Moxy Hotel, Dublin The Moxy hotel in Dublin has been sold for c€35m, in what is the first major hotel sale in the capital city this year. Investment group Midwest Holding sold the hotel to The MHL Hotel Collection, whose brands also include The Westin, The Intercontinental, Powerscourt Resort, The Morgan, and the Strand Hotel in Limerick. A statement from real estate group CBRE said that while the hotel sale was an off-market deal, the transaction attracted “strong interest from a significant number of established domestic and international property investors, hotel funds, and private equity companies.” The Moxy Dublin City is located immediately behind the new Clery’s development in Dublin’s north inner city. The hotel opened in October 2019 and is made up of 157 bedrooms (€223k per room), with extensive bar and restaurant space on the ground floor. Irish Independent, 7th May
Baggot Street, Dublin 2 With the construction of its new headquarters at Fitzwilliam 27 now almost completed, the ESB is seeking a buyer for the landmark premises of Larry Murphy’s on nearby Lower Baggot Street. The property is being offered to the market by John Hughes of CBRE at a guide price of €1 million. Located at 43-44 Lower Baggot Street, and at the junction of Fitzwilliam Street Lower, the property is beside the headquarters of the Department of Health at Miesian Plaza, and within a short stroll of the headquarters of both the ESB and Slack Technologies at the newly developed Fitzwilliam 27 and 28 office scheme. The property comprises a substantial four-storey over-basement licensed premises of 465sq m (c5,000sq ft) and consists of a lounge bar at ground floor and basement levels, galley kitchen, cellar storage with office accommodation on the upper three floors. The pub premises, which has not traded for several years, is fitted out in a traditional style but would require refurbishment before reopening for trade. The Irish Times, 5th May
Donnybrook, Dublin 4 It was reported in the Irish Times that Donnybrook House has been put up for sale. Acquired by British property developer U+I and US-headquartered investor Colony Capital for c€10 million in 2014, the former AIB computer services centre has since been redeveloped into a five-storey office building extending to c66,525sq ft. The property is being offered to the market at a guide price of €27 million by agent Savills on behalf of the receiver, Kieran Wallace of KPMG. Donnybrook House underwent an extensive refurbishment in 2018. The redesign and reconfiguration of the property by architects Henry J Lyons saw it being transformed from a tired and outdated bank building into a modern mixed-use investment comprising 45,000sq ft of office space over four floors, along with accommodation for a 4,000sq ft restaurant, 2,000sq ft café and 18,000sq ft of gym facilities, and underground parking. DBH, as it is now known, comes for sale with the benefit of an existing rent roll of €680,000 per annum derived from a number of tenants including Mark Anthony Brands, Irish housebuilder D|D|RES Properties, and Raw Gyms. The vacant space in the building is predominantly offices. The ground floor meanwhile provides for separate café and restaurant units. The Irish Times, 5th May
Merchant Square, Galway The combination of immediate rental income and significant reversionary potential is expected to help drive the sale of a mixed-use investment opportunity which has come to the market in Galway city centre. Located at the heart of the city’s central business district, Merchants Square is a modern building comprising a total of 2,003sq m (21,560sq ft) over four levels. The first three floors are taken up by offices while the fourth floor comprises three penthouse apartments. The property is being offered for sale by agent Cushman & Wakefield at a guide price of €6.5 million. Merchants Square produces a total of €372,070 in annual rental income but has substantial reversionary potential. The building also offers the prospective purchaser the opportunity for further asset management with full planning permission granted in 2019 for the construction of an additional floor. This proposed floor would increase the gross area of the building by 20 per cent giving the buyer scope to increase rental income while also adding significantly to the value of the asset itself. The Irish Times, 5th May
PWC, Dublin The Middle Eastern owners of PwC’s headquarters on Dublin’s North Wall Quay have issued a request for proposal (RFP) to several commercial real estate advisers with a view to offering the property to the market later this year. It is anticipated that the building will command a price in excess of €265 million and see significant interest from international investors. The nine-storey over basement PwC office complex has an overall floor area of 21,054sq m (226,624sq ft) and was developed in 2007 by the now-defunct Treasury Holdings. The property’s current owners set a record for the Dublin office market when they paid €242 million to acquire it through London-based AGC Equity Partners in June 2016. One Spencer Dock is let to PwC under a 25-year lease with upward-only rent reviews every five years. The lease has just under 11 years left to run. The Irish Times, 5th May
Citywest, Dublin Colliers Ireland has been instructed to sell 2050 Orchard Avenue in Dublin‘s Citywest Business Campus. Built in 2008 by Davy Hickey Properties and acquired by Henley Bartra in 2018, the multi-let investment comprises nine modern purpose-built office and light industrial units across two blocks. The nine units extend to 4,121 square metres with 102 car parking spaces. The units are fully let to a mixture of national and international tenants including Oradeo, euNetworks, Fitzers, TDS, Aeolus Engine Services and KCI Medical (acquired by 3M in 2019). Producing a rental income of €730,674 per annum, with a WAULT of 4 years, c36 per cent of the rental income is derived from TDS and 25 per cent from 3M. The balance of the income is from the remaining four tenants. Colliers is guiding €9.3 million which equates to a net initial yield of 7.14 per cent and capital value of €210 per square foot after allowing for standard purchaser’s costs of 9.96 per cent. The Business Post, 9th May
Grand Canal Harbour, Dublin 8 Developer Pat Crean’s Marlet Property Group has agreed a €147 million financing facility with AIG to fund the delivery of its Grand Canal Harbour scheme in Dublin 8. The transaction represents the largest financing deal completed in the capital so far in 2021 and will be used for the construction of up to 596 apartments and 7,060sq m (76,000sq ft) of retail, clinical, and office (co-working) space, and 1,700sq m (18,000sq ft) of amenity space. The Grand Canal Harbour scheme is one of six developments within the Castle portfolio, Ireland’s largest available PRS portfolio, comprising approximately 2,000 apartments and duplexes distributed across Dublin and due for delivery between July 2021 and March 2024. The portfolio, which is on the market currently through sole adviser Cantor Fitzgerald, is expected to attract offers in excess of €1 billion. The Irish Times, 5th May
Bishopstown, Cork A tract of 21 acres of development land in a western suburb of Cork city has been brought to the market by CBRE, which is quoting €4.75m for it. That is less than one sixth of the €31m that was paid for it during the Celtic Tiger era. The vendors are receivers Tom Rogers and Jim Luby, acting for Government agency Nama. Located at Garranedarragh in Bishopstown, it is in a sought-after residential area with nearby facilities including Bishopscourt Shopping Centre, Wilton Shopping Centre and it is convenient to Cork University Hospital and UCC. It is located just 5.5km south-west of the city centre and only 2.3km from Wilton. The site has a positive planning history as it had permission for 249 residential units, including 119 apartments, 130 houses and a creche. This permission has just recently expired. Irish Independent, 6th May
Barrymore Road, Athlone Two parcels of land extending to 20.3 acres in Co Roscommon, just outside the town of Athlone, are for sale with a €3m guide price. Situated on Barrymore Road in a suburban area of the town, one parcel comprising 14.77 acres has planning permission for 15 detached houses. Also in this section are 2.75 acres zoned transitional agriculture. Irish Independent, 6th May
Slane Road, Drogheda Agent Bannon is guiding a price of €3.75 million for a 46-acre landbank strategically positioned on the Slane Road between the M1 motorway and Drogheda town centre. The property, which is in agricultural use currently, is expected to see strong interest from both residential and commercial developers, given its potential to accommodate a variety of uses. The entire holding is zoned “mixed-use (C1)” under the terms of the draft Louth County Development Plan 2021-2027. The objective of this zoning is “to provide for commercial, business and supporting residential uses”. The property, which is in agricultural use currently, is expected to see strong interest from both residential and commercial developers, given its potential to accommodate a variety of uses. The Irish Times, 5th May
Kennedy Wilson Kennedy Wilson is now collecting nearly $1,000 more in average rent per home in Ireland compared with the US. New filings published by the US real estate firm, which has 2,067 rental units in Ireland, show the average monthly rent in its Irish residential portfolio is now $2,525 (€2,075) per unit. This is significantly ahead of its average in the US, where it collects $1,598 per unit each month. Last year, the firm stated it has plans to build more than 4,000 more rental apartments in Ireland up to 2024. Kennedy Wilson is one of the largest institutional landlords in Dublin, controlling large private rental schemes such as Capital Dock, a 190-apartment, 22-storey built-to-let tower in Dublin’s Docklands. The latest quarterly filings published by Kennedy Wilson, which cover the first quarter of 2021, show that the average rent of its Irish units was down slightly from $2,599 to $2,525. Compared with the same period in 2020, total revenues collected by Kennedy Wilson in Ireland were down 5.8 per cent to $6.8 million. The Business Post, 9th May
Planning Applications An Bord Pleanála told the Government it had “significantly underestimated” just how much work would be involved in dealing with applications under the controversial Strategic Housing Development (SHD) application process. The planning board said it had assigned just six inspectors to the process at first, but that this had more than doubled under the weight of work required. In a submission to the Department of Public Expenditure-led review of the National Development Plan, the board said it needed 16 extra staff to manage its workload. The agency said a major increase in manpower would be needed to deal with the “predicted surge in applications and the increased complexity of cases that come before us”. On SHD’s it said it expected a significant rise in pre-application requests and applications over the next 12 to 18 months. It said that even though the SHD process was winding down, it thought it was likely it would be making decisions on it until at least mid-2022. The Irish Times, 11th May
Housing The Business Post reported that investment funds have outbid affordable housing bodies (AHB) on more than 400 homes in the past four weeks, with offers of up to €80,000 more per unit. This includes 142 homes in the Mullen Park estate, which the Tuath affordable housing body had hoped to buy for social and affordable housing. Declan Dunne, the chief executive of the Respond affordable housing body, said his organisation alone had lost out on 267 units in the past four weeks to institutional investors. The revelation comes as the government is scrambling to limit the impact institutional funds can have on the housing market. The coalition is under intense pressure to act after the Business Post’s reporting on the purchase of most of the 170 houses in the Mullen Park estate in Maynooth by Round Hill Capital, a London-based global investment firm, sparked political and public controversy. Darragh O’Brien, the Minister for Housing, is working on plans to restrict the power of institutional funds in the housing market by potentially ringfencing more than half of the units in residential developments for private buyers. O’Brien is working on plans to protect more than 50% of new residential developments from bulk purchase deals by institutional investors. The Business Post, 9th May
Cork Student Accommodation Three more blocks of student accommodation, ranging in height from five to 10 storeys, are in the pipeline for Victoria Cross in Cork city if planners endorse a €31m proposal from Bellmount Developments Ltd. Permission to build the accommodation on a 0.22-hectare site on Wilton Road is being sought directly from An Bord Pleanála as the application is for more than 200 student bed spaces, which qualifies as a strategic housing development (SHD). If the project is rubber-stamped by planners, it will mean the construction of 40 student apartments, ranging in size from single-bed studio apartments to eight-bed apartments, comprising 243 bed spaces, on a site that has been home to Kellehers Auto Centre, which is to relocate. Owners of the auto centre, Séamus and Pádraig Kelleher, are behind Bellmount Developments, which last year got the go-ahead for a 137-bed student complex, stretching to six storeys, also in Victoria Cross, at a site that was formerly home to Kellehers Tyres, and is just beyond the site of the current proposal. Between them, the two schemes will add 380 student beds to the area. Irish Examiner, 6th May
Goodbody Report According to Goodbody Stockbrokers, international sources account for 80% of development financing in Ireland over recent years. Over the three years to the end of 2019, the report estimates that development finance amounted to €5.4bn per annum. Of this, only €1.2bn (22%) emanated from domestic sources. This is a vital difference to the previous property cycle of the 2000s, whereby domestic banks funded most of the development – with ultimately disastrous consequences – through a large expansion of their balance sheets. With banks now under a vastly different regulatory regime, risk appetite clearly reduced and the number of players in the market continuing to fall, international capital has become vital in funding development in real estate. Given the boom in the office-building sector over recent years, it is no surprise that commercial real estate accounted for a majority (56%) of total development finance for real estate over the 2017-2019 period. However, if Ireland is to achieve its housebuilding target of c.35K per annum over the coming years, annual capital requirements could grow to €12.5bn, with the share of this capital coming from international sources rising to as high as 87%. Without international capital, the financing of much-needed offices to facilitate the surge in FDI jobs over recent years would not have been able to happen and the required ramp up in housebuilding in the coming years cannot happen either. In this way, stable international capital to fund REITs and PLCs, is crucial for Ireland. Goodbody, International Capital Report
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Douglas, Cork A redeveloped Cork suburban ‘street’ has come up for sale with rental income of €761k and a price tag of €9.5m. East Douglas Village, a highly successful mixed-use development completed in 2000, comprises five buildings. It includes a bar/restaurant with 10-bedroom hotel, 16 apartments, three restaurants, plus offices and retail accommodation, all close to 100% occupancy. The development adjoins Aldi, which is set to open in the coming weeks, and a busy McDonald’s, with a new road opened to serve the latest supermarket arrival. The development is fully occupied save for one 300 sq. ft unit which is currently available. The residential section of the income from the 16 two-bed apartments, described as large, is €186,564 per annum, which is an average of €11,500 pa per unit or under €1,000 per month. The commercial income is €574,860 pa, with a WAULT of 8.42 years.
According to Lisney’s Margaret Kelleher, the currently income of €761,424 pa has further potential uplift in income from the apartments, which could rise to €199,000 pa when RPZ increases are implemented, and from the car park.
The Irish Examiner, 29th April
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Retail Values The decline in the value of prime Irish retail properties slowed in the first quarter of this year but falls are expected to continue until early 2022. According to the latest MSCI/SCSI index, capital values across the board declined by a further 0.7% in the first quarter bringing the fall in overall values to 6.1% over 12 months. Goodbody real estate analyst Colm Lauder said he expects further rental declines which could keep capital values in negative territory for 2021. Despite the fall in values positive income returns of 1.3% kept total returns positive at 0.6%. Capital values fell by a further 3.2% on Grafton Street in the first quarter, by 4.7% on Henry Street and by 2pc for shopping centres. Consequently, Grafton Street values have fallen 26% since Covid struck while Henry Street values fell an even sharper 30.3% over the 12 months. Shopping centres, due to their grocery, suburban locations, parking and other advantages, fared better with an average 18.6% fall over 12 months. Irish Independent, 29th April
Lidl, Dublin Lidl has been granted planning permission by An Bord Pleanála for a €5.5 million redevelopment of the largely vacant Talbot Mall premises in Dublin’s north inner city. The new store on Talbot Street will take over the entirety of the centre, create 35 new permanent jobs and will support up to 100 jobs during the development and construction phases. Around three-quarters of the units in Talbot Mall have become vacant in recent years following the closure of many shops, including a florist, shoe shop, bag shop, hairdressers and travel agent. Lidl said the €5.5 million investment is the first part of an overall €30 million investment the supermarket has planned for Dublin city centre in the coming years. The German retailer has just lodged a planning application to build a new store and accompanying retail units at Ballybough to the north of the centre, which is likely to involve an investment in the region of €12 million. The Business Post, 2nd May
Sports Direct, Galway Sports Direct, the sportswear chain led by Mike Ashley, has signed a lease on the former Debenhams store in Galway. Ashley made a failed bid for Debenhams after the department store chain collapsed last year. Sports Direct has c60 stores in Ireland but this will be its first in Galway. The premises is located on the Eyre Street side of the Corrib shopping centre, which has a Marks & Spencer outlet. In February the retailer announced a €2 million, five-year sponsorship deal with Cork GAA and said it planned to increase its sponsorship of grassroots Gaelic sport from five to 11 clubs nationwide. The Sunday Times, 2nd May
Vienna Woods, Cork A Cork hotel is planning a major €6m expansion, including almost doubling its bedrooms. The Vienna Woods Country House Hotel, which has already undergone a €5m upgrade since 2006, has lodged a planning application with Cork City Council to add 42 additional bedrooms to the existing 45. Michael Magner, who owns the hotel with his father-in-law Brian Scully, is also planning to add a spa, to include an infinity pool, steam room, sauna, seven treatment rooms and seaweed baths, as well as a 25-seat cinema, a virtual golf facility and a cardio workout/gym area. Mr Magner said the new project is “dependent on planning, and, most importantly, when recovery returns”. He said once up and running, the project will create 50 new jobs and add €1.8m to the local economy in wages and salaries “not including the extra spend from visitors to the area and increased purchases from suppliers”. Vienna Woods Country House Hotel, on 22 acres of woodland in Glanmire, is a 15-minute drive from Cork city. The Irish Examiner, 28th April
City Gate, Cork Irish Life Investment Managers (ILIM) has retained agent Cushman & Wakefield to secure an occupier for 50,000 sq. ft of Grade A office space at City Gate Park in Mahon, Co Cork. The accommodation, which comes to the letting market fully-fitted, had been occupied up until recently by technology giant Dell EMC. The company vacated the first and second floors in Block 1, City Gate Park, as part of its plan to bring more of its workforce together at its campus in the nearby town of Ovens. The accommodation freed up by Dell EMC’s move extends to 50,991sq ft (4,737sq m) in total, and is being made available to let in one lot or sub-divided, as required. The offices form part of the wider City Gate Park scheme built originally by John Cleary in 2012. The development has an overall capacity of 27,870sq m (300,000sq ft), and more than 500 car-parking spaces. The Irish Times, 28th April
Project Haven The prospect of immediate rental income copper-fastened by the security of a 25-year government lease is expected to see strong interest from investors in the sale of Project Haven, a portfolio of approximately 60 social housing units across Dublin’s north, south and west suburbs. The portfolio is producing a guaranteed gross rental income of €952,000 per annum and is being offered to the market by agent CBRE on behalf of Allied Irish Property and the Topland Group at a guide price of €21 million. Each property within the portfolio has been fully refurbished and let by way of a standard lease for a term of 25 years, directly to the relevant local authority in each area. Index-linked rent reviews are provided for in every third year. Shane Cahir of CBRE says he expects the Project Haven portfolio to appeal to a wide range of domestic and international investors given the in-place income, reduced operational costs and secure 25-year government lease structure. The Irish Times, 28th April
If you are interested in purchasing this asset and require financing, please contact Origin Capital as we can arrange senior debt facilities of up to €14m for the purchase of this asset.
Citywest, Dublin Developers and investors involved in the delivery of residential accommodation in the Dublin market will be interested in the sale of a ready-to-go greenfield site at Citywest. Extending to a total area of 3.76 hectares (9.3 acres), the property – known as Mountview – is being offered to the market on behalf of Davy Hickey Properties at a guide price of €8.5 million. The subject site comes for sale with full planning permission for the construction of a 110-unit residential scheme. The existing permission comprises a mixture of 90 housing units and 20 apartments with the added benefit of no Part V requirement which has been satisfied elsewhere. The selling agents, Cushman & Wakefield, say the prospective purchaser may look to the possibility of increasing the density of development. The site is well-located within the context of the wider Citywest area. The lands are situated directly north of the Fortunestown Luas red line stop, adjacent to the Citywest Village new homes scheme and in close proximity to both Citywest Shopping Centre and the Citywest Business Campus. The site is also located directly north of a new neighbourhood park which is currently under construction. The Irish Times, 28th April
James Place East, Dublin 2 A new site in Dublin 2 has come to the market, located between Baggot Street Lower and Mount Street Upper, No 37-42 James Place East currently comprises office and mews buildings totalling 1,142sq m (12,291sq ft) which were fully refurbished in 2017, along with a secure nine-space surface car park. The property is being offered to the market by JLL, on behalf of French Investor Amundi at a guide price of €7.5 million. The overall site extends to approx 0.155 hectares (0.385 acres) and has 45m (147.6ft) frontage on to James Place East. The subject property is zoned Z6 under the Dublin City Development Plan 2016-2022, to provide for the “creation and protection of enterprise and facilities opportunities for employment creation”. An initial feasibility study, prepared in advance of the sale by architects Scott Tallon Walker, suggests the site could accommodate a new office building or other uses subject to planning permission. Should the buyer decide to pursue the development of offices, the study outlines the site’s capacity for a 40,000sq ft building together with secure underground car parking and a range of tenant amenity facilities. The Irish Times, 28th April
Knocklyon, South Dublin Vincent Finnegan Commercial is offering two residential development sites in Knocklyon in south Dublin for sale in one lot with a €2m asking price, down from the €2.75m which had been guided earlier this year. South Dublin County Council is the vendor of the sites which are located at Castlefield Avenue and Old Knocklyon Avenue, Dublin 16. Extending to 0.986 acres and 0.949 acres, the sites are separated by Old Knocklyon Road which ends at the site and could be integrated as the access road into any new development. As the zoning is RES “to protect and/or improve residential amenity”, this facilitates its residential potential. In addition, some commercial development could be considered under this zoning. Small sections of both sites closest to the M50 are subject to wayleave allowing the state agency Irish Water to access these areas which could be designed as part of the open space for any planning application. Irish Independent, 29th April
Maynooth, Kildare A global property investment firm with a €1 billion war chest has pushed out first-time buyers by purchasing most of a 170-home estate in the commuter belt. The developers of the Mullen Park estate in Maynooth in Co Kildare had been marketing new homes on the estate to private buyers since last year, with around 35 sold so far. Round Hill Capital has now agreed to buy up to 135 three and four-bed homes on the estate so that they can be put on the rental market. The homes were on sale for around €400,000, meaning that the value of the deal could be c.€54 million. Round Hill Capital was involved in a €123 million purchase of 297 apartments in Northwood in north Dublin last November with another investment firm. Last week, the company announced that it had bought 112 family homes to rent in Bay Meadows in Hollystown in Dublin 15 in partnership with another firm, SFO Capital Partners. The Business Post, 2nd May
Pearse St, Dublin 2 The Department of Housing has given approval for the regeneration of the Pearse House flat complex in Dublin, as it continues discussions with Dublin City Council (DCC) on a capital plan for the regeneration of over 6,000 other flats in the city. The department and the council are attempting to finalise a ten-year capital plan for 99 flat complexes which between them contain over 6,000 homes. The final bill could be in excess of €2 billion. The department is considering proposals for funding the wider regeneration of Dublin’s flat complexes under various social housing programmes. It said it was “supportive of DCC’s ambitious plan”, but added that the plan would be “subject to funding availability and the procedures and requirements of the public spending code”. Darach O’Connor, senior executive officer with DCC, said the regeneration programme had the potential to be the largest such programme in the history of the state. “Over 6,000 apartments were built more than 40 years ago and are in need of urgent regeneration. A strategic capital plan for the next ten years is required to implement this regeneration programme,” he said. The Business Post, 2nd May
Mortgage Approvals Mortgage drawdowns for house purchase grew by 5% yoy in Q1 despite the country being in lockdown throughout the period. This is in stark contrast to the -37% yoy decline seen at the start of the pandemic (Q2 2020), providing evidence that demand continues to be robust and credit conditions relatively loose. The data can be divided into different categories, but the most notable trend is the growth in mortgages drawn-down on existing homes, which grew by 13% yoy in Q1. Double-digit growth was seen for both first-time buyers (FTB) and mover-purchasers of existing homes. Although the data is not broken down geographically, separate transaction data show markets outside Dublin are witnessing higher transaction growth rates, possibly reflecting evidence of the Work-from-Home (WFH) effect. In contrast, mortgage drawdowns for new homes fell by 14% yoy in Q1. Mortgage approvals data for March were also published suggests that demand remains high. Approvals for house purchase grew by 14% yoy in March, but we are now entering into rather easy comparatives. Relative to March 2019, approvals for house purchase were still up 4% yoy. For Q1 overall, mortgage approvals grew by 8% yoy, with approvals for FTBs up by 12% but approvals for movers up only 1% yoy. Having fallen by 30% in the past twelve months, the record low stock for sale is likely to impact on incentives to move and, indeed, continues to have inflationary impacts. Goodbody’s expect gross mortgage lending to grow to €10bn in 2021, surpassing the 2019 level of €9.5bn. This includes growth in the re-mortgaging segment, which resumed an upward trajectory in Q1. House prices are expected to grow by 5% in 2021, led by the existing homes market. A meaningful increase in housing output is required over the coming years to free up stock and increase liquidity in the market from their current historically low levels. The early evidence suggests that locational preferences have shifted as to where these homes may be required. Goodbody’s, Irish Mortgage Market
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Windsor Motors Nissan dealer Windsor Motor Group plans to sell off some of its regional sites. In a submission to the draft Dun Laoghaire Rathdown development plan for 2022-28, Windsor has asked the local authority to rezone its Bray site from commercial to residential purposes. In a letter to the council, the group’s managing director said that the global consolidation of the motor industry would result in a “gradual move away from smaller sites like the Windsor Bray site and sites formerly shared with petrol filling stations”. The company has 11 showrooms, covering Dublin, Galway, Meath, Louth and Wicklow. The company hired Hughes Planning and Development Consultants to make its submission to the development plan with respect to its 1.2-acre site at Dublin Road in Bray. Sunday Times, 25th April
Henry St, Dublin 1 Chemist Warehouse, Australia’s biggest pharmacy chain, has signed a 10-year lease on the former Hickeys store on Henry Street in Dublin. It represents one of the first significant new lettings in a year when retail has been blighted by Covid uncertainty. The discount pharmacy has agreed a deal on another location in the capital, which is due to open this year, and has plans for more outlets across the country. The chain will pay an average annual rent of €250,000 for the three-storey-over-basement unit at 5 Henry Street, according to the commercial property price register. The store — only its second in Europe — will open in June, according to sources. Its first European outlet opened in the Westend shopping park in Blanchardstown in December. The Sunday Times, 25th April
Leixlip, Co.Kildare Stoneweg SA, the Swiss-based property investor, has acquired Liffey Business Campus, a mix of industrial, manufacturing, and office space across one million sq. ft, plus 58 acres of development land, at the former Hewlett Packard campus in Leixlip, Co Kildare.
In 2018, it was reported that BlackRock Real Estate had joined forces with developer Michael O’Flynn to acquire the former Hewlett Packard campus, for a figure understood to be in the region of €51m. That sale involved a larger 195-acre plot with nine buildings and was one of the largest industrial transactions to have taken place in the Irish market. The vendor, BlackRock Real Assets, declined to disclose the sale price. Before this latest sale to Stoneweg, BlackRock is understood to have sold another portion of the HP site which is located just south of the M4 motorway. Eastdil International and Cushman and Wakefield Ireland were the agents involved in the deal. Irish Independent, 22nd April
CBRE Report Any impact on hotel demand due to a reduction in corporate travel post-pandemic will be more than offset by the greater footprint of international businesses active in Dublin. CBRE estimates that the top ten technology employers will see their footprint in the city more than double in the next 24 months. This will drive visits from international corporate customers and coupled with a rebound in the leisure sector will see demand for hotel rooms remain strong, it predicts. “The factors that drive long term domestic consumer confidence appear strong in Ireland relative to its European competitors,” said Dave Murray, Director CBRE Hotels in Ireland. “Along with forecasted growth in population and high levels of household savings, domestic demand should prove strong in Ireland. From a corporate business perspective, the significant expansion in the size of the office market and the increasingly international nature of the city’s corporate occupiers will sustain corporate demand for Dublin’s city centre hotels into the medium term.” CBRE, Future of Demand for the Dublin Hotel Market, April 2021
City Quay, Dublin 2 The last remaining waterfront development site in Dublin’s docklands, No 1-6 City Quay, has been placed on the market with a guide price of €35 million with Savills Ireland on behalf of Ken Tyrrell (receiver) of PWC. The property extends to about 0.22 hectares (0.55 acres) and is zoned Z5 in the current Dublin City Development Plan (2016-2022), which permits a broad range of uses. Savills believes the building could be suited to an office, residential or hotel development or a mix of these use types. A feasibility study prepared by RKD Architects illustrates the potential of the site to accommodate a 13,470 square metre (c145k sq. ft) office development, subject to planning permission. City Quay is positioned at the junctions of George’s Quay, Moss Street and Talbot Memorial Bridge, within Dublin’s Central Business District. The Business Post, 25th April
L’Ecrivain, Dublin 2 The premises of the Michelin-starred Dublin city centre restaurant L’Ecrivain has been sold for c€2 million following a private treaty sale process. The restaurant, opened by Derry and Sallyanne Clarke in July 1989, has been closed for a time due to Covid-19 public health restrictions. In a statement, North’s Property confirmed that the L’Ecrivain premises has been sold. The two adjoining buildings comprise about 613sq m and are located at 109a Lower Baggot Street. North’s said there was “strong interest” from restaurant operators and investors “looking to continue the tradition of dining in these buildings which have been lovingly developed over the years by the Clarkes”. However, the group said it understood that the property would not continue as a restaurant as it has been purchased by a well-established Irish firm as its city centre headquarters. The Irish Times, 21st April
Housing Completions/ Commencements According to Goodbody Stockbrokers latest BER Irish Housebuilding Tracker, the construction lockdown in Ireland appears to have had a smaller impact on housing completions in Q1 2021 than initially feared. They estimate that c.4,000 residential units were completed nationwide in the first quarter of the year. This represents a fall of 20% yoy and compares to the 33% yoy decline exhibited during the first lockdown in Q2 2020. As a result, Goodbody’s believe that housing completions will be flat in 2021 at 21K units. The reduction in housing starts will result in a flatter path for completions over the coming years, with an expected increase to 23K units in 2022 heavily reliant on completions of apartments currently in construction in Dublin. This still leaves output well below their estimated demand levels of 35K per annum.
Separate data from the Department of Housing shows that commencements continue to be affected more by the lockdowns associated with the pandemic. In the three months to February (latest data), housing commencements fell by 50% yoy and were down by 30% yoy in the latest 12-months. Dublin has seen the largest decline, with a fall of 40% yoy in the twelve months to February 2021. Commencements in Dublin’s commuter counties fell by 34% over the same period, while outside the Greater Dublin Area, commencements were down 21%. Goodbody Stockbrokers, 27th April
Cherrywood, South Dublin Developer Johnny Ronan has secured planning permission for the construction of a mixed-use development in Cherrywood, south Dublin, which will include 198 build-to-rent apartments. The Ronan Group said permission had been obtained from Dún Laoghaire-Rathdown County Council for the project at Town Centre 3 (TC3), which will also consist of 12,151sq m of office space and 1,431sq m of café and restaurant space. The project will be situated within the Cherrywood development between Cabinteely and Loughlinstown. It will be next to Brides Glen Luas stop and will have motorway access to the M50 and M11, as well as the Dart. Cherrywood is the largest single urban development project in Ireland and will eventually be home to about 25,000 people. The Irish Times, 21st April
Newmarket Square, Dublin 8 Construction works are expected to start in Q3/Q4 2021 on a €90 million build-to-rent apartment development at a site called Newmarket Square, located at the former IDA Ireland Small Business Centre/Newmarket Industrial Estate, Brabazon Place, St Luke’s Avenue and Newmarket Street, Dublin 8. The development includes 413 units, of which there are 203 studios, 136 one-bedroom units, 72 two-bedroom units and two three-bedroom units. There will also be associated resident support facilities/ resident services and amenities and all associated ancillary accommodation in a building of up to six storeys. The Business Post, 25th April
Clonsilla, Dublin 15 Elliott Building & Civil Engineering has commenced works on a €45 million apartment development at Windmill in Porterstown, Clonsilla, Dublin 15. The scheme comprises 211 apartments in four blocks (Block J, K, L and M), including 10 studio units, 68 one-bed units and 133 two-bed units, above an existing basement. Block J is a six-storey block, including a penthouse level, with 46 apartments. Block K, another six-storey block, includes a penthouse level and another 46 apartments. Blocks L and M are interlinked, L-Shaped, part-six and part-eight storey blocks, including a penthouse level with 119 apartments in total. A communal residents amenity space is proposed at ground floor level of Block L-M. The Business Post, 25th April
Marina, Cork Planners have given the go-ahead for a transformative residential development that will see more than 1,000 apartments built on a prime docklands site in Cork city’s golden Marina Quarter. The development at the former Ford Distribution site, on a circa five-hectare parcel of land, bordered by Centre Park Road, the Marquee link road and Monahan Road, is among the most ambitious ever proposed so close to the city. The proposal, by Marina Quarter Ltd, backed by Glenveagh Properties, involves the construction of 12 apartment blocks, some up to 14 storeys in height, targeted at the build-to-rent sector. The land on which the development is set to take place was bought in 2018 by Glenveagh Properties for a sum understood to be in the region of €15m, almost double the asking price of €8.5m. Irish Examiner, 22nd April
Donnybrook, Dublin 4 Planning permission has been refused for a high-rise apartment development near the centre of Donnybrook village in Dublin. Dublin City Council cited the excessive height of the building as its main reason for rejecting an application by development firm Red Rock for permission to construct a 12-storey, build-to-rent apartment complex on the site of the existing Circle K petrol station on Donnybrook Road. The 0.11 hectare site is directly across the road from the Energia Park rugby stadium. The plans provided for 84 residential units, with a cafe and retail unit at ground floor, as well as a residents’ lounge, communal terraces on several floors, games room, co-working space, library, cinema room and concierge services. However council planners claimed the design of the building, at almost 40m in height, would constitute over-development and would have “an unreasonable overbearing, overshadowing and overlooking effect on adjoining sites”. The Irish Times, 26th April
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Core Portfolio Having engaged CBRE and Eastdil Secured to assess the value of its holdings earlier this year, Core Industrial has now directed them to offer the portfolio at a guide price of €170 million. That pricing is significantly higher than the €100 million level which had been suggested by industry sources. In an announcement published in advance of its then-proposed IPO in 2018, Core said its portfolio comprised of 106 industrial assets and 167 acres of land (of which 36.7 acres were zoned for development) in the greater Dublin area. Although the properties were valued at €82.9 million in total as of November 30th, 2017, it is understood the portfolio now being offered for sale differs in terms of its composition. The Irish Times, 14th April
North Strand, Dublin 3 The auction of a portfolio of warehouses in Dublin’s North Strand drew strong interest, with 10 parties vying to secure ownership of the units on the day. Having been offered to the market at a minimum opening bid of €650,000 by online auction specialist BidX1, the properties were sold for €1,424,000 following the receipt of more than 150 bids. The portfolio at Ossory Industrial Estate comprises 10 ground-floor warehouse units, along with garages and lock-up units. All the properties are currently occupied, many via informal agreements, and are generating a total of €20,040 in rental income annually. The industrial estate occupies a convenient location between Dublin city centre and the M1 motorway, providing access to both the M50 and Dublin Airport. The Irish Times, 14th April
Naas Road, Dublin Just over two years after it was sold for €25 million, the Royal Liver Park on Dublin’s Naas Road looks set for a potential return to the market at a new asking price of around €50 million. The retail park’s owners, Allied Real Estate Group (AREG), are understood to be considering its sale, The Irish Times understands they are weighing up a forward-funding proposal which would see them lead the delivery of a major residential scheme. Last July, AREG secured planning permission from Dublin City Council for the development of 1,102 apartments on the site, the vast majority of which will be aimed towards the private rented sector (PRS) market. The units will be distributed across nine blocks ranging from seven storeys upwards. The approved scheme also includes an 18-storey (77.6m/255ft) office building, as well as a 203-unit shared accommodation or co-living development. The Irish Times, 13th April
Dundrum, Dublin 14 Dundrum Town Centre co-owner, Hammerson, has reported 34pc rent collection in Ireland for the three months to June this year. Across the group, 40pc of its rent for the same period has been received to date, with the UK collecting 48pc and France 23pc, according to an update from the company. An aggregate 46pc of rent due for the first half of this year has been received. “Market conditions have remained challenging since our results update in early March,” Hammerson said. The company operates in seven different countries, with a number of flagship retail centres including the Bullring in Birmingham, UK. It co-owns Dundrum Town Centre, along with German insurer Allianz. The group also owns half of the Pavilions shopping centre in Swords, the Ilac Centre in Dublin city centre and 40pc of the Kildare Village premium outlet mall. Irish Independent, 20th April
Matheson HQ, Dublin 2 Irish Life has agreed to sell a Dublin docklands building to the real-estate arm of German asset manager Deka Group for c€125 million, according to sources. The off-market deal cements Deka Immobilien’s position as one of the most active buyers of Irish commercial property in the past five years. The agreed transaction comes less than a year after the law firm Matheson signed a new 12-year lease on the 12,355sq m (133,000sq ft) seven-story over basement building, called Riverside IV, on Sir John Rogerson’s Quay overlooking the Liffey. It has rented the property since 2007. The Irish Times, 15th April
Washington Street, Cork Planning has been granted by Cork City Council for change of use and alterations to 50/51 Grand Parade, known for decades as Finns’ Corner. Approval has been given for conversion of the ground floor to cafe use, with seven overhead apartments. Six of the apartments – three one-bed and three studio apartments – are earmarked for the second, third and fourth floors while the seventh two-storey apartment would involve an increase in the height of the building, with the roof raised and a fifth floor added to accommodate it. The redevelopment would require a new roof design and alterations on all building elevations, including new residential access and altered commercial ground-floor access on Grand Parade. Irish Examiner, 15th April
Quanta Capital Quanta Capital, the investment firm run by Mel Sutcliffe and backed by Oaktree, the Californian investment giant, has acquired an 82-acre data centre site on the Dublin/Wicklow border for an undisclosed sum. The land at Kilpedder has planning permission for a 700,000 square foot data centre on 40 of its 82 acres. Quanta may seek to enter a joint venture to develop the site or may sell it in its entirety in the third or fourth quarter of this year. Despite the pandemic the firm acquired €100 million worth of assets in the final quarter of 2020 and has committed close to the same amount again so far in 2021. Recent Quanta Capital acquisitions included several McDonald’s food outlets across the country, the Honda distribution plant on the M50 and over 350,000 square feet of warehousing space. It also purchased the EP Mooney Centre and five acres on the Long Mile Road in Dublin, bringing its landholdings in that area to more than 20 acres. The Business Post, 19th April
Leopardstown, Dublin 18 Developers and investors involved in the delivery of accommodation aimed towards the upper end of the capital’s private rented sector (PRS) and traditional owner-occupier markets will be interested in the sale of a site in south Dublin with full planning permission for 200 apartments. Located on Murphystown Road in Leopardstown, the site is being offered to the market on behalf of developer Noel Smyth’s Fitzwilliam Real Estate by Knight Frank at a guide price of €8.5 million. The proposed scheme secured approval under the terms of the Government’s ‘fast-track’ Strategic Housing Development (SHD) process and provides for 200 apartments across four blocks along with supporting amenities, crèche, and car parking. The Irish Times, 14th April
LDA, Cork The Land Development Agency (LDA) has been granted planning permission to build 266 homes, creche facilities and an enterprise centre at the former St Kevin’s Hospital site in Cork. The development, located west of Cork city, will consist of a mix of one to four-bedroom houses, town houses and apartments. It is the first project by the LDA to be granted planning permission in Cork and the second overall project of the Agency to receive permission. The LDA said the primary focus of the development is to provide social and affordable housing, however prices for the renting and purchase of homes have not yet been announced. The Department of Housing has also yet to announce which and how many of the homes will be for rental and which will be for purchase. Now that permission for the builds has been granted the site will go to tender for construction. The Business Post, 19th April
Hines, Dublin 8 An Bord Pleanála has given the green light to fast-track plans by US property giant, Hines to construct 732 residential units on the site of the former Player Wills factory in Dublin 8. The development includes four apartment blocks with one reaching 19 storeys in height and comprises of 492 build-to-rent apartments and 240 shared accommodation units on a site fronting onto South Circular Road. The proposal for the 7.6-acre site involves the demolition of all buildings on site excluding the original fabric of the original Player Wills factory, which will be extended from four to eight storeys in height. The planning application faced strong local opposition with more than 180 submissions lodged with An Bord Pleanála concerning the contentious scheme. As part of Hines’ social housing obligations, it has put a price tag of €19.7 million on 49 apartments it is proposing to sell to Dublin City Council. The price range of the apartments Hines is proposing to sell to the council ranges from €238,828 for a studio apartment to €611,644 for a three-bedroom apartment. With planning granted, the developer and Council can now enter talks on completing the proposed deal. The Irish Times, 19th April
Bord Na Móna, Cork & Limerick Semi-state company Bord na Móna is preparing to appoint a real estate agency as it looks to sell a large site in Cork city centre, which industry sources said could attract bids of up to €10m. Last week, Bord na Móna issued a request for tender seeking to appoint a real estate agency to undertake a sales process on a 4.5-acre site at Monahan Road, Cork. The tender document describes the former coal distribution depot as a “mixed-use site with substantial development potential”. The tender document also shows Bord na Móna is looking to sell a 0.75-acre “residential site” at Courtbrack Avenue, Limerick, which is suitable for development. An industry source estimated that the site in Cork could attract a valuation of between €7m to €10m. The source was unable to provide a potential value for the site in Limerick. Bord na Móna said the properties were no longer needed as the semi-state moves away from carbon-based operations. Sunday Independent, 18th April
Farmland Prices State agriculture development authority Teagasc and the Society of Chartered Surveyors Ireland (SCSI) said land prices remained resilient in the face of the Covid-19 crisis in 2020. Their joint Agricultural Land Market Review and Outlook forecasts that land prices will rise 4 per cent in 2021 on strong demand and a second successive year of growth in farm incomes. Kildare had the most expensive farmland in the Republic last year, with good quality property fetching €13,600 an acre. Leitrim had the cheapest, with poor quality plots valued at €3,250 an acre. Nationally, the average price for non-residential land ranged from €5,900 per acre for poor quality land to €9,381 for good quality properties. Farm incomes rose 6 per cent in 2020 while Teagasc and the surveyors expect them to grow another 3 per cent this year, helping to underpin already strong demand for land. The Irish Times, 20th April
Dundrum, Dublin 14 Seven luxury apartments, costing more than €2,000 a month, that are being leased for social housing in Dundrum have been left empty for 17 months. In November 2019, Dún Laoghaire-Rathdown County Council agreed a deal to lease 87 apartments in the new luxury Herbert Hill apartment complex developed in Dundrum. Based on figures released by the Department of Housing, an average rent of €2,000 a month is being spent on each apartment. A spokeswoman for the local authority has confirmed that seven of the 87 apartments are still not occupied by social tenants. It is understood that they cost an estimated €224,000 to lease over the course of their vacancy. The Business Post, 19th April
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Clyde Real Estate The property company, headed by Colm Piercy and Sean Gallagher, has put two substantial industrial facilities to the market in Carlow and Dundalk with respective guide prices of €5.95m and €2.7m. In Carlow, the landmark former Braun facility extends to 221,594 sq ft on a 29.2-acre site. It was built to a high specification with concrete external walls and floors. Clear internal heights in the general production/warehouse areas range from 7m to 7.4m. A separate warehouse area to the rear benefits from an eaves height of 21m. Loading to the facility is via six dock and four grade-level doors. The Dundalk property – known as Rebus House – is an industrial manufacturing facility extending to 73,500 sq ft on a 6.3-acre site in a high-profile location just off the M1 motorway in Dundalk Town. It has a €2.7m guide price. It is presented in a clean shell condition offering maximum flexibility and comes with planning permission for a new glazed entrance and canopy. Irish Independent, 8th April
Cherryhound, Dublin 15 A major landholding has come to the market near Dublin Airport. Located next to the M2 Cherryhound interchange and just minutes from both the M50 motorway and the entrance to the Dublin Port Tunnel, the M2 Airlink portfolio comprises 25.44 hectares (63 acres), the majority of which (21.8 hectares/54 acres) is zoned for employment uses under the Fingal Development Plan 2017-2023. The remaining 3.7 hectares (9 acres), meanwhile, offers future development potential subject to rezoning in the upcoming development plan. The lands are being offered for sale in their entirety by joint agents REA Grimes and Cushman & Wakefield at a guide price of €18 million. In terms of its development potential, the masterplan and feasibility study prepared on behalf of the property’s current owners suggest it could accommodate up to 65,000sq m (699,654sq ft) of logistic and industrial space distributed across 12 buildings. The Irish Times, 7th April
Merchant Square HQ, Belfast Oakland Holdings has completed the highest value office transaction ever recorded in Northern Ireland, securing £87 million (c. €102 million) from the sale of Merchant Square in Belfast to a Middle Eastern investor. The development, which reached practical completion in June 2020, extends to a total of 22,296sq m (240,000sq ft) of mixed-use accommodation, comprising 20,903sq m (225,000sq ft) of grade A offices and six retail units. The office space is let in its entirety to PwC until 2040 with tenant-only break options in 2030 and 2035 and produces a total income of £4.86 million (c. €5.69 million) per annum. The sale price reflects a yield of 5.23%. Quite apart from being Northern Ireland’s most-valuable office sale to date, Merchant Square also accounts for the region’s largest ever private sector office letting. Once occupied, the Belfast city scheme will be PwC’s largest office outside London with 3,000 employees. The Irish Times, 7th April
Naas Road, Dublin With An Bord Pleanála decisions being challenged on a more frequent basis in the High Court, the O’Flynn Group’s decision to avail of the ordinary planning system for its Southwest Gate scheme on Dublin’s Naas Road would appear to have been the right one. With no appeals lodged against Dublin City Council’s decision to approve the project last February, the way has been cleared for the O’Flynn Group to proceed with the construction of its most ambitious mixed-use project in the capital to date. Upon completion, the €625 million scheme will comprise 1,137 apartments, a 148-bedroom hotel and some 17,699 sq m (190,510 sq ft) of commercial space on a 6.8-hectare (17-acre) site along the Naas Road in Dublin 12. The Irish Times, 7th April
Solas Living A new platform focused on the supply of affordable rental homes in the greater Dublin area has completed its first round of acquisitions, paying about €40 million for 157 units across six schemes in Dublin and Kildare. The deal forms part of Solas Living’s longer-term plan to invest upwards of €200 million in new and refurbished homes, including units that are currently sitting vacant. Established as a partnership between Dublin-based Mm Capital and pan-European private equity real estate investor, Deutsche Finance International (DFI), Solas Living is also aiming to engage with local authorities in the capital and surrounding areas in relation to the provision of social housing. The Irish Times, 7th April
Goatstown, Dublin 14 A large number of objections have been lodged to publican Charlie Chawke’s plan for a €186 million apartment scheme for a site beside his Goat Grill pub in Goatstown, south Dublin. An Bord Pleanála has confirmed that it has received 148 third-party submissions concerning the proposed 299-unit apartment scheme. Mr Chawke’s Charjon Investments is seeking permission for the fast-track scheme that also includes a 22-bedroom hotel, six retail outlets and childcare facilities along with the renovation and extension of the Goat Grill. The development on a 4.6-acre site is made up of four apartment blocks ranging from five to eight storeys in height. Amongst those to object is the Minister for Tourism and Culture Catherine Martin of the Green Party and the Minister for State Josepha Madigan of Fine Gael. A decision on the application is due in June. The Irish Times, 13th April
Augustine Hill, Galway Plans for a landmark project for Galway have been reduced in size following consultation with the city council. Augustine Hill beside Ceannt Station is an eight-acre development, and its developers say it is one of the biggest city centre projects in the State in recent years. The project is currently before Galway City Council for planning approval. Last year the promoters of a €320 million mixed use, urban regeneration development were told by the City Council to scale down the scheme significantly because of the threat it posed to “the unique character of the city”. The original plan consisted of 378 apartments, a large commercial area, a 180-bed hotel, a covered public area and a six-screen cinema. Augustine Hill is a joint development by CIÉ, which owns the land, Edward Capital and Summix Capital. CIÉ held a competition in 2017 to find a developer for the site. In response to a public consultation and feedback from Galway City Council, the total area of development has now been reduced by 11 per cent from 128,080sq m to 114,161sq m. The Irish Times, 6th April
Ashbourne, Meath Three new tenants have signed tenancies at Ashbourne Retail Park, a purpose-built retail park about 1.5km from Ashbourne town centre. JYSK, the Danish furniture retailer, will open its tenth Irish store in the country at the park this summer. Choice, a fully Irish-owned indigenous retailer which specialises in household, seasonal and homewares, will occupy the former anchor store, 4 Homes Superstore’s 3,530 square metre (c38,980 sq. ft) premises. This outlet will also include a garden centre and will offer up to 25,000 products to customers. It is due to open in May, bringing Choice’s growing complement of stores to 10 across the region. Also, Leisuredome, a new entrant to the family entertainment sector, will occupy the former Fun Galaxy unit in the park. It plans to open its doors in September. All three lettings will account for almost 8,000 square metres of retail space. The Business Post, 11th April
Dublin Pubs Four Dublin pubs changed hands in the first three months of the year according to John Ryan of agents Bagnall Doyle MacMahon who estimates that they generated a combined €5.6m. In comparison, there were 12 pubs sold in 2020 with a capital value of close to €46m, many of which were for alternative use and new development purposes. The pubs which have sold are: The 108 Rathgar in Rathgar village, Dublin 6, for which Lisney Morrissey’s had been quoting €2.2m, The Magpie Inn in Dalkey which had a €1.65m guide price, The Cabra House, Fassaugh Avenue, Cabra, was also sold through Lisney, who had been guiding €850,000 and the fourth pub was located on the North side. John Ryan also reports that the appetite for pubs is reflected in a number of off-market deals currently in the pipeline which he expects to transact in the next quarter. Irish Independent, 8th April
Lower Baggot St, Dublin 2 The old Joys nightclub on Lower Baggot Street has been put up for sale. The space it occupies is expected to be of interest to bar and restaurant operators seeking somewhere to capture the zeitgeist of the post-pandemic return of Dublin’s nightlife economy. The property is being offered to the market by agent Finnegan Menton as part of the overall sale of No 127 Lower Baggot Street, a freehold five-storey Georgian commercial premises situated four doors from the junction with Pembroke Street. The property extends to a total floor area of 393.3sq m (4,233sq ft) with a garden patio area of 45sq m (500sq ft) and three or four car parking spaces. When fully let, the offices provide a net income after costs of c€105,000 per annum. With use of the offices restricted at present due to Covid-19, the current gross income is equivalent to €89,000 per annum. According to the selling agent, there is already strong interest in leasing the basement which would be expected to rent for an additional €45,000- €50,000 per annum, which would bring the (existing and potential) net income to between €150,000 and €160,000 per annum. The freehold interest in the building, together with rear car parking area, is for sale at a quoting price of €2.2 million which equates to €520 per square foot. The Irish Times, 7th April
Bradbury Place, Belfast A £20 million (€23 million) purpose-built student accommodation and retail scheme is to be developed in Belfast following the acquisition of a site by Dublin-based Elkstone Partners. The site at 30-44 Bradbury Place is the first acquisition in Northern Ireland for the property division of the investment firm. Development of the site will generate an additional 156 student beds for the 2022/2023 academic year, as well as 362sq m (3,900sq ft) of ground-floor retail space fronting on to a heavy-footfall area of the city. The scheme at Bradbury Place, located close to Queen’s University, has received planning permission from Belfast City Council for 100 cluster and 56 studio beds over six floors, and will ramp up the student accommodation offering in the city with a number of facilities and amenities. The Irish Times, 13th April
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Little Island, Cork Commercial agent Lisney has launched a new high bay warehouse development to the market at Little Island in Cork. This is the first new business park to be developed in Little Island in over a decade and it will provide much needed new warehouse and industrial space. The new seven-hectare (17.4 acre) Harbour Gate Business Park development is situated in an established industrial and commercial location, some 9km east of Cork city centre. The new park has full planning permission for four high bay warehouse/logistics/light industrial units which will provide a total floor area of about 18,580 square metres (c200k sq. ft) across four main blocks. The site has been cleared and construction will recommence once Covid-19 related restrictions on construction are eased. The new buildings are available for sale or to let. The Business Post, 4th April
Bray, Wicklow Trinity Biotech’s lab and manufacturing unit in Bray, which was completed in 2006, has been put up for sale. The property, which is being offered to the market by agent Knight Frank at a guide price of €10.5 million, offers the prospective buyer a net initial yield of 6.8% (assuming standard 9.96% acquisition costs). The figure does not account for any benefit that might be accrued from the €4.3 million capital allowance attached to the asset. Located at the heart of the IDA Business Park on Bray’s Southern Cross Road, Block 2 is a modern two-storey high-tech laboratory production facility extending to 3,977sq m (42,817sq ft) with surface car-parking spaces and a secure service yard to warehouse/cold storage section. Trinity Biotech is an Irish-founded and headquartered company quoted on the Nasdaq exchange, and with facilities spanning Europe, America and Canada. The Irish Times, 31st March
Claremont Road, Dublin 4 The YMCA gym and playing pitches in Sandymount have been put up for sale. Extending to an area of 2.6 hectares (6.6 acres), the site is zoned for the delivery of residential and open space and is being offered to the market by agent Savills at a guide price of €10 million. The property is owned by the YMCA and operates as a gym and sports facility for its members currently. Built in 2001, the gym is a modern two-storey building, which opens out into a large area with playing pitches and all-weather hockey pitches. There is a surface car park also with parking for about 40 cars. The site enjoys a prime location just two minutes from Sandymount village and is accessed from Claremont Road via an internal access road which is shared with the adjoining apartment complex known as “The Willows”. The Irish Times, 31st March
Player Wills, Dublin 8 The company behind plans for a 19-storey tower at the former Player Wills factory site in Dublin 8 said it had “no intention” of developing a co-living scheme until the retention of the old factory was mooted. US property group Hines last December submitted plans to An Bord Pleanála for 732 apartments on the land, incorporating the factory building on the South Circular Road. One third of the apartments would be co-living units. The application was submitted on December 21st, just one day before the de facto ban on co-living developments came into force. Minister for Housing Darragh O’Brien in late November announced the ban on new co-living schemes, where shared kitchen and living facilities serve multiple en suite bedrooms. However, the ban was not signed into law until December 22nd. Dublin City Council is now proposing to add the old cigarette factory to the Record of Protected Structures following the request of former minister for housing Eoghan Murphy in 2017 and a 2018 motion from then Labour councillor Rebecca Moynihan, now a Senator. Hines said that when the company bought the site in December 2018 it had intended to retain only the front of the factory. However, Hines said it subsequently became clear there was “a push to retain the whole factory”, which made a co-living scheme the only viable option. The Irish Times, 6th April
House Prices According to the latest Daft.ie report out last week price momentum continued into 2021, with asking prices rising by 8% yoy in Q1 2021. Although demand has held up surprisingly well, aided by a build-up of savings amid those that have been relatively unaffected by lockdown, the primary driver of the upward price movement is supply; the stock of properties available for sale fell by 40% over the past twelve months as; (1) homeowners were reluctant to sell in the middle of a pandemic, and; (2) new supply has been curtailed by restrictions on building activity. The stock for sale is now at an all-time low across the country which will put ongoing upward pressure on prices in the coming months. Regionally, the greatest reduction in supply (-48%) and the largest rise in prices (+12%) is in Leinster, excluding Dublin. Asking prices in Dublin rose by 7% yoy amid a 31% reduction in the stock for sale. Daft.ie Report
Hammerson, Dublin Hammerson, a UK-listed property group, has scaled back plans for its six-acre site in Dublin Central and switched the mix away from retail towards offices and residential units. Original plans for 23,500 sq m of retail space have been scaled back to 6,000 sq m, less than 10 per cent of the scheme. Speaking at a webinar organised by Dublin Chamber on Thursday, Ed Dobbs, Hammerson’s development manager, said it was taking a long-term view. “In the current market where retail is really struggling, we think this is the right location for that amount of retail,” he said. The company will submit three planning applications for the Henry Street and Moore Street locations next month, with submissions for O’Connell Street to follow around the middle of summer. If successful, work on Dublin Central, one of the city’s largest regeneration sites, could begin as early as next year. The plans are substantially different to what was proposed in the company’s masterplan two years ago. The new scheme will be cut from 90,000 sq m to 77,000 sq m, with a shift towards offices and residential units plus a significantly reduced retail element. The Sunday Times, 4th April
Skehard Road, Cork A planning application is to be lodged in the coming week for a new Aldi supermarket and residential development on Cork’s Skehard Road. It will form part of a new mixed-use scheme that will feature 28 residential units and a café. The site will be developed by developers Lyonshall and is located next to the Scally’s SuperValu supermarket near the junction with Church Road. It is also close to the existing Aldi supermarket at Blackrock Hall which opened in 2008. Aldi said the new store will employ up to 30 permanent staff with an additional 50 jobs created during construction of the proposed new store and development. The planning application will be lodged with Cork City Council in the coming weeks and if approved the store will likely open in 2024. The Irish Examiner, 1st April
Tik Tok, Dublin Tik Tok has chosen the Sorting Office at Grand Canal Dock to accommodate up to 2,000 workers, according to sources. The Sorting Office was developed by Pat Crean’s Marlet but bought by the Singapore-based real estate investment trust Mapletree for €240 million in 2019. Google had originally intended to lease the building but abandoned its plans in September. Completed in July 2020, it has 19,000 sq m of office space over seven floors. Cushman & Wakefield, the company appointed to advise Tik Tok on office locations, refused to comment on Friday. The Sunday Times, 4th April
Ballsbridge, Dublin 4 MongoDB, a US-based software company, has been forced to take a $2.1m (€1.8m) impairment related to its former Dublin office after failing to secure a sub-tenant due to Covid-19. Last June, it was revealed the Nasdaq-listed tech company, valued at over $17.1bn, had signed a $27m lease on a new office in Dublin with capacity for 500 employees. Over 200 staff will have access to the new facilities when it opens. The new office, based in Building 2 of 1 Ballsbridge, Shelbourne Road, Dublin, is owned by the Comer Group. It is located close to MongoDB’s former office, which is also on Shelbourne Road. MongoDB revealed the $2.1m impairment charge in its recently published results. It said the lease commenced on its new office on February 1, 2020, with the firm no longer occupying the former office. According to the results, the company had “been unable to assign nor secure” a sub-tenant for the former Dublin office. MongoDB recognised the impairment charge, which “represented the remaining carrying value of the right-of-use asset for this office location”. Irish Independent, 4th April
KPMG Dublin KPMG has narrowed its search for a new Dublin headquarters down to three potential locations in the city centre. Following the receipt of proposals from six of the country’s foremost developers, the Big Four accounting and advisory firm has refined its deliberations to consider schemes being delivered by Hibernia Reit, the Kenny family’s Clancourt Group, and Shane Whelan’s Westridge Real Estate respectively. KPMG currently occupies two buildings in Dublin city centre, one at Stokes Place on Harcourt Street, and another in the IFSC, but is looking to accommodate its entire complement of 2,500 office-based workers under one roof following the expiration of its existing leases in 2026. While KPMG’s original shortlist had also included proposals from Johnny Ronan’s Ronan Group Real Estate (RGRE), US real estate firm Kennedy Wilson, and a company controlled by the family of businessman, Larry Goodman, these are no longer being considered as part of the process. The Irish Times, 31st March
JLL Report Property investment deals this year could exceed the €3bn seen in 2020 according to JLL Ireland. Their estimate is based on three factors including an estimate that €650m of sales were seen in the first quarter of 2021 for properties worth more than €1m. “We are also aware of a number of large-scale opportunities which we expect to trade in the next nine months. It is also dependent on the fact that we continue to see the strong demand levels for Irish real estate that we have seen in the last few years and a resumption of travel and normal business activity,” JLL said. The largest investment deal in the first quarter was Blackstone’s purchase of the Project Tolka office portfolio for €290m. It included a 74pc interest in the Burlington Plaza office building at Burlington Road, Dublin 4 and The Three Building at 28/29 Sir John Rogerson’s Quay, Dublin 2. JLL Q1 Research Report
Montrose Student Accommodation, Dublin 2 A subsidiary of property giant Hines has reported the renovation and closure of its Montrose student accommodation initially due to fire safety concerns may cost nearly $26m (€22m), up from $11m last August. Hines Global Income Trust, which is understood to have no bearing on Hines’ other Irish assets such as Cherrywood, revealed the potential rise in costs in its recent annual results. It said the cost of renovation, which had gone beyond the original plan, at Aparto Montrose in Dublin had been estimated at around $21.9m. This had grown from an $11m estimate last August. According to the results, the continued closure, due to construction delays caused by Covid-19, could lead to a reduction in revenue in excess of property expenses of around $4m. Hines Global Income Trust had estimated a revenue loss when it first shut the facility of up to $3m. Irish Independent, 4th April
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Woodies DIY Complex: Offers of €26.5m are being sought by Savills for a Woodies DIY retail complex located on the Naas Road in Dublin 12. The prime, single-let facility will offer an initial yield of 6.95% and currently has c. 12.5 years left to run on its lease. The current rent on the property is c. €1.9m p.a. and is subject to five-yearly upwards-only rent reviews, with the rent also guaranteed by the Grafton Group plc. The building extends to over 61,000 sq. ft. on a c. 4.6-acre site and fronts on to the Naas Road and Nangor Road. The Irish Times, 19th April
Stillorgan Retail / Office Units: Three high-yielding retail buildings and an office suite located near Stillorgan Shopping Centre in Dublin have been sold by agents QRE for €3.4m, c. €300k above the original guide price. The properties, located at 8, 10 and 12 Lower Kilmacud Road extend to 7,167 sq. ft. and are producing a rental income of c. €262k p.a., with a weighted average unexpired lease term of c. 12.7 years. The Irish Times, 19th April
Retail Sales: According to Retail Excellence Ireland (REI), the retail sector has entered a recession, following its third consecutive quarter of decline. The group cites its first quarter ‘Retail Productivity Review’ which is collated in association with Grant Thornton and GfK. According to REI, 15 out of 20 sectors surveyed posted year-on-year declines in sales revenue, with children’s clothing and footwear down 10% and 9% respectively. However, retailers associated with the housing market performed well. Overall January sales were almost 2% behind the corresponding period in 2016, with continued weakness in the January sales due to pre-Christmas discounting starting with Black Friday. In addition, the shift to online sales is believed to have been impacting many retailers, with online shopping often being done through websites based outside of Ireland. The Irish Independent, 23rd April
Former Central Bank Building: Following their purchase of the former Central Bank offices in Dublin city centre for c. €67m, Hines is planning on converting some of the former office space into retail use in an effort to attract international brands. The company is reportedly planning to convert the basement, ground floor and first floor of 6 – 8 College Green into retail space, in a move which will involve replacing the windows and overhauling the exteriors of the buildings. The upper floors will continue to be used as office space. The company is reportedly ‘exploring opportunities’ for the main Central Bank building. The Sunday Times, 23rd April
Carrickmines Offices: Cantor Fitzgerald (CF), acting on behalf of their private clients, appears set to acquire a c. €41m office complex in Carrickmines in south Dublin. The four blocks are being sold by Park Developments. The tenants include a number of shops such as an O’Brien’s off licence and an AIB branch, while other companies renting space include Wind Prospect Ireland, Venus Medical and Getty Images. Based on their April Investment Journal, CF hopes that the investment will generate a return of c. 80%. The Irish Times, 20th April
Infinity Building, Smithfield: The Office of Public Works (OPW) has agreed the lease of three floors in the Infinity Building in Smithfield, Dublin 7, extending to 37,500 sq. ft. The State agency has negotiated a lower-than-usual rent for offices in the area by agreeing to a longer lease period before the first break option. Under the new lease, the OPW will pay €23 psf (which is c. 50% lower than some recent leases in the city centre) on a 25 year lease, with the first break option in year 14 and rent reviews every five years. The agency will also pay €2,500 p.a. for each of the 14 basement car parking spaces in the building. The Irish Times, 19th April
Connaught House Letting: Ronan Group Real Estate (RGRE) has agreed a lease with the US pharmaceutical giant Theravance for 6,000 sq. ft. of office space in Connaught House on Burlington Road in Dublin 4. The company currently operates from serviced offices on nearby Fitzwilliam Place and has agreed to pay a rent of €62 psf on a 10-year, full repairing and insuring (FRI) lease. The space will allow Theravance to accommodate 60 employees at its new Irish headquarters. The Irish Independent, 24th April
Sandyford Office Complex: Planning permission has been sought for a c. €51m office development located at the former FAAC site on the Leopardstown Road in Sandyford, south county Dublin. The application seeks permission to develop c. 377,000 sq. ft. of office space over four buildings ranging from four to six storeys in height. Sunday Business Post, 23rd April
River House: River House, the vacant former motor tax office on Chancery Street near Dublin’s Four Courts, may be demolished to make way for an eight storey, 249-bedroom hotel. The building was sold earlier this year for a reported €8m, with planning permission in place for an office scheme. However Melonmount, which is linked to Jalaluddin and Mawash Kajani, has now sought permission to develop the hotel, which will include bar and restaurant facilities. Planning consultants for Melonmount advise that the new hotel will be a three or four star property, with Hampton by Hilton, a Hilton Worldwide brand, identified as a potential end user. The development would take c. 18 months to complete, indicating that the new hotel could be in operation in late 2018 or early 2019. The Sunday Times, 23rd April
Liberties Aparthotel: Anthony Byrne has applied to Dublin City Council for permission to demolish the Tivoli Theatre, located on Frances Street in the Liberties area, and construct a five-storey, 298-bedroom aparthotel which will contain a gym and retail space. NAMA Wine Lake, 23rd April
Opera Site, Limerick: The Sunday Business Post reports that c. €160m is to be spent transforming the 3.7-acre ‘Opera Site’ on Patrick Street in Limerick city centre into c. 540,000 sq. ft. of office and retail space. The development will be anchored by new offices for the Revenue Commissioners and their 900 staff, who will be relocated from various office locations in the city. The development of the largest vacant site in Limerick city centre will include the construction of a 14-storey office building on the Abbey river, with other new buildings of between six to eight storeys in height being centred around a new public plaza. It is estimated that 300 jobs will be created during the construction phase, with the new development accommodating up to 3,000 workers when complete. The Sunday Business Post, 23rd April
Galway Houses: Joint agents CBRE and DNG Maxwell Heaslip are guiding c. €3.6m for a portfolio of 20 houses and a small development site close to Galway city centre. The sale includes a terrace of seven houses along the southwest side of Palmyra Park, six of which are four-bedroom units. The remaining units are either two or three bedroom two-storey period units. All but one of the houses is currently rented, with the total rental income at c. 200k p.a. According to CBRE, the resale value of the houses could range from €150k to €300k each. The Irish Times, 17th April
Port Of Cork Site: The Irish Examiner reports that Tower Development Properties, which is controlled by the US-based developers Kevin and Donal O’Sullivan from Co. Kerry, has paid c. €5m to acquire the Port of Cork site in Cork city centre. The paper also reports that the site may now see a “landmark development” of more than €100m, which would extend to 30 – 40 storeys in height and may contain a hotel, office space and apartments. The Irish Examiner, 20th April
Property Prices: The latest property price index from the CSO shows that Irish residential property prices rose by 10.7% in the 12 months to the end of February 2017, with prices rising by 1.5% in the month of February alone. The annual increase was nearly three percentage points higher than the annual rate of inflation recorded in January. The figures show that prices rose by 8.3% over the year in Dublin, with the rate of increase in Dublin city equalling 9.2%. In the rest of the country, property prices rose by 13.2%. The West of Ireland showed the greatest price growth (19.8%), with the Mid-East region showing a more modest growth rate of 9.3%. Despite the increases, the index suggests that overall, prices remain 30.7% off their 2007 peak. The Irish Times, 19th April
D4 Development: Purleigh Holdings Ltd, which is backed by Denis O’Brien, has been granted planning permission by Dublin City Council for a c. €50m apartment development in Donnybrook, Dublin 4. Purleigh’s application sought permission to construct 90 apartments, spread across five blocks. All of the blocks were to be five storeys in height, however in granting permission for the scheme, the council has ruled that the top floor of the fifth block is to be omitted. As one of the conditions of granting planning permission, Purleigh is to pay c. €994k to the council to fund public infrastructure. The Irish Independent, 25th April
Mount Merrion Development: Marlet, through its investment vehicle Balark Investments, has been granted planning permission for a c. €25m residential development scheme next to Oatlands College in Mount Merrion, south Dublin. The application for 63 houses and apartments was granted permission despite 79 objections being lodged. The Sunday Business Post, 23rd April
North Dublin Development: Carnamadra Ltd, a Longford-based property company controlled by the Callery family, has applied to Dublin City Council for permission to demolish 90,000 sq. ft. of warehouses at the corner of Swords Road and Santry Avenue in north Dublin and replace them with a c. 300,000 sq. ft. residential development. The new development will contain five blocks which will provide a total of 137 apartments, consisting of 24 one-bed, 88 two-bed and 25 three-bed units in blocks of up to five storeys. The development will also contain c. 120,000 sq. ft. of commercial space (shops, offices and a crèche) and underground parking for 122 cars. NAMA Wine Lake, 23rd April
Social Housing Sites: The National Development Finance Agency (NDFA) is seeking bids for the development and operation of six social housing sites which will contain up to 560 units in total. The project, which is the first PPP bundle in the Government’s social housing programme announced as part of Budget 2015, will involve the design, build, finance, operation and maintenance of six developments in Dublin, Kildare, Wicklow and Louth. The number of units per site will reportedly range from 50 to 150, with the project expected to run for 25 years. The Irish Times, 19th April
CSO Census 2016 Property Figures: The CSO has released a report on housing in Ireland based on figures from Census 2016. The figures show that home ownership in Ireland fell from 69.7% in 2011 to 67.6% in 2016, the lowest level since 1971. The age breakdown showed that renting was more common than owning before the age of 35, compared with an equivalent age of 32 in 2011 and 28 in 2006. With regard to the country’s changing demographics, the CSO found that there was a drop of 83,000 in the number of households headed by people under the age of 35, compared to a 131,000 increase in the number of households headed by people over 35, with older households (over 65) accounting for c. 50% of this increase. In terms of rental increases, statistics showed that the average weekly rent paid to landlords in April 2016 was €199.92, up 16.8% on the Census 2011 figure. For the first time, apartments are now the most common housing type in Dublin, accounting for over 35% of total units (compared with 12% for the entire country). The number of vacant dwellings in the country decreased by 15% from 2011, with a total of 245,560 vacant dwellings in the state. The Sunday Business Post, 20th April
Baldonnel Development: An Bord Pleanála has given the go ahead to Mountpark Logistics EU to develop a c. €40m logistics and industrial hub at Baldonnel in south Dublin. The scheme, which is being billed as the largest speculative logistics development in Ireland, will generate 150 construction jobs and upon development, the occupying companies should generate a further 850 positions. The new hub will consist of several units for logistics and warehouse use, ranging in size from 117,000 sq. ft. to 236,000 sq. ft., with the development’s total ground floor area extending to 353,000 sq. ft., including 17,000 sq. ft. of ancillary office space. The developer, Mountpark Logistics EU, is a joint venture between UK-based Mountpark and the USAA Realco Company of America, which specialises in building logistics centres. The Irish Independent, 21st April
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Project Cypress: Goldman Sachs has agreed to pay c. €200m to acquire AIB’s Project Cypress loan portfolio, a purchase price which reflects a c. 50% discount on the portfolio’s c. €400m par debt. Project Cypress is a non-performing buy-to-let loan portfolio, with c. 1,500 properties serving as collateral for c. 1,200 borrower connections. The Irish Times, 14th April
Evans Store, Henry Street: After being the underbidder on several property transactions in Dublin over the last two years, international property manager AEW has purchased the high-profile Evans store on 42 – 43 Henry Street in Dublin city centre. The company has paid c. €20.5m for the investment, which had a guide price of €18m, and will offer a return of 4.2%. The property, which is located on the corner of Henry Street and Moore Street, is fully let to the Arcadia Group on a 35-year lease at a rent of €865k p.a., with c. 3.95 years left to run. The ground, basement and first floors are in retail use, with the upper floors being used as offices, storage and ancillary accommodation. The Irish Times, 12th April
Golden Discs, Cork: The Golden Discs store on 80 – 82 Patrick Street in Cork city centre has been sold to a family investment fund for c. €4m. The premises, which was owned for several years by the IPUT pension fund, is let to Golden Discs on a five-year lease until June 2018 at a rent of €200k p.a. The building extends to 2,260 sq. ft. at street level and 1,503 sq. ft. on the first floor, and was previously let to HMV at an inflated rent of €580k p.a. The Irish Times, 12th April
Central Park: Central Park, a mixed-use neighbourhood centre in Killarney, Co. Kerry, has been brought to the market by joint agents Cushman & Wakefield and Sherry Fitzgerald Coghlan with a guide price of €2.7m. The scheme, which is fully let, consists of nine retail units, three office units, seven modern two-bed apartments and 71 car parking spaces. There is c. 19,000 sq. ft. of accommodation, which is currently producing a rent roll of c. €230k p.a., however the selling agents believe this could be increased through additional asset management in the short term. The Irish Times, 13th April
Dublin Q1 2017: According to research from JLL, take-up of office space in Dublin was 11% higher in Q1 2017 than in the corresponding period in 2016. Q1 2017 saw 40 deals completed, resulting in c. 550,000 sq. ft. of office space being taken up, with technology companies accounting for 45% of new lettings. Technology firms such as Google, Oracle, Citrix and Informatica have all taken up space since January, while the public sector (accounting for 34% of take-up) was also particularly active, with the Office of Public Works and the Department of Social Welfare among those securing new office space. According to JLL, the overall Dublin vacancy rate in the office market is 8.9%, falling to 4.8% in central Dublin. However, JLL has highlighted an “impressive pipeline” of new office space coming on stream through development and refurbishment activity – currently 3.2m sq. ft. of office space is under construction in Dublin with delivery expected within the next 18 months, with 76% of this located in the city centre. According to JLL, based on office take-up over the last two years, the pipeline space will only meet one year’s demand, however the company point out that a further three years’ supply is in various stages of planning. The Irish Times, 12th April
25 Merrion Square: The sale of a Georgian building at 25 Merrion Square and 25 Denzille Lane, Dublin 2, to UK investors has been completed at a price of €3.8m, €300k above the guide price. The selling agents rented out the vacant mews building during the marketing campaign, pushing the rent roll out to €247k p.a. and the net initial yield to 6.2%. The tenants include DLS Capital Management, Tech Skills Resources and the Irish Red Cross. The property includes 17 car parking spaces. The Irish Times, 12th April
Kildress House: Kildress Property Company Ltd, which is controlled by Seamus and Gerard McAleer, has sought planning permission to develop a c. 35,000 sq. ft. office block in Dublin city centre. The application proposes to demolish Kildress House on Pembroke Row off Lower Baggot Street, and replace it with a new six storey block. NAMA Wine Lake, 16th April
Tetrarch Application: Tetrarch, through Brigante Investment Ltd, has sought planning permission from Dublin City Council for a c. €65m commercial development on a c. one-acre site which is bounded by Moss Street, Gloucester Street South and Townsend Street. The application seeks permission to develop a 393-bedroom hotel, a 202-bedroom aparthotel and a 21-unit apartment block. The application also proposes to develop a ground-floor restaurant on the site of the well-known Ned’s pub. The Irish Times, 15th April
Howl at the Moon: Dale Vision, which is associated with Paddy McKillen Jnr and Matt Ryan’s Oakmount, has sought planning permission to build a 53-bedroom hotel on Lower Mount Street in Dublin city centre. The hotel will be built on the site of the Howl at the Moon nightclub, which will be demolished under the plans to facilitate the development of the six-storey hotel. Oakmount reportedly paid c. €3.2m to acquire Howl at the Moon in the past year. The Irish Times, 18th April
New Mortgage Lending: New figures from the Central Bank show that c. €5.1bn of new mortgages were signed in the 12 months to the end of February 2017, representing a 16% increase YoY. Of this figure, €369m was signed in February 2017, representing an increase of 18% on the February 2016 figure. The weighted average interest rate on new mortgages in Ireland was 3.38%, well above the equivalent Eurozone rate of 1.80%. Quarterly data also shows that standard variable-rate mortgages saw the largest drop in PDH mortgage rates, falling 35 basis points to 3.40% in Q4 2016. The share of fixed-rate PDH mortgages fell during 2016, however it still accounted for c. 40% of all new PDH mortgages. Meanwhile variable buy-to-let (BTL) mortgage rates declined by 0.2% to stand at 4.71% at the end of Q4 2016. Central Bank of Ireland, Retail Interest Rates – February 2017
Dominick Street: Ziggurat ROI No 4 LP has sought planning permission from Dublin City Council to develop a five-storey, 77-bedspace student accommodation complex on Dominick Street in Dublin city centre. This application is reportedly linked to another application by Ziggurat ROI No 1 LP to develop a 444-bedspace student accommodation complex on North Circular Road. NAMA Wine Lake, 16th April
Ulster Bank Mortgage Rates: Ulster Bank has reduced its mortgage rates for both new and existing customers. Following the rate reductions, the bank will now offer a fixed rate of 2.9% where the loan is 60% or less than the value of the property. To avail of this rate, the balance of the mortgage must be at least €200k and the borrower’s salary must be mandated to an Ulster Bank current account. According to the bank, almost half of all new customers are opting for fixed rate mortgages. The Irish Independent, 17th April
Dublin Q1 2017: New research from CBRE shows that there was c. 546,000 sq. ft. of take-up of industrial space in Q1 2017, spread across 38 transactions (21 of which were lettings and 17 sales). The level of take-up in the quarter represents a decrease of 28% when compared to Q1 2016, which highlights the scarcity of quality stock in core locations. With prime rents steady at €8.75 psf, a level which is close to justifying new developments, CBRE expect to see increased appetite for speculative developments later in 2017. Prime yields remained steady at 5.5% at the end of the quarter. CBRE Dublin Industrial & Logistics MarketView, Q1 2017
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Q1 2017 Review: New research from Colliers International shows that the value of commercial property transactions in Q1 2017 was over €470m, significantly less than the c. €738m in the corresponding period in 2016. Over 70% of the Q1 2017 spend was in Dublin, and only one transaction exceeded €100m – the forward funding of Grant Thornton’s new HQ in City Quay in Dublin by Irish life for c. €136m. Despite the low level of activity, Colliers International forecast that the turnover for FY 2017 should still be in the region of €3bn. Meanwhile, JLL has advised that like in Q1 2016, the first three months of this year started relatively slowly with a limited supply of quality product coming on to the market. JLL advised that demand from both overseas and domestic investors continues to be steady, but that some were being more selective. The Irish Times, 5th April
Lone Star Refinance: Lone Star has mandated Morgan Stanley to arrange and manage the planned refinance of c. €420m of primarily non-performing mortgage loans on the bond market. The transaction represents the third time in recent months that the fund has refinanced loans via the markets, with the total value at almost €1.5bn. According to ratings agency DBRS, 2.35% of the loans are performing, while approximately one third of the mortgages are located in Dublin. Servicing of the mortgage loans is conducted by Start Mortgages. The Sunday Times, 9th April
Project Rosetta: The Sunday Times reports that Cabot Financial is one of three bidders who has advanced to the second round of bidding for AIB’s Project Rosetta, a c. €80m portfolio of unsecured loans in Northern Ireland. While the portfolio primarily consists of mortgage shortfalls which remain due following the voluntary sale of commercial properties, it is also believed to include personal loans and credit card debt. As the debt is unsecured, the portfolio is expected to sell at a steep discount. The Sunday Times, 9th April
Charlestown Shopping Centre: Bovale Developments, the owner of Charlestown Shopping Centre in Finglas, Dublin 11, is seeking planning permission to extend the centre to accommodate additional shops, apartments and leisure facilities. The company has received financial backing from NAMA to spend c. €75m on the second phase of the development, 10 years after the centre opened. The extension will include c. 55,000 sq. ft. of shopping facilities, a gym and a crèche, and planning permission will be sought for an additional 233 apartments. The retail element will include a key store opposite the entrance to the centre, and the extended space will add to the current rent roll of c. €2.6m p.a. from tenants such as Dunnes Stores, Heatons, Boots and Eddie Rockets. Previous NAMA funding enabled the owners to develop and lease a nine-screen Odeon cinema and Leisureplex on the site. The letting agents for the new development phase will be Mason Owen Lyons and Savills. The Irish Times, 5th April
Phibsborough Shopping Centre: Plans have been submitted to Dublin City Council to redevelop the 1960s Phibsborough shopping centre at a cost of c. €50m. The scheme will involve tripling the amount of retail space in the complex and the construction of apartments for 340 students. The development will include construction on part of the grounds of Dalymount Park, but will not include the demolition of the existing eight-storey office tower, which will instead be refurbished. Apart from the tower, most of the centre is a single-storey strip mall, topped with car parking, and the developers plan to build up the site (with building heights ranging from three to seven storeys) to accommodate new shops, offices, restaurants and student accommodation. The student apartments will be contained in two blocks of four to six storeys. The shopping centre’s current owner is MM Capital, who paid c. €17m to acquire the property from NAMA in 2016. The Irish Times, 5th April
Golden Lane: The Sunday Business Post reports that MM Capital is in the final stages of closing the c. €16.5m purchase of 31-36 Golden Lane in Dublin 8 from vendor GE, which was the former occupant of the building. GE is selling the property due to the global unwinding of its GE Capital division. The Sunday Business Post, 9th April
Dublin Docklands: Joint agents JLL and Savills are guiding €32m for One and Three Gateway, two office investments on the East Wall Road in Dublin’s north docklands that were developed in the late 2000s. The two buildings extend to 94,800 sq. ft., have 71 car parking spaces, and are generating c. €2.08m of rental income p.a. (c. €21 psf), offering a net initial yield of 6.23%. The weighted average unexpired lease term in the development is c. 4.1 years, while the capital value (based on the guide price) works out at €338 psf. The selling agents have indicated that they are also prepared to sell the two blocks separately – One Gateway extends to 51,500 sq. ft. over six floors, is priced at €18m and is producing rental income of c. €1.17m p.a. from tenants ESB, Whirlpool, Colt and Galvanic; while the five-storey Three Gateway extends to 43,300 sq. ft. and is rented solely to ESB for c. €915k p.a. The Irish Times, 5th April
Earlsfort Terrace: Arthur Cox is selling an office block it owns at Earlsfort Terrace in Dublin 2, after recently moving into a newly built HQ on the same street. Cushman & Wakefield is quoting a sale price of c. €11m for the five-storey Dolmen House, although the Irish Times reports that the building may sell for considerably more than the guide price due to its modern specification and superb location. The building extends to 12,415 sq. ft. and has 15 car parking spaces. The Irish Times, 5th April
Galway Office Development: Developer Gerry Barrett has sought planning permission from Galway City Council for a c. €100m project which will overlook Galway Docks in Galway city. The application seeks permission to develop four blocks which will include c. 280,000 sq. ft. of office space and c. 21,500 sq. ft. of retail space. The four buildings will be between six and seven storeys tall and will share a single basement area while overlooking a landscaped plaza. Mr Barrett acquired the site in 2005 for c. €9m. The Irish Times, 5th April
Abbey Hotel: CBRE is inviting offers above €3.5m for the Abbey Hotel, which is located at 52 Abbey Street off O’Connell Street in Dublin 1. The hotel currently contains 21 bedrooms, a bar and a restaurant and is generating a ‘satisfactory’ turnover according to the selling agent, who also advise that there is scope to provide an additional 12 bedrooms in the property, subject to planning permission. The Irish Times, 4th April
Mount Street Application: Dale Vision Ltd has lodged an application to Dublin City Council for permission to demolish the existing building located at 7-8 Mount Street and replace it with a newly constructed 53-bedroom boutique hotel, which will extend to c. 35,000 sq. ft. over six-storeys and contain a rooftop restaurant on the top floor. Dale Vision is a newly-incorporated company controlled by Paddy McKillen Jnr and Matthew Ryan. NAMA Wine Lake, 9th April
Talbot Street Application: Clare Tynan, the owner of the 2 star, 29-bedroom Celtic Lodge Hotel on Talbot Street, has applied to Dublin City Council to convert the adjacent building at 79/80 Talbot Street into a 44-bedroom hotel with a bar and function room at ground floor level. The building previously housed a Guiney & Company shop at ground floor level before the group went out of business. NAMA Wine Lake, 9th April
Lynams Hotel: RTE has reported that Dublin City Council has agreed to enter into a five-year contract with the new owners of Lynams Hotel on Dublin’s O’Connell Street. The contract will allow the council to use the former hotel as a ‘transition centre’ for homeless people. The concept of transition centres has emerged over the past few months as a temporary solution to provide homeless people with temporary accommodation, until such time as they can be provided with permanent housing. Lynams Hotel was sold for c. €6m in November 2016 to an unnamed acquirer. NAMA Wine Lake, 9th April
West Dublin Landbank: Savills has launched the sale of a c. 58 acre landbank beside the IDA’s Grange Castle Business Park in west Dublin. They have not issued a guide price for the site, but recent sales would suggest land values of €250k – €300k per acre, which would give the site an estimated value of €16m. Of the 58 acres, some 47 acres are zoned to “provide for enterprise and employment-related uses”, while the remainder is zoned “to protect and improve rural amenity and to provide for the development of agriculture”. The site is located on the Adamstown Road, about 6km from the N4 and N7, and 7km from the M50. The Irish Times, 5th April
Terenure Development Site: Lisney is guiding in excess of €15m for a well located 3.43-acre site with planning permission for 36 houses and 30 apartments close to Terenure village in south Dublin. The 30 apartments will consist of eight one-beds, 20 two-beds and two three-beds. Lisney has advised that there is potential to build an additional eight residential units on the site, subject to planning permission. The Irish Times, 4th April
Donnybrook: Knight Frank is seeking €6m for numbers 72, 74, and 76 Morehampton Road, three substantial Victorian houses in Donnybrook, Dublin 4. The houses are interlinked over four floors, extend to almost 14,000 sq. ft. and are currently occupied by the John Scottus School. There is convenient car parking to the front of the properties and extensive gardens and a yard to the rear. The properties could be suitable for a number of purposes, including conversion into apartments, standalone homes or an embassy, however the selling agents believe a hotel or hotel-type suites are possibly the most attractive options from an investment return perspective. One of the conditions of the sale is that the school should be allowed to remain in number 72 for a maximum of two academic years. The Irish Times, 5th April
Carrickmines Site: Offers above €3.5m are being sought by CBRE for a large detached house on a c. 1.66 acre redevelopment site at Glenamuck Road in Carrickmines, Dublin 18. The five-bedroom house, known as Dunluce, extends to 4,000 sq. ft. and includes a garage which has been converted into a gym. CBRE has advised that the site provides an excellent opportunity to develop a large apartment block or housing scheme. The Irish Times, 4th April
Malahide Housing Site: CBRE is inviting offers of c. €2.5m for a c. 4.1-acre housing site at Streamstown in Malahide, north Dublin. The site adjoins several new housing developments including Streamstown Wood and Abington, and the selling agents have advised that with planning permission the purchaser could develop an ‘intimate residential scheme’ of 16-20 homes. The Irish Times, 4th April
Magee Barracks: The Sunday Business Post reports that Magee Barracks in Kildare Town, a 50-acre site which was sold for c. €8.2m last year, was bought by Jersey-based Irish property developer David Kennedy. Mr Kennedy is apparently involved in pre-planning discussions with Kildare County Council, whilst John Spain and Associates is reportedly preparing a design for the site. However, no planning permission has been lodged, and there has been no indication as to what Mr Kennedy is planning for the site. The Sunday Business Post, 9th April
Crosslane Property Group: The Sunday Times reports that the student accommodation developer Crosslane Property Group is planning to enter the Irish market. The company is reportedly negotiating the purchase of a site in Dublin with a view to launching a student accommodation block by summer 2019. Crosslane operates in the UK, Germany, France and Holland and has a portfolio of over 3,100 beds, with 821 under construction and plans to add a further 2,200. The Sunday Times, 9th April
Embassy House: Developer Johnny Ronan has refinanced Embassy House, his Venetian-style palazzo located on the Burlington Road in Dublin 4 with the backing of Latvian bank Rietumu. Mr Ronan refinanced the six-bedroom townhouse in a c. €5m transaction that also included nearby properties at 96 Leeson Street and a mews building on Waterloo Lane. Embassy House extends to c. 7,000 sq. ft. over four floors. The Sunday Business Post, 9th April
Clondalkin Apartments: A company owned by Emmet O’Neill, a former chief executive of Topaz, has applied for planning permission to build 22 two-bedroom apartments on a site located on Monastery Road in Clondalkin. The plans involve demolishing a vacant shop and forecourt canopy and constructing a three-storey building with car parking and landscaped gardens. The Sunday Times, 9th April
Octopus Investments: The healthcare arm of Octupus Investments has opened a c. €13m primary care centre in Mullingar, Co. Westmeath, with plans for up to 12 more throughout Ireland. The £6bn London-based fund was reportedly attracted to Ireland by higher yields, more attractive margins and a less competitive market. The fund is planning to invest c. €120m in building primary care centres around the country. Their second primary care centre is under construction in Crumlin in Dublin, a third scheme will be developed on Dublin’s South Circular Road, while a fourth scheme in west Dublin is due to close legals this week. The Mullingar scheme was built in partnership with local developer Feasible Developments, and is located near the Midland Regional Hospital. The Sunday Business Post, 9th April
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Project Lee: The Irish Independent is reporting that NAMA is preparing to sell a portfolio of loans tied to the late Cork property developer Owen O’Callaghan. It is understood a formal auction for the partially performing loan book, titled Project Lee, could take place in May or June. The Project Lee portfolio is reported to have a par value of c. €250m, and NAMA initially intended to offload the portfolio in 2015, however this was delayed due to a range of legal complexities. The paper also reports that AIB’s Project Cyprus has moved into a second round of bidding. Project Cyprus marks the first major sale of non-performing residential mortgages by a domestic bank, and is understood to be valued at close to €300m.The Irish Independent, 31st March
Navan and Mullingar Shopping Centres: Two US investment companies have withdrawn from their proposed purchases of shopping centres in Navan and Mullingar. Davidson Kempner were due to pay c. €59m for a majority stake in Navan Town Centre, Co. Meath, while Oaktree was in advanced negotiations to pay c. €12m to purchase the Fairgreen retail complex in Mullingar, Co. Westmeath. The loans underpinning both shopping centres, which were developed by Duignan & McCarthy and continued to trade strongly during the recession, were purchased by CarVal investors shortly after the property market crashed. The Irish Times reports that parties close to both transactions have been surprised by the developments, which have come shortly after the Government introduced a 20% withholding tax on property investors. Despite the collapse of the sales, industry leaders are confident that alternative purchasers will emerge shortly. The Irish Times, 29th March
Ballymount Retail Centre: Camgill Development Corporation has purchased Ballymount Retail Centre in west Dublin for c. €14.3m, c. €500k above the guide price quoted by Cushman & Wakefield. The centre was developed in 2006 and contains two detached blocks which extend to c. 97,000 sq. ft. on a c. five-acre site. The buildings contain nine ground-floor retail units and first floor office space, and are producing rental income of c. €1.22m p.a. Over 85% of the rental income comes from leading retailers such as Tilestyle, TJ O’Mahony and Spar. The weighted average unexpired lease term (WAULT) is more than seven years. The sale of the retail park comes weeks after Camgill purchased a large industrial building at the nearby Ballymount Cross Industrial Estate for c. €1.24m. The Irish Times, 29th March
McDonalds Lucan: A private investor has purchased the McDonald’s drive-through restaurant located on Dublin Road in Lucan, south Dublin for c. €2.26m. The purchase price is c. €490k above the guide price, and will offer a net initial yield of c. 5.5%. The building, which extends to 3,347 sq. ft. and was extensively refurbished last year, is let to McDonald’s on a 35-year lease running from 2005 at a rent of €130k p.a., with five-yearly upwards only rent reviews. The restaurant is located c. 800m from Lucan town centre, and just off the N4 Dublin-Galway dual carriageway. The Irish Times, 29th March
Citywest Expansion: IPUT plc and Davy Real Estate are planning to develop an additional 180,000 sq. ft. of office space at the Waterside complex, located at the entrance of the Citywest Business Campus off the N7 dual carriageway in South West Dublin. The two funds have already built and let 220,000 sq. ft. of buildings in the complex, and will hold an equal shareholding in the new c. €60m extension. Joint agents BNP Paribas Real Estate and JLL are planning to quote rents of c. €27.50 psf in the three new buildings, compared to rates of €55 – €60 psf for similar space in Dublin city centre. The new developments will be known as 6, 7 and 8 Waterside, and are due to be ready for fit-out in the next 18 months. The buildings will maintain the current car parking ratio of one space per 323 sq. ft. Buildings will be available to lease on a floor-by-floor basis (with typical floor plates ranging from 17,750 – 19,700 sq. ft.) or on a single block basis (60,000 sq. ft.), and companies looking for a HQ building will have the option of leasing the entire 180,000 sq. ft. development. The Irish Times, 29th March
Globoforce Expansion: Globoforce, an Irish software firm that operates reward and incentive schemes for many leading companies, is due to move from a 10,000 sq. ft. premises in Park West in west Dublin, to a building almost five times that size in the same complex. The company will initially occupy 40,000 sq. ft. at a rent of €11 psf, with an option of taking the remaining 9,248 sq. ft. in the building. Monster Energy (4,500 sq. ft.) and Sysnet Global Solutions (18,000 sq. ft.) have also leased space in Park West recently, paying over €12 psf for their space. The Irish Times, 29th March
Navigation Square: Construction of the c. €90m Navigation Square office complex in Cork’s docklands is set to begin immediately, after all remaining appeals to An Bord Pleanála (ABP) were withdrawn. The scheme, which will consist of four separate blocks on a c. 2.25-acre site in the heart of Cork city centre, will provide 310,000 sq. ft. of office space. O’Callaghan Properties was granted planning permission by Cork City Council last September, however a number of planning objections were lodged against the scheme. The project will create 350 jobs during the construction phase and should be completed within the next 18 months. The new development is the latest in a series of major projects currently underway in Cork city, totalling over €350m. The Irish Independent, 3rd April
St Stephen’s Green Hotel: Brown Table Solutions Ltd has lodged an application with Dublin City Council for permission to convert the Loreto convent hall building at 77 St Stephen’s Green into a 95-bedroom hotel. The project would involve the construction of a nine-storey extension to the existing building, which would accommodate most of the bedrooms. Brown Table is a recently incorporated Irish company controlled by Paul Phelan, Colm Mooney and David Straker-Smith. NAMA Wine Lake, 2nd April
North Dublin Hotel: Gannon Properties has applied to Dublin City Council to construct a new 209-bedroom, seven-storey hotel and 20 apartments at Station Square in Clongriffin in north Dublin city. The Apartments will consist of four one-bedroom, eight two-bedroom, four two-bedroom and study and four three-bed units. NAMA Wine Lake, 2nd April
Hillgrove Hotel, Monaghan: iNua Hospitality has acquired the four-star Hillgrove Hotel in Monaghan from Colm and Audri Herron for an undisclosed sum. The hotel was purchased by the Herrons in 2004, who later spent c. €10m upgrading the premises, including the addition of 43-bedrooms and the development of a leisure centre and spa facility. The hotel is being sold as a going concern, with existing management and employees continuing their employment. The purchase represents iNua’s sixth acquisition in the Irish market in the last three years. The Irish Independent, 3rd April
Dún Laoghaire Apartments Sale: Hooke & MacDonald is guiding c. €130m for Ireland’s largest build-to-rent apartment development, the construction of which only began weeks ago. The 319-apartment development on the former Dún Laoghaire golf course in south Dublin is spread across two blocks, the Charlotte Building (159 units) and the Leona Building (160 units). Should the blocks fail to sell in one lot, the agents will seek offers of c. €65m for each block. The new development, which is due to be completed in early 2018, is being funded by NAMA and developed by the Cosgrave Property Group. It is believed that the new apartments will produce an annual rent roll of between €7.17m and €7.84m, offering a yield of 5.5% – 6%. The development will offer a considerable mix of apartments, featuring 197 two-bedroom units, 61 one-beds and 61 three-beds. The Irish Times, 30th March
Rockbrook Sandyford: IRES REIT has stated that it will appeal Dún Laoghaire-Rathdown County Council’s decision to refuse planning permission for its planned development at the Rockbrook scheme in Sandyford. In declining the scheme, which would have contained 465 apartments, the council stated that the proposed development would have an “overbearing impact, would result in an oppressive built environment and would be visually unacceptable at this location”. Additional complaints about the development were received from An Taisce and local residents. As part of the fast-track appeals process, IRES REIT can expect a decision from An Bord Pleanala within 18 weeks, and the company has advised that it will also pursue other options while the appeal takes place. Despite the refusal, Phillip O’Sullivan, an economist with Investec, has stated that he still expects the development to be completed by early 2019. The Irish Times, 3rd April
Activate Capital Investment: Activate Capital is planning to invest an additional c. €100m building new houses over the next six months. The company has already committed c. €150m to support developers building a pipeline of 2,300 homes, of which c. 500 are expected to be completed and sold in 2017. It is backed by the Ireland Strategic Investment Fund (ISIF) and global investment firm KKR, and typically makes an average investment in a housing scheme of about €10m and over 100 units. The company is currently backing the development of 15 sites (typically consisting of starter homes) in areas including Maynooth, Kilcock and Dunboyne. Sunday Business Post, 2nd April
Rathgar Residential Development: Cairn Homes has lodged an application to extend planning permission previously granted by Dublin City Council for a c. 300-unit residential development in Rathgar in south Dublin city. The Marianella development will be situated on a 15-acre site and will consist of a mix of large two and three-bedroom apartments and penthouses and four and five-bedroom homes. NAMA Wine Lake, 2nd April
Dublin Student Accommodation: UK student accommodation specialists GSA (Global Student Accommodation Group) and their joint venture partners Harrison Real Estate Capital have announced the second phase of the New Mill student housing scheme in Dublin’s Liberties area. New Mill II will provide 296 beds and is located immediately adjacent to GSA and Harrison Real Estate Capital’s current New Mill project, which is scheduled to be completed in time for the upcoming autumn academic term. In 2015, the companies announced their intention to invest c. €250m in Dublin student accommodation developments over a five year period. To date, they have c. 1,900 beds either in operation or under construction in Dublin. The Irish Independent, 2nd April
House Price Inflation: Two new quarterly house price reports from MyHome.ie and Daft.ie have shown that house price inflation has risen significantly in Q1 2017. MyHome’s report, produced with Davy, suggests annual house price inflation is currently running at 9% nationally and 10.2% in Dublin. The Daft.ie report suggests that house prices rose by 4.3% in Q1 2017, and that the average price of a house in the State (c. €230k) is now 9.4% higher than this time last year (8.7% higher in Dublin). Davy has attributed the rising prices to Ireland’s strong economic recovery, the Help-to-Buy scheme, looser credit conditions and supply shortages. Regarding supply shortages, the Daft.ie report states that the number of homes on the market was just 20,500 in March 2017, the lowest recorded since it began producing reports in January 2007. The Irish Times, 3rd April
Galway Irish Crystal Showrooms: The Galway Irish Crystal showrooms and factory on the Old Dublin Road in Galway have been bought by the occupying tenant for c. €3.5m. Galway Crystal has been paying a rent of €200k p.a. for the showrooms and an additional building, which date back to 1996. The purchase price is a fraction of the reported €20m developer Bernard McNamara paid for the premises in 2006, just before the property crash. Cushman & Wakefield handled the sale of the 4.6-acre site, which was sold under the instruction of Duff and Phelps. The Irish Times, 29th March
Bank of Ireland (BoI) Mayo: The BoI branch in Westport, Co. Mayo, is being offered for sale through Cushman & Wakefield, with a guide price of €2.75m. The property is rented for €219k p.a. and will offer a net return of c. 7.62%, with over 15 years remaining on the lease. The property extends to 7,226 sq. ft. over three levels, is well maintained and enjoys a prime location on the high street. The Irish Times, 29th March
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