Blarney, Co Cork JCD Group’s Blarney Business Park is now heading to 750,000 sq. ft, making it one of Cork’s largest industrial and logistics locations. Paardekooper, an international company specialising in sustainable packaging, is taking the 27,000 sq. ft grade A block 9005, with 12m eaves, a signal LEED gold cert and A3 BER, on a lease at approx. €13 psf. Paardekooper is relocating from Boland Industrial Estate on the old Mallow Rd. Since buying the part-developed Blarney Business Park just north of the city JCD Group has added 410,000 sq. ft and will complete it in 2025 to some 750,000 sq. ft in total, adding four more LEED gold buildings of 10,000 sq. ft to 57,000 sq. ft in an approx. €20m further investment. The Irish Examiner, 12th December
Kevin Street, Dublin 2 Bentall GreenOak, a Florida-based property investment firm, has appointed Nick O’Dwyer and John Boland of Grant Thornton as Joint Receivers over the €475m Camden Yard project. Westridge acquired the site from TU Dublin in August 2019 for approx. €140m, nearly twice the €80m guiding price. Work on the €475m mixed-use project at the former DIT campus on Kevin Street halted in recent months, as the Developer attempted to raise fresh finance. Bentall GreenOak provided the senior debt with Fairfield Real Estate Finance providing the mezzanine debt. The Currency, 13th December
Leeson Street, Dublin 2 Kroll Advisory Ireland has signed a long-term lease to occupy the second floor of 18 Lower Leeson Street. The property, formerly known as Ossary House, has generated substantial interest since an extensive renovation was carried out by Aviva. Renovations include locker facilities, along with improving its sustainability credentials to LEED Gold with an A3 building energy rating. The building extends to 24,455 sq. ft of office space. Tenants include those from the aviation, financial and insurance sectors and the building is now 60% leased, based on the recent lettings to Kroll, Falko and Lockton. The Business Post, 13th December
Sir John Rogerson’s Quay, Dublin 2 Zurich Insurance’s Technical Centre of Excellence for EMEA and Zurich Treasury Services have taken up office space on the fourth floor of 76 Sir John Rogerson’s Quay. The let comes some two years after the insurer had agreed to lease space on two floors in the state-of-the-art, A-rated building at an annual rent of €751k. Zurich delayed its office move until several defects identified in Zurich’s office space were remedied by the landlord, AM Alpha Lux Invest 130 SARL. It now has a new lease for approx. 9,700 sq. ft on the fourth floor of the building. The uptake leaves only the ground and third floors of the building – 13,150 sq. ft, or 18% of the building’s total space, now available to let. The Business Post, 13th December
Connaught House, Dublin 4 Fine Grain Property has acquired Connaught House, with tenants including Alkermes Pharma, Philip Lee, Macquarie, and CBRE. This investment closed at below the €80m asking price and represents an attractive net initial yield of more than 7.5% with the potential to be repositioned or developed into sustainable, income-generating investment properties. The seven-storey property provides 116,000 sq. ft of lettable space, which is currently 86% occupied. The property has a WAULT of 4 years to the next break. Fine Grain will invest €10m to sustainably reposition Connaught House as a best-in-class sustainable workplace community offering BER A energy rated spaces, from the current D1. This acquisition expands Fine Grain’s Irish portfolio to 21 properties valued at €370m, comprising 1.3m sq. ft. Lauder Teacher Press Release, 17th December
Goatstown, Dublin 14 Orchid Residential, a property development firm owned by the O’Reilly Hylands, said it hopes to build a 220-bed purpose-built student accommodation (PBSA) development in Goatstown ranging from four to six storeys. It intends to apply for planning permission for the large-scale residential development from Dún Laoghaire Rathdown County Council. Orchid has already tried to build a 239-bed student accommodation development on the same site. In late 2020, it lodged an application to build the property with An Bord Pleanála, who granted the proposal the following February. O’Reilly Hyland said Orchid was also considering delivering student accommodation in other European cities. However, the validity of the permission was queried in the High Court and, on the consent of An Bord Pleanála, was quashed in March 2022. It is understood the proposed development would represent an additional investment of approx. €30m above what it cost Orchid to buy the land. There is currently a shortage of PBSA across Ireland. In September, a paper published by the Department of Education showed that publicly owned PBSA was oversubscribed by approx. 29,773 applications for the 2023/2024 academic year. The Irish Independent, 15th December
Terenure, Dublin 6 Builders Lioncor are planning for a 284-unit Large Scale Residential scheme at Terenure College, Dublin. The plans come approx. 2 years after An Bord Pleanála refused Lioncor for a build to rent 364 unit scheme on former playing pitches at Terenure College. Now, Lioncor subsidiary 1 Cellbridge West Land Ltd is proposing a scaled down plan omitting 80 units from the original scheme. The new plans will be designed as a “build to sell” development to meet the needs within the Dublin 6 area facilitating people downsizing their home who wish to remain in the locality as well as providing new housing stock. The scheme comprises of 265 apartments and 19 four bed houses. The apartments comprise of four apartment blocks comprising 117 one-bed apartments, 129 two-bed apartments, 9 three-bed apartments and 10 studios along with a creche. The scheme will provide 165 car-spaces and 633 cycle spaces. The Irish Times, 16th December
Cork City, Cork Two pedestrian bridges linking the site of the stalled Cork Event Centre to the opposite quays are being built at a cost of €8.5m, with no sign yet of the event centre going ahead. The bridges, which will cross the south channel of the River Lee and link with Crosses’ Green and French’s Quay/Proby’s Quay, are scheduled to be completed by mid-2025, while the event centre faces further delays as the project must be re-tendered. The decision by Cork City Council to re-tender is in the wake of legal concerns that the level of State aid, potentially €87m, could fall foul of EU procurement rules. The Irish Examiner, 12th December
Dublin Airport Gerry Gannon is set to reopen a 6,122-space car park near Dublin airport in March 2025 after the developer completed a deal with the construction magnate Maurice Regan to finance his debts outside the National Asset Management Agency. Gannon signed a deal with Apcoa to get the former Quickpark facility to operate under Apcoa’s Park2Travel brand. The car park has been closed since 2019 however the DAA made an offer to buy the car park for €70m in 2022, but the deal was blocked by the Competition and Consumer Protection Commission due to the level of market share the DAA would have as a result. The Sunday Times, 15th December
Grand Canal, Dublin 2 Waterways Ireland and Iput Real Estate Dublin are joining as a public-private partnership to upgrade the public areas along Dublin’s Grand Canal between the Leeson and Baggot Street bridges. The works will be carried out on the northern towpath of the canal along Wilton Terrace. The area is in front of Iput’s landmark 600,000 sq. ft headquarter office development Wilton Park Estate, comprising 1, 2, 3 and 4 Wilton Park. The upgrade is intended to improve amenities along the canal bank including increased accessibility for pedestrians and mobility aide users; more public seating; two existing narrow paths will be replaced by a single, wider path and a canal-bank set-aside area. The Business Post, 16th December
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2024 Review 15 Dublin licensed premises have changed hands this year with a capital value of €53.3m, equating to an average price of €3.6m. There are a further 8 pubs at the sale-agreed/sold-awaiting-closing stage, with a capital value of approx. €29m. By comparison, last year 20 pubs were sold, with a capital value of €42.4m, and an average price of €2.1m. Devitt’s on Camden Street was sold earlier this year, for a price rumoured to be approx. €15m. The Irish Times, 5th December
Vicar Street, Dublin 8 An Bord Pleanála (“ABP”) has cleared the way for Harry Crosbie’s planned Vicar Street hotel scheme for Dublin 8 after invalidating the sole appeal against the hotel proposal on technical grounds. The board invalidated the appeal after the appellant enclosed the incorrect Dublin City Council (“DCC”) procedural letter with the appeal. Instead of enclosing the council’s acknowledgment of her objection, the appellant enclosed the council letter confirming that planning permission had been granted. DCC gave the go-ahead for the scheme in late October for a planned four-star, 182-bedroom “rock and room” concept hotel for Dublin’s Liberties area. The Irish Times, 5th December
Temple Bar, Dublin 2 Plans are to be lodged for almost a tripling in the room capacity of the Clarence Hotel. Keywell DAC has given notice that it is to lodge plans for the revamp and extension of the hotel with DCC. The plan is to increase the number of rooms from the current 58 to 162. The additional 104 bedrooms will include a six-storey extension at the site. The hotel refurbishment will comprise 91,967 sq. ft. The Journal, 7th December
Grafton Street, Dublin 2 Build-A-Bear Workshop is set to move into 47 Grafton Street in spring 2025. The property is owned by Irish Life and comprises 880 sq. ft on the ground floor. The lease has been agreed for a 10-year term, with the rent understood to be in the region of €250k per annum. Savills Ireland and Bannon were joint agents and negotiated the deal on behalf of Irish Life. BKL represented the tenant. The retailer already has outlets in Dundrum Town Centre and Blanchardstown and operates over 400 stores globally. The Irish Independent, 5th December
2024 Review According to Colliers, retail was the most traded asset class in the first three quarters, making up more than 33% of all property activity this year. Should the sale of Blanchardstown Shopping Centre close by year-end, retail property investment activity is expected to top €1b in 2024, the highest level since 2016. €417m has been spent on retail property in the year to date. Shopping centres account for the largest proportion, at 43%, with the next largest asset class being retail parks at 34%. Only 20% of the spend has been from Irish investors. The Irish Times, 5th December
Douglas, Co Cork Douglas Court Shopping Centre is seeking to expand with the addition of an upstairs health and wellness centre. Cork City Council has received an application from the Douglas Court Partnership for a change of use of storage areas on the shopping centre’s first-floor level to facilitate the provision of a health and wellness centre. The development will comprise 8 units in the property. The development will provide uses such as fitness, health and wellness use and hair and beauty treatments, which future operators may require. The Irish Examiner, 6th December
Kilshane Cross, Dublin 11 Unit 3, Quantum Distribution Park has become available for either a lease assignment or sub-letting to prospective tenants. Agent CBRE is guiding a rent of €12.75 psf for a subletting, or else a tenant can take over the lease on assignment at €9.65 psf. There is approx. 13 years to run on the existing lease. The logistics facility extends to 178,14 sq. ft incorporating 13,992 sq. ft (7.85%) of office accommodation. It is finished to high sustainability standards: LEED Gold, BREEAM Excellent and BER A3. The Irish Independent, 5th December
Shanbally, Co Cork Rare disease specialist BioMarin Pharmaceuticals will invest €60m to expand its Cork plant – the company’s only manufacturing facility outside the United States. The biotechnology group said it will build a four-storey laboratory at the Shanbally site to allow for increased production of its current medicines and capacity for future products. The Irish Times, 9th December
Nationwide Retail giant Spar Group is set to invest almost €24m for “capital expenditure” in its Irish business, BWG Foods, which is based in Tallaght. BWG Foods, which has a substantial business nationwide with over 1,000 Spar, Eurospar, Mace, Londis and XL stores, has emerged as one of Spar Group’s most successful businesses. The South African-listed group first invested in BWG when it paid €55m for an 80% stake in 2014. The Irish Independent, 8th December
Grand Canal Dock, Dublin 2 A building designed to house Ireland’s most environmentally and employee-friendly workspaces was launched this week. The Sidings by Bartra on Clanwilliam Terrace is the country’s first ‘triple-platinum’ awarded construction project. On the 10th floor, employees can enjoy a large wraparound terrace, featuring a 190m landscaped walkway. The ground floor has dedicated street-level access to secure parking for approx. 200 bicycles, and the bike storage area also includes repair stations, clothes driers, showers and lockers for cycling commuters. Designed by Dublin-based TOT Architects, The Sidings was awarded LEED Platinum status by the US Green Building Council. The Business Post, 5th December
Merrion Road, Dublin 4 Local residents are stalling plans by builders Lioncor for a 200-bedspace purpose-built student accommodation scheme for Merrion Rd. Last month, DCC granted planning permission to a Lioncor subsidiary, 1 Merrion Compound Land Ltd, for the two-block six-storey scheme at Merrion Gates, 169-177 Merrion Road despite the opposition of residents. However, the scheme is now stalled with two separate third party appeals lodged contending that the proposed development is out of scale with the existing site, will constitute overdevelopment of the site and is architecturally out of sync with the immediate surrounding buildings and dwellings. The Irish Independent, 6th December
Mardyke Walk, Cork City Long idle waste ground at the western end of Mardyke Walk is finally set for development as work gets underway on a series of apartments and duplexes that will replace a terrace of homes demolished several years ago. The site at Carmelite Place has been the subject of a series of planning applications going back over 20 years. Six terraced homes and a shop called Carmelite Stores used to occupy the site, but these were demolished more than a decade ago and in 2018, the land was entered into Cork City Council’s Derelict Sites Register. A building contractor has now started work on the trapezoidal-shaped parcel of land that fronts Western Road and the western tip of Mardyke Walk, behind an AIB branch. Plans for a new, modernist, residential development on the approx. 0.25-acre site for 14 dwellings across a series of joined three-storey blocks over a raised podium, in a linear building are underway. The Irish Examiner, 5th December
Mitchelstown, Co Cork MDR Developments Ltd has been granted planning for 43 new dwellings in Mitchelstown. The development will also comprise a central public area, with two parking spaces for each dwelling, with the site area comprising 5.36 acres. Access to the development will be provided via an existing estate entrance and internal road network at the Sliabh Álainn residential development in Brigown, Mitchelstown. The Irish Examiner, 5th December
Appian Way, Dublin 6 RGRE J & R Valerys Limited has failed in an appeal to quash DCC’s demand for unpaid vacant site levy fees for a multi-million-euro Dublin 6 site. The appeal over the local authority’s 2022 levy demand was brought by the receivers, Declan McDonald and Ken Tyrrell of PwC. The appeal to An Bord Pleanála centres on the council’s site valuation. The council valued it at €4.5m in May 2019, before revising this down to €4m in late 2022. As the levy is charged at seven per cent of market value, the council is demanding payment of €315k. Two previous failed appeals against council demands for payment in 2020 and 2021 were also brought by RGRE J & R Valerys before entering receivership. Both cases also centred on the council’s valuation of the site and the amounts demanded. The company argued that it received a valuation in March 2021 of between €3m and €3.25m. In those cases, the planning inspector handling the appeals found the levy amount was correctly calculated and affirmed the council’s payment demand for the two years. The Currency, 3rd December
BNP PRE Ireland Construction PMI Report The BNP Paribas Real Estate Ireland Construction Total Activity Index posted 47.5 in November, down from 49.4 in October and signalling a reduction in total construction activity for the third straight month. Housing activity however increased for the third consecutive month in November but commercial activity fell, and civil engineering work was down again. John McCartney, Director at BNP Paribas stated: “Firstly, overall construction activity is being dragged lower by a contraction in commercial building. This is not necessarily a bad thing as some segments of the commercial market are over-stocked with space, and a slowdown in production will give demand a chance to catch-up with supply. Secondly, residential construction is bucking the overall trend, and activity has been expanding almost continuously since March. This dovetails with recent commencements data and suggests that 2025 will be significantly better than this year for housing delivery. Thirdly, the general air of optimism in the sector remains, with the forward-looking PMI elements such as order books, hiring and materials purchasing all pointing in a positive direction. BNP Paribas, 9th December
Hibernia Group Hibernia, one of the biggest property developers and landlords in Ireland, has seen total assets fall below €1bn for the first time since it was acquired in 2022 by Brookfield Asset Management in a deal valued at €1.1bn and delisted from the Irish Stock Exchange. Since it was acquired, Hibernia has focused on integrating into the Brookfield Group, with hundreds of millions of euro worth of Irish property transferred to other Brookfield entities. The most recent set of accounts for Hibernia Real Estate Group Limited show its combined assets are now valued at €826.6m. At the end of March 2022, the firm’s combined assets were valued at €1.48bn. The recent transfers of property assets by Hibernia to other Brookfield entities has made it difficult to estimate the exact value of Hibernia’s real estate portfolio. Newly released financial records showed the company’s property portfolio took a €92m hit in the year to the end of March 2024. In the previous financial year, the company also reported a large loss on its investment properties, with the value down €139.5m. The most recent set of accounts for the firm show it has €168.1m worth of property after shifting €445.1m of office and €130m of residential assets to other firms by way of intercompany transfers. As a result of the transfers, rental revenue was down from €48.8m to €25.1m. The Business Post, 9th December
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Athlone, Co. Westmeath H&M has signed a 10-year lease for its new store, which is an amalgamation of two units at ground-floor and first-floor levels. It will increase the retailer’s store size from 11,887 sq. ft to 15,192 sq. ft, after an investment of €3m in store re-fit. The letting agents are Bannon and Cushman & Wakefield. The shopping centre, which opened in 2007 and is the largest such outlet in the midlands, now has 98% occupancy. The Irish Times, 27th November
Cork City A €60m expansion of retail giant Penney’s Cork city centre store looks set to start by next April after more than a 3-year delay. The Irish Examiner understands that final processes are being worked through in relation to the Elbow Lane title, after a public right of way was extinguished by a vote of Cork City councillors last July. The Irish Examiner, 28th November
Rathcoole, Co Dublin Launched to market by Kennedy Wilson on a leasehold basis, Unit 502B Greenogue Business Park is up for let in Q1 of 2025. The unit extends to approx. 22,217 sq. ft and includes approx. 6,350 sq. ft of three-storey offices. CBRE and Harvey are quoting an annual rent of €306k/€13.75 sq. ft. The property is undergoing a refurbishment, which will take the BER to a rating of A2. Kennedy Wilson acquired 12 units across the Greenogue and Aerodrome Business Parks, Co Dublin, for approx. €39m in 2022. The Irish Times, 27th November
Collon, Co. Louth Two industrial units on the Slane Road in Collon, Co. Louth have come to the market with a combined price tag of €8m. The larger unit is on sale for €5.5m and comprises 47,000 sq. ft. which was constructed in 2015. The second unit is on sale for €2.5m and has an area of approx. 15,590 sq. ft. The unit has been used for car and tractor sales and service. The units are located 1km south of Collon, 10km from Drogheda. The Irish Independent, 27th November
2024 Review According to Harvey Industrial Specialists, the Dublin industrial and logistics market saw its post-pandemic rental surge stabilise in 2024. New-build rents held at €13 sq. ft. However, recent quoting rents suggest an increase to €13.50–€13.75 per sq. ft during 2025. In 2024, new building completions in Dublin totalled about 1m sq. ft, a decrease from the 2m sq. ft recorded in 2023. Current forecasts indicate a recovery to around 1.5m sq. ft in 2025. Take-up also declined, with 2024 expected to register less than the 3m sq. ft recorded in 2023. The Business Post, 30th November
Limerick City Fine Grain Property, an Irish-owned property investor, has acquired The Three Building, a 47,000 sq. ft office building at the Plassey Innovation Campus just outside Limerick city for €7.5m. This acquisition brings Fine Grain’s holdings at the “strategically important” location next to the University of Limerick to five buildings and close to 260,000 sq. ft, according to a statement from the company. The Business Post, 29th November
Adelaide Road, Dublin 2 Apple is set to take three floors capable of housing hundreds of staff at Four & Five Park Place in Dublin city centre on a long-term lease. Apple are in advanced discussions to take roughly 60,000 sq. ft at the building, which was developed by Clancourt. It is understood that a deal is likely to be done before Christmas, with Apple likely to locate several hundred staff at the site. The Business Post, 30th November
Fitzwilliam Place, Dublin 2 12-13 Fitzwilliam Place, two properties and mews on Lad Lane, which generate rents of €235k per annum, have sold for almost €4m, which was below the €4.4m guided by agents Colliers. There is potential for further income as the first, second and third floors of No 13 are vacant, as is 12 Lad Lane mews. No 12 Fitzwilliam is occupied by Reddy Charlton LLP which also occupies the basement of No 13. All four buildings offer a combined floor area of 11,490 sq. ft and the tenants also benefit from 15 car-parking spaces. The Irish Independent, 28th November
Cork Market Cork’s prime office rents may see upward pressure due to declining availability of office space as well as the cost of developing new offices. According to Cushman & Wakefield, prime Cork office availability declined to 13.1% at approx. 936,460 sq. ft in Q3 this year. That compares with gross availability of 8,019,113 sq. ft or 16.7%, in Dublin. Cushman estimates that approx. 17,222 sq. ft of space was taken up in the Cork office market in Q3, bringing the total for 2024 so far to 138,854 sq. ft. The Irish Independent, 28th November
2024 Review According to Knight Frank, the office sector has been the best performing on the occupier side, with total take-up to reach in excess of 2m sq. ft for the year as a whole. Large transactions from occupiers such as Stripe, EY, BNY Mellon have led demand. Knight Frank forecasts a similar, if not higher, level of take-up will be achieved next year, with 2025 off to a good start with a strong level of reserved stock in place. More clarity on hybrid working policies and increasing return to the office mandates are also allowing occupiers to make more detailed decisions about the amount and type of office space they need, which is expected to further support demand in 2025.The Business Post, 30th November
Galway Glenlo Abbey Hotel and Estate, controlled by US billionaire John Malone, recorded a near 20% bump in profits last year following an uptick in revenues last year, new financial filings have shown. The five-star, 73-room hotel just outside Galway city is part of the MHL Hotel Collection, which owns a string of luxury properties including The Intercontinental in Ballsbridge, the Powerscourt Hotel Resort & Spa in Wicklow and The Spencer Hotel in Dublin’s IFSC. New accounts published for Baswal Limited, the firm behind Glenlo Abbey, show its turnover rose from €12.5m to €13.7m in 2023. The increase in sales led to a rise in gross profits at the firm, up from €2.7m in 2022 to €3.2m last year. The Business Post, 2nd December
Naas, Kildare Aldi Ireland has purchased a 60-acre site, investing €24m in the Irish business. The site is close to Aldi’s existing distribution centre and corporate headquarters in Naas. Last year the firm expanded its store network, opening six stores as part of a capital investment of €67m across the year. The retailer plans to expand its store network in Dublin with an investment of €73m in 11 new stores with the creation of 350 new full-time jobs over five years. The Business Post, 25th November
Baggot Street, Dublin 2 61 Lower Baggot Street is for sale through Hunters Estate Agency. The mid-terrace, four storeys over basement house of 5,166 sq. ft is guiding at €3m. It also includes a self-contained two bedroomed apartment at basement level. The Business Post, 30th November
2024 Review According to Colliers, 2024 has been difficult within residential and country markets. Influences in the marketplace have been a lack of supply, international financial market unease, interest rate movement and the results of European and US elections. In 2025, Colliers anticipate market pressures to remain like those of 2024. However, if interest rates continue to ease, green mortgages are effective and new builds come online, they anticipate continued improvement on the availability of property thus opening the market to increased activity. The Business Post, 30th November
Dun Laoghaire, Dublin 18 Co-living apartments can be used for Airbnb-style holiday lets, due to a planning loophole, it has emerged. Dun Laoghaire Rathdown County Council has dropped a planning enforcement case against co-living developer Bartra following legal advice the company could use its “Niche Living” apartment scheme for holiday lets. Studio apartments in the 208-bed block on Eblana Avenue are being advertised with a two-night stay costing €278. Co-living schemes were introduced as a separate housing category in the planning system in 2018. The Irish Times, 28th November
Q3 Agricultural Land Market Review According to Sherry Fitzgerald, agricultural land price inflation has returned to a more sustainable level with values rising by 3.5% during the first 9 months of the year. The weighted average price of an acre of general farmland reached €12,342 in Q3. Land values rose in most regions from Q1-Q3 of 2024. Marginal grassland grew the most at a rate of 3.7% from Q1-Q3, followed by prime arable land with a 3.5% increase. Prime grassland grew by 3.3%. Sherry Fitzgerald, 28th November
Abbey Street, Dublin 1 9 Lower Abbey St facing the Luas stop and Wynn’s Hotel, has gone sale agreed. Estate agent Lisney had been guiding €2.75m for the property which is being sold by The Methodist Church in Ireland. It is believed to be earmarked for a new cultural venue, but a Lisney spokesperson declined to comment. The property extends to approx. 10,742 sq. ft. The Independent, 28th November
Lauder Teacher Colm Lauder, and Andrew Teacher, two renowned and highly regarded real estate advisors, have announced the launch of a new strategic consultancy, Lauder Teacher, which will be focused on strategic communications, investor relations, and business strategy. It will be headquartered in London, with additional offices in Dublin and Monaco. Press Release, 28th November
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Grafton Street, Dublin 2 New Balance Athletics has secured a 10-year lease at No. 104 Grafton Street for an annual rent estimated at €350k. The new store is housed in a five-storey, mid-terraced Georgian building with a basement, extending to approx. 6,880 sq. ft, including a 2,150 sq. ft ground floor retail space. The deal was handled by CBRE and Bannon on behalf of asset manager Macquarie Asset Management. Savills Ireland represented New Balance in the transaction. The Business Post, 23rd November
Celbridge, Co Kildare Coonan Property are seeking offers of €1.05m for an investment opportunity on Celbridge’s Main Street. The property comprises a two-storey building extending to approx. 3,197sq. ft with a rear car park. The property is under a long-term secure 20-year lease to AIB (expiring February 2030). The annual rent is €87,000 per annum with rent reviews every 5 years. The Business Post, 22nd November
Applegreen has said it plans to invest €1bn over the next five years to expand its operations in Ireland, America and Britain, and to expand its charging network for electrical vehicles. Earlier this year Applegreen opened a €10m service area at Clondrinagh in Limerick and invested €3m in an upgrade of its Midway service area in Portlaoise. It is due to open a new motorway services area off the M3 in Dunshaughlin, Co Meath next year. The Irish Independent, 25th November
Blanchardstown Morgan Stanley has financed Strategic Value Partners’ approx. €560m purchase of Blanchardstown Centre with an approx. €400m loan. Morgan Stanley originally financed the 1.2m sq. ft shopping centre with a €767m whole loan for Blackstone, which paid €930m for the Centre in 2016. The US investment firm handed back the keys to the lenders in 2020 as rent collections slowed during the COVID-19 pandemic. CoStar News, 21st November
Western Industrial Estate, Dublin 12 The largest industrial property letting in the third quarter of the year saw Danish furniture retailer Jysk occupy Building One at M50 Logistics Hub in Western Industrial Estate. Joint agents Harvey and Savills had been quoting €12.50 per sq. ft and are believed to have got close to that rent. Extending to 98,364 sq. ft, Building One warehouse area offers a clear internal height of 49 feet and loading is accessed via 18 dock levellers and four grade level doors including a cross-docking area. Its accommodation also includes 12,327 sq. ft of office space. The Irish Independent, 21st November
Ballymount, Dublin 12 C1 & C2 Ballymount Cross Industrial Estate has come to the letting market quoting an annual rent of €250k through letting agent Harvey. It comprises 23,024 sq. ft across a detached warehouse and office facility. The property has loading access via three full-height automated doors, 5.5m clear internal height, a forecourt/marshalling area to the front and car parking to the rear, as well as two-storey offices and staff facilities. The Irish Times, 20th November
Lisney Report According to the latest report from Lisney, activity in the industrial market was slow in Q3. For large new-build units, most landlords continue to secure 10 to 15-year leases with break options at years five or 10, rent-free periods of three or four months and headline rents at €12.50-€13.00 psf. Rents for smaller enterprise units of sub 16,000 sq. ft have also remained stable with a number of deals being done in excess of €16.50 psf. Lisney’s index of rents for industrial buildings across all of Dublin grew by 1.05% in 12 months to the end of September. The Irish Independent, 21st November
St. Stephen’s Green, Dublin 2 No 2, formally home to a branch of Permanent TSB, has come to the market with a guide price of €2.5m through Lisney. The property is being sold with full vacant possession and comprises approx. 3,565 sq. ft net internal area (NIA), with a generous open-plan ground floor area of approx. 1,900 sq. ft NIA. The property is zoned Z5 City Centre in the Dublin City Development Plan 2022-2028, which encourages mixed-use development, adding potential for a variety of uses. The Irish Times, 20th November
Temple Bar, Dublin 2 Thomas Röggla, an Austrian Investor, is preparing to buy The Fleet, a four-star hotel on Westmoreland Street which contains 100 rooms. The property has been on the market since June for €45m. The Investor already owns 15 four and five-star hotels around Ireland, including the Farnham Estate in Co Cavan, Dunboyne Castle hotel in Co Meath, Mount Wolseley in Co Carlow and the Aghadoe Heights hotel in Co Kerry. Although his portfolio, known as the TMR Hotel Collection, includes three hotels in Dublin, this will be his first in the city centre. David Goddard’s Davy Real Estate, now known as Lanthorn, looks set to buy the hotel on behalf of TMR. The Sunday Times, 24th November
Sandyford, Dublin 18 Agar Commercial Property Consultants are handling the sale of Suite 3 at The Mall in Sandyford, comprising of approx. 3,360sq. ft. The guide is €1.275m plus Vat. The property is located immediately adjoining the Beacon Hospital and Beacon Consultants Clinic. The ground floor suite is let to Beacon Hospital which pays a rent of €25k per annum, with a rent review due in October 2025 which could see the rent level rise. The upper three floors offer self-contained access with vacant possession. There are five dedicated car spaces attached to the property in the basement car park. The Business Post, 23rd November
Killiney, Co Dublin German asset management company DWS has bought Hayfield, a recently developed private apartment scheme in Killiney from Irish developer Park Developments for €97.5m in an off-market transaction. The acquisition has been made on behalf of two of DWS’s German institutional real estate funds and was structured as a forward purchase. The scheme will comprise 207 professionally managed rental apartments in courtyards, open space, along with car parking. CoStar News, 25th November
Cork City A tower apartment site 500 metres from Cork City Hall has been put up for sale where An Bord Pleanála approved a 118-unit development with 17 storey tower in 2019. However, the planning for the tall and dense development on a 0.8-acre Railway Gardens site – achieved under the Strategic Housing Development process – is set to expire in coming months, says selling agent ERA Downey McCarthy who guides at €4.75m (€40k per site). The Irish Examiner, 20th November
Approved Housing Bodies (“AHB’s”) The Republic’s main AHB’s are weighing a fresh bid to have their borrowings removed from the State’s balance sheet, as they seek to ease constraints on future financing and growth. The wider AHB sector, the most active bulk buyers of homes in the State had €7bn of borrowings at the end of 2023 on €8.3bn of housing stock, according to the AHB Regulatory Authority’s latest annual report, published last week. It either owned or managed more than 61,000 dwellings as of last December, compared with fewer than 37,000 four years earlier. The Housing Alliance, a representative body for the seven largest AHBs, including Clúid Housing, Oaklee and the Iveagh Trust, has begun a search for researchers to assess the benefits and drawbacks by the sector’s liabilities remaining on the Government’s balance sheet, which is subject to EU fiscal debt and budget restrictions. The Irish Times, 26th November
Adamstown Co Dublin, Oaklee, an approved housing body, has launched a 154-unit cost rental development in Adamstown, Co Dublin. It is made up of 71 one-bed, 81 two-bed and 2 three-bed apartments. Monthly rents for the Adamstown cost rental development, ranging from €1,525 to €1,800 a month, are at least 25% below market value, according to Oaklee and Quintain. To be eligible for cost rental housing, applicants’ net household income must be below €66,000 a year for Dublin developments, and €59,000 for elsewhere in the country. The Business Post, 25th November
Ires Reit, Ireland’s largest private sector landlord with around 4,000 units, has completed the disposal of 37 units in total as part of the previously announced target of 315 units over three to five years. It sold 20 assets in line with book value in a bulk sale and 17 units to individual purchasers achieving sales premiums of around 25%. The company expects to complete the disposal of at least a further 50 units in 2025, at an average sales premium of between 15% and 20%. Ires also said it has now completed a strategic exit from the Cork market, which will help improve cost structures and margins by focusing on the Greater Dublin Area to maximise efficiencies. The Irish Independent, 22nd November
Convention Centre, Dublin The company that operates the Convention Centre Dublin last year enjoyed record pretax profits of €18.23m. Accounts filed by the facility’s operator, Spencer Dock Convention Centre Dublin DAC, show that pretax profits increased by 20% from €15.24m to €18.23m as revenues rose by 37% from €23.9m to €32.65m in 2023. In 2023 the venue welcomed 159,396 people across 131 events, compared to the 95,002 people who attended 109 events during 2022. The Office of Public Works owns the convention centre building on North Wall Quay while the operating company will continue to run the facility until 2035. The Irish Times, 25th November
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Blanchardstown, Dublin 15 The American investor Strategic Value Partners (SVP) has confirmed it is buying the Blanchardstown shopping centre in north-west Dublin. SVP did not disclose how much it is paying, but media reports have suggested it could be approx. €600m. The US investment bank Goldman Sachs put the centre up for sale last year, with an asking price of €650m. The largest shopping mall in the country, Blanchardstown Centre covers 1.2m sq. ft and has over 180 shops and restaurants. The acquisition of Blanchardstown is expected to complete prior to year-end, subject to regulatory approvals. The Irish Independent, 18th November
Lucan, Co Dublin Extending to 2,541.46 sq. ft with seven basement car parking spaces, a two storey retail bank premises in Lucan is being brought to market by Murphy Mulhall at an asking price of €1.275m. The property is let to Permanent TSB on a 35-year FRI lease with an expiry in March 2031. The current passing rent is €120k a year. The Irish Times, 13th November
Tralee, Kerry The Manor West Retail Park is set for expansion. At 349,403 sq. ft, the park sits on a site area of 29 acres, with over 1,000 surface car parking spaces. The park is split across two sections (retail park/shopping centre). Expansion of the retail park will comprise a total of 88,000 sq. ft. The anchor unit is to cover 40,000 sq. ft, plus a garden centre. The unit can be offered in two, smaller units of 20,000 sq. ft each. There will be three further warehouses of 10,000 sq. ft each. The Irish Times, 13th November
South Strand Street, Dublin 1 Colliers has launched 66-67 Great Strand Street building for sale and is seeking offers of approx. €4m. The asset comprises a four-storey building in excellent condition extending to a gross internal floor area of approx. 11,194.47 sq. ft. The freehold property is being sold with full vacant possession and would suit a variety of other uses subject to planning. The Business Post, 16th November
Relm Finance has appointed receivers to a number of assets within Goldstein Property Icav, an investment vehicle managed by Quanta Capital. The Sunday Times understands that receivers have been appointed to 27 properties, which include a range of types but many of which are second-generation offices. A large number of the properties within the Goldstein vehicle are unaffected. Interpath Advisory were appointed as receivers to various subfunds that were used to buy the properties. The Sunday Times, 17th November
Lisney Office Market Report Office market activity continued to recover in Q3 2024. The number of transactions went up to 52, the take-up fell to 565,105 sq. ft along with average lot size falling to 10,763.9 sq. ft. The busiest region was Dublin city centre and professional services claimed the busiest sector. The largest transaction of the quarter was EY’s take up of 129,166.93 sq. ft at Two Wilton Park, Dublin 2. Dublin city centre had a prime headline rent of €63 per sq. ft and a vacancy rate of 16.9%. Lisney, 13th November
Wexford Irish hotel operator Dalata has announced it sold the Clayton White Hotel in Wexford Town to Neville Hotels in a deal worth €21m. The deal becomes the second hotel in Wexford Dalata sold to the Neville Group this month, following the sale of the Maldron Hotel Wexford. The deal is expected to be completed in January 2025. Real estate firm Savills advised Dalata on the transaction. The Business Post, 19th November
Rosses Point, Sligo The Yeats Country Hotel is being offered for sale by Savills with vacant possession at €7m. The property comes to market with 98 bedrooms, several dining options, including the Elsinore Restaurant, the Eros Spa, a leisure centre with an 18m swimming pool, and a large car park. The Irish Times, 13th November
Wexford Harbour Wexford County Council is looking for investors and developers to take on the development of a mixed-use urban quarter at Trinity Wharf in Wexford Harbour. Plans for the more than €150m development include a hotel, conference centre, artist studios, apartments, marina, offices and a public plaza. The council launched a preliminary market consultation process for the planned project at Trinity Wharf, a 13.5-acre site. Planning permission for the brownfield site, which was acquired by the council, has already been secured. The Irish Times, 13th November
Poolbeg, Dublin Johnny Ronan has received the go-ahead from Dublin city council to build an innovation hub for tech start-ups on the former Irish Glass Bottle site near Poolbeg. The six-storey building will span 135,260 sq. ft and will accommodate hotspots for new businesses as well as community spaces, while over a sixth of the space will be set aside for leisure, cultural, artistic, café, educational and library uses. The Sunday Times, 17th November
Ballycoolin, Dublin 15 Unit 1, at the Stadium Business Park, is being brought to market at a guide price of €12.8m (NIY 5.5%; €163.18 psf) by Harvey. The industrial/warehouse and office facility, extends to 78,441 sq. ft, and sits on a site of 3.95 acres. The property is currently let to Dunnes Stores at a passing annual rent of €775k. The lease incorporates a tenant break option in March 2032, therefore offering seven years plus certain income. The first rent review is in March 2027. The Irish Times, 13th November
Forge Hill, Co Cork Agent Cohalan Downing is offering a unit to let on Forge Hill just off the Kinsale Road, 4km south of Cork city centre. The agent is quoting a guide rent of approx. €130k pa for it. The property comprises a detached warehouse/light industrial unit with a two-storey office/service block incorporated at the front and a part mezzanine floor storage area. It is on a large site of approx. 1.2 acres with frontage and access onto Forge Hill. The Business Post, 16th November
Lisney Industrial Report Activity in the industrial market remained slow in Q3. This was particularly the case for mid to larger warehouses (greater than 32,291.73 sq. ft). Deals went up to 23, with an overall jump in activity to 383,195.21 sq. ft. Lettings dipped to 67%, with the largest letting being the sale of Building 1, Damastown Industrial Park at 99,781.45 sq. ft. The average lot size dipped to 16,684.06 sq. ft and vacancy also dropped to 1.7%. The prime headline rent was €13 per sq. ft and the Southwest was the busiest region. Lisney, 13th November
North Docklands, Dublin 1 The owners of Spencer Place are readying the property for sale. The Sunday Times understands that Fortress Investment Group, which controls the development, has hired the property agent Eastdil Secured to handle the sale. It will have a guide price of €200m. The scheme, which consists of 329 build-to-rent apartments and 64 co-living units, is also owned by Ronan Group Real Estate as part of the wider Spencer Place development. Spencer Place is in two blocks, spreading over 135,625 sq. ft. Construction was completed in November 2022 at a cost of approx. €153m. The Sunday Times, 17th November
Lisney Commercial Real Estate Report The Irish commercial real estate market continued its cautious recovery path in Q3. Investor sentiment improved further, supported by reducing global interest rates. The market transactions rose to 24 deals, amounting to a total of €596.55m with the largest deal being the sale of The Square in Tallaght for €130m. The average deal size grew to €24.85m. The retail sector amounted for 33% of all deals with a net yield of 5.15%. Additionally, 79% of all deals for Q3 occurred in Dublin. Lisney, 13th November
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Lapps Quay, Cork Joint agents Sherry FitzGerald Commercial and H Property are guiding €6m for an office and retail/restaurant investment opportunity located on Lapps Quay. The property comprises a ground floor and third floor extending to 26,586 sq. ft, which forms part of a larger multi-storey building known as City Quarter. The ground floor comprises a vacant fully fitted own door office suite, a self-contained fitted restaurant unit and coffee dock situated on the boardwalk adjacent to the scheme, occupied by Café Gusto. The third floor comprises five office suites laid out around a central service core. The third floor of the property is fully occupied under various leases and the total passing income is €431k pa. The Business Post, 9th November
Camden Yard, Dublin 2 Oaktree Capital Management is preparing to take control of Camden Yard, an office and residential development. Oaktree, which was a junior lender on the scheme, is in advanced talks to buy out the interest of BGO, a Florida-based property investment firm and senior lender on the project. Construction on the site on Kevin Street, which was formerly a DIT campus, ground to a halt in June. Approx. 409,028 sq. ft of office space, 325 apartments and retail and restaurant units are planned for the 3.6-acre Camden Yard site. The Sunday Times, 10th November
Henry Street, Dublin 1 Mike Ashley’s Sports Direct has secured the green light to open a large gym at the former Debenhams department store on Henry Street. The 27,544 sq. ft gym will be the first opened by the group in the Republic and the permission follows two years on after Mr. Ashley’s Frasers Group bought the former Debenhams outlet in Henry Street. As part of the revamp, Heatons Ltd, which trades as Sports Direct in Ireland, is to open a new Sports Direct store from ground floor to the second floor mezzanine, with the gym on the third floor. The Irish Times, 6th November
Ashbourne, Co Meath The Fox’s Den in Ashbourne has been launched to the market by BDM Property guiding €1.5m. A large two-storey licensed premises, the property extends to 7,014 sq. ft and its accommodation briefly comprises a ground-floor lounge bar to the front with the public bar located to the rear. On the first floor there is a self-contained function room. Outside and to the rear there is a smoking area with parking for 25 cars. The Irish Independent, 7th November
Enniskerry, Co Wicklow Pre-tax profits at the firm that operates the five-star Powerscourt Hotel resort near Enniskerry almost doubled to €2m last year. New accounts at hotel firm Sugarloaf Ventures Ltd show that the company recorded the 90% increase in pre-tax profits after revenues rose by 14% from €23.16m to €26.42m. The resort is part of the MHL Collection. The company’s gross profit increased from €12.19m to €14.2m after cost of sales rose from €10.96m to €12.18m. The firm recorded post-tax profits of €1.84m after incurring a corporation tax charge of €167k. The Irish Independent, 8th November
Bray Central, Co Wicklow A UK-based loan servicing group has appointed receivers to a company co-owned by Paddy McKillen jnr that controls the Bray Central shopping and town centre site. In 2018, Wicklow County Council agreed to sell the property, formerly known as the Florentine site, to Navybrook Ltd for a reported €2.6m, pending its redevelopment into a modern retail park by Oakmount. Kroll was appointed by BCMGlobal, a UK loan-servicing firm, to Navybrook on foot of loans secured against the property. CRO filings indicate that BCMGlobal secured three charges against the assets of Navybrook in 2019 and 2022. The Irish Times, 7th November
O’Connell Street, Dublin 1 Real estate investor and developer Firethorn Trust has acquired a development site in central Dublin to construct a 588-bed hostel. The off-market purchase of Sackville Place, located near O’Connell Street, includes planning permission for a purpose-built hostel with a combination of dormitory-style rooms and private double rooms spread across six storeys. Upon completion, Firethorn will retain operational management of the hostel, working in partnership with real estate investment managers SW3 Capital. Work is expected to start on site in March 2025, with practical completion due in January 2027. The Business Post, 11th November
Ashford, Co Wicklow A 28-acre land holding in Ashford has been placed on the market by Savills with a guide price of €2.95m (approx. €105.3k per acre). The land is currently unzoned and lies just outside the boundary of the Ashford Town Plan 2022–2028. The lands are situated in a residential location on the eastern side of the village, between the R772 road and the M11 motorway, approx. 44km south of Dublin city centre and 6km north-west of Wicklow town. The Irish Independent, 7th November
Youghal, East Cork Brian Gleeson Property is handling the sale of a property that comprises three parcels of adjacent land in Youghal in East Cork. The price is available on application from the agent. The first parcel comprises of approx. 5 acres and contains a storage building measuring 21,527 sq. ft with an upper level comprising of office space, kitchen and WC. The second parcel comprises approx. 1 acre and contains a storage building measuring 44,526 sq. ft. The third parcel comprises the quay at Green’s Quay, which extends to approx. 0.5 acres. This site is held under lease from Cork County Council. The Business Post, 9th November
Phibsborough Road, Dublin 7 Royal Canal House, on Phibsborough Road, spans across four floors of approx. 5,436 sq. ft on a gross internal area. The property, which is being sold with vacant possession by Finnegan Menton, is guiding €1.6m. It features spacious accommodation throughout, with high ceilings, decorative cornices and an elegant front entrance doorway. The Irish Times, 6th November
BNP Paribas Real Estate Ireland Report Levels of total activity in the construction sector fell in October, in spite of a “surge” in residential building. According to new figures from BNP Paribas Real Estate Ireland, overall activity in construction fell marginally last month for the second month in a row. The real estate firm’s October index rose to 49.4 in October from 49.0 in September, remaining below the 50-mark that denotes growth in construction activity. Residential construction activity, however, surged from 51.0 in September to 56.4. Commercial construction levels lagged behind at 47.0. The Business Post, 11th November
Housing Targets Developer Michael O’Flynn has accused the government of a lack of ambition in its housing targets. Last week, a new target of 303,000 new homes in the six-year period between 2025 and 2030 was set, up from the 225,700 target for the period. Earlier this year, research provided to government by the Housing Commission policy group, of which O’Flynn was a member, suggested 488,400 homes could be needed to the end of 2030 based on high migration and low household size scenarios. The Housing Commission report estimated the required delivery between 33,400 and 81,400 new homes would be required annually depending on population growth and household sizes. The Business Post, 10th November
Davy Analysis The vast majority of the finance required to deliver the government’s new target of 303,000 homes will need to come from the private sector, new analysis by Davy has said. Last month, the Department of Finance published the findings of a state group tasked with reviewing different aspects of the funds industry in Ireland. The report, called Funds Sector 2030, said €20bn will be needed to build 50,000 homes pa. The state’s ceiling for investment into housing is estimated to be approx. €5bn. The Business Post, 6th November
Co Kildare Plans have been lodged for a €141m 118MW solar farm on a 428-acre site in the townlands of Cadamstown, Ballina, Clonuff and Garrisker in Co Kildare. New plans by Cadamstown Solar Ltd are seeking planning permission from Kildare County Council for the solar farm across 39 fields of agricultural land on a site just over 9km from Kinnegad in Co Westmeath. The site is currently being used for a mix of arable and pasture farming. The Irish Independent, 12th November
Ronan Group Real Estate (RGRE) has resolved numerous High Court actions with Fortress Investments Group which centred on the repayment of loans worth over €100m. As reported by the Business Post, Ronan settled a €3.3m row with a Fortress entity over allegations he was owed the sum from an insurance award regarding their joint Fibonacci Square development in Ballsbridge. The High Court heard that the property developer had also settled separate proceedings in which it alleged that Fortress had threatened to “wipe out” the wider firm as part of a “conspiracy” to cause it damage. The lawsuit related to what RGRE alleged was a failure to engage with refinancing arrangements on loans in 2022. The Business Post, 11th November
Davy Group The property investment management arm of Davy Group is set to be sold to the unit’s chief executive for an undisclosed sum along with its €1.6bn portfolio of assets, including Dublin’s St Stephen’s Green Shopping Centre. The transaction will see David Goddard, chief executive of Davy Real Estate, acquire the unit and operate it as a separate entity, trading as Lanthorn. The deal is expected to conclude in November. The Irish Times, 5th November
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Camden Street, Dublin 2 Attestor Capital, a private equity firm based in London, has bought Devitt’s pub on Camden Street in a purchase and leaseback deal with the Mangan Group. It is believed the pub investor has paid approx. €15m for the property. Attestor Capital has now spent approx. €100m on pubs and hotels since it entered the market in 2021. It bought the Brazen Head in Dublin and the former TP Smith portfolio of pubs, including the Auld Dubliner and the Norseman. The Sunday Times, 3rd November
Celbridge, Co Kildare BDM Property has brought the Riverside pub for a guide of more than €1.75m. The pub overlooks the river Liffey and the main bridge in Celbridge. The property occupies a total site area of approx. 0.75 acres. The large rear car park, accessed via an archway from Main Street, provides parking for approx. 65 cars and an additional valuable income stream for the pub. The Business Post, 2nd November 2024
Baggot Street Lower, Dublin 2 A hotel firm owned by Eamon Waters has offered to reduce the scale of a planned hotel in Dublin city centre from 66-bedrooms to 62-bedrooms in order to secure planning permission. The revised plans have been drawn up as part of an appeal by Waters’s firm, Peachbeach UC to An Bord Pleanála against the city council’s refusal of planning permission for a 66-bedroom hotel and 23 apartments over six storeys at 15-16 Baggot Street Lower. The planning appeal has been received by Dublin City Council and is due to be decided by March 4. The Business Post, 31st October
Opera Lane, Cork City Opera Lane is set to be fully occupied for the first time in five years as a deal has just been inked for a large unit to be taken over by Mountain Warehouse. The four-level Unit 14 at Opera Lane will retail out of 15,000 sq. ft of the substantial 20,000 sq. ft store. They have taken on a ten-year lease, at a rent of approx. €400k pa. The Irish Examiner, 31st October 2024
Grand Canal Harbour, Dublin 8 Marlet property development company is seeking a tenant for a creche at its Grand Canal Harbour development, next to the Guinness Storehouse and close to St James’s Hospital campus. The unit is being quoted for €40k pa, which spans 2,465 sq. ft and includes a fully enclosed outdoor play area of approx. 1,722 sq. ft. Irish Independent, 30th October 2024
BNP Paribas Real Estate Ireland Report Take-up of Dublin office space by tech companies shrank to 7.1% in the third quarter, according to a report by BNP Paribas Real Estate Ireland. Approx. 47 transactions were completed, slightly up on the 44 that were completed in the same quarter in 2023. Dublin still has one of the highest office vacancy rates among European cities. The vacancy rate edged up from 15.2% as of the end of June to 15.7% at the end of the third quarter, while the tech sector remained relatively inactive. The Irish Times, 4th November 2024
North Docklands, Dublin 1 Savills have put the 100,000 sq. ft office block known as 2 Dublin Landings up for sale at a guide price of €60m on the instructions of receiver Deloitte, which was appointed by the lender Helaba. The move comes weeks after a restructuring of the lease held by the building’s sole tenant, WeWork, was finalised. According to sources close to the transaction, the new lease signed for 2 Dublin Landings commands an annual rent of €4m. By contrast, WeWork’s initial 20-year lease agreed in 2018 was for €4.9m pa. The Currency, 1st November
Lower Baggot Street, Dublin 2 Astogo Holding has acquired the former Ulster Bank premises at 130 Lower Baggot Street. The premises of approx. 8,500 sq. ft had been on the market with a guide price of more than €2.25m. The three adjoining properties on Lower Pembroke have also been acquired. These two-storey buildings benefit from an existing planning permission for demolition and redevelopment of a ground floor commercial space, with apartments overhead. The Irish Times, 30th October 2024
Tallaght, Dublin 24 An investment opportunity in Tallaght is being offered for sale by Savills with a €3.35m (NIY 6.8%) guide price. Unit 13/B1 Cookstown Industrial Estate, Dublin 24, is a semi-detached warehouse which extends to 26,210 sq. ft. It is let to Reward Catering Ltd. under a 10-year FRI lease, which commenced in March 2024, at an annual rent of €250k. Irish Independent, 31st October 2024
Clondalkin, Co Dublin Urbeo has acquired a Dublin logistics facility with ICG Real Estate. It’s understood that the duo paid approx. €27m for the facility in Kilcarbery Distribution Park. The 215,000 sq. ft facility is in southwest Dublin, between the N7 and N4 motorways. The building is currently multi-tenanted, with PRL Group and JMC Van Trans occupying the approx. 185,000 sq. ft of logistics space. The Irish Times, 30th October 2024
Ratoath, Co Meath A site for development of 57 apartments and 3 retail units has come to the market in Ratoath at a guide price of €1.5m. The development site, brought to market by Knight Frank, is in the town centre and is approx. 2.57 acres. The first block comprises the commercial accommodation, while the second block comprises the residential accommodation. The Irish Times, 30th October 2024
Santry, North Dublin A proposed construction of more than 300 apartments in Santry has been granted permission with revised conditions by An Bord Pleanála despite objections from Chadwicks, Ireland’s largest building materials provider. Dwyer Nolan Developments applied for permission to build the €120m, 13-storey residential project at the junction of Santry Avenue and Swords Road in April. Dublin City Council then granted the development firm permission for the project in June. The Business Post, 30th October
Housing Commencements There were 11,385 homes commenced in September 2024, more than four times the number from September last year when 2,607 units were commenced, according to the latest figures. For the first three-quarters of 2024, there were 49,007 units commenced, which is up 105% from 23,923 in the same period last year. In the last 12 months, there have been 57,885 units commenced, up 93% from 29,961 in the prior 12 months. Of the 11,385 homes commenced in September 2024, 43% are scheme dwellings and 53% are apartments, while only 4% are for one-off homes. The Business Post, 31st October
Housing Targets The Coalition is to agree new housing targets averaging 50,500 new homes per year during the lifetime of the next government. The full Cabinet is expected to agree to the targets outlined in the updated draft plan on Tuesday, which envisages 303,000 homes being built from 2025-2030. Coalition leaders agreed to a 41,000 home target for next year, rising to 43,000 homes in 2026, 48,000 in 2027, 53,000 in 2028, 58,000 in 2029 and 60,000 in 2030. The Irish Times, 4th November
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Vicar Street, Dublin 8 Dublin City Council has given permission to businessman Harry Crosbie to construct a four-star 182-bedroom Vicar Street ‘rock and room’ concept hotel in the Liberties district. The council granted planning permission to Vicar Street Hotel Ltd for the eight-storey building despite receiving 40 objections. One of the 16 conditions attached to the permission states that the applicant pay a development contribution of €769.6k to the council towards public infrastructure. The Irish Independent, 25th October
Garrettstown, West Cork Planning has been granted for the completion of an aparthotel overlooking a Cork beach. An application by Tulsan Limited for works at Garrettstown strand in West Cork, close to Kinsale, was referred to An Bord Pleanála. It had applied to Cork County Council for permission for retention and modification works at the site, which comprises of a four-storey unfinished hotel structure and a greenfield site. It was to include 20 hotel bedrooms, a bar, restaurant, and 24 apartments, as well as upgrades to a wastewater treatment system. The council had approved the development, which was subsequently appealed. The Irish Examiner, 23rd October
Grafton Street, Dublin 2 The company operating the Bewley’s cafe on Dublin’s Grafton Street says it is entitled to a €1m refund after overpaying on rent. The case is the latest twist in a longstanding row between the cafe and RGRE Grafton Limited, which owns the building. Bewley’s Grafton Street managing director, Cól Campbell, said the firm had secured a 50% rent reduction under judgment from the Circuit Court. The new rent for the building will be just under €740k pa. The Irish Independent, 25th October
Cork City A planning application to build Cork City’s second Premier Inn at the Leisureplex complex, formerly the Coliseum Cinema, has been lodged with Cork City Council. Applicants Whitbread PLC acquired the site, on the corner of MacCurtain St and Brian Boru St, in February 2024, a month after it opened the doors to its first Cork hotel: A €30m, 187-bedroom inn at Morrison’s Quay. Their second site benefits from an extant planning permission for a 171-bedroom hotel which sets the precedent to redevelop the site. The Whitbread proposal for a 173-bed inn contains several changes to the original proposal. A key change is the proposal that the building be set back significantly, compared to the existing planning grant, in recognition of nearby residential uses. Whitbread’s proposed hotel is similar to the previously permitted development in terms of building height, scale, and character. It is proposing a one, five, and seven-storey (with setbacks) building, with an ancillary licensed restaurant and public bar and reception area on the ground floor. The Irish Examiner, 24th October
South William Street, Dublin 2 61A South William Street has just come to the rental market following a full refurbishment and upgrade. Available to let either as a single HQ opportunity or multi-let, the building, which was previously home to AA Ireland, provides 8,270 sq. ft over five floors. A typical floor is 2,260 sq. ft. The Irish Times, 23rd October
Strand Street, Dublin 1 66/67 Strand Street, a four-storey property, is on the market for €4m through Colliers. The property comes with full vacant possession. The building extends to a gross internal floor area of approx. 10,800 sq. ft and currently offers office accommodation. The Irish Times, 23rd October
Irishtown, Dublin 4 The Glass Bottle development in Dublin 4 has secured planning permission for the first commercial blocks in the scheme. The site is being developed by Pembroke Beach DAC, a joint venture of Lioncor, Oaktree Capital Management and Ronan Group Real Estate. Work is currently underway on the first 884 homes in the scheme with full planning secured for the next 500 homes. The decision permits the construction of Commercial Phase A of the Glass Bottle development, three blocks of five, seven and 12 storeys totalling 496,227 sq. ft. The Business Post, 22nd October
Sandwith Street Upper, Dublin 2 Sandwith Property has sought the permission from Dublin City Council to turn the former head office of KBC Bank in Dublin into emergency accommodation. The old KBC building on the corner of Sandwith Street and Fenian Street had been owned by Sherborough Enterprises. The Sunday Times previously reported that the building was quietly put on the market in 2021 for €70m. The Sunday Times, 27th October
Adelaide Road, Dublin 2 Professional services firm Deloitte Ireland has signed a lease for a new headquarters building, 1 Adelaide Road, in a move that will consolidate its operations in Dublin under one roof. The Irish Life site was selected from a shortlist of three properties for the new HQ. The 10-storey over-basement property at Adelaide Road was formerly used by AIB and is located on the green Luas line close to the Harcourt stop. It will offer c.160,000 sq. ft of space to Deloitte. Demolition of existing property began earlier this year. The Irish Times, 28th October
Mespil Road, Dublin 4 A self-contained office investment in Dublin 4 which is generating annual rental income of €90k has come to the market with a €1.1m guide price (NIY 7.44%) through selling agent Artis. Known as The Stone Building, Fleming Place, it is located off Mespil Road and Baggot St Upper. Extending to 3,024 sq. ft, it is let to Yondr Tech Ireland Ltd on a lease which has been newly extended by four years and nine months from August 2024. The Irish Independent, 24th October
Citywest Business Campus, Dublin 24 Delivered by Sandymark, Bianconi Avenue at Citywest Business Campus is a warehouse and office headquarters with approx. 98,576 sq. ft of space on a substantial 5.34-acre site. Sandymark is finalising construction tenders at present, with an anticipated completion date of the fourth quarter of 2025. Joint letting agents Harvey and JLL are quoting annual rent of €1.42m. The Irish Times, 23rd October
Mount Merrion, South Dublin The family-owned retail giant Dunnes Stores is set to close the acquisition of the site of the former Union Cafe in the south Dublin suburb of Mount Merrion. It was on the market in July for €5.75m. The underlying property has been owned by Tomose Ltd, a company forming part of the Oakmount group. Tomose booked a site value of €8.1m on its latest available balance sheet at the end of 2018. It owed €4.7m at 6.5% interest to Finance Ireland, which is still secured on the property according to company filings. The Currency, 23rd October
Carrigaline, Co Cork A development has been proposed for the centre of Carrigaline. Boar’s Head Limited is seeking permission for the construction of a mixed-use development at Carrigalinee town centre, on a 4.54-acre site. It will include 88 residential units, and five ground-floor retail units, including a gym, cafe, hair salon, daycare centre and a newsagent. The Irish Examiner, 23rd October
Bolton Street, Dublin 1 A 0.27-acre site near Bolton Street TUD zoned Key Urban Villages and Urban Villages Z4 is coming to the market with an asking price of approx. €3.5m through Eoin O’Neill Property Advisors. The plot comprises of the former Kings Stationers building, at 53-55 Bolton Street, which is a three-storey building and has total accommodation of approx. 13,454 sq. ft; 55 Bolton Street, a vacant plot of approx. 2,163 sq. ft; and 2-3 Yarnhall Street. The Irish Times, 23rd October
Lucan, Co Dublin The Red House in Lucan is coming to the market along with a substantial site of residential zoned land. Launched by North’s Estate Agents, the period house has an asking price of €2.5m. Sitting on a 1.5-acre plot, it offers more than 2,830 sq. ft of accommodation. The Irish Times, 23rd October
Fairview, Dublin 3 As many as 42 age-friendly apartments are to be built on a property in Fairview. Last week a developer purchased the 0.66-acre property at 80 Philipsburgh Avenue for approx. €3m and is understood to have done a deal with Cabhrú Housing Association to build 42 one-bedroom apartments, a communal room, kitchen and office in two four-storey blocks on the site. The purchase includes a two-storey clubhouse building extending to 10,828 sq. ft which will be demolished and parking for 50 cars. The Irish Independent, 24th October
Portmarnock, Co Dublin Fingal County Council has spent €16m buying a housing estate in Portmarnock that’s being developed by Ballymore. It works out at an average of €500k for each house that has been acquired. The council has so far bought 32 homes at the Station Walk development in the town. But the final bill will be higher as the council acquires an additional 18 apartments that are nearing completion at the estate. That will leave the entire estate in the ownership of the council. The Irish Independent, 28th October
Mortgage Activity According to new figures from the BPFI, over 7,000 first-time buyer (FTB) mortgages were drawn down in Q3, with a value of approx. €2.1bn. Drawdowns for mortgage switching increased both in volume, by 26%, and in value, by 28%, for the first time since Q1 of last year. Overall, a total of 11,774 new mortgages to the value of €3.4bn were drawn down by borrowers in the third quarter. This was up 1.4% in volume, and up 7.4% in value, on the same time period last year. First-time buyers remained the single largest segment both by volume, at approx. 60%, and by value, at 61.4%. The Irish Independent, 25th October
Housing Construction Affordable housing provider Respond has forecast it will have 4,000 social and affordable homes under construction by the end of this year. The Approved Housing Body (AHB) said the expected rate of construction will represent a threefold increase in its home building programme over the past year. The charity has 2,925 social and cost rental housing units under construction across 21 sites in Ireland at the moment. The AHB delivered 666 new social and cost-rental homes last year and commenced a further 669 new homes in the period. The Business Post, 23rd October
Housing completions are down on an annual basis, with 21,600 new homes built in the first nine months of the year, new data from the CSO has shown. Taoiseach Simon Harris said in recent weeks that approx. 40,000 new homes would be completed this year. Darragh O’Brien, the housing minister, has also repeatedly claimed that 40,000 new homes will be built this year. Last month, a forecast released by the Central Bank said completions in 2024 are expected to be around the 32,000 mark. In the first nine months of this year, construction was finished on 21,664. The Business Post, 24th October
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Oaktree Capital Management is weighing up the sale of its huge portfolio of retail parks in Ireland. The company owns eight retail parks around the nation through its subsidiary Targeted Investment Opportunities (TIO). Green Street News reported last week that the parks were “being touted to a small group of potential buyers”, and Sigma Retail Partners, which manages the retail parks on behalf of TIO, was handling the sale. The Sunday Times understands that no sales process has been initiated for the portfolio, which is thought to be worth in excess of €200m. The Sunday Times, 20th October
Ballyconnell, Co Cavan The Slieve Russell hotel and golf resort in Co Cavan has been sold for €30m. Irish Bank Resolution Corporation liquidators have completed the sale to the Australian-based Brady group for less than the €35m being guided by CBRE. It opened for business in 1990, comprises 224 bedrooms and extensive banqueting and leisure facilities on the outskirts of Ballyconnell. Its buildings extend across a total area of 296,007 sq. ft. The Business Post, 20th October
South Terrace, Cork CBRE is offering a site which comes with full planning permission to develop a 103-bedroom hotel at the rear of No. 31-33 South Terrace. The agent is seeking offers in excess of €3m (€29.13k per key) for the hotel site. Planning permission for the 103-bedroom hotel was received in December 2022 and includes a lobby, restaurant and bar facilities of 3,013 sq. ft. The Business Post, 18th October
Connemara, Co Galway The Denis O’Brien-owned Ballynahinch Castle hotel in Co Galway reported a loss of €288.4k last year to bring its accumulated losses to €5.7m at the end of December 2023, latest accounts show. The deficit for last year was more than three times the loss (€78.3k) recorded by the hotel in 2022. Turnover rose by 1% to just under €8.5m, while the hotel posted an operating profit of €440.4k, down 23% on the previous year. It was dragged into the red by interest costs and the amortisation of finance expenses amounting to €727.4k. The Irish Times, 22nd October
Headford Road, Galway A 1.06-acre site within walking distance of the University of Galway, and with full planning permission for a PBSA scheme, is coming to the market guiding €7.2m. The development opportunity, on the Headford Road, is being brought to the market by Cushman & Wakefield, with full planning for a student accommodation and retail scheme. The approval provides for 272 bed spaces designed over two blocks, along with ancillary student-support facilities. The development also includes four retail units extending to an overall size of 40,214 sq. ft. The Irish Times, 16th October
Parliament Street, Dublin 2 No. 1 Wellington Quay on Parliament Street is guiding €950k. The building is currently let to The Music Cafe, which occupies the basement and ground floor. The next two floors are currently let to a firm of solicitors. The top floor has recently become vacant. In all, the building offers a floor area of 2,066 sq. ft. The property is generating rental income of €55.5k pa. The Music Cafe holds a 10-year lease from May 2019 at a passing rent of €31.5k pa. First- and second-floor offices are let on a 10-year lease from November 2017 at a passing rent of €24k pa. The Irish Times, 16th October
Office Portfolio An investment portfolio from Starwood Capital Group has taken a 50% impairment, equivalent to approx. €13m on its Irish office portfolio due to the “challenging local office market”. Starwood European Real Estate committed a €35.2m loan secured against a portfolio of 12 properties in Central Dublin in early 2020. The company began selling some of the assets in 2021, which continued in 2022, with the balance of the loan dropping to €25.9m secured against 7 properties by the end of September this year. The Irish Times, 21st October
Ballsbridge, Dublin 4 Meta Platforms has brought part of its European headquarters in Dublin to the market as a sublet. Approx. 193,750 sq. ft of space will be available at the development, known as Fibonacci Square. Cushman & Wakefield, Meta’s letting agent, stated on its website last week that the social media company was seeking a headline rent of €59.50 psf for Block 1. The company signed a 25-year lease for Fibonacci Square in 2018, agreeing to pay an annual rent of €22.5m for 360,000 sq. ft, or €62.50 psf. The Sunday Times, 20th October
Dublin and Galway A fund managed by French real estate investor Arkéa REIM has acquired two office investment properties in Citywest, Dublin and Parkmore East, Galway. While the value of the deal was undisclosed, it is understood to be in excess of €20m (NIY approx. 7.5% – 8%) for the combined properties. The properties, Block 5, Parkmore East Business Campus in Galway and Block 5, Waterside Innovation Campus, Citywest, were sold by Fine Grain Property. The properties are the third and fourth acquisitions for the French fund, SCPI Transitions Europe. Both assets are fully let, to two tenants in Dublin and three in Galway. The Irish Times, 16th October
South William Street, Dublin 2 Following a full refurbishment and upgrade, No. 61A South William Street has come to market and is available to let through Colliers as either a single headquarter opportunity or as a multi-let. The building provides 8,266 sq. ft over five floors and a typical floor of approx. 2,249 sq. ft. The agent is quoting a rent of €45 psf and it is a new lease agreement. The Business Post, 19th October
Clonskeagh, South Dublin Knight Frank is offering two three-storey, semi-detached office blocks extending to 32,300 sq. ft, along with 89 surface-level car-parking spaces. Trimleston House, part of the Beech Hill Office Campus in Clonskeagh is guiding €4.6m, offering a discount of approx. 36%, on the amount sought in October 2021, when the buildings were last brought to the market seeking €7.25m. Block 1A is let to Mars Capital until January 15th, 2026. The office block extends to approx. 19,300 sq. ft over three floors. The passing rent roll is €400k pa (€18 psf and €1,000 per car space), with Knight Frank commenting that the building is “significantly under rented”. Block 1B extends to approx. 13,000 sq. ft and is vacant. The Irish Times, 16th October
Hampton Square, Dublin 7 A multi-family investment comprising 26 apartments in Dublin 7 has sold for close to the guide price of €7m (GIY 6.5%; approx. €269.2k per apartment). The 26 apartments, built by the Cosgrave Group, were sold as a single lot in a self-contained block within Hampton Square on the Navan Road. The 26 apartments at Hampton Square generate an annual rental income of €458k. The investment consists of four one-bedroom apartments, 18 one-bedroom + study apartments, two two-bedroom apartments, and two two-bedroom + study penthouse apartments. The Irish Times, 16th October
Ratoath, Co Meath Coonan Property has brought a 21.2-acre land holding in Ratoath to the market for sale by private treaty and with a guide of approx. €5.3m (€250k per acre). The lands at Fairyhouse Road are zoned E2 (General Enterprise and Employment) in the 2021 to 2027 Meath County Development Plan which allows a range of uses on the lands. The zoning provides for an opportunity for commercial and industrial development on the outskirts of the expanding town of Ratoath. The Business Post, 19th October
Construction Costs New research presented to the Department of Housing, which was carried out by Mitchell McDermott, the building consultancy, has provided definitive costs of building apartments in Ireland. It said total development cost of a standard 979 sq. ft two-bed city centre apartment costs €591.8k, with €266.1k of that related to construction costs and €105.5k connected to soft costs. Based on the development costs a household would require an income of at least €168k to secure a mortgage for the apartment. The same sized two-bed apartment unit in the suburbs costs €549k to build, made up of €257.9k in construction costs and €103.8k of soft costs. The Business Post, 21st October
Terenure, Dublin 6 A Dublin developer has applied for planning permission to build 66 apartments on the site of an Orthodox Jewish synagogue in Terenure and demolish the existing structure, more than a year after the property was put up for sale with a guide price of €7.5m. Granbrind Terenure Ltd submitted an application to Dublin City Council on September 20th to demolish the existing synagogue structure and build 66 apartments across three blocks, ranging from three to six storeys over basement. The Irish Times, 15th October
Approved Housing Bodies (AHB) An analysis by the Business Post of the most recent financial records for Clúid, Respond, Tuath, Oaklee Housing, Circle Voluntary Housing Association and Co-operative Housing Ireland, has shown these AHBs now have more than €7bn worth of residential property on their balance sheets. The overall AHB sector controls approx. €8.3bn worth of property, data from the Approved Housing Bodies Regulatory Authority (AHBRA) has said. In 2019, the six AHBs controlled approx. 20,000 homes nationwide. The most recent data showed the overall sector controlled approx. 61,000 dwellings as of September 2023. The Business Post, 22nd October
Vacant Land Tax Since the beginning of August, 80 appeals by landowners against the incoming Residential Zoned Land Tax (RZLT) have been rejected by An Bord Pleanála – only 15 appeals have been successful. The RZLT will involve landowners being charged a 3% levy on the market value of vacant sites from February 2025. In recent weeks, large development firms, including Cairn Homes, Glenveagh, Castlethorn, Hines and Esprit Investments have failed in their attempts to avoid the tax. Other landowners such as Dunnes Stores, Dublin City University, CIE, St James’s Hospital and the Central Bank of Ireland also failed to convince An Bord Pleanála. The Business Post, 18th October
Leeson Street Lower, Dublin 2 The Institute of Education has warned it may be forced to leave its Dublin city centre location unless a new development project is approved. Last week, the Dublin grinds and secondary school was granted permission to refurbish its properties on Leeson Street Lower and build nine new classrooms. A new application to the local authority has now sought permission to convert a residential property at 78 Leeson Street Lower into office space to be used for school administration purposes, with one residential apartment in the basement. Records show the building, which the school has described as a “derelict site”, was recently acquired in 2022 for €1.65m. The Business Post, 21st October
Rathmines, South Dublin A group of South Dublin residents has taken a legal case against Dublin City Council after St Mary’s College was granted a key planning exemption to develop an all-weather sports pitch. The private boys’ school, which owns the site, wants to convert three existing pitches into two full-sized pitches, including an artificial 4G surface for year-round play. The Business Post, 16th October
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Clarendon Street, Dublin 2 BDM Property is handling the sale of Bar Rua at 32 Clarendon Street in Dublin 2, which is guiding in excess of €3.25m. The asset comprises a purpose-built four-storey over basement building together with an adjoining two-storey building fronting Chatham Row. The entire property extends to approx. 6,243 sq. ft. Title to the property is freehold with the section fronting Chatham Row held by way of a long lease at €130k pa. The Business Post, 12th October
Sandyford, South Dublin The Irish subsidiary of hotel brand Premier Inn, PI Hotels & Restaurants Ireland, submitted a planning application for the development to Dún Laoghaire-Rathdown County Council earlier this month. The proposed hotel would be a five- to eight-storey building and be located in Sandyford Business Park. The Irish Independent, 13th October
Montague Street, Dublin 2 Montague Court is being brought to market by HWBC at a guide price of €13m. Completed in 1973, and home to the DCEDIY, Montague Court extends to approx. 27,000 sq. ft. The offices are laid out over three floors with car parking at ground level. There is also a small mews building within the grounds of the property. The property’s other tenants include the Legal Aid Board and Romeril Forensic Engineers. Fully let and occupied, the property currently produces annual income of approx. €1.25m. All leases are set to expire on May 31st, 2025. The Irish Times, 9th October
Sandyford, South Dublin Colliers has completed the sale of three leased suburban offices, including 15 designated car parking spaces, at a price of €1.75m (NIY 11.79%; €216 psf). The properties are located within The Apex Business Centre, in the Sandyford Business District in South Dublin. The suites are leased to Allied Pension Trustees Ltd, ARMD Ltd, and Ethos Engineering and are generating a combined rent of €226.9k pa. There is an average WAULT to expiry of approx. two years. The price reflects a 24% discount to the €2.3m guide listed in October 2023. The Business Post, 12th October
Dooradoyle, Limerick A Bank of Ireland branch in Limerick city is being offered for sale and Colliers is guiding €1.7m (NIY 6.45%; €468.9 psf) for it. Located in Dooradoyle on the fringe of Limerick city, the property is held on a FYI lease to Bank of Ireland, which commenced in March 2014, and expires in March 2039, with no break options, providing a long unexpired term of 15.5 years. The passing rent is €120.7k pa with the next rent review in March 2029. A modern, single-storey, detached property, it comprises 3,625 sq. ft net internal floor area. The Irish Independent, 10th October
Post Office Portfolio An Post is offering four post offices in Cork, at Skibbereen, Bantry, Kinsale and Macroom; three in Galway, at Athenry, Loughrea, and Tuam; two in Mayo at Ballyhaunis and Westport, two in Tipperary at Roscrea, and Thurles and one in Boyle, Roscommon. All but two will offer new owners rental income via postmaster services and key, well-located properties for other uses. The 12 post offices, plus a site in Bantry, West Cork, are expected to yield over €3m, with very varied individual values but many priced in the €200k to €350k range. The Irish Examiner, 9th October
Ashbourne Business Park, Co Meath German fund manager Deka Immobilien has made its Irish logistics debut after it exchanged contracts to purchase PrimeLine’s new distribution headquarters in Ashbourne Business Park. Constructed at the beginning of the year, the two properties comprise a total area of approx. 360,000 sq. ft, and although the purchase price was not disclosed, it is understood to have been approx. €70m (NIY 5.5%) in what represents one of the biggest single-tenant logistics investment deals completed in recent years. As part of the sale-leaseback, PrimeLine has agreed to a 20-year lease on the industrial space. Bisnow, 14th October
Cork Road, Waterford Joint agents Lisney and CBRE are bringing the former Cartamundi production facility in Waterford city back to market at a significantly reduced guide price of €11m (previously guiding €17.85m). The building, in the IDA Industrial Estate on the Cork Road, extends to a total floor area of 246,646 sq. ft (€44.6 psf) and includes ancillary office accommodation of approx. 11,010 sq. ft. The facility also benefits from a secure, self-contained site of approx. 14 acres, with approx. three acres undeveloped. The Irish Times, 9th October
Thomas Street, Dublin 8 Lisney has been instructed to offer 110 Thomas Street for sale with a guide price of €3.7m (€495.3 psf). The mixed-use building is located opposite the junction to Meath Street and comprises a four-storey end-of-terrace redbrick building. It includes a ground-floor pub and six apartments comprising three one-bedroom units and three two-bedroom units on the upper floors. The entire building extends to approx. 7,470 sq. ft and generates a combined passing rent of €261.1k pa. The retail unit is let to neighbourhood bar “Love Tempo” producing an income of €110k pa. The Business Post, 12th October
Temple Bar, Dublin 2 Colliers is marketing an investment opportunity in Dublin’s Temple Bar district at No. 48 Fleet Street. The ground and basement floors are leased to Carrolls Irish Gifts Unlimited. That lease expires in 2033, with no breaks and is generating €60k pa. The upper floors are approx. 30% occupied by two licensee’s with 2025 expiry dates. Together they generate a combined income of €59.8k pa. As an alternative, a lease up of the vacant office accommodation would generate a significant reversion. For the entire building, there is an initial combined income of €119.8k pa. The Business Post, 11th October
Merrion Row, Dublin 2 An Bord Pleanála has overturned a Dublin City Council planning refusal for a mixed-use scheme on the site of the former Unicorn restaurant on Dublin’s Merrion Row. The appeals board decision now gives the go-ahead to Aviva Life & Pensions Ireland DAC to demolish buildings at 13 and 13a Merrion Row and 12 and 5 Merrion Court and in their place construct a part four and five storey mixed-use scheme that would include mainly office use along with retail and restaurant use and three residential town houses. The Irish Times, 11th October
Herberton Road, Dublin 12 A 1.89-acre site in Herberton Road is coming to the market with full planning permission for the construction of 113 apartments, as well as commercial space. The site is guiding €8.25m. The scheme comprises a mix of 57 one-bed and 56 two-beds, varying in size from an average floor area of 484 sq. ft for the one-beds to 915 sq. ft for the two-beds. In addition, planning permission also allows for 60 parking spaces, five motorcycle spaces and 166 bicycle spaces, all at basement level. The Irish Times, 9th October
Dundalk, Co Louth Grandspect Developments has acquired a land bank of approx. 98 acres at Mount Avenue in Dundalk, paying in excess of the guide price of €12m for the site, which has the potential for the construction of as many as 1,000 homes. The sale was conducted on the instruction of receiver Myles Kirby. Grandspect, a joint venture between the Maplewood Group and Lydon Group, acquired the site in the face of “significant interest” from parties both in Ireland and Northern Ireland. The Irish Times, 9th October
Harrington Street, Dublin 8 Brought to market by Colliers, at a guide price of €2.5m (€235.50 psf), 36-37 Harrington Street (10,616 sq. ft) and Archbishop Byrne Hall (5,400 sq. ft) are being sold on behalf of the Catholic Guides of Ireland Eastern Region. The property comprises a substantial four-storey-over-basement, end-of-terrace building, together with an additional building on leafy Synge Street, known as Archbishop Byrne Hall. The properties are being sold with vacant possession. The Irish Times, 9th October
Kilmainham, Dublin 8 A High Court judge has found An Bord Pleanála granted an unlawful permission for a five block BTR apartment scheme, including one block 18-storeys high, near the Royal Hospital building in Kilmainham. Ms Justice Emily Farrell said the board failed to consider the proposed development in Heuston South Quarter was a material contravention of the Dublin City Development Plan 2022-28. She will issue her full judgment on November 4th after which final orders in the case will be made. The developer, HPREF HSQ Investments Limited, was a notice party to the proceedings. The Irish Times, 15th October
Liffey Valley Shopping Centre, Dublin Hines has revived its plans to build a €700m, 1,400-apartment complex beside the Liffey Valley shopping centre. BVK, the German pension fund that owns the shopping centre, has refinanced the property. Hines, which is the asset manager of Liffey Valley, wrote to South Dublin County Council last month, asking it to “consider rezoning” nine hectares of land beside the centre, which are owned by BVK and Hines. BVK renewed the debt facility for the centre with Pimco/Allianz. It has refused to divulge the facility’s value. The Sunday Times, 13th October
BNP Paribas Real Estate Ireland’s construction industry latest PMI for September points to an ongoing easing of inflationary pressures within the sector in September. Overall, the September headline index dropped below the neutral 50 threshold, which separates growth in activity from contraction, to 49 from exactly 50 in August, indicating a decline in activity. Total activity in the Republic’s construction sector has now declined in four of the past five months. Housing activity returned to growth in September following a minor decline in August. But commercial activity remains challenged, dipping back into contraction territory after growth in August. The Irish Times, 14th October
Dundrum, Dublin 14 The owners of the Dundrum Town Centre have finished the structural phase on a 122-unit BTR development, the Ironworks, on a site on the Sandyford Road in advance of its launch to market next year. UK property group Hammerson and Pimco Prime Real Estate said the scheme on an infill site adjacent to the town centre has now been “topped out”, meaning structural work has concluded. Once completed in autumn 2025, the scheme will comprise 107 new apartments spread across studios, one and two bedroom apartments alongside 15 social homes. The Irish Times, 11th October
Forestry Portfolio A portfolio of more than 1,300 acres of forestry land has come to market for sale with Lisney with offers of approx. €10m being sought for the entire. The agent has been instructed to oversee the sale of a substantial forestry portfolio, spanning approx. 1,385 acres. The portfolio consists of 27 plots spread across the counties of Tipperary, Wicklow, Offaly, Laois, Wexford, Limerick, and Kilkenny. Tipperary accounts for 50% of the portfolio. The portfolio on offer comprises a productive area of approx. 1,160 acres. The remaining 225.40 acres is attributable to open space, setbacks, biodiversity, and unplanted land. The Business Post, 12th October
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