Dún Laoghaire, Co Dublin Having been offered to the market by agent Lisney at a guide price of €1.925m, the Dún Laoghaire branch of Bank of Ireland at 101/102 Upper George’s Street has been acquired by a private Irish investor for €2.5m. While the €2.5m paid for the building represents a premium of 30% on the figure sought by Lisney, the new owner stands to secure a 4.98% NIY on their investment. 101-102 Upper George’s Street is let to Bank of Ireland on a 25-year lease from 2006. Prior to launching the property for sale, Lisney agreed a re-gear of the lease with Bank of Ireland which involved removing the 2023 tenant-break option while reducing the passing rent to €137k pa. The subject property comprises a three-storey over basement mixed-use commercial building extending to 6,270 sq. ft. The ground floor is in use by Bank of Ireland as a retail bank branch and the upper floors comprise office accommodation and are accessed internally by staircase. The building has a car park to the rear providing parking for 11 cars. The Irish Times, 20th April
Naas, Co Kildare Having joined forces with KKR last December on the €195m purchase of the Core portfolio, a collection of 73 industrial and logistics properties distributed across Dublin and the GDA, Palm Logistics is to invest €100m in the portfolio’s largest single asset over the next five years. Naas Enterprise Park comprises an entire park of more than 100 acres, and over 1.5m sq. ft. of industrial and office accommodation. While the scheme is currently home to more than 100 businesses employing more than 2,000 people, Palm estimates that its investment offers the potential to double this existing workforce. The Irish Times, 20th April
Newbridge, Co Kildare German firm Union Investment has purchased a distribution centre in Newbridge, County Kildare, marking its first entry in the Irish logistics market. The purchase price was not disclosed. Primark will open the centre by the end of summer 2024. The clothing retailer’s property investment arm, Barola Capital DAC will forward fund the project’s base construction through a €43m investment. Primark will invest a further €75m in the facility, which will comprise of a distribution centre, warehouse and office space on a 38-acre site. The scheme, which will have a cumulative gross floor area of 694,800 sq. ft., was granted approval by Kildare County Council last October. Union Investment made the acquisition on behalf of the institutional real estate fund, UniInstitutional European Real Estate. React News, 21st April
Grange Castle Business Park, Dublin Structure Tone Limited has begun building a €10m two-storey data centre for Interxion, a Dutch-based IT services company, at Grange Castle Business Park in Dublin. The data centre, known as IX DUB 4.0, spans c. 79,437 sq. ft. It is estimated that works are expected to take c. 18 months to complete. The Business Post, 24th April
Portlaoise, Co Laois Laois County Council has approved plans by Midland Steel Supplies Limited to develop a €16.8m manufacturing campus within the Togher National Enterprise Park in Portlaoise. The development will measure 113,624 sq. ft. and will include a manufacturing campus, a three-storey supporting office building with staff facilities and associated works. The Business Post, 24th April
Bride Street, Dublin 8 CitizenM and BCP Capital have completed a deal to buy a site for the development of a 245-room hotel in Dublin. Construction for the consented project is due to begin this August, and once completed it will be the first fully modular-built commercial building in Ireland. Situated at 69 Bride Street opposite St Patrick’s Park, the hotel is due to open in 2024. React News, 21st April
Ben Dunne Gyms, Ireland Businessman Ben Dunne has permanently shut down half of his gyms due to the business impact of Covid-19. In an interview, Mr. Dunne has described the Covid-19 business impact on his business as ‘horrendous’. Mr. Dunne said that the business was heading towards €13m in revenues pre-Covid “and in the current year we are heading towards €6m”. The six Ben Dunne gyms that have been shut down are Lucan, Jervis Street, Beacon and Sandyford in Dublin along with Navan and Waterford. New accounts lodged by Barkisland (Developments) Ltd show that revenues plunged by 91%, or €5.17m from €5.66m to €494.8k, in the 12 months to the end of May last. Barkisland, which accounts for several gyms in the group, recorded a pre-tax loss of €1.55m and this followed a pre-tax profit of €1.2m in the prior year. The accounts state that Ben Dunne gyms were closed most of the period from March 2020 to June 2021 and since reopening in June 2021 “are trading strongly”. The Irish Independent, 21st April
Hospitality Assets, Dublin Liquidators for Irish Bank Resolution Company (IBRC) are preparing to sell three prime hospitality assets formerly owned by businessman Sean Quinn. The 67-bedroom Buswells hotel, which sits opposite Leinster House, should be placed on the market in the coming months along with two pubs: the Barge, on the Grand Canal in Dublin, and JW Sweetman on Burgh Quay. The liquidators, KPMG, took control of the businesses in 2019, after long-running litigation between IBRC and the Quinn family was settled in April that year. The timeline for the liquidation of IBRC was extended until 2024 because of fears that the fallout from Covid-19 could knock c. 30% off the value of property disposals. Buswells was valued at €19m in late 2018. The Barge was valued at €3.2m and JW Sweetman at €4.67m. The Sunday Times, 24th April
Drogheda, Co Louth Having failed to secure a buyer when it was offered to the market at a guide price of €2.75m in June last year, a ready-to-go development site in Drogheda, Co Louth is being put up for auction on the Offr digital platform on Thursday, May 12th, with a reserve price of €2m. The site, which has full planning permission in place for a 150-bedroom nursing home, is being sold by CBRE on the instruction of receiver BDO. The existing planning permission provides for a nursing home facility in a part-two-storey, part-three-storey building with direct access from Twenties Lane. The site is currently zoned G1 – Community Facilities “to provide for and protect civic, religious, community education, health care and social infrastructure” under the Louth County Development Plan 2021-2027. The Irish Times, 20th April
Tallaght, Dublin 24 An Bord Pleanála has refused permission for Bartra Capital to construct a five-storey 131-bed nursing home and step-down facility at Cookstown Industrial Estate in Tallaght. The scheme also included an additional 139 residential units in two apartment blocks, with one reaching to eight storeys. The nursing home and apartment scheme faced local opposition and South Dublin County Council refused planning permission across a number of headings. An Bord Pleanála had previously refused planning permission to Bartra for 150 BTR apartment units and 222 shared co-living units on the site in 2019. The Irish Times, 22nd April
Poolbeg, Dublin 4 Dublin City Council has granted permission to Pembroke Beach DAC to build its €120m Pembroke Quarter mixed-use development on the former Irish Glass Bottle and Fabrizia sites at Poolbeg in Dublin 4. The development is backed by the Ronan Group, Oaktree Capital Management and Lioncor Developments and sits on 37.8 acres in the Poolbeg West strategic development zone planning scheme. The scheme will measure over 656,600 sq. ft. and will include 600 one-, two- and three-bedroom apartments in blocks ranging in height from three to 16 stories. The development will also include a childcare facility, gym, retail and office elements and infrastructural works. The Business Post, 24th April
Walkinstown, Dublin 12 Developer Steeplefield Limited has lodged a SHD Application for the construction of a €121m mixed-use BTR development called Greenvale at the former Chadwicks Builders Merchant development, south of Greenhills Road and north of the existing access road serving Greenhills Industrial Estate in Walkinstown, Dublin 12. The proposed scheme comprises 633 (mostly one-bedroom) apartments, a two-storey office building, commercial units and a childcare facility. The Business Post, 24th April
Bray, Co Wicklow Irish housebuilder Lioncor is on course to secure c. €92m from the sale of hundreds of new homes it is developing in Co Wicklow to approved housing body (AHB) Co-Operative Housing Ireland. Located on the Southern Cross Road near Bray, Kilruddery Glen is set to comprise 208 A-rated homes. The proposed price tag equates to an average of €442.3k per unit. Due for completion towards the end of this year, the scheme will consist of 30 houses, 18 duplexes and 160 apartments distributed across four blocks. Co-operative Housing Ireland will own and manage the development. The Irish Times, 20th April
Saggart, South-West Dublin Located in the heart of Saggart village, a site with full planning permission for 28 apartments and two commercial units will come for auction via the Offr digital platform on Thursday, May 12th. The 0.89-acre site, which is being marketed by Cushman & Wakefield, carries a reserve price of €1.4m. The existing planning permission comprises a one-bedroom apartment, six two-bedroom apartments, 10 two-bedroom duplexes units, 10 three-bedroom duplexes and a three-bedroom house. The development also includes a 2,830 sq. ft. retail unit and a 1,076 sq. ft. office unit along with 28 surface car-parking spaces. The Irish Times, 20th April
Blackrock, South Co Dublin The co-owners of the Press Up Hospitality group, Paddy McKillen Jnr and Matthew Ryan, have secured planning permission for plans for a €182m apartment scheme for a site near Blackrock. Last December, the businessmen’s Oval Target Ltd lodged SHD plans with An Bord Pleanála for a 493-unit scheme, comprising 11 apartment blocks – one rising to 10 storeys – on land at St Teresa’s, Temple Hill, Monkstown, Blackrock. However, in its decision, An Bord Pleanála has ruled that one five-storey block containing 41 apartments be removed from the scheme and that the use of a first floor in another block be changed from residential to childcare. Dún Laoghaire Rathdown County Council had recommended that permission be refused. Oval Target Ltd had previously secured planning permission for 291 residential units in June 2019 on the same site in the face of some local opposition concerning aspects of the scheme. That permission remains in place. 41 objections were lodged against the new scheme. The number of apartments to be sold to the council will now be reduced on a pro-rata basis in line with the reduced number of homes approved. The documentation lodged on behalf of Oval Target put an indicative price of €512.7k on the three-bedroom units, €485k on the larger two-bedroom units and €352.3k on the one-bedroom units. The Irish Times, 21st April
Stillorgan, Dublin Cairn Homes is seeking permission for a 377 apartment BTR scheme on a site previously earmarked for student accommodation. Cairn owns a site in Stillorgan, Dublin, that formerly held a motor dealers and the once-popular Blake’s restaurant. The company got permission over four years ago for 548 student bed spaces and 103 apartments on the site but has now decided instead to build apartments there to meet demand for homes in the area. Its application is for 377 apartments laid out in six blocks ranging from three to nine storeys. The homes will be a mix of bedsits and one-, two- and three-bedroom apartments. Locals and third parties have until May 12th to make observations to An Bord Pleanála on Cairn’s application. The board must decide on the project by June 2nd. The Irish Times, 21st April
Leopardstown, Dublin 18 An Bord Pleanála has reduced the scale of a proposed €230m 463 apartment scheme in response to concerns expressed by the LauraLynn Children’s Hospice and residents. The appeals board granted planning permission for the Homeland Group scheme which comprises six apartment blocks, with one block originally rising to 10 storeys, at lands at St Joseph’s House at Brewery Road and Leopardstown Road in Dublin 18. As part of its order, the board has asked that a four-storey section of one block – comprising eight apartments – be omitted. The board has also sought that the height of another block be reduced by one storey to seven and that another 10-storey section be reduced to nine. Over 100 objections were lodged against the scheme. Dún Laoghaire-Rathdown County Council recommended planning permission be refused on four grounds. The Irish Times, 21st April
Cornelscourt, South Dublin Plans for a 419-apartment BTR residential scheme on a site in Cornelscourt village in south Dublin have secured permission from An Bord Pleanála. Cornel Living Ltd has won approval for the scheme fronting on to the N11 at Old Bray Road, Cornelscourt, Dublin 18, despite opposition from residents and a recommendation by Dún Laoghaire-Rathdown County Council that it be refused on five separate grounds. More than 50 objections were lodged by local residents against the “fast track” scheme, with one of its five blocks rising to 12 storeys. The scheme comprises 294 one-bed apartments, 111 two-bed apartments, seven three-bed apartment units and seven three-bed houses. Cornel Living is proposing to lease 42 units to the council for social housing in line with social housing provisions. Cornel Living was refused permission in April 2020 for a 468-unit scheme on the same site. The Irish Times, 20th April
Social Housing Units, Ireland 80% of new-build social homes delivered last year were acquired from private-sector developers, with just 20% supplied directly by local authorities or approved housing bodies. Figures obtained from the Department of Housing underscore the State’s reliance on the private sector for its housing needs. They show a total of 5,142 new social homes were delivered in 2021, significantly fewer than the Government’s original 9,500 target. A detailed breakdown of the total shows 3,481 units were acquired by way of so-called turnkey purchases, where the local authority or housing body enters a forward-purchasing arrangement with a private developer, or through the Part V rule. A further 615 units came from public-private partnership schemes on State lands with private-sector developers. Just 1,046 were delivered directly by local authorities under the Social Housing Capital Investment Programme or by approved housing bodies through the Capital Advance Leasing Facility or through the State’s Capital Assistance Scheme, which funds the provision of rented accommodation for those with special needs. The Irish Times, 20th April
Dalkey and Ashbourne, GDA Knight Frank has brought development sites in Dalkey and Ashbourne to the market with guide prices of €2.5m each. The Dalkey site extends to c. 0.37 acres and is located on Barnhill Road in Co Dublin. It benefits from a recent An Bord Pleanála grant of permission for three detached, five-bedroom houses and the conversion of the existing old schoolhouse/garage building into a two-bedroom town house. In addition, two existing town houses on site are to be refurbished as exempt development providing a total of six houses on site. Nine car spaces are also to be provided on site together with an upgraded entrance from Barnhill Road. The site is zoned Objective A to protect and/or improve residential amenity under the DLRCC Development Plan and under the Draft DLRCC Development Plan 2022-2028 it is set to retain its zoning.
The second site in Ashbourne, Co Meath, extends to 5.4-acres and is zoned for housing. That price equates to just under €463k per acre. The entire site is zoned Objective A2 New Residential under the terms of the Meath County Development Plan 2021-2027. The Irish Independent, 21st April
Blackrock, South Co Dublin Plans for a 41-unit apartment scheme for the Frascati Centre in Blackrock, Dublin, have been stalled. Three separate appeals have been lodged by south Dublin residents with An Bord Pleanála against the decision by Dún Laoghaire-Rathdown County Council to grant planning permission for the scheme by IMRF II Frascati Ltd Partnership. The 41-unit scheme is the second phase of the overall development plan. Proposals for another 98 apartments at the Frascati site are also being opposed by locals and a decision is due on that application later in the year. The 41-unit scheme comprises 15 studios, 18 one-bed units and eight two-bed units in a U-shaped residential block, arranged around a central communal courtyard space. Dún Laoghaire-Rathdown County Council last month determined that the proposal “would not significantly detract from the amenities of the area”. A decision is due on the appeal in August. The Irish Times, 22nd April
Ardee, Co Louth The Ardee Partnership has lodged a SHD application to build 272 residential units at Drogheda Road in Ardee in Co Louth. The development includes the construction of 206 houses, 66 apartments and a creche. The scheme has a total floor area of 310,194 sq. ft. and an estimated development cost of €56m. The Business Post, 24th April
Rathfarnham, Dublin 16 BCDK Holdings and Coill Avon have lodged an application for a €40m Edmonstown residential development on Whitechurch Road in Rathfarnham, Dublin 16. The development will measure 208,615 sq. ft. and will include the demolition of Kilmashogoue and Coill Avon House and outbuildings and the development of 72 houses and 106 apartments, comprising 68 duplex apartments and 38 apartments, a two-level creche facility of 3,369 sq. ft., three retail and cafe units and basement and surface level car and bicycle parking. The plan also includes the refurbishment of two stone outbuildings for community use which will be incorporated into an area of public open space within the scheme. The Business Post, 24th April
Housing Supply, Ireland The LDA has held talks with a number of large European modular homebuilders about helping to increase the output of the Irish construction sector in order to meet the government’s housing target of 35k units per year. The National Development Plan (NDP) 2021-2030 commits the state and the semi-state sector to invest €165bn in public infrastructure, including social and affordable housing, over a decade. However, the LDA is concerned about the construction sector’s ability to scale up to that level of demand. The LDA recently lodged planning applications to build more than 2,300 new homes in Dundrum, Balbriggan and Skerries in Dublin, and in Naas, Co Kildare on lands transferred to it by other state agencies. The Sunday Times, 24th April
Construction Costs, Ireland Rising materials and energy prices have been driving up construction costs since early 2021. Figures released by the SCSI show the annual rate of construction inflation hit 13.4% from January to December last year. The society’s figures are based on prices that builders bid for new commercial projects worth more than €500k. Its Tender Price Index shows that a building that would have cost €1.6m to complete in December 2020 would have cost €1.82m at the end of last year and €1.57m in December 2019. Construction inflation hit 8.4% in the first half of 2021 before taking a further leap over the closing six months. Labour costs increased from February 1st, when new minimum pay rates set through legally binding sectoral employment orders came into force. There were signs of inflation easing late last year but the conflict sparked by Russia’s attack on Ukraine sent prices back on the increase. The Irish Times, 22nd April
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Ballsbridge, Dublin 4 Waystone, a leading institutional provider of services to the asset management industry, is set to expand its Irish operations further with a planned move to new headquarter offices in Ballsbridge, Dublin 4. The company has signed a 20-year lease to take 52,000 sq. ft. and 12 car spaces at 35 Shelbourne Road. Market sources believe that Waystone has agreed to pay in excess of €60 per sq. ft., following an initial rent-free period, to occupy the first to fourth floors at the building. The fifth and sixth floors meanwhile are set to serve as the new Dublin headquarters of online takeaway delivery giant, Just Eat, following the completion of their fit-out at the end of April. 35 Shelbourne Road comprises 87,500 sq. ft. of Grade A office accommodation in total and a 4,520 sq. ft. ground-floor retail unit suited to several uses. The Irish Times, 13th April
Harcourt Street, Dublin 2 The decision by leading law firm ByrneWallace to renew the lease on its Dublin headquarters has seen an immediate 16% jump in the price being sought for the property. Having offered the building, 87-88 Harcourt Street, to the market in mid-February for €45m, Savills has now increased its guide price to €52m.The new price reflects the agreement between ByrneWallace and the landlord, receivers EY-Parthenon, on a lease extension to April 2032 with no break option and an increase in the rent to €2.45m pa. The property had been marketed for sale originally with a tenant break option in November 2023 and at a passing rent equating to just €44.39 per sq. ft. – or €2.37m a year. The new guide price of €52m offers a NIY of 4.28%. Numbers 87-88 Harcourt Street is a modern office block extending to 53,312 sq. ft. in a prime city-centre location. The Irish Times, 13th April
Ballsbridge, Dublin 4 The third floor of Embassy House in Ballsbridge, Dublin 4, has been placed on the market to let by way of sublease. Extending to 7,418 sq. ft. the fully fitted office is being made available immediately on flexible terms through agent Colliers. Embassy House occupies a prime location within Ballsbridge immediately adjacent to both the Herbert Park Hotel and Herbert Park itself. There are seven car-parking spaces available to let along with the office space at Embassy House. The Irish Times, 13th April
Ballsbridge, Dublin 4 Dublin’s biggest office owner, Iput, is in advanced talks to sell the Shelbourne Buildings complex for c. €90m. US group Hines is in pole position to land the collection of office buildings in Ballsbridge, according to several market sources. Shelbourne Buildings comprise three modern office buildings that offer flexible floorplates. The development’s occupiers include Surveymonkey, Mediolanum Bank, and Higher Education Authority. React News, 12th April
Ballycoolin Business Park, Dublin 15 JLL has launched the former Xerox HQ building in Ballycoolin Business Park to the market with a €7m guide price. The stand-alone building offers c. 78,576 sq. ft. of office space over two floors on a nine-acre site and includes a reception area and an optimal mix of cellular and open-plan offices along with 417 surface level car parking spaces. The Business Post, 17th April
Eyre Square, Galway Eyre Square Shopping Centre in Galway city centre has been sold for €9.575m. According to market sources, the scheme has been acquired by a fund managed by Davy Real Estate. The price paid equates to a NIY of 9.78%. It also represents a discount of 33% on the €12.75m Colliers had been guiding when it brought the shopping centre to the market on behalf of US investment giant Marathon Asset Management last August. While Eyre Square Shopping Centre comprises over 70 retail units and kiosks, the sale itself was confined to eight retail units and control of the centre together with the freehold common area units. The eight retail units boast a strong tenant lineup, including JD Sports, Great Outdoors, Specsavers, Diesel, Starbucks and Vero Moda. The units are currently producing rental income of €869.2k pa with a WAULT of 6.24 years to break. The centre also has direct access to 450 car parking spaces in Eyre Square car park. The Irish Times, 13th April
Kilbarry Business & Technology Park, Cork Cushman & Wakefield is guiding a price of €6m for a substantial industrial facility at Kilbarry Business & Technology Park in Cork which comprises a manufacturing facility of 104,700 sq. ft. The building also incorporates both a two-storey office block and a 16,792 sq. ft. warehouse. For sale with vacant possession, the property had up until recently been occupied in its entirety by Lynoslife (formerly Mayo-based Cosmetic Creations). The Irish Times, 13th April
Saggart, South Dublin Maxol, the service station operator, is selling a site in the heart of Saggart Village in south Dublin which has planning permission for 28 dwellings and two commercial units. Selling agent Cushman & Wakefield is guiding €1.4m for the property which is a 14% discount to the €1.75m which it quoted for the site when it previously came to the market in 2019. It will be auctioned online on the Offr platform on Thursday, 12 May 2022 at 12pm. Known locally as the Saggart Arms pub site and petrol station, it is situated in the village at the junction of Main Street and Boherby Road. The residential element of the planning permission comprises a one–bedroom apartment, 10 two-bedroom duplex units, six two-bedroom apartments, 10 three-bedroom duplex units and a three-bed house. Its commercial specifications comprise a 2,830 sq. ft. retail unit and 1,076 sq. ft. office unit. The Irish Independent, 14th April
Point Square, Dublin Docklands Nama-appointed receivers have sold the mixed-use Point Square in Dublin’s docklands for €85m. That is €10m more than the guide price quoted by agents Savills on behalf of receivers at Grant Thornton. In recent months there were reports that bidders for Point Square included a consortium of investors led by Barry McGrath, a former managing partner at law firm Maples and Calder, who was believed to have agreed an €83m deal. Others reported to be in the hunt were US real-estate giant Kennedy Wilson, and Simon Kelly’s RQTwo. At the time of its launch on the market last July, it had a rent roll of €4.9m and tenants included Starbucks, Eddie Rocket’s, Ruby’s Pizza, Salad Box and Fresh. In addition, CrossFit 353 operates a gym. The scheme comprises c. 103,000 sq. ft. of office space, a 242,000 sq. ft. shopping centre which incorporates a 95,000 sq. ft. anchor store, over 61,000 sq. ft. of space with planning permission for retail and/or leisure use, 756 car-parking spaces and 24,000 sq. ft. of permitted café/restaurant space. The Irish Independent, 14th April
PBSA Pipeline, Cork Cork city’s newest Jenga-like student accommodation is just one of a series of developments set to deliver more than 1,000 extra bed spaces in the city in time for the next academic year. The blocks have been built by University College Cork/Sisk and will add 255 beds to UCC’s existing student bed complement of c. 1,300. Also nearing completion is the larger, 554-bed €53m Bandon Road O’Mahony Pike-designed student accommodation complex, Ashlin house. The development will be managed by Nido, a UK-based student accommodation provider already in situ at 145-bed Curraheen Point, formerly Gillan House on Farranlea Road, and who will also take charge of €12m Bróga House, a 280-bed student accommodation complex built by John Paul Construction at the site of the former Square Deal Furniture store on Washington Street. Slightly further down the development pipeline is Bmor Developments who are planning to deliver a 280-bed student accommodation facility on North Main Street for the 2023/2024 academic year. Meanwhile Bellmount Developments, who have planning permission for a c. €30m 243-bed student accommodation complex at the former Kellehers Auto Centre in Victoria Cross, hope to break ground on the 0.54-acre site by the end of the year. Meanwhile Farman’s, the construction company, will be delivering a 623-bed student complex at the former Coca-Cola bottling plant on Carrigrohane ‘Straight Road’. The 10-storey development will have a gross floor area of c. 207,388 sq. ft. The Irish Examiner, 14th April
Ballyboden, Co Dublin Ballyboden Tidy Towns Group has taken a High Court challenge against An Bord Pleanála’s decision to grant planning permission for 131 homes in South Dublin. The action relates to the planning authorities’ decision to grant developer MacCabe Durney Barnes Limited permission to building the homes and associated works at Stocking Lane, Ballyboden in Co Dublin. The Irish Times, 12th April
Dundrum, Dublin 16 The Land Development Agency (LDA) is proposing to sell 196 residential units for social housing for an estimated €72m to Dún Laoghaire Rathdown County Council. The 196 units form part of the LDA’s €378.6m 977-unit “affordable” residential-unit scheme for lands at the Central Mental Hospital in Dundrum. The planning documents lodged include a letter from Dún Laoghaire Rathdown County Council which confirms the indicative cost of €72m for the 196 units at an average cost of €367.7k. The council letter states that the indicative average cost for the three-bedroom unit is €564.9k and the indicative average cost for the three-bedroom houses would be €440.2k. The letter specifies that the cost for the two-bedroom units is €438.2k or €387.6k depending on size. The indicative cost for the studio units is €232.6k and €292.5k for one-bedroom units. The proposed deal comprises 21 studio apartments; 84 one-bedroom units, 59 two-bedroom apartments, and 32 three-bedroom homes.The overall scheme comprises nine blocks ranging from two to seven storeys in height. A decision is due on the SHD application in July. The Irish Times, 12th April
Dublin City Centre One of Dublin’s best development sites is expected to be launched for sale in the coming weeks by Fortress Investment Group and partner Ronan Group Real Estate. Waterfront South Central, a major residential and commercial scheme developer Johnny Ronan is working up for a 4.6-acre site next to the 3Arena, is expected to attract interest in the c. €200m-€250m mark when launched for sale. Developer Ronan secured the last remaining waterfront site in Dublin’s north Docklands for a figure of c. €180m back in 2018, with backing from Colony Capital. The broad pricing bracket stems from an unresolved planning position regarding the residential component of the north Docklands plot, as well as an immediate difficulty factoring build costs into development appraisals as inflation rages. In May last year, An Bord Pleanála refused planning for RGRE’s Waterfront Towers. The proposal included two towers of 45 and 41 storeys along with a third 14-storey block, involving a total of more than 1,000 apartments. Planning permission was given for the commercial part of the development. The scheme will see the development of four office blocks, ranging in height from five to nine storeys, on a site between North Wall Quay and Mayor Street Upper. When complete, they will provide 718,146 sq. ft. of office space in the city centre. React News, 14th April
SHD, Cork Developers seeking to build 420 apartments on parts of the former Bessborough Estate in Cork are to sell off 42 apartments to Cork City Council for social housing with an estimated €10.5m price tag. Estuary View Enterprises (EVE) has lodged combined plans worth €105m with An Bord Pleanála to construct 420 apartments plus a café and creche on the site in Blackrock in Cork City. The two separate applications have been made under the SHD fast-track system. EVE is the largest landowner in the Bessborough Estate, with its block totalling c. 40 acres. As part of EVE’s The Meadow SHD, the applicant is seeking permission for 280 buy-to-sell apartments in four blocks ranging from six to 10 storeys in height, while the companion The Farm SHD provides for 140 buy-to-sell apartments in three blocks up to five storeys in height. Documentation lodged with the scheme shows that the developers have put an estimated cost range of €172.4k to €202.2k on the one-bedroom apartments, an estimated cost range of €287.2k to €298.2k on the two-bedroom apartments and €400.1k on the three-bedroom apartments. The developer’s proposal to sell 42 apartments comprised of 18 one-bedroom units, 23 two-bedroom units and one three-bedroom unit to the council. A decision is expected on the twin planning applications in late July. The Irish Times, 14th April
Dundrum, Dublin 16 An Bord Pleanála has granted planning permission for a new €316m BTR apartment scheme near Dundrum in Dublin despite Dún Laoghaire-Rathdown County Council recommending a refusal on five separate grounds. The 531-unit scheme at Marmalade Lane, Wyckham Avenue, Dublin 16, is comprised of 28 studios, 297 one-bedroom units, 197 two-bedroom units and nine three-bedroom units. The development by 1 Wyckham Land includes a 10-storey apartment block. More than 80 parties objected to the fast-track plans. The Irish Times, 14th April
Drumcondra, Dublin 9 Drumcondra residents have hit out at what has been labelled a “brazenly outrageous” eight-storey, 74-unit BTR scheme planned for the area. Last month, Ginxo Trading Ltd lodged plans for the contentious scheme for Turnpike Lane at the rear of 59-69 Drumcondra Road Lower in Dublin 9. The Irish Times, 13th April
SHD Deadline, Ireland Property developers lodged plans for c. 15k homes under the fast-track planning process in the first two weeks of April as they rushed to meet the final deadline for the scheme. An Bord Pleanála received a record 36 planning applications in two weeks under the SHD process, which comes to an end on Tuesday. While the scheme had closed for new applications in February, those developers who had already started discussions with An Bord Pleanála for their respective developments were given an extension to April 19. Gannon Homes applied for permission to build more than 1,000 homes in Swords in North Co Dublin — a mixture of houses, apartments and duplexes — in two separate applications. Cairn wants to build 621 homes at Holybanks, while Louth-based J Murphy Developments is looking for permission to build 650 apartments in four to ten-storey buildings on the Dublin Road in Swords. Dwyer Nolan, owner of the former De La Salle national school site in Ballyfermot, has also submitted plans as it seeks to build 927 apartments, including a 13-storey building. Other applications have also been submitted in recent weeks for large-scale developments in Galway, Wicklow, Tipperary, Cork and Limerick. The Sunday Times, 17th April
Tasc Report The amount of land sold to speculators who had no intention of developing it by Nama, the state’s bad bank, in the wake of the financial crash has directly contributed to the current housing crisis, a new report has concluded. The report, which was compiled by Tasc, the social change think tank, assessed how the supply of housing in Ireland has been affected by land speculation. Its findings are based on an analysis of development activity after the financial crash, and interviews with developers and state officials. The main finding of the report is that the sale of lands by Nama, which was established in 2009, and the subsequent flipping of those lands, “resulted in speculation that removed land from the hands of those who develop it, [such as] the construction sector”. It added that the activity of Nama ultimately “lengthened and slowed the development supply chain, contributing to Ireland’s housing supply problems”. The report acknowledged that Nama was acting within the mandate it had been given by the government, which was to maximise returns for the state. It added that Nama did invest and add value to its portfolio in some instances through the provision of water and infrastructure. The Tasc report acknowledged that other factors had contributed to the lack of supply of homes to the Irish market. It said the issues with the financial viability of apartments at present and “uncertainties in the planning system” had curtailed supply. The Business Post, 17th April
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Johnson’s Place, Dublin 2 Located within a short walk of St Stephen’s Green and Grafton Street, Textile House on Dublin’s Johnson’s Place is being offered to the market by agent Colliers at a guide price of €6.5m. Measuring 0.148 acres, Textile House currently comprises a two-storey commercial building extending to a total floor area of 11,398 sq. ft. The building is occupied by a mix of tenants with three vacant retail units fronting Johnson’s Place and two two-storey cafe/restaurant units opening on to Clarendon Market. There are three office suites on the first floor with access on to Johnson’s Place. While the occupied units are currently producing a total rental income of €192.1k pa, the selling agent believes up to €511k pa could be achieved. The entire site is zoned Objective “Z5”, the aim of which is “to consolidate and facilitate the development of the central area, and to identify, reinforce, strengthen and protect its civic design, character and dignity”. The Irish Times, 6th April
Fenian Street, Dublin 2 Hibernia Reit has completed the letting of the lower ground floor (2,429 sq. ft.) to French financial services company BGC at 2 Cumberland Place. BGC was represented in its negotiations by Knight Frank. The second floor, extending to 8,785 sq. ft., is reserved which leaves the first floor as the last remaining available floor extending to 8,785 sq. ft. Having acquired the former Cumberland House for €49m in 2015, Hibernia Reit increased the overall office accommodation by 58,000 sq. ft. to 190,000 sq. ft. The Irish Times, 6th April
Fitzwilliam Lane, Dublin 2 Finnegan Menton is quoting a rent of €38 per sq. ft. (€260k pa) for the offices at 61-62 Fitzwilliam Lane in Dublin 2. Located at the heart of the city’s traditional central business district, the subject property comprises a self-contained mews building extending to 6,085 sq. ft. along with six to eight parking spaces that are also being made available to rent for €3.5k per space pa. The office accommodation comes to the market following the completion of a thorough refurbishment. The Irish Times, 6th April
Riverside 2 and Hatch Street, Dublin City Centre Iput has added another two offices to its expanding flexible workspace business in Dublin. After successfully letting its first location at Pearse Street, the platform – called Making it Work – has been supplemented by another 13,400 sq. ft. Iput is expected to scale Making it Work up to c. 5% of its 2.4m sq. ft. estate over the next few years. The latest additions include a 10,200 sq. ft. penthouse floor at Riverside 2, a 73,500 sq. ft. building on Dublin’s south docks, and 3,200 sq. ft. at Styne House on Hatch Street. React News, 7thApril
Sandyford, Dublin 18 Mastercard is considering another major expansion to its new Sandyford campus, according to senior executives. It would bring the financial company’s footprint in Dublin to over 2,000 people from its current headcount of 975. The payments firm officially opened its new campus at One South County, developed by former Trintech founder, Cyril McGuire. While it has already committed to space in the adjacent 104,410 sq. ft. Two South County building, currently under construction, it will now also consider leasing the 45,208 sq. ft. Three South County building next to it. The Irish Independent, 8th April
PBSA, Dublin and Galway Ares Management and Generation Partners have completed the purchase of a student accommodation portfolio in Ireland for c. €150m. The assets will be added to a PBSA platform branded Here! that currently sits over the joint venture’s three existing operational assets in Cardiff, Exeter, and Glasgow. Located within Dublin and Galway, the three buildings comprise 664 beds and are fully occupied for 2021/22 and reside within strong micro locations for student accommodation. US investment fund Bain Capital sold the collection of assets and Cushman & Wakefield advised on the sale, which was dubbed Project Ruby. The €150m acquisition price delivers a NIY of c. 5%. React News, 11th April
Co Louth, Co Meath and Co Cork Aedifica, a Belgian nursing home investor, has grown its spending in Ireland to c. €240m with the purchase of another three nursing homes. The company has bought three newly built facilities at Dundalk in Co Louth, Duleek in Co Meath, and Riverstick in Co Cork for €57m. The homes were developed by Delsk, a Chinese investment group that has raised money from high-net-worth Chinese nationals under the immigrant investment programme. Construction of the nursing homes was completed over the past few months and will almost double the number of beds in the Aedifica portfolio. The Sunday Times, 10th April
Amiens Street, Dublin 1 A hotel development site on Amiens Street is being offered to the market by Knight Frank at a guide price of €12m. The subject site extends to 0.4 acres and has full planning permission for a seven-storey hotel comprising 177 bedrooms. There are also extensive bar and restaurant facilities provided for at ground-floor level. The site is zoned Objective Z5 under the Dublin City Council Development Plan 2016-2022. This designation is set to be maintained under the draft development plan for 2022-2028. The Irish Times, 6th April
Parnell Street, Dublin 1 A Tristan Capital Partners fund has acquired a majority shareholding in Raag Hotels Limited – which owns 10 Point A hotels in the UK and Ireland, including the Point A Hotel on Parnell Street in Dublin city centre – in a €500m deal. The Point A portfolio comprises 1,520 rooms, with 80% of its value in London. Under the new partnership, Queensway, which remains a minority partner, will co-invest and act as hotel operator, asset manager and development partner for future sites. The shareholders have committed significant additional equity to fund the next phase of growth. The team is assessing opportunities to increase footprint in the Irish market. The Irish Independent, 7th April
Bridge St, Tralee The former Dunnes Stores premises on Bridge Street in Tralee town centre has been sold to an unidentified buyer. Real estate agents Property Partners Daly Ó Sé have confirmed that the sale of the long vacant property has been agreed. Neither the price or the identity of the buyer have been revealed as yet. Once one of the town centre’s busiest shops the landmark town centre property has now been vacant for well over a decade. In recent years several retail chains – including Danish furniture chain Jysk – had held talks with the Irish supermarket chain with a view to renting the extensive town centre retail unit. The Irish Independent, 7th April
Blackrock, South Dublin Cairn Homes is to lodge plans in the coming days for a 366-home scheme for Chesterfield, Cross Avenue, in Blackrock, south Dublin. According to a statutory planning notice, Cairn Homes Properties Ltd is looking to build 355 BTR apartments (26 studios, 138 one-bed apartments, 163 two-bed apartments and 28 three-bed units) across six blocks ranging in height from three to eight storeys on the 7.9-acre site, as well as 11 homes for sale. The proposal involves a 67% increase in the number of homes over a previously planned 221-unit Cairn Homes scheme for the Chesterfield site. That proposal secured the go-ahead from An Bord Pleanála but the planning permission was quashed by the High Court in July 2019. The Irish Times, 5th April
Sandyford, Dublin 18 An Bord Pleanála has granted planning permission to fast-track plans to Palemink Ltd for a 190-unit BTR scheme for the former Siemens site at the corner of Ballymoss Road and Blackthorn Avenue in Sandyford Business District, Dublin 18. The scheme will involve two 15-storey high blocks, with 92 one-bed, 86 two-bed and 12 three-bed apartments. Permission was granted over the recommendation of Dún Laoghaire Rathdown County Council planners that it be refused. The Irish Times, 5th April
Clongriffin, North Dublin Irish property developer Twinlite and its joint venture partner Tristan Capital Partners have engaged Knight Frank and Hooke & MacDonald to act as joint agents for the sale of 376 apartments at Clongriffin in north Dublin. According to market sources, the units at One Three North will command a price in excess of €200m. The portfolio is set to come to the market virtually fully let through Twinlite’s digital rental platform Vesta. Completed in July 2020, One Three North represents the first of two phases at the Clongriffin PRS scheme. This element of the development is expected to reach practical completion within the coming weeks. Tristan Capital Partners paid Twinlite c. €130m for the 376 units in a forward purchase deal in 2018. The developer, for its part, took a minority equity stake in the scheme. The Irish Times, 6th April
Kill, Co Kildare Joint agents French Estates and O’Neill & Co are guiding a price of €1.9m for a “ready-to-go” development site in Kill village. The subject holding extends to an area of three acres and comes for sale with full planning permission for 26 new homes and the conversion of the site’s existing structure to a medical centre. The listed building which is vacant was occupied previously by the HSE. The current planning permission allows for a mix of eight large one- and two-bedroom apartments in two blocks and 15 two- and three-bedroom homes including three detached bungalows at the scheme’s entrance. The site is zoned town centre in the Kildare County development plan 2017-2023. The Irish Times, 6th April
Ballynerrin Road, Wicklow Located at Avonvale Manor on the Ballynerrin Road, a 6.17-acre site is for sale through joint agents Lisney and REA Forkin at a guide price of €2.75m. The site has full planning permission for 31 three- and four-bedroom semi-detached and detached houses. Major infrastructural works have already taken place which will ensure speedy delivery of the finished units for the incoming purchaser. In total, 17 of the 31 plots have been fully serviced, with the balance of 14 plots requiring servicing. The lands are being sold by way of formal tender guiding €2.75m. The Irish Times, 6th April
SHD Applications, North Dublin In plans for the townland of Stapolin, Baldoyle, Dublin 13, Lismore Homes Ltd has lodged a €468m application to build 1,007 apartments comprising 563 two-bedroom, four-person units, 247 one-bed units, 94 two-bedroom, three-person units, 45 three-bed units and 58 studios. As part of its compliance with Part V social housing provisions, Lismore Homes Ltd has put an indicative price tag of €92.97m (c. €464.9k per unit) on the sale of 200 residential units to Fingal County Council for social housing.
In a separate application, Hollybrook Homes subsidiary, Kinwest Ltd is to lodge plans in the coming days for 369 residential units for lands around Auburn House, Malahide. The Kinwest scheme is to comprise of 239 apartments, 87 houses and 42 duplex units and Auburn House as one dwelling. The development will consist of 135 one-bedroom duplex apartments, 138 two-bedroom duplex apartments; eight three-bedroom duplex apartments, 47 three-bedroom houses, 34 four-bedroom houses and six five-bedroom homes along with the 11-bedroom Auburn House. The apartment blocks in the scheme are to reach to four, five and six storeys. Decisions are due on the two applications by An Bord Pleanála later this year. The Irish Times, 6th April
Kilmainham, Dublin 8 An Bord Pleanála has given permission for contentious plans for a BTR apartment scheme for Dublin’s Heuston South Quarter (HSQ) that includes an 18-storey block. Last year, HPREF HSQ Investments Ltd lodged SHD plans for the five-block, 399-unit apartment scheme that sparked opposition from the State’s property arm, the Office of Public Works (OPW), the Heritage Council, An Taisce and local residents. The agencies objected over their concerns about the impact the BTR scheme will have on Royal Hospital Kilmainham (RHK) and its gardens. As part of its decision, An Bord Pleanála has ordered that two storeys be removed from two five-storey blocks. The appeals board has also ordered the removal of a large arch between Blocks A and C. However, the board’s permission includes the 18-storey, 154-unit apartment block. The Irish Times, 7th April
Churchtown, Dublin 14 A high-profile development site located between Churchtown and Rathfarnham in south Dublin has been brought to the market with a €2m guide price. Extending to 0.66 acres, the property at 149 Braemor Road comprises a brownfield site currently being used as a car valeting centre and a car sales forecourt. It benefits from 160m of road frontage. Selling agents Savills point out that after a planning application for 31 apartments, 34 car-parking spaces and 92 bicycle spaces was refused by Dún Laoghaire-Rathdown County Council, the vendor appealed to An Bord Pleanála and awaits the Bord’s decision – which was due last month. The site is zoned objective A Existing Residential. The Irish Independent, 7th April
Co Kildare and Co Galway Land Sales In the first quarter of this year only 14 land sales were completed in Ireland, generating €70m. That compares with €107m-worth of deals in the first quarter of 2021. Two Real Estate Alliance agents have brought residential development sites to the market, one in Athy, Co Kildare and the other in Loughrea, Co Galway.
The Athy site extends to 18.55 acres and comes with full planning permission granted in 2020 for 218 houses and a creche. Its mix of one-, two-, three- and four-bedroom houses would also be detached, semi-detached and terraced. REA Boyd is guiding €4.25m (c. €19.5k per average house site). In the Athy area, c. 55 acres of land has been dezoned, curtailing scope for future development.
Meanwhile, in Loughrea, REA McGreal Burke is guiding €1.7m for 9.58 acres of land at Caheronaun, beside the town centre. Of this, 4.94 acres are zoned Town Centre and three acres are zoned residential. Residential is also a use open for consideration on the land zoned Town Centre. A further 1.6 acres are zoned amenity. The Irish Independent, 7th April
Carlow Joint agents Coonan Property and Sherry Fitzgerald McDermott have brought a 14-acre plot piece of land to the market. Situated c. 2km south of Carlow town centre, it offers a residential development opportunity and is guiding €2m. Ten acres of the site have been zoned with a Residential Objective and are ready for a planning application to be submitted. The other four acres are zoned Open Space and Amenity. The lands are being sold by tender on Thursday May 12 at 12pm and guiding €2m. The Business Post, 10th April
Balbriggan, Co Dublin The Land Development Agency (LDA) has submitted a planning application to An Bord Pleanála for a SHD in Castlelands in Balbriggan, Co Dublin. The 62.5-acre site was made available to the LDA by the Housing Agency and will provide 817 homes, subject to planning approval. Situated on a greenfield site overlooking the Irish Sea, the proposed development will include both cost rental and affordable homes for purchase delivered through the government’s Housing for All policy. The planned homes will comprise 24 four-bedroom houses, 381 three-bedroom houses and duplexes, 250 two-bedroom houses and apartments and 162 one-bedroom apartments. This new community will include over 6,458 sq. ft. of retail space, a 9,354 sq. ft. crèche, 1,033 car parking spaces, 1,092 bicycle spaces and c. seven acres of public open space or communal space which will include playgrounds, multi-use games areas and parkland. The Business Post, 10th April
Hacketstown, Co Dublin A planning application for 345 homes on a site in Hacketstown, Co Dublin, has been submitted by the Land Development Agency (LDA). The proposal for a SHD on the 17-acre site near Skerries, which was made available to the LDA by the Housing Agency, will now be considered by An Bord Pleanála. The LDA said the proposed development, on a greenfield site, will include both cost rental and affordable homes for purchase. Public open space, which will include parkland and a new public square, will account for a quarter of the entire site area. The planned homes will comprise 39 three-bedroom houses, 118 three-bedroom apartments and duplexes, 104 two-bedroom apartments and duplexes and 84 one-bedroom apartments. The new community will include a 4,058 sq. ft. creche, 414 car parking spaces, and 746 bicycle spaces. The Irish Times, 11th April
Cherrywood Village, South Dublin Property developer Quintain Ireland has received planning permission for 488 new apartments and duplexes, with a GDV of more than €250m, at its Cherrywood Village development in south Dublin. The developer, which is owned by US private equity group Lone Star, intends to commence construction on the project in June, with the first homes ready for occupation by the middle of 2024. Quintain Ireland plans to deliver 1,300 new homes at Cherrywood Village by 2025. This scheme will comprise a mixture of 427 apartments, and 61 duplexes and triplexes. Permission was granted by Dún Laoghaire-Rathdown County Council. Along with the new homes, there is provision for more than 46,285 sq. ft. of communal amenity space and over 75,347 sq. ft. of public open space. Lone Star purchased c. 118 acres of development land and parks in Cherrywood in south Dublin from investment firms Hines and King Street Capital in 2019, in a deal worth more than €120m. The Irish Times, 11th April
Dundrum, Dublin 16 As part of its social housing obligations under planning legislation, the owner of Dundrum Town Centre is proposing to sell 88 apartments for an indicative price tag of €42.6m (€789k for three-bedroom apartments, €568k for two-bed apartments and €385k for one-bed units) to Dun Laoghaire Rathdown County Council. The proposal under Part V of the 2000 Planning and Development Act represents 10% of the €466m 881-unit apartment scheme that Hammerson is proposing to build in Dundrum. The scheme is to be made up of 11 blocks across four zones and the developers are seeking an eight-year planning permission to complete the plan. The development would comprise 335 one-bedroom apartments, 85 two-bedroom three-person apartments; 379 two-bed four-person apartments and 82 three-bed apartments. It is proposing to sell 46 one-bedroom apartments, 37 two-bedroom apartments and five three-bedroom apartments for social housing. The scheme is to also include 10 retail units, a retail foodstore, four cafe/restaurants and a creche. A decision is due on the scheme in late July and those who wish to make submissions on the proposal have until May 9th to do so. The Irish Times, 11th April
Mount Merrion, Co Dublin Dún Laoghaire-Rathdown County Council on Monday night approved the sale of 1.075 acres at its Mount Anville Depot site in Mount Merrion for €4.5m to the Department of Education to provide a site for a multi-denominational gaelscoil. The sale had been complete “with a view towards the possibility of them [Department] developing a temporary school on the site also, ultimately developing a three-storey, eight-classrooms school on the site”. The Irish Times, 12th April
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Ten Hanover Quay, Dublin US property firm Kennedy Wilson, and its joint-venture partner Nama, have signed a deal with global fintech and payments provider Fiserv for all 68,300 sq. ft. of office space at Ten Hanover Quay in Dublin’s south docklands. The company has committed to occupy the property on a 15-year lease with a tenant break option in year 12. According to market sources, Fiserv has agreed to pay between €55 and €60 per sq. ft. for the property. Located on the waterfront at Kennedy Wilson’s Capital Dock mixed-use scheme, Ten Hanover Quay comprises seven floors of office accommodation housed within a former warehouse and stables. The Irish Times, 1st April
Mespil Road, Dublin 4 French investor Sofidy has paid c. €18m for Fleming Court in Dublin 4. The Paris-headquartered real estate investment manager’s latest acquisition comprises a contemporary five-storey block located just off Mespil Road. Developed originally in 2001 and modernised in 2015, the building, which extends to 29,375 sq. ft., is occupied by seven tenants in total. While the property had been generating c. €883k in annual rental income for outgoing owners, Abrdn, from its existing tenant line-up, there is potential to grow this amount to c. €1.45m pa once the building is fully let. Currently, c. 10,269 sq. ft. of the property’s office accommodation is available to let. Agent TWM handled the sale while BNP Paribas Real Estate acted on behalf of the purchaser. The Irish Times, 30th March
Earlsfort Terrace, Dublin 2 Two office investments with development potential close to the corner of St Stephen’s Green and Earlsfort Terrace in Dublin 2 are being offered for sale in two separate private treaty deals by investment managers State Street and Irish Life.
The larger of the two buildings, St Stephen’s Green House, is quoting in excess of €50m which would reflect a NIY of 5.7%, increasing to 6.2% following the letting of a vacant space. It is let to five tenants, including the OPW, Hayes Solicitors, Aramark and Lisney, and produces a current rent of over €3.12m. The WAULT is 4.25 years to break options. Part of its fifth floor, extending to 5,681 sq. ft., is vacant. However, terms have been agreed to lease this space. In all, this building provides 68,325 sq. ft. of offices plus 106 parking spaces over two basement levels. Its price reflects a capital value of €732 per sq. ft. Joint agents are Savills and Knight Frank.
The neighbouring No. 4, Earlsfort Terrace, which is fully let to three major professional and financial firms – Royal London Insurance, Maples Solicitors, and Alliance Bernstein – is producing annual current income of €772.5k. It’s quoting price of €13m would generate a NIY of 5.5%. No. 4 provides 12,477 sq. ft. of grade-A accommodation over five floors, comes with 15 parking spaces and is currently an eight-storey block. The Irish Independent, 31st March
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Leinster Street South, Dublin 2 Cushman & Wakefield is quoting a rent of €60 per sq. ft. on new flexible lease terms for Trinity Point on the first and second floors of the building and €4k per car-parking space. The modern, predominantly open-plan space comprises c. 17,900 sq. ft. of grade A offices across both floors and is also available on a floor-by-floor basis offering occupiers the flexibility of leasing 8,900 sq. ft. Generous on-site bike storage and shower facilities are also available to occupiers as part of the package. The Irish Times, 30th March
Sandyford, Dublin 18 QRE Real Estate Advisers are quoting a rent of €26 per sq. ft. for newly refurbished offices at Corrig Court in Sandyford, Dublin 18. The offering comprises 20,500 sq. ft. of space split evenly between the second and third floors of the building. Both floors are undergoing refurbishment to CAT A specification and there are 90 car-parking spaces along with secure bike-parking spaces. The Irish Times, 30th March
East Point, Dublin A three-storey office block with development potential in Dublin’s East Point is being offered for sale with a guiding price in excess of €6.25m. Block H at East Point comprises 22,260 sq. ft. of office space, set across three floors and with 60 surface parking spaces on a 0.69-acre plot. Of particular interest is the potential to expand Block H. The Irish Independent, 31st March
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Hatch Street Lower, Dublin 2 Cushman & Wakefield has launched the third floor of 20 on Hatch, a third generation plug and play office on Hatch Street Lower in Dublin 2 to the market to let by way of a flexible subletting/assignment until August 2027. The office is available to let immediately and extends to c. 8,482 sq. ft. It comprises mainly open plan areas with seating in place for c. 72 people with a number of cellular offices and canteen area. There are four basement car parking spaces. The agent is guiding €55 per sq. ft. and €3.5k per car parking space pa. The Business Post, 3rd April
Adamstown, West Dublin Agent Bannon is guiding a price of €1.9m (NIY 7.84%) for a community retail investment opportunity comprising four retail units and a standalone creche at Adamstown in west Dublin. The units, which are below a modern residential development called the Sentinel Building, are occupied by Londis (with a guarantee from parent company BWG), Mizzoni’s Pizza and Pamper Yourself, together with one small vacant unit. The creche is operated by Giraffe Childcare. The annual passing rent is currently €163.4k. The properties extend to a total floor area of 15,264 sq. ft. and have a WAULT to break of 6.43 years and a WAULT to lease expiry of 8.72 years. The Irish Times, 30th March
Ex-AIB Branches, Cork Three former AIB bank branches in Cork city have been brought to the market by Lisney. Most valuable is the purpose-built 3,650 sq. ft. building at 64-65 College Road, with high-quality finishes, and vitally, 12 car parking spaces to the rear, on a 0.2-acre site. Lisney is guiding this property at €1.1m. Next most valuable property is at the junction of Kinsale Road and Pearse Road, Ballyphehane, adjoining a local Mace shop and facing an Aldi. The semi-detached former AIB property facing a busy road junction is part two-storey and part single-storey, with a secure enclosed yard and garden to the rear, plus private tarmac surface car parking to the front, all on 0.2 acres. Lisney is guiding €450k. Meanwhile, the ex-AIB branch on the Blackrock Road is guiding €350k. The Irish Examiner, 30th March
Ferrybank Centre, Kilkenny Dunnes Stores has taken over the ownership of Ferrybank in Kilkenny, a €100m shopping centre that was built in 2008 but has lain empty ever since thanks to a long-running dispute between the retailer and its Nama-backed developer. Derry McPhillips, a Kilkenny developer, bought the lands at Ferrybank in 2000 and his company, Holtglen, began construction in 2007. Dunnes agreed in 2007 to buy a 70,000 sq. ft. unit at the centre and become its anchor tenant. However, it then sought to pull out of the deal in 2009. Nama acquired Holtglen’s loans, which had a face value of €83m, in 2010. Several court cases and arbitration hearings followed, concluding at last in February. Deerland Construction, Holtglen’s parent, sold the centre to Dunnes. Any proceeds will go to reduce its debts to Nama. The Sunday Times, 3rd April
Mountpark Baldonnell, Dublin 22 German-headquartered logistics provider DB Schenker has agreed a deal with Mountpark Logistics to lease the fifth and latest unit (133,806 sq. ft.) to be delivered at the Mountpark Baldonnell campus in Dublin 22. The German logistics specialist had several specific operational requirements that Mountpark facilitated to meet the needs of its end user. Unit D is due for practical completion in May 2022. The agreement of the deal for Unit D means all five buildings at Mountpark Baldonnell, which collectively comprise 1,199,264 sq. ft. of logistics space, have been let or pre-let prior to practical completion. CBRE and Cushman & Wakefield are joint agents for Mountpark Baldonnell. The Irish Times, 30th March
Kilbarry Business Park, Cork A substantial detached industrial premises on 10 acres, located at Kilbarry Business & Technology Park, is guiding €6m. While the bulk of the offering consists of a 104,7000 sq. ft. manufacturing facility, incorporating a two-storey office block, it also comes with a 16,792 sq. ft. warehouse and an onsite effluent treatment plant. The Dublin Hill facility, which is up for sale or to let with Cushman & Wakefield, comes with vacant possession, at a time when vacancy rates are extremely low in the sector, just 1.7% in Cork. The Irish Examiner, 31st March
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Blarney Business Park, Cork Europe’s largest catering equipment suppliers Nisbets are set to double the scale of their operation in Ireland, having just completed a 61,000 sq. ft. national distribution centre deal in Cork’s Blarney Business Park, which is set to have over 400,000 sq. ft. of buildings by year’s end. The company has agreed lease terms on the 61,000 sq. ft. Building 9003 in the 70-acre Blarney Business Park. The Irish Examiner, 31st March
Carrickmines, Dublin 18 Iput plc has made a fresh bid to secure planning permission for its €250m plan for the latest phase of the Park mixed-use scheme for Carrickmines. This follows the property firm lodging a first-party appeal to An Bord Pleanála against the decision by Dún Laoghaire-Rathdown County Council to refuse planning permission for the scheme. Iput is planning to construct a development known as Quadrant 3 at the Park. The scheme comprises a 25.7-acre site made up of 440 residential units, 334,564 sq. ft. of offices and 226,483 sq. ft. of community, retail and leisure facilities, including two supermarkets. No objection was lodged against the scheme, but the council refused planning permission after concluding that due to the significant proportion of residential use proposed within the overall scheme, a satisfactory balance of uses would not be achieved for the site, which is primarily zoned for economic development. The site already has planning permission from 2019 for a neighbourhood centre and 130 residential units and the new scheme will be substantially larger with 80% more office space planned and more than three times the number of residential units. A decision is due on the appeal in July. The Irish Times, 30th March
Dalkey, South Dublin Bartra Property (Dublin) has lodged a first-party appeal against last month’s decision by Dún Laoghaire-Rathdown County Council to refuse planning permission for a mixed-use scheme for the harbour located near Dalkey. Now, the Bulloch Harbour Preservation Association (BHPA) has also lodged an appeal to An Bord Pleanála concerning the council decision. An Bord Pleanála previously granted planning permission for a Bartra Bulloch Harbour scheme in June 2019 but the permission was quashed by the High Court on consent in September 2020 after the appeals board stated that it wouldn’t be defending a High Court judicial review action brought against it by the BHPA. That application was withdrawn and Bartra lodged a new planning application in January. Over 140 objections were lodged against the current scheme and those to object included the Dalkey Community Council and Dublin Port Company. The Irish Times, 30th March
St Andrews Street, Dublin 2 No. 19-24 St Andrew’s Street is being offered for sale by Savills at a guide price of €9.5m. The subject property extends to 21,160 sq. ft., sits on a 0.20-acre site, and comprises a four-storey over-basement building. The first, second and third floors currently consist of a mix of open-plan and cellular offices, with plant machinery and storage spaces available in the basement space. The property is currently owned and occupied by An Post, and is being marketed for sale with the benefit of a new 25-year agreement for lease to An Post of the ground floor and part of the basement with the benefit of vacant possession of the upper floors and remaining basement. An Post has agreed to pay a rent of €350k pa. The Irish Times, 30th March
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Donabate. Co Dublin Due for completion in the coming quarter, the 23-unit Dunrovin portfolio is being offered to the market by Cushman & Wakefield at a guide price of €11m (€478k per unit) with a NIY of 4.6% based on the projected rental income of €630k pa. The 23 units in the Dunrovin portfolio comprise nine three-bed plus study terraced houses, nine two-bedroom apartments and five one-bedroom apartments. There are three additional one-bedroom apartments which do not form part of the sale and these will be allocated by the developer to fulfil the scheme’s Part V obligations to the local authority. There are 32 surface car-parking spaces for the benefit of the development. The Irish Times, 30th March
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Ashbourne, Co Meath Knight Frank is guiding €2.5m (c. €463k per acre) for a 5.4-acre site zoned for housing in Ashbourne, Co Meath. The site is to the rear of the existing Ashewood residential development and near Ashbourne town centre. The entire site is zoned Objective A2 New Residential under the terms of the Meath County Development Plan 2021-2027. Ashbourne, just 19km northwest of Dublin city centre, is a well-established town with a population of more than 12,700. The Irish Times, 30th March
SHD Applications, GDA Cairn is seeking permission for a SHD scheme comprising 621 residential units on a 35-acre site at Hollybanks, Swords in north Dublin. The scheme is made up of 145 one-bed units, 278 two-bed units, 187 three-bed units and 11 four-bed units.
It includes 118 houses and 349 apartments in two blocks ranging in height from two to seven storeys, and 154 duplex units. In a separate SHD, Cairn will seek permission for the construction of 154 apartments at Ballymastone, Donabate in north Dublin. The scheme is made up of 54 one-bed units, 87 two-bed units and 13 three-bed units in five blocks ranging in height from three to six storeys.
In the third case, Cairn is seeking permission for 586 residential units for a site at Coolagad, north-west of Greystones town centre. It comprises 351 two-storey houses, 203 apartments and 32 duplex units. Cairn initially proposed a 607-unit scheme, made up of 405 houses and 202 apartments. However, the developer reduced the number of units after An Bord Pleanála told the company that the proposed scheme required further consideration or amendment. The Irish Times, 1st April
Ballyhooly Road, Cork In its latest SHD decision, An Bord Pleanála has granted permission to Cork firm O’Flynn Construction for the development of 275 residential units made up of 205 houses and 70 apartments at Ballyhooly Road, Ballyvolane, Cork. The three-field site is located c. 450m north of the junction with North Ring Road, on the fringe of Cork city. The Irish Times, 1st April
Dundrum, Dublin 16 Hammerson is to lodge fast-track plans with An Bord Pleanála in the coming days for an 881-unit apartment scheme for Dundrum. Hammerson subsidiary Dundrum Retail GP DAC’s planning SHD proposal is to include a “landmark” 16-storey high apartment block at the northernmost point of the site. The scheme is to be made up of 11 blocks across four zones and the developers are seeking an eight-year planning permission to complete the ambitious plan. The project will consist of 335 one-bed apartments, 464 two-bed apartments; and 82 three-bed apartments. Dundrum Retail GP DAC put its plan to Bord Pleanála for a pre-planning consultation last year. The original scheme comprised 889 units and after further consideration, the developers removed eight apartments from the original proposal. The scheme is to also include 10 retail units, a retail foodstore, four cafe/restaurants and a creche. The developers are also proposing 681 car-parking spaces and 3,087 bicycle spaces. An environmental impact statement (EIS) is also to be lodged with the plans. The Irish Times, 4th April
SHD Applications, North Dublin Plans are to be lodged to An Bord Pleanála for two SHD schemes in north Dublin. Jacko Investments is to seek planning permission at The Lord Mayor’s Public House, Main Street, Swords for the demolition of the existing three-storey pub, restaurant and off-licence and construction of 146 apartments made up of 69 one-bed units, 68 two-bedroom units and nine three-bed units. The scheme is to comprise of four blocks ranging in height from four to six storeys. Previously, the appeals board rejected a 172-unit apartment development for the same site in 2020. The Irish Times, 4th April
Whitehall, Dublin 9 Eastwise Construction Swords Ltd is to lodge a SHD application for 472 units for Hartfield Place in Whitehall, Dublin 9. The scheme is made up of seven apartment blocks rising to eight storeys in height. The 472 units are made up of 32 studios, 198 one-bed, 233 two-bed and nine three-bed apartments. The appeals board has a target of making decisions on SHD within 16 weeks though it can also defer making decisions beyond that time-frame. The Irish Times, 4th April
Blackrock, South Dublin Bartra is planning a five-storey, 39-unit, BTR apartment scheme for Blackrock in south Dublin aimed at older people. In the plans lodged for Woodlands Park with Dún Laoghaire Rathdown County Council, a planning consultant for Bartra Property Ltd said the concept was “to provide high-quality, specialist, age-appropriate housing for older people close to their existing communities, promoting vibrant retirement communities where people can enjoy a healthier and more active retirement”. The scheme comprises 35 one-bedroom units and four two-bedroom units. The council is due to make a decision on the proposed Blackrock scheme in May. The Irish Times, 4th April
Co Meath and Co Westmeath A fully equipped 139-acre dairy farm spanning Meath and Westmeath comes to auction with a guide of €1.25m. The non-residential holding is in three sections, divided by the river and a public road. Parcels of 70-acre and 33-acre are in Milltown, Co Meath, separated by the road. A 36-acre piece is across the river at Killua in Westmeath, connected to the rest of the holding by a private bridge. The property is 1.5km from Kilskyre, 2.5km from Clonmellon and 10km from Kells. The property will be sold as an entire or in lots, all with road and river frontage: the 70-acre, which includes the farm buildings; the 33-acre in spring barley; and the 36-acre Westmeath piece, which has cul-de-sac access off the N52 Kells-Clonmellon road. The entitlements with the holding are being retained by the owner. The holding will be sold by auction at The Headfort Arms Hotel, Kells, Co Meath and online via the LSL Auction platform at 3.30pm on Wednesday, May 11. The Irish Independent, 1st April
Investment Activity, Ireland Investment volume in Ireland during the first quarter of 2022 reached €760m, according to the latest data from JLL. The market has been able to weather the economic uncertainty wrought by the pandemic and is expecting c. €1.5bn of assets to enter the market by the second quarter of 2022, while €1.2bn of investments are under offer. The residential sector buoyed the first quarter of investments, dominating with a 50% share, similar to 2021. This was followed by the industrial sector, hitting 25%, and making it the largest first quarter on record for this asset class, having hit €184m in investments. Offices comprised 21% of the market, and retail with 3%. Among the largest industrial and PRS investments during the period were Project Ruby, a €145m student accommodation portfolio in Dublin and Galway. This was followed by a €128m Primark distribution centre deal in County Kildare transacted by both JLL and Savills as joint agents, and a €85m confidential PRS scheme. React News, 4th April
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Dundrum, Dublin 14 The Land Development Agency (LDA), set up in 2018 to use State property for housing, plans to build more than 1,200 dwellings on the Central Mental Hospital site in Dundrum, Dublin. The Irish Times understands that subject to An Bord Pleanála approval, the agency hopes to begin building there in early 2022. In general, the agency earmarks about 30% – 40% of the properties in its developments for social and affordable housing. It will work out the final mix between private and social and affordable homes at Dundrum as the project is designed. The Irish Times, 23rd April
Cornelscourt, South Dublin An Bord Pleanála has ruled against approving plans for a 452-apartment build-to-rent complex on land formerly owned by Dunnes Stores at Cornelscourt in south Dublin. The plans included 8 apartment blocks, one of which was rising to 12 storeys. It said the level of communal open space is below the minimum standard set out in ministerial guidelines. The number of single-aspect apartments – apartments with windows on one wall only – also contravened the guidelines, it said. The Irish Times, 22nd April
Kevin St, Dublin 2 GLL Real Estate Partners, an affiliate of the Australian investment bank Macquarie Group and Patrizia AG, has completed the acquisition of the Bishop’s Square office scheme in Dublin city centre for €182 million. The current rental income is €7.881 million with nearly 90% of this being generated by the OPW and Tourism Ireland. Other tenants include Starbucks and International Financial Data Services (IFDS). Located on Kevin Street and within a short walk of St Stephen’s Green, Bishop’s Square is a grade-A office building. The property’s overall floor area is 182,774 sq.ft. over seven storeys (€996 purchase price psf). The Irish Times, 22nd April
Dublin 8 Henley Bartra has sold Phoenix House in Dublin 8 to private Irish investors for €16 million. Phoenix House extends to 37,234 sq.ft. (€430 psf) and has the benefit of 61 car spaces. Henley Bartra had paid €8.5 million to purchase the building from Ryanair in 2018. At the time of its purchase, three of the property’s five floors were vacant while the remaining floors were let to the Office of Public Works (OPW) at a passing rent of €365,000. The Irish Times understands that Henley Bartra invested several million euro on a comprehensive refurbishment and upgrade of the building, before letting all three vacant floors to the OPW under a new 10-year lease at a rent of €647,075 per annum, bringing the total annual income to €1.012 million (€27.18 psf). The Irish Times, 22nd April
Harcourt St, Dublin 2 Hibernia Reit has received approval from Dublin City Council for an enlarged office scheme at the current Dublin regional Garda headquarters on Harcourt Street. Designed by Henry J Lyons architects, the scheme will deliver 343,000 sq.ft. of office accommodation on the 1.9 acre city centre site, an increase of 28,000 sq.ft, over the previously approved plans for a 315,000 sq.ft. scheme. It incorporates the adjoining buildings at 39 and 40 Harcourt Street, the former being a Georgian townhouse built in 1800, which will be carefully restored as part of the project. The development is expected to be completed in 2025. Construction is expected to commence in January 2023, after the Garda staff based on the premises move to the new €80 million Garda command and control centre on Military Road near Heuston Station. The Irish Times, 24th April
Leeson St Lower, Dublin 2 QRE Real Estate Advisers is guiding €2.3 million for a fully let investment property at No 43 Leeson St Lower. The property which underwent refurbishment in 2009, comprises a four-storey over-basement terraced Georgian building, which extends to c.3,955 sq.ft. in total (€582 psf). The building is in educational use and let in its entirety to Champlain College Dublin on a 20-year lease from 2008 at a passing rent of €90,000 per annum by way of side letter dated 2012 (€22.76 psf). There is an outstanding rent review dated August 2018. The Irish Times, 22nd April
Dublin 1 Four Dublin retail units sold at auction in one lot for €1.042 million which was €192,000 or 23% over BidX1’s guide price. The units are located in the Quartiere Bloom, Lower Ormond Quay, Dublin 1. For the auction, BidX1 increased the guide price to €850,000 following the departure of tenants from two of the units. The four premises sold have floor areas totalling 2,156 sq.ft (€483 psf). Two of the units are occupied by a hair dressing salon and a coffee shop. Together these two generate combined annual rents of €30,135 including VAT. The two now vacant units had been rented at €32,424 including VAT and were occupied by fashion boutiques. Irish Independent, 25th April
Dublin 15 Dunnes Store has agreed to rent 325,000 sq.ft. of space at Damastown Business Park in Mulhuddart, Dublin 15. Iput, who own the property facilitated a lease assignment from global logistics specialist, Geodis, to the retailer. Dunnes Stores will now occupy the unit on a 20-year lease. The agreement represents the largest logistics leasing deal in Dublin since 2010. Iput acquired the Damastown unit for €36 million in 2014. At the time of the sale, Geodis was paying a rent of €2.5 million per annum for the premises and had more than 12 years remaining on its lease with no break options. The Irish Times, 22nd April
Drogheda, Co Louth Lisney is offering to lease a recently completed industrial building of c.64,487 sq.ft. for €575,000 per annum (€8.92 psf). The building is located within Donore Industrial Estate in Drogheda and has frontage on to both the Donore Road and Matthews Lane South. Donore Road is a well-established commercial hub with easy access to the M1 motorway and with 40km of the Dublin Port Tunnel. The building itself is situated on a site of 3.45 acres. The Sunday Business Post, 26th April
Q1 2020 Dublin Industrial Market 963,640 sq.ft. of industrial space transacted in Q1, 17% behind the 1.19 million sq.ft. that was taken during the same quarter last year. However, this still represents a strong start to the year, sitting above the three-year quarterly average of 807,293 sq.ft. Knight Frank Report, Q1 2020
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Blackrock, Co Dublin The developers of the Frascati Centre in Blackrock, Co Dublin, are looking to more than double the number of apartments planned for the site. The owners of the centre, which recently underwent a c.€30 million programme of extension and refurbishment, have entered into a pre-planning consultation to build 105 apartments on the site located in Blackrock village. The centre has doubled in size and now has more than 170,000 sq.ft. of retail and other uses after its recent refurbishment and extension. In addition to its anchor tenants Marks & Spencer and Aldi, the centre has an extensive retail offering and several restaurants. The Irish Times, 15th April
Kilternan, Co Dublin An Bord Pleanála has given the green light to fast-track plans to construct 197 residential units at a site in Kilternan in south Co Dublin despite concerns from Dún Laoghaire Rathdown County Council. In its recommendation to the appeals board, the council found that the proposal would be premature due to the existing deficiencies in the road network. However, the appeals board concluded the plan would not seriously injure residential amenities. The proposal is made up of 62 houses, 115 apartments and 20 duplex apartments, plus a crèche. The Irish Independent, 15th April
Ringsend, Dublin 4 The National Asset Management Agency (Nama) closed bids for the development of the Irish Glass Bottle site in Ringsend, Dublin on Monday. The State agency had been seeking partners to develop the 37-acre site on the south bank of the River Liffey, thought to be worth up to €130 million before Covid-19 struck, since last year. Proposals were invited to join with Nama and build 3,500 apartments, along with offices and retail on the site. The Irish Times, 21st April
Residential Investment Market Q1 2020 saw the highest volume of Q1 spend ever recorded in the residential investment sector in Ireland. In total, €672 million was invested in the residential sector during the first three months of 2020, compared to less than €115 million invested in the sector during the same quarter last year. The residential sector accounted for 53% of total investment transactions in the Irish market in Q1 2020, with offices comprising 39% of spend in the three-month period by comparison. Forward-commit transactions accounted for 56% of residential investment transactions in Q1 2020 – a similar split to 2019. The remaining 44% of Q1 2020 transactions comprised standing stock trades. CBRE Ireland Residential Investment Marketview, Q1 2020
Residential Market Home completions are likely to fall sharply in 2020 to below 18,000 units, with growth already showing signs of slowing before the coronavirus pandemic restrictions stopped building work, research by Goodbody’s has found. Goodbody Analytics’ BER Tracker said growth in home-building activity slowed in the first quarter of the year to the lowest rate since 2013. New dwelling completions grew by 6% year on year to 4,500 units, compared to 18% growth in the fourth quarter of 2019. That brought the rolling four quarter total to 21,500. The Irish Times, 21st April
Baggot Street, Dublin 2 The Irish Times understands that No 95 Lower Baggot Street has sold for c.€2 million. The mid-terrace Georgian building is already in full office use, however, the site to the rear of the property has the capacity to accommodate the development of a small apartment scheme. Given the properties close proximity to the LinkedIn EMEA headquarters at Wilton Place, the site and property represented a significant residential development opportunity. The Irish Times, 15th April
Capel Street, Dublin 1 Autoaddress, Ireland’s leading supplier of Eircode address solutions, has signed a lease with Inismore Portfolio Limited for the recently refurbished ground-floor office accommodation at 89-94 Capel Street, Dublin 1. While Autoaddress’ new premises had been in use as a bar and restaurant previously, Inismore secured planning permission to convert the property to grade A office space extending to 3,571 sq.ft. Its signing of the lease in Capel Street will see it join the Office of Public Works which occupies the remainder of the building. The Irish Times, 15th April
Charlemont, Dublin 2 Hotel group Dalata has agreed the sale and leaseback of its Clayton Hotel Charlemont in Dublin, Ireland, to German investor Deka Immobilien for €65 million which includes the purchase price of €61.95 million and a rent-free period of one year. The agreement will see the hotel let on a new fully repairing and insuring lease for a 35-year term, with a rent of just over €3 million per annum. The rent will be reviewed on a five-yearly basis. The four-star hotel currently has 187 air-conditioned bedrooms, a bar and restaurant, a fitness suite and meeting room facilities. The Irish Times, 21stApril
Carrigtwohill, Co Cork French asset management company Corum has increased its overall investment in Ireland and Northern Ireland to more than €211 million with the acquisition of the Aldi supermarket in Carrigtwohill, Co Cork, for c.€5.6 million (€328.50 psf). Aldi occupies the premises on a 25-year lease from January 2008 with a passing rent of €451,719 (€26.50 psf). The subject property briefly comprises a ground-floor retail store extending to 17,046 sq.ft. within a larger multi-storey building at the mixed-use Castle Square development. The Irish Times, 15th April
Liffey Valley, Dublin Hines has lodged a €135m plan for a major extension to the Liffey Valley Centre in Dublin. The plan covers a two-storey commercial extension comprising over 503,000 sq.ft. The Irish Independent understands that the new plan is to provide a contemporary mixed leisure, entertainment and retail extension to Liffey Valley that is to be centred around a new landmark feature, a large public plaza and creating a new east-west street at the centre. The proposed extension is to be anchored by two large retail units either side of the public plaza. The Irish Independent, 15th April
Ballycoolin, Dublin 15 A logistics and storage space at Northwest Business Park, Dublin 15, has become available for letting with CBRE quoting an annual rent of €395,600. The unit comprises a total of 55,400 sq.ft and is located in part of TPN House, which fronts onto Cappagh Road in Ballycoolin (€7.14 psf). Its accommodation includes high bay warehousing with a clear internal height of 10 metres. There is significant additional storage capacity by way of an extensive concrete mezzanine with clear height of 3 metres. There are three dock levellers and one grade loading door. The site also has ample communal parking. The Irish Independent, 16th April
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Harold’s Cross, Dublin 6W The German fund, Patrizia AG, has completed its acquisition for €93 million of 166 apartments being developed by the Marlet Property Group at Mount Argus in Harold’s Cross, Dublin 6W (€560,240 per unit). Located next to Mount Argus Park and within close proximity to Rathmines and Rathgar, the Mount Argus scheme extends to 156,076 sq.ft. and comprises a mix of one, two and three bedroom apartments, as well as amenities including a gym, residents lounge, cinema, games area and concierge service. The development also includes a 201-space basement car park. The Irish Times, 8th April
Maynooth, Co Kildare An Bord Pleanála has refused planning permission to the Comer Group for a fast-track application for 120 apartments in Maynooth. In the ruling, the appeals board refused planning to the Comer Group’s Ladas Property Company Unlimited for the 120 apartments on land to the rear of St Mary’s Church, Mill Street, Maynooth, due to potential flooding concerns. The appeals board also refused planning permission after stating that it was not satisfied the plan would not adversely affect the integrity of the EU-protected site, the Rye Water Valley/Carton Special Area of Conservation. The Comer Group was proposing to locate the apartments in four blocks, ranging from three to six storeys. The Irish Independent, 8th April
Cumberland Place, Dublin 2 The Irish Independent understands that Hibernia Reit has pre-let three floors of its 2 Cumberland Place development comprising 24,000 sq.ft. to 3M Digital Science Community. In the first three months of this year, Hibernia secured three new office lettings covering 56,000 sq.ft, adding €3.3 million to its contracted annual rent. The new lettings have reduced the company’s vacancy rate in the in-place office portfolio to 7%, down from 12%. The company’s annual contracted rent now exceeds €66 million, with approximately 90% coming from offices, and the majority of the balance coming from residential properties. It collected 87% of its rent within seven days of its latest quarterly payment date. The Irish Independent, 10th April
Dublin Office Market Office take-up in Dublin during Q1 2020 reached almost 1.07 million sq.ft, the second highest volume of Q1 leasing activity in 10 years. However, some occupier requirements are now being put on hold in light of Covid-19 uncertainty. The report states that it will be Q2 before any material impact becomes evident. 31 office transactions signed in Dublin during Q1 of which 19 occurred in the Dublin 2/4 district. 5 leasing transactions of more than 100,000 sq.ft. were signed during Q1. CBRE Report, Q1 2020
In an opinion piece in the Irish Times, Karl Stewart of Cushman & Wakefield believes that the Covid-19 pandemic may lead to some long-lasting changes in people’s consumer behaviour. Those previously not accustomed to online shopping have, through necessity, shifted to this platform, which could see some areas of retail experiencing a greater shift into ecommerce than before. A recent data study from digital marketing agency Wolfgang Digital found that online transactions rose 44% in March compared with February. However, it is important to note that actual online traffic was much the same, albeit with a move away from higher-value purchases such as travel towards items such as laptops and video games as consumers prepared for the restriction of their movements. In terms of the retail sector and the ongoing debate in relation to online retail, Karl believes that the current lockdown shows us the value of the high street experience, indicating that retailers will ensure there is a deeper integration of their offline and online services to guarantee a more robust business model. The Irish Times, 8th April
Dublin Industrial & Logistics Market Take-up in the Dublin industrial & logistics sector reached c.932,768 sq.ft. in Q1 2020, despite the Covid-19 crisis that developed during March. Total take-up in the first quarter of the year is down 9% on the same quarter last year but 17% higher than the 5-year average. Lettings of industrial buildings accounted for 89% of industrial take-up in Dublin in Q1 with 24 individual letting transactions signed in the quarter. There were 12 sales completed in the first three months of the year, but most were relatively small with sales only accounting for 11% of total take-up in this sector during Q1. Despite the Covid-19 uncertainty that materialised during March, demand for industrial & logistics accommodation increased quarter-on-quarter, with demand for more than 1.45 million sq.ft. of industrial accommodation prevailing at the end of Q1. 8 industrial investment transactions extending to more than €1 million completed in the Irish market during Q1 2020 totalling almost €35 million between them. CBRE Report, Q1 2020
The Sunday Business Post understands that Iput, the Irish property company, is preparing to invest significantly in its logistics portfolio this year after posting profits of more than €100 million. Iput plans to continue the expansion of its Dublin logistics portfolio in 2020. Last year, the firm acquired 47 acres of land, which it said had “attractive growth potential”. The expansion would involve development of an additional 900,000 sq.ft. of space for Iput’s logistics portfolio. Some 280,000 sq.ft. of this space is already in the pipeline. Iput has 2.4 million sq.ft. of logistics space after it acquired 202,000 sq.ft. in 2019. It is the largest owner of logistics assets in Dublin. Iput’s overall net rental income was up 10.4% to €118.2 million last year, compared with €107.1 million in 2018. The Sunday Business Post, 7th April
Celbridge, Co Kildare Rye River Brewing Company has secured €3.33 million from the sale of its headquarters and production facility in Celbridge, Co Kildare. The property is on a 4.9-acre site (€680k per acre) and comprises a 61,000 sq.ft. (€54.59 psf) detached light industrial building with two-storey office accommodation to the front and a substantial warehouse to the rear where the brewery is located. Two leases are in place. Rye River Brewing Company operates its brewery from the premises and occupies the ground-floor offices and warehouse by way of a nine-year internal repairing and insuring lease from October 2019 at a rent of €176,000 per annum. VWS (Ireland), trading as Veolia Water Technologies, occupies offices on the first floor by way of a 10-year lease from January 2018, at a rent of € 84,000 per annum. The lease provides for an open-market rent review at year six and the tenant has the benefit of a break option at the end of years five and seven, subject to six months’ written notice. The Irish Times, 8th April
Covid-19 impact on Ireland A NTMA report on the impact of Covid-19 in Ireland has highlighted that house prices had plateaued in Ireland prior to the arrival of the virus, stabilising 20% below their peak in 2007. The report has also highlighted that although housing supply was below demand, there was evidence that supply was catching up pre Covid-19 with housing completions above 25,000 in 2019. NTMA Report, April 2020
Cork Investment Market Irish and international investors have pumped just over €1 billion into property investment in Cork over the past five years. A CBRE report has found that there were over 90 individual transactions in Cork, or over 17 per year on average over the five year period worth in excess of €1 million. €269 million was invested in the same time span in Galway and €252 million in Limerick between 2015 and end 2019 further highlighting Cork as the top Irish city outside of the capital for funds. According to CBRE, investment volumes for Cork for the year to end 2019 topped €300 million, a 21% year-on-year increase, predominantly led by office and retail transactions, such as the €56 million sale of Mahon Retail Park. The Irish Examiner, 9th April
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Ringsend, Dublin 4 The Irish Times understands that the National Asset Management Agency (Nama) has written to developers who took part in the second round of its tendering process confirming that the deadline for final bids on the former Irish Glass Bottle site in Ringsend, Dublin remains April 20th. It is one of the last large-scale development sites left in the city, with capacity for 3,500 homes, and has been valued at c.€130 million. The Irish Glass Bottle site sold in 2007 for a record €412 million to a consortium that included the now wound up State body, the Dublin Docklands Development Board. The property, which once housed a bottle manufacturing plant, has lain undeveloped since then. The Irish Times, 7th April
Drogheda, Co Louth Lisney is guiding €1.75 million for a site in Co Louth with full planning permission for a 123-bed nursing home. The regular shaped site extends to 1.73 acres (€1.011m per acre) and is located on the northern side of the R166 Termonfeckin Road in Drogheda. It is located 3km north east of Drogheda town centre and forms part of a larger development of 200 residential homes that is currently under construction by J Murphy Developments. As part of the sale, the vendor will construct an access road and provide services to the boundary of the site. In addition, an extensive landscaping plan will be completed. The Sunday Business Post, 5th April
Aungier St, Dublin 2 A number of major site sales have been affected by the Covid-19 outbreak, including the €100 million former Dublin Institute of Technology building on Aungier Street in Dublin city centre. The Sunday Business Post are reporting that the sale of the 2.5 acre campus, which went on the market at the beginning of March, has been put on hold indefinitely. The Sunday Business Post, 5th April
IFSC, Dublin 1 Trinity College Dublin has acquired the landmark Stack B office building at the IFSC for €16 million. Located overlooking George’s Dock, the property comprises 14,000 sq.ft. with a substantial basement of 3,000 sq.ft (€941 psf). Trinity have occupied the building since 2016 having taken an assignment of the original lease held by AIB. The €16 million paid by Trinity is almost double the purchase price paid for the property in 2012. The vendor had been in receipt of €735,000 per annum in rental income from AIB and Trinity over the period. The Irish Times, 1st April
Dublin Docklands The Irish Times understands that Unity Technologies, which recently acquired Irish software company Artomatix, in a deal valued at up to $60 million (€52.8 million), has secured a new office in Dublin’s south docklands to facilitate the expansion of its workforce. Unity Technologies has taken a three-year lease with a break option at the end of year two to take 7,765 sq.ft. of space on the first floor of Dillon Eustace law firm’s headquarters at number 33 Sir John Rogerson’s Quay. It is thought that the rent will be c.€65 psf. The Irish Times, 1st April
St Stephen’s Green, Dublin 2 Cushman & Wakefield is guiding a rent of €45 psf for office space on the fourth floor of Stephen’s Court in Dublin city centre. The subject space extends to 15,586 sq.ft. and is being made available by way of a flexible subletting from the building’s main tenant, Intercom, until July 2021 with an option to extend until 2022. Stephen’s Court is owned by Irish Life and extends to a total area of 95,000 sq.ft. Intercom occupies 51,000 sq. ft. within the building currently and is due to move to its new headquarter office at the Cadenza building in 2022. Other tenants include KBC and DLA Piper, while Starbucks have an outlet on the ground floor. The Irish Times, 1st April
Bray, Co Wicklow The Bray Head Hotel is on the market with an asking price of €3 million through Lisney. The developer and current owner, IDV Developments, recently secured a planning grant to build 44 apartments on the site together with a café bar, a restaurant and a bistro on the ground floor. The existing hotel’s upper floors will be converted to apartments with a new block built to the rear. The scheme involves the partial demolition, refurbishment and reconfiguration of the hotel, including alterations to the front façade. The building has unobstructed sea and beach views looking towards Bray Head and Killiney. The hotel has the benefit of a seven-day publican’s licence and full vacant possession. The Sunday Business Post, 5th April
Hanover Quay, Dublin Docklands Dublin City Council has approved pub group JD Wetherspoons application to convert the former HQ bar and restaurant on Hanover Quay, which Wetherspoon’s bought last year for an undisclosed sum, and amalgamate it with the former Nutbutter restaurant on Forbes Street. However, there is now a question mark over whether it will proceed as a spokesman for Wetherspoon said all building projects were being “put on hold” currently due to the Covid-19 crisis. The Irish Times, 1st April
Roscrea, Co Tipperary TWM have relaunched the sale of the Tesco supermarket in Roscrea with a guide price of €8.8 million. The property comprises a modern detached retail building with supermarket at ground-floor level and car parking at lower ground floor. The property extends to c.46,640 sq.ft. together with 224 car spaces. The property is let to Tesco Ireland on a 35-year full repairing and insuring (FRI) lease from July 1st, 2011. There is a tenant break option after 15 years. The annual passing rent is €950,000 per annum and the lease provides for the rent to be adjusted in-line with the compounded annual proportionate change in the consumer price index after year 10 and five-yearly thereafter. The Irish Times, 1st April
Naas, Co Kildare CBRE is guiding €4.75 million for the Applegreen Service Station at Millennium Park in Naas, Co Kildare. The service station generates €310,000 rental income per annum and is on a 1.41 acre site. Services also include a Bakewell Café, a Burger King and a delicatessen as well as a general shop. Its forecourt accommodates four double-sided petrol pumps, a car and jet wash and heavy goods vehicle fast-filling pumps. The Sunday Business Post, 5th April
Naas, Co Kildare Coldwell Banker is guiding €1.9 million for the Applegreen Service Station on the Sallins Road, Naas, Co Kildare. It generates €130,000 a year in rental income and this will rise to €145,000 in 2021; from 2026 there will be rent reviews every five years at market rents. Sitting on c.1 acre, its two-storey building accommodates a convenience store with an off-licence, a deli with seating area and WCs, an ATM, self-service Launder-Mat, Parcel Motel, automatic truck refuelling, stores, workshop and office. The Sunday Business Post, 5th April
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Blackrock, Co. Dublin Two south Dublin office blocks, Zurich House and Blackrock Hall have been acquired for a reported €10.2m. The purchase is believed to have been funded through senior debt from Finance Ireland and equity from Blackbee. Rents for the two properties (33,584 sq.ft.) generate €845k p.a. in income. Zurich will vacate the buildings in 2021 and there are a number of potential uses for the site including the possibility of converting the properties into a hotel. Irish Times, 24th April
Knight Frank, Dublin Office Market Overview Q1 2019 reports that 1.4 million sq.ft. of office space transacted in Q1, setting a new bar for office occupier activity in an opening quarter of a year. 85% ahead of the take-up achieved in Q1 2018, which itself had set a new record for Q1 activity. The largest deal was the pre-letting of 430,000 sq.ft. at Spencer Place to Salesforce, which was the biggest single letting in the history of the State. The second largest deal was the sale of No.4 & No.5 Dublin Landings to the Irish Central Bank which together extend to 201,000 sq.ft., with completion due for later this year.
Malt House South, Grand Canal Quay, Dublin 2 Plans by a company associated with businessman, Denis O’Brien to construct a five floor vertical extension making Malt House South a nine storey building on Grand Canal Quay in Dublin’s Docklands have been put on hold. The Council informedJepview Ltd that the planned increase in floors at the building “could be overly dominant and would not sit comfortably above the existing protected structure.” The Council also requested that Jepview Ltd respond to concerns expressed by Irish Rail over the plan. Jepview Ltd believe however, that “the contemporary design of the building is deliberately different from the historic structure and will enhance the protected structure below it.” The Irish Times, 25th April
Monkstown, Co. Dublin The McGrath Group has received planning for 56 apartments at the former Richmond Cheshire Home 2.34 acre site at Richmond Park, Monkstown. These will be built in two, four-storey blocks and 24 of the units will be one-bed, 24 will be two-bed and there will be eight three-bed units. The Irish Independent, 25th April
Rathgar, Dublin 6 DNG are listing €2.25m (€570 psf) for a double-fronted period red-brick residence in Rathgar, Dublin 6. 17 Orwell Park, is a two story semi-detached property comprising five bedrooms and five bathrooms covering 3,950 sq.ft. The Sunday Business Post, 28th April
Spencer Dock, Dublin Docklands Johnny Ronan’s Spencer Place Limited, has lodged an application to An Bord Pleanála for a €350m residential development in Dublin’s Docklands consisting of 576 residential units at Spencer Dock. The proposed development would be on a site bounded by Sheriff Street Upper to Wapping Street, Dublin 1. The Irish Times, 26th April
Dublin Property Prices remained flat in the first quarter of this year compared to last year, new research shows, indicating a slowdown in the market. An analysis of the property price register by search engine Perfect Property found that the average sale price of a house in Dublin in the first quarter of 2018 was €417,037 while the average in the same period this year was €418,429, an increase of just 0.33%. The average current listing price on their platform at the start of the second quarter of 2019 fell to €372,000. The Irish Times, 29th April
Airton Road and Belgard Road, Tallaght, Dublin 24 The directors of Power Scaffolding Supplies Limited plan to develop 345 apartments, a crèche and a media and business centre on a site on the corner of Airton Road and Belgard Road in Tallaght, Dublin 24. The dwellings are designed for the build-to-rent market and would be developed in four blocks ranging in height from five to 10 storeys. The apartments will comprise 82 one-bed units, 255 two-bed units and eight three-bed units. The combined floor areas of the apartments and crèche will extend to c. 279,000 sq.ft. The Irish Independent, 25th April
An Bord Pleanála Applications A number of large applications were lodged with An Bord Pleanála under the Government’s fast-track planning rules. Oxley Holdings lodged plans for 697 build-to-rent apartments at Connolly Station car park at Sheriff Street Lower. Parsis Ltd lodged plans with the appeals board for 144 apartments in Sutton. Crodaun Developments Ltd entered a consultation phase with the appeals board regarding their plans to construct 495 dwellings in Celbridge, Co.Kildare. In Cork, HQ Developments are seeking planning for 302 residential units at Horgan’s Quay, Railway Street. Seamus and Evelyn Scally are to lodge planning for 118 build-to rent-apartments on a site bounded by South City Link Road, Rockboro Road and Gasworks Road in Cork city. In Oranmore Co. Galway, Arlum Ltd is to seek planning for 212 units. The Irish Times, 26th April
40 – Tara Street Tower, Dublin 2 A number of potential hotel operators are being considered for Ronan Group Real Estate’s 22 storey Tara Street Tower, including Richard Branson’s new Virgin Hotels. Under the terms of its existing planning permission, the proposed 22-storey building will include a 106-bedroom hotel extending to 47,953 sq.ft. across floors one to four. The Irish Times 24th April
LRC Group has paid c.€150m to acquire 600 residential and commercial assets from Oaktree affiliate, Targeted Investment Opportunities. The deal will see LRC take ownership of hundreds of buy-to-let homes across Dublin, Cork and Galway, as well as a small number of commercial properties. The purchase of this portfolio brings the number of residential properties it owns and controls across Dublin and Ireland’s other main cities to just over 1,600. The Irish Times understands that the portfolio is fully buy-to-let and 80% occupied, with its composition comprising a mix of apartments, houses and a small number of pre-63 period houses. The Irish Times, 24th April
Butterly Business Park, Artane, Dublin has come to the market through agents Quinn & Agnew with a reported asking price in excess of €16.5m. The Business Park spans to nearly 160,000 sq.ft. Currently, rental income is c. €1.4m p.a. with 70,000 sq.ft. of vacant space available. The site also has a ten-year planning permission for mixed-use development, which would consist of commercial space and 178 dwellings. The Sunday Business Post, 28th April
Commercial Property Sector Cushman & Wakefield reports that €2.5bn will likely be invested in the commercial property sector this year, down from €3.2bn in 2018. Cushman & Wakefield expects c. 2.7m sq.ft. of commercial space to be occupied in Dublin by the end of 2019. There was a solid opening to the Irish investment market in the first quarter of 2019, with turnover of €507.8m reported across 29 deals. The Irish Times, 25th April
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Former DIT Kevin Street Campus, Dublin 2 The former DIT Kevin Street campus with a 236,806 sq.ft. collection of buildings on site has been acquired by global institutional investor York Capital and Dublin-based developer Westridge Real Estate for €140m (€591 psf). It is believed that the consortium will deliver a wide-ranging scheme comprising a combination of Grade A offices and multi-family PRS (private rented sector) residential units on the site. A feasibility study suggests it is capable of accommodating one or other of two mixed-use schemes that would extend to 548,959 sq.ft. or 570,487 sq.ft. respectively. Knight Frank brought the property to market last February guiding €80m. The Irish Times, 17th April
The Mall, Beacon Court, Sandyford, Dublin 18 QRE is seeking more than €1m (€310 psf) for an own-door office suite at The Mall at Beacon Court in Sandyford, Dublin 18. Suite 34 extends to 3,230 sq.ft. over three floors and comes with four underground car-parking spaces and a roof terrace. The property was recently refurbished and is being sold with vacant possession. Based on current market rates, the new owners could expect €85,000 pa in rent returning a NIY of 7.9%. The Irish Times, 17th April
Oliver Plunkett Street, Cork The Printworks building at 13-15 Oliver Plunkett Street, Cork standing at 15,074 sq.ft. has been launched on the letting market through joint agents Lambert Smith Hampton and QRE. The floor space spans over three storeys and is laid out in a mix of cellular and open-plan offices. Rent sought is in the region of €15 psf. The Irish Times, 17th April
Dublin Office Market According to the BNP Paribas Real Estate Report, new office deals grew by 66% YoY in Q1 2019. Take up reached 1,434,894 sq.ft. across 57 deals. The largest letting of the period was to Salesforce who have taken 462,848 sq.ft. at Spencer Place in Dublin. Facebook let 172,223 sq.ft. at Nova Atria South in Sandyford. The Irish Times, 18th April
East Village, Clay Farm, Dublin 18 Joint agents Cushman and Wakefield and Sherry Fitzgerald New Homes have been instructed to bring a development of 295 build to rent apartments to market guiding €130m. The proposed development will be located at East Village in Clay Farm, Dublin 18 and will comprise 71 one-bed, 198 two-bed apartments and 26 three-bed duplex units across three separate blocks. Construction will complete towards the end of 2020 and early 2021. When completed the entire development at Clay Farm will include 1,500 homes. The Irish Times, 17th April
Johnstown Road, Dun Laoghaire The Irish Independent reports that the McGrath Group plans to build more than 150 apartments in the Dun Laoghaire area with the first project to be located off Johnstown Road. This scheme will comprise 49 units broken down as 23 one-bed, 21 two-bed apartments, four two-bed duplex units and one three bed unit. The Irish Independent, 18th April
Rathmines, Dublin 6 Lisney is guiding €1.395m (€632 psf) for a 2,206 sq.ft. three-bed, mid terrace period town house located at 4 Seven Oaks, Church Avenue Rathmines. The property also has planning permission for a three storey rear extension. The Sunday Business Post, 21st April
Goodbody BER Housebuilding Tracker estimates that there were 4,255 residential units completed in Ireland in Q1 2019. This represents growth of 22% YoY, a similar rate of growth to that seen in Q4 2018 (+21% YoY), albeit lower than the growth rate seen in H1 2018 (+30% YoY). This growth is in line with Goodbody’s full year forecast of 22,000 completions at this stage, although there are broader signs that we may see a slowing in the rate of growth through the rest of the year. Goodbody’s estimate that apartment completions grew by 64% YoY in Q1. As noted in their Q4 Tracker, planning permissions data was pointing to a large increase in apartment output, although the timing is quite uncertain. At 18% of the total, the proportion of output coming from apartments remains quite small. The Build-to-Rent sector will be the biggest driver of the growth in apartments. Without this investment, Goodbody’s believe that the output in the sector would be much lower in the coming period due to viability and funding constraints. Goodbody Stockbrokers
Munster House Sales According to MyHome.ie there was a 2% increase in 2018 house volume sales compared to the previous years with Cork city and county accounting for 42.5% of this 2% increase. The value of Cork sales increased from €1.36bn to €1.63bn equating to an average of €270k per sale. The value of sales in Limerick rose from €345m to €412m or €197k per sale. The Irish Examiner, 19th April
40 – 47 Fleet Street, Dublin 2 JLL is guiding in excess of €45m for the Temple Bar Inn Hotel along with the ground floor retail unit occupied by Tesco in Temple Bar located at 40-47 Fleet Street. The 101 bed hotel will be sold with vacant possession. Tesco have seven years remaining on their lease. A number of planning permissions have been obtained and there is ability to increase the hotel rooms to 186. The Irish Times, 17th April
North Earl Street, Dublin 1 It is reported that Sports Direct have quietly sold their flagship 48,338 sq.ft. premises on North Earl Street Dublin 1 for c€20m (4.36% NIY). The off market sale and lease back deal took place three years after the property was purchased for €12m. Sports Direct will now have a 15 year lease form February 2019 at €950k pa with a break option in year 10 subject to one years’ notice and rent reviews every five years. The Irish Times, 17th April
GoCar Foxrock, GoCar Carsharing Ltd has confirmed that it intends to provide five shared car club vehicles at the proposed 142 build to rent scheme at Roselawn and Aberdour on Stillorgan Road, Foxrock. GoCar have reported that over 30 builders have made contact with the company since the start of the year for letters of commitment to provide GoCars in new developments. The Irish Times, 17th April
Cork Sunday’s Well The Irish Examiner reports that University College Cork (UCC) has purchased the Former St Vincents’s Church and the adjacent 1.15 acre development site in Sunday’s Well in Cork. Lisney brought the property to market guiding €1.5m or €750k per individual lot. It is reported that UCC purchased the Church and site for less than €1m. The Irish Examiner, 18thApril
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