Sandymount, Dublin 4 The Sunday Business Post is reporting that 19 large apartments at The Willows in Sandymount, Dublin 4 has come to the market with a guide price of €8 million. The entire Willows scheme comprises 42 apartments in two self-contained blocks overlooking the YMCA sports grounds off Claremont Road and close to Sandymount Village. The investment comprises 19 of the 21 apartments in Block B. These include a one-bedroom apartment of 699 sq.ft, 15 two-bedroom apartments of c.936 sq.ft. and three three-bedroom penthouse apartments, which average 1,603 sq.ft. There is ample car parking provided at both surface and basement levels. The passing rent, when one vacant show unit is let, will be c.€465,000 per annum. The Sunday Business Post, 15th December
Middle Abbey Street, Dublin 1 A major Airbnb-style short-term rental development at Nos 60 and 61 Middle Abbey Street in Dublin has been granted planning permission. Permission for planning was applied for in May to convert the upper three floors of offices into nine apartments for use as short-term rentals. The plan included two studios, with four one-beds and three two-bed apartments. The plan was rejected in July as Dublin City Council argued that the development could harm residential housing provision in the area. An Bord Pleanála overturned that ruling stating that the proposal “would not result in the loss of long-term residential stock within the inner city and would increase the provision of tourist accommodation”. The Sunday Business Post, 15th December
Donnybrook, Dublin 4 Richmond Homes is seeking to add more than 50 apartments to a development in Donnybrook. Planing permission was approved this year from Dublin City Council to build 94 apartments on a corner site at Eglinton Road, near Donnybrook village, despite more than 70 objections to the seven-storey project. Some residents appealed against the decision to An Bord Pleanála, but it upheld the approval. Richmond Homes has now started consultations with An Bord Pleanála about building 148 apartments on the site. The Times, 15th December
Dublin Docklands RGRE has secured permission from An Bord Pleanála to develop 464 Build-To-Rent (BTR) apartments and 200 co-living bed spaces in the Dublin docklands. Located adjacent to Salesforce’s new European headquarter campus, which is under construction, the units at Spencer Place will be distributed across two blocks rising in height to 11 and 13 storeys respectively. The apartments have been designed to cater for the upper end of the residential rental market, and will include a hotel-style lobby reception with concierge desk manned on a 24/7 basis, an electric car share club, a rooftop residents’ lounge and garden with fitted barbeque facilities, a penthouse residents’ gym, private dining spaces and a multimedia room. Upon completion, the residential units will account for 370,354 sq.ft. of the 717,000 sq.ft. of space RGRE is set to deliver as part of its wider mixed-use scheme at Spencer Place. The Irish Times, 13th December
The Irish Times reports that property prices are now rising by just 0.9% per annum, the lowest level of increase in almost 12 years, as the pick-up in housing supply continues to cool the market. The latest official figures from the Central Statistics Office (CSO) show prices in Dublin, which has seen the largest increase in residential construction, dropped 1.5% in the 12 months to October. The figures come after the Economic and Social Research Institute (ESRI) said earlier this week that “prices are as high as they can possibly go given affordability in the domestic economy.” The institute added that the cost of supply is one factor that needed to be addressed. The Construction Industry Federation noted that 41% of the cost of delivering an apartment was related to costs such as taxes, levies, the cost of finance and land costs. The Irish Times, 12th December
Blarney, Cork The Sunday Business Post is reporting that JCD Group, the new owner of Blarney Business Park in Cork, has committed to a €10 million investment in the site, which will see the next two phases delivered in early 2020 and a commitment to invest further and develop all the land at the campus in the next two years. Since 2018, JCD has completed a c.51,000 sq.ft. Grade A high bay warehouse/light industrial warehouse in Blarney, which was fully let before completion. Another c.60,000 sq.ft. site was also completed and is now also fully let, while two more buildings, which are being built on spec, measuring c.12,000 sq.ft. and c.60,000 sq.ft, are under construction. The Sunday Business Post, 15th December
Dublin Hotel Market The 2019 Dublin Hotel market was driven by a number of “big ticket” hotel sales, with international investors, focused on high-quality Dublin hotels, accounting for two thirds of total transaction activity in 2019. Major Dublin deals included the €134 million sale of The Marker (which will be rebranded as Ananatara), the €116 million sale of the Conrad Dublin, the €50 million sale of Portmarnock Hotel & Golf Links and the €40 million sale of The Central Hotel. The average price per key achieved across all Dublin hotel sales in 2019 was € 400,000 per key. Furthermore, the sale of The Marker achieved a price of just over € 700,000 per key, a new high point in the Dublin hotel market. JLL Annual Hotel Report, The Irish Times, 4th December
Gloucester Street, Dublin 2 Premier Inn owner Whitbread, working with its development partner Red Rock Developments, has secured its fourth hotel location in Dublin city centre. Located on Gloucester Street in the city’s south docklands, the site will be redeveloped into a 10-storey hotel comprising 108 bedrooms. Since signalling its intention to expand into the Irish market in 2018, Whitbread has secured 635 Premier Inn rooms in Dublin city centre in four hotels – at South Great George’s Street, Jervis Street, Castleforbes Business Park and now Gloucester Street. The hotels, which are a mixture of freehold and leasehold acquisitions, are planned to open from early 2021 onwards. The Irish Times, 12th December
BidX1 Auction At a recent BidX1 online auction, two sites sold for greater than €1 million-euro. The first was 52 acres of residential zoned land near Mallow, Co Cork, which sold for €1.524 million (€29,308 per acre), 17% over its auction guide price but less than the €2 million it was on sale for in June. Planning permission for 112 residential units has expired on the site which is within walking distance of the railway station. The second site is a 7.19-acre parcel of residential development land at Dublin Road, Dundalk. The site sold for €1.011 million (€140,612 per acre), more than double its auction guide price. The Irish Independent, 11th December
Three Dublin Landings Iput has paid c.€115 million to acquire an office block on Dublin’s north quays, Three Dublin Landings. The Irish Times understands that the development of the office block is expected to complete within “the coming weeks” and will add 120,000 sq.ft. of office space set over five storeys with a lower ground floor and basement to the company’s portfolio. Iput’s net asset value stood at €2.6 billion at the end of September. Iput’s Dublin portfolio now consists of 2.1 million sq.ft. of office space with further space, including Wilton Park and the Tropical Fruit Warehouse, under development. The Irish Times, 16th December
Grand Canal Quay, Dublin 2 Dublin city council has approved plans to increase the size of the building at 1 Grand Canal Quay to 11 storeys, from its existing 7 storeys. The building is adjacent to the Dart line, close to the Grand Canal Dock station. It has been occupied by Google since earlier this year and sits across the Grand Canal basin from their European headquarters on Barrow Street. The expansion plan involves demolishing the existing seventh floor and stripping back the sixth floor, before adding the four extra levels. There would be balconies from the sixth to the 10th floors. The Times, 15th December
Tullamore, Co Offaly Planning permission has been granted for a new €20 million retail centre in Tullamore, Co Offaly. The Irish Times understands that the Riverside Centre will have a mix of 15 retail units, a cinema, cafes and restaurants, as well as eight residential units. The Irish Times, 12th December
Irish Investment Property Market The Irish investment property market broke new records this year, with nearly €5.92 billion worth of investment deals. As much as €2.865 billion of the deals came in the last quarter of the year amounting to almost half of the value. Much of that appears to have been in train before finance minister Paschal Donohoe increased the stamp duty rate on non-residential property to 7.5% from 6%. Among the late commercial deals to close this month was Aberdeen Standard’s sale last week of Allianz House, one of the office blocks at Elmpark, Dublin 4, for c.€53m. It was purchased by German fund Quadoro Doric which already owns office blocks in Dublin and Cork. The Irish Independent, 13th December
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Stillorgan, County Dublin Kennedy Wilson has secured planning permission from An Bord Pleanála for the construction of 232 luxury apartments in blocks of up to eight storeys on the site of the Leisureplex bowling alley in Stillorgan. The developer had sought to build as high as nine storeys on the site in its initial pre-planning submission to the board last February. That proposal was rejected, however, with the planners suggesting that it required “further consideration and amendment” along with other issues before a fast-track application could be submitted. In addition to the residential element of the Leisureplex scheme, Kennedy Wilson intends to deliver four restaurants and cafes, and two retail units on the site. The proposals for the apartments include a concierge service, cinema, gym, along with a residents’ lounge, co-working space, dining area, communal kitchen and rooftop terrace. The Irish Times, 5th December
Hill Street, Dublin 1 Dublin City Council has approved the first large-scale co-living complex in central Dublin, a 129-bed complex on Hill Street near Mountjoy Square. The developers, MM Capital, originally applied to build 132 units on the site, but this was revised downwards by planners. The majority of bedrooms in the block will be 204 sq.ft, but nearly a quarter will be 172 sq.ft. in size. State guidelines require shared living units to be at least 129 sq.ft. The developers have confirmed that the Hill Street property would be managed under the SQRE Living brand. SQRE Living is currently managing and developing more than 3,000 co-living units in the US and Britain, with further expansion planned in mainland Europe. The Sunday Business Post, 8th December
Dundrum Town Centre An Bord Pleanála has approved an application by Dundrum Town Centre part owner Hammerson for 107 new apartments on a site above the red car park which will ultimately be offered to the rental market. The development will deliver 50 one-bedroom and 56 two-bedroom apartments which will be managed on a long-term rental basis. The scheme will also include amenities such as a co-working space at ground-floor level, a gym, cinema room, lounge and terrace at the upper levels. The scheme represents Hammerson’s first move into residential development in the Republic. It is understood that the estimated cost of the apartments will be c.€28 million to build. On completion, they will have a gross capital value of c.€64 million. The Irish Times, 6th December
A consortium led by UK property developers is beginning work this month on 465 social housing units. The Torc Partnership said it expected to finish all units in Clare, Galway, Kildare, Roscommon, Waterford and Cork by mid-2021, as part of the Government’s private-public partnership (PPP) plan for 1,500 new units nationwide. Torc is led by two London-based property investment firms, Equitix and Kajima Partnerships, which will hold majority stakes in the properties for 25 years, before transferring ownership to the local authorities. Construction will involve a joint venture between Irish contractor JJ Rhatigan & Co and Obrascon Huarte Lain (OHL) of Spain, a firm active across Europe and the Americas. The Irish Independent, 10th December
Tara Street, Dublin 2 Marlet Property Group has secured planning permission from Dublin City Council to increase the height of the 11-storey office block it is delivering on the site of the former Apollo House to 21 storeys. The approval of Marlet’s application clears the way for the company to add a 10-storey tower comprising 54 build-to-rent apartments to the top of the office scheme for which it had received permission previously. The apartments will comprise 45 one-bedroom and nine two-bedroom units, and will be complemented by 2,237 sq.ft. of internal communal amenity space, as well as external terrace areas. The combined height of the amended College Square development will rise to 262 ft above street level. The Irish Times, 5th December
Coonan Property sold a 188 acre farm in Ashbourne, Co. Meath for c.€5 million (€26,595 per acre). The 188 acres represent an ideal investment/development opportunity due to its proximity to local amenities. The lands are located 1km from Ashbourne Main Street, 20km from Dublin City Centre and just a 10 minute drive from Dublin Airport. The lands were offered in one lot and c.15 acres of the lands are zoned for amenity use in the county Meath Development Plan which is currently being reviewed. Ashbourne is Meath’s second biggest town with a population of 14,000. Coonan Property Group Report, 5th December
Grand Canal Street, Dublin 2 The Irish Times understands that Google is closing in on the purchase of the 125,066 sq.ft. Treasury Building on Dublin’s Grand Canal Street for c.€120 million (€959 psf). The building had until recently been the headquarters for the NTMA and NAMA. Google’s purchase of the Grand Canal Street property will provide it with the capacity to increase its existing 8,000-strong Dublin-based workforce by up to 1,200. Google is also in negotiations in relation to the rental of all 202,000 sq.ft. of space at the Sorting Office, the seven-storey office block being developed in the Dublin docklands by Marlet Property Group. The Irish Times, 4th December
Dublin Office Market The Dublin office market performed strong in 2019, boosted by several sizeable transactions, both in the city centre and suburbs of the city. A report in the Irish Times highlights that there was an increase in demand from business services, financial services and the public sector during the last 12 months, however, the technology sector continued to dominate with many of the country’s largest technology firms significantly increasing their footprint during 2019. A total of 2.075 million sq.ft of transactions were signed in the Dublin market in the first three-quarters of the year. The Irish Times, 4th December
Shelbourne House, Ballsbridge Quanta Capital has paid c.€40 million in an off-market deal for the landmark Shelbourne House in Ballsbridge. Located on a 0.7 acre site on Shelbourne Road between the Number One Ballsbridge office scheme and the Lansdowne Place apartment development, Shelbourne House currently comprises a seven-storey office and apartment building extending to a total area of 76,079 sq.ft (€525 psf). Although the majority of the offices are let to tenants, including the Malaysian embassy, An Post and the OPW, there is significant development potential for the site. A planning application, which was rejected, was submitted in 2018 in which permission was sought to demolish the building and replace it with a 113,742 sq.ft. structure. The Irish Times, 5th December
Stephen’s Green Shopping Centre The Irish Times understands that a fund managed by Davy Real Estate has paid c.€175 million for the 320,000 sq.ft. (€546 psf) Stephen’s Green Shopping Centre in Dublin. The completion of the transaction in recent days gives the Davy investors full control of the shopping centre, following a period of nearly 13 years in which it had been owned jointly by several shareholders. While the combined 62.4% stake was offered for sale quietly in a targeted process by HWBC in June, it is understood Irish Life had, until recently, intended to retain its 37.6% interest in the centre. The Centre has more than 90 shops over three levels and is currently producing rental income of c.€8 million. The Irish Times, 7th December
Cork Investment Market The Sunday Business Post reports that Cork’s investment market has been particularly strong for the past three years, with turnover averaging €250 million per annum and it is predicted to be slightly ahead of this level again in 2019. In the office sector, there is over 710,000 sq.ft. of accommodation being developed with more than 1.45 million sq.ft. with planning. A Build-to-rent planning application has been lodged with An Bord Pleanála for a 24-storey, 201-unit tower at Albert Quay; and on the South Link Road planning permission has been granted for a 17-storey development with 118 apartments. While it‘s not a BTR application, at Horgan’s Quay planning has just been granted for 302 units. The Sunday Business Post, 8th December
An Ulster Bank survey has highlighted that activity in the housebuilding industry contracted in November for the first time since 2013, the year home prices reached a low point following the property crash. Ulster Bank’s latest purchasing managers’ index (PMI) shows that the reading for housing fell to 47.7 in November from 51.3 in October. The wider construction PMI result rose to 48.2 from 46.2 as activity in the commercial sector picked up. A reading below 50 signals a slowdown in a sector. The Construction Industry Federation estimates that house and apartment completions will increase this year to 23,000 from 18,072 in 2018. While completions are forecast to rise to 28,500 in 2020, well off a low of 4,575 seen in 2013, economists estimate that there is demand for c.35,000 new homes a year over the medium term. The Irish Times, 9th December
The Sunday Business Post reports that the Irish commercial property market looks on course to achieve record or near-record levels of deals this year, despite enduring some recent knocks from public authorities. Investment deals in the million-euro-plus price bracket across commercial property look set to achieve €3.5 billion. Sales of major PRS assets are expected to generate €1.5 billion. Development land deals are forecast to top €1 billion, while hotel sales could reach €600 million. The Sunday Business Post, 8th December
Build-to-rent company Urbeo Residential said it has invested more than €400 million on nine deals in its first year in operation, which will deliver a portfolio of 1,300 rental units. The company’s fund, which is 75% owned by US investment firm Starwood Capital and has the Ireland Strategic Investment Fund (ISIF) as a minority backer, is understood to have committed €220 million to six previously-undisclosed deals in locations including Dublin’s city centre and the suburbs of Finglas and Citywest. They are in addition to €180 million that was spent on three schemes – in Tallaght, Citywest and Maynooth, Co Kildare – that had previously been announced. Most of the schemes are under construction. The Irish Times understands that it is the intention of Urbeo to build a €1 billion portfolio of build-to-rent assets, growing their portfolio to 1,900 units. The Irish Times, 10th December
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Dundrum, Dublin 16 The Irish Times understands that German fund, Realis has purchased 90 high-end apartments at Glenveagh Properties’ Herbert Hill scheme next to Dundrum Town Centre in south Dublin for €90 million. Previously, the Irish Times had revealed that the scheme was being offered for sale with the option for the purchaser of entering into an agreement with Dún Laoghaire Rathdown County Council on the long-term lease of all 90 apartments for use as social housing. The Herbert Hill scheme represents the second investment by Realis in the Irish property market to date. Last month, the company agreed the forward purchase of 56 private rented sector apartments that Marlet Property Group is in the process of delivering at its Ropemaker Place scheme in Dublin’s south docklands. The Irish Times, 30th November
Maynooth, Co Kildare Urbeo, which is backed by US investor Starwood Capital, has purchased 150 units comprising apartments, duplexes and houses which have yet to be completed in Maynooth, Co Kildare for €53.5 million from Cairn Homes (€356.6k per unit). Cairn’s Mariavilla development consists of two areas under construction totalling 380 properties. The 150 properties being bought by Urbeo form part of the development designed for the private rental sector. The remaining 230 homes will be bought by private tenants. The Irish Times, 28th November
Castleknock, Dublin 15 Hooke & MacDonald have brought four properties to the market that have become available for sale or to let in the Phoenix Park Racecourse development in Castleknock. The units are in shell-and-core condition and are ready for occupier fit-out as a restaurant/cafe, two retail units and a creche. The properties range in size from 1,076 sq.ft. to 2,421 sq.ft. and are being offered to the market at guide prices of between €300,000 and €410,000. The agent is also quoting rents ranging from €27,000 to €37,000 per annum for the units on long-term leases. The wider scheme comprises c.700 homes, with provision for an additional 1,300 residential units over the coming years. The Irish Times, 28th November
Elmpark Green, Dublin 4 German investment fund, Quadoro Doric, has paid c.€53 million for the Irish headquarters of Allianz at Elmpark Green in Dublin 4. The sale of Allianz House comes just eight weeks after it was brought to the market on behalf of owners Aberdeen Standard (formerly Standard Life) by agent TWM at a guide price of €50 million. Allianz House is an eight-storey office building extending to 86,000 sq.ft (€616 psf). The property is fully let to Allianz on a 31-year full repairing and insuring (FRI) lease from January 2008 with a tenant break option in December 2033. The annual rent is €2.9 million (gross yield 5.47%) with five-yearly rent reviews from 2019 in line with the consumer price index (CPI). The Irish Times, 28th November
Dublin Landings Nama has secured just over €42 million from the €205 million sale by Ballymore and its Singapore-headquartered partners, Oxley, of two blocks at Dublin Landings. In a statement to the Singapore stock exchange Oxley confirmed that its subsidiary Oxley Docklands Quay Two, had completed the deal for the buildings at final sales prices of €98.6 million and €106.5 million respectively. Oxley said it had received 79.5% of the overall €205,100,000 sale proceeds while Nama subsidiary, National Asset North Quays DAC, had received the remaining 20.5% balance. The €205 million paid by the Central Bank for the properties does not include VAT. The Irish Times, 28th November
Hatch Street, Dublin 2 The Irish Times understands that KPMG has entered into a 10-year lease for 20,000 sq.ft. of space distributed across the first and second floors at Two Park Place. The building forms part of the wider Park Place office scheme that Clancourt is developing on a site overlooking the Iveagh Gardens on Hatch Street. It is understood KPMG has agreed to pay a rent in the region of €60 psf. Joint agents CBRE and Knight Frank are marketing the remaining 6,500 sq.ft. of ground-floor accommodation at a rent of €65 psf and €4,500 per car parking space. The office space comes with the benefit of a tenant fit-out, which represents a significant saving in capital expenditure for the incoming occupier. The Irish Times, 27th November
Charlemont Street, Dublin 2 Amazon has signed a lease on 170,000 sq.ft. of office space currently being developed by the McGarrell Reilly Group as part of its Charlemont Street Regeneration Project in Dublin city centre. The decision to secure the Charlemont Square offices will give Amazon the capacity to increase its existing Dublin-based workforce by an additional 1,700 workers. Amazon already employs more than 2,200 people in the capital between its European headquarters in the Shannon Building on Burlington Road and other locations. McGarrell Reilly’s Charlemont Square development is part of a wider €85 million mixed-use scheme it is currently progressing on Charlemont Street as part of a partnership it entered into with Dublin City Council. Phase one of the project saw the delivery last September of 79 social housing units on the site along with a range of community facilities. The scheme also includes 184 private residential units – a mix of luxury one-, two- and three-bedroom apartments The Irish Independent, 30th November
Plassey, Co Limerick Fine Grain Property, the Irish-owned operator of business park offices, has completed construction of Hawthorn House, a 55,000 sq.ft., green office building in Plassey, Limerick, at a cost of more than €12 million. The four-storey building has the capacity to accommodate up to 500 employees. Joint agents Power Property Group and Cushman and Wakefield are quoting a rent of €25.50 psf. In January last year, the firm acquired the site for Hawthorn House as part of a €25 million deal which included three other office buildings: Hamilton House, Hamilton House 2 and Clive House, totalling c.140,000 sq.ft. of workspace in the Plassey Campus of the National Technology Park. These three buildings are 100% occupied. The Irish Independent, 28th November
Horgan’s Quay, Cork City Workspace provider Spaces is set to open its first co-working offices and meeting rooms at Horgan’s Quay in Cork city centre. On completion of the build next summer, the firm will occupy almost 30,000 sq.ft. over two floors in Block 1, one of three blocks in this new, €160 million docklands development building, built out of the original site’s limestone foundations on the city’s northern docks. Overall, the scheme includes office space, new apartments, a 120-bed hotel, shops and restaurant outlets. The Sunday Business Post, 1st December
Ship Street, Dublin 8 Agent CBRE is quoting a rent of €55 psf for space at a new office scheme now under construction on a site immediately adjacent to Dublin Castle. Upon completion at the end of 2021, One Le Pole Square on Ship Street will comprise of 110,341 sq.ft. of grade A office space distributed across a six-storey building. Designed by Reddy Architecture & Urbanism on behalf of Luxor Developments, the new offices will meet near zero energy building standards specification and boast A2 energy efficiency. The scheme will also include a ground-floor cafe, private rooftop terraces, 170 bike spaces and 48 car-parking spaces. The Irish Times, 27th November
Kilmainham, Dublin 8 French real estate group, Covivio, has paid c.€45 million to acquire the four-star Hilton Dublin-Kilmainham hotel under a structured arrangement with its current owners, the Tifco group. While the transaction will see Covivio secure the freehold interest of the 120-bedroom hotel, the Irish Times understands that Tifco will continue to be involved on foot of what market sources described as a sale-and-manage back agreement. The Irish Times, 27th November
Smithfield, Dublin 7 The Dublin Loft Company is understood to have engaged London-based Eastdil Secured to find a buyer for the 146-room Hendrick Hotel in Smithfield with a guide price of c.€50 million. Located on Hendrick Street, a small street within close proximity to Smithfield Square, the hotel is a six-storey property and is Dublin’s first street art hotel. The Irish Times understands that the prospective purchasers of the Smithfield property may also be given the option to acquire another 163-bedroom hotel which the Dublin Loft Company is in the process of developing on the site of the landmark Big Tree pub on Dorset Street. The Irish Times, 27th November
Clonburris, West Dublin Cairn Homes has purchased 97 acres of land within the Clonburris strategic development zone (SDZ) for €21.5 million (€221.6k per acre). The deal was done through two separate transactions from Nama and O’Callaghan Properties. Cairn already owns an adjacent 174 acres of development land within the SDZ and this deal means its total holding in the area represents 44% of the overall SDZ. The company will build more than 5,000 homes in the area together with retail, commercial and employment space. The Irish Times, 28th November
Dublin Office Market A Knight Frank report on the Dublin Office Market has found that the last six months of take-up were the weakest since 2012, but the previous six-month period was the strongest on record ever. 1.9 million sq.ft. is due to be delivered in 2019 which is approximately in-line with the preceding two years when 2 million sq.ft. was completed. 360,000 sq.ft. of office accommodation accounting to €412.9 million worth of office investment transactions took place in Q3, the majority of which was accounted for by the sales of Five Hanover Quay and Nova Atria. Knight Frank Q3 Report
A Cushman & Wakefield report on the “Main Streets Across the World” comprising 448 locations across 68 global markets has found that Grafton Street’s rental rate of $401 psf per year sees it hold on to 13th position in the global rankings of the most expensive streets, and seventh place in Europe. Hong Kong’s Causeway Bay has retained its title as the world’s most expensive shopping street, with rents to locate a store coming in at $2,745 psf per year. New York’s Upper Fifth Avenue takes second place for the second year running, with a prime rental rate of $2,250 psf. The Irish Times, 27th November
The development pipeline of new nursing home bed spaces fell in the first 10 months of this year despite growing demand for residential care. According to the latest report from research body Construction Information Services (CIS) the volume of projects and bed spaces under construction in the nursing home sector fell compared to the same period of 2018. There were only 335 bedrooms under construction or c.one-third of the 1,140 bedrooms being built in 2018. However, there has been an increase in the volume of projects seeking planning approval. The Irish Independent, 28th November
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Temple Bar, Dublin 2 CBRE are guiding €25 million for the Paramount Hotel in Dublin’s Temple Bar district. The 66 bedroom Paramount Hotel and its bar, The Turk’s Head are located on Parliament Street in the heart of Temple Bar. The Paramount Hotel currently operates from 10 interconnecting prominent buildings with frontage to Parliament Street, Essex Gate and Upper Exchange Street. While the hotel is being offered for sale with the benefit of full planning permission to increase its existing room count from 66 to 117 bedrooms, a further planning application is pending to increase that number to 130 suites. The Irish Times, 20th November
Capel St, Dublin 1 A fully let 6,845 sq.ft penthouse office has been brought to the market through Colliers with a guide price of €3.45 million (€504 psf). Numbers 501-506 at the Capel Building are fully let to Storm Technology by way of a 10-year lease from February 2019, with a passing rent of €255,667 per annum (€37 psf). The lease provides for a fixed uplift to €284,075 in years six to 10. The tenant has the benefit of a break option at the end of year five (subject to six months’ notice). There are also two car parking spaces, currently vacant, which present potential for increased income for the purchaser. The Capel Building is located at the corner of Mary’s Abbey and Capel Street, and within a short walk of Jervis Street. The Irish Times, 20th November
The Conrad Hotel, Dublin 2 The hotel, owned by Park Hotels (part of the Hilton group), the Dublin-based Cashel Fund and Aviva has been sold for €116.4 million. The 192-room city-centre hotel off St Stephen’s Green had annual earnings before tax of c.€5 million, according to the announcement confirming its sale. The buyer is believed to be Archer Hotel Capital, which the Irish Times reported earlier this year was close to completing a transaction. The initial guide price was €115 million, although earlier reports had suggested a price of up to €125 million. The Sunday Business Post, 24th November
A Knight Frank/Daft.ie PRS Survey of 1,200 tenants in Dublin has shown up interesting variations in preferences across the various tenant groups (iGens, Nesters, Soloists, etc). €1,200 is the average pro rata share of rent that each respondent expects to pay per month, although this ranges from €929 for iGens to €1,761 for mature families. 38% of their net income is what respondents expect to pay on rent, with there not being a wide variation amongst the different tenant groups. The report also compares the results with a similar KF survey in the UK. Ease of access to work is the most important consideration for Dublin renters compared to affordability for those in the UK, suggesting a greater willingness amongst renters here to pay a premium for location. The advantage of shorter travelling distances in Dublin versus London was evident with 45% living within a 30 minute commute versus 34% in London. Knight Frank Dublin PRS Tenant Survey
Pembroke Place, Dublin 2 A multi-unit residential property at 6 Pembroke Place, Dublin 2, will be among the 20-plus lots which will go under the hammer at I-Am Sold’s Leinster auction in Liffey Valley on December 5th. The Pembroke lot extends to 2,260 sq.ft. over three storeys and contains five one-bedroom flats which generate €63,000 in rental income. The Irish Independent understands that it will be sold with vacant possession for over €990,000. The Irish Independent, 21st November
Eden Quay, Dublin 1 Agent McNally Handy is guiding €1.5 million for No 9 Eden Quay, a mid-terrace, four-storey over-basement commercial premises. The ground floor and basement of the building are fitted out and used as a casino and amusement arcade while the upper floors are laid out as offices. The property is let to Starville Promotions Ltd on a 35-year lease dating from June 1, 2004 at a rent of €108,000 per annum. The lease incorporates upward-only rent reviews every five years, and there is no break option. The Irish Times, 20th November
Dorset Street Lower, Dublin 1 Knight Frank and Citywide Auctioneers are guiding €2.3 million for a substantial 183,000 sq.ft. mixed-use investment property at Numbers 3, 4 and 5 Dorset Street Lower in Dublin 1. The licensed premises (bar, restaurant and off-licence) is currently in use as Wasabi Restaurant and is let on a 15 year IRI lease from March 2018 at a current rent of €55,000 per annum increasing to €110,000 per annum in March 2020. The first floor of Number 3 Dorset Street consists of an own-door office leased to the Mater Private on a five-year lease which expired in August 2015 with a rent of €42,000 per year. The upper floors of Numbers 4 and 5 Dorset Street consist of 3,100 sq.ft. of currently vacant office space. At the rear of the property, accessed off Georges Place, are five apartments currently generating rental income of €102,000 per annum. The Sunday Business Post, 24th November
Ormond Quay, Dublin 1 Agent McNally Handy is guiding €2.25 million for No 21 Ormond Quay and a portion of the adjoining building (No 20). No 21 Ormond Quay is a four-storey over-basement mixed-use extended premises, the majority of which is fitted out as a guesthouse. The first floor is presented as a one-bed apartment, while the basement of the property is used for ancillary services and comes for sale along with the second and third floors of the adjoining building at No 20 Ormond Quay which are in use as guest accommodation. The property extends to a total area of 6,135 sq.ft. The Irish Times, 20th November
Donnybrook, Dublin 4 The Irish Times understands that a new bar and restaurant will form part of the residential-led scheme now being envisioned for the 0.2-acre, Kiely’s of Donnybrook site. It is understood that Westridge Real Estate, who recently purchased the premises for in excess of €5 million has plans for a high-end apartment building of up to six storeys, with a rooftop bar and restaurant offering views over nearby Herbert Park. When it was first brought to market in April 2018, the majority of the Donnybrook site was zoned Objective Z4 under the current Dublin City Development Plan 2016-2022. That allows residential, office, hotel, hostel, restaurant and retail development. A small element of the site to the rear, fronting on to Pembroke cottages, is zoned Objective Z1 – “to protect, provide and improve residential amenities.” The Irish Times, 20th November
Cedar Portfolio US private equity giant Blackstone has notified the Competition and Consumer Protection Commission (CCPC) of its intention to acquire a portfolio of five prime Dublin office assets with an indicative value of €535 million. The CCPC was informed of Blackstone’s bid to acquire the Cedar portfolio from Starwood, in a formal merger notification on Thursday. The Cedar portfolio was offered for sale through CBRE and Eastdil Secured in September. It comprises the Watermarque building, 75 St Stephen’s Green, Iveagh Court, Marsh House, 29-31 Adelaide Road. The properties comprise 600,737 sq.ft. of office accommodation and 45 residential units at 1 and 2 Parkgate Street. The Irish Times, 23rd November
Naas Road Industrial Park Development 8, a Dublin-based developer, has purchased Naas Road Industrial Park for c.€9 million. Agents Quinn Agnew had been quoting €7.5 million for the property which comprises six self-contained units extending to 87,200 sq.ft. on a site of 4.2 acres (€2.142m per acre). Of the six industrial units, four are occupied and producing almost €410,000 in annual rental income. The Irish Independent understands that Development 8 intends to refurbish Unit 6 which extends to 8,855 sq.ft. and to sub-divide Unit 4 which extends to 29,225 sq.ft. in order to offer both separate warehouse space and office suites on a floor-by-floor basis. The Irish Independent, 21st November
Johnstown, Co Kildare Agent Harvey is offering a warehouse and office premises in Johnstown, Co Kildare for sale at a guide price of €6.25 million. There is also the option to let the premises at a rent of €675,000 per annum. The subject property sits on a site of 5.6 acres (€1.116m per acre), which is fully utilised to provide a large yard for loading and truck-parking areas. A total of 88,404 sq.ft. of warehouse space is available and the unit also provides 20,128 sq.ft. of two-storey headquarter offices, which are in turnkey condition. The premises is located within a two-minute drive of the N7 and a 15-minute drive from the M50 motorway. The Irish Times, 20th November
Ringaskiddy, Co. Cork Specialist glass processing company Precision Quality Glass (PQG) has taken a lease on Block A Ringport Business Park in Ringaskiddy, which comprises a detached warehouse of 95,000 sq.ft. The Irish Independent understands that Joint letting agents Lisney Cork and Cohalan Downing negotiated rent in the region of €380,000 per annum (€4 psf) which is subject to a significant capital spend by the tenants. The letting is one of the largest industrial lettings in the Cork area within the past 10 years. The Irish Independent, 21st November
County Meath Cantor Fitzgerald is set to acquire the 140,000 sq.ft. Blackwater Retail Park in County Meath for €21.5 million on behalf of a group of private clients (€153.57 psf). The retail park is being sold by Elliott & Co in an unleveraged debt-free transaction. There are eight units in the retail park generating rental income of €1.75 million per annum. Grafton Group-owned Woodies DIY is the anchor tenant, Currys PC World, Harry Corry, Choice Retail and Ben Dunne Gyms are other tenants at the property, located outside Navan. Cantor is pitching an exit yield for Blackwater in five years of 7.5% to investors on an anticipated sale price of €23.4 million. The Sunday Business Post, 24th November
Dawson St, Dublin 2 The Irish Times understands that the pharmacy-led health and beauty retailer, Boots have signed a new lease for the 3,660 sq.ft. retail unit at a rent of €320,000 per annum (€87.43 psf). The property, which is located immediately adjacent to the Ivy restaurant at 13-17 Dawson Street in Dublin city centre was developed by Green Reit and sold last week as part of the wider disposal of its real estate portfolio to UK-headquartered property investor, Henderson Park. The Irish Times, 20th November
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79 – 80 Talbot St, Dublin 1 JLL is guiding €4.25 million for the former premises of Guineys department store at 79-80 Talbot Street in Dublin city centre. The property is being offered for sale with the benefit of full planning permission for a 44-bedroom hotel, incorporating a public bar, restaurant and retail unit. While the permitted hotel scheme extends to a gross area of over 20,000 sq.ft. across seven floors, it also comes with reconfiguration potential, which would afford the purchaser the opportunity to increase the total guestroom count. The property is located just 350 metres from O’Connell Street. The Irish Times, 13th November
Dundrum, Dublin 14 UTC Developments have purchased the Uncle Tom’s Cabin pub and large adjacent car park for c.€3 million. The site, located in Dundrum is already zoned for residential development. The Irish Times understands that the new owners intend to keep Uncle Tom’s Cabin open and trading until a final decision is made on the type of scheme for which planning permission will be sought. The pub came on the market earlier in the year seeking offers of €3.75 million. The Irish Times, 13th November
The K Club, Co. Kildare The Sunday Business Post understands that a deal has been agreed to sell the K Club to nursing home operator TLC for c.€55 million. However, The Irish Times are reporting that the five-star hotel and golf resort will be sold for a price closer to €70 million. It is thought that TLC Nursing Homes has ambitions to include a retirement village in its plans for the site, close to the current conference centre facilities, adding to its existing five facilities, four in Dublin and one in Maynooth, Co Kildare. The property was marketed with an asking price in the region of €80 million and it was valued in 2018 at €65 million. The club, which is situated on a 550 acre estate in Straffan, contains two 18-hole championship golf courses and 134-bedroom hotel complex. The Sunday Business Post, 17th November and The Irish Times, 18th November
Vert Portfolio Irish real estate investor Avestus Capital Partners is set to pay c.€214 million for a portfolio of 382 rental apartments distributed across two high-end developments in south Dublin (€560k per unit). CBRE offered the Vert portfolio, an established and fully-operational private rented sector (PRS) portfolio comprising 197 units at Honeypark in Dún Laoghaire, and 185 units at the Elmfield scheme in Leopardstown for sale last September at a guide price of €200 million. The Irish Times understands that the €214 million being paid by Avestus represents a premium of €73 million, or just under 52%, on the €141 million Tristan Capital Partners spent in assembling the portfolio. The Irish Times, 13th November
Castleknock, Dublin 15 Joint agents Knight Frank and Citywide Auctioneers are guiding prices of €8.5 million and €1.5 million respectively for the Fawn Lodge portfolio and the adjoining Deerpark House. The properties are also available for sale in one lot at a guide price of €10 million. The 27 apartments are made up of one entire block of 23 apartments and four additional units distributed across the second block within the wider 52-apartment Fawn Lodge scheme. The four one-bedroom apartment units within the Fawn Lodge portfolio average 678 sq.ft. while the 20 two-bedroom units average 861 sq.ft. The portfolio’s three three-bedroom apartments average 1,927 sq.ft. The 27 apartments together with 32 basement car spaces are generating a current passing income of €451,200. Deerpark House comprises a substantial detached residence of 5,198 sq.ft. on a site of 0.3 acres and is currently in use as a B&B. The Irish Times, 13th November
Phibsborough, Dublin 7 Hooke & MacDonald is guiding €1.4 million for an investment property comprising seven self-contained residential units in a fully-renovated and modernised building in Phibsborough village in Dublin 7. The property is located just 250 metres from Phibsborough Luas station whilst Phibsborough Shopping Centre and the Mater Hospital are located just 300 metres and 500 metres away respectively. The portfolio consists of six studio units and a one-bedroom apartment and is producing a current rental income of €114,540 per annum. There is also a detached workshop/garage unit located to the rear of the property that comes with its own separate access which offers development potential for a mews development subject to planning permission. An architect’s feasibility study indicates that it could accommodate four apartments. The Sunday Business Post, 17th November
North Docklands, Dublin 1 Kennedy Wilson has submitted a planning application for over 390,000 sq.ft. of office space in Dublin’s north docklands. The proposed office accommodation forms part of a wider mixed-use campus to be known as Coopers Cross, which Kennedy Wilson intends to develop on a 5.9-acre site to the rear of the Central Bank’s headquarters on North Wall Quay. Kennedy Wilson and its joint venture partners, AXA Investment Managers – Real Assets and Cain International, acquired the lands for €113 million last year. The new campus is set to comprise two six-storey office blocks alongside 449 private rented sector (PRS) apartments, and a new public park and square. The Irish Times, 16th November
County Limerick The Irish Independent understands that the Shannon Group, an umbrella organisation focused on delivering economic benefits to the Shannon and Limerick areas, is set to sell 227 acres of land that could potentially be worth €10 million, in county Limerick (€44k per acre). Earlier this month, Shannon Commercial Properties issued a request for tender, seeking a commercial real estate partner. The tender documents state that commercial real estate companies interested in partnering with Shannon should have recent international experience of large industrial projects. The company said it was proposing to go to market in the first quarter of next year with the main objective of “providing for large-scale industrial investment”. The Irish Independent, 17th November
Tallaght, Dublin 24 QRE are guiding €5.75 million for a portfolio of 18 retail units at Belgard Square West in Tallaght, Dublin 24. All 18 are own door units and are all located on the ground floor, the units range in floor area from 775 sq.ft. to 15,000 sq.ft. and extend to c.49,000 sq.ft. in total. The portfolio currently generates €672,096 in rental income per annum and if the 5 vacant units were occupied, an additional €195,000 of rental income could be generated. The Irish Independent, 14th November
Paul St, Cork City Savills is guiding €3.65 million for the Paul Street Shopping Centre in Cork City. The shopping centre extends to 13,841 sq.ft, and generates €367,000 in annual rent and is occupied by 19 independent retail units. Its weighted average unexpired lease term (WAULT) is three years and eight months. The centre provides the pedestrian entrance to the Paul Street Car Park, which is Cork’s largest multi-storey car park and thus the centre enjoys high footfall. The car park is in a separate building owned by Cork City Council and does not form part of the sale. The Irish Independent, 14th November
Golden Island Shopping Centre, Athlone The Irish Times understands that a fund managed by Davy Real Estate is closing in on a deal to acquire Athlone’s Golden Island shopping centre for c. €35 million. Agent Cushman & Wakefield had been seeking offers in excess of €41 million for Golden Island when it brought the scheme to the market on behalf of current owners Credit Suisse in May of this year. Credit Suisse bought the property from Tesco for €43.5 million in 2016. The centre is currently generating rental income of €3.25 million per annum. Excluding the cinema, the retail element of the scheme extends to an overall area of more than 160,000 sq.ft. There is also a substantial car park with 1,000 spaces. The Irish Times, 13th November
North Docks, Cork City An Bórd Pleanála has approved plans for the first apartment complex on Cork’s north docks as part of a wider €160m regeneration scheme. It is understood that building work could start early next year on the 302-unit scheme facing Horgan’s Quay and Railway Street, which will be delivered as part of the HQ Horgan’s Quay joint-venture project involving BAM and Clarendon Properties, which includes a 136-bed hotel and c.400,000 sq.ft. of office space. The complex will comprise 108 one-bedroom apartments and 194 two-bedroom apartments, in apartment blocks ranging in height from seven to 11 storeys, around an open courtyard where the former Station Master’s building will be restored to become an amenity centre for apartment residents. The Irish Examiner, 16th November
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South Mall, Cork City JLL is guiding €4.5 million for a former banking hall with planning permission for a 58 bedroom boutique hotel in Cork City. Designed by Scott Tallon Walker Architects, the planning permission includes the conversion of the existing bank, along with a new-build bedroom block extension to the rear and side. The permitted scheme also provides for a large, double-height restaurant, bar, cafe and hotel reception area fronting South Mall. The Irish Times, 6th November
Hanover Quay, Dublin JD Wetherspoon has added to its Irish portfolio with the acquisition of HQ Bar and Restaurant at Hanover Quay in Dublin’s Grand Canal Dock. The property was put up for sale in June of this year with a guide price of €5.5 million. The 9,192 sq.ft. property, split over two levels, was being offered for sale with the opportunity to enter a long-term lease with the then owner-occupier Fulminis Limited. In addition to its existing Irish portfolio, Wetherspoons is currently developing an €18.5 million pub and hotel on Dublin’s Camden Street as well as pubs in Galway and Waterford. The Irish Times, 11th November
Aaran Street East, Dublin 7 The Sunday Times understands that German Hotel group, Ruby Hotels are being lined up to operate a proposed 278 bedroom hotel in Dublin City. Plans have been lodged to build the eight-storey hotel on a site spanning Arran Street East and Little Mary Street, opposite the Daisy Markets, part of the old Dublin fruit markets. The German group runs six hotels with 12 more in planning or construction and is due to open its first UK hotel in London in 2020. The Sunday Times, 10th November
Celbridge, Co Kildare Knight Frank is guiding €4.5 million for a partly let portfolio of 27 residential units at Primrose Gate, Celbridge, Co Kildare. 16 of the units are currently occupied and are generating €220,300 in rental income per annum. There is potential to increase the rental income to c.€400,000 per annum once the remaining 11 units are fully let, which would represent a 9.2% gross return on the guide price. The portfolio comprises 15 two-bedroom apartments, 10 three-bedroom duplex units and two three-bedroom semi-detached houses and they are dispersed in an estate which includes a number of houses and duplexes. The Irish Independent, 11th November
Citywest Business Campus Fine Grain Property has acquired 3013 Lake Drive, a three-storey 38,000 sq.ft. purpose-built office building on the Citywest Business Campus in south-west Dublin for c.€10 million in an off market deal. Part of the building is let to a number of companies including pharma firms Takeda and Valeant, a subsidiary of Bausch health. The other part is operated as serviced offices by The Prem Group on behalf of Fine Grain. The Irish Independent, 10th November
Northwest Business Park, Dublin 11 Agent Harvey is quoting €1.5 million (€100 psf) for a warehouse and office facility at Northwest Business Park in Dublin 11. The warehouse area extends to 12,002 sq.ft. and the two-storey offices and staff facilities which comprise 2,992 sq.ft. are situated to the front of the building and provide a mix of open plan and cellular offices, reception and toilet accommodation. Unit 508B is located in phase two of Northwest Business Park offering dual road profile and easy access to the N2/M50 and M2/N3 link road. The Business Park is situated 6.4km from both the N2/M50 (junction 5) and N3/M50 (junction 6) providing easy access to Dublin Airport and Dublin Port Tunnel. The Irish Times, 6th November. The Irish Times, 6th November
Northside Shopping Centre, Coolock, Dublin 17 The German family-office, AM Alpha, has made their first investment in Ireland’s retail property sector, paying c.€50 million to acquire Dublin’s Northside Shopping Centre in Coolock, Dublin 17. Extending to 180,375 sq.ft, Northside Shopping Centre comprises 76 retail units, of which 90% are occupied generating annual rental income of €4 million, representing a yield of 7.5%. The Centre’s anchor tenant is Dunnes Stores whilst Supervalu are paying the highest individual rent of €400k per annum. The Irish Times, 6th November
Albert Quay, Cork City JCD Group have lodged a planning application to build a large-scale residential build-to-rent scheme in the city’s docklands on the old Carey’s Tool Hire site. The proposed scheme will comprise 93 one-bed units, 104 two-beds and four three-bed apartments. The development comprises three distinct parts: the restored railway house and terminus buildings leading onto a large public plaza; the two lower residential blocks which step up from nine to 12 storeys and the Landmark Tower section, which is a proposed 25 storeys. The Sunday Business Post, 10th November
Coolock, Dublin 17 A 6.36 acre site in Coolock, Dublin has come to the market through Lisney with a guide price of €3.5 million (€550k per acre). The land use zoning for the site falls within Z6 under the Dublin City Development Plan, which indicates a range of employment and enterprise generating uses that are acceptable. The site benefits from 120 metres of frontage onto Oscar Traynor Road and it is located alongside Northside Retail Park. The Irish Independent, 11th November
County Roscommon Savills has brought a mainly residential development site extending to 21.1 acres situated 7.5km west of Athlone Town Centre to the market with a €1.6 million guide price (€75.8k per acre). The site has three different zoning objectives: 5.7 acres for new residential, 5.9 acres for strategic residential reserve and 9.5 acres for recreation and amenity uses. Previously, there was planning permission granted, which has now expired for 163 residential units and a crèche. The Irish Independent, 7th November
Griffith Avenue, Dublin 9 Cushman & Wakefield is guiding €35 million for a 9.6 acre on Dublin’s Griffith Avenue (€3.646m per acre). It is thought that the site, which is owned by DCU could have the capacity to accommodate 600 residential properties with a mix of build-to-rent units and homes for individual sale. The land has c.150 metres of road frontage onto Griffith Avenue, a key arterial route into the city close to Dublin Airport and is a five minute walk from the proposed Metro North stop at DCU. The Irish Times, 6th November
Ballyboden, South Dublin The Irish Times understands that the Augustinian Order has secured c.€20 million from the sale of 8.6 acres of land (€2.325m per acre) to Shannon Homes next to its provincial headquarters at Ballyboden in south Dublin. The sales price represents a premium on the €18 million that GVA Donal O’Buachalla were guiding in March of this year. A feasibility study prepared by John Fleming Architects in advance of the sale however indicates that the site could, subject to planning permission, accommodate a medium-density residential scheme of 212 homes or a build-to-rent development of 436 units. The Taylor’s Lane site has extensive road frontage and is close to the villages of Rathfarnham and Knocklyon, Nutgrove Shopping Centre and Dundrum Town Centre. Junction 12 of the M50 is also only a short drive away. The Irish Times, 6th November
Heuston Station, Dublin The Irish Independent understands that CIE are finalising plans to bring 18 acres of land next to the Heuston Station to the market in phases. The potential development could provide over 1.6 million sq.ft. of commercial and residential floor space and it is thought that the development lands could be worth €326 million based off the €18.1 milliom per acre paid for the Hickey’s site on Parkgate St. The Irish Independent, 10th November
Santry, North Dublin The owners of the Omni Park shopping centre in Santry in north Dublin are advancing plans to build hundreds of apartments and an aparthotel on an adjoining site. It is proposing to build 324 apartments, an 81-bedroom hotel and crèche and would involve demolishing a vacant warehouse to make way for the scheme. The Omni Park centre is owned by the Dublin building group MKN and private clients of stockbroker Goodbody. The 23-acre site includes the shopping centre, an 11-screen cinema, and a retail park with a Lidl outlet and Marks & Spencer food store. The Sunday Times, 10th November
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The Sorting Office The Irish Times understands that Google has entered into talks in relation to the rental of all 202,000 sq.ft. of space at the Sorting Office, the seven-storey office block being developed in the Dublin docklands by Marlet Property Group. The office was recently purchased by Singapore based Mapletree Investments for c.€240 million. Should a deal be agreed, the accommodation at the Sorting Office would provide Google with enough room to grow its existing 8,000-strong Dublin-based workforce by up to 2,000 employees. The Irish Times, 30th October
Eastgate Retail and Business Park, Cork The O’Flynn Group has secured planning permission for further office accommodation on the last remaining commercial site at Park Place in Cork’s Eastgate Retail and Business Park. Joint agents Cushman & Wakefield and Lisney are inviting potential occupiers to express their interest in the scheme, which upon delivery will comprise 130,000 sq.ft. of grade A office space across three buildings. The Irish Times understands that while the entire development can be linked to provide a single headquarter premises, the O’Flynn Group is open to meeting tenants’ requirements for 10,000 sq.ft. and upwards. Park Place is located at the entrance to Eastgate Retail and Business Park. Developed by the O’Flynn Group over the last 18 years, the scheme extends across a total area of 120 acres of commercial and retail accommodation. The Irish Times, 30th October
Sandyford Business Park F.J. Frisby & Associates are guiding €1.2 million for a 3,400 sq.ft. (€352 psf) three storey end of terrace office building located within the Mall, Beacon Court in Sandyford Business Park. The property produces passing rent of €85k per annum and there is a 10 year lease in place with Buy4Now Ltd which commenced in April 2018 with the next rent review being in 2023. The accommodation also comes with the benefit of a decked roof terrace and 5 designated car parking spaces. F.J Frisby & Associates Sales Brochure
Dundrum Business Park Lisney is guiding €1.25 million for two fully-let and self-contained office investments in south Dublin. Units 4A and 4B Dundrum Business Park are occupied by Broadridge Ireland Limited at a passing rent of €55,250 per annum which will rise to € 104,614 per annum in July 2020. The tenant has signed a new 10-year lease commencing on July 24th, 2020, and has a break option on April 1st, 2027. Unit 4A extends to 2,591 sq.ft. and comes with the benefit of seven car-parking spaces, while Unit 4B extends to 1,346 sq.ft. and has five car-parking spaces. The Irish Times, 30th October
Athlone, Co. Westmeath Yew Grove Reit has purchased a 43,570 sq.ft office building at the IDA Ireland Business and Technology Park in Athlone for €12 million (€264 psf). The building has a weighted average unexpired lease term to break of 8.9 years and an expiry of 11.9 years and currently produces €950k per annum in rental income. The price represents a net initial yield of 7.2%. The Irish Times, 30th October
Maynooth Business Park The Irish Times understands that Fine Grain Property has purchased Block C, Maynooth Business Park in Kildare for c.€6 million, increasing the value of its portfolio to €180 million. Some 40,000 sq.ft. of the building is occupied currently by Link Asset Services, while the remaining 20,000 sq.ft. is in shell-and-core condition and it is understood that Fine Grain will invest a significant sum with a view to bringing it to the office rental market in early 2020. The Irish Times, 30th October
Cushman & Wakefield Regional Report Occupier activity in the Cork Office market was modest at 23,680 sq.ft across 6 deals in three months to the end of September 2019, however, take up in the year to date is much stronger at 261,025 sq.ft. The Galway Office market has seen just one deal taking place in Q3 2019, however, take up activity in the Galway office market totalled 102,795 sq.ft. in the nine months to the end of September 2019, across 18 deals. This is significantly higher than the take up levels witnessed in the same period in 2018. The majority of the space (80%) occupied in the year to date has been located in the suburbs.
Crown Square, Galway The 13 acre Crown Square mixed use scheme in Galway has commenced construction. The development which will be ready for occupation in 2021, will include 425,000 sq.ft. of grade A office space distributed across five buildings, a 175-bed hotel, 288 residential units, along with retail, food and medical uses. Upon completion the scheme is expected to accommodate a total workforce of c.3,500 people between its offices, hotel and other facilities. The Irish Times, 30th October
Morissons Quay, Cork City Whitbread, the owner of Premier Inn, working with its development partners Greenleaf Group and Warren Private, has secured a deal for a new Premier Inn hotel in Cork city centre, marking its first site in Ireland outside Dublin. The new 183 bedroom hotel will be situated on Morissons Quay, just off Cork’s South Mall. After signalling its intent to expand into the Irish market last year, Whitbread has secured more than 500 Premier Inn rooms in Dublin city centre in three hotels – at South Great George’s Street, Jervis Street and Castleforbes Business Park, increasing the number of rooms to 3,500. The hotels are planned to open from early 2021 onwards. The Sunday Business Post, 3rd November
Tallaght, West Dublin An Austrian investor has bought the Tallaght Cross hotel in west Dublin, which was developed in 2008 and has remained closed for almost a decade. The investor intends to open the 186 bedroom hotel in early 2020. The most recent purchase brings the number of hotels under the investor’s TMR Hotel Collection banner to 13 in Ireland. The 186-bedroomed Tallaght Cross hotel was sold by an unnamed private investor who bought it from Nama four years ago. An associated apartment development was previously acquired from Nama by IRES Reit. The Irish Times, 30th October
Ballycoolin, Dublin 15 Joint letting agents Cushman & Wakefield and CBRE are quoting a rent of €220,000 per annum for a 25,000 sq.ft. (€8.79 psf) warehouse unit in Ballycoolin, Dublin 15. Number 47, Rosemount Business Park is a modern detached property located on a self-contained site of 1.26 acres. The property is situated in Ballycoolin, alongside several other established industrial parks and benefits from easy access to the M50 motorway at junction 5 (Finglas) of the N2, or alternatively junction 6 (Blanchardstown) via the Ballycoolin exit on to the M3. The park is also in close proximity to Dublin Airport and Dublin Port Tunnel. The Irish Times, 30th October
Cushman & Wakefield Regional Report The Cork industrial market witnessed a healthy level of take up in Q3 2019 with transaction activity totalling 63,507 sq.ft. across 4 deals, bringing take up in the year to date to 198,594 sq.ft. However, this is 32% below take up levels witnessed at the same point in 2018. In the Galway industrial Market, take up activity totalled 86,649 sq.ft. in Q3 2019, bringing year to date activity to 111,945 sq.ft.
Waterford City The Broad Street Centre, a mixed-use scheme in Waterford City has come to the market with Knight Frank guiding €5 million. The scheme comprises a three-storey over-basement level scheme providing 13,498 sq.ft. of retail space and 16,283 sq.ft. of office accommodation (€167 psf). The centre accommodates seven own-door retail units at ground floor with office and storage accommodation overhead. 65% of the scheme is occupied by high-profile domestic and international tenants with a weighted average unexpired lease term certain for the scheme’s existing tenant base of 5.45 years (NIY 10.62%). The Irish Times, 30th October
Kinsealy, North County Dublin Savills is guiding €8 million for a 16 acre site (€500k per acre) with potential for residential development in Kinsealy in north county Dublin. The majority of the site is zoned “Rural Village”, allowing for the delivery of up to 85 new homes (€94k per unit) and a new village square. The rural village zoning relates to c.10 acres of the site, while a further 4 acres is unzoned allowing for a significant element of open space or an opportunity for rezoning in any future development. The site is located in the centre of Kinsealy village on the Malahide Road. The Irish Times, 30th October
Rathmines, Dublin 6 Lambert Smith Hampton is guiding €1.6 million for a 0.19 acre (8,190 sq.ft.) Z4-zoned site at number 10 Wynnefield Road in Rathmines Village (€8.42m per acre). The site comprises two former coach houses currently in use as warehouses and a modern two-storey building which is laid out as a showroom and office space. The existing owners are prepared to remain in situ under a licence for a period of between 12 and 18 months, during which time the purchaser could submit a planning application for the redevelopment of the site. The Irish Times, 30th October
Rush, North Dublin A 15.63 acre residential development opportunity in Rush, north Dublin has been brought to the market through CBRE with a guide price of €1.95 million (€124.7k per acre). The site is zoned RS (residential and open space) under the Fingal Development Plan 2017-2023. It is believed that c.4.3 acres of the land will be relinquished to Fingal County Council for the provision of open space relating to the adjacent Golden Ridge residential schemes. The subject site is accessed from the Skerries Road and is located in close proximity to the recent Golden Ridge and Brookfield Park residential developments. The Irish Times, 30th October
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24/26 City Quay, Dublin Docklands Knight Frank is quoting a rent of €62.50 per sq.ft. for the 38,600 sq.ft. which remains available across the building’s ground, fourth and penthouse floors at 24/26 City Quay in the Dublin docklands. KBC Bank will be taking up occupation of the third floor, which extends to 17,000 sq.ft. in the coming weeks, having vacated the property temporarily to facilitate its full refurbishment and upgrade by Irish Life to a new Grade A specification. The property has been transformed into a modern office building extending to more than 90,000 sq.ft. The Irish Times, 23rd October
Scotch House, Burgh Quay QRE are seeking a rent of €55 per sq.ft. and €4,000 per car parking space at the newly redeveloped Scotch House, located immediately beside the new Rosie Hackett Bridge. The building has undergone a complete redevelopment, and extends to 40,000 sq.ft. with an additional 1,500 sq.ft. of retail space, along with nine basement car parking spaces and 54 bike spaces. QRE are offering the building to be let to individual tenants on a floor-by-floor basis, or in its entirety to a sole occupier. The Irish Times, 23rd October
Temple Bar, Dublin 2 Dublin City Council has granted planning permission for a 12-bedroom hotel at the corner of Merchant’s Arch and Temple Bar Square, despite strong opposition from local residents. The development requires the demolition of an existing two-storey building which houses the Irish Pub Shop and the construction of a five-storey building with a retail unit on the ground floor and basement with the hotel on the four upper floors. The Irish Independent, 29th October
Navan, Co. Meath Lisney (incorporating Morrisseys) are guiding €3.5 million for the Ardboyne Hotel and wedding venue in Navan, Co. Meath. The property incorporates 29 bedrooms, a bar, restaurant, a banqueting suite for 300 people, three meeting rooms and a former nightclub with capacity for 450. The property also has expired planning permission for a substantial extension to include a leisure complex and 26 additional bedrooms. The hotel occupies a strong trading position overlooking the river Boyne, and has easy access via the N3/M3 to the south-east edge of Navan town. The Sunday Business Post, 27th October
Northwest Business Park, Dublin 15 Harvey are guiding €1.95 million for a detached warehouse in Northwest Business Park which extends to a gross external area of 16,243 sq.ft. on a 1.1 acre site which is fully utilised to provide a large yard and 24 car parking spaces. The warehouse extends to 11,937 sq.ft. with loading access via one full height level access door and one dock leveller. Two-storey offices and staff facilities extend to 4,306 sq.ft. and are situated to the front of the building and provide a mix of open plan and cellular offices, boardroom, a canteen and toilet accommodation. Northwest Business Park is situated 6.4km from Junction 5 and Junction 6 for both the N2/M50 and N3/M50 junctions providing easy access to Dublin Airport. The Irish Independent, 24th October
St Stephen’s Green Shopping Centre The Irish Times understands that a fund managed by Davy Real Estate has entered into exclusive talks in relation to the acquisition of two separate shareholdings amounting to a 62.4% stake in Dublin’s St Stephen’s Green Shopping Centre for c.€115 million. €30 million lower than the original asking price set by HWBC in June. Developed in 1988 by British Land, the shopping centre has more than 90 shops over three levels with an overall floor area of 320,000 sq.ft, and is currently producing rental income of c.€8 million per annum. As part of the sales process, potential investors were briefed on the centre’s capacity to accommodate an additional 200,000 sq.ft. of space. The majority of this would be office space and built above the existing retail scheme. The Irish Times, 23rd October
Gorey, Co. Wexford Wells House and Gardens has come to the market through DNG Wexford. The Irish Independent understands that the 40 bedroom property was expected to sell for c.€4.5 million, although it could sell for up to €7.5 million if an adjoining 285 acres of agricultural land was being purchased along with the property. The property comes with a craft courtyard and five self-catering chalets. In recent years, the property has begun to host weddings and corporate events, as well as house tours and a range of other activities. The Irish Independent, 27th October
Dublin Docklands Marlet Property Group has secured c.€45 million from the forward sale to UK fund, Realis, of 56 high-end apartments (€803k per unit) it is developing in Dublin’s south docklands. The development, known as Ropemaker Place, will comprise of 10 one-bed apartments, 29 two-bed apartments, six two-bed duplexes and 11 three-bed apartments and is located at the corner of Cardiff Lane and immediately adjacent to the Sorting Office, the 210,000 sq.ft. office scheme which Marlet is also developing. Upon completion, the seven storey over-basement development will also include 1,947 sq.ft. of retail accommodation as well as a concierge service and on-site amenities for residents. The Irish Times, 24th October
Bray, Co Wicklow Savills is guiding €27.5 million for a 52.6 acre site (c.€523k per acre) with potential for the delivery of a major residential and commercial quarter in Bray, Co Wicklow. Located within a short walk of the town’s main thoroughfare and just 700m from Bray Dart station, the site comes to the market with the benefit of existing planning permission for a substantial mixed-use scheme. However, a recent architects report suggests the lands have the capacity to accommodate a revised residential scheme with ancillary commercial accommodation, subject to planning permission. There is substantial short-term income from the existing tenants anchored by the German discount retailer, Lidl, which the prospective purchaser can benefit from while seeking permission for a revised scheme. The Irish Times, 23rd October
Baldoyle, North Dublin Richmond Homes has emerged as the successful purchaser of a 125 acre site in Baldoyle, north Dublin. The Irish Times understands that that the asking price of €42 million was not achieved and the winning bid was c.€38 million (€304k per acre). The Baldoyle site comprises 56 acres of residential zoned land and 69 acres of lands zoned for open space and high-amenity space and was offered for sale with the benefit of an existing planning permission for 546 units. A development feasibility assessment for the site suggested that it could accommodate at least 1,592 units through further planning permissions. If Richmond Homes opts to pursue such a development, it would be one of the largest in the history of the State. The Irish Times, 23rd October
Sandyford, South Dublin Oakmount and partners, Core Capital, have paid c.€17 million to acquire a 5.26 acre ready-to-go office site (€3.23m per acre) at Sandyford in south Dublin. The subject site has two live planning permissions for office developments extending to between 376,736 and 452,084 sq.ft. The site, located on Blackthorn Avenue adjacent to Sandyford Luas stop benefits from easy access to the M50, N11 and the Luas while the area is to have a stop on the recently announced MetroLink rail service with connectivity to Dublin city centre and airport. The Irish Times, 23rd October
A report from Hooke & McDonald outlined that for the second successive quarter, c.55% of all investment transactions in Dublin involved the purchase by institutional investors of both newly-built and existing apartment developments, indicating that Dublin’s fast-growing Private Rented Sector continues to dominate the Irish property investment market. Hooke & MacDonald’s report shows there were 12 main Private Rented Sector transactions with a combined value of €602 million contracted in Dublin in the third quarter of 2019. The Irish Times, 23rd October
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95 Baggot St Lower, Dublin 2 A four storey over basement Georgian office building has come to the market through Agent Mason Owen & Lyons guiding €2 million. The 2,975 sq.ft. (€672 psf) property is in full office use and comes with 8 car parking spaces to the rear. The rear half of the car park is zoned Z1 residential and there is lapsed planning for the construction of a 3 bed mews. Mason Owen & Lyons Property Update
Cuffe St, Dublin 2 Leading Cities Invest which is part of the KanAm Grund Group has purchased the Wythe building on Cuffe St. The Wythe Building is a six-storey grade A office building extending to 174,000 sq.ft. It is understood the property sold for c.€20 million (€115 psf) with joint agents CBRE and GVA Donal O’Buachalla. The building is fully let, occupied by four tenants and generates c.€950,000 in annual income with rents ranging from €55 to €57.50 psf. The Irish Independent, 17th October
39-43 Merrion Square The 5 buildings are being offered for sale by Lisney at a guide price of €15 million on behalf of current owner occupier, ESB. All five properties comprise three-bay, four-storey over-basement, mid-terrace buildings. All the buildings interconnect at first floor level. Additionally, numbers 39-41 are interconnected across all the upper floors; numbers 39-40 interconnect at basement level and numbers 42-43 are interconnected at the second and third floors. The total accommodation at numbers 39-43 extends to 30,050 sq.ft. on a net internal area basis (€500 psf) and there are 12 car parking spaces provided to the rear. The Irish Times, 16th October
Portmarnock Hotel & Golf Links Northland Properties, a Canadian hotelier has bought the Portmarnock Hotel & Golf Links from US real estate investment group Kennedy Wilson for c.€50 million. The purchase represents the company’s first investment in the Irish market. Since acquiring the resort for €27 million in 2014, Kennedy Wilson spent a further €5 million on a refurbishment programme involving an upgrade of all 134 of its guestrooms, and its banqueting and conference facilities. A new spa and enhanced golf facilities were also added. The Irish Times, 16th October
Lower Gardiner Street, Dublin 1 A bed and breakfast business with 22 bedrooms in the heart of Dublin city is going up for sale with a €3 million plus guide price through Agent John P Younge. The property comprises two adjoining buildings, one modern and one Georgian, at 49 Lower Gardiner Street, on the corner with Beresford Lane. The Georgian building extends to 3,500 sq.ft. over four storeys and basement and accommodates nine en-suite guest bedrooms as well as reception, office, drawing room and breakfast room. To its rear it is linked by a sky bridge to a modern 1,900 sq.ft. four-storey extension where there are 16 bedrooms and its own entrance off Beresford Lane. The Irish Independent, 17th October
Park West Industrial Park, Dublin 12 Units 9A and 9B Park West Industrial Park in west Dublin is for sale with a €3.05 million guide price (€90 psf) through Harvey. Sub-divided into two self-contained units, the combined block extends to 33,831 sq.ft. of which Unit 9A extends to 25,640 sq.ft. and Unit 9B to 8,191 sq.ft. The entire property is leased to Gardiner Group Ltd and the current annual rent is €235,000 (NIY 7.01%). The full repairing and insuring lease expires in June 2024 and there is an outstanding, upwards-only rent review as at June 23, 2019. The unit is currently sub-let to two sub tenants, both these sub leases will expire in advance of the lease expiry date and deeds of renunciation have been executed. The Irish Independent, 17th October
Naas Road, Dublin 12 The Irish Independent understands that Marlet Property Group has sold a 6.47-acre site with planning permission for 371 apartments at Carriglea Industrial Estate, Naas Road, Dublin 12, for close to its €12 million asking price (€1.85m per acre). The planning permission includes more than 220 two-bedroom units as well as one and three-bedroom units in addition to four commercial units and community accommodation including a crèche, gym and residents’ lounge. As a result of new planning regulations, it is thought that the site might have capacity for up to 500 units. The land is located 150 metres from the Bluebell Luas Red line stop. The Irish Independent, 17th October
Project Circle Chicago-headquartered real estate investment group Heitman has acquired a €46 million portfolio of residential units across Dublin. The 27 assets have a total of 214 apartments and three retail units and are a combination of studio, one and two-bedroom units. All are close to the city centre, in areas such as Clontarf, Rathmines, Rathgar, Ranelagh and South Circular Road. When the portfolio was initially put up for sale, Savills confirmed that the assets were fully let and generating €3.49m in rental income per annum. The Irish Independent, 21st October
Macken Street, Dublin 2 Bartra has received the green light for a new 200,000 sq.ft. high-rise office scheme at the Boston Sidings site in Dublin’s Docklands. An Bord Pleanála upheld Dublin City Council’s decision to grant planning permission for the 10-storey development in Dublin’s Silicon Docks. Bartra are developing the site at Grand Canal Quay and Macken Street in Dublin 2 in conjunction with site owner CIÉ. The Irish Times, 17th October
Sandyford, Dublin 18 The Irish Times understands that the Swedish student accommodation provider Prime Living are close to an agreement to sell a 1.8 acre site at the junction of Blackthorn Road and Carmanhall Road in Sandyford, south Dublin to a US investor for c.€23 million (€12.77m per acre). In 2015, the site was sold with the benefit of planning for 147 apartments, a creche, cafe, gym and 151 car parking spaces to U+I for €6.5 million. Prime Living then purchased the site in 2017 for €10.3 million and secured approval from An Bord Pleanála in May of this year for the development of 820 student bed spaces on the site. Due to the sites proximity to numerous technology, media and telecoms employers it is understood the prospective purchaser may consider a fresh planning application with a view to delivering a co-living scheme instead. The Irish Times, 16th October
Trinity Street, Dublin 2 A 0.06 acre site located at the junction of Trinity Street and Andrew’s Lane, and less than 250m from both Temple Bar and Trinity College Dublin has come to the market with Knight Frank guiding €4.5 million (€75m per acre). The subject site currently comprises a part two-storey/part four-storey over-basement level building of 8,353 sq.ft. However, the subject property comes for sale with full planning permission for a development comprising the refurbishment and extension of the existing four-storey element of the building, providing for a four-eight storey over basement level, 36 bedroom hotel along with bar and restaurant facilities extending to a total area of 18,858 sq.ft. The Irish Times, 16th October
Dalkey, South County Dublin Joint agents Savills and Hooke & MacDonald are guiding €7 million for the six-bedroom “Dalkey Manor” house of 2,939 sq.ft. with full planning permission for its demolition and development of 36 residential units (€194k per unit). Located off the Barnhill Road and less than 400 metres from the village of Dalkey. The approved scheme provides for 13 houses and 23 apartments distributed around a central spine and public space. All units will enjoy the benefit of sea views. The Irish Times, 16th October
Clonskeagh, Dublin 14 A 0.50 acre site on Roebuck Road in Clonskeagh is for sale in a targeted process at a guide price of €5.5 million (€11m per acre) with Lisney. The site comes with the benefit of two existing planning permissions. The original full planning permission is for 30 apartments, while the new permission, granted on July 5th is for up to 43 apartments and is more suited to the Build-to-Rent (BTR) sector. The property is on the western side of Roebuck Road, 5km south of St Stephen’s Green and 4km north of Dundrum Town Centre. The Irish Times, 16th October
Ballymun, Dublin 11 Agent Knight Frank is guiding €5.5 million for an 8.15 acre site (€675k per acre) located next to IKEA’s flagship store in Ballymun, Dublin 11. The site is currently in the ownership of Dublin City Council and is being offered for sale on a subject-to-planning permission basis. The property currently comprises a greenfield, undeveloped site with frontage of 165m on to the New St Margaret’s Road, and profile of 170m to the M50 motorway, 700m from the entrance to junction 4 of the M50 Motorway and close to the M1 interchange which provides excellent access to all major arterial routes. The Irish Times, 16th October
Blanchardstown, Dublin 15 Joint agents Lisney and JLL are guiding €5.25 million for a 27.71 acre site (€189k per acre) with potential for the development of an industrial premises at a greenfield site beside Northwest Business Park. The site is being offered for sale on behalf of CRH subsidiary, Belgard Estates, in three separate lots: Lot 1 8.52 acres, Lot 2 19.19 acres and Lot 3 The Entire 27.71 acres for sale by tender by 12 noon on Thursday, December 12 next with a guide price on the entire of €5.25 million. The subject site and surrounding area offer logistics operators ease of access to the M50, Dublin Airport and Dublin Port Tunnel. The Irish Times, 16th October
Royal Liver Retail Park, Naas Road, Dublin 12 An application for one of Dublin’s largest urban regeneration schemes has been made to Dublin City Council by Allied Real Estate Group (Areg) for the regeneration of the Royal Liver Retail Park on the Naas Road, near Bluebell in Dublin 12. The residential-led mixed-use scheme will include 1,305 residential units, a landmark Grade A office building, supermarket and commercial/retail around a central public plaza. The office building will extend to c.183,000 sq.ft. There will also be a supermarket, as well as a creche, pharmacy, medical centre, café and restaurant/bar. The mix of residential units will include 106 apartments for sale, 996 build-to-rent and 203 build-to-rent shared accommodation units. The Sunday Business Post, 20th October
A Cushman and Wakefield report has stated that approximately €2.4 billion was invested in the Irish commercial property market in the nine months to September 2019. After a relatively strong first half of the year, the third quarter recorded turnover levels in excess of €786 million across 33 deals. The report also stated that the third quarter also witnessed a “switch up in the asset class rankings” with office transactions returning to the top of the table ahead of residential transactions. It said office assets accounted for approximately €989.4 million or 41% of total turnover in the nine months to September. The Irish Times, 22nd October
The Goodbody housebuilding tracker report states housing completions grew by 34% in Q3 to 6,200 year-on-year, bringing the total so far this year to 15,400, highlighting that the full-year 2019 outturn may modestly exceed its forecast of 21,000 units. Goodbody’s report said “a surge” in housebuilding in Dublin’s commuter belt contributed most to the growth in new dwellings, noting that in the third quarter, new dwelling completions grew by 57% year-on-year in the commuter counties. In contrast, completions grew by just 9% in Dublin. The report also noted that apartments represent a growing share of residential completions. However, their forecast of 24,000 housing completions next year is unlikely to materialise because of a slowdown in the market. The Goodbody Housebuilding Tracker report
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Phoenix House, Dublin 8 TWM has brought Phoenix House, Dublin 8 to the market on behalf of Henley Bartra guiding €16 million (€440 psf). The five-storey office block is leased in its entirety to the OPW and has undergone significant refurbishment since Henley Bartra acquired it in April 2018 for €8.5 million. The lower-ground, ground and first floors (22,683 sq ft) are let under a new 10-year lease at €647,075 per annum, while the second and third floors (13,622 sq ft) are let under a 25-year lease from February 1999 at €365,000 per annum with a rent review outstanding. Phoenix House occupies a high-profile and highly-accessible city centre location opposite the Phoenix Park and adjacent to Heuston Train Station. The Irish Times, 9th October
Sandyford, Dublin 18 Singapore REIT Mapletree Investments has completed its purchase of the Nova Atria office campus at Sandyford in South Dublin extending to 320,000 sq ft in total for c.€167 million (€522 psf). The two office blocks – Nova Atria North and South were known previously as the Atrium and had been occupied by Microsoft. The closure of the deal brings Mapletree’s investment to date in the Irish office market to €407 million. The Irish Times, 9th October
Wilton Park, Dublin 2 The Irish Times understands that Linkedin is in discussions with Iput with a view to entering into a long-term lease for an additional 350,000 sq ft of office space set to be delivered by Iput between 2020 and 2023 at its Wilton Park scheme in Dublin 2. Linkedin has already agreed terms on 150,000 sq ft at One Wilton Park due for completion in late 2020. Iput secured planning permission for Two, Three and Four Wilton Park from An Bord Pleanála in July 2019 for the 350,000 sq ft office space in addition to a cafe, restaurant and retail facilities at ground-floor level (450,000 sq ft in total). The entire scheme is expected to cost c.€350 million to redevelop. The Irish Times, 12th October
Ballybrit, Galway Two office buildings on a 0.8-acre site at Ballybrit Business Park on the outskirts of Galway city are being offered for sale by TWM guiding in excess of €1.475m (€74 psf). The price reflects a NIY of 2.83% which could increase to more than 10% once fully let. The two detached office buildings extend to 19,880 sq ft in total. Unit 2 Ballybrit Business Park is 12,992 sq ft over two floors and Unit 2A extends to 6,889 sq ft over three floors. BT Communications Ireland Ltd occupies 2,891 sq ft under a 25-year lease on part of the first floor of Unit 2 paying rent of €45,900 per annum. The remainder of the buildings are vacant with TWM opining Market Rent of €12.50 – €15 psf for Unit 2 and €10 – €12 psf for Unit 2a. There are 55 car parking spaces on site. The Irish Independent, 10th October
Central Park, Sandyford, Dublin 18 Google is to increase its footprint in Dublin following an agreement to lease more than 75,000 sq ft of office space at Central Park in Sandyford, Dublin 18. It is understood Google has agreed rent of c.€30 psf on a lease of 10 years with a break option in the fifth year for six of the eight floors at the property. Ownership of Block I and the wider Central Park office complex will shortly pass to UK-headquartered property company, Henderson Park, as part of its overall acquisition for €1.34 billion of Green REIT. The Irish Times, 9th October
No. 70 St Stephen’s Green, Dublin 2 US pharmaceutical company Horizon Therapeutics is understood to have agreed rent in excess of €60 psf for the entire 62,000 sq ft of office space at No. 70 St Stephen’s Green. The building is currently being redeveloped on the site of the former Hainualt House and adjoins both the recently-developed Aercap House (formerly known as Canada House) and the Department of Justice. The delivery of No. 70 St Stephen’s Green is Irish Life’s first property development in the capital in 20 years. The Irish Times, 9th October
Gorey, Co Wexford French asset management company, Corum, has purchased the Tesco Extra supermarket in Gorey, Co Wexford for c.€21 million. Tesco occupies the property under a 25-year lease from January 2014 with the lease containing a break option in just over nine years. The current rent of €1.57 million per annum is Consumer Price Indexed with a yearly cap of 3.5% and a collar of -0.5%. The supermarket area extends to 887,289 sq ft (€23 psf) with 606 car parking spaces at surface level on a site area of 8.5 acres. The acquisition has increased Corum’s overall investment in Ireland and Northern Ireland to over €146 million. The Irish Times, 9th October
33-34 Essex Street, Temple Bar, Dublin 2 CBRE is guiding €2.5 million for a restaurant investment opportunity in Dublin’s Temple Bar. 33-34 Essex Street comprising of 1,786 sq ft (€1,399 psf) over ground and first-floor levels above basement has recently been refurbished with its original Victorian features restored. The restaurant was let in May 2019 on a 15-year lease at €160,000 per annum (NIY 5.9%). It is reported that there is an opportunity to extend into the basement to create income-chargeable space, which has already been granted planning permission. The Irish Times, 9th October
No. 4 North Earl Street, Dublin 1 is being offered for sale with vacant possession by agent Arthur Ryan guiding €1.85 million. The building comprises 5,250 sq ft (€352 psf) across four storeys and basement level. Located three doors down from North Earl Street’s intersection with O’Connell Street, the property was in retail use previously at ground and first-floor levels, with ancillary stores and staff areas on the remaining levels. The vendor has secured planning permission to demolish the second floor annexe and stair enclosure to the rear of the property and to construct a new extension, replace the shop front and external signage. The Irish Times, 9th October
BidX1 Auctions to be held on 23rd and 24th October are offering 170 lots for sale with a combined total estimated value of c.€25 million. The highest asking price lot is for a development site at Bective Street, Kells, Co. Meath guiding €1.2 million. The town centre development site extends to 1.11 acres (€1.09 million per acre) and has planning permission for 15 two-bedroom apartments and 15 three-bedroom apartments in three blocks with ancillary car parking. The Irish Independent, 10th October
Naas, Co. Kildare Cushman & Wakefield is guiding a price of €4.8 million for the 44-unit Naas Shopping Centre along with four existing retail properties fronting on to Naas Main Street. The shopping centre was completed to shell and core status in 2009. The standing structure of the shopping centre complex extends to 245,000 sq ft which incorporates two levels of commercial space with parking for 747 cars over basement and two upper levels. The additional properties include; The Former Tully’s Bookmakers and Sarah Flood site which is a brownfield site extending to 0.12 acres with a seven-day publican’s licence attached to it. The Five Lamps is a licensed property located on the Main Street. 50 Main Street comprises a two-storey former office premises located directly adjacent to The Five Lamps. The Forge Inn also comprises a licensed property which is located adjacent to Bank of Ireland. The Irish Times, 9th October
The Irish Glass Bottle Site The Irish Times understands that NAMA has secured a number of first round bids for an 80% stake in the Irish Glass Bottle site in Ringsend with some of these bids for the 37 acre site in excess of €130 million. The two sites, secured by Nama have the potential to deliver 3,500 homes for 8,000 people, 10% of which would comprise social housing and a further 15% affordable housing, according to the agency. Up to one million sq ft of commercial space in addition to school sites and community areas are also envisaged. The Irish Times, 11th October
Bray, Co Wicklow Agent McGovern Estates is guiding €1.7 million for a residential development opportunity in Bray, Co Wicklow. Located at 14 Sidmonton Road, “San Remo” recently operated as a nursing home. Extending to 10,329 sq ft (€164 psf), the property currently comprises 20 bedrooms and 10 bathrooms. The maximum density proposed in a feasibility study prepared by Reddy Architecture & Urbanism suggests the apartment mix would be made up of six one-bed units of 516 sq ft and 15 two-bed units of 839 sq ft. An alternative option suggests the refurbishment of the two original houses alongside the development of four three-storey terraced residential homes of 1,980 sq ft. The Irish Times, 9th October
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