New Funding Partnership Origin Capital is proud to announce a strategic relationship with Kvika banki hf. This partnership allows Origin Capital to provide flexibly structured senior debt in the €2m – €15m range to Irish borrowers, backed by Kvika’s institutional capital base. With over €30m already deployed within this relationship, Origin Capital is scaling its lending activity and delivering certainty of execution for core and transitional assets. For further information please contact Ross Metcalfe at rossmetcalfe@origincapital.ie Origin Capital Press Release, 12th February
Dun Laoghaire, Co Dublin Plans for a proposed 71-bed REZz hotel in Dún Laoghaire have been appealed to An Coimisiún Pleanála (“ACP”) by the owners of the apartment residences within the complex where it would be located. Last week, Century Court Residences lodged an appeal against the proposed development from Downton Ventures Limited. Downton Ventures had been granted permission for change of use for 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, from office space to hotel accommodation. The case is due to be decided by ACP by June 18th. The Business Post, 20th February
Charleville, Co. Cork Sherry FitzGerald is guiding €1m (16.3% NIY) for a high-yielding North Cork pharmacy investment generating annual rental income of €180,000. The 3,165 sq. ft property is located in Charleville Shopping Centre, which is also up for sale. The property is occupied by McCabes Pharmacy, who have seven and a half years left to run on a 25-year full repairing and insuring lease from October 2008. The lease structure includes upwards-only rent reviews. Sherry FitzGerald is also handling the sale of the shopping centre, which went to market last September with a guide of €3.5m. The Irish Examiner, 19th February
North Main Street, Cork City Joint agents Cushman & Wakefield and Behan, Irwin & Gosling are guiding €1.2m for the Cummins Sports flagship Cork City premises on North Main Street. The store is also available for lease, for an annual rent of €100,000 per annum. The property includes a large open-plan ground floor retail unit of approximately 4,054 sq. ft, with strong street presence and impressive ceiling heights of 3.86m, while the 3,941 sq. ft first floor has recently been used for storage, and features solid concrete floors, canteen and toilet facilities, and convenient access via a rear stairwell. It has the bonus of a large yard to the rear, accessed via Cornmarket St, with parking for approximately 14 cars. The Irish Examiner, 18th February
Coolock, Dublin 17 Northside Shopping Centre in Coolock is entering a new phase of leasing activity following the completion of two significant deals with Tesco and Danish retail chain, Normal. The Dublin centre, owned by German investor AM Alpha, has agreed terms with Tesco for the former SuperValu unit, extending to approx. 23,573 sq. ft. Refurbishment works are due to commence this month, with the supermarket expected to open in early summer. The addition of a grocery anchor is expected to reinforce the centre’s convenience offer and daily footfall. In parallel, AM Alpha has secured Normal for the former Iceland unit, comprising some 7,535 sq. ft. Savills and Agar are joint letting agents on the scheme. TWM assists AM Alpha locally with asset management. The Business Post, 20th February
OpenAI Office Space, Dublin OpenAI looks set to grow its Dublin-based workforce significantly, with a plan to move into a new EU headquarters office capable of accommodating over 400 workers. The ChatGPT creator is understood to have narrowed its search for some 45,000 sq. ft of office space down to two potential locations in Dublin’s city centre and south docklands. The first of these is College Square, the landmark office scheme developed by Marlet Property Group in Dublin city centre, while the other is the Tropical Fruit Warehouse, developed by Iput on Sir John Rogerson’s Quay. The Irish Times, 18th February
Greystones Harbour A long-vacant space at Greystones Harbour will be converted into offices. An application to Wicklow County Council submitted at the end of 2025 by BJ Marinas Ltd, sought permission to change the first and second floors of the three-storey pier-side building from restaurant use to office space. The council also agreed to allow the retention of several as-built modifications to the structure, including glass balustrades in place of previously approved metal railings and a perforated aluminium façade depicting an image of Wicklow Head Lighthouse. Planners concluded these features “enhance the existing structure” and would not negatively affect visual or residential amenities. No third-party submissions were lodged. The Irish Independent, 18th February
IPUT Real Estate has raised €175m for new equity in the company from CBRE Investment Management indirect strategies. The funds will be used to grow IPUT’s Dublin office portfolio. IPUT has a ready-to-go development pipeline with the capacity to accommodate more than €500m of investment, all of which is part of its ambition to expand its Class A+ office portfolio. That portfolio comprises 30 assets of more than 2m sq. ft, all of which are located in Dublin’s city centre. These in turn are part of a much bigger portfolio, which includes logistics, industrial and retail properties and which is valued in total at €2.7bn. In addition, IPUT intends to commence development of its 350,000 sq. ft city centre office pipeline, which comprises two city centre landmark office sites at Earlsfort Terrace and Harcourt Street. The Irish Independent, 19th February
Student Bed Deficit Limited development of purpose-built student accommodation (PBSA) has led to a deficit of around 38,900 bed spaces in Dublin, Cork, Limerick and Galway, according to Sherry FitzGerald. By year end 2025, PBSA bed spaces in Ireland totalled 47,600, while 2,600 PBSA beds were under construction, full time third-level students were 215,585. Dublin has a student-to-bed ratio of 2.7 and in Cork, Limerick and Galway ratios range from 1.3 to 2.5. Construction and borrowing costs, along with uncertainty and reduced development activity, impact the viability of PBSA developments. Supply and demand issues are putting pressure on the private rental market. Planning permission had been granted for around 13,800 PBSA beds, but c. 4,800 had been put on hold. Sherry FitzGerald estimated demand for additional bed spaces in Dublin, Limerick, Cork and Galway, could increase by between 9,900 and 11,700 by 2030. The Business Post, 18th February
Naas, Co. Kildare Palm Logistics has reached practical completion of four new high-bay and light-industrial units at Momentum Logistics Park. The units, which together extend to a total area of 122,000 sq. ft, have all been placed under offer. Palm Logistics has also secured planning permission for a further 400,000 sq. ft of high-bay logistics space at the park, with several new buildings already under construction and additional phases totalling 200,000 sq. ft due to go for planning approval this year. Momentum Logistics Park, known originally as Naas Enterprise Park, sits on more than 250 acres, was acquired by Palm Capital and KKR in 2021 as part of their wider €195m purchase of the Core industrial portfolio. Since then, Palm Logistics has been involved in a €100m regeneration programme. The master plan for Momentum Logistics Park includes the development of more than 850,000 sq. ft of logistics and warehousing space across seven zoned sites, offering occupiers the opportunity to secure flexible, custom-built grade-A accommodation ranging in size from 8,000 sq. ft to 500,000 sq. ft. The Irish Times, 11th February
Dublin Industrial and Logistics Review A strong recovery in Dublin industrial and logistics showed in 2025, with take-up rising sharply and prime rents increasing, according to Savills Ireland’s Dublin Industrial and Logistics Review. Total take-up reached 2.39m sq. ft across 70 deals in 2025, an increase of 81% on the previous year, although still 10% below the five-year average. Activity accelerated in the final quarter of the year, with 782,000 sq. ft transacted across 24 deals, the highest number of transactions recorded in a single quarter since Q3 2022. Supply also increased with completions totalling 1.48m sq. ft in 2025, well above the five-year average, driven by speculative development and a catch-up in delivery following limited construction during the previous cycle. As a result, the vacancy rate edged up from 1.7% to 2.5%. Prime rents rose by €1 psf over the year to €14 psf, reflecting strong demand for best-in-class units. Newly constructed and refurbished units under 30,000 sq. ft achieved rents of up to €20 psf, highlighting the pricing power of high-quality stock amid rising construction costs. Third-party logistics operators re-emerged as the dominant source of demand almost tripling take-up from 13% in 2024 to 37% in 2025. The Irish Independent, 12th February
Pembroke Street, Dublin 2 Knight Frank is guiding €15.5m for Alexander Court, a private rented sector investment, in a prime location on Dublin’s Upper Pembroke Street. The property, a mid-terrace five-storey over basement building comprises 23 apartments complemented by a range of on-site amenities. The property was acquired by the current owner for approx. €6.3m in late 2015 and redeveloped as 18 two-bedroom and five three-bedroom apartments, along with a residents’ lounge, a roof terrace, and secure bike storage. The building was operating as a boutique “curated living” 51-bed residence but is now marketed for sale as a portfolio of 23 individual apartments aimed towards the upper end of Dublin’s private rented sector market. The investment comes for sale with a low vacancy rate, an on-site management team in place, and with immediate gross rental income of €1m a year. The Irish Times, 18th February
Killester, Dublin 3 Hooke & MacDonald is guiding €3.45m for a 0.59 acre site with full planning permission for the development of a scheme of 38 apartments in Killester village. Located on a prominent corner in the heart of the village, the subject site at 174 Howth Road is occupied at present by a large, detached house known as Inglewood. The property comes for sale with planning permission from ACP for demolition of the existing structure and its replacement with 38 apartments distributed across a single block rising in height from three to five storeys over basement level. The approved scheme allows for a mix of one studio apartment, 11 one-bedroom and 26 two-bedroom apartments ranging in size from 861 sq. ft to 1,152 sq. ft. Several units will feature external areas of up to 344 sq. ft. The Irish Times, 18th February
Brannockstown, Co. Kildare Jordan auctioneers are guiding €1.4m for 10 acres within the village boundary of Brannockstown near Kilcullen. It is zoned Settlement Expansion under the Kildare County Development Plan. The agent says that this would allow for a development of relatively large detached houses on their own half acres similar to those on the adjoining Grangemore Manor. It comes with a detached three-bedroom bungalow extending to 1,468 sq. ft. The site is close to Brannockstown National School and church while the village is 11km south of Naas and 11km south-east of Newbridge. As well as being convenient to the M7 and M9, rail services are available from Newbridge and Sallins. The Irish Independent, 19th February
Carrickmines, Dublin 18 Cairn Homes has been given the green light by Dublin City Council for the development of 144 residential units in Ashwood Farm in Carrickmines. The proposed development comprises a six-storey apartment block with 70 apartments, split 50/50 as one and two bed units along with 16 duplex units, three storeys in height, as well as 36 three-bed houses, and 22 four-bed houses. The c.6.9 acre site is on Glenmuck Road, 1.5km west of the M50. The developer was previously denied planning permission by ACP for development on the site, after it sought to develop 305 new housing units, which consisted of 289 build-to-rent apartments and 16 houses. The Business Post, 19th February
Residential Property Prices for both new and existing properties were up by 7% in the year to last December, according to the Central Statistics Office property price index. Prices in Dublin rose by 5.6% and prices outside Dublin were up by 8.1% in December 2025 YoY. Prices of second-hand properties are rising faster than the cost of new homes and both were up 10.6% and 5.3% respectively in 2025. Across all housing types in the State, the median price of a dwelling purchased in the 12 months to last December was €387k. €680k in Dún Laoghaire-Rathdown was the highest median price compared to the lowest median price of €195k in Donegal. In December 2025, 5,947 dwelling purchases by households were filed with the Revenue at a total value of €2.6bn. These purchases consisted of 4,001 existing dwellings and 1,946 new dwellings. The Irish Independent, 18th February
Dublin Housing Sites Kennedy Wilson is closing in on a deal to take a participating interest in the development of three of Dublin’s largest housing sites. The Sunday Times understands the company is in advanced talks with APG Asset Management about participating in a joint venture to develop the Holy Cross College site in Drumcondra, the former Player Wills and Bailey Gibson sites off the South Circular Road, and the Cherrywood development in Dublin. The three sites have the capacity for thousands of homes. APG entered a joint venture with Hines on the three sites in 2018. The developments will involve the investment of over €1.3bn. Headquartered in Heerlen in the Netherlands, APG is one of the world’s largest pension investors, with about €590bn in assets under management. Last week, Kennedy Wilson announced that it would go private, after agreeing to be acquired by a consortium led by its chief executive William McMorrow and Fairfax Financial in a deal valued at about €1.27bn. The Times, 21st February
JLL Irish Property Index The Q4 2025 JLL Irish Property Index showed the office sector booked a seventh-consecutive quarter of positive growth as overall returns rose 9.4% YoY, the biggest spike since 2018, and 2.8% increase in rental values. The institutional investment portfolio monitored was valued at €620m, which included €316m of office space. Retail capital values grew by 7.8% over the year, which made it the strongest performing asset class. This sector was also the most active investment sub-sector in 2025, accounting for a third of investment volumes and registered the largest estimated rental value growth, up 11.6% in the year due to “strong retail park lettings”. Value of industrial property rose by 4.7% over the year, with the increase linked to supply shortages, while estimated rental values were up 3.1%. The Business Post, 18th February
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New Funding Partnership Origin Capital is proud to announce a strategic relationship with Kvika banki hf. This partnership allows Origin Capital to provide flexibly structured senior debt in the €2m – €15m range to Irish borrowers, backed by Kvika’s institutional capital base. With over €30m already deployed within this relationship, Origin Capital is scaling its lending activity and delivering certainty of execution for core and transitional assets. For further information please contact Ross Metcalfe at rossmetcalfe@origincapital.ie Origin Capital Press Release, 12th February
Donnybrook, Dublin 4 Savills is guiding €12m for the former St Mary’s Carmelite seminary. Located within a quiet cul-de-sac on Bloomfield Avenue and immediately adjacent to the Royal Hospital Donnybrook, St Mary’s comprises a four-storey Gothic-revival style building built in 1888 and extended in the 1940s. The property extends to 35,575 sq. ft, and consists of classrooms, meeting rooms, residential accommodation and a chapel. The building is a protected structure and sits on a 3.09-acre site. Having paid c. €16m in 2018, hoteliers Joe and Margaret Scally have abandoned a plan to develop a hotel on the site. The vendors secured planning permission, which has since lapsed, for the construction of a 163-bedroom hotel with basement parking. While a new owner might want to take advantage of the site’s positive planning history and submit a new planning application for a hotel, they may alternatively look at its potential for housing. Recognising this, the vendors commissioned a feasibility study in preparation for the site’s sale which suggests it could accommodate a scheme of 109 units. The Irish Times, 11th February
Leopardstown, Dublin 18 State agency Horse Racing Ireland (HRI) is seeking talks with potential partners to build a hotel and sports or entertainment arena at Leopardstown Racecourse. HRI recently revealed that it was weighing both projects to underpin horse racing at the Dublin track and further tap the 260-acre venue’s potential. The organisation is seeking developers, investors and operators for pre-market consultations on the possibility of building the hotel and arena there, through Etenders, the State’s procurement website. Located less than 10km from Dublin city centre, close to the M50 motorway, Luas tram service and other public transport links, Leopardstown’s neighbours include Microsoft, Bank of America and numerous enterprises in a nearby businesses park. The track hosts racing on 23 days a-year. The Irish Times, 16th February
Athlone Towncentre, Co Westmeath Boots has become the latest major brand to join the line-up at Athlone Towncentre, signing a 10-year lease on a 3,500 sq. ft unit on the ground floor. It is expected to open for business alongside Marks & Spencer, Next, Zara, H&M, Sports Direct, River Island and JD Sports and the centre’s other occupiers in the second quarter of this year. The news of Boots’ arrival follows the recent opening by Australian jewellery brand, Lovisa, of its new 1,000 sq. ft store on the centre’s ground floor. Golden Discs, meanwhile has upsized and relocated from its original ground-floor unit to a new, 2,100 sq. ft store on the first floor which had previously been occupied by the Quiz clothing store. A number of lease renewals have also been agreed with existing occupiers, including clothing brands Regatta and Name It, both of which have committed to new five-year terms at improved rental levels. The Irish Times, 11th February
Molesworth Street, Dublin 2 The Business Post understands that Henderson Park is preparing to bring One Molesworth Street to market at a guide price of close to €110m. The property generates close to €6m a year in rental income. Tenants of the building include Barclays, The Banking Payment Federation of Ireland and TD Securities. The building’s weighted average unexpired lease term is 13.4 years with breaks at 7.6 years. The company, which acquired Green Reit for €1.34bn in late 2019, has a large Irish portfolio primarily in Dublin and Cork, with notable assets including One Molesworth Street and Horizon Industrial Park near Dublin Airport. Last year, Henderson Park put its Horizon Logistics Park in Swords on the market at a guide price of €550m, which would be the largest logistics deal in Irish history. In November, it sought second round bids for the business park portfolio, which comprised 1.8m sq. ft of logistics space and 200 acres of zoned development land. Last month, it was reported that GIC, the sovereign wealth fund of Singapore, was closing in on a €500m deal for the Horizon Logistics Park in Swords. The Business Post, 13th February
Grand Canal Quay, Dublin 2 State Street is finalising a deal to relocate its Dublin headquarters to 2 Grand Canal Quay (“2GCQ”), the new 15-storey office building developed in the city’s south docklands. The company is understood to have agreed heads of terms on an agreement for between 59,998 sq. ft and 79,997 sq. ft of space. The proposed lease is for 15 years with a break option in year 12 at a rent in the region of €60 psf. 2GCQ is a 15-storey building comprising 144,990 sq. ft of grade A office space. The property boasts panoramic city and waterfront views and is complemented by a triple-height entrance lobby with its own cafe, a landscaped 10th-floor roof terrace and a double-height penthouse atrium. 2GCQ is highly sustainable with target credentials that include an A2 Ber rating. 40% of the property’s total energy requirements are supplied by on-site renewable energy via solar and heat-pump technologies. The Irish Times, 11th February
Ashtown, Dublin 15 Village Centre and River Centre in Ashtown have sold for €7.3m. Robert Colleran had been quoting €8.5m for the Ashtown investment which comprises 15 units in The Village Centre and nine units in the River Centre. Its range of retail, office, hospitality and healthcare tenants include The Lock Keeper Bar and Geisha restaurant, Unicare pharmacy, Spar convenience store, Giraffe crèche, Phoenix Dental, the Run Hub, McDonnell & Co solicitors, Brennan Property Consultants, Kilo, Eurostar, Reba hair and beauty, T2 barber rooms and Phoenix skin care. Between them they were generating more than €800,000 in annual rents. The Irish Independent, 12th February
Harcourt Street, Dublin 2 Robert Colleran sold 37 Harcourt Street and 11 Harcourt Street for €3.4m and €1m respectively. 37 Harcourt Street, a 4,944 sq. ft protected building in four storeys over-basement was sold with full vacant possession. It is laid out for a restaurant in shell and core condition on the ground floor and basement, and eight apartments which are in walk-in condition with kitchens and bathroom. 11 Harcourt St which had been occupied on the ground floor and basement floor by Donnelly Leathers. The upper floors are let to Academic Bridge which operates a language school. An industrial unit to its rear, which has planning permission for conversion to offices, was not included in the sale. The Irish Independent, 12th February
Naas, Co. Kildare Palm Logistics has reached practical completion of four new high-bay and light-industrial units at Momentum Logistics Park. The units, which together extend to a total area of 122,000 sq. ft, have all been placed under offer. Palm Logistics has also secured planning permission for a further 400,000 sq. ft of high-bay logistics space at the park, with several new buildings already under construction and additional phases totalling 200,000 sq. ft due to go for planning approval this year. Momentum Logistics Park, known originally as Naas Enterprise Park, sits on more than 250 acres, was acquired by Palm Capital and KKR in 2021 as part of their wider €195m purchase of the Core industrial portfolio. Since then, Palm Logistics has been involved in a €100m regeneration programme. The master plan for Momentum Logistics Park includes the development of more than 850,000 sq. ft of logistics and warehousing space across seven zoned sites, offering occupiers the opportunity to secure flexible, custom-built grade-A accommodation ranging in size from 8,000 sq. ft to 500,000 sq. ft. The Irish Times, 11th February
Dublin Industrial and Logistics Review A strong recovery in Dublin industrial and logistics showed in 2025, with take-up rising sharply and prime rents increasing, according to Savills Ireland’s Dublin Industrial and Logistics Review. Total take-up reached 2.39m sq. ft across 70 deals in 2025, an increase of 81% on the previous year, although still 10% below the five-year average. Activity accelerated in the final quarter of the year, with 782,000 sq. ft transacted across 24 deals, the highest number of transactions recorded in a single quarter since Q3 2022. Supply also increased with completions totalling 1.48m sq. ft in 2025, well above the five-year average, driven by speculative development and a catch-up in delivery following limited construction during the previous cycle. As a result, the vacancy rate edged up from 1.7% to 2.5%. Prime rents rose by €1 psf over the year to €14 psf, reflecting strong demand for best-in-class units. Newly constructed and refurbished units under 30,000 sq. ft achieved rents of up to €20 psf, highlighting the pricing power of high-quality stock amid rising construction costs. Third-party logistics operators re-emerged as the dominant source of demand almost tripling take-up from 13% in 2024 to 37% in 2025. The Irish Independent, 12th February
Dalkey, Co. Dublin An Coimiúsin Pleanála (ACP) has refused planning permission to Bartra to construct a five-storey, 104-unit nursing home on lands at Yonder, Ulverton Rd and Harbour Rd. Marking the end of a marathon nursing home planning battle dating back to January 2021 when plans were first lodged. ACP has refused planning permission to Bartra as the main access road for the nursing home “would have insufficient capacity to safely accommodate the intensified level of vehicular movements generated by the proposed development”. The ruling reverses a grant of permission issued by the then An Bord Pleanála (ABP) in July 2023. Some residents have been engaged in a planning battle with Bartra concerning the Yonder site since October 2018 when the developers lodged plans for an apartment scheme for the site. ABP granted planning permission in 2019 for 18 apartments and six houses despite the opposition. However, that planning permission has now expired. The Irish Independent, 11th February
Ballyogan, Dublin 18 Savills is guiding €3.5m for a 1.19 acre site located at Ballyogan Road near The Park retail park. It is a ready-to-go development opportunity with full planning permission for 49 apartments comprising one three-bedroom apartment; 29 two-bed units and 19 one-bed units, each with private balconies/terraces. The permission also includes a 20-space surface car-park. The various unit types extend to an average floor area of 563 sq. ft for one-bed units, 904 sq. ft for two-bed units and 1,317 sq. ft for the three-bed unit. These would be spread between two apartment blocks of four storeys each. The Irish Independent, 12th February
Dublin Housing The number of proposed residential units with planning permission constructed or being built in the Dublin area increased by nearly 25% over the last year, new figures to be published on Monday will show. The report on the pipeline of housing activity in Dublin will maintain that at the end of the third quarter last year, there were 35,864 houses and apartments with planning permission which were built or where construction activity was under way. There were nearly 44,500 units, apartments and houses, with planning permission on which there was no activity taking place. However, the report notes that the number of units with planning permission that were “active” increased by more than 24% YoY. The number of inactive units with planning permission was down nearly 10%. The Irish Times, 16th February
College Green, Dublin 2 The design of the €80m College Green civic plaza has been revealed by Dublin City Council, almost eight years since the last plaza plans were rejected by ABP. The council has opened public consultation on the revamped and extended traffic-free plaza scheme in advance of lodging a fresh application to ACP this summer. The new project, Grow College Green, will see traffic banned from the area west of the Luas lines in front of Trinity College, as far as the junction with Dame Street and South Great George’s Street. The area, extending 183,000 sq. ft, would be a “pedestrian priority” public space, the council said, crossed by defined cycle paths. The new designs focus on climate resilience and “greening” with 75 new trees and 15,069 sq. ft of landscaped areas it said. The Irish Times, 11th February
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Churchtown, Dublin 14 Nutgrove Shopping Centre, which was developed in the early 1980s at a cost of IR£12m, is expected to guide approx. €30m when it is brought to the market by Savills. Nutgrove Shopping Centre extends to a total area of 228,593 sq. ft distributed across 80 units, along with an 825-space surface car park. Although not all of the centre units will be included in the sale as they are owned by their occupiers, the centre’s current rent roll is understood to be about €2.8m. The scheme serves a wide and relatively affluent catchment area that takes in Churchtown, Rathfarnham and Terenure, and is anchored by several large retailers including Dunnes Stores, Tesco and Penneys. Other key occupiers include Omniplex (five-screen cinema), Boots and Carrig Donn. Nutgrove Shopping Centre has also been home since 1984 to McDonald’s first drive-through restaurant in Europe. The development is managed by Lanthorn. The Irish Times, 4th February
Dundrum, Dublin 14 Hammerson has announced a spate of new openings and investments at Dundrum Town Centre. The London-listed property investment firm said M&S has extended its lease and is undertaking a multimillion-euro transformation of its store, set to relaunch in the summer. Zara has also made a major investment in Dundrum Town Centre to expand its store size by 43% to 37,700 sq. ft. The new, upgraded store is expected to be completed by late autumn. Other than the headline investments from M&S and Zara, Hammerson said Irish skincare brand Pestle & Mortar is set to open its first-ever shopping centre location in early 2026. British lifestyle brand Crew Clothing will also open its first shopping centre store in Ireland in the first quarter of 2026, with a 1,933 sq. ft unit, while luxury jewellery and accessories brand Swarovski is set to launch a new 1,443 sq. ft store. On the food front, Vice Pizza will open a new 1,884 sq. ft restaurant in Pembroke District in January and salad bar Sprout & Co is set to open a new 1,132 sq. ft outlet. The Business Post, 4th February
Flagship Stores Apple, Uniqlo, Sephora and other major international brands have struggled to open flagship stores due to a lack of suitable properties on Dublin’s high streets, finding the units either too small or unsuitable in design for flagship venues. The Business Post understands Uniqlo, one of the world’s biggest clothing retailers, and Sephora, the major beauty chain owned by LVMH, are actively searching for space in Dublin but have faced difficulty finding suitable locations. Nike, Adidas, Zara Home, Abercrombie & Fitch, Michael Kors, Guess, Sandro, Coach and Hollister have also not opted to take vacant spaces on the market as they don’t meet their requirements. The recent proposal for St. Stephens Green shopping centre included a reconfiguration of the ground floor to create medium-size units which are in short supply but are needed to attract higher profile retailers. Bannon said in the planning application the units desired by these brands are typically in excess of 37,500 sq. ft and are difficult to create on Grafton Street given the large number of protected structures and buildings of architectural and historic merit. Bannon said the South King Street side currently has “dead frontage” that would be replaced with restaurant units that would open onto the street. Last year, research by CBRE indicated growing demand for retail space on Dublin’s high streets, with vacancy down from “double-digit highs”. Between the second quarter of 2023 and the final months of last year, the vacancy rate on Henry Street fell from 11.9% to 6.4%. In the second quarter of this year, the vacancy rate on Grafton Street declined at a faster rate, down 8.8%, to 4.4%. The Business Post, 7th February
Nationwide The High Court has appointed Interpath as liquidators to the companies which operate the EuroGiant chain. The discount retailer has 77 stores across the country, employing around 640 staff, which are now under threat. EuroGeneral Limited and Bushgrove Limited, which trade as EuroGiant, have blamed rising costs for the decision. EuroGiant stores will remain open and continue trading as normal while a full review of the store network is carried out. EuroGiant was established as a single store on Moore Street in Dublin in 1990. It later expanded nationwide, with a presence in over 20 counties. Rte.ie, 5th February
Patrick Street, Cork City Details of Irish clothing retail giant Penneys revised expansion plans for its Cork city centre store are revealed in a new planning application which proposes a 6,000 sq. ft extension, a substantial reduction from the 17,000 sq. ft originally envisaged. The development would bring several long-vacant units back into use, including the former Jack & Jones store on St Patrick’s St, as well as a vacant unit at No 1 Cook Street. These units, along with neighbouring Flying Tiger, are set to be incorporated into an enlarged Penneys. The new store size will offer 40,500 sq. ft of retail space. The new application is a substantial redrawing of what was originally planned when Penneys first sought permission to expand its premier Cork store in 2021. That €60m project, which took two years to get through the planning system, was subsequently put on hold. The redevelopment will include new fixtures and fittings, flooring and lighting and the cleaning and painting of all facades, as well as new exterior signage. It will also include new and refurbished back of house areas. Penneys spent c 10 years assembling almost an entire block on St Patrick’s St with the help of the O’Flynn Group. The Irish Examiner, 6th February
Merrion Square, Dublin 2 Having failed to find a buyer after it was offered to the market at a guide of €10m in February 2025, the Merrion Square Collection is now being marketed by Cushman & Wakefield at a reduced price of €8m. Extending across a total area of 18,634 sq. ft on a 0.4 acre site, the properties in question are 54 Merrion Square, Clifton House, Clifton Hall, Clifton Mews, the car park at Clifton House and a portion of the rear yard of 55 Merrion Square. The subject property is currently operating as a serviced office known as the Clifton House Business Centre. All occupiers hold flexible licence agreements. The site has dual frontage on to Merrion Square and Fitzwilliam Street Lower. The property’s car park can also be accessed via Fitzwilliam Street Lower, with an additional access point off Fitzwilliam Lane. Most of the property is Zoned Z8, Georgian Conservation Area, with a small portion to the rear Zoned Z2. These zoning classifications allow for a broad range of uses, subject to planning permission. The Irish Times, 4th February
BidX1 auction Next week’s BidX1 Auction will offer 44 lots, mostly residential properties around the country, which have combined guide prices totalling €11m.The most valuable lot is a block of 13 apartments on Emmet Street, Ballina, Co Mayo, which is guiding €1,300,000. It is leased to the Peter McVerry Trust on a 25-year lease dating from March 2022 and is backed by a rental guarantee from Mayo County Council. The three-storey end-of-terrace building extends to 4,886 sq. ft and generates €87,672 per annum total income. If it sells for its guide price, that will generate an annual 6.74% gross yield. Also for sale is Mayfield House and Tannery in Portlaw, Co Waterford, which is guiding €795,000. In 2022, Haling Cove Limited bought the abandoned country mansion and its gate lodge on 6.05 acres, paying €300,000. That price was almost a third of the then guide price of €835,000. The company subsequently bought the almost 20 adjoining acres, so the lot for sale next week extends to 26 acres. The Irish Independent, 5th February
Glasnevin, Dublin 9 Developers and investors involved in the provision of purpose-built student accommodation (PBSA) will be interested in the opportunity presented by the arrival to the market of lands in Glasnevin. Located on Hampstead Avenue near DCU’s main campus, the site extends to 5.36 acres and is being offered for sale, subject to planning permission, by joint agents CBRE and Deloitte. A feasibility study prepared by TOT Architects in advance of the sale suggests the site has potential to accommodate a PBSA scheme comprising 450 bed spaces. Offers in the region of €12.375m are expected for the property. The figure equates to €27,500 per bed space. The lands have dual zoning under the Dublin City Development Plan 2022–2028, comprising “Z12 – Institutional Land (Future Development Potential)” and “Z15 – Community Social and Infrastructure”. These designations allow for a range of developments, including educational, healthcare, residential and community-focused uses. The Irish Times, 4th February
Malahide, Co. Dublin Colliers are agents on the sale of a 42-acre land bank on the outskirts of Malahide. While the lands on Estuary Road are in agricultural use at present, Colliers believes they could, in time, be rezoned for residential use as Malahide continues to expand to the south and west of its existing footprint. The land bank, which is beside Malahide Rugby Club, just off the Estuary, and 3km west of Malahide village and Dart station, is guiding at a price of €4.2m. The lands are zoned a mix of Objective Ha – High Amenity measuring 17.5 acres and Objective GB – Green Belt measuring 24.5 acres, all in accordance with the Fingal Development Plan 2023-2029. The Irish Times, 4th February
Delvin, Co. Westmeath An attractive country estate in Delvin is to go for auction in three lots with a combined guide price totalling €1.6-€1.7m. Formerly St Mary’s School, the 123-acre South Hill estate is being sold by the Sisters of Charity. The country house, which extends to 11,000 sq. ft together with an additional 52,000 sq. ft of accommodation, is being included in lot 1 along with 68 acres and this lot is guiding in the region of €900,000-€1m. Unzoned, the agents Cushman and Wakefield and REA TE Potterton, believe that it could appeal to someone seeking a period country house or a farmer seeking its grazing. Lot 2 comprises 69 acres of agricultural land with a €700,000 guide price. Lot 3 consists of about two acres, which could accommodate a new house, and has a €30,000 guide price. The Irish Independent, 5th February
Timahoe, Co. Laois A decision to refuse permission for a Co. Laois wind farm will be quashed after a Supreme Court judgment on the climate law obligations of planning authorities and public bodies. The seven-judge ruling made it clear that climate obligations were “real, effective, and if necessary enforceable” and created a “legal standard which must be complied with by a relevant body”. Such obligations were binding on bodies with no planning function and bodies “not normally concerned with issues of climate change”. Coolglass Wind Farm Ltd wants to build the 13-turbine wind farm at Timahoe, Co Laois, in a location 2km from the Kilkenny border and 11km southeast of Portlaoise. Planners had refused permission because the Laois county development plan prohibited wind farms on the site due to visual concerns. However, Coolglass claimed planners failed to approve enough green energy infrastructure projects to meet 2030 environmental targets. The ruling found the commission “did fail in its obligations to consider whether permission should be granted notwithstanding that it would amount to a material contravention of the development plan” in light of the 2015 Climate Action and Low Carbon Development Act. Such obligations were amended in 2021. The Irish Times, 4th February
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Dorset Street, Dublin 1 Dublin One Hotel is being offered to the market for €46m by JLL, having failed to secure a buyer at €50m when it launched in Summer 2024. The four-star hotel is located on a 0.5-acre freehold site and was completed and acquired by its current owner in 2021. It comprises 163 air-conditioned guestrooms along with food and beverage facilities including the Botanical Restaurant and the Big Tree Pub, which has undergone a full refurbishment and is included in the sale. The Dublin One Hotel is highly sustainable, carrying an A2 Ber rating and LEED Gold certification. The Irish Times, 28th January
Temple Bar, Dublin 2 Colliers and John P Younge are guiding €2m for the Vintage Cocktail Club in Crown Alley. The 2,712 sq. ft property comprises a three-storey over-basement building with bar, lounge areas, a fully equipped commercial kitchen and a covered terrace. The property is let at an annual rent of €225,000 to The Workman’s Club Ltd under a 20-year full repairing and insuring (FRI) lease from June 2012. A former company within the Press Up group, the Workman’s Club Ltd now forms part of Eclective. The Irish Times, 28th January
Baggot Street, Dublin 2 Joint agents Colliers and John P Younge are guiding €1.95m for the Star Bar. Formerly Larry Murphy’s, the 4,993 sq. ft property comprises a pub at ground and basement level with office accommodation on its upper three floors. It is being sold by public auction. The pub premises, which is being sold with the benefit of vacant possession, briefly comprises a front bar, seating areas and a fully equipped kitchen. The first and second floors of the building comprise office suites with independent access from both Baggot Street Lower and Fitzwilliam Street Lower. The third-floor offices are let to Abdef Limited trading as Phoenix Magazine, on a 35-year lease from July 2001, at a current annual passing rent of €11,874. The Irish Times, 28th January
Bandon Road, Cork Cohalan Downing is guiding €1.6m for The Viaduct bar and restaurant. Cliste Hospitality, who bought the property for an undisclosed sum almost four years ago, has decided to sell to focus on expanding its hotel portfolio and hotel management platform. The 7,000 sq. ft property sits on a site of 2.9 acres with over 110m of profile on the N71 Bandon Rd. The property is currently laid out as a modern and spacious cafe, bistro, restaurant, and bar, and there is also a two-bedroom staff apartment. Outdoor areas include 80 lined car parking spaces and an additional open yard to the rear. The Irish Examiner, 28th January
Henry Street, Dublin 1 Colliers is guiding €4m (8.23% NIY) for 44 Henry Street. The property extends to 4,263 sq. ft and comes with independent access to the upper floors from O’Connell Street, as well as rear access via Sampsons Lane. No.44 is fully let to Carrolls Irish Gifts under a single 35-year FRI lease expiring in April 2030 at a total passing rent of €362,000 a year. The lease, which commenced in 1995, is subject to upward-only rent reviews. The Irish Times, 28th January
Donnybrook, Dublin 4 It is understood that Tesco has leased the former AIB branch at 69-71 Morehampton Road, with a plan to take over the ground-floor operations. Use of the building has changed from banking services to retail since it came on market in September 2023. Its listing said it had planning for grocery sales of 3,100 sq. ft, as well as the potential for an ancillary off-licence or restaurant/cafe use of 215 sq. ft. The property has 17.5 metres of frontage onto Morehampton Road. The entire property was listed for rent or sale in May 2025, with an annual rent of €180,000 quoted, which also included the first floor. It had guided for a sale price of €2.5m. The upper floor, which has its own door street access, is self-contained and offers scope for a variety of use cases, including office or medical use. The Business Post, 28th January
Ballycoolin, Dublin 11 Harvey is guiding €7.5m for Cobalt House at Huntstown Business Park. The newly developed property comprises a detached warehouse of 31,422 sq. ft and includes 4,877 sq. ft of two-storey office accommodation. The property has a secure, gated and fenced yard with depths of 36-40m, 24 car-parking spaces and loading is provided via two dock levellers and one level-access door. The warehouse is of single-span steel-portal frame construction, with a clear internal height of 12m. Huntstown Business Park is located on the western side of Cappagh Road in Ballycoolin, 16km northwest of Dublin City Centre. The property sits equidistant from junctions five and six of the M50 motorway, providing ready access to Dublin Airport, Dublin Port Tunnel and to all the main arterial routes on Ireland’s national road network. The Irish Times, 28th January
O’Connell Street, Dublin 1 French investor Iroko has made its latest investment in the Irish market, paying €3.3m for a fully let mixed-use property at 30-31 Lower O’Connell Street. The price paid represents a 6% premium on the €3.1m Colliers had been guiding when it was put up for sale in August 2025. The 8,617 sq. ft, four-storey over-basement building, is fully let to two tenants generating rental income of €270,000 (7.44% NIY) annually. The ground floor and basement are occupied by Mountain Warehouse, and the upper floors are let to film and TV producer Element Pictures. The Irish Times, 28th January
Harmony Row, Dublin 2 Knight Frank is guiding €1.65m for the fifth-floor turnkey penthouse suite at Unit 11, Harmony Court. Positioned just 400 metres from Pearse Street Dart station, the penthouse extends to some 2,597 sq. ft of high-quality, fully fitted accommodation and comes with three secure basement car-parking spaces. The suite is laid out in a predominantly open-plan and includes a reception area, four private offices, a dedicated boardroom and a fully fitted kitchen. The penthouse unit’s extensive glazing and full-length, southwest-facing balcony, with its panoramic views, are a defining feature. Unit 11 is held under a long 500-year leasehold title from 2006, and is offered for sale with vacant possession. The Business Post, 29th January
Liberties, Dublin 8 London-based Valpre Capital, together with Irish firm Revelate Capital and a UBS-managed fund, has sold an 134-apartment development in Dublin’s Liberties to German reinsurance firm Munich RE’s asset manager. The project, 18 Newmarket Square, includes a retail unit, a co-working lounge, public amenities, 301 designated bicycle parking spaces, a landscaped courtyard and three communal rooftop gardens. Newmarket Square contains a mix of studio, one, two and three-bedroom homes, constructed to Nearly Zero Energy Building standards. It was designed by Reddy Architecture + Urbanism and built by Walls Construction. The value of the deal was not disclosed. The Business Post, 2nd February
Ballincollig, Co. Cork Plans for nearly 550 homes in Ballincollig have been appealed to the planning commission by local residents. Developers Murnane and O’Shea received approval from Cork City Council for the ambitious development at Greenfield in December, authorising plans for 544 homes. The development was approved despite almost 50 submissions, including from councillors, a TD, and a residents’ group, raising concerns about the size of the development, lack of school and healthcare services, traffic congestion, and potential social problems. Despite the objections, the council approved the plans, granting permission subject to 59 conditions. The plans have now been appealed to An Bord Pleanála by several residents, including the Greenfields Concerned Group, with the decision date yet to be announced. The Irish Examiner, 28th January
Whites Cross, Co. Cork A planning permission for more than 100 apartments in Cork City has been appealed by local residents to the planning commission. Developer Whitestone Corner Properties Ltd got the green light in July 2025 from the city council for a large-scale residential development on Ballyhooly Road, Laherdane in Whites Cross. The scheme was to comprise three apartment blocks up to five storeys in height, consisting of 114 units. Despite the more than 30 submissions to the city council, local planners approved the plans with 45 conditions. The plans are now with An Coimisiún Pleanála (“ACP”) following a third-party appeal, with the planning commission due to issue a decision by May. The Irish Examiner, 28th January
Airport Hill, Cork City Part of a landbank which famously sold for €2.4m per acre at the height of the boom, is on course for the construction of 121 homes, within a €50m development, expecting to break ground in April. A consortium led by developer Denis McBarron bought the 7.23-acre site for an undisclosed sum after it returned to market in 2018 with a guide price of €3m. The scheme, across 4.5 acres of the landbank, is being developed in partnership with approved housing body Clúid, and the homes will be provided under the cost-rental model. Mr McBarron also confirmed to the Irish Examiner that plans to build a 158-bedroom hotel on the site, which adjoins the N27 Kinsale Rd, are on hold. The Irish Examiner, 29th January
House Completions There were 36,284 new dwelling completions last year, an increase of over 20% from 2024 and the highest number in well over a decade. There was a particular bounce back in apartment building, with the number completed rising to 12,047, up 38.7% YoY, according to new data from the CSO. The final figure is well ahead of many independent predictions. The Central Bank’s most recent forecast was for 33,500 units, while the ESRI said it thought completions would be in the region of 35,000. A surge of activity in the final quarter is the reason why those forecasts were exceeded. While the Government proclaimed the big jump in completions as evidence that its housing policies are finally working, 36,284 completions still leaves it behind target. It has promised to build 300,000 new housing units by 2030. Independent analysts say the underlying need is for an extra 50,000 to 60,000 houses a year to clear the pent-up demand. The Irish Independent, 29th January
Greenhills Industrial Estate, Dublin 12 KeyWaste and Ravensburg Unlimited Company have appealed planning permission for a project that will deliver almost 600 homes. Last year, a company linked to Elkstone and Olympia Capital lodged plans to build 588 apartments on a site in Greenhills Industrial Estate, previously owned by Chadwicks, the builders’ merchant. The €200m project received planning permission from South Dublin County Council in December. Appeal documents for KeyWaste show it has “serious concerns” about the proximity of the residential development to its 24-hour facility on Greenhills Road, where “a significant portion of its waste processing activities takes place”. Ravensburg said the redevelopment of the site “must protect and respect” Concrete Pumping Limited’s existing operation in the Greenhills area. The company has asked ACP to order Elkstone and Olympia Capital to address how the existing and planned water services infrastructure “appropriately protects the existing serviced status of the Ravensburg site”. A decision on the appeal is expected in the coming months. The Business Post, 29th January
Mortgage Drawdowns New figures from Banking and Payments Federation Ireland (BPFI) show that a total of 46,358 mortgages were drawn down in 2025, a 7.7% increase YoY. These mortgages were valued at almost €14.5bn, an increase of 15.2% and marking the highest annual drawdown values since 2008. First-time buyers (FTB) continue to drive the mortgage market last year, accounting for 60% of the volume and 61% of the value of mortgage drawdowns in 2025. BPFI noted that new properties, including self-builds, accounted for 41% of the volume and 43% of the value of FTB mortgage drawdowns in 2025, the highest shares since 2009. RTÉ.ie, 28th January
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Cabinteely, South Dublin A 1.36 acre south Dublin site with full planning permission for the development of 34 new homes has been brought to the market by agent Hooke & MacDonald at a guide price of €4 million (€118k per site). Located at the junction of Brennanstown Road and the old Bray Road in Cabinteely village, the subject site comes with planning permission for the delivery of 10 houses, 13 apartments and 11 duplexes. The site is well served by public transport, with numerous Dublin Bus routes available along the N11 bus corridor, which is just a three-minute walk away. The Laughanstown Luas green line stop is situated nearby, while the M50 motorway is located within a five-minute drive of the site. The Irish Times, 19th February
Cork City Longview Estates, backed by Temporis Capital, is seeking permission from An Bord Pleanála to build 753 houses and apartments in Ballyvolane on the northside of Cork City. Its proposal for 531 houses and 222 apartments is one of the biggest developments submitted under the fast-track planning scheme. A decision will be made on the application by April 28th. The Irish Times, 25th February
Rathmines, Dublin 6 An Bord Pleanála has given the all clear to Bartra Capital to construct a seven storey “co-living” residential development in Rathmines, Dublin 6. It will have 102 bedrooms with shared facilities for the residents such as kitchens and living areas. The ruling by the appeals board overturns a decision by Dublin City Council to refuse planning permission for the proposal last September. The council planner had found the level of shared facilities on each floor to be “objectionable”. The Irish Times, 19th February
Clontarf, North Dublin An Bord Pleanála has granted permission for an apartment complex in Clontarf that had been subject to a series of objections and protests. The development of 657 apartments and a crèche at former school playing pitches near St Anne’s Park was approved on appeal. Crekav, a company controlled by developer Marlet, plans to build 378 two-bedroom apartments, 224 one-bedroom apartments and 55 three-bedroom units across nine blocks with heights ranging between five and nine storeys, 66 apartments will be for social housing. The planning application drew 659 observations. The Sunday Business Post, 18th February
Windmill Lane, Dublin 2 The Irish Times understands that the remaining 47,500 sq.ft. of space at the 2WML building has been let to online fashion platform Zalando Ireland on a 15 year lease, with term certain of seven years, at initial rent of €2.9 million per annum (€61 psf). The building is now let to Zalando, Udemy and gym firm Perpetua, at a contracted rent of €3.9 million per annum. The Irish Times, 25th February
Prime Rents A detailed analysis of the Residential Tenancies Board‘s register by the Business Post has shown that a number of recently developed apartment schemes – charging between €2,000 and €10,000 a month – have a large number of vacancies. It was revealed last month that 100 of the 190 apartments in the 22-storey Capital Dock were empty. The units in the Dublin Docklands tower, available for between €3,500 and €10,000 a month, were put on the market in January 2019. The Number One Ballsbridge development has 61 luxury build-to-rent apartments that have no registered tenancy. Units in the 89-apartment complex cost between €3,850 and €5,500 a month. The Sunday Business Post, 23rd February
Lower Ormond Quay, Dublin 1 The Irish Times understands that Dublin’s Morrisson hotel is to be offered for sale in the coming weeks at a guide price of between €80 million and €85 million. The hotel was acquired from Nama in 2012 for €22 million and has undergone significant refurbishment works believed to be c.€10 million. The hotel occupies a prime city centre location overlooking the river Liffey, within walking distance of Temple Bar, Henry Street, Grafton Street, and the IFSC. The Irish Times, 19th February
Great Denmark St, Dublin 1 JLL is guiding €8 million for Barry’s Hotel at 1 – 2 Great Denmark St. The 33-guestroom townhouse is being offered for sale as a going concern with freehold title and vacant possession. The hotel also comes with the benefit of approval given by An Bord Pleanála in 2019 for the development of a 32-guestroom extension to the rear of the property. Barry’s Hotel includes a pair of prominent four storey over basement townhouses with 22 metres frontage to Great Denmark Street, a large ground floor bar and ballroom, all situated upon a 0.27 acre city centre site. The Irish Times, 19th February
Camden St, Dublin 2 No 39, Camden St has been brought to the market by agent CBRE at a guide price of €2.2 million. The ground and first floors of No 39 are occupied by the restaurant Delahunt on a new 10-year lease, while the second and third floors comprise a studio and two-bed apartment, which are being offered with vacant possession. Projected rental income is €160,000 per annum (7.3% gross yield). The Irish Times, 19th February
Grand Canal St, Dublin 2 Becky Morgans pub on Grand Canal Street Lower is being offered for sale through CBRE with a guide price of €1.3 million. The purpose-built three-storey over-basement licenced premises extends to 2,443 sq.ft. and includes a ground floor lounge bar. On the first floor there is a bar and function room while on the second floor there is a catering kitchen. Outside, to the front, there is a terrace/smoking area with seating. The Irish Independent, 20th February
Point Square, Dublin 1 The Irish Times understands that Savills Ireland is expected to bring the retail-led Point Square portfolio to market this September at a guide price of c.€100 million. The sale will comprise 246,000 sq.ft. of retail space; 100,000 sq.ft. of office accommodation; a six-screen cinema; a 32,500 sq.ft. leisure unit; 25,000 sq.ft. of restaurant and cafe space; and a 750-space car park. Some 90,000sq ft (8,350sq m) of the retail space is held by Dunnes Stores through a long-leasehold interest, while the complex’s multi-screen cinema is let to Odeon Cinemas. Verizon and Voxpro operate from Point Square and also included in the portfolio is the Glassbox, a new purpose-built restaurant building of 2,217sq.ft, which is under construction adjacent to the main Point Square complex. The Irish Times, 19th February
Winding Stair Portfolio The Woollen Mills & the Yarn, the Washerwoman and the Legal Eagle are being offered to the market in one or more lots as part of the Winding Stair portfolio at a guide price of €8 million.
The Woollen Mills & the Yarn (Lot 1) occupy a prominent position on the corner of Ormond Quay and the soon-to-be pedestrianised Liffey Street. The 5,651 sq.ft. property comprises a refurbished five-storey listed period building with a modern rooftop terrace at first-floor level and a retractable roof that separates the original building with the three-storey Yarn building at the north side of the site. Guide price of €4.5 million (€796 psf).
The Washerwoman site (Lot 2) is on the south side of Glasnevin Hill. The 0.056 hectares site is zoned as Z3 – Neighbourhood Centre in the Dublin City Development Plan 2016-2022. The site comprises three self-contained commercial buildings with 29m of road frontage. Guide price €2.4 million.
The Legal Eagle Pub (Lot 3) is the 3,640 sq.ft. pub premises directly opposite the Four Courts in Dublin 1. The Winding Stair Group has agreed to take on a 25-year full FRI lease at an annual rent of €100,000. Guide price in excess of €1.6 million (€440 psf). The Irish Times, 19th February
48-49 Clontarf Road, Dublin 3 The property which comprises of a mid-terrace three-story building extending to 5,429 sq.ft. has been sold for €1.6 million (€295 psf). The building is fully let to 10 well-established tenants and is producing total rental income of €145,471 per annum (9.1% gross yield). The building underwent an extensive refurbishment prior to its sale. The accommodation is laid out to provide two ground-floor retail units, seven office suites and a penthouse apartment. The Irish Times, 19th February
Grand Canal St, Dublin 2 The Irish Times are reporting that Google has completed the purchase of the Treasury Building on Dublin’s Grand Canal Street for c.€120 million. Google’s purchase of the property provides it with the capacity to grow its existing 8,000-strong Dublin-based workforce by up to 1,200. The Irish Times, 22nd February
Galway City An Bord Pleanála has refused planning permission for a major office development in Galway city centre because of the excessive scale of the proposed building. Initial plans were for a seven storey office block incorporating a new children’s library on St Augustine Street in Galway together with a substantial renovation and expansion of the adjoining Hynes Building, which houses Galway City Library. The Irish Times, 20th February
Maynooth, Co Kildare An office building at Maynooth Business Campus in north Co Kildare is for sale or rent with the agent quoting rents of €22 psf and a sale price of c.€230 psf. The premises, Unit K8, extends to 17,500 sq.ft, suggesting an overall price of c.€4m. Extending over two floors, the end of terrace building with own-door access offers flexible floor plates and also includes 30 car parking spaces. The campus is c.2km south of Maynooth town centre at Junction 7 on the M4 motorway, and Maynooth train station is also within easy walking distance. The Irish Independent, 20th February
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IFSC, Dublin 1 US-based Exeter Property Group has acquired the student residences at the National College of Ireland (NCI) in Dublin’s IFSC for c.€35.6 million. The Irish Times understands that when the residences were developed NCI had a call option to purchase them 10 years after completion of the development, or by September 2013 at the latest, for €24.9 million. NCI did not exercise the option. The 53 apartments in the scheme are understood to comprise 286 bedrooms, each with en-suite bathrooms (€124k per room). The Irish Times, 12th February
Dublin 11 & Dublin 24 RediResi Icorp, a joint venture between RediResi in the UK and Irish investors, has bought 51 residential properties in two Dublin locations as the first stage of its acquisition of units for refurbishment and letting to local authorities. They paid c.€3.4m for 19 units dispersed among the 400-unit development at Mayeston Hall, St Margaret’s Road, Dublin 11. RediResi has also acquired all 32 units in the crescent-shaped block on a 0.83 acre site at the Round Garden Citywest. Savills had been guiding €7.25m for all 32 units. The Irish Independent understands that the joint venture has secured funding of €91m from NatWest Markets PLC and the global investment boutique Alvarium Investments to procure and refurbish up to 500 units nationwide for long-term leasing to local authorities. The Irish Independent, 13th February
Rathmines, Dublin 6 Dublin City Council has granted planning permission for a 97 bedroom shared “co-living” apartment block at 143 – 149 Rathmines Road Lower, despite local concerns about the project. Permission had been sought for 110 units and change of use at Rathmines House from office use to accommodation in a project that would involve the addition of three floors to create a seven-storey building. However, the council has reduced that plan to six floors to safeguard the visual and residential amenities of the area and of future occupants. The individual bedroom units will vary in size, with shared kitchen, dining and living communal facilities on each floor level. In addition, on the ground floor, there will be reception, gymnasium, residents’ lounge and laundrette. The Irish Times, 7th February
The Liberties, Dublin 8 Harrison Street, along with Global Student Accommodation Group (GSA), is developing a 235 bed student accommodation property in Dublin 8. The project also includes 37 build-to-rent units, which will be managed by GSA. The property, known as Sweeney’s Corner, is scheduled for completion prior to the start of the 2021 academic year, and is located in the Liberties area. The property will include studios and one bed apartments. It will also have communal spaces including a gym and garden. This is the seventh asset that Harrison Street and GSA have developed in Dublin under their joint venture here, which was launched in December 2015. The Irish Independent, 18th February
Merrion Road, Dublin 4 Dublin City Council has granted planning permission for a six-storey block with 63 apartments on the corner site of a former Gowan Motors site on Merrion Road in Dublin 4, despite local objections. The grant of permission follows 1 Merrion Land Ltd previously being refused planning permission for an eight-storey apartment block with 66 apartments at the same site at 143 Merrion Road. The council said the new plan would not seriously injure the residential amenity in the vicinity. The Irish Times, 12th February
Camden Quay, Cork Cushman & Wakefield is guiding €4 million for a largely cleared 0.49 acre plot on Cork’s Camden Quay. The site is opposite Cork Opera House and just one minute’s walk from St Patrick’s Bridge. A six bay, three storey Venetian style period building is located to the fore of the property, the remainder of the site has been cleared to facilitate development. Planning permission was previously granted for an office development of 65,000 sq.ft. It is thought that new applications are likely to obtain permission for larger-scale development in line with the scale of developments being achieved in the city’s docklands. Zoning in the Cork City Development Plan 2015 – 2021 is “City Centre Commercial Core Area,” which allows for a wide mix of uses, with an objective of supporting the retention and expansion of commercial, cultural, leisure and residential uses.The Irish Examiner, 7th February
Ballyboughal, North Co Dublin A 4.7 acres residential development site in Ballyboughal, in north Co Dublin, is being offered for sale by CBRE with a guide price of €975,000. (€207,447 per acre) The site is zoned RV – Rural Village and OS – Open Space under the Fingal Development Plan 2017-2023. It also falls within the Ballyboughal Local Area Plan with an objective “to promote the development of a village park” and “to provide for a community garden and playground”. A feasibility study indicates that it has potential for 18 houses subject to planning permission. The site is located 10km north of Swords, 14km from Dublin Airport and about 24km from Dublin city centre. The Irish Independent, 13th February
Blanchardstown, Dublin 15 Cushman & Wakefield are guiding €16.5 million for the Aurora Building in Ballycoolin Business Park, Blanchardstown. The property comprises two interconnecting office blocks extending to 121,490 sq.ft. (€136 psf) on a site of 6.64 acres (€2.485m per acre). There are also 311 car parking spaces. Extensively refurbished between 2013 and 2015, the Aurora Building is let in its entirety to Veritas Storage (Ireland) Ltd, a wholly-owned subsidiary of Veritas Holdings Ltd, under a seven-year lease from December 2015 at a current passing rent of c.€1.21 million per annum. In addition, the tenant is paying an annual fit-out rent of c.€1.79 million per annum, payable for the duration of the lease. Veritas has sublet c.23,000 sq.ft. to eBay Europe Services Ltd until September 2022. The Irish Times, 12th February
Talbot Place, Dublin 1 The Jacobs Inn hostel at 21-28 Talbot Place has been sold for c.€30 million to a pan-European investment partnership involving BlackRock Real Assets and specialist hostel operator, Amistat Continental. The sale of the 412-bed property comes just 16 months on from its acquisition by Patron Capital and joint-venture partner, CoDE Pod Hostels for c.€14.5 million. Since securing ownership of the hostel, Patron completed a comprehensive asset management programme aimed at repositioning the property as the leading hostel in Dublin. Patron is understood to have invested c.€5 million on refurbishing the property prior to disposing of it. The Irish Times, 12th February
Newmarket Square, Dublin 8 Premier Inn owner Whitbread has secured a site for a 151-bedroom Premier Inn hotel in the Distillery Quarter at Newmarket Square in Dublin 8. The deal increases the group’s secured development pipeline in Ireland to more than 1,000 bedrooms. Whitbread currently operates one Premier Inn hotel in Ireland at Dublin Airport, with 213 bedrooms. The Irish Times, 12th February
Eccles St, Dublin 1 Knight Frank is guiding €2.25 million for 72 Eccles Street, a Georgian four-storey over garden level building let to The Mater Private Hospital. Extending to 4,112 sq.ft. (€547 psf) in total, the building is situated on the south side of Eccles Street, close to its junction with Dorset Street and directly opposite the main entrance to The Mater Private Hospital. The property produces €150,000 per annum in rental income and there is a full repairing and insuring (FRI) lease which includes upward only rent reviews every five years and dates from June 2006 and runs until 31 December 2030. The Irish Independent, 13th February
Sandymount, Dublin 4 Agent Harvey is offering the Tram Depot in Sandymount for rent at €250,000 per annum. The former tram depot building has been extensively restored throughout and converted for office use. The office accommodation extends to 8,434 sq.ft. (€30 psf) and is arranged over two floors comprising a mix of open plan and glazed cellular offices together with other ancillary accommodation. The property also benefits from onsite car parking. Sandymount Village is an eight minute walk and Sandymount Dart Station is an 11 minute walk. The Irish Times, 12th February
Irish Property Market Up to €24bn is estimated to have been spent buying Irish property last year when the figures for sales of development land, farm land as well as commercial and residential properties are combined. The residential sector accounted for most of the sales both in terms of numbers of deals as well as the value of those deals. A survey by Myhome.ie of the Property Price Register shows €17.88 billion was spent buying residential properties in 2019 – compared with €16.84 billion in 2018, an increase of more than €1 billion. Dublin accounted for over half residential sales with 18,247 residential deals worth a combined €9.11 billion. In Cork, 6,447 residential lots changed hands for a combined €1.7 billion and in Kildare 3,385 sold for a total of €1.02 billion. The Irish Independent, 13th February
Irish Residential Market The Central Statistics Office (CSO) has revealed that residential property prices in Dublin fell by 0.9% over the course of 2019, while the average price across the State rose by 0.9%. In the entirety of 2019, 45,276 purchases were filed with Revenue. Of those, 31.9% were bought by first-time buyer owner occupiers while 52.6% were bought by those trading up. Across the State, households paid a median price of €259,000 to buy a home. The Dublin region had the highest median price of €370,000 and, within the region, Dun Laoghaire Rathdown had the highest median price of €525,000. The Irish Times, 13th February
Irish Residential Market The number of completed homes reached its highest in a decade in the Republic last year, with the number of apartments jumping almost 60% compared with 2018, figures from the Central Statistics Office show. Overall, 6,450 new homes were completed during the final quarter of the year, compared with 5,445 completions during the same period the year before. That equates to an increase of 18.5%. The increase in the fourth quarter brought the total number of new home completions last year to 21,241, which was an increase of 18.3 per cent on the 17,952 built in 2018. However, the figure still falls well short of the 34,000 new homes that the Central Bank estimates are required each year between now and 2030 in order to meet demand. The Irish Times, 11th February
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Point Campus, Dublin 1 The Irish Times understands that DWS Group has purchased the largest off-campus student accommodation complex in Ireland, Point Campus in Dublin 1, for c.€172 million. Comprising 966 bedspaces (€178k per bedspace), the complex features amenities including a gym, cinema, common room and roof terrace. The 2.3 acre site was purchased in 2016 for a sum believed to be in the region of €20 million. A subsidiary of Deutsche Bank, DWS has become one of the most active investors in the Irish property market. During 2019 alone it was linked to the acquisition of Next’s flagship store on Henry Street for c.€44 million; the forward-funding of a €70 million aparthotel development named Tivoli Place in Dublin 8; and the €108 million purchase of the Fairway build-to-rent apartment scheme at Cualanor, Dún Laoghaire. The Irish Times, 5th February
Finglas, Dublin 11 An Bord Pleanála has granted planning permission for 129 apartments in north Dublin – in spite of opposition from local residents. The appeals board granted planning permission to Dublin builders, Dywer Nolan Developments for the expansion of the Hampton Wood development. It will comprise five apartment blocks including one reaching to nine storeys. The development is located north of the Poppintree industrial estate and a short distance from IKEA’s flagship store. The Irish Independent, 5th February
Drumcondra, Dublin 3 Cushman & Wakefield is guiding €5 million for 14 apartments with ground floor storage at The Granary on Richmond Road, Dublin 3. The portfolio comprises four one-bed apartments, nine two-bed apartments and one three-bed penthouse all housed in a converted five-storey mill building. The portfolio is producing a total gross rental income of €230,604 per annum from 13 apartments. The three-bed penthouse, which is vacant at present, could be let as is, or potentially be split into three separate apartments subject to planning permission. The Irish Times, 5th February
Connolly Quarter, Dublin 1 Ballymore Group has secured the green light from An Bord Pleanála to proceed with the development of a 23-storey apartment block in Dublin city centre. The proposed tower forms part of the wider Connolly Quarter mixed-use scheme that Ballymore and its partner, Oxley Holdings, intend to deliver on a 7.12 acre site adjacent to Connolly Station in Dublin 1. In total, the developer has secured permission for the construction of 741 Build-to-Rent apartments distributed across eight blocks ranging in height from four storeys to 23 storeys. The apartments will be a mix of studios and one-, two- and three-bedroom units. The Irish Times, 7th February
A report by Hooke & MacDonald has highlighted that multi-family or private rented sector (PRS) transactions now dominate the Irish property investment market and accounted for 44% of transactions in Dublin in 2019. There were 22 main residential investment transactions contracted in Dublin in the fourth quarter of 2019, 12 of which were new build while the remaining were existing stock. The new builds comprised 1,650 units and the existing stock 1,065, with an overall total of 2,715. The total sales value was €1.1 billion. The Sunday Business Post, 9th February
Parkgate St, Dublin 8 The Irish Times understands that Chartered Land have submitted a fast-track planning application to An Bord Pleanála for the development of a 29-storey apartment building at Parkgate Street in Dublin 8. The proposed (305ft) tower forms part of a major mixed-use complex Chartered Land is aiming to deliver on the landmark Hickeys site. The residential element of the scheme is set to comprise 481 studio, one- and two-bed apartments distributed across four blocks ranging in height from eight storeys to 29 storeys. Some 39,805 sq.ft. of space will be dedicated to office use while a further 7,083 sq.ft. will be reserved for retail, cafe and restaurant space. The development will feature numerous amenities including a residential communal courtyard, a co-working space, a gym, multipurpose function rooms and games rooms. The Irish Times, 5th February
Drumcondra, Dublin 3 The Sunday Times understands that Fund provider BlackBee Investments has bought Quinn’s pub in Drumcondra to supplement its plans to develop student accommodation in the north Dublin suburb. BlackBee already has permission for student accommodation with 46 bedrooms on an adjacent site, and intends to increase this to 57. It is thought that incorporating Quinn’s, which was on the market with a price tag of €1 million, would increase the total area to almost half an acre, with the potential to accommodate up to 170 students. The Sunday Times, 9th February
Blackrock, South Dublin Knight Frank is guiding €45 million for a 10 acre site (€4.5m per acre) located just 500 metres from Blackrock Village. Located on lands formerly owned by the Daughters of Charity of St Vincent de Paul, the site which has more than 250 metres of frontage to Temple Road is being offered to the market in one or more lots. Lot 1 comprises St Teresa’s House, a gate lodge and several vacant buildings which have been unoccupied for a number of years, on a site area of 9.8 acres, while lot 2 consists of a residential dwelling known as “Carmond” situated on 0.2 acres. Lot 3 comprises the entire 10-acre holding. In terms of the existing planning permission, Oakmount secured approval from An Bord Pleanála for 291 apartments with creche facilities, set out in 13 buildings ranging in height from one to eight storeys. A feasibility study prepared in advance of the sale suggests the holding could accommodate two increased density Build-to-Rent apartment schemes comprising between 493 and 521 units (€91k – €86k per unit). The Irish Times, 5th February
Moss Street, Dublin 2 The Irish Times understands that the former City Arts Centre on Moss Street will be brought to the market in the coming weeks by agent HWBC at a guide price of between €50 million and €60 million. The building has laid derelict since it was purchased for €4.2 million 17 years ago. Located at the junction of Moss Street and City Quay, and with surface car parking along Gloucester Street, the property offers the prospective purchaser the opportunity to deliver an office or residential scheme at a prime location within Dublin’s central business district. Under the Local Area Plan, the height strategy for the City Arts site is for buildings of between six and nine storeys. The Irish Times, 5th February
Cherry Orchard, Dublin 10 Agent Harvey is quoting €1.95 million for a portfolio of three industrial units with potential for future residential development at Cherry Orchard Industrial Estate in Dublin 10. Located on a high-profile site of 2.2 acres, Units 26, 42 and 43 are fully interlinked and extend to a total of 46,253 sq.ft. Under the terms of the South Dublin County Council Development Plan 2016-2022, the site is currently zoned Objective EE – “to provide for enterprise- and employment-related uses”. Under the same development plan, a significant portion of the estate was rezoned REGEN. This is a superior zoning objective that includes residential-led regeneration. The subject holding is immediately adjacent to an area which is already rezoned. The Irish Times, 5th February
Dublin Industrial Market 3.74 million sq.ft. transacted in 2019, representing an 18% increase on the 3.18 million sq.ft. transacted in 2018. Lettings accounted for 66% of activity. On a geographical basis, the North-West accounted for the vast majority of take-up with a 55% market share. There was strong demand for space in excess of 107,000 sq.ft. which accounted for 23% of the market, however the highest demand was for the 54,000-107,000 sq.ft. range which had a 31% market share. Knight Frank Research Report Q4 2019
Roscrea, Co Tipperary TWM is guiding €8.8 million for the Tesco’s supermarket premises in Roscrea, Co Tipperary. The property is let to Tesco Ireland on a 35-year full repairing and insuring (FRI) lease from July 1st, 2011. There is a tenant break option after 15 years (2026). The current annual rental income is €950,000. The lease to Tesco provides for an uplift in the rent through a consumer price index-linked (CPI) mechanism whereby the accumulated CPI uplift over the first 10 years of the lease is applied to the rent. As of today the rent, ignoring any uplift over the next two years, would increase to over €989,000. Built in 2011, the property comprises a modern, detached retail building with supermarket at ground-floor level and car parking at lower ground floor. The property extends to 46,640 sq.ft. with 224 car spaces. The Irish Times, 5th February
Naas, Co Kildare Yew Grove Reit has completed the purchase of six office buildings in Millenium Park, Naas, Co Kildare for €25.3 million. The buildings offer 140,000 sq.ft. of space and 773 parking spaces beside a 6 acre greenfield site. Five of the buildings are let to a mix of foreign multinationals and domestic enterprises that pay c.€1.6 million in annual rent. The sixth building is vacant. The acquisition expands Yew Grove’s portfolio to 28 properties, with a gross asset value of €140m and an annual rent totalling c.€10.4m. The Irish Independent, 8th February
Tallaght, Dublin 24 Joint agents QRE and Savills are guiding a price of €3.6 million for Hainault House at Belgard Square, Tallaght. The subject property comprises a modern standalone office block extending to 20,350 sq.ft. and arranged over three floors with 59 surface car-parking spaces. The property has been substantially refurbished since 2016. Following the completion of its upgrade, Hainault House is now fully let to the Citizens Information Board, Optical Express and Early Childhood Ireland, and is generating contracted rental income of €281,000 per annum (€13.80 psf; 7.8% gross yield). The Irish Times, 5th February
Cork Office Market Occupier activity reached c.283,600 sq.ft. in the twelve months to December end. Whilst the number of deals was down from 2018, the average sized deal increased from 5,380 sq.ft. in 2018, to 9,687 sq.ft. in 2019. The largest deal of 2019 took place in the second quarter, and saw Eli Lilly occupy c.68,350 sq.ft. at Eastgate, Little Island. Availability in the Cork office market stood at 627,500 sq.ft. at the end of 2019. Despite the completion of 249,700 sq.ft. throughout the year, availability has risen only marginally (0.7%) since the end of 2018. At the end of December, 414,410 sq.ft. of office accommodation remained under construction in Cork, all of which is due to be delivered to the market in 2020. Cushman & Wakefield Research Report Q4 2019
Galway Office Market The Galway office market recorded its strongest year since 2015. Take up in the twelve months to the end of December totalled 107,100 sq.ft, across 19 deals. Whilst considerably up on activity levels recorded in 2018, occupier activity in the year remained below the long run average of 139,900 sq.ft. At the end of Q4 2019, availability in the Galway office market stood at 182,000 sq.ft. This represents a fall of 19% in available office space since the end of 2018. The corresponding vacancy rate fell to 5.5%, down from 6.8% at the same point in 2018. Cushman & Wakefield Research Report Q4 2019
Naas, Co Kildare The former Odlum’s flour mills located along the Grand Canal Greenway at Osberstown, outside Naas in Co Kildare is for sale through Lisney at a guide price of €2 million. There is over 30,000 sq.ft. of existing buildings with attractive stone facades and timber beams. The main corn mill with 20,870 sq.ft. rises to five storeys while a fully-refurbished three-storey annex contains renovated offices of 6,286 sq.ft. There are several additional buildings including a refurbished mews (in office use), various stables, outbuildings and courtyard sheds. The two main buildings have 77m of frontage to the Grand Canal where parking is provided opposite at the canal lock. The property is located close to the Millennium Park business campus just off the M7 motorway. The Irish Times, 5th February
The Irish Investment Market A Cushman & Wakefield report has revealed that €4.56bn was invested in the Irish commercial property market in 2019. The 12 months to December end saw the office sector dominate investor interest, accounting for approximately 42% of total investment, translating to a value of €1.9bn. Following offices, the second most sought after asset class in 2019 was the residential sector, which attracted €1.1bn, or 24% of investment turnover. This compares to just €654 million in 2018. Notably, a further €1.3bn was invested in the residential sector through forward commit transactions. Cushman & Wakefield Research Report Q4 2019
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Dublin Student Accommodation Global Student Accommodation (GSA) has acquired a portfolio of Dublin student residences from its joint venture partner, Harrison Street, in a deal valued at €400 million. The buildings comprise 1,971 bed spaces (c.€203k per bed space) and include Ardcairn House, Kavanagh Court, New Mill, The Tannery, and Broadstone Hall, all of which primarily serve students at Trinity College Dublin, the Royal College of Surgeons in Ireland, TU Dublin Grangegorman and University College Dublin. The properties within the portfolio have an average occupancy rate of 97% and all properties have been delivered to date with the exception of Kavanagh Court Phase II, which is expected to be completed in the first half of 2020. The Irish Times, 3rd February
Blanchardstown, Dublin 15 UK-headquartered SeaPoint Capital, has paid €7.2 million for a portfolio of 30 apartments (€240k per unit) at the Grove Court development in Blanchardstown, Dublin 15, slightly more than the €7 million agent Hooke & MacDonald had been guiding. The 30 apartments SeaPoint has acquired sit within a development of 79 units located directly adjacent to the Blanchardstown Centre. The 30 apartments include four one-bedroom apartments, 20 two-bedroom apartments and six three-bedroom apartments. The majority of the units are occupied on standard residential tenancies with the exception of 12 vacant apartments. Eighteen of the apartments are let and are producing a current gross rental income of approximately €265,000 per annum. The Irish Times, 29th January
Sandyford, South Dublin Marlet Property Group has purchased a 1.8 acre development site in Sandyford, south Dublin, for c.€17 million following the withdrawal by a rival bidder of an offer of €23 million for the property. The €17 million price now agreed with Marlet is significantly less than the figure the vendors had been aiming for previously, however, it still represents a premium of 60% on Prime Living and its Irish joint venture partner Cara Cove Holding’s original investment. While Prime Living secured approval from An Bord Pleanála in May of 2019 for the development of 820 student bed spaces on the site, it is understood Marlet is considering a fresh planning application with a view to delivering up to 400 apartments instead. The Irish Times, 29th January
Belgrave II Collection Orange Capital Partners (OCP), a Dutch property investment company, has acquired a second portfolio of refurbished Georgian buildings in the Dublin 2, 4, 6 and 8 postcodes for c.€75 million, known as the Belgrave II Collection. OCP made its first investment in the Irish market in 2018 when it acquired the Belgrave Collection, comprising 30 buildings that were split into 265 individual apartments for €70 million. The Irish Times, 29th January
Stillorgan, Co Dublin European property firm LRC Group has purchased 19 apartments at Whately Place, Upper Kilmacud Road, Stillorgan, Co Dublin for c.€6.2 million (€326k per unit). This represents €1.3 million less than the guide price. All the units are own door units and comprise nine two-bedroom units with an average unit size of 765 sq.ft; eight three-bedroom units with an average of 900 sq.ft; and two four-bedroom units averaging 907 sq.ft. The Irish Times understands that the 19 units could generate gross annual rents of €332,100, suggesting a gross yield of c.5.3%. The Irish Times, 29th January
Dundrum, South Dublin The Sunday Times understands that Glenveagh Properties is considering a deal to develop up to 2,500 homes on the site of the former Central Mental Hospital in Dundrum in south Dublin. The property group included the prospect of developing the 35-acre site — which is in the hands of the newly formed Land Development Agency (LDA) — among a pipeline of existing opportunities in a presentation to investors recently. The hospital site was among the first batch of publicly owned lands to transfer to the LDA, which was set up to make better use of state lands for housing. The Sunday Times, 2nd February
Connemara, Co Galway BV Commercial Real Estate Advisors has brought an industrial unit of c.60,000 sq.ft. on a parcel of land extending to c.4.66 acres in Rossaveal, Connemara, Co Galway to market. Rossaveal is the main ferry port for the Aran Islands, with c.2,000 passengers per day travelling to the islands in the holiday season. The port is a major fisheries harbour, and planning permission is in place to build a deep-water pier in the port and a new 150-berth marina has recently been opened adjacent to the factory. The property has potential for a multiple of purposes such as manufacturing, distribution, food processing, distillery or combination with a tourist attraction visitor centre. The property is located about 35 kilometres west of Galway city. The Sunday Business Post, 2nd February
Greenogue Business Park, Dublin 24 KKR and Palm Capital have agreed to forward fund the development of two Grade A logistics warehouses at Greenogue Business Park, Dublin by Jordanstown Properties. The development is expected to be worth c.€85m once completed. The c.452,000 sq.ft. development is being undertaken speculatively and is due for completion next year. The Irish Independent, 3rd February
Finglas, Dublin 11 Savills is guiding €2.2 million for Unit 9, Century Business Park in Finglas, Dublin 11. The property is occupied by Barsan Global Logistics IE on a four-year lease from March 2017 at an annual rent of €132,000. The unit spans 20,742 sq.ft, (€106 psf), which includes 1,797 sq.ft. of two storey office space. It benefits from being located in an accessible location, being 1km from Junction 5 on the M50. The Irish Independent, 30th January
Ballybough, Dublin 3 German retailer Lidl has been confirmed as the buyer of a former Annesley Motors premises in Dublin’s Ballybough after successfully appealing the designation of the site as being vacant, which would have attracted levies. The site was sold last year, having been put on the market with a €5.5 million guide price. Dublin City Council put the site on the vacant sites register in September last year. The owners of such sites must pay a levy to the local authority every year until the location is removed from the register. Lidl appealed the inclusion of the site on the register. Their agent said the retailer had engaged a design team to complete a mixed-use development at the location that would include a supermarket and residential accommodation. An Bord Pleanála ordered the site to be removed from the register. The Irish Independent, 30th January
Dublin 2 Flexible workspace provider, Knotel, has signed the leases on two more properties in Dublin; 8,783 sq.ft. at the Bloodstone Building on Sir John Rogerson’s Quay and 8,664 sq.ft. at Ashford House on Tara Street – both also in Dublin 2 – which will bring Knotel’s total space in Dublin to 25,435 sq.ft. Last November, Knotel took space at Riverview House on City Quay in Dublin 2. The Sunday Business Post, 2nd February
Baggot Street Upper, Dublin 2 Joint agents Savills and Farley Property are seeking occupiers for the remaining 4,400 sq.ft. of office space at the Lumen Building on Baggot Street Upper, with rents ranging from €48 to €55 psf. The former FÁS headquarter building was redeveloped by Burlington Real Estate, creating 12,000 sq.ft. of grade A office and retail space. The available office space is on the ground, third and the penthouse floors, all of which afford the prospective occupier the use of generous tenant amenities including dedicated showers, lockers, changing facilities, secure bicycle parking and car parking spaces. The Irish Times, 29th January
2 Grand Parade, Dublin, 6 German-based real estate investment manager Union Investment has acquired 2 Grand Parade, Dublin, from Hines and Peterson Group. The building, which is currently being constructed and is scheduled for completion by end of 2022, comprises of c.103,300 sq.ft. of rental space. The development at 2 Grand Parade consists of two building sections. A third of the rental space is located in a historic existing building dating from 1964, known as the Carroll’s Building, previously used by PJ Carroll’s Tobacco for many years. This building is being extensively upgraded as part of the development. The remaining two thirds of the rental space is located in a new build linked to the existing building. The Irish Independent, 31st January
BidX1 Auction As many as five lots in the €1 million-plus price bracket are among the 70 lots in BidX1’s Irish commercial property auction on Wednesday, February 26. The most valuable lot is a Galway city centre multi-let retail investment at 1-8 Eglinton Court, Eglinton Street, close to Eyre Square with a €2.9 million guide price. The annual rent roll is €344,609 per annum and leases with five of the six tenants include upward-only rent reviews and another of the units, a restaurant, is vacant. The Sunday Business Post, 2nd February
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96-97 Talbot Street, Dublin 1 BNP Paribas Real Estate are guiding €1.1m (7.1% NIY) for 96-97 Talbot Street, a 2,002 sq.ft. property let to TUI Travel at €85k pa. The lease has an unexpired term of 9.8 years with upward only rent reviews. The Irish Times, 6th March
33 Shop Street, Galway Bannon are seeking more than €8m (6% NIY) on a sale and leaseback basis by Eason’s for 33 Shop Street who have occupied the building for the last 30 years. Eason will take a 25 year lease at €525k pa with a guarantee from Eason Operations Ltd for 10 years of the lease, limited to two years’ rent. 33 Shop Street is a 11,226 sq.ft. part two and three storey building. Eason’s announced last year that they would sell 13 properties in Ireland including the flagship store on O’Connell Street in Dublin. The Irish Times, 6th March
Danish Home Retail Group Jysk, frequently viewed as a competitor of IKEA, is set to open its first Irish store in April in Naas with stores to open in Drogheda and Navan in May and Portlaoise in August. The lease terms agreed in Naas Retail Park were 10 year term for a 12,000 sq.ft. retail store and 2,000 sq.ft. stock room at €11 psf rising to €15 psf over five years with rent free period along with tenant only break options in year five. The Irish Times, 6th March
4 Cavendish Row, O’Connell Street, Dublin 1 DNG are guiding €1.2m (7.5% GIY) for a mixed use property over five floors with retail in the basement and ground floor and four luxury apartments overhead. The property is located opposite the Gate Theatre at the top of O’Connell Street and generates €90k pa. The Sunday Business Post, 10th March
Sandyford, Dublin 18 Lisney are guiding €7m (7.5% NIY) for the 2nd and 3rd Floor Paramount Court, Sandyford. The property extends to 20,384 sq.ft. and generates €568k pa from tenants Smith and Williamson and PrePay Power. Weighted average unexpired lease term of c. 5 years to break and 12 years to expiry. The Sunday Business Post, 10th March
21 Herbert Place, Dublin 2 Colliers are guiding €1.8m (€654 psf) for a 2,752 sq.ft. Georgian office building overlooking the Grand Canal in Dublin 2. The property includes 2,000 sq.ft. of office space and a self-contained basement extending to 744 sq.ft. which was previously used as a two bed apartment. The property also includes a 370 sq.ft. derelict mews. The Irish Times, 6th March
68 Pembroke Road, Ballsbridge, Dublin 4 Hooke and MacDonald are guiding €1.6m (€671 psf) for a 2,382 sq.ft. three storey over garden level Georgian property. The property includes four car parking spaces to the rear and is being sold with the benefit of vacant possession. The Irish Times, 6th March
Charlemont Square, Dublin 2 The Irish Times reports that Amazon is close to signing up for 200,000 sq.ft. of space at the €85m Charlemont Square development at a rumoured €55 psf. The scheme will also include 263 new homes. The Irish Times, 6th March
Penthouse Floor, Ulysses House, Foley Street QRE are guiding €2.25m (7.6% NIY) for the penthouse floor of Ulysses House on Foley Street. The 6,566 sq.ft. property is let to British Study Centres Ltd on a 10 year lease from 2018 at €185,708 pa. The Irish Independent, 7th March
Salesforce Tower, Dublin Docklands A management company representing the interests of 616 property owners in the area has told Dublin City Council that approving Johnny Ronan’s plans for up to 11 storeys “would make a mockery of the planning scheme process” and that the planning for that area, a Strategic Development Zone (SDZ) sets a maximum height limit at eight storeys. Johnny Ronan has warned that thousands of Salesforce jobs are at risk if planning is not granted. The Sunday Business Post, 10th March & The Irish Independent, 11th March
Heuston South Quarter, Dublin City Centre Marathon Asset Management has appointed Savills and Eastdil Secured, a subsidiary of Wells Fargo Bank, to handle the sale of Heuston South Quarter in Dublin. The portfolio comprises 226 apartments, 106,319 sq.ft. of Grade A office space, 48,034 sq.ft. of commercial spaces and 3.63 acre development site. It is anticipated the sale will achieve in excess of €200m. The Irish Independent, 7th March
Dublin Office Investment Market Analysis 2019 published by BNP Paribas Real Estate Ireland notes the office markets in north and south Dublin suburbs are attracting increased attention from investors and occupiers. Dublin office returns were 9.2% in 2018 up 3% YoY. BNP note that these returns are attracting new investors from Far and Middle East. The Irish Independent, 7th March
32 Residential Units, Clondalkin, Dublin 22 Savills are guiding €6.25m (7.58% NIY) for a fully let scheme of 32 residential units in The Chaplains development in Clondalkin, Dublin 22. The units generate €494,664 per annum. The average passing rent of €1,288 offers significant reversionary potential for investors. The scheme includes nine three-bed apartments, 16 three bed duplexes, five three-bed townhouses and two four-bed townhouses. The Irish Times, 6th March
220 Bed Hotel Sullivan’s Quay, Cork CBRE have been instructed by Bam Property Ltd to bring the sale of a 220 bedroom hotel which is to be developed on the site of the former tax office on Sullivan’s Quay Cork to market. The hotel will form part of the mixed use development including 86,111 sq.ft. of Grade A office space. The proposed 158,014 sq.ft. hotel will include a 12 storey tower with executive lounge on the top floor, restaurant, bar, banqueting area and gym. The hotel will be delivered to a specification pre-agreed between Bam and CBRE. The Irish Independent, 7th March
8.11 Acre Site, Celbridge, Co Kildare Coonan Property are seeking €2.5m (€308k per acre) for an 8.11 acre development site located adjacent to the M4 Business Park. The site is zoned industrial. Expressions of interest must be made in writing to Coonan Property on or before 12pm Wednesday April 3rd. The Irish Independent, 7th March
Harold’s Cross, Dublin 6 Kelly Walsh are guiding €1.85m for 146-156 Harold’s Cross Road, Dublin 6 which comprises retail units with residential above totalling 10,206 sq.ft. The retail units are vacant but three of the residential units are occupied with full vacant possession expected by Summer 2019. The site may suit a build-to-rent scheme. The Irish Times, 6th March
Summerhill Industrial Estate, Meath Harvey has been appointed to sell or let a 32,321 sq.ft. detached industrial warehouse and office facility on 1.9 acres in Summerhill Industrial estate in Meath. The property includes three dock levellers and fully fitted two storey office facilities totalling 7,674 sq.ft. There is live planning to construct three additional units totalling 11,625 sq.ft in the yard. The property is being offered for sale at €1.5m (€46.41 psf) or to let at €160k pa (€4.95 psf). The Irish Independent, 7th March
Construction Activity According to Ulster Bank’s latest purchasing manager’s index (PMI), Irish construction activity reached a seven-month high in February 2019. The index posted a headline reading of 60.5 versus 54.6 in January. Anything above 50 indicates expansion. The Irish Independent, 11th March
Dublin Crane Count reached a record 123 in March, the fifth consecutive month of record new high. 74 cranes were visible on the south side of the city and 49 were visible on the north side of the Liffey. The Irish Times, 6th March
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Baggot Street, Dublin 2 Chez Max restaurant (3,919 sq. ft.) at 133 Lower Baggot Street in Dublin 2 generating rent of €90k p.a. has been reportedly acquired by a private investor for €2m (NIY 4.15%) via agent CBRE on behalf of receivers Mazars. The three storey over basement property, which is reportedly in very good condition, contains a restaurant/café including functional courtyards at ground and basement levels. The upper floors are used as ancillary storage/office space. It was initially launched on the market in February 2018 guiding €2.1m. The Irish Times, 27th February
Liffey Valley Shopping Centre, Dublin 22 TK Maxx has reportedly agreed to rent a 29,870 sq. ft. unit at Liffey Valley Shopping Centre in west Dublin at c. €475k p.a. It is believed that TK Maxx is likely to trade from a store in a three storey unit at the western end part of the shopping centre which will also include two external food and beverage units trading onto an external plaza and a smaller retail unit opposite Penneys. It is reported that construction of the new facility could start in the second quarter of 2019 with completion by Q2 2020. The Irish Times, 27th February
Exchequer Street, Dublin 2 American Holidays travel agents has reportedly agreed to rent the former Buffalo Shoes outlet at 16 Exchequer Street (1,482 sq. ft at ground and basement levels) on a 10 year lease at €65k p.a. JLL acted for American Holidays and Agar acted for the landlord. The Irish Times, 27th February
Bray, Co. Wicklow Oakmount has commenced construction work on the new Bray Town Centre retail development (269,100 sq. ft.) on the 2.4 acre former Florentine Centre site in the centre of Bray, Co. Wicklow expected to open in Spring 2020. The development will include three anchor stores (of which a grocery unit is reserved), nine other retail units, restaurant and café space, and 250 car parking spaces. The anchor units will range from 10,764 – 32,292 sq. ft., eight retail units will take up another 37,125 sq. ft. and three restaurants will have a combined 5,866 sq. ft. Savills is acting as letting agents for the scheme quoting indicative rents of €50 – €60 psf for retail space and has advised that several other pre-lets to the reserved anchor are confirmed including Press Up Entertainment hospitality group which will operate a five screen Stella cinema complex. The Irish Times, 27th February
Talbot Street, Dublin 1 Chartered Land has reportedly acquired Independent House and Brett Court on Talbot Street for €24.3m. The two properties totalling 61,000 sq. ft. comprising of Grade A office space, a supermarket unit, 10 apartments and 26 basement car parking spaces were initially brought to the market by CBRE in October 2017 guiding €24m. The properties generate annual rent of c. €1.47m with a WAULT of 8 years for the commercial element. Independent House is a six-storey over-basement level office and retail building totalling 55,000 sq. ft. with the office element fully let to Independent News & Media at €1.04m p.a. on a 25 year lease from 2004 with a break option in 2024. The retail element including an instore café is tenanted by Kane’s SuperValu on a 25-year lease from 2004 at €275k p.a. Brett Court comprises of an adjoining, six storey over-basement residential block fronting Foley Street with 10 of the 11 apartments included in the sale generating rent of c. €152.4k p.a. (from 9 units) as at October 2017. The Irish Independent, 28th February
Dublin 14 A mixed-use centre at 96 – 98 Churchtown Road Upper (the former Braemor Rooms/McGowans of Churchtown pub site), south Dublin generating rent of €371k p.a. is on the market at €5.7m (NIY 6%) with BNP Paribas Real Estate on behalf of MM Capital. The site extends to 12,260 sq. ft. and benefits from 33 surface car parking spaces. Centric Health Churchtown Medical produces more than 50% of the rent from its medical centre and a pharmacy unit sublet to Meaghers Pharmacy. Union Café, part of Press Up Entertainment Group, leases its premises with an allday dining and liquor licence at €155k p.a. A third unit is let to Floral Art of Greystones at a passing rent of €18k p.a. The Irish Times, 27th February
Baggot Street, Dublin 2 A fully-let 2,631 sq. ft. mixed-use property at 50 Upper Baggot Street generating rent of €127k p.a. has been launched on the market for sale guiding €1.9m (NIY 6.16%) by Cushman & Wakefield. Millers Pizza Kitchen has occupied the ground floor (790 sq. ft.) since 1991 and its current lease terms are a 25 year lease from January 2010 at €55k p.a. The upper floors, with separate access, contain three apartments and are let to one occupier at €72k p.a. on a 12 month lease. Cushman & Wakefield suggests there may be potential for development to the rear (subject to planning permission) as both adjoining properties extend out over a couple of levels. The Irish Times, 27th February
Dawson Street, Dublin 2 Oakmount has been granted planning permission to redevelop the former New Ireland Assurance headquarters from 9 – 12 Dawson St. including converting the ground floor of the structure fronting Dawson St. into a restaurant. The existing five storey structure will have the remaining office use areas upgraded and additional staff facilities built increasing total floor area to 99,103 sq. ft. from 72,452 sq. ft. post a rear extension and two setback floor on top of the properties. The basement is to be continued to be used as car parking in addition to cycle parking, storage, shower and locker facilities. The Irish Times, 27th February
Dublin 7 Three pre-1963 two storey terraced houses at 88 – 92a Prussia Street, Stoneybatter converted into 12 apartments with a ready-to-go infill site on 0.026 acres to the rear are being marketed for sale in one lot quoting €3m through agent Robert Colleran. All the units are short term let generating rent of €135k p.a. The site to the rear has planning permission for four apartments with ERV of €84k p.a. Planning permission was secured before residential densities were increased recently so a higher density on the site may now be allowed for subject to planning permission. The properties are also beside a large garage site acquired by Marlet with permission for a 203-bed student accommodation building. The Irish Times, 27th February
Harold’s Cross, Dublin 6 Kelly Walsh is seeking offers in the region of €1.85m for a redevelopment opportunity comprising of a portfolio of mixed use buildings at 145 – 146, Harold’s Cross, Dublin 6 on a site of 0.20 acres. Kelly Walsh noted that the site is well located and has the potential to accommodate up to 16 ‘high-end’ apartments subject to planning permission. The Irish Independent, 28th February
Blackrock, Co. Dublin Oakmount has sought planning permission from An Bord Pleanála for an €80m development of 294 apartments in 14 buildings of up to 8 stores high plus 272 car parking and c. 670 bicycle spaces on a 10 acre site at Temple Road, Blackrock. The plans include the refurbishment and conversion of St. Teresa’s House, a protected building that dates from 1862, into six apartments. It is also proposed to dismantle St Teresa’s Lodge, a protected gate lodge, and rebuild it on the site. Oakmount acquired the site for c. €30m in 2017. The Sunday Times, 3rd March
Sandyford, Dublin 18 It is reported that a 3.81 acre site, known as Sandyford Central, guiding €36m, has been sold for c. €38m (€9.974m per acre) by Cushman & Wakefield on behalf of receivers Duff & Phelps (appointed by NAMA) to Avestus Capital Partners and asset manager Ares Management. The reported sales price of c. €10m per acre equates to half of the peak value of €20m per acre in the area. The receivers obtained planning permission for the site in 2018 to develop 459 build-to-sell apartments in blocks of up to 14 storeys in height with 454 car parking spaces on the site. The vendor’s consultants identified that 539 apartments could be accommodated on the site from changes in national apartment design guidelines introduced in March 2018, and could potentially be further increased due to the removal of the cap on building heights that came into effect in December. The Irish Times, 27th February
Dundrum, Dublin 16 Knight Frank is guiding in excess of €1.3m for a 0.32 acre residential site with full planning permission within walking distance of Dundrum Town Centre on Sandyford Road. The site has 35m of road frontage and planning permits the demolition of the existing, single-storey, detached dwelling, and the construction of a new part two/part three-storey building comprising eight own-door apartment/duplex units (4 x 1-beds, 3 x 2-beds and 1 x 3-bed). Subject to planning permission, there is potential to achieve a higher-density scheme on site the site. The Irish Independent, 28th February
Dublin 15 Chartered Land is reported as the purchaser of a 12.29 acre site at Rathborne, Ashtown, Dublin 15 for c. €22m through Savills on behalf of a receiver appointed by NAMA. The acquisition by Joe O’Reilly’s Chartered Land is 13 years after his own Castlethorn company sold it to Capel Developments for in excess of €70m. Planning permission for 296 houses and apartments on the site has been obtained. Due to changes in market conditions and planning regulations, it is believed that Chartered Land may seek planning permission for a new scheme incorporating a far higher proportion of apartments. A feasibility assessment commissioned by the vendor suggests that the site could accommodate more than 700 apartments. The Irish Times, 27th February
Dublin 12 It is reported that a Singaporean fund has acquired a 2.11 acre high-profile site close to the Walkinstown Roundabout for €3.25m (c. €1.54m per acre). The site has planning permission for a 18,923 sq. ft. food store, two retail units and a restaurant café, with 99 surface car parking spaces. The current local development plan allows for residential-led regeneration and the selling agent QRE believes that the new owner may seek to revise the existing planning permission to take advantage of the upsurge in Dublin’s Build-to-Rent and Private Rented Sector markets. The Irish Independent, 28th February
Sandyford, Dublin 18 Two fully-let floors (20,384 sq. ft.) of office space and 40 basement car parking spaces generating rent of €568.7k p.a. in a modern Sandyford office block at Paramount Court, Corrig Road are being offered for sale at €7m (NIY 7.49%) by Lisney. Electricity supplier Prepay Power occupies the second floor and UK financial and professional services firm Smith & Williamson occupies the third floor. WAULB and WAULT is just under five and 12 years respectively. Rent reviews were recently completed for both leases and the two tenants have also just completed refurbishments of their respective space. The first floor in the building extending to 8,700 sq. ft. and 16 basement car parking spaces, also occupied by Prepay Power, was marketed for sale by Turley Property Advisors in June 2018 guiding €2.9m reflecting a yield of 8.34%. The Irish Times, 27th February
Dublin Enterprise Zone A sale of a warehouse and office building extending to 59,014 sq. ft. under construction on a site of 3.5 acres at Unit 2, Vantage Business Park in northwest Dublin has been reportedly agreed to plastic packaging specialist NPP Group as an owner occupier for more than €8.85m through agent Harvey. The unit will have a clear internal height of 12m with dock level and grade loading access. Separately, Unit 1, Vantage Business Park extending to 45,869 sq. ft. with a build timeframe of c. 12 months is on the market for sale or to let via Harvey quoting €150 psf or to let at €9.50 psf. The Irish Times, 27th February
Dublin 11 Harvey is seeking €11.9m for a 67.71 acre (€175.75k per acre) land bank with 600m of frontage to the M50 in north Dublin on the planned setting for Abbotstown Business Park. The land bank was previously sold in October 2013 for €6m (€88.6k per acre and down from its previous peak value of €1m per acre). Planning Permission in place until April 2022 permits 27 buildings comprising of two offices with floor areas of 140,275 sq. ft., 14 light industrial/warehouse buildings, seven blocks of starter units and four blocks of business units. The agent, Harvey, believes a purchaser may apply for a revised planning permission that “reflects the change in end user requirements towards larger-sized industrial and logistics buildings”. The Irish Times, 27th February
Henry Street, Dublin 1 Carra Shore is seeking planning permission to build a seven storey 195-bedroom hotel at the junction of Little Britain Street and Little Green Street close to the Henry Street shopping district. The site is currently occupied by a two storey warehouse building. The Sunday Times, 3rd March
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