4% on September’s 93. 55 of these were south side, and 34 were north side. The Irish Times, 10th October
CBRE Q3 2018 Reports
Retail sales volumes are trending c.4% higher on an annualised basis. At the end of Q3, prime rents on Grafton Street remain at €604 psf, €418 psf on Henry Street and Dundrum rose to €427 psf. Over €343m was invested in retail properties up to end of Q3 2018, up 7% YOY. Prime retail high street yields are 3.15% in Dublin, €5.75% in Cork and prime shopping centre yields are 4.75%.
Industrial take up in Dublin reached 1,090,610 sq.ft in Q3 2018, the highest quarterly take up since Q4 2015.Take up in Dublin for 2018 to date was 2,263,058 sq.ft up 24% YOY. Lettings accounted for 64% of take up in Dublin in Q3. Prime industrial rents in Dublin are currently €9.85 psf and prime yields are 5.25%.
Office take up in Dublin in Q3 was 607,249 sq.ft with over 2,152,782 sq.ft reserved in the capital by the end of Q3. Prime office rents are €65 psf, reducing to €28.48 in south suburbs, €19.51 psf in north suburbs and €17.49 psf in west suburbs.
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