Exchequer Street, Dublin 2 JLL and Eastdil have been approached by Deutsche Finance International (“DFI”) and BCP Capital to sell the former Central Hotel. One source said the agents plan to put the hotel on the market for around €100m. In July 2019, DFI and BCP acquired the Central Hotel from the Gerry Conlon-led Bridlewood Family Trust. Financial details of the acquisition were never disclosed however the property had been put on the market in October 2018 for €40m. At the time, it had 70 rooms across four floors. DFI and BCP planned to refurbish the building, adding rooms and improving its food and drinks offering. In 2022, DFI and BCP agreed a long-term deal with hospitality group Ennismore to operate the hotel as the country’s first Hoxton hotel. The plan would see the hotel renovated and restored, including its famous Library Bar, and extended to 129 bedrooms. The Sunday Independent, 24th August
Dún Laoghaire, Co. Dublin Downton Ventures Limited has sought planning permission to develop a new REZz hotel near the Dún Laoghaire seafront. The company has applied to DLRCC for permission to change the use of the lower floors of various buildings in the Century Court complex from office to hotel accommodation. The application applies to the first, second and third floors of blocks A and B in the complex, as well as the second and third floors of blocks C and D, a total of approx. 17,500 sq. ft with 71 bedrooms. According to the application, no demolition works would be necessary. An Post, along with several others, are current tenants in the complex, however Downton Ventures stated in the application that these would be unaffected by the change of use, and added that the residential apartments building would also be unaffected. The Business Post, 24th August
Pub Conversions Local authorities have received notification of more than 150 developments turning vacant pubs into housing units since the need for planning permission for such conversions was dropped. In 2018, the Department of Housing introduced new rules removing a requirement to secure permission to convert certain vacant commercial buildings into residential units. In 2022, the exemption was extended to include vacant former pubs. Between 2018 and 2024, local authorities received 1,457 notifications to convert vacant commercial properties into housing units, of which 154 relate to vacant pubs. These 154 conversions could create up to 459 new homes, the department said. The Irish Times, 19th August
Little Island, Co. Cork Unit 1 Nova Business Park has come to market for sublet at an annual rent of €127,195 (€10.55 psf). Unit 1 is one of eight warehouses in Nova Business Park given a comprehensive makeover by Kennedy Wilson after the US investor bulk-bought the units around four years ago, from O’Connell Transport Warehousing, in what was then known as O’Connell Commercial Park. Sherry FitzGerald is acting on behalf of tenant Fáilte Solar, who are subletting the A rated Unit 1. The location is just minutes from the M8 Cork/Dublin motorway via the upgraded Dunkettle interchange (3km away) as Cork city centre. Unit 1, which extends to 12,045 sq. ft, consists of a high-quality ground floor warehouse (11,084 sq. ft), ground floor office (480 sq. ft) and first floor open plan office accommodation (480 sq. ft). The Irish Examiner, 21st August
Harcourt Street, Dublin 2 Kennedy Wilson (KW) has lodged new plans for a nine-storey “mixed-use office-led campus” at KPMG’s current office on the corner of St Stephen’s Green and Harcourt Street that could hold more than 3,000 office workers, as well as a folk music club and refurbished apartments. In the new planning application, KW Investment Funds ICAV is seeking revisions to its office scheme that was granted planning permission at Stokes Place in January 2023. At the time, An Coimisiún Pleanála (“ACP”) granted planning permission to demolish the existing office complex, and to construct an eight-storey office block. In the new scheme, the applicants are seeking permission to add a 9th floor. The new application will add 38,000 sq. ft of office floor space to bring the office space to approx. 439,000 sq. ft. The applicants are also proposing that a permitted retail space of a cafe/restaurant be replaced by an event/entertainment space and “a reimagined 95 Folk Club for young and established folk musicians” is proposed. In addition, nine of the existing Russell Court apartments are to be refurbished as part of the proposals to provide a residential component. The Irish Times, 20th August
Parliament Street, Kilkenny City A bank branch let to Bank of Ireland has been bought by a private investor for its €4m guide price. Generating a passing rent of €263,387 pa, the price equates to a net initial yield of 5.98% which is a keener yield than those achieved for prime Dublin shopping centres at 7.75%. A key attraction for investors in the property is that its lease allows the landlord to receive upwards-only rent reviews with the next due in December 2026. The 0.22 acre site includes a small car-park with frontage on two sides offering future development potential. The building itself extends to about 9,550 sq. ft over two-storeys and a basement, and its layout comprises an open-plan customer banking hall at ground level, open-plan and cellular offices on the upper floor, and ancillary accommodation at basement level. There are also 13 car-parking spaces. The Irish Independent, 20th August
Westland Row, Dublin 2 Colliers has launched 35 Westland Row to the market with a sale price of €3.25m or €45 psf to lease. This four-storey over basement period building, directly opposite Trinity College, has been refurbished in recent years and extends to 5,629 sq. ft. Features include a modern, open-plan floor plate at the rear, which is suitable for co-working, collaboration and event functions. The central location will also appeal to commuters as it is within a minute’s walk of Pearse Street Dart station, a few minutes walk from both Green and Red Line Luas stops and a host of Dublin Bus routes. While primarily suited for office use, its flexible layout could also accommodate educational or medical purposes, subject to the necessary planning permissions. The Business Post, 24th August
Dublin City Conversions Almost €3m was spent by DCC buying two commercial buildings that have been left vacant due to a lack of resources to convert them into social housing. The two 19th-century buildings were bought as part of the council’s “adaptive reuse” programme, a city regeneration scheme designed to combat dereliction and provide homes through the reuse of vacant properties. The adaptive reuse unit was set up by the council in October 2022 and had already assessed more than 500 buildings’ suitability for conversion into homes. Feasibility studies were prepared for 15 conversion projects and the first three properties were bought at a total cost of €6.35m. However, the scheme has been radically curtailed and just one project is proceeding, the adaptation of a Ringsend office block at 14-15 Fitzwilliam Quay, which is attached to a larger apartment scheme. The council paid €3.55m for the offices and plans to convert them into 15 apartments. The council bought Kerr House, a protected structure at 114-116 Capel Street, for €1.7m last year. The top two floors were to be converted into four apartments with the ground floor retained for commercial use. The Bank of Ireland at 371-373 North Circular Road in Phibsborough closed in 2021. The council bought it for €1.1m early this year, with the intention of converting it into four apartments at ground and first-floor level. The Irish Times, 25th August
Kimmage, Dublin 12 Planning permission for the construction of 145 apartments at the Carlisle site in Kimmage has been granted by DCC. The apartments, which will be spread across five blocks ranging in height from three to partially-five storeys, are set to be built to the side of the BD Gym. The apartments will be made up of 70 one-bed and 75 two-bed apartments, which are intended to be built to be sold, the applicant said. A creche will be included in the development as well as 89 car parking spaces and more than 400 bicycle spaces. The planning application was submitted by Lioncor Developments subsidiary, 1 Terenure Land Ltd, whose ultimate parent company is Oaktree Capital Management LP. This is the third planning application for the site. An application for 208 units at the site was quashed by the High Court in May 2025, a further application at this site was granted by the council and upheld by ACP on appeal but is subject to a judicial review. Some 17 planning objections were submitted by residents of the area. The applicants will be required to pay a sum of €1.33m to the council as a contribution to the cost to public infrastructure from the scheme. The Irish Times, 23rd August
Ballymun, Dublin 9 Plans have been submitted for a major new housing development on a site in Ballymun that was once home to some of the area’s most recognisable tower blocks. Tuath Housing Association has lodged a large-scale residential development application with DCC for the construction of 463 new homes on a 7.6 acre site along Coultry Road and Ballymun Road. The proposed scheme includes a mix of apartments and duplex units spread across 10 separate blocks, ranging in height from three to six storeys. The development will include 190 one-bedroom, 226 two-bedroom, and 47 three-bedroom homes, along with community facilities and a crèche. As part of the plans, four existing residential units at Nos 62-65 Coultry Gardens are to be demolished. In addition to housing, the proposal includes a crèche and a cultural or community space. A total of 144 car parking spaces and over 1,000 cycle parking spaces are proposed, alongside green roofs, landscaped open spaces, balconies and terraces. The Irish Independent, 19th August
Wilton, Co. Cork The LDA has been given the green light by Cork City Council to proceed with a major housing scheme, set to deliver 348 affordable homes. The development, on land transferred from the ESB at its Wilton site, will include 296 cost-rental apartments, 16 two-storey affordable townhouses, and 36 social housing units. The site, just off the Sarsfield Road roundabout, was handed over to the LDA in August 2024, with planning lodged in April of this year. The project, which features several five- and six-storey apartment blocks, will also include a crèche, podium gardens, parking, and pedestrian and cycling links. On Wednesday, CCC granted planning permission subject to 51 conditions. The LDA has said that, pending no appeal, construction could begin in early 2026, with the first homes due in late 2028. However, the decision may still be appealed to ACP, which could cause delays. The Irish Independent, 22nd August
Glasnevin, Dublin 11 The number of homes planned for a new suburb at the former Dublin Industrial Estate opposite Glasnevin Cemetery has been revised upwards by 40% to a potential 8,500. DCC last April published the Ballyboggan draft master plan for the development of 6,000 homes within a 185 acre zone, the largest industrial land bank to be regenerated since the Dublin docklands. However, the plans were criticised for lacking ambition in the midst of a housing crisis, with landowners and State agencies seeking the highest possible densities to ensure the maximum number of apartments are built. The area, just 3km from the city centre, is surrounded by the established suburbs of Glasnevin to the east, Cabra to the south, Finglas to the north and the expanding neighbourhood of Pelletstown to the west. More than 140 submissions were made to the council on the draft master plan, most of which called for increased housing density and height on the lands. Many of these were from existing industrial landowners, though Irish Rail and the National Transport Authority, as well as several members of the public, called for maximum densities to be pursued on the site. The Irish Times, 23rd August
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Kevin Street, Dublin 8 Orange Capital Partners, the Dutch investment firm, has been selected as the preferred bidder for Camden Yard, the troubled Dublin development that was placed into liquidation earlier this year. In May, CBRE brought the mixed residential and commercial development site, located at the former DIT campus on Kevin Street, to market on behalf of joint receivers John Boland and Nicholas O’Dwyer of Grant Thornton. A guide price in excess of €90m was attached to the property project, which upon completion, will deliver 299 apartments and 407,000 sq. ft of office space on a 3.57-acre site. The Business Post understands that Orange Capital Partners has been selected as the preferred bidder of eight groups vying for the property. The Dutch property investment firm is understood to have bid slightly above the €90m guide price. The Business Post, 15th August
Whiddy Island, West Cork A quirky mix of farmland and properties totalling 226 acres on the 5,000-acre Whiddy Island, a 10-minute ferry ride from Bantry has been brought to market by Sherry Fitzgerald guiding €4m for the entire lot. Largely in one block with other, separate sites, it has water frontage to Bantry Bay, facing east to the mainland and towards Bantry airstrip, with a pier/slipway. The sale includes up to ten houses, including a restaurant/bar (Bank House) along with archaeological remains, a ruin with planning for conversion and a military battery built in 1804 to defend the bay from French forces. The unique mix of heritage, houses, land, and buildings could suit as a wellness retreat, tourism/hospitality, private retreat, or mixed farm-and-accommodation venture. The Irish Examiner, 14th August
North Wall Quay, Dublin 1 An Coimisiún Pleanála (“ACP”) has upheld DCC’s rejection of RGRE’s planned 17-storey development in the docklands. In February, RGRE firm NWQ Devco Ltd sought a 10-year planning permission for the redevelopment of Citigroup’s current European headquarters at 1 North Wall Quay. The scheme involves the demolition of Citigroup’s existing six-storey office building and the development of four buildings in its place, ranging in heights of nine storeys to 17. ACP found that the scheme’s excessive height, bulk, massing and form would constitute an overly dominant and isolated tall building, one that would be at odds with the surrounding context and would seriously injure the amenity of the Liffey quays and views along the river corridor. The Irish Independent, 14th August
Clonskeagh, Dublin 14 TWM is guiding €7m for Block 9, a vacant 35,869 sq. ft office building located in Richview Office Park, Clonskeagh. Richview Office Park is one of Clonskeagh’s three principal office developments, and is home to a mix of high-profile occupiers, including Flutter, Smurfit Westrock, the Environmental Protection Agency and University College Dublin. Positioned directly off Clonskeagh Road, the park offers strong transport connectivity to both the M50 and N11. Block 9 is centrally located within the park and comes with a minimum of 85 surface car parking spaces. The building’s B2 BER-rated accommodation is arranged over multiple floors and features a modern fit-out with glazed partitioning, two passenger lifts and a large reception area that could serve as a welcoming client-facing space. The Business Post, 18th August
Cork City, Cork Service station and energy provider Corrib Oil is to create 50 jobs and open the first Wendy’s fast food restaurant in Cork. The restaurant will open in Mahon Point Shopping Centre in October, and Wendy’s will use Irish beef and chicken across its menu. Founded in 1987, Corrib Oil currently operates 40 convenience stores with forecourts and 20 fuel depots across 17 counties. The partnership with Wendy’s is a key part of its expansion strategy in Ireland, which aims to more than double its national footprint to 100 locations by 2030 and continue to grow its home heating distribution and fuel card business. The company recently announced the franchise deal with Wendy’s about six months ago. It will see 10 locations open in the next two years with about 300 jobs to be created. The US fast food restaurant chain first opened in 1969 and has grown to more than 7,200 restaurants. About 1,200 of these are located in more than 30 markets outside of the United States. The Irish Times, 18th August
North Docklands, Dublin 1 Spencer Place Residential, a Ronan Group development in Dublin’s north docklands, has been sold to Ardstone for €177m. The transaction is the highest-value residential investment deal in Ireland this year and suggests a higher level of confidence in the sector. Ronan Group acquired the six-acre mixed-use campus in 2016, and subsequently secured the tenancy of Salesforce, in what was described as the largest pre-let ever achieved in the Irish market. Ardstone is now acquiring the development from Spencer Place Development Company, which is a joint venture between the Ronan Group and Fortress Investment Group. Spencer Place Residential represents the final phase of the campus, with 360 private units in two buildings, that include build-to-rent apartments and co-living spaces. The development features a 24-hour concierge, gym, cinema and top-floor lounges, and was designed to support a community of over 700 residents. The Irish Independent, 13th August
Blackrock, Co. Dublin Cairn Homes is to lodge new plans for 252 residential build-to-sell units for one of the few available sites in Blackrock in south Dublin that is suitable for a higher density apartment scheme. Cairn Homes is to seek permission for 236 apartments and 16 houses from Dún Laoghaire-Rathdown County Council for its site at Chesterfield, Cross Avenue. The 236 apartments are to be located in two blocks ranging in height from five to eight storeys while the 16 homes will be five bedroom terrace houses. Cairn has been trying to develop the site for the past seven years and last year ACP refused permission for 355 build-to-rent apartments as it would lead to an over-proliferation of such apartments for the area. The Irish Times, 14th August
Residential Zoned Land Tax The RZLT was first flagged in the 2021 Finance Act as the replacement for the largely unsuccessful vacant site levy and is a 3% levy on the value of undeveloped land. Its aim is to encourage residential development on serviced land amid a housing crisis. In June, Revenue released the first tranche of data on payments for land identified by local authorities as falling under the tax net. The figures show close to 1,800 returns were filed by the end of May, with a combined €40m paid to date. However, close to 60 appeals have been filed to ACP by site owners in the two weeks before the August 1 deadline. This follows a similar trend to last year’s, when over 90 appeals were lodged in late July 2024. Sites earmarked for large housing projects are among the appeals this year, with cases brought by major developers as well as more regional players in several counties. There are also appeals from the company which operates Croke Park, while the owners of a site on the quays in Dublin recently earmarked for the capital’s tallest building also want off the list. The Currency, 12th August
Cork City, Cork Work on Ireland’s tallest tower, an 85m high apartment tower, on the former Sextant pub/Carey tool site, is due to commence next month, with a two-year delivery timeline to September 2027. Railyard apartments, a cost rental led/social housing scheme of 217 homes in a 24 storey tower, in a joint development between JCD Group and Cork City Council on Albert Street/Albert Quay, will be located just 200 metres downriver of City Hall. Currently, Ireland’s tallest tower is the Obel building in Belfast at 85m, with 233 apartment plus offices. Cork’s Railyard scheme will drop from a 24 storey tower to 11 and nine floors with public realm, and will integrate part of the former Blackrock and Passage rail line terminus/heritage buildings. The former Sextant bar was demolished in August 2020. The Irish Examiner, 14th August
Swords, Co. Dublin Glenveagh Homes is considering changes to a 650-home housing development including omitting a number of housing units from the site, and a plan for a 379-unit, mixed-use development on a site near Swords. Glenveagh consulted the local authority on the omission of 196 residential units from the Strategic Housing Development, including 43 one-bed units, 120 two-bed units and 33 three-bed units, across eight houses and 188 apartments, and alterations to the internal road network, car parking, open space and landscaping. It is further gauging the viability of making amendments to the Mooretown Phase 2 development, including the omission of three four-bed houses and changes to the internal road and parking network. As part of the consultation process, it sought the council’s input on a separate plan for a 379-unit, mixed-use development, according to a list of decisions published by Fingal County Council this week. The Irish Times, 19th August
Chapelizod, Dublin 7 ACP has reopened an appeal over a 106-home development next to the Phoenix Park after the High Court quashed its decision to grant planning permission for the complex. The proposed development, which has been sought by Linders of Smithfield Limited, is made up of 96 apartments in two blocks and 10 duplex apartments in a third block, at Quadrant House on Chapelizod Road. The large residential development (LRD) application was made in July 2023, seeking permission to level the Chapelizod Road site and to construct three residential blocks ranging from three to five storeys. The development, which was proposed to have a gross floor area of 105,341 sq. ft, was to include a residents’ gym, a cafe, a communal work space and a basement car park with 84 parking spaces. The development was not set to include any childcare facilities. The Irish Times, 19th August
Shankill, Co. Dublin Work is now underway on the development of new sport and recreational facilities in Shanganagh Park. The plans for the 21 acre site in the 87 acre park met with significant opposition locally, when the project first received Part 8 approval in May 2022. The High Court quashed the decision in a judicial review, forcing DLRCC back to the drawing board. A public consultation organised by the council a year later attracted 1,107 valid submissions, of which 726 were in favour. Some 357 were opposed and others were neutral. Submissions were also received from the National Monument Service, which noted there was evidence of significant archaeological features. Following some amendments, subsequent plans included one full size/two half-size pitches, floodlights, netting, cages, wire fences, a running track, a basketball court and storage containers and were approved by a council vote in February 2024. The Irish Independent, 15th August
Clarecastle, Co. Clare The cost of the clean-up at Roche’s former manufacturing site in Clarecastle has now come to €150.5m over five years. The Swiss pharmaceutical giant has described the work as “one of the largest remediation projects of its type in Europe”. New accounts show that Roche Ireland Ltd recorded losses of €54.9m in 2024 as its spending on decommissioning and remediation continued to mount, following its decision to end manufacturing here. The €54.9m loss includes a combined spend of €48.26m on environmental and demolition costs, which is the highest spend so far on a project that has been ongoing since 2020. Excavation at the first area of environmental concern was completed in January 2024, with 17,500 tonnes of contaminated soil transported off-site in 674 sealed containers to a licensed thermal treatment facility in Holland. Groundwater purification of that area is currently underway. The Irish Independent, 14th August
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Leopardstown, Dublin 18 AIB is in talks to take a lease on Ulster Bank’s former headquarters. The Lender is in early discussions to take the entirety of Building B at Central Park, Leopardstown, a six-storey, 76,000 sq. ft office that served as the head office of Ulster Bank from 2021 until it exited the Irish market. The building, which has capacity for more than 500 staff, is located minutes away from an eight-storey block at Central Park that is already occupied by AIB. The complex is owned by Henderson Park. It is understood AIB wants the space on a short-term lease for a specific one-off project, set to last a number of years, rather than on a long-term basis. The Business Post, 9th August
Dublin Portfolio Blackstone is poised to walk away from its investment in a Dublin office portfolio. Blackstone acquired the five office properties from Starwood in 2020 in a €535m deal. The acquisition was funded by equity from Blackstone, mezzanine finance from Starwood and senior debt from Pimco. It has since sold two of the properties, the Watermarque building and an office on Parkgate Street. It is understood that Blackstone is now ceding control of the remaining three assets in the portfolio to junior lender Starwood, who wrote down the value of its €25m mezzanine loan exposure by 50% in October last year, and took a further 50% markdown this month, reflecting the “continuing challenging Dublin office market dynamics”. The portfolio of properties included the Iveagh Court, the Watermarque Building, 29-31 Adelaide Road and 75 St Stephen’s Green. The properties formed part of a portfolio which Lone Star purchased for €220m from Nama in 2014. The Sunday Times, 10th August
Harcourt Centre, Dublin 2 Last month Iput applied for planning permission to demolish Blocks 2 and 3 of the Harcourt Centre and build an approx. 200,000 sq. ft office led development on the site. The new 11-storey development would replace the existing eight-storey structure on the corner of Harcourt Street and Charlemont Street. In a submission to DCC, Melly SARL, a Luxembourg-based firm linked to Arena Invest that owns Block 4 stated that the project, if approved, will impact the ability of Melly SARL to maximise the future development potential of their property. Further concerns were raised about how Iput’s plans for Block 2 and 3 would negatively impact daylight on the occupants of Block 4. Avestus Capital Partners and Ares Asset Management sold block 4 to Arena Invest in 2020 for €55m. The Business Post, 6th August
Clanbrassil Street, Dublin 8 A company owned by Eamon Waters has sought planning permission for a large-scale student accommodation project in Dublin 8. Blackpitts Residence Unlimited Company plans to demolish the current industrial building at 21-23 Blackpitts, just off Clanbrassil Street, and build a six-storey, 217-bed student housing complex in its place. The plans for the student build also show that the premises would include communal amenity space, a library and study room, a cinema room, and a gym. There are also plans for a rooftop terrace and a café at the ground floor level. The Currency, 6th August
Clonskeagh, Dublin 4 Opponents of a 439-bed student accommodation project near UCD have appealed to An Coimisiún Pleanála (“ACP”) regarding DCC’s decision to grant the development planning permission. The development, led by Harley Issuer DAC, a firm backed by Bain Capital, is at the former Smurfit Paper Mills site, around 1km from UCD. The council granted planning permission on July 3rd. However, that decision has now been appealed by the Eglinton Residents Association on a number of grounds. The group claimed the proposed development was “in contravention of the Dublin City Development Plan”, as it did not conform to the height strategy. The Business Post, 5th August
St Stephen’s Green, Dublin 2 The new owners of the five-star Shelbourne Hotel in Dublin will begin a €50m upgrade of the property from late October. This will involve renovating 226 of its 265 rooms as part of a year-long refurbishment programme. The Shelbourne, which opened its doors in 1824 was acquired by Archer Hotel Capital in 2024 for a reported €260m. Archer also owns the nearby Conrad hotel. The refresh of the guest rooms will be led by Kenmare interior designer Bryan O’Sullivan, whose previous projects include work on Claridge’s, The Connaught, and The Berkeley hotels in London. The Irish Times, 7th August
Nationwide Europcar has launched three new locations in Dublin, Tipperary, and Donegal, following a €100m investment across its services in Ireland. The company said the move reflects its broader commitment to growth beyond just these new locations. The new branches, which are already open, have generated 15 new jobs at their locations in Sandyford, Clonmel and Donegal Airport. In addition to the new locations, the company has revamped its Cloghran location in north Dublin, transforming it into a dedicated B2B and Van Centre. Rte.ie, 6th August
Dock Road, Limerick The LDA has announced plans to develop 285 affordable homes on land acquired from Gas Networks Ireland. Construction on the site will begin in 2027, subject to approval. The site is at The Gasworks, beside the Dock Clock, less than a 15-minute walk from Limerick City Centre. The proposed development will include 142 one-bed, 127 two-bed and 16 three-bed apartments across three blocks, ranging from one to eight storeys in height. The plans also include provisions for a new public plaza, landscaped gardens, communal spaces, play areas, retail units, a childcare facility, a provision for bicycle spaces and car park spaces at surface level. The Business Post, 9th August
Clonakilty, Co. Cork A land sale close to €4.75m has been agreed on 15 acres with planning for 92 homes, and with an application for a further 20 units to come. Hodnett Forde Agents has closed the transaction to a Dublin-based developer, who aims to deliver up to 112 units via a local builder, with planning already in place for 92 units, a mix of two, three and four-bed homes. The off-market sale, equivalent to almost €400,000 an acre, is one of the largest in the region for some time. The Examiner, 6th August
Clonakilty, Co. Cork A revised application was made in June 2025 on a large-scale residential development of 246 units (to include 50 social units) on approx. 19 acres, west of the Clonakilty Park Hotel, near Lady’s Cross and the agricultural grounds where Tesco has signalled plans for a store. The application is from HB Clogheen Developments Ltd and includes 170 houses, 69 apartments in three blocks, and a creche. A previous application was lodged in late September 2024. The planning file shows letters expressing concern about access/traffic given the scale of the proposed development, possibly the largest in a single application in any West Cork town. The Examiner, 6th August
Rathnew, Co. Wicklow Plans for 87 homes, a creche and a sports pitch in Rathnew have been submitted to Wicklow County Council by Durkan Broomhall Developments Limited. The site is situated to the south of Kirvin Hill and Waverley Drive residential estates on the southern edge of Rathnew village. It extends to approximately 13.2 acres. The proposed development will contain 50 three-bedroom homes, 12 with two bedrooms, five with four and two with just one bedroom. The homes will be a mix of houses and duplexes/maisonettes. The development will also include an approx. 1,720 sq. ft creche, a sports pitch with an 800 sq. ft clubhouse, internal road network, 175 car parking spaces, 2 drop off spaces, cycle parking and stores. The Irish Independent, 5th August
Balally, Dublin 16 Westleton is facing an appeal against its permission to build a seven-storey residential project at Balally after local residents appealed DLRCC’s July decision to grant permission for the development. Westleton initially wanted to build a nine-storey development to accommodate 100 units. The council granted permission on condition that floors two and three were removed, ensuring it was in accordance with the area’s “height strategy”. That reduced the unit count to 71, with a combination of one, two and three-bed apartments and six studio apartments. However Marston Planning Consultancy, on behalf of the Wedgewood Residents Association, has now appealed the decision to ACP, according to recently filed documents. The case is due to be decided by ACP by November 13th 2025. The Business Post, 5th August
Development Land The sale of land for development in the Greater Dublin Area and the regional centres of Cork, Galway and Limerick sank to its lowest level in more than two years in the second quarter. Sherry FitzGerald’s report shows the second quarter was significantly quieter than the previous three-month period, with spend totalling about €111m. That figure covers a total of 17 transactions, which was the lowest number seen since the first quarter of 2023. On top of that, the value of the land transacted was only about half that which changed hands during the same period last year. When combined with what was robust activity in the opening quarter, turnover for the first six months totalled €372m, which was greater than the long-term average of €328m, but also 15% below last year. The report suggested policies recently announced by the Government to address the housing crisis are likely to have “delayed decision-making” among stakeholders. The Irish Times, 11th August
Dublin Derelict Buildings The number of derelict buildings in Dublin city has increased by almost 80% in the last four years. DCC’s Derelict Sites Register, which tracks properties in the capital that have fallen into a dilapidated state, shows a jump from 74 at the end of January 2021, to 131 in July of this year. DCC has said that almost €9.9m in fines for dereliction are outstanding in 2025. Rte.ie, 5th August
Waiver Scheme Extension The Government is to provide €250m to support the extension of a waiver scheme. The scheme was introduced in April 2023 and waived development fees charged by local authorities for the cost of roads and other public infrastructure. The waiver scheme also pertains to a refund for Uisce Éireann water and wastewater connection charges. The proposed end for the waiver, which was due to occur in December this year, was widely blamed for a large fall-off in housing construction. It was extended in April last year to December 2026. The money allocated to the waiver scheme is part of an allocation of €696m announced by the Cabinet last week for housing. Some €184m is being allocated for social housing, with €100m to Approved Housing Bodies and €84m provided to local authorities to support their construction of new social housing. A further €114m will be directed to Approved Housing Bodies under the Cost Rental Equity Loan scheme. Another €14m is being allocated for private sector cost-rental development under the Secure Tenancy Affordable Rental scheme. Minister for Housing James Browne said the funding will deliver 4,600 new social and affordable housing units. The Irish Times, 11th August
Dublin Airport In plans lodged with Fingal County Council (“FCC”), DA Terminal 3 Ltd is seeking planning permission for four aviation-related cargo handling units to operate on a 24 hour, seven days a week basis and ancillary office space on a 30-acre site. In a cover letter lodged with the plans, CWPA Planning and Architecture state that the proposed development was a first but independent phase, within an overall longer term development proposal for DA Terminal 3 Ltd’s landholding. These “include the development of Terminal 3 and the overall development of the western campus”. They state that the overall landholding extends to 263 acres and that DA Terminal 3 is also working with key stakeholders and landowners to advance the western access road, the delivery of which is a significant objective of the Dublin Airport Local Area Plan. CWPA’s report confirms that DA Terminal 3 has engaged with FCC on its strategic vision for the lands. The Irish Times, 29th July
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Pub Sector Ireland has lost approx. a quarter of its pubs in the last 18 years as more and more publicans abandon the trade. Approx. 2,000 pubs have shut their doors since 2005, with the decline accelerating since the pandemic. Rural pubs were particularly hard hit and while the country as a whole lost 22.5% of its pubs over the period, Dublin fared best, with 3.4% of the capital’s pubs shutting down. The trends are revealed in a new study from the Drinks Industry Group of Ireland (DIGI), which describes the rate of closures as “alarming”. The industry is calling for a reduction in excise duty on alcohol in the upcoming budget to help boost trade. In total, 1,937 pubs shut down since 2005, an average of 114 a year, although the annual average rose to 152 since 2019. Currently, 6,680 pubs remain in business. The Irish Independent, 23rd August
Dalata Performance Hotel revenues across the Dalata group climbed 29% to €284.4m in the six months to June with room revenues well in advance of the same period last year. Profits before tax slipped 3% to €42m amid a 5% rise in central costs to €7.2m. Looking ahead, Dalata said it expects revenue per available room (Revpar) for July and August to be approx. 5% in advance of the same months last year. The average nightly price of a room across Dalata’s portfolio of hotels in Ireland and Britain jumped approx. 10% to €139.50 from €126.89 last year, with the group achieving like-for-like Revpar of €112.09, up 23% from 2022. Revenues across Dalata’s Dublin portfolio were 35%, or €38.8m, in advance of the first half of 2022 at €149.4m. The Irish Times, 29th August
Ulster Bank Branch Network Ulster Bank has instructed Cushman & Wakefield to dispose of the second tranche of properties from its former bank branch network. The sale of this phase comes just over two months on from the bank’s move to dispose of 18 of its premises as part of its ongoing withdrawal from the Irish market. While the first tranche was largely comprised of buildings in suburban Dublin and large provincial towns, the latest phase of 16 properties includes a number of landmark premises in Dublin city centre. The sale comprises 14 freehold/long-leasehold interests in high-profile pitches across the country. In Dublin these include: Baggot Street Lower; Camden Street; Walkinstown Cross; Tallaght, and Dún Laoghaire. Moving beyond the capital there are properties available in Naas and Newbridge in Co Kildare; Mullingar, Co Westmeath; Blessington, Co Wicklow; Longford; Monaghan; Limerick; Nenagh, Co Tipperary; and Sligo. The subject properties range in value from approx. €250k to more than €2m for the significant corner profile building on the corner of Baggot Street Lower. The Irish Times, 23rd August
Tesco Ireland is to spend €80m in its current financial year on eight new store openings and the upgrade of dozens of existing shops. The investment will be used to open eight new Tesco Express stores, carry out significant upgrade projects for 50 stores, and for maintenance across the store network. A Tesco Express will open at a new large apartment development, Two Oaks, in Rathfarnham, Dublin, next month, bringing Tesco’s estate to 167 shops in Ireland. Three more Express stores will open in Dublin by the end of the year, as well as other stores in Cork and Waterford. The Irish Independent, 27th August
Exchequer Street, Dublin 2 American Vintage, a French fashion brand, is to open its first standalone store in Dublin. The company has taken a lease of 32 and 34 Exchequer Street, close to the shopping strip of Grafton Street. A planning application to Dublin city council last week sought permission to add the American Vintage branding to the front of the store. The Sunday Times, 27th August
Office Market, Cork An analysis of the Cork office property market for the first half of the year revealed significant growth driven by the expansion of the HSE, according to Savills. New figures show a 19.4% increase in H1 2023 take-up compared to the same period in 2022, with a total of 196,400 sq. ft recorded. The expansion of the HSE played a major role, contributing to 56% of the deals in H1. One of the prominent transactions was at the Westfield Office Quarter, Ballincollig, where the HSE leased 64,000 sq. ft of space which had been vacant since its completion in Q4 2019. Headline rents in Cork remained stable at €32.50 per sq. ft. However, the vacancy rate for H1 2023 stood at 13.7%. The Business Post, 25th August
Grange Castle Business Park, Dublin 22 Data centre REIT CyrusOne has sought planning permission to construct a new data centre in Dublin’s Grange Castle Business Park. The planning application includes a request to demolish a single-storey house to make way for a two-storey data centre, delivery bays and a three-storey office block. Both buildings will have a gross floor area of 381,320 sq. ft. A decision from South Dublin County Council will be made this September. React News, 24th August
Park West Industrial Park, Dublin 12 Silent-Aire has completed two new lettings at Park West Industrial Park, Dublin 12 through CBRE. The company designs, engineers, manufactures and services modular data centres. The company has taken space at adjoining buildings, Unit SB1 and S2 at Park West Industrial Park on the Nangor Road. The units extend to 40,000 sq. ft and just over 67,500 sq. ft respectively. They have both been secured on new long-term leases. The company also occupies several additional buildings in Park West and was already one of the largest occupiers in the campus prior to the latest deals being agreed. The Business Post, 25th August
Housing Commencements Local authorities reported over 500 more homes commenced in July of this year than the same month in 2022, new figures from the Department of Housing show. In total, local authorities received commencement notices for 2,985 new homes in July 2023, an increase of 22.4% on the 2,438 new homes commenced in July 2022. The figure is also an increase on the 2,574 new homes commenced in June of this year. The Department of Housing says that 18,546 homes have been commenced in the first seven months of 2023, an increase of 11.8% on the same period last year. Approx. 11,010 of these are in the Greater Dublin Area. In 2022, 29,957 new homes were commenced in the State throughout the year. In 2021, the Government estimated in its Housing For All plan that 33,000 new homes would be required each year up to 2030. With five months remaining in 2023, 14,454 homes will need to be built to reach that target. The Irish Times, 24th August
Residential Market There is a “strong rationale” for treating the provision of mortgages as separate to other forms of lending, according to the head of the Institute of Professional Auctioneers and Valuers (Ipav) – an industry body representing auctioneers and real estate agents. Pat Davitt, Ipav chief executive, has said the government must give urgent consideration to products outside of those offered by pillar banks in order to make low interest mortgages widely available, as he called for sweeping measures to tackle housing affordability in October’s budget. According to Ipav’s most recent Residential Property Price Barometer, which examined the price of three- and four-bedroom houses and two-bedroom apartments in Ireland, selling prices for such units increased by 2.05% in the first half of this year. The Business Post, 28th August
South Docks, Cork Cork City Council has granted planning permission to O’Callaghan Properties for 1,325 homes on the former Gouldings site, off the South Docks. O’Callaghan Properties – through its subsidiary, Leeside Quays Limited – applied for planning in June for the residential units, comprising apartments and duplexes, on a 14.8-acre site at the former Gouldings fertiliser plant, with the city council granting planning permission in the last few days. The project will involve the construction of 658 one-bedroom units, 465 two-bedroom units and 202 three- bedroom units. The Irish Times, 28th August
Balbriggan, North Co Dublin Residents of Balbriggan have claimed that the North County Dublin region lacks the adequate resources needed to accommodate a new €251.5m residential scheme, which would see over 564 units added to the area. Over 90 objections have been lodged against the Large Scale Residential Development scheme with Fingal County Council. Dean Swift Property Holdings UC is seeking a 10-year planning permission to build 378 houses, 102 apartments and 84 duplex units on a site off Flemington Lane. A decision is due next month. The Business Post, 28th August
New Planning Bill A controversial Bill addressing systemic problems in the planning process and long delays in the completion times of developments will be enacted by Christmas, Minister for Housing Darragh O’Brien has said. The Planning and Development Bill runs to over 750 pages and is the third largest piece of legislation to be published in the history of the State. It includes a number of changes designed to accelerate building during the housing crisis, including fines for breaches of mandatory planning deadlines, and placing new limits related to the standing of parties to take court cases. The draft Bill extends the duration of a development plan from six years to 10 years, with a further two-year extension in exceptional circumstances. It will also provide for a new Coimisiún Pleanála to replace An Bord Pleanála. The Bill also provides that those bringing judicial review applications must have a “sufficient interest”. The Irish Times, 24th August
Mortgage Activity A record number of first-time buyer mortgages were approved in the year to the end of July, according to the latest data from the Banking and Payments Federation Ireland. Approx. 2,918 mortgages were approved for first-time buyers in the month, the industry body said. This brought the volume of first-time buyer mortgages to 29,754 for the year to the end of July, with a combined value of approx. €8.4bn. This represented a record annual high. Of the 4,747 mortgages approved in July, 1,148 (24.2%) were mover purchases. The number of mortgages approved fell by 0.4% MoM, with a 9.7% decline in approval rates when compared with July 2022. The value of mortgages approved for July was €1.36bn, of which €837m (61.7%) was for first-time buyer mortgages. This value of mortgage approvals saw no change MoM but fell by 6.7% YoY. Mover purchasers’ mortgages were valued at €391m (28.9%), bringing the total to €3.9bn for the 12 months to the end of July, the highest figure recorded since this data set began. The Irish Times, 25th August
Tax Breaks The Government will be offering tax incentives to small landlords to remain in the rental market, according to Minister for Finance Michael McGrath, who said the exact details of the plan have not yet been finalised. Mr. McGrath confirmed the details of a report which stated that Minister for Housing Darragh O’Brien was continuing to push for a tax break for small landlords as well as “a backstop” incentive for developers to keep building apartments. Under this backstop measure, the €450m Croí Conaithe scheme announced last year would be extended in an effort to boost the number of apartments for sale, with the State subsidising developers to the tune of €344k per unit. The State would buy apartments that developers cannot sell on the open market and then lease these on a cost rental basis in an attempt to help developers secure funding and increase the rental housing stock. The Irish Times, 28th August
Construction price inflation for commercial developments has moderated significantly over the past year, new figures show. The latest tender price index from the Society of Chartered Surveyors Ireland (SCSI) found that the price surges being driven by spiking energy costs and supply chain issues are beginning to ease. The report found commercial construction tender prices rose by 2.4% in the six months to the end of June 2023. This was down from 3.7% in the second half of 2022. Inflation has fallen significantly over the past year. Between July 2021 and June 2022, commercial construction tender prices rose by 14%. This was the highest 12-monthly inflation recorded since the SCSI started the index 25 years ago. The rise in building inflation had been blamed for cost spikes on major developments such as the National Children’s Hospital in Dublin. The SCSI said the main issue facing commercial building firms is now finding enough skilled staff to man sites. The Irish Independent, 25th August
Construction Contract The contractor behind the National Children’s Hospital, which is at the centre of a dispute over costs, is in the mix to win a €140m public-private partnership contract from the government to design, build, finance and maintain buildings at universities. BAM is one of four shortlisted in June 2021 for the tender process for buildings at universities in Waterford, Limerick, Letterkenny, Galway and Carlow. The National Treasury Management Agency has yet to announce a winner. Enbarr Partnership, a joint venture between contractor JJ Rhatigan and Obrascón Huarte Laine and Macquarie, the Australian investor, was also shortlisted. The other companies shortlisted for Higher Education PPP Bundle 2 are John Sisk, the builder, which teamed up with Equitix; and Sacyr Kajima, a joint venture between Kajima, a Japanese real estate investor, and Sacyr Ireland, a Spanish firm. The Sunday Times, 27th August
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Blanchardstown, Dublin 15 AIB wants to sell its €170m senior debt facility that is secured against Blanchardstown Shopping Centre in west Dublin. The bank has instructed Alantra to solicit offers for the position, which forms part of the wider €550m senior debt syndication on Blanchardstown. Following a sharp fall in value of the centre under its current ownership, AIB is understood to be willing to sell the debt, which matures next year, at a discount. The move comes as Goldman Sachs, the centre’s owner, is considering a sale of the asset for less than the value the US investment bank paid for it just over two years ago. Goldman is expected to seek approx. €650m for the Blanchardstown Shopping Centre, with the sale likely to come forward early next year. React News, 21st August
St Patrick’s Street, Cork Carroll’s Irish Gifts will take over the ex-Oasis property at 48/49 St Patrick’s Street, on the corner with Princes Street. Carroll’s has just started a store fit-out on St Patrick Street at its new ‘Oasis’ base, with 1,900 sq. ft at ground level and return frontage in a prime trading pitch. Bannon acted for owner Irish Life, seeking a rent of over €200k pa on a 10-year lease, with JLL acting for Carroll’s Irish Gifts. The Irish Examiner, 18th August
North Wall Quay, Dublin 1 Retailer Dunnes Stores has begun work on the fit-out of the anchor tenant unit of the Point Village development on North Wall Quay, Dublin, 15 years after the Irish supermarket chain agreed to do so in a deal with developer Harry Crosbie. The dispute between his former company, Point Village Development Ltd (now in liquidation) and Dunnes Stores has raged in the courts ever since, with the High Court at one stage directing that the fit-out begin, but Dunnes then securing a stay on that order. However, a notice that work was finally to commence on the unit was lodged on behalf of Dunnes Stores with Dublin City Council earlier this month. The Irish Times, 18th August
St Stephen’s Green, Dublin 2 Plans for a new 61-bedroom hotel close to St Stephen’s Green in Dublin are facing local opposition. Last month, Grafton Residence UC lodged plans for a new eight-storey hotel on a site known as Textile House at Johnson Place and Clarendon Market. The new hotel would be managed from the nearby 127-bedroom Grafton Hotel and represent an expansion of the Sretaw Hotel Group. The Irish Times, 16th August
Temple Bar, Dublin 2 The owner of The Temple Bar has lodged an application for a new hotel in the area. Chambers Properties Ltd has applied for permission for a new 47-room boutique hotel facing on to Dame Street and Eustace Street in Dublin. The application involves the change of use of a building known as the Shamrock Chambers. The five-storey over basement building currently houses a vacant restaurant, unused offices and a shop. A decision is due on the application next month. The Irish Times, 15th August
Irish Tourism Industry Confederation (ITIC) report The State should help subsidise the construction of thousands of hotel beds in regional areas, the ITIC has said. A report published by the group called for a range of interventions, such as a commercial rates waiver in certain locations. However, the group did not give estimates of how much these measures could cost the State. The ITIC report estimated that 11,500 additional tourism beds will be required in the next decade if Ireland is to meet projected tourism demand. There are approx. 67,000 hotel bedrooms in the country. It estimated that international tourists will jump from the pre-pandemic peak of 9.7m in 2019 to more than 13m in 2032. The measures recommended in the report include tax breaks aimed at regional tourist developments, changes to planning and regulation to facilitate building in “targeted areas” and commercial rates holidays in certain areas. The Irish Independent, 18th August
Rosemount Business Park and Dublin Airport Iput Real Estate is selling two warehouses for in excess of €40m. KKR and partner Palm Capital have agreed terms to buy the assets – a 270,000 sq. ft Dunnes Stores logistics facility at Rosemount Business Park and a warehouse leased to DHL at Dublin airport. The two warehouses, let to the grade A covenants of Dunnes and DHL, will provide ample asset management opportunities to Palm Capital and KKR. Currently let off low rents compared to relevant estimated rental values the duo are expected to enhance each facility with ESG-focused improvements. React News, 18th August
Molesworth Street, Dublin 2 London-headquartered law firm Simmons & Simmons is gearing up to expand its presence in the Irish market, signing a lease on a new office that will give it the capacity to double its workforce here. The firm, which has 55 employees, is planning to relocate to One Molesworth Street, near Leinster House in central Dublin. It has been based at Grand Canal Dock since 2019, having opened in Dublin in May 2018. The 13,100 sq. ft office is located on the fourth floor and will have the potential to accommodate 120 staff, the firm said. The Irish Times, 16th August
Middle Abbey Street, Dublin 1 Primark is preparing to launch a hunt for a development partner to transform Independent House, on Middle Abbey Street in Dublin city centre, a decade after the company bought the 75,000 sq. ft property for approx. €6m. According to market sources, the company wants to turn the 1920s building into a hotel or offices. The five-storey building has remained vacant for 20 years. The Sunday Times, 20th August
Clifden, Co Galway A new State-run nursing home is set to cost four times more than those built by the private sector, a representative group for nursing home operators has claimed. Nursing Homes Ireland (NHI), which represents private operators, has accused the Government of spending “extortionate” amounts of taxpayers’ money to develop public facilities when compared to what their members have spent building new homes. The intervention comes after Minister for Older People announced €35m for development of a 40-bed nursing home in Clifden, Co Galway. NHI said this worked out at around €880k per bed, while a report drafted for the representative group by PWC found private nursing homes in rural areas could be built for €162k per bed. The new facility includes 40 beds comprising 20 long-stay beds, 10 dementia-specific beds, and 10 short-stay beds including for respite and step-down care. The Irish Independent, 21st August
Student Accommodation More than 1,000 new student beds will be provided under a Government scheme to subsidise the cost of accommodation but none will be available for the coming academic year. In November, Minister for Further and Higher Education announced the Government would intervene for the first time in the provision of student accommodation, given the acute shortages in the sector. The priority was to activate projects that had planning permission but were stalled due to rising construction costs and financing. Figures provided by the Department of Further and Higher Education reveal that the State has provided up to €61m in capital and current funding to unlock the development of 1,072 beds in four universities. The Irish Times, 16th August
Housing Construction Two development companies have drawn up plans for two Large Scale Residential Development (LRDs) schemes totalling more than 1,000 units in Dublin commuter counties. In one scheme the Irish arm of the Comer Group is to lodge plans in the coming days for 716 dwellings on lands around Dunboyne in Co Meath. In a planning notice published on behalf of Comer Group subsidiary AZRA Property Company Ltd, the firm is seeking a 10-year planning permission for an LRD comprised of 517 apartments in eight blocks ranging from four to seven storeys. The LRD scheme is to be constructed on a 42-acre site in the townlands of Castle Farm, Ruskin and Clonee. It would also include 155 two-storey houses. There would be eight two-bedroom homes, 69 three-bedroom homes, 74 four-bedroom homes and four five-bedroom homes. In the second major LRD scheme, Glenageary, Co Dublin-based firm Keldrum Limited has lodged plans for a 352-unit residential scheme on a 41.5-acre site at Tinakilly, Rathnew, Co Wicklow. The plan for the site on the northern periphery of Wicklow Town includes 220 houses and 132 apartment/duplex/maisonette units. The Irish Times, 17th August
Crumlin, Dublin 12 Seabren Developments has secured planning permission for a €70m, 152-unit residential scheme for Crumlin in Dublin 12. The award of permission comes after Seabren’s third application in respect of the site to the southwest of St Agnes Rd, Crumlin, Dublin 12. The company has joined with Circle VHA CLG in drawing up the Large Scale Residential scheme. The new permission comes after a community group in January this year brought a High Court challenge to an October 2022 grant of permission by An Bord Pleanála for a fast-track 150-unit Strategic Housing Development (SHD) for the site. The new application confirmed that the October 2022 permission “is currently the subject of a judicial review”. The new scheme consists of 152 apartments comprising 75 one-bed units, 72 two-bed units and five three-bed units, a creche, cafe and the change of use of Glebe House from residential use to a community building for community arts and culture. Two apartment buildings to the rear of Glebe House would range in height from four to six storeys. The Irish Times, 17th August
House prices in Dublin fell at the fastest annual rate in nearly three years in June as higher interest rates curbed affordability. The latest Residential Property Price Index from the CSO indicated that prices in the capital dropped by 0.9% in June, the biggest yearly drop recorded since October 2020. Across the State, house prices continued to grow on an annual basis but at a reduced rate of 2.2%. That was down from 2.6% the previous month and from an annual rate of 14% in June 2022. The latest index pointed to a significant fall-off in transactions with purchases down by more than 9% in June to just over 4,000. Central Bank data showed the average interest rate on new home loans rose above 4% in June – the highest level in almost a decade. The Irish Times, 16th August
The LDA has indicated that at least 13,000 new homes could be delivered if the Government agrees to ramp up funding to the body by up to €8bn. According to market sources, the Government is discussing moves to redirect up to €8bn from a new sovereign wealth fund into housing, as part of a fresh push to boost the supply of social and affordable homes. It is understood that the extra funding would also help to ramp up the delivery of cost rental units, which allow tenants to pay a lower rent. The Irish Times, 16th August
Balgriffin, North Dublin Cairn Homes is in talks to bulk sell more than 400 homes at its Parkside 5B project in Balgriffin in North Dublin to an approved housing body in the largest deal of its kind ever completed by such a body in Ireland. Industry sources have estimated the deal could be worth €200m. Last year, Cairn received permission to build 730 apartments across five blocks at the development. Documents show the unnamed approved housing body in talks with Cairn doesn’t plan to purchase the entire development. It has, however, indicated that it plans to remove 90% of the amenity space in two of the blocks before it agrees to a deal. Cairn Homes said the approved housing body had identified a need for more one- and two-bed apartments to meet demand and therefore had proposed to replace the amenity spaces with an additional 13 apartments. The Business Post, 20th August
Sandford Road, Dublin 18 An Bord Pleanála has granted planning permission to Midsal Homes for a contentious apartment scheme in Sandford Road, Dublin 18 after cutting the number of units by 15%. In granting planning permission for the Strategic Housing Development (SHD), the appeals board has reduced the number of apartments from 137 to 116 “in the interests of residential and visual amenities”. The Irish Times, 18th August
Social and Cost-Rental Homes The approved housing body, Respond, is on track to triple the number of social and cost-rental homes it will have in construction to more than 4,100 in the coming months, it has said. The organisation’s construction programme is to expand to €2bn over the coming year as, supported by local authorities, it has secured fixed-price contracts with a number of leading developers and building contractors to construct large, mixed-tenure housing projects in Dublin and Cork, it said. The organisation’s projects include the final completion of large mixed-tenure developments at Charlestown, Finglas (138 homes) and Enniskerry Road, Stepaside (155 homes). It is also working on a Long Mile Road development, which will provide 153 homes when completed later this year, the organisation said. The body buys sites and finances construction by way of fixed-price contracts, with 85% of its development schemes being construction-led. This model, Respond says, allows it to save up to €60k per unit compared to a housing-acquisition model. The Irish Times, 22nd August
Saggart, Co Dublin A subsidiary of Irish investment group Tetrarch Capital has received planning permission from South Dublin County Council for an 8,047-plot cemetery on the grounds of the former golf course beside the Citywest Hotel, in Saggart, Co Dublin, subject to a number of conditions. Tetrarch had sought permission for the burial plots, columbarium walls (to hold the ashes of those who are cremated), a single-storey reception building, an office and associated facilities alongside a new road to provide access to the N7/M7 Naas Road, 110 car-parking spaces and extensive landscaping, including the reshaping of an existing lake with the provision of a footbridge. The Irish Times, 17th August
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North Wall Quay, Dublin 1 A consortium led by Oaktree Capital Management has launched a Dublin office for sale with a price tag of €155m. Targeted Investment Opportunities – a joint venture incorporating Oaktree, Nama and Irish construction firm Bennett – has instructed JLL to sell North Dock. North Dock, a recently constructed development, provides 200,000 sq. ft of grade A office space across two blocks on North Wall Quay, beside the 3 Arena. The guide price reflects a capital value of €775 per sq. ft with approx. 50% of the asset leased so far. Current tenants include Blueface, a cloud-based telecommunications company that leased 15,000 sq. ft, and Gilead Sciences, a Californian pharma firm – which signed up for 30,000 sq. ft at the scheme in 2020. React News, 9th August
Earlsfort Terrace, Dublin 2 Iput is facing opposition to its plans to demolish Deloitte House and Garryland House on Dublin’s Earlsfort Terrace and replace the buildings with a nine-storey office block. Hibernia Real Estate Group – the former Hibernia Reit – and aircraft leasing giant AirLease Corporation have both lodged objections against the proposed 339,892 sq. ft office space. Manahan Planners, acting for AirLease Corporation which has its Irish HQ at 22, 22a and 23 Earlsfort Terrace along with subsidiary ALC Aircraft Ltd, called on Dublin City Council to refuse planning permission for the development. Hibernia Real Estate Group owns the nearby Hardwicke House and Montague House, and on its behalf IMG Planning says the scheme as currently planned will have a significant and adverse impact on its two properties. The Irish Times, 14th August
West Portfolio, West Dublin M7 Real Estate has taken its Irish industrial platform to north of €500m with the acquisition of a portfolio from Davy. The investment manager – which has one of the largest logistics portfolios in Ireland – has bought the West portfolio from Davy Real Estate for €22.25m (NIY approx. 6%; €120 per sq. ft). The West portfolio comprises 11 assets, totalling 187,441 sq. ft. The properties are located in core urban logistics locations in west Dublin. React News, 9th August
WeWork Shares in WeWork plummeted as much as 36% after it expressed “substantial doubt” about its ability to continue operating. The company cited sustained losses and cancelled memberships to its office spaces amid a slow post-pandemic return to workplaces in major urban centres. WeWork, which went public in 2021, is one of the biggest individual tenants in Dublin. It operates at four locations. It is the anchor tenant at the 120,000 sq. ft former Central Bank of Ireland building on Dame Street, now known as Central Plaza, as well as the 100,000 sq. ft Dublin Landings 2 building in the docklands. In addition, it has locations at Harcourt Road and the Charlemont Exchange near the Grand Canal. The Irish Times, 9th August
Conrad Dublin Performance A return to normal trading conditions following the lifting of tough public health restrictions saw the company behind the Conrad Dublin hotel bounce back into the black last year after losing more than €3.6m in 2021. The hotel, which was sold to Dutch-anchored hotel investor Archer Hotel Capital in 2019 for a reported €118m, generated profits of €2.5m in 2022, a significant turnaround from its 2021 loss. Its cash reserves swelled from €4.6m in 2021 to more than €11m at the end of December 2022. Turnover at the 175-bedroom hotel surged more than 360% to €18.5m, near pre-Covid levels, from €5.1m in 2021 when the hotel was closed between April and July. The Irish Times, 10th August
Swords, North Co Dublin Fingal County Council has emerged as the winning bidder for a 62-acre site with the potential for more than 1,000 homes in Swords, North Co Dublin. It is thought the local authority has paid €40m (€40k per site) for the land, which does not have planning permission but is zoned residential. The site, which came on the market in March through CBRE, is located on the Rathbeale Road, beside Swords community college and less than 2km from the village. The Sunday Times, 13th August
Construction Report There were 520 fewer housing units being built in Dublin in the first three months of this year than in the same period of 2022, according to the latest data from the Dublin Housing Supply Coordination Task Force. The drop in construction came as the number of planned units grew substantially YoY. The task force found 17,483 units were under construction in the first quarter, a 2.9% reduction on 2022. The data showed the number of apartments under construction has now been greater than houses for three consecutive years in Dublin. The latest report from the Government agency also showed an increase of 18,303, or approx. one fifth, to 113,070 in the cumulative number of housing units allowed and proposed under current Dublin planning applications when compared to the first quarter of 2022. It found 55,582 extant planning permissions which had yet to begin construction in the first quarter, up 13.7% on a year earlier. The Irish Times, 11th August
BNP Paribas Real Estate Ireland Report The recovery in construction appeared to stall in July as new orders fell and inflationary pressures picked up again, posing a renewed challenge to the Government’s housing targets. The latest Purchasing Managers Index for construction published by BNP Paribas Real Estate Ireland pointed to a renewed decline in activity in July – it had increased in June – as demand faltered. The decline was broad-based across the three monitored categories, housing, commercial and civil engineering, it said. The company’s report also highlighted an acceleration in input-cost inflation. The company’s latest headline index, which measures construction activity, fell to 45.6 in July from 50.4 in June, dropping back below the 50 threshold, which signals a contraction in activity. The reading was consistent with the data on new orders, which signalled a first reduction in six months, it said. BNP Paribas Real Estate Ireland Report, 14th August
Social and Affordable Homes Supply The Government is discussing moves to divert as much as €8bn from the new sovereign wealth fund into housing, as part of a fresh push to boost the supply of social and affordable homes. The money would go to the State-controlled LDA as it enters new partnerships with private developers to build on public and private land. The plan has not yet received Government approval. But it reflects the view that “multiples” of the LDA’s original €1.25bn budget will be needed to tackle the housing crisis and that building costs will only rise if the agency borrows on private markets to fund its operations. Now Mr. O’Brien is staking a claim to deploy anywhere between €4bn and €8bn of that fund into the agency, whose original budget is fully committed to current housing projects. The Irish Times, 14th August
Milltown, South Dublin Dublin City Council has granted planning permission to Ardstone for a €300m ‘buy-to-sell’ apartment scheme near Milltown in South Dublin. The city council has given the green light to Ardstone subsidiary Sandford Living Ltd’s 636-unit Large Scale Residential Scheme (LRD) application for Milltown Park, Sandford Road, Dublin, despite strong local opposition. The scheme is to be made up of 87 studios, 227 one-bed units, 296 two-bed units and 26 three-bed units across seven apartment blocks, with one rising to 10 storeys. The Irish Times, 11th August
Landlord Exodus Landlords issued 5,735 notices of termination to tenants in the second quarter of 2023, according to new data published by the Residential Tenancies Board (RTB). As well as showing an overall increase in the amount of notices, the new data appears to indicate a growing appetite by landlords to offload rental properties. Approx. 1,000 fewer termination notices (4,753) were issued in the first quarter of the year, between January and March inclusive. According to the RTB, the majority of landlords in the second quarter (3,633 or 63%) cited their intention to sell the property as their reason for issuing the notice. In Dublin, where pressure in the rental sector is particularly acute, 2,298 notices of termination were issued during the second quarter, a rise of 14% on the first three months of the year. The Irish Times, 10th August
Daft Report Rents continued to rise nationally in the second quarter but “stabilised” in Dublin, according to the new data from the Daft.ie website. The company’s latest quarterly rent report, which is based on asking prices on its website, indicated that market rents rose by an average of 2.4% between April and June compared with the first three months of the year. Compared to a year ago rents rose 10.7% to stand at just under €1.8k per month on average, it said. This compares to €1,387 in the first quarter of 2020 and a low of just €765 per month seen in late 2011. Daft’s report noted that availability nationally remains “extremely tight” compared to other years, with fewer than 1,200 homes available to rent nationwide on its website as of August 1st. While the supply of rental homes has increased marginally in recent months, it said the “extraordinary shortage” of rental accommodation continues. The Irish Times, 10th August
Zoning Decisions Councillors in Co Clare have been directed to reverse 20 zoning decisions in the County Development Plan after an intervention by the office of the planning regulator and the Department of Housing, Local Government and Planning. Minister of State at the department Kieran O’Donnell issued a direction to the local authority over the weekend instructing it to revert lands to their original zoning, which was mainly agriculture. Many of the rezoning decisions were around the villages of Broadford and Cooraclare. However, Clare County Council chairman Cllr Joe Cooney and local Fianna Fáil TD Cathal Crowe have argued there were strong and compelling reasons behind the decisions of councillors with regard to zoning decisions in the areas concerned. They said both villages were in line to get adequate wastewater treatment facilities that would allow them to grow. They said the rezoning decision was in anticipation of those facilities being approved by the Department of Housing this year. The Irish Times, 10th August
Kinsale, Co Cork A planning row has broken out over plans by the owner of one of Cork’s best-known golf courses to develop luxury holiday apartments which local residents claim will cause “irreversible damage to a beautiful quiet area”. Several local families have lodged an appeal with An Bord Pleanála against the recent decision of Cork County Council to grant planning permission for the construction of “farmhouse” tourist accommodation at Ballymackean, Old Head, Kinsale, Co Cork. The apartments are being developed by Ashbourne Holdings, the owner of the nearby Old Head of Kinsale golf course. The company has secured permission to demolish an existing farmhouse and agricultural buildings on the 16.5-acre site and replace them with four, single-storey “farmhouse” apartment units each containing four ensuite bedrooms as well as a two-storey “barn” containing a further two holiday apartments. A ruling by An Bord Pleanála on the appeal is due in early December. The Journal, 14th August
Vacant Site Tax Planners have rejected dozens of appeals against a new tax on vacant housing sites, in a blow to landowners seeking exemptions from a Government clampdown against hoarding. This will have implications for developers Cairn, Glenveagh, Castlethorn, Quintain, O’Flynn Group, Hammerson, Hibernia, Kelland, Ardstone, Bovale and many others. All have appeals pending after local councils said idle land in their control should be taxed. But new data reveals how An Bord Pleanála dismissed the overwhelming majority of appeals already concluded, deeming local authority tax maps robust in such cases. Rulings in 542 cases fall due within weeks, with An Bord Pleanála saying it “will endeavour to finalise as many” as possible by the September 1st target. The board is the final RZLT decision-maker but landowners can still take a High Court judicial review case against rulings. The annual 3% surcharge on the market value of unused land will be levied next year in a bid to discourage hoarding. The Irish Times, 15th August
Smithfield, Dublin 7 The development of a purpose-built family court on a vacant site at Hammond Lane in Smithfield is facing major delays, with construction not expected to start before 2026. The development of the new court complex, expected to cost more than €100m, has been dogged by delays since the site was acquired by the State in the late 1990s. The Office of Public Works (OPW) bought the site of the Maguire and Paterson match factory at the corner of Hammond Lane and Church Street for €4m, outbidding several residential and office developers. In December 2014 the then minister for justice said the complex would be delivered as part of a public-private partnership, with expected completion in 2020 at a cost of approx. €40m. However, early in 2019 the scope of the project changed, with a new Supreme Court facility added and the expected cost jumped to €140m. The Department of Justice had budgeted a maximum of €80m for the project. In mid-2020 the decision was taken not to proceed with the Supreme Court element, bringing the costs back down to €80m. However, construction inflation since then means the project is likely to cost more than €100m. The Irish Times, 11th August
New Refugee Housing Protocol Student accommodation must have been vacant for a year before it is converted for use for housing refugees and asylum seekers, under a new protocol agreed by the Government. It follows reports that purpose-built student accommodation in Sligo had been set to be converted to house those fleeing here from troublespots around the world. The provision of extra student beds as part of the refugee accommodation effort has been a feature of the last two summers, when colleges are out of term time and the need for dedicated student accommodation is significantly lessened. The Irish Times, 9th August
Dublin Airport The state’s competition watchdog has escalated its investigation into the controversial purchase by the DAA of a 6,000-space car park beside Dublin airport. In a statement issued, the Competition and Consumer Protection Commission (CCPC) said it had come to the end of its Phase 1, or preliminary investigation, and would now raise that to a Phase 2 in-depth investigation. The CCPC will not be investigating the manner in which the deal was transacted, only the possible competition effects. The Business Post, 9th August
Ballsbridge, Dublin 4 The Royal Dublin Society (RDS) has secured the green light for a new €50m Anglesea Stand for its arena at Ballsbridge in Dublin. Dublin City Council has granted planning permission for the 6,775 capacity stand after its planner concluded that the new stand “would provide a modern stand facility with enhanced hospitality facilities for visitors and patrons”. No objections were lodged against the new application and a cost-benefit analysis lodged with the plan estimates that the new stand will deliver an estimated additional €254m in tourism revenues over a 25-year period. The application involves the demolition of the existing Anglesea Stand and Anglesea Terrace and the new stand is to consist of three levels along with a two-storey hospitality building. Subject to planning and funding the RDS aims to commence construction in August 2024. The Irish Times, 14th August
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Howth, Co. Dublin Tetrarch Capital, the Irish property investment group, has received planning permission to build a 142-bedroom hotel on the site of the former Deer Park hotel in Howth in North Co Dublin. The new development, which was granted permission last week by Fingal County Council, is described by the property investment group as a “destination hotel” that will include a spa, fitness centre and conference rooms as well as a rooftop restaurant and bar. Under Tetrarch’s plan, the existing Deer Park hotel building, which has been closed since 2004 but currently houses around 150 Ukrainian refugees, will be demolished, and replaced by a new four-storey hotel. The project forms part of a wider redevelopment plan by Tetrarch for the 472-acre Howth Estate, which it acquired in 2019 as part of a €21 million deal. The property group expects the new hotel will create 280 full- and part-time jobs once it is fully operational by 2025. As part of its redevelopment of the Howth Estate, Tetrarch is planning an 18-hole championship golf course adjacent to the hotel. The Business Post, 6th August
Zoom Video communications company Zoom is reported to have ordered staff back to the office on a more frequent basis. The company and its brand became synonymous with remote work during the pandemic. It joins the likes of Amazon and Disney in reducing the number of remote workdays available to employees. The firm said it believed a “structured hybrid approach” was most effective and people living within 80 kilometres of an office should work in person at least twice a week. Zoom said that the new policy, first reported by Business Insider, would put the company in a “better position to use our own technologies, continue to innovate, and support our global customers”. Zoom had said in the past that employees would be able to work remotely indefinitely. The new policy will be rolled out on a staggered timeline over the coming months. Zoom said it would continue to “hire the best talent, regardless of location”. Earlier this year, the company announced that it would be cutting staff numbers by around 1,300 globally. It employed around 8,400 people at the time. Employee numbers at Zoom had grown by over 300% within 24 months to meet rapid demand arising from the push to remote working brought about by the pandemic. RTE.ie, 8th August
INDUSTRIAL
Baldoyle, North Dublin Ready-meal producer Kilbride Classic Cuisine has bought the former Sudocrem factory in north Dublin, where it aims to double its number of staff creating around 100 jobs. In May 2021 Teva Pharmaceuticals announced it was to close its Sudocrem production plant in Dublin, with the loss of more than 100 jobs. Kilbride co-owner and director Jimmy Kilbride Jnr, said the family-owned company would spend around €5.5m overall to acquire and invest in the 42,000 sq. ft facility. The plant is near one of Kilbride Classic Cuisine’s current facilities, which is also in Baldoyle. Kilbride Jnr said the deal for the new facility was closed last month, with plans for it to be opened in January 2024. He also hopes to enhance the company’s sustainability at the new plant. The Sunday Independent, 6th August
Knight Frank Q2 Report Q2 was another healthy quarter of activity in the logistics and industrial sector, bringing the total for H1 to 1,567,548 sq. ft. which is 6% ahead of the same period last year. The largest deal of Q2 was the pre-let of Unit P2, Horizon Logistics Park, Co. Dublin – a 113,129 sq. ft design and build warehouse – by WestRock. The pipeline remains tight. 67% of the space completed in Q2 was already pre- let.While prime rents remained stable within the €12 – €12.50 per sq. ft. range, upward pressure is possible before year-end, driven by tight supply. €48.6m worth of logistics and industrial assets transacted in Q2, 15% of the total investment spend in Ireland in Q2, bringing the total for H1 to €163.3m.The largest transaction of Q2 was the sale of the Davy Portfolio, a collection of assets based in West Dublin, to M7 Real Estate for €22.3m. Investment activity is expected to be constrained into H2 due to tougher lending conditions but also due to a lack of opportunities Knight Frank Quarterly Report, 2nd August
Drumcondra, Dublin 9 The Supreme Court has agreed to hear a developer’s appeal against the High Court’s decision to strike down planning permission for 1,592 apartments in north Dublin’s inner suburbs. A partner fund of developer Hines received fast-track approval in November 2021 to build its €602m build-to-rent scheme on the site of the former Holy Cross seminary on Clonliffe Road in Drumcondra. The 12-block apartment project was judicially challenged by a resident of Foxrock, south Co Dublin. The High Court’s Mr. Justice Richard Humphreys overturned the permission last January after finding An Bord Pleanála failed to follow the required approach to assessing a development’s impact on a protected structure. The developer’s application for leave to appeal to the Court of Appeal was refused by Mr. Justice Humphreys. However, in a determination published, a Supreme Court judging panel found issues of general public importance that warranted a direct appeal to it. The Irish Times, 3rd August
South Circular Road, Dublin 8 The Supreme Court has agreed to hear with “expedition” two locals’ appeal against the dismissal of their challenge to 2020 permission for the construction of 416 homes off Dublin’s South Circular Road. The planning permission, granted to a subsidiary fund of US property group Hines in September 2020, is for five years, so there is a “real risk” it will be undermined by further delay, the developer, An Bord Pleanála and State parties submitted to the court. The judicial review initiated in November 2020 has been the subject of five High Court judgments and a reference to the Court of Justice of the European Union (CJEU). The Hines subsidiary fund (DBTR-SCR1 Fund) also sought leave from the Supreme Court, saying it had “no option” but to have the appeal determined urgently. The “Bailey Gibson” five-block build would range in height from two to 16 storeys, with 10% of the stock going to social housing in line with statutory requirements. The development site adjoins lands of the former Player Wills factory, which has approval for 732 apartments across four blocks, including one with 19 floors. The Irish Times, 2nd August
Mount Merrion, Blackrock. Wellsea Properties has applied for permission to build an apartment block on Foster’s Avenue in Dublin. The project will involve demolishing two existing two-storey detached dwellings at the site in Mount Merrion, Blackrock. A four-storey building comprising 24 apartments will be built in their place. Most of the flats will be two-bed, while the remaining will be one-bed. The project will also include 19 car parking spaces and 40 bike parking spaces. New build flats in the area regularly sell for prices above half a million euro, while many fetch more than €1m. Documents submitted by planning consultants acting on behalf of Wellsea Properties show that Dún Laoghaire-Rathdown County Council, the local authority for the area, requested a justification for the height of the project as part of a planning consultation. A decision on the application is due by the council in September. The Irish Independent, 8th August.
Housing Minister Darragh O’Brien is pushing for the renters’ tax credit to be increased to almost €800, the average monthly rent per renter, along with income-based tax breaks for landlords as part of his Budget demands. Mr O’Brien also wants to extend the Help to Buy scheme for first-time buyers for another two years, and to examine if there is scope to increase the €30,000 tax back limit. In an interview with Independent.ie, Mr O’Brien outlined how he is additionally seeking to enhance his First Home scheme. This would allow homebuyers purchase second-hand homes using the Government’s shared equity programme which is currently only available for newly built houses. He also expects the Tenant In Situ scheme, which lets local authorities buy rental properties to keep renters facing eviction in their homes, to be extended into the coming year. The Department of Housing has a €4.6bn-a-year capital budget for the next two years to ensure funding is available for bricks-and-mortar projects. The Irish Independent, 8th August
Kildare Glenveagh Properties is planning to build two timber-frame manufacturing factories in Co. Kildare, which could lead to the creation of up to 600 jobs. Nua Manufacturing, Glenveagh’s timber-frame construction arm, which was set up this year, has applied for a seven-year planning permission for two factories on Nurney Road, near Kildare town, which will measure more than 656,599 sq. ft in total. Although not confirmed, it is estimated the investment is likely to exceed €75m. The two factories will be three times the size of Glenveagh’s Carlow off-site manufacturing facility, which opened in June. The company bought the old Braun factory site for more than €6m in 2021 and invested €50m in it. The company is in the process of recruiting 200 staff for that site, which will have the capacity to build 1,250 timber frames and 500 light gauge steel frames for new homes each year. The Sunday Times, 6th August
Conor Pass, Co Kerry Lands and forestry on the Conor Pass in Dingle, Co Kerry have been offered for sale for €10m by an American owner. Marketed as the “Connor Pass” the 1,000 acres of land and approx 400 acres of forestry is being advertised on it’s own website: www.connorpass.com. It was previously put on the market in 2007 but the economic crash put an end to any possible State intervention. The site includes four lakes – Pedlar’s Atlea, Beirne and Clogharee – along with a waterfall and mature forest. Its American owner bought the land in parcels over the years and farms it with grazing sheep. The lands in question are accessed from the Conor Pass Road, a public road which forms one of two main access routes to Dingle. The Irish Times, 3rd August
Ires Reit, the State’s largest private residential landlord, said it has agreed to sell 194 residential units in west Dublin to the Tuath Housing Association for just over €72m (approx €371k per unit) as it seeks to raise cash to maintain sufficient headroom over its debt limits at a time of falling property valuations. The group will be left with approx 3,736 units, mainly apartments, once the sales are completed. Ires said that it had seen its debt rise to 45.1% of the value of its properties from 42.6% in June last year amid declining commercial property values at a time of rising interest rates. The company shaved €56.5m off the carrying value of its property portfolio on its books, reducing it to €1.36bn. In the six months to the end of June Ires achieved an average rent across its portfolio of €1,772, up 5% on a year earlier. The occupancy rate on its 3,930 units was 99.5%. The latest deal, which will ultimately lower Ires’s LTV ratio, includes 91 units in Hansfield Wood in Clonsilla, Dublin 15, which are expected to be sold to Tuath by the end of this month for €38.1m. The Irish Times, 3rd August
AirBNB Rentals Analysis carried out by the Irish Examiner shows that there are a total of 18,086 Airbnb rentals nationwide, compared to just 1,299 rental properties available on Daft.ie. That is 14 times more short-term lets compared to long-term rentals. The high proportion of Airbnb’s compared to rental properties is particularly high in counties that are known to attract tourism, particularly Donegal, Clare, Kerry and Cork county. In particular, there were just 31 properties available to rent on Daft across Donegal. This compares to the 1,796 Airbnb rentals in the county. In Clare, there were just 17 rental properties available on Daft, however there were 1,044 properties available on Airbnb. One eighth of all Airbnb’s in Ireland are located in Kerry, where there are 82 times more short-term lets than long-term rental properties. The Government is currently seeking to further regulate the short-term let sector, with legislation agreed by Cabinet in late 2022. Currently, people seeking to let out their property require planning permission if they wish to rent it for more than 90 days a year. This legislation would establish a short-term tourist letting register that would require any homeowner renting their house for more than 21 days to register with Fáilte Ireland. It would also grant Fáilte Ireland the ability to levy fines against households for listing properties without valid registration numbers, with maximum fines of up to €2,000. The Government had estimated that the new rules would bring back an additional 12,000 properties onto the rental market. However, the European Commission ruled that it was too strict and placed aa standstill on enacting the legislation until December 22, 2023. The Irish Examiner, 8th August
Nursing Homes Tadhg Daly, the chief executive of Nursing Homes Ireland, told the Irish Independent that while a report prepared for the sector by PwC earlier this year pointed out that about a third of all public nursing homes had made a loss last year, that figure is now likely around 50pc. In its pre-Budget submission this week, Nursing Homes Ireland called on the Government to make an immediate €191m financial intervention to stabilise the sector. The money would be used to provide additional funds to the Fair Deal system that subvents nursing home costs for residents. Nursing Homes Ireland has pointed out that 34 nursing homes have closed in Ireland during the past three years, cutting more than 1,000 beds from the total available. There are currently about 440 nursing homes in Ireland, providing about 26,000 beds. But soaring costs and just marginal increases in the rates made available under the Fair Deal scheme mean that nursing homes are struggling to survive, according to Mr Daly. The Irish Independent, 5th August
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25 South William Street, Dublin 2 QRE Real Estate Advisers is seeking offers in excess of €1.25m for a mixed-use, four-storey over basement Georgian property at 25 South William Street in Dublin 2. No. 25 extends to approx. 3,153 sq. ft and has a small yard at the rear. On the ground floor, which extends to approx. 1,108 sq. ft, is a vacant, partially fitted retail unit with ancillary storage at the rear. The basement comprises a vacant retail unit at the front with independent access from street level. At the rear of the basement are two large storage rooms, one of which is held under a short-term licence. The first floor is in retail use and is subject to a short-term lease. The second floor accommodates a well-proportioned one-bed apartment, subject to a tenancy. The third floor comprises a vacant one-bed apartment, which can be let at the full open market rent. The total current passing rent is €44.6k pa, although QRE suggests a full occupation reversionary rental yield of approx. 10%, which could exceed €135k pa. The Business Post, 28th July
Guinness Quarter, Dublin 8 Following a revised application, property group Ballymore has been granted planning permisson to develop a €266m scheme that forms part of Diageo’s St James’s Gate Guinness brewery lands in Dublin 8. The site contains a number of protected structures including 61-82 James’s Street, James’s Street gateway, and sits beside the Guinness building and the Guinness storehouse. The development includes two new hotels, five commercial office buildings, six residential buildings of 336 units, a market hall, food hall, community and public realm spaces. The Business Post, 29th July
Dundrum, Dublin 14 The two owners of Dundrum Town Centre – Ireland’s largest shopping centre – are in the market to refinance €600m of debt held against the asset. Pimco Prime Real Estate (formerly Allianz Real Estate) and joint venture partner Hammerson have mandated Eastdil Secured to source a new debt package for the prime Dublin retail hub. Hammerson and Pimco want to replace an existing club facility from a trio of lenders that expires later next year. Dundrum Town Centre, 1.2m sq. ft in size and with approx. 170 tenants, produced €48m in annual rent in 2022, according to Hammerson. React News, 31st July
Smithfield, Dublin 7 Ireland’s National Transport Authority (NTA) has leased 80,000 sq. ft for a new office headquarters in Dublin. In the region’s largest letting of the second quarter, NTA is relocating to Haymarket House, a development by Linders Property Group in Smithfield. NTA is bringing its staff, currently based across four locations, under one roof. It currently has an office at Iveagh Court on Harcourt Lane and also leases space from WeWork in the city. The state agency is expected to occupy the building from early 2024. React News, 1st August
Sir John Rogerson’s Quay, Dublin 2 Dublin City Council has told TikTok that its plans to close off a planned cafe to the public at its Dublin headquarters “is likely to create a precedent for similar type undesirable development”. Documents on TikTok Technology Ltd’s planning application reveal the Council told the social media giant in a pre-planning meeting that its application to close off the cafe to the public at TikTok’s Tropical Fruit Warehouse on Sir John Rogerson’s Quay due to security considerations “will not be encouraged”. TikTok Technology Ltd is seeking a change of use from the permitted cafe/restaurant to office floorspace. No objections have been lodged against the proposal and the Council is due to make a decision on the application. The Irish Independent, 28th July
Industrial Lettings, South Dublin M7 Real Estate has recently completed several light industrial lettings at Westlink Industrial Estate and Greenogue Business Park in south Dublin. Unit 4 Westlink Industrial Estate extends to 5,900 sq. ft and has been let to Lifesize Plans on a new long-term lease as part of its global franchise rollout. The unit had undergone extensive refurbishment works in recent months. At Greenogue Business Park, a total of five new leases were agreed in the scheme in the last 12-month period and, with the completion of the final letting in recent weeks, the scheme is now fully occupied. Next Level Aviation, a Florida based aircraft parts company, took Units A1, A2 and A3, extending to a total of 6,662 sq. ft. Units A5 (2,088 sq. ft) and A6 (2,104 sq. ft) have been let to Cosy Campers, a camper van conversion specialist, and Detailing HQ, which provides specialist ceramic coating for vehicles. The Business Post, 28th July
Ringsend, Dublin 4 The consortium developing the former Irish Glass Bottle site in Dublin said it had offered 86 affordable housing units to the Department of Housing in addition to 57 social units that will form part of the first phase of the project. However, just 25 of the 86 have so far been taken up. The offer was made to fulfil the developers’ commitments under the overall planning scheme for the site, which will include 570 homes. The consortium, which includes Ronan Group Real Estate, US private-equity firm Oaktree and Lioncor, a development company jointly owned by Oaktree and Dublin-based Alanis Capital, recently acquired Nama’s remaining 20% stake in the project. The largest vacant plot in the capital is expected to ultimately deliver up to 3,800 homes, 25% of which are earmarked for social and affordable housing. The partners secured planning approval from Dublin City Council in February for a further 324 homes and associated facilities. It is anticipated that works will commence on site for this phase later this year. The Irish Times, 27th July
Dundrum, Dublin 14 A south Dublin property developer is seeking to block 852 homes the Land Development Agency is planning to build on the former Central Mental Hospital site in Dundrum. Legal papers filed last week have called for a stay on the development of the project, known as Dundrum Central. The site of the Central Mental Hospital is currently being used to house asylum seekers in tented accommodation, with reports suggesting that up to 176 international protection applicants could ultimately be accommodated on the site. The Business Post, 30th July
Planning Permission Exemption Darragh O’Brien, Minister for Housing, has signed an order to allow vacant buildings to be used to house refugees for five years without planning permission. The buildings will have a planning permission exemption up until 2028, which is far longer than the original two-year exemption originally announced. The state is currently carrying out emergency refurbishment on approx. 59 vacant buildings to provide accommodation for 3,000 Ukrainian refugees for up to two years. The vacant buildings being refurbished include former hotels, hostels, convents, monasteries and army barracks. But a report for O’Brien’s department said the funding required to bring them back into use was “too great” for the properties to be used for just two years to house Ukrainian refugees. The Business Post, 31st July
Centre Park Road and Monahan Road, Cork A €350m large scale residential development planning application has been submitted to Cork City Council by Leeside Quays Ltd, a subsidiary of O’Callaghan Properties, for a 10-year planning permission for a large scheme at the Goulding’s site, Centre Park Road and Monahan Road in Cork. The proposed development consists of the demolition of the existing on-site buildings and structures and site clearance to facilitate the construction of 1,325 residential units including apartments and duplexes in 10 buildings. The Business Post, 29th July
Cherrywood, South Co Dublin Dun Laoghaire Rathdown has given a subsidiary of US private equity giant Lone Star, LSREF V Eden M1 Ltd, permission for a €52m development of 283 homes and a crèche at Laughanstown in Cherrywood, the government-designated Strategic Development Zone project in South Dublin. The planning provides for a four-storey block of 59 apartments, a four-storey block of 63 apartments, another four-storey block of 62 apartments, and a five-storey block of 55 apartments. The plans also include 28 duplexes, 16 houses, and a three-storey crèche block with 317 surface and basement car park spaces. The Business Post, 29th July
Brownsbarn, Dublin 24 Citywest Homes Development has commenced building the first 29 houses of a total of 112 dwellings on lands just south of Citywest Avenue at Brownsbarn in Dublin 24. The development comprises 90 three and four-bed houses and 22 one and two bed apartments in a four-storey apartment building. Access to the development will be via Garter Avenue. The site of 9.24 acres is bounded to the east by the N82 Citywest Road, to the north-west by Garter Avenue and to the south by lands that will be developed as a neighbourhood park. The Business Post, 29th July
2022 Census Data A huge jump in the number of older people living in rental accommodation and a significant increase in the rents tenants pay have been revealed in the latest Census 2022 data. The number of people aged 65 and over who are living in rented accommodation has increased by 83% since the last census, bringing the number to approx. 17,000 households. Meanwhile, Ireland’s average weekly rent has increased by 37% to €273 between 2016 and 2022. The amount of accommodation owned without a mortgage or loan increased by 11% to approx. 680,000, while the number owned with a mortgage or loan fell by 1%. The Irish Times, 28th July
Airbnb Listings There has been a 57% increase in Airbnb properties available to let in Dublin in the last year. Properties actively listed for short-term let in the capital grew from 2,617 in June 2022 to 4,099 in June 2023, according to figures compiled by AirDNA, a data analytics company. Nationally the number of properties on Airbnb grew 11% in the past year to 24,172. Legislation introduced in 2019 requires landlords in rent pressure zones to apply to their local authority for planning permission to change the use of the property to short-term lets. Planning authorities can take legal action if a property does not have the required permission, or when the terms of the permission have not been met. However, some leasing properties on Airbnb have largely ignored the measures and there has been little to no enforcement. The Sunday Times, 30th July
Housing Completions The number of housing units completed in the State increased by approx. 5.4% in the first six months of the year, the CSO has said. The second-quarter slowdown was particularly apparent in the apartment sector. A total of 7,353 new dwellings of all types were completed in the second quarter of the year. Added to the 6,716 units completed in the first quarter of 2023, it brings to 14,069 the total number of units finished in the year so far. However, the number of completions in the three months to the end of June was down 3.5% on the same period last year, driven by a steep decline in apartment completions. Approx. 1,897 apartments were brought to completion over the period, down 18.7% on the second quarter of 2022. Dwellings completed as part of a scheme development, meanwhile, increased by 2% to 4,017 representing more than half (54.6%) of the total. Single dwelling completions were also up by 7.2% in the quarter to 1,439. There is broad consensus that the number of housing units completed this year will fall short of last year’s total of 29,000 and well below the Government’s original Housing for All Target of 33,000. The Irish Times, 26th July
Banking and Payments Federation Ireland (BPFI) Report The number of mortgages drawn down in the second quarter of 2023 slumped approx. a fifth, the first time there has been a contraction since the onset of the Covid-19 crisis, new data shows. A report from BPFI shows a total of 9,896 new mortgages to the value of €2.8bn were drawn down by borrowers during the second quarter of 2023. That was a decrease of 17.4% in volume and 11.9% in value on the corresponding second quarter of 2022. A comparison with the previous quarter shows a decrease of 5.7% in volume and 3.6% in value. First-time buyers remained the single largest segment by volume (60.3%) and by value (61.5%). Re-mortgage and switching volumes and values fell by 63.8% and 63.1% YoY respectively. The Irish Times, 26th July
Sandymount, Dublin 4 Lansdowne Football Club – the Dublin-based rugby union – has completed its reported €7m purchase of the YMCA Cricket Club grounds off Claremont Road in Sandymount, Dublin 4. This follows formal approval for the deal from the Charities Regulator and will allow Lansdowne to roll out additional rugby facilities for club members. The lands, which cover 6.6 acres, are accessed from Claremont Road and comprise a large surface car park with parking for approx. 40 cars. The Business Post, 31st July
Clonmelsh Quarry, Co Carlow Carlow-based concrete and quarrying giant Dan Morrissey Ireland Ltd (DMIL) is to have its main asset put up for sale. QRE Real Estate Advisers has been instructed by receivers Grant Thornton to find a buyer for Clonmelsh Quarry, a 332-acre facility located 6km from Carlow Town. The quarry, which is fully operational, is being offered to the market along with three adjacent parcels of land distributed across 109 acres, at a guide price of €7.4m. The quarry is currently licensed to Plazamount Ltd, trading as Dan Morrissey & Co under a rolling licence agreement from April 2018 at an annual licence fee of €270k. The most significant of the three other land parcels comprises a prime agricultural holding of 95 acres. The two smaller holdings, known as the Powerstown and Ballybar lands, extend to 12 acres and two acres respectively. The portfolio is being offered for sale in one or more lots. The Irish Times, 26th July
BNP Paribas Real Estate (BNPPRE) Report Commercial property investment almost halved between the first and second quarters of 2023, with market turnover between April and June at its weakest in six years, according to new research. Investment dropped 47% in the three months to June and was down 73% on the same period in 2022, as the Irish market suffered the third sharpest slowdown in Europe. €333.4m was invested in commercial property in Q2, according to new data compiled by BNPPRE. This is down from €625m in Q1, with interest among foreign investors plunging. The slowdown has been attributed to little distress in the market that would force property owners to sell-up and the slow adjustment of asking prices to the small size of the Dublin market. Market performance for the remainder of the year will hinge on monetary policy and price discovery, according to the report. BNPPRE is predicting activity to remain down for the remainder of the year, but is hopeful the market will rebound in 2024. The Business Post, 31st July
AIB Impairment Charge AIB has booked an impairment charge of €91m in the first half of the year due to falling commercial property values. Announcing half year results, the lender said it had taken a net credit impairment charge of €91m to “address the potential adverse impacts from higher interest rates and lower valuations” in the commercial property sector. Market analysts are projecting that commercial property values across retail, industrial, logistics, office and residential units will fall between 10 and 20% this year in response to the changing economic environment. The Business Post, 28th July
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Revenue Commissioners Office, Dublin 2 A combination of secure rental income and long-term redevelopment potential is expected to see significant interest in the sale of the offices at 84-93 Lower Mount Street. The building is being offered to the market on behalf of UK property company Henderson Park Capital at a guide price of €36 million and comprises 4,605sq m (49,569 sq ft) of office accommodation over lower ground, ground and three upper floors and has been let in its entirety to the Office of Public Works (OPW) on behalf of the Revenue Commissioners since February 1981. While the OPW’s original agreement had been due to expire, it was extended recently for a further 10-year period to June 2031, with a tenant break option in June 2028. The passing rent equates to a relatively modest level of €34.95 per sq ft offering the buyer a net initial yield of 4.60 per cent after standard purchaser’s costs, excluding car parking. A feasibility study prepared for the sale by architects Henry J Lyons suggests the existing building could be demolished and replaced by a part five, part six and part seven-storey development extending to a gross floor area of 9,931sq m (106,896 sq ft). The Irish Times, 25th August
Manor West Shopping Park, Tralee US investor Marathon Asset Management has instructed agent Cushman & Wakefield to bring another of Ireland’s foremost regional retail assets to the market. Located in Tralee, Co Kerry, the scheme comes for sale fully occupied by a strong selection of international and Irish retailers at a guide price of €55,175,000. The sale of the property at that level offers the new owner the opportunity to secure a net initial yield of 8.81 per cent based upon the current rent roll. The amount being guided also represents a 6 per cent discount on the €59 million the current owners paid to secure the scheme in 2015. Manor West Shopping Park is anchored by Harvey Norman and Woodies DIY. Other notable tenants include Tesco, TK Maxx, Next, Homestore & More, Smyths, Currys PC World, Petmania and Halfords. The park is 100 per cent occupied, with Danish home group JYSK and pet shop Maxi Zoo two of the more recent tenants. The total current rent receivable is €5,342,460 per annum and the weighted average unexpired lease term (Wault) is 6.3 years to break options and 7.2 years to expiry. At 32,549sq m (349,403sq ft), the park sits on a site area of about 11.74 hectares (29 acres), with in excess of 1,000 surface car parking spaces. The Irish Times, 25th August
Eyre Square Shopping Centre, Galway Developed originally by the McInerneys in 1991, the landmark retail scheme is being offered to the market by agent Colliers on behalf of US investment giant Marathon Asset Management at a guide price of €12.75 million. The sale itself comprises 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 €869,200 per annum with a weighted average unexpired lease term of 6.24 years to break. The incoming investor will have an opportunity to immediately increase the rent roll on letting the two vacant units. The guide price of €12.75 million equates to a net initial yield of 7.34 per cent and a reversionary yield of 8.64 per cent, after allowing for standard purchaser’s costs. The building forms part of a combined shopping centre with both Corbett Court and Edward Square Shopping Centre, with access provided directly from Eyre Square, Williamsgate Street and Castle Street. Anchored by Dunnes Stores and Penneys, the centre enjoys a strong mix of local, national and international retailers and ordinarily has a footfall of some 270,000 visitors a week. The Irish Times, 25th August
Tallaght, Dublin US private equity giant Oaktree has successfully secured an extension to the maturity date of €186m of debt advanced by AIB to help fund the 2018 acquisition by the company of The Square shopping centre in Tallaght from Nama. It comes as the shopping centre – as with other retail venues – saw footfalls shrink during 2020 as Covid lockdowns were introduced. Newly-filed accounts for the Luxembourg company used by Oaktree to acquire the shopping centre from Nama – OCM Luxembourg Square Retail – confirm that on June 25 this year, the maturity date of the senior and mezzanine facilities granted by AIB were extended to June 2023. The accounts for OCM show that in 2020 it has a senior facility agreement with AIB totalling just under €160 million. There was an additional €28.3m mezzanine facility with AIB, which carried an interest rate of 8pc, plus the three-month Euribor rate. The Independent, 26th August
Dealz, Ireland Dealz, the discount retailer, said it plans to open several new stores across Ireland with a particular focus on regional areas. These include Galway, Donegal, Mayo, Tipperary, Wicklow, Leitrim, Meath, Kildare, Kerry, Clare, Louth, Sligo, Limerick and Waterford, as well as the suburbs of Dublin. The retail chain said that the investment could lead to the creation of between 500 and 750 new jobs. Dealz said it is working with Cushman & Wakefield and William Fry as it scopes potential sites to expand its portfolio. The retailer said it hired more than 120 staff in Ireland in the past few months. The chain opened a new, 930sq m location in Carrickmines, Co Dublin in April and expanded its location in Cavan due to increased demand, the company said. Dealz is part of Pepco Group, a London-headquartered European retail group which has more than 3,300 stores across the continent. Pepco floated on the Warsaw stock market in May 2021 and is valued in the region of €7 billion, according to the company. The Business Post, 30th August
Central Hotel, Mallow Plans are being drawn up for the redevelopment of the dilapidated former Central Hotel in Mallow, following confirmation that the landmark town centre premises has been purchased by local property developer Pat Shine. A source has said the new owner will be working closely with Cork County Council over the coming months to draw up ambitious plans for the building, with a view to lodging a planning application for a programme of works sometime next year. It is believed provisional plans include re-opening part of the building as a hotel with a roof top terrace restaurant overlooking Mallow Town Park and the incorporation of a mix of ground floor retail units facing onto Davis Street. The Independent, 26th August
Foley Street, Dublin 1 Red Rock Developments has submitted new plans to build an aparthotel on Foley Street in Dublin after its proposed co-living complex on the same site was refused permission. Last year, the development company, applied for permission to develop a 12-storey co-living block on the northside site. The complex would have included 102 bedrooms, a games room, coffee area and a gym. Last February, Dublin City Council welcomed plans for the site to be used for a residential project, but ultimately refused planning permission for the project. In a new submission to the council, planners acting on behalf of Red Rock have now argued for an aparthotel on the site. It added that the aparthotel, which would be located near businesses such as PwC, Facebook and Google, could provide much needed accommodation for those travelling for work to stay in during their time in Dublin. The proposed 11-storey aparthotel would contain 91 rooms and suites. The development would include studios, one-bed suites, two-bedroom suites and three-bedroom suites. The total occupancy would be 262 bedspaces. The new proposed development is one-storey fewer than the failed co-living scheme. Dublin City Council previously said it has “serious reservations” about a 12-storey building on the site because it “would constitute overdevelopment”. The Business Post, 29th August
Newbridge, Kildare Jordan Auctioneers, Newbridge, together with joint agents Lavelle Commercial Property, Naas, is offering for sale a fully serviced development site of 23.6 acres (9.56 hectares) zoned Objective H – “industrial and warehousing” within the Newbridge Local Area Plan 2013-2021. The guide price is €6 million (approximately €250,000 per acre). Located within Great Connell Business Park, the lands are situated on the north-east side of the Great Connell Road, 1.5km south east of Newbridge town centre. The surrounding area is a mix of industrial, residential and agricultural uses with adjoining occupiers including Pfizer, KDP Ireland (Keurig Dr Pepper), Murphy Ireland, and the recently developed Lidl Distribution Centre is also close by. Lands to the east are reported to have been recently acquired by the IDA. The lands extend to approximately 23.6 acres (9.56 hectares) and provide a serviced industrial zoned land bank in a strategic location ideally suited for future commercial development. The estate road is proposed to form part of the Newbridge South Orbital Relief Road providing easy access to the M7 Motorway at Naas South (Newhall) interchange, the M50, Dublin city centre and other major cities via the motorway network. The Business Post, 29th August
Glenveagh, Ireland Glenveagh reported pre-tax profits of €4.3 million for the first six months of 2021, which is a significant improvement on the €27.3 million pre-tax loss for the same period last year when public health restrictions forced the closure of the construction sector for an extended period. Glenveagh posted an operating profit of €21.4 million for the first half of 2021 on the back of healthy profit margins of 16.7 per cent. Overall, the company reported a threefold increase in sales for the first half of the year to €127.5 million. Glenveagh said it paid €52 million in the first half of the year to acquire nine suburban sites for future development, which it estimates will deliver 2,000 housing units in total. Glenveagh said the average selling price of homes across its portfolio stood at €298,000 in the first half of the year, which was down marginally on the same period last year. However, the company said the rate of house price inflation increased to 5 per cent in the first six months of 2021 and warned that this cost inflation would become evident in 2022 as housing projects are completed. The Business Post, 26th August
Blackrock Road, Louth BWH Investments Limited has applied to Louth County Council for 29 residential units at The Loakers, Blackrock Road and Bother Maol. The proposed development is for 2 three-storey blocks of apartments, comprising 9 two-bedroom apartments and 3 three bed apartments in each block (24 apartments in total); 4 semi-detached two storey, three-bedroom dwelling houses and 1 detached two storey, three-bedroom dwelling house. The N52 Inner Relief Road to the site entrance on Bothar Maol will be used for emergency and service vehicle access in the event of flooding on the Blackrock Road preventing access to the site via The Loakers development. The Independent, 25th August
Newtownmountkennedy, Wicklow Rockfield New Homes Springmount Ltd have submitted a planning application with the Planning Section of Wicklow County Council for 57 new residential units. The application consists of plans to construct three-storey detached four-bedroom dwellings, two-storey semi-detached four-bedroom dwellings, two-storey semi-detached three-bedroom dwellings and detached four-bedroom dormer dwellings. Planning permission is also being sought for the provision of an entrance to the development via the previously granted Rockfield, connection to existing services, together with all ancillary site works necessary to complete the development. The Independent, 25th August
Castleforbes Business Park, Dublin Eagle Street Partners, the real estate and asset management firm, announced that it signed a contract to acquire a 4.6-acre property at Castleforbes Business Park in Dublin’s city centre from Glenveagh Properties. The €78.5 million transaction is expected to be completed at the end of this year. The company was founded in December 2020 by Justin Bickle, the former chief executive at Glenveagh, and Shane Scully, who worked as chief development officer at Glenveagh Living. Eagle Street said the Castleforbes site, at Sherriff Street, benefited from full planning permissions and was capable of delivering 702 residential apartments and a 219-bed hotel. Eagle Street estimated that the gross development value of the transaction is in excess of €500 million. The investment company said that when delivered, the residential units would represent one part of Resident Space, Eagle Street’s vertically integrated Irish private rented sector (PRS) platform, which will be launched this year in conjunction with major international real estate investors. Eagle Street said it was aiming for Resident Space to become one of Ireland’s leading PRS players, targeting the delivery of at least 5,000 purpose-built residential units in Dublin over the coming years. The Business Post, 26th August
The Brick Yards, Dublin 1 Having assessed interest among developers and investors earlier this year, agent Savills Ireland has brought a landmark 3.2-hectare (8-acre) site in Dublin’s north docklands to the market at a guide price of €80 million. Located on the East Wall Road, the Brick Yards comes with the potential to accommodate a scheme of 1,051 apartments, according to the feasibility study prepared for the sale by MCA Architects. The proposed development would, subject to planning permission, comprise 458 one-bed units, 489 two-bed units, 104 three-bed units, along with 20,780sq m (223,674sq ft) of commercial space. The site currently comprises several low-rise industrial buildings, which the selling agent says could provide the purchaser with an opportunity to benefit from short-term income while seeking planning permission for a development scheme. Assembled originally by a joint venture involving the Westmeath-based Bennett Group, the “Merchants Gate” site, as it was known previously, was last offered to the market in 2006 at the much-higher guide price of €150 million. The Irish Times, 25th August
Mortgage Approval, Ireland There has been another surge in the numbers approved for a mortgage as potential buyers scramble for a limited supply of homes. More than 5,000 mortgage applications were given the green light last month, with most of them for first-time buyers, according to new figures from the Banking and Payments Federation (BPFI). This is 1,600 more mortgages than were approved in the same month last year. The overall number of mortgages approved fell by 3.3pc last month when compared with June, but was up around 50pc on the same period last year. Mortgages approved in July were valued at €1.283bn, with first-time buyers accounting for 55pc of these and mover purchasers accounting for €382m. In the year to July, 53,511 mortgages were approved, valued at €13.17bn – the highest level since the data series began. Average amounts approved for home loans have also risen in the last year, the banking body said. The average approval amount last month was €255,000, up €16,000 from July 2020. The Independent, 27th August
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Social Housing, Donabate Cannon Kirk, the Dublin-based housebuilding firm, is planning to charge a local authority more than €36 million for 136 homes as part of a proposed new development on the north side of Dublin. Planning documents submitted by Aledo Donabate, a company owned by the directors of Cannon Kirk, show Fingal County Council has been asked to pay more than €500,000 each for two three-bedroom units at the €448 million Donabate complex. Aledo Donabate has also put a price tag of €493,000 on other three-bed units and has sought almost €420,000 each for six duplexes. The complex will also include 49 sheltered accommodation apartments, which will be taken on by Clúid Housing. The new residential development, which comes to 27 hectares, will include three childcare facilities, two cafes and five retail units. It will comprise both houses and apartments, with 131 four-bedroom houses and 206 three-bed houses. Aledo Donabate is seeking ten years of planning permission and anticipates that the development of the complex could take more than five years, the planning documents show. The firm said the development would “contribute towards Donabate fulfilling its role as a strategic development area” in Dublin. An Bord Pleanála will decide on the application by November 29th. The Business Post, 18th August
KBC House Prices Survey Seventy percent of Irish consumers expect house prices to rise by at least 4 per cent per annum over the next three years, according to a survey by KBC Bank Ireland. Higher expectations of property price increases were slightly more evident in Connacht, Ulster and the Border region, probably reflecting comparatively strong recent price trends in these areas, the study found. The most common expectation nationally was that prices would rise by 4-5 per cent. KBC Bank Ireland chief economist Austin Hughes said the findings suggested home-buyer demand would be likely to remain “well underpinned” in the year ahead. “It may also hint that the balance of risks in terms of property price inflation could be clearly weighted towards the upside,” he said. “In turn, this might suggest the thrust of upcoming housing market policy interventions should be to calm rather than create additional demand,” he said. Several groups have criticised the Government’s new shared equity housing scheme, believing that it could be inflationary. “It may say something about the roller-coaster nature of the Irish property market that only 5 per cent of consumers see prices being broadly flat over the next three years,” Mr. Hughes said. The Irish Times, 19th August
Drumcondra, Dublin 3 Some residents in Drumcondra, are urging An Bord Pleanála to refuse permission for 1,614 build-to-rent apartments on Clonliffe Road, 70 per cent of which will be studio or one-bedroom units. US property group Hines is seeking permission to develop apartment blocks up to 18-storeys tall on the site of the old Holy Cross seminary. A local campaign group, Stop Holy Cross College, said the development of rental-only apartments could lead to rent and house price inflation, lower living standards and “a return to absentee landlords”. Hines said the proposed development responded to the demand and demographic of the area, where 51 percent of households are either single occupancy or couples without children. The apartment mix is future-proofed, it said, and the design can respond to market demand where two one-bed units could be converted into three-bed units. The archdiocese of Dublin two years ago sold the lands to the GAA for about €95 million. The GAA sold about eight hectares to Hines and is separately building a 200-bed hotel elsewhere on the site, which is close to Croke Park. The Irish Times, 18th August
Belmayne, North Dublin An Bord Pleanála has given the green light to “fast-track” plans for 260 apartments at Belmayne in north Dublin. The appeals board has granted planning permission to Balgriffin Ltd for the Strategic Housing Development (SHD) scheme that rises to seven storeys in height. The scheme comprises 108 one-bed units, 135 two-bed and 17 three-bed. The site is located adjacent to the existing Belmayne estate on the corner of Churchwell Road and Churchwell Crescent in Dublin 13. In compliance with its social housing obligations, the developer is proposing to sell 26 apartments for €7 million to Dublin City Council for social housing. Dublin City Council recommended that planning permission be granted subject to 10 conditions. The Irish Times, 19th August
Cabinteely Dublin 18 Dún Laoghaire-Rathdown County Council is to pay up to €2 million a year to lease a block of 81 apartments for social housing at Beechpark, Cabinteely, in south Dublin. The newly-built development, just beyond the turning for Cabinteely village on the N11, comprises about 240 units in a mix of houses and apartments. A spokesman for the council said it would lease 81 apartments in total, made up of 15 one-bed and 66 two-bed apartments. The properties will be allocated to families and individuals who are on the council’s housing waiting list. The council will lease the apartments from Irish property investor Ardstone, which acquired about 140 apartments at the development for €66 million, or about €471,000 each, earlier this year. It’s understood that the second block of apartments will also be rented, to a mix of social and private tenants. Now residents who bought homes in the development fear the new lease agreement on the apartment block will lead to an “oversaturation” of social housing. Speaking to The Irish Times, two home owners in the development note that given that a further 14 houses may be allocated to the council under Part V obligations, this would bring the proportion of social housing at the development to 41 per cent, a figure which they say is “extremely significant”. Most of the houses in the development have now been sold, but residents also fear the impact the scale of social housing in the development may have on the resale value of their properties. The Irish Times, 21st August
Blackrock, Dublin Plans are to be lodged shortly for a 244-unit, build-to-rent apartment complex on lands formerly owned by Blackrock College in south Dublin. Lioncor Developments is to lodge fast-track plans with An Bord Pleanála for the scheme at Cross Avenue, Blackrock that would reach up to nine storeys in height. The scheme by Lioncor subsidiary, 1 Players Land Ltd, is to comprise of 122 one-bed apartments, 100 two-bed apartments, 18 studios and four three-bed units in three blocks on lands beside Blackrock College. The scheme is to include facilities such as a café, a co-working area, meeting areas, a pet wash, a fitness area and a resident’s lounge. The planning notice said the planning documents contained a statement outlining why planning permission should be granted despite the fact that the proposed scheme materially contravenes the local development plan. Lioncor last year paid out a reported €16 million for the Cross Avenue site in the face of competition from a number of other developers. The Irish Times, 23rd August
Student Accommodation, Limerick and Cork Developers have secured the go-ahead for 561 student bed spaces in two separate developments. In granting fast track planning in two separate cases on Monday, An Bord Pleanála has cleared the way for the construction by Cloncaragh Investments Ltd of 318 student bed spaces and 30 build-to-rent apartments containing an additional 104 bed spaces at Punches Cross in Limerick. The board has also given the go-ahead to plans to Bellmount Developments Ltd for 243 student bed spaces at Kelleher Auto Centre at Victoria Cross, Bishopstown outside Cork city. That development ranges from five to 10 storeys in height. The Limerick scheme – located 1.5 km to the west of the city centre – reaching to seven storeys in height – faced a higher level of opposition locally with one submission by Environmental Trust Ireland supported by 103 signatures in an accompanying petition. Objectors claimed that there are three other purpose-built student accommodation schemes in Limerick that are no longer used for such a purpose and expressed concern that the same would happen here. The inspector in the case, Daire McDevitt, concluded that there is a need for student accommodation in Limerick, noting a report submitted stating that there was an estimated shortfall of 2,169 bed spaces in Limerick in 2019. The Irish Times, 23rd August
Ardcairn House, Dublin 7 Two Labour party senators have accused Dublin City Council of allowing “backdoor” approvals of more tourist accommodation in Dublin’s inner city by allowing student accommodation providers to lease to tourists. Uninest gained permission for this temporarily ancillary use on foot of an application in which it cited the Covid-19 pandemic and the resulting downturn in the numbers of students availing of accommodation, leading to low occupancy rates in its building. Rebecca Moynihan, Labour senator and party spokeswoman on housing, said housing developers need to know that inner city communities are not “investment opportunities” and that approvals such as this encourage capitalising on city centre property in this way. Moynihan said she has a bill before Séanad Éireann to address this practice of allowing developments to be temporarily re-classified, and that it must be made “a priority” when the Oireachtas returns in September. Marie Sherlock, a Labour senator, told the Business Post that allowing developers to put forward these ancillary applications sets a precedent for a “free-for-all” with Dublin city planning. In response to the criticisms of the Uninest approval, a spokeswoman for Dublin City Council told the Business Post that DCC is “fully aware of the frustrations of the public and their political representatives over the significant delays in resolving the housing crisis” but said it did not believe that proposals to ban temporary change of use of student accommodation sites would “resolve the housing problem in any meaningful way.” The Business Post, 19th August
Retail Development, Cork With the largest Munster retail letting of recent years just secured at Cork’s Mahon Point Shopping Centre, where the Fraser Group/Sports Direct is to take 75,000sq ft vacated in the past year by Debenhams, the focus is now on Cork’s troubled St Patrick’s Street and city core, as a pick-up in occupancy is predicted by next year. The news of the UK-based Fraser Group’s overall 150,000sq ft deals at Mahon Point and Whitewater Centre in Kildare, with landlords Deka via their agents Savills (with Cushman & Wakefield for the Fraser Group), is a welcome boost for retail jobs, indicating a faith in bricks-and-mortar sales as well as online activity. Meanwhile, also in the city centre, the Savoy Centre at one end is set for redevelopment for new model, post-pandemic retailing in a blend of online and physical store experiences while the Queens Old Castle at the other end of the city centre is to get a mixed development that will include offices. Among the names thought to be looking for a premise in Cork City are Asics; Inditex brands such as Pull & Bear and on-again, off-again Zara; and Liverpool FC, with the latter just going for a short-term let. Decathlon is also seeking a 30,000sq ft Cork presence, in the city or out of town. Savills’ expressed positive hopes for a city centre bounce-back by 2022, as the estate agency reports early international brand inquiries on the vacated four-storey 20,700 sq ft former Topshop unit 14 on Opera Lane. Although not officially confirmed, it’s likely rents on the large, multi-level Opera Lane unit are being pitched at about €475,000 a year, well down on the c€700,000 rent paid by Topshop. The Irish Examiner, 19th August
Douglas Relief Road, Cork Attempts by German-owned discount store Lidl to open a new supermarket in Douglas have hit a wall for the third time following Cork City Council’s decision to refuse planning permission. Lidl intends to appeal the refusal to An Bord Pleanála. In rejecting the proposal, the Council criticised the application for “poor quality of urban design, the limited nature of mixed uses proposed, the lack of streetscape presence onto key streets and the poor quality of the public realm”. Conor Nagle, Lidl regional director for Munster, said they were “surprised and disappointed with the refusal for this development in Douglas”. Mr. Nagle previously said that the proposed development would “turn an unused site into one that offers great services to the community”. Lidl has experienced a series of setbacks over the years in its efforts to establish a presence in Douglas. The discount store previously applied for permission to build on the two-acre Barry’s Field site, between Carrigaline Road and Churchyard Lane, in the heart of Douglas village. The land at the time fell under the remit of Cork County Council (pre-boundary extension) who granted permission in 2017, but An Bord Pleanála overturned it. A second application was lodged with the County Council in 2018, and again permission was granted, but it was again overturned by the planning board. The latest proposal was for a “landmark” development in Douglas to include a new store, a cafe, eight apartments and a commercial unit on a currently vacant site, which Lidl bought for an undisclosed sum, and which faces onto the roundabout on the Douglas Relief Road (R610). It adjoins the site of the new Aldi store (formerly Douglas Cinemaworld) which opened in June. The Irish Examiner, 18th August
Retail, Cork The planning regulator has issued a fresh warning to Cork County Council reiterating that a Kildare Village-style €100 million outlet centre should not be developed in the county. Last year Peter Burke, the Minister for Planning, told the local authority to remove any mention of an outlet centre from its draft development plan for 2022 to 2028. A new draft of the document was published in April 2021. It included a detailed section about how an outlet centre could be successfully integrated into the area and not impinge on core city and town retail centres. Cork County Council said it would undertake a detailed evidence-based assessment to “confirm the need for such developments” and “identify potential suitable locations”. Rioja Estates, the British developer, has expressed interest in developing the outlet centre near the IDA industrial estate at Killacloyne in Carrigtwohill. It has claimed the centre could create 850 jobs. Niall Cussen, the planning regulator, said that due to the need to address climate change through sustainable settlement and transportation strategies, the draft plan should fully reflect the provisions of the retail planning guidelines, which states “outlet centres should not be permitted in more remote out-of-town locations”. In his assessment of the draft plan, Cussen said the council should adhere to the direction issued by Burke in December 2020 that advised the council to remove any proposals for an outlet centre from the document. The Business Post, 22nd August
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