Dublin 15 Having already secured some 150 occupiers at Blanchardstown Corporate Park, Channor Real Estate Group has commenced construction on a new 30,177 sq. ft facility. Upon completion, Unit 271 will comprise warehouse space of 23,754 sq. ft and 6,423 sq. ft of grade-A two-storey offices and staff facilities. The property is being made available under the terms of a new, long-term lease through joint agents CBRE and Harvey at an annual rent of €450,000 (exclusive). The Irish Times, 18th February
Co. Monaghan A consortium of investors, led by the McGettigan family, has acquired the former four-star Nuremore Hotel & Country Club in Carrickmacross. The Irish Times understands the new owners secured the property for around the €6m price which had been guided by agent CBRE on behalf of Declan De Lacy, liquidator of Nubility Capital. The hotel and golf resort will now undergo a refurbishment. The hotel comprises 70 bedrooms with facilities that include a restaurant, bar, leisure centre and a large function room. The hotel sits on 160 acres of parkland with a championship golf course as its centrepiece. The Irish Times, 18th February
Kilkenny An Bord Pleanála has given the green light for the construction of a new 136-bedroom hotel in Kilkenny City. The hotel, by Salway Limited, will be located on lands adjacent to the Hebron Road/N10 in Blanchfieldsland in Kilkenny City. The development will comprise of a hotel, leisure and conference complex incorporating the refurbishment and change of use of Hebron House into a hotel reception with meeting rooms and offices, the development of hotel parkland and the construction of an access road off the N10. The Irish Independent, 21st February
Dublin 2 Michael Wright has applied for planning permission to open a gastropub at the site of the former Dylan McGrath restaurant Rustic Stone. The building on the corner of South Great Georges St and Exchequer St is a protected structure and has been vacant since liquidators were appointed to the McGrath restaurant late last year. Wright’s firm Mink Fusion has applied for permission for a change of use of the building from a licensed restaurant to a gastropub, as well as permission to carry out internal alterations. The Business Post, 18th February
Crowe Report National hotel occupancy decreased by 0.5% in 2024 to 79.5%. However, the Average Daily Rate (ADR) rose by 1.2%, with significant gains in the Galway (+4.1%) and Limerick (+2.7%) markets. As a result, national RevPAR increased by 0.5% yoy. In Dublin, occupancy for 2024 increased by 0.3% to 82.3%. ADR for the year fell by 2.6% (to €175) compared to 2023. Consequently, RevPAR decreased by 2.2% year-on-year. Cork’s 2024 performance saw a decline of 2.1% in occupancy compared with 2023, and a decline of 1.0% in ADR. RevPAR fell to €119, a 3.5% yoy decrease. This decline is partly attributed to the impact of new supply in the Cork city market, which saw the opening of two new hotels during 2024. Crowe Market Update, 20th February
IHF Report The Irish Hotels Federation has said advance bookings are down, approx. 2% and worth about €100m, in 2025 compared with this time last year. 2025 would be the second year in a row that business sentiment among hoteliers was down, with just 37% reporting a positive outlook for trading conditions over the next 12 months. This contrasts with 47% who reported a positive outlook this time last year and 74% the previous year. The research conducted among the federation members showed average national hotel room occupancy stood at 74% in 2024, down 2% on 2023. While the domestic market and North America are holding up so far, hoteliers are reporting a net drop in bookings from Britain, Northern Ireland and the rest of Europe. The Irish Times, 24th February
Sandyford Office space is available to rent at €25 psf in Heron House, Sandyford Business District through Maguire Chartered Surveyors. The owners may also consider a sale, though no price was quoted. Heron House extends to a total of 18,584 sq. ft over three storeys, but smaller businesses can also avail of smaller amounts of floor space, starting with from 7,000 sq. ft. In addition, there are up to 50 surface car spaces available. It occupies a high-profile corner site of 0.75 acres, on the corner of Corrig Road and Blackthorn Road. The Irish Independent, 19th February
Cork City The Director of Public Prosecutions is to open a regional office at Navigation Square, in its first move out of Dublin since it was established 50 years ago. The Irish Examiner understands that the State prosecution service is to lease 9,000 sq. ft at the O’Callaghan Properties developed Navigation Square 1 which the developer sold to French investors Corum XL for €60m in 2021. The Examiner, 21st February
Medical Portfolio Colliers is guiding €5m for a long-income medical-use portfolio. The investment, which is being offered for sale in one or more lots, offers the prospective buyer the opportunity to secure a Net Initial Yield (NIY) of 6.5%. The portfolio comprises four assets across Lucan, Co Dublin, Maynooth, Co Kildare and Ennis, Co Clare. All four properties are fully occupied by a mix of tenants, including Centric Health, the OPW and Claremed Pharmacy. The Irish Times, 18th February
New Look Fashion retailer New Look is to exit Ireland with the High Court approving the appointment of Shane McCarthy and Cormac O’Connor of KPMG Ireland as provisional liquidators. New Look employs a total of 347 staff across its 26-store network in the Republic of Ireland. A majority of its stores are of small to medium size, employing an average of 12-13 staff per store. New Look first entered the Irish market in 2003. Rte.ie, 19th February
Quiz has also shut 23 stores in the UK and Ireland after falling into administration, putting around 200 jobs at risk. It said that its Irish stores in Athlone, Tallaght and Newbridge would close, while stores in Derry and Enniskillen will also shut. Last month, the company said it was searching for emergency funding. Quiz confirmed that it hired insolvency practitioner Teneo as administrator to Zandra, its subsidiary business which runs its shops in the UK and Ireland. Rte.ie, 19th February
Normal Danish retailer Normal, which specialises in branded toiletries, is planning a move into the Irish market. Normal was founded in 2013 and is controlled by Danish billionaire Anders Holch Povlsen, who also owns chains Vero Moda and Jack & Jones. Normal currently has about 900 stores across Europe. It has added about 600 stores to its network in the past five years. It generated revenue of €1.6bn in the financial year to the end of last July and made a €91m profit after tax. The Irish Independent, 21st February
Victorian Market The €26m redevelopment of Dublin’s Victorian fruit and vegetable market is finally getting under way, six years after it was closed by Dublin City Council. Construction and conservation work at the 127-year-old market building close to Capel Street is scheduled to begin by June with a new retail and restaurant complex, housing at least 80 stalls. Completion is expected in the third quarter of 2027 at a cost of €26.4m. An operator to manage the new market will be appointed before this date, the council said. The Irish Times, 25th February
Cork Docklands Glenveagh Properties has completed a deal worth €150m to deliver 337 homes in Cork’s Docklands for the Land Development Agency (LDA). The transaction follows the LDA’s appointment of Glenveagh to a Framework Panel last September. Under the terms of the transaction, the LDA has bought the homes through a “forward funding” mechanism and construction has already commenced. Glenveagh has planning permission at the site for an additional 176 units, bringing the total available homes to 1,178. The Examiner, 24th February
Dublin 11 91.4 acres, located near Charlestown Shopping Centre on St Margaret’s Road, has been sold to three separate buyers for a combined total in the region of €34m. The site was first brought to market in 2022 at a guide price of €34m. Sandymark, the commercial property group, paid approx. €14m for 57 acres of the portfolio. Last week, the Central Bank of Ireland confirmed it bought 29.5 acres to develop a new cash centre. The Business Post understands a similar fee of close to €14m was paid by the state body for the site. The third buyer was an individual, who acquired the remaining 4.9 acres. The Business Post, 18th February
Hooke & MacDonald Report For the first time in a decade, there were no newly built private homes sold to, or funded by, institutional investors for the private rental market in 2024. Where 9,031 apartments were built in Dublin in 2023, this figure fell by 27% to 6,608 in 2024. Most of these units were built for the public sector or the traditional build-to-sell (owner-occupier) market, highlighting what the report’s authors describe as the deepening supply crisis. Having accounted for between 40%-51% of all investment from 2019 to 2023, transactions in the multifamily/PRS market in 2024 amounted to approx. €230m, or just 9.7% of the €2.4bn spent across all asset classes last year. The largest multifamily investment in 2024 saw €66m paid for an existing, stabilised portfolio of 136 units in Malahide at a NIY of approx. 5.2%. The Irish Times, 18th February
Planning rules on cabins and modular homes in back gardens could be relaxed as part of Government efforts to tackle housing supply issues. Under current regulations, extensions of up to 430 sq. ft to a home can be built without planning permission, whereas habitable structures of this size must have approval if they are not attached to the home itself. Under a proposal being developed in the Department of Housing, planning exemptions are being considered which would exempt free-standing modular or cabin-style homes from planning permission. The Irish Times, 18th February
Daft Report Open-market rents across the country are now 43% higher than before the Covid-19 pandemic. The Daft.ie report also found that at the beginning of February, there were fewer than 2,300 homes available to rent across the country. The average open market rent nationwide in Q4 2024 was €1,956 per month. The report said that in Dublin, rents in the final quarter of last year were 4% higher than a year earlier – at €2,481 – while outside the capital, they were 7% higher on average. In Cork and Galway cities, rents rose by 10% during 2024, while in Waterford city, they rose by 7.4%. However, in Limerick, inflation remained very high, with market rents increasing by 19% during 2024. Outside the cities, rents increased 6.2% on average. The Irish Times, 24th February
Zoning Special powers are going to be used to rezone large tracts of land for building houses, with the Government planning to go over the heads of local councillors to identify areas for significant development. The focus will be on the Greater Dublin Area, particularly the north county, with land both adjacent to existing urban centres and standalone greenfield sites. Existing laws, in place for the past 25 years but rarely used, allow a minister to tell a local council what land to rezone in line with national policy goals. Housing Minister James Browne is expected to start making orders to rezone land later this year, using this law, and advice has been sought from the Attorney General’s office. The Irish Independent, 25th February
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Westmoreland Street, Dublin 2 Cushman & Wakefield is guiding €2.3m (7.51% NIY) for 26 Westmoreland Street. The 5,950 sq. ft property comprises a five-storey over-basement Georgian building and is in use as an established restaurant and English language school. The retail unit, which extends to 2,623 sq. ft, is let to The Good World Chinese Restaurant on a 20-year lease from October 2019 at a passing rent of €100,000 pa. The building’s office accommodation extends to 3,326 sq. ft and let to Englishour Language School on a 15-year lease from June 2019, at a passing rent of €90,000 pa. The Irish Times, 12th February
Ballycoolin, Dublin 11 CBRE is guiding €1.35m for Unit 12a, Site 50 at Rosemount Business Park. The 8,774 sq. ft property comes with vacant possession and comprises a modern industrial unit along with two-storey office accommodation within a 0.3-acre secure yard. The scheme is located about a 10-minute drive from junction 6 on the M50 motorway and 16 minutes’ drive from Dublin Airport. The Irish Times, 12th February
Sandyford Business Park, Dublin 18 A private Irish investor stands to secure a net initial yield of 8.76% following their acquisition for €1.71m of an industrial unit. Located just off Burton Hall Road in Sandyford Park, Unit 5 was fully let to Festo Limited on a 35-year full repairing and insuring lease from April 1st, 1992. Extending to approximately 7,667 sq. ft, Unit 5 briefly comprises a mid-terrace office and industrial unit of concrete portal-frame construction. There are two-storey offices to the front of the property and a warehouse to the rear. The Irish Times, 12th February
Aston Quay, Dublin 2 Lisney is guiding €2.5m for Fitzgerald’s Bar on Aston Quay is a traditional Victorian-style bar overlooking O’Connell Bridge. A four-storey over-basement premises, its accommodation extends to approx. 5,500 sq. ft, including a lounge bar and public bar at ground-floor level serviced by kitchen facilities. Its upper floors are currently used as storage and benefit from separate access which could offer an opportunity to derive additional income. The Irish Independent, 13th February
Terenure, Dublin 6 Vaughan’s Eagle House is guiding over €1.5m, also through Lisney. Located in an imposing trading position directly overlooking the Terenure crossroad intersection, it has frontage on to both Terenure Road West and Terenure Road North. Its approx. 4,300 sq. ft of floor area ranges from two to three storeys over basement and is laid out with bar, lounge and dining/function accommodation and stores. The Irish Independent, 13th February
South Mall, Cork Electric, at the Grand Parade end of South Mall, is to re-open following its sale for approx. €2m. The new Cork-based owner is a private client of financial advisory firm MC2. It’s understood the Emporium Bar Group, who have four venues in Cork’s suburbs, will play an active role in managing it. Electric first went on the market in September 2023. The guide price at the time for the 6,000 sq. ft three-storey premises was €2.5m. It had been developed into a bar at an overall cost of €3.3m, including an auction purchase price at €1.65m in 2009, after it was sold off by ACC Bank. The Examiner, 14th February
Hanover Quay, Dublin 2 Plans for a 4-star 35-bedroom hotel and 200 seat entertainment venue at Hanover Quay have been lodged by Misery Hill Entertainment Ltd. The hotel and venue will be housed in a two-storey glass box as part of a design by PRC Architecture & Planning, where the two level glass cube will “oversail” the protected structure at 9 Hanover Quay, which has been the home of Vicar Street owners Harry and Rita Crosbie for the last 30 years. The planning application involves converting the Crosbie home to hospitality and entertainment mixed use. The Irish Times, 17th February
Dalkey Co. Dublin Donegal businessman Paddy Doherty is buying the Queens pub, paying approx. €3.5m for the venue. Doherty already owns the Eagle Pub in the nearby village of Glasthule, which he bought for €4m in April 2024 from the Loyola Group, according to a report in the Irish Times. The Currency, 17th February
Citywest, Co. Dublin Ravelin Properties Reit has signed two new leases at 3022 Lake Drive in Citywest Business Campus, covering a total area of 12,347 sq. ft, which brings the recently refurbished building to full occupancy. Kone Ireland has signed for the first floor, occupying 6,130 sq. ft, under a new 10-year lease with a tenant break option after five years. NeoDyne, having relocated within Citywest, has taken the ground floor, spanning 6,217sq. ft, on similar terms. The property now comprises two floors of Grade A office accommodation and 44 parking spaces. The Irish Times, 12th February
2024 Review Take-up in 2024 fell to just 1.3m sq. ft, the lowest since the series began in 2014. This is largely driven by transactions of modern stock declining by 79% compared to 2023. Comparably, take-up of legacy stock has remained notably consistent over recent years with a three-year average of 787,000 sq. ft. The decrease in modern take-up is driven by a decline in new stock with just 384,00 sq. ft completed across 2024. Looking ahead, 1.7m sq. ft is scheduled to complete across 2025 which would mark a more than four-fold increase on 2024. Additionally, only 28% of this pipeline is currently committed with over 1.2m sq. ft available. Savills Research, 17th February
Dublin 1 Work will begin in the autumn on creating a food hall at the CHQ building in Dublin’s docklands. Final design of the project is underway, and it will go to tender in the second quarter of this year. Up to 20 different food and beverage providers could be part of a first phase. The team at CHQ – which was built in 1820 as a bonded warehouse to store tobacco, tea and spirits – had taken particular inspiration from the Time Out-sponsored market in Lisbon, which attracts between three and four million visitors a year. Approx. 15%-20% of the space could be a traditional food market selling produce, similar to the English Market in Cork. The Sunday Independent, 16th February
Douglas Court, Cork Planners have cleared the way for an expansive health and wellness facility at Douglas Court, which will be developed over 8,000 sq. ft in an upstairs area currently used for storage. It will involve eight units including hair and beauty treatments, fitness classes and other health and wellness practitioners. Work is also underway to upgrade the 900-space carpark and is expected to be completed by April. A high-tech German parking system called Cleverciti, which uses AI technology to detect free parking spaces, will also be installed. The O’Leary family bought the shopping centre for €21.5m in January last year. All but two of the 47 units at the shopping centre are occupied. The Examiner, 15th February
Donnybrook, Dublin 4 Extending to a total area of 0.32 acres, the well-known Circle K petrol station is now being offered to the market by agent JLL for €5.5m. The site’s planning history includes previous approval for a 10-storey residential scheme of 67 units. This planning permission is the subject of an ongoing judicial review. Separately, an eight-storey purpose-built student-accommodation project that received planning permission was subsequently overturned by An Bord Pleanála. An additional advantage for buyers is the short-term income stream of €165,000 pa from Circle K, which can help offset holding costs during the planning phase. The Irish Times, 12th February
Maynooth, Co Kildare Knight Frank is guiding €10m for a large and well-located land bank on the outskirts of Maynooth. Extending to a total area of 97 acres, the site sits in proximity to both the M4 motorway and Maynooth train station. The lands, which are in agricultural use at present, are designated as “Strategic Reserve (SR 2) and Agriculture” under the terms of the draft Maynooth & Environs Local Area Plan 2025-2031. The town experienced population growth of 18% between the 2016 and 2022 censuses, with its population estimated at 17,436 in Q1 2023. The Irish Times, 12th February
Parkgate Street Ruirside Developments has secured planning permission for a €124m, 316-unit apartment scheme in two blocks with one rising to 13 storeys at Parkgate Street in Dublin 8. As part of the new plan, Ruirside Developments Ltd has put a price tag of €12.16 million on the sale of 31 apartments to the council for social housing under Part V. The Irish Times, 17th February
Galway Developers Bartra have secured permission for a 131-bedroom nursing home in Galway on the site of the former Warwick nightclub, once host to famous music acts including Sinéad O’Connor, Coldplay, New Order and The Pogues. Galway City Council granted planning for the four-storey development at the O’Connor’s Warwick Hotel site on Upper Salthill Rd that also housed the Oasis nightclub. Both are now demolished. The site has been vacant for a number of years. The Irish Times, 12th February
Kildare Town Coonan Property is guiding €1.4m for a ready-to-go site extending to 2.15 acres on the edge of Kildare town, with full planning permission for 20 houses. Located on Rathbride Road opposite the Cill Dara Golf Club and Kildare Town AFC, the site is about 1km from the train station with its commuter services to Heuston Station in Dublin. Kildare County Council granted planning permission in August 2024 to Glencresent Property Ltd for the development consisting of two detached houses, 10 semi-detached houses and eight terraced houses. The Irish Independent, 13th February
Evara, the property developer formerly known as Quintain Ireland, is gearing up to spend more than €2bn on delivering 7,500 homes over the next five years. The company is also looking to buy land as it plans to spend €300m over the next five years. Evara expected that half of the sites would already have planning permission. Another 40% would be zoned for residential, with the remainder unzoned. Approx 65% of the units that Evara builds will be houses or duplexes, with the bulk of those sold to private buyers. The remaining 35% will be high density apartments, the majority of which will be sold to institutional buyers. The Sunday Times, 16th February
Glenveagh bought close to €130m worth of property assets from Gerry Gannon after the developer exited Nama last year, according to the Business Post. The deal involved the acquisition of several sites on which housing projects are already under construction. Glenveagh also bought several sites with potential for residential development from Gannon’s firm. Under the terms of the deal, Gannon Homes is expected to stay in place as the project manager of the developments already under construction. The land bank acquired by Glenveagh from Gannon Homes has capacity for more than 4,000 homes. The Business Post, 16th February
2024 Review Turnover in the Irish investment market reached just under €2.5bn in 2024 following a surge in investor activity during the final quarter. This represents a 21% increase on the previous year. Retail assets were the key driver of demand during the year accounting for over €1bn of capital spend. Office assets also saw an improvement in transaction activity during the year totalling €489m, although it remained well below the long-term average. In contrast, capital spend in residential assets reached the lowest level since 2015 to reach €231m. Sherry Fitzgerald Report, 17th February
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Broomhill Business Park, Tallaght 52 Broom is being brought to market by Lisney on behalf of receiver Gerard Murphy. The building extends to approx. 50,000 sq. ft and sits on a site of 1.34 acres with 190 car parking spaces. Lisney is seeking offers in the region of €6.5m for the four-storey office property, reflecting a capital value of €130 psf. The property currently generates a passing rent of €273,012 pa. The HSE occupies the third floor on a lease until 2027, while the Road Safety Authority holds part of the ground floor under leases expiring in 2030. The Irish Times, 5th February
Newmarket Square, Dublin 8 RKD Architects is set to join tenants including Fanatics and Infineon Technologies at the 75,000 sq. ft Grade A Eight Building on Newmarket Square. RKD has taken a lease of the third floor which extends to approx. 16,000 sq. ft. The building was acquired by German investor Patrizia for approx. €60m back in 2022. CBRE and Knight Frank are actively marketing the remaining 29,000 sq. ft across three floors, targeting tenants for spaces starting at 3,000 sq. ft, with typical floor plates of approx. 16,000 sq. ft. The Irish Times, 5th February
Kildare Street, Dublin 2 Kennedy Wilson has signed the last tenant for its 65,000 sq. ft office development at 20 Kildare Street, bringing the property to full occupancy. The seven-storey office development has signed up tenants that include Aircastle, Ara Partners, Consello, Davidson Kempner Capital Management, Dentons, Egon Zehnder, and Lanthorn. The long-term leases bring the annual rent roll for the building to approx. €4m pa. The Irish Times, 6th February
Dublin City HWBC warns that Dublin city could see supply constraints for prime space over the next 12 months if the same demand rates were to continue. Multinationals and other corporate tenants will increasingly only take up space in buildings that meet the highest environmental standards, meaning older office stock may be ignored even where it is available. HWBC says the Dublin office market staged a recovery last year with annual take-up reaching 2.15m sq. ft, a 63% increase compared with 2023 figures. The report finds that approximately 1.55m sq. ft of A-rated space is available in Dublin 2 and 4 locations which would equate to less than two years of supply considering the current demand levels. The Irish Independent, 4th February
Church Road, Greystones An AIB branch in Greystones, Co. Wicklow has come to the market seeking €1.2m. The entire property is let to Kavwall Limited, with AIB acting as a guarantor, on a 20-year lease from July 2007. There are 2.41 years of secure income remaining as of February 1st, 2025, and the property has a current passing rent of €149,700 pa. The property, which is brought to market by JLL, comprises 4,647 sq. ft net internal area over two storeys. It features a modern extension and includes three car parking spaces to the rear of the building. The Irish Times, 5th February
101 St Patricks Street, Cork American retail chain Urban Outfitters is set to open its first Cork store, bringing new life to a premises that has lain idle for six years. The 6,000 sq. ft, four-storey, bow-fronted premises, which is located between menswear store Gentleman’s Quarters and Dunnes Stores, had been on the market with letting agents Savills, featuring a rent of €230,000 pa. However, the Irish Examiner understands it was bought from its investor owner by financial advisory firm MC2 on behalf of clients. The sale price is thought to be between €1 – €2m. The Irish Examiner, 5th February
Henry Street Frasers Group is suing the owners of Dublin’s ILAC shopping centre over allegations that a pharmacy exclusivity granted to Boots is being unfairly protected, the High Court has been told. The row centres on a unit within the former Debenhams department store on Henry Street, which Frasers purchased in 2022 for €42m. Frasers is currently re-developing the department store into three retail units and a top floor gym. It negotiated a lease to sublet a unit in the building but alleges the ILAC centre is refusing to consent to a change of use. Frasers said CWire Retail Group, which trades as Chemist Warehouse, wants to occupy the unit under a ten-year lease with an initial rent of €275,000 pa. The Business Post, 10th February
Churchtown, Dublin 14 Churchtown Stores has been launched to the market by agents BDM Property, seeking offers of over €2.8m. The former hardware premises extends to 3,826 sq. ft and comprises a lounge bar with a fully fitted and equipped catering kitchen. To the rear is a contemporary bar/function room and an overflow seating area. On the first floor, an 872 sq. ft own-door office generates €18,000 in rental income pa. The Irish Independent, 6th February
Mercantile Group Trading Pre-tax profits at the operator of Cafe en Seine and The George decreased by 56.5% to €2.07m in 2023. New consolidated accounts for The Mercantile Group show the group sustained the drop in profits as revenues rose by 2% to €35.55m in 2023. The group continued to expand its operations in 2023 including the completion of two ‘strategic property acquisitions’ in Dublin and this outlay along with capital works on the Mercantile Bar and Hotel totalled €12.3m in 2023. The directors state that the works have continued on the development of the Mercantile Bar and Hotel with the hotel set to re-open in 2025. The group also operates The Crafty Fox, Pichet, Opium, NoLIta, Whelan’s and the Railway Bar. The Irish Independent, 6th February
Merrion Square, Dublin 2 No. 77 Merrion Square is being brought to market through Lisney with a guide in excess of €2.475m. The office element of the property is multi-tenanted and fully let, producing €165,680 pa. The property extends to approx. 5,500 sq. ft with seven car park spaces and includes a vacant top floor two-bedroom apartment. There is further potential to increase revenue through the letting of the apartment and fixed rental increases with two office tenants. The asking price represents an immediate net initial yield of 6.1% and a potential reversionary yield of 7.5%, with a capital value of €452 psf. The Business Post, 7th February
Duke Lane, Dublin 2 Agar are bringing to market two adjoining properties situated mid-way between Grafton and Dawson Streets, forming the junction of Duke Lane, Lemon Street and Royal Hibernian Way. The properties are being offered for sale in one, two or three lots by way of tender on Wednesday 5th March. Duke House, formerly the home of the Alias Tom Menswear shop occupies a prime corner pitch and comprises approx. 5,745 sq. ft of retail and office accommodation. 8 Lemon Street comprises a 2-storey retail property, presently let to Paddy Power, of approx. 1,310 sq. ft. Agar Press Release, 4th February
Aston Quay, Dublin 2 In January alone, a further 10 owners of properties in central Dublin notified the local authority of plans to convert a number of offices, guesthouses, student bedspaces and warehouses into housing for people seeking international protection. One property includes a building on Aston Quay, which was previously owned by JD Wetherspoon. The hospitality giant bought the building, which previously housed USIT, the travel agency, for €9m in 2021. It planned to convert the property into a so-called “superpub” venue but met resistance from planners. In July 2024 the property was acquired for an undisclosed sum by Barfel Limited, which is controlled by Graham Barker of Whitefire Offices, the serviced office space provider. The Business Post, 6th February
CBRE 2024 Review Take-up in Dublin in Q4 totalled approx. 478,000 sq. ft, the strongest quarter of 2024, but still over 40% below the long-term quarterly average. Full-year take-up totalled approx. 1.6m sq. ft, just over 50% below the 10-year annual average. There are several mid to large-scale requirements for space in Dublin but the sector could be vulnerable to a slowdown in activity if the global trade environment continues to see volatility. The largest leasing deal of Q4 was Chemist Warehouse signing a lease for approx. 103,700 sq. ft of space at Belgard Road Industrial Estate. At the end of Q4, the vacancy rate at the top I&L parks in Dublin was 2.1%, having decreased from 2.4% in Q3. Q4 investment in the I&L sector was €71m and totalled €258m for the full year 2024. Prime yields are now stable at 5.0%. CBRE Research, 10th February
Newmarket Square, Dublin 8 Strong interest is expected in the upcoming forward purchase sale of 18 Newmarket Square, one of the few build-to-rent developments expected to come to market this year. It is understood the development of over 130 apartments will be brought to the market by CBRE at an asking price of approx. €80m. It is located a 10-minute walk from St Stephen’s Green and amenities are expected to include a co-working lounge, communal rooftop gardens and a landscaped courtyard, as well as approx. 5,400 sq. ft of retail space. The Irish Times, 5th February
Magheramore, Co Wicklow Oakmount’s plans to build a multimillion-euro tourism resort in Wicklow have been refused by An Bord Pleanála. The development proposed would have comprised of a two-storey building, a gym, sauna, cinema and outdoor pool at lower ground level. There were also 48 accommodation pods proposed on the site. It was widely reported that Oakmount paid €700,000 to secure ownership of the wider Magheramore site in an online auction in June 2021. The Irish Times reported in 2023 that while the amount paid represented a significant premium on the €210,000 the property had been guiding in advance of its sale, there was intense competition involving five parties. The Business Post, 7th February
Country Homes Sales A bumper year saw 168 high-end country homes change hands in Ireland in 2024 as demand for prime properties outside the M50 defied expectations of a slowdown in activity. Savills analysed Property Price Index data relating to prime country properties outside the main cities and north Wicklow that sold for more than €1m. The research revealed the total value of sales in this category jumped by 44% to €275m in 2024 from just over €190m the previous year. County Cork was the most popular location for buyers accounting for 31% of total sales by value, or €84m, last year across 35 transactions. The Irish Times, 4th February
Davy Report Ireland will need 93,000 new homes a year until 2031 to bring it close to the European average for per capita housing stock, according to Davy, almost 10% more than the firm estimated last year. Last year, the firm found that 85,000 new homes would be required annually to bring Ireland halfway to the European average, with as many as 122,000 needed to close the gap entirely. A “disappointing” 30,000 completions added to the existing pent-up demand, leading the firm to update its assessment for 2031. An overhaul of rent caps, measures targeting reduced construction costs, and further streamlining of the planning system for critical infrastructure would help drive annual housing output to 75,000 by 2031, according to the report. The Business Post, 5th February
Rent Controls The Government is examining a recommendation in the Housing Commission’s report which backed the introduction of a system called “reference rents”. This would mean limits regarding how much a landlord could charge would be related to factors such as location and size of property. Government sources say that an extension of the rent pressure zones cannot be ruled out. The Coalition is concerned about the housing completion figures published by the Central Statistics Office last month, showing a 24% drop in the completion of apartments in 2024. The Housing Commission report published in July showed that 42% of landlords left the market in the 26 months leading to December 2023. Rte.ie, 10th February
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Temple Bar, Dublin 2 Temple Bar Inn, a 101 guestroom hotel is being brought to the market by JLL, quoting over €50m. The sale includes a separate large ground-floor Tesco retail unit in addition to 7 Westmoreland Street. The property comes to market with full planning permission for the development of an additional 121 guestrooms. The vendors Heights Hospitality previously put the property on the market in 2019 for €45m, but as the Covid-19 pandemic hit soon after, the property was withdrawn from the market. The Irish Times, 29th January
Parnell Street, Dublin 1 Dublin sports bar The Wool Shed has sold for a price understood to be in excess of the guide price of €2.5m. It was acquired by experienced hospitality operators Eoin and Colin Pardy, and Rory Keogh. The trio own and operate The Bad Ass Café in Dublin’s Temple Bar, as well as The Grand Social on Liffey Street. The approx. 8,500 sq. ft two-storey sports-oriented bar comprises three separate bars, one at ground level and two at first-floor level. The Irish Times, 29th January
Dublin Landings, Dublin 1 CBRE is quoting €4.5m for 9 retail units at the Dublin Landings mixed-use development in the city’s north docklands. The retail units extend to a combined floor area of approx. 13,750 sq. ft. Five of the retail units are currently leased producing an annual income of €275k with a WAULT of approx. eight years. The scheme is anchored by Fresh supermarket, while the other tenants are Grindstone Café, Grafton Barber, Dry & Fly and Bakehouse. The Irish Times, 29th January
N1 Road, Tyrone Softdrive, a holding company for Supermac’s, is seeking to open a new €12m Supermac’s Plaza on the N1 road between Aughnacloy and Ballygawley in Tyrone. It will be the firm’s first forecourt operation in Northern Ireland but its second outlet. The current application has put forward a detailed proposal for a petrol filling station, retail unit, food court and drive thru. The development will comprise of a two-storey building that has a floorspace of approx. 10,750 sq. ft and a retail unit of approx. 1,075 sq. ft. The site in question is spread across a 4.5 acre site of land. The Business Post, 30th January
Ely Place, Dublin 2 QRE has successfully closed the sale of 19 Ely Place. It was sold to a domestic purchaser, for just under the guide price of €1.19m. The property, a three-bay, four-storey over-basement, mid-terrace Georgian building, extends to 2,551 sq. ft and had been occupied by a laser and lens eye surgery clinic under a long-term lease. The Business Post, 1st February
Pembroke Road, Dublin 4 A long-income office building is coming to the market through CBRE guiding €16m, reflecting a running yield of 7.8%. 87-89 Pembroke Road is owned by Irish Life Property Fund and extends to approx. 30,000 sq. ft, with 42 car parking spaces. Bank of Ireland occupies the 3,000 sq. ft ground floor bank branch on a 150-year lease from 1968, and the 8,300 sq. ft first-floor office on a 25 year lease, due to expire in 2031. The third floor extends to 7,935 sq. ft and is currently leased to the US embassy until 2033, with a tenant break option in 2031. The remaining accommodation on the part ground floor (736 sq. ft) and second floor (8,413 sq. ft) is currently available to let. The Irish Times, 29th January
Park Place, Dublin 2 Apple has been given an 18-month rent-free period at its Park Place offices in Dublin. The terms of the tech giant’s lease agreement are revealed in recently filed property price register documents. The company signed a ten-year lease with no break clause for the offices at 4 and 5 Park Place. Apple has agreed to pay an annual rent of €2.27m and will occupy floors eight and nine at the scheme. The offices comprise approx. 37,500 sq. ft of floor space, which would accommodate approx. 350 people. Apple agreed to pay for its own fit-out and will also pay a service charge of €385k. The Sunday Times, 2nd February
Ormond Quay Lower, Dublin 1 Xestra Asset Management is seeking expressions of interest for 9 and 10 Ormond Quay Lower and 3-10 Strand Street Great. It is guiding in excess of €12m for the plot, which extends to approx. 0.31 acres and benefits from Z5 City Centre Land Use Zoning under the Dublin City Development Plan 2022–2028. The assets are located beside the Morrison hotel, which was put on the market for between €90m-€95m last week. Number 9 was most recently used as office accommodation, while number 10 functioned as a high-end private event venue. The Irish Times, 29th January
Cabinteely, Dublin 18 QRE is launching a mixed-use investment opportunity at 35/35A Johnstown Road and guiding €1.25m for the investment, which equates to a net initial yield of 6.5%. The investment is anchored by Centra on a long-term lease, which is currently paying €54k pa with the next rent review in March 2027. Upstairs the property is occupied by MF Properties/Castlepark, which is signing a new 10-year lease with a break at year five for approx. €24k pa. The remaining office suite is occupied by Johnstown Therapy Centre, which has been in occupation for over eight years at a current passing rent of €11.5k pa. Total income equates to approx. €89k pa. The Business Post, 1st February
Carrigtohill, Cork GE Healthcare, the health division of US giant General Electric, has said that it plans to invest €132m in a new facility at its Irish base in Cork. The approx. 32,300 sq. ft facility will see the expansion of its contrast media production and will enable the firm to produce 25m additional patient doses pa upon completion in 2027. The Business Post, 31st January
Swords, Co Dublin TWM is guiding €17m for a portfolio of enterprise units in Swords Enterprise Park. The sale comprises a portfolio of 61 enterprise units, which are a combination of light industrial and workspace/office buildings extending to over 78,000 sq. ft. The units are contained within a larger development of 72 units overall on a site of approx. 6.9 acres. The guide price equates to a net initial yield of 8.1%. The current passing rent of the portfolio is over €1.5m pa, with 95% of the units leased. Tenants include Fingal County Council, Newport Pharmaceuticals and Quay Logistics. The Irish Times, 29th January
Laragh, Co Cork Hodnett Forde is guiding €2.5m for a vacant industrial unit located in the IDA industrial estate in Laragh, 4km west of Bandon. The property extends to 44,000 sq. ft on a 6.1 acre site and comprises 22,000 sq. ft warehouse and 22,000 sq. ft of offices over two floors. The property formerly occupied by French telecoms company Alcatel, has planning permission for conversion to a distillery with visitors’ centre which runs until May 2026. The Irish Examiner, 30th January
Supply Just 116 of the more than 3,700 student accommodation beds the Government has promised in the years since 2022 have so far made it to construction, according to new analysis. Just one student accommodation development – the 116-bed facility in Maynooth, Co Kildare – is currently under construction. Two other developments the Government said it would fund – 405 beds at DCU and another 478 beds at UCD – are now out to tender. But there has been no progress on another 2,500 student beds promised by the Government in their announcements. There are currently 50,000 student beds available in the market but demand in the sector is set to hit 90,000 beds this year, according to new analysis by construction and planning consultancy Mitchell McDermott. It predicts that, in total, just 576 more new student accommodation beds are due to be delivered this year in time for the commencement of 2025/2026 academic year. By 2030, it is expected that there will remain a shortfall of 40,000 beds in the sector. The Sunday Independent, 2nd February
Moygaddy, Co Kildare Glenveagh has acquired land spanning 250 acres on the Kildare-Meath border for €55m. The site was reported to be valued at €40m in 2023 during a court case over plans to develop the site. Based on residential density guidelines, more than 2,000 homes could be built at the site. Glenveagh’s land bank now has capacity for an estimated 20,000 homes. The developer has targeted to deliver between 2,600 and 3,600 units pa through to 2029. The Business Post, 2nd February
Naas Road, Dublin 12, The Land Development Agency (LDA) has bought a site on Dublin’s Naas Road with the potential to deliver over 1,200 cost rental homes. The Agency has reached an agreement with the owners to purchase the approx. 2.5 acre Royal Liver site. It follows an independent valuation process and is part of the LDA’s private land acquisition initiative. The Royal Liver site is located next to the Red Luas line and close to the Grand Canal at the junction of Naas Road and Kylemore Road. There is existing planning permission for housing development on the land, with an initial first phase delivering at least 465 new homes. Rte.ie, 31st January
Bettystown, Co Meath Agents CBRE are quoting in excess of €4m for Bettystown Caravan Park. Unlike many caravan parks which accommodate holiday makers, this is a residential park which generates all-year-round income from renting out its 285 pitches to caravan owners. Although the 11 acre site is surrounded on three sides by residential developments, it is not considered to have development potential in the near future because of the nature of the tenancies with the caravan owners. The Irish Independent, 30th January
Malahide, Co Dublin CBRE has brought to market a 2.66 acre residential development site off Seamount Road with a guide price of €2.95m. The site has planning permission for four three-bedroom terraced houses. The site is approx. 1.2km south of Malahide Main Street and is zoned ‘RS – Residential’. The four planned terraced houses extend to 1,679 sq. ft and are located at the front of the site. The property is being offered to the market in three lots, including Lot 1, which includes the portion of the site with planning in place, extending to approx. 0.47 acres, Lot 2 at the rear of the site, which extends to approx. 2.19 acres; and Lot 3 is the entire. The Business Post, 1st February
Leeson Street, Dublin 2 A high-profile refurbishment or development opportunity, incorporating the former Hourican’s pub, has come to the market through Lisney, quoting €1.25m. The sale comprises three properties and offers an opportunity to renovate the properties or transform the site into a mixed-use development. The sale also includes a derelict site (6 Lower Leeson Street) and a three-storey-over-basement retail and office premises (5 Leeson Street Lower). When combined, the development opportunity extends to a total site area of approx. 0.1 acres. The Irish Times, 29th January
BidX1 February Auction The most valuable lot in the BidX1 February 20th auction is a residential investment portfolio comprising 8 residential units at Long’s Place, Dublin 8 which is guiding €2.25m. The portfolio is fully let to private tenants and generates €214,104 in annual rents which at the guide price would equate to a gross yield of 9.51%. Four vacant apartments at Units 7, 7A, 10 and 10A Simmonscourt, Simmonscourt Road are also among the million euro lots and are guiding €1.9m. These units comprise two ground-floor 2-bedroom apartments ranging in size from 645 sq. ft to 678 sq. ft and two first and second-floor 3-bedroom duplex apartments ranging in size from 1,205 sq. ft to 1,291 sq. ft. The Business Post, 1st February
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Press Up Hospitality Portfolio Irish hospitality group Press Up is considering the sale of a €275m portfolio of hotels. Eastdil Secured has been appointed to explore strategic options, including a sale of assets. Sources close to the process suggested a sale-and-leaseback structured deal, with Press Up committing to the sites on long leases, will be one of the main avenues explored. Such a deal would be expected to generate offers of €250m-€275m for the collection of assets. There are five hotels in the portfolio. The Dean on Harcourt Street as well as Dean-branded hotels in Cork and Galway form part of the sale, as does the Mayson and The Devlin which are both in the Irish capital. The portfolio has c. 450 keys. React News, 21st February
Kildare Town, Co Kildare The operator of Kildare Village and the Irish arm of Tesco are among the objectors against plans for a six-storey 158-bedroom hotel for Kildare town. Last month, Murlyn Capital Investments Ltd lodged plans with Kildare County Council for a hotel on a site at the junction of Nurney Rd and Monasterevin Rd at Kildare adjoining the Kildare Village site. A planning report lodged with the application contended that a hotel was “perfect for this site in terms of location and in what it can contribute to the tourism of Kildare Town and surrounding area”. However, the operator of Curragh Racecourse has made a submission to the council supporting the planned hotel. The Irish Times, 27th February
Ormond Quay, Dublin 1 The Morrison Hotel in Dublin, which is owned by the Hilton group, is planning to convert its meeting and wedding space into more rooms as cost inflation has rendered its events business not financially viable. The proposal to expand the Ormond Quay hotel, which currently has 145 bedrooms spread across four floors, would add an additional 16 rooms to the premises. Hilton acquired the hotel in 2021. It initially traded under the Doubletree by Hilton brand, but switched to the Hilton’s Curio brand when it was awarded five-star status late last year. The Business Post, 26th February
Dalata Financial Results Dalata, Ireland’s largest hotel group, has reported record revenue of €558.3m for 2022. It is the first time revenue at the company has exceeded half a billion euros, which the group said reflected a “strong performance in the period and the continued delivery of Dalata’s growth strategy”. Revenue from hotel operations at the company was €515.7m, up 20% compared to 2019, the last year before the Covid-19 pandemic. The group’s adjusted earnings before deductions was €183.4m, up 13% on 2019, according to annual results from the company. Meanwhile, Dalata’s revenue per available room was €106.39 last year, an increase of 14% on 2019. The group’s profit after tax of €96.7m is up 24% on 2019. The Business Post, 28th February
Waterville, Co Kerry Colliers is guiding a price of €1.6m for the Sea Lodge Hotel in Waterville, Co Kerry. Located in both the Ring of Kerry and the Wild Atlantic Way, the subject property briefly comprises a modern, purpose-built, full-service 12-bedroom hotel. Refurbished to a high standard at a cost of €3m in 2015, the hotel offers luxurious guest accommodation with impressive, uninterrupted views of the Atlantic Ocean along with a large bar, function room, bistro and foyer. The Irish Times, 22nd February
Harcourt Street, Dublin 2 Pret A Manger has kick-started its planned Irish expansion with the opening of a new cafe on Harcourt Street in Dublin’s city centre. The UK-headquartered food and coffee chain’s arrival to The Vaults at the Station Building comes just over five months on from the opening of its first location on nearby Dawson Street. The company has plans to open up to 20 cafes across Ireland and Northern Ireland over the next decade. Pret A Manger’s premises at Vault 1 extends to 2,100 sq. ft and occupies a position facing Harcourt Street. The Irish Times, 22nd February
Docklands, Dublin The CHQ building in Dublin’s docklands is set to undergo an extensive redevelopment for a licensed food market. Custom House Quarter, the owner of the property, has applied to Dublin City Council for planning permission to turn the ground floor of the listed 19th century building into 30 market units, as well as an exhibition, restaurant and event space on a mezzanine level. Food and alcohol will be served within the food hall and outside area, with a new central entrance from George’s Dock. The development, if given the go-ahead, will also include the construction of a five-storey, 40,000 sq. ft mixed-use building over an extended basement, which will include office space. The Sunday Times, 26th February
Henry Street, Dublin 1 Real estate giant Hammerson aims to “reinvigorate” Dublin’s Ilac Centre with Ireland’s largest Foot Locker store, which is set to open its doors this summer. The Ilac Centre is the smallest of Hammerson’s three Irish shopping centres. It also owns Dundrum Town Centre and Swords Pavilions. American sportswear retailer Foot Locker is to open a 13,000 sq. ft unit in the Ilac Centre, in Dublin’s north city, and will upgrade its existing unit in Swords Pavilions in north county Dublin. The Irish Independent, 23rd February
Dundrum, Dublin 16 Nike is set to open a new store in Dundrum Town Centre this summer, Hammerson has announced. The new 5,666 sq. ft store, which will occupy the former BT2 space on Level 1 of the facility, will be the first “Nike Live” concept in Ireland. It will offer a curated assortment of sport performance apparel, footwear and accessories. The Irish Times, 27th February
Cheeverstown, Dublin 24 Rohan Holdings has secured two lettings at its latest Dublin development, South-West Business Park, ahead of the delivery of its first phase. With formal completion expected to take place within the coming weeks, the company is understood to have agreed deals for a total of 80,000 sq. ft with international tool and hardware distributor Toolbank and a leading provider of equipment to the healthcare industry. Both lettings are understood to have been agreed for in excess of €12 per sq. ft and for fixed terms of at least 15 years. The remaining accommodation available within the first phase at South-West Business Park consists of two units of 60,000 sq. ft and 20,000 sq. ft respectively. The Irish Times, 22nd February
Celbridge, Co Kildare Coonan Property have brought a 5,500 sq. ft office/warehouse unit to market for lease within the M4 Business Park in Celbridge, Co Kildare. The unit is being leased with price on application. Unit A5 is a two-storey terrace unit, which the agent suggests would be suitable for an office/warehouse, with own-door access to front and rear. Unit A5 is presented in good condition throughout and would suit a range of potential users. The Business Post, 25th February
Construction Inflation Primary Health Properties (PHP), a London-based investor in primary health facilities which has operations in Ireland, has warned the government that rents at its properties will have to increase on the back of rising construction inflation. PHP owns a portfolio of 20 assets in Ireland valued at more than €250m. Leases to the HSE and other government bodies account for 74% of the group’s income in Ireland, and all of its rent reviews here are linked to the CPI. The group is planning to increase the size of its portfolio in Ireland to more than €450m in the next three to five years, according to Harry Hyman, its chief executive. However, rising construction cost inflation will affect the rents being charged – a factor PHP recently brought to the government’s attention, Hyman said. The Business Post, 27th February
Ballsbridge, Dublin 4 The family firm of Zara founder Amancio Ortega remains involved in a process to acquire Fibonacci Square, the 375,000 sq. ft office space that RGRE has developed as part of Meta’s new European headquarters in Ballsbridge. Sources familiar with the matter said that while the Spanish billionaire’s firm, Pontegadea, had effectively “pressed the pause button” on any potential deal, they dismissed suggestions that it had disengaged. Should Ortega’s family office proceed with the purchase of Fibonacci Square, it will begin collecting rental income of €22.6m from Meta in 2024 following the expiry of an agreed rent-free period of c. 18 months. The company signed a 25-year lease with Fibonacci Property ICAV, a joint venture between RGRE and its then funding partners Colony Capital, for Fibonacci Square in 2018. The Irish Times, 22nd February
St Stephens Green, Dublin 2 A private members’ club on Dublin’s St Stephen’s Green has lodged an appeal over plans to demolish the building that housed the former Anglo-Irish Bank HQ. The Kildare Street and University Club (KSUC) has lodged an appeal with An Bord Pleanála opposing the plans for Irish Life Assurance plc subsidiary, Stephen Court Ltd, to demolish 18-21 St Stephen’s Green and replace it with a seven-storey office block. The former Anglo-Irish Bank building is also seven storeys in height but the gross floor area of the new scheme would be 50% greater, going from 151,427 sq. ft to 228,400 sq. ft. Along with the KSUC appeal, a local property owner, Radiant Now Ltd, has also lodged an appeal against the Dublin City Council decision to grant permission. The Irish Times, 24th February
St Stephens Green, Dublin 2 Oakmount is in the process of assembling a major site at St Stephen’s Green in Dublin city centre. Having paid just over €17m last year to acquire UK fashion retailer Topshop’s former flagship premises at 6-7 St Stephen’s Green, Oakmount is understood to be closing in on the purchase of several other properties on either side of the building. In the first instance, Oakmount is pursuing a deal to acquire no. 8 St Stephen’s Green. The building, which was offered to the market by Cushman & Wakefield last September with the benefit of vacant possession at a guide price of €20m, extends to 28,418 sq. ft of lift-serviced office space. Oakmount is said by market sources to be closing in on the purchases of 4 and 5 St Stephen’s Green as well. In the case of no. 5, the developer is understood to have made an unsolicited approach to the building’s owner Aviva Ireland, as the building, while vacant, isn’t on the market. No. 4, a four-storey over-basement building, was offered for sale by JLL in October 2019 at a guide price of €4.25m. The Irish Times, 22nd February
Donnybrook, Dublin 4 UK-headquartered investor M&G has paid €99.5m for a portfolio of 148 high-end apartments in Donnybrook, Dublin 4. The price paid by M&G’s European Living Property Fund represents an average of €672.3k per unit. The apartments at Eglinton Place, which are in the process of being completed by Irish developer Richmond Homes, will target demand at the upper end of Dublin’s private rented sector. The scheme, a mix of one, two and three-bedroom homes, will be ready for occupation by the summer. The Dublin 4 scheme is the European Living Property Fund’s second acquisition since its inception in January of this year. The Irish Times, 22nd February
Construction Costs Builders are facing price hikes of 10% on the cost of concrete, blocks and aggregates from this week as Roadstone, a CRH company and Ireland’s biggest supplier of construction materials, increases the prices of all of its products. The 10% price increase is due to come into effect on Wednesday. The news puts a dampener on last week’s sentiment survey released by the Society of Chartered Surveyors Ireland, which found that construction inflation had calmed. It put the easing of inflation down to an abatement of energy and fuel price hikes. With a 5% levy on concrete products scheduled to come into effect in September, potential buyers may have to wait some time for the rate of increases in new house prices to slow. Latest figures from the CSO show that the price of new homes rose by 10% in 2022, faster than the rate for second-hand dwellings. The Sunday Times, 26th February
Sandyford, Dublin 18 An affordable housing body is building 65 apartments for social housing on the site of the former home of retired Chief Justice Susan Denham. Denham sold Whinsfield House, her two-storey home in Sandyford in Dublin, in 2016 for €3.5m and it was subsequently demolished to make way for the new development. Respond, the affordable housing association, is now building 65 apartments on the site with the aid of a state loan of €6.18m. The Business Post, 26th February
Development Land Prices There was an 11% rise in the value of Irish land sales last year, a new study has found. There were €751m worth of land deals in 2022, up from the previous year’s total of €677m, according to a new report from Savills Ireland. This is despite the company saying that viability is the main concern for investors, with many builders saying projects have become unviable due to rising costs. Although the number of land deals completed in 2022 was lower compared to 2021, the average value was 29% higher, at €8.1m compared to €6.3m. The largest deal last year was the €140m sale of 1 North Wall Quay, which is home to Citi’s current European headquarters. The number of small deals below €1m fell by 28%, yet the number of mid-size transactions at between €1m and €5m rose by 6%. There were also contractions in the number of deals valued between €5m and €10m, as well as €10m and €20m. Aligned with this was the reduction in the average land size sold, with this falling from 16 to 12 acres between 2021 and 2022. The Business Post, 24th February
Sherry Fitzgerald Research The stock of houses available for sale remains at a historically low level, according to analysis by Sherry FitzGerald Research. The real estate agent group found there was just over 15,000 second-hand properties listed for sale nationwide in January 2023 a fall of over 26% since January 2020. There were 53,909 such properties advertised for sale in January 2010, when Sherry FitzGerald first started monitoring this data. The total volume of properties advertised for sale in January 2023 represented 0.8% of the overall total private housing stock. Dublin is the only county nationally to record an increase in available stock, up 7% over the three-year period to 3,945 units. The Business Post, 27th February
Ires Reit, the country’s biggest private landlord, recorded a net loss of €12m last year after writing down the value of several of its properties. However, revenue at the company rose from €80m in 2021 to €85m last year, and the firm announced it will pay out a dividend of 2.91 cents per share for 2022. “Ires continued to experience strong demand, with occupancy across its portfolio increasing to 99.4% (99.1% at 31 December 2021), generating strong recurring cashflows,” the company said. The firm’s portfolio now consists of 3,938 residential rental homes, a rise of just over 100 compared to 2021, as well as some “ancillary” commercial space. However, it recorded an impairment charge of c. €46m due to a write-down in the value of several of its properties. The Business Post, 24th February
Rathmichael, South Co Dublin A development property with potential for 67 residential units in Rathmichael, near the junction of the M50 and M11 in South County Dublin, is being offered for sale. Savills Ireland are quoting a guide price of €4.95m. Known as Ferndale House, the property sits on a 6.16-acre site and is zoned A1 ‘to provide for new residential communities and Sustainable Neighbourhood Infrastructure’. The Irish Independent, 23rd February
CSO Figures Minister for Housing Darragh O’Brien has defended CSO figures on housing completions that indicated just under 30k homes were built in the State last year. Mr. O’Brien told an Oireachtas Housing Committee that questioning the CSO figures was “very dangerous” and was akin to questioning their figures on “births and deaths”. The CSO recently said 29,851 homes were built last year, basing its figure on the number of new dwellings connected to the electricity network. However, private firm Construction Information Services (CIS) last week argued that the National Building Control Office’s certification system was a better guide and that this produced a 23,751 total. The CSO disputed the methodology. The Irish Times, 23rd February
Construction Sector Housing starts, one of strongest indicators of future supply, rose significantly in January, suggesting the impact of construction inflation may be moderating. Commencement notices for the construction of 2,108 new residential homes nationally were received by the Building Control Management System (BCMS) last month. The Department of Housing, which publishes the data, noted that this was the highest number of commencement notices received in the month of January since the data series began in 2014. The monthly total was an increase of 17.4% on the preceding month and 13.3% on the same month last year. The department noted that over the past 12 months (from February 2022 to January 2023) commencement notices for 27,204 new homes were received. “Supply, which is key to improving our housing market, is increasing,” it said. To the end of December, more than 56,000 homes were either commenced or completed, the department said, while noting the number of completions in 2022 (29,851) was greater than the total for any full year since the CSO completions series began. The Irish Times, 23rd February
Blackrock, Cork MWB Two Ltd said the company was confident it would succeed in convincing An Bord Pleanála to grant planning for the 92 apartment complex on part of its 3.7-acre holding on the grounds of the former Bessborough Mother and Baby Home in Blackrock. MWB Two Ltd applied on November 17th, 2022, for planning for the project, which comprised one studio apartment, 42 one bedroom apartments, 30 two bedroom apartments and 18 three bedroom apartments and a creche, contained within two buildings ranging in height from five to eight storeys. Cork City Council had been quite specific when it refused planning permission for the project on December 19th, 2022, but the company was confident that these issues would be addressed by the company in its appeal lodged last week with An Bord Pleanála. The Irish Times, 23rd February
Ormond Quay, Dublin 1 The company that operates Dublin venue The Grand Social is objecting to new plans for an eight-storey mixed-use scheme near the Ha’penny Bridge. The scheme to the rear of The Woollen Mills restaurant has been proposed by SRM Book and Cook Ltd. It would include six three-bed apartments, a two-bedroom penthouse unit and a restaurant at ground floor level. Other objectors to the development include An Taisce and an independent member of Dublin City Council. SRM Book and Cook Ltd operates the Woollen Mills Eating House restaurant at Ormond Quay. A decision is due on the application next month. The Irish Times, 22nd February
Vacant Pubs Dozens of pubs long closed to customers are to be turned into homes under a scheme aimed at boosting much needed housing and reducing the number of vacant properties. Last year, Minister for Housing Darragh O’Brien set his sights on using disused premises around the country to help counter the deepening housing crisis, without disrupting the built fabric of rural towns and villages. The unused properties can be altered into living quarters without planning permission under the scheme. Figures show 53 pubs have applied for the exemption scheme over a 10-month period. They account for one-fifth of all commercial premises that applied for the scheme. The pubs that have applied for the scheme are spread across 24 local authority areas although Co Mayo has by far the largest take-up with 12 individual properties. Figures indicate the county has seen a quarter of its public houses close since 2005. To date, overall figures show an intention for the provision of 2,066 homes under the scheme. The Irish Times, 27th February
Coolock, North Dublin Dublin City Council has approved planning permission for the development of 853 new homes at Oscar Traynor Road in Coolock, north Dublin. Under a scheme developed with the council, Glenveagh Living, a subsidiary of one of the State’s largest building companies Glenveagh, will develop the new homes along with a number of parks and community facilities for the Coolock, Beaumont, Santry and Kilmore areas. The 17-hectare site will include 343 social housing units, 340 cost rental units and the remainder will be 170 affordable purchase units. The scheme will include 240 houses and 613 apartments and duplex units up to six storeys tall. Glenveagh was selected to partner the city council on the development following a tender by the local authority. Glenveagh has indicated it will be in a position to begin work at the site from the end of this year with a view to the first houses being completed by late 2024. The entire project is expected to be developed over four years. The Irish Times, 26th February
Commercial Property Vacancy Vacancy in the commercial property sector reached a ten-year high at the end of last year, with 29,581 units in Ireland classified as empty, a new report has shown. Research published by GeoDirectory, the data intelligence unit of An Post, has said that 14% of commercial property in Ireland was vacant in the final quarter of 2022, up 0.1% on the previous year. The vacancy rate in the fourth quarter of 2022, which translated into 29,581 empty commercial units in Ireland, is the highest level recorded since GeoDirectory began collecting data in 2013. The new Commercial Vacancy Rates report, prepared by EY, showed that vacancy rates have remained stagnant in Dublin at 12.9%, but rose in 18 of the 26 counties nationwide. The GeoDirectory database tracked 181,129 occupied addresses in the state in Q4 2022. The Business Post, 28th February
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Ballsbridge, Dublin 4 Amancio Ortega, the billionaire founder of the Zara fashion chain, has walked away from a €550m deal to acquire Fibonacci Square, the office development in Ballsbridge that forms part of Meta’s European headquarters. Meta, owner of Facebook, signed up for a 25-year lease on the landmark property in November 2018 and agreed to pay an annual rent of €22.5m. But last year, in the aftermath of swingeing job cuts at the technology giant, it reversed course and decided to occupy only the space at the rear of the Ballsbridge site. According to real estate sources, the U-turn helped derail the deal with Ortega. Under the current contract between Meta and its landlords, the first break term is not for 15 years. Meta is now seeking a sub-let on the Fibonacci Square blocks. The Sunday Times, 19th February
Cardiff Lane, Dublin 2 The Singapore-headquartered real-estate investment trust Mapletree Investments is seeking a buyer for the Sorting Office, the 202,000 sq. ft home of TikTok in Dublin’s south docklands. The guide price is understood to be €280m (NIY 4%) – or c. €40m more than Mapletree paid to secure ownership of the office scheme from Marlet Property Group and its finance partners, M&G Investments, in 2019. TikTok signed a long-term lease in December 2021 in which it committed to occupy all 202,000 sq. ft at the Cardiff Lane property on the basis of a 15-year lease, with 10 years’ term-certain and a rent-free period of c. 18 months. The rental level agreed for the office scheme is understood to have been between €55 and €60 per sq. ft. The Irish Times, 15th February
87-88 Harcourt Street, Dublin 2 German-headquartered investor AM Alpha recently walked away from the €43m purchase of the Dublin 2 office building, and the guide price has now been slashed to €37m. The initial 16% hike in the building’s price from €45m to €52m had reflected the agreement last April of both a lease extension and a rent increase between its tenant, leading law firm ByrneWallace, and the landlord, receivers EY-Parthenon. With institutional investors increasingly focused on ensuring that their property portfolios meet ESG targets, ByrneWallace’s commitment to occupy the Harcourt Street building until April 2032 with no break option is being viewed by some as an obstacle to addressing the issue of its relatively poor D1 BER rating. The decision to reduce the property’s guide price from €52m to €37m (NIY 6%) may go some way to alleviating that concern. 87-88 Harcourt Street is a modern office block extending to 53,312 sq. ft. The Irish Times, 15th March
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Kildare Street and Nassau Street, Dublin 2 Larry Goodman’s long-planned project to redevelop a string of buildings on the corner of Kildare Street and Nassau Street has hit a fresh setback. Last year, a firm owned by the beef magnate behind the ABP group revealed new plans to convert the former Kildare Street Hotel, and a building that housed JP Mooney’s pub, at 47 and 48 Kildare Street respectively, into offices. Dublin City Council has told Goodman’s property group that although replacement of the properties with a modern contemporary building “may be acceptable”, it has reservations about the “full height glazing” design of the building. Goodman’s firm was refused permission to demolish the buildings by Dublin City Council and Ternary appealed the decision to An Bord Pleanála in February 2020. In late 2020, the property group withdrew the controversial proposal to demolish these structures on Kildare Street. The Business Post, 15th February
Citywest Business Campus, Co Dublin JLL is guiding a price of €8.25m for a high-profile office building at Citywest Business Campus, Dublin. No. 3007 Lake Drive, which is available for sale or lease, comes to the market with the benefit of vacant possession. The property, which overlooks the lake in Citywest, extends to 35,219 sq. ft and has 133 car-parking spaces. The building has undergone a recent refurbishment by the previous tenant and is presented in walk-in condition. The Irish Times, 15th February
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Haddington Road, Dublin 4 The CPL Group has agreed a deal to relocate its offices to One Haddington Buildings on Haddington Road. The Dublin-headquartered recruitment specialist is the first tenant at the property and will occupy a total of 16,000 sq. ft across the building’s ground and first floors. Joint letting agents HWBC and Savills are now marketing the remaining top two floors comprising 11,800 sq. ft each. The agents are quoting a rent of €52 per sq. ft for the office space and €4k pa per car-parking space. The Irish Times, 15th February
Harmony Row, Dublin 2 A vacant office suite in Dublin city centre is being offered to the occupier and investment markets for sale or rent. Located on the ground floor, 1 Harmony Court extends to 3,170 sq. ft. Agent Mervyn Feely is quoting €1.5m for its sale or €150k pa for its rent guide price. These prices equate to €473 per sq. ft capital cost or €47.32 per sq. ft for rent. It also comes with two parking spaces. The Irish Independent, 16th February
Sandyford, Dublin 18 The Irish arm of US-headquartered telecoms group, Verizon, is offering a third of its office space at the Sandyford Business District in south Dublin to the market. The second floor at Nova Atria North extends to 30,746 sq. ft and is available to let immediately by way of flexible subletting to 2028 or by lease assignment to October 2032. Verizon, for its part, will continue to occupy two floors at the building, comprising a total of 60,000 sq. ft. Cushman & Wakefield is guiding a price of €30 per sq. ft for the second floor while 54 car-parking spaces are available to rent for €1.75k per space pa. The Irish Times, 15th February
Citywest Business Campus, Co Dublin Irish real estate investor and operator Fine Grain Property has acquired Waterside at Citywest Business Campus for an undisclosed sum. Waterside is a 15-acre campus comprising 219,128 sq. ft across five modern office buildings; it brings the total floorspace in Fine Grain’s portfolio to 1,200,000 sq. ft. Current occupiers at Waterside include Fidelity Investments, SAP, Glanbia and Hidden Hearing. Iput and Davy Real Estate, through selling agent Savills, had been seeking offers of €71.5m for the asset. The Business Post, 18th February
Athlone Co Westmeath Sports Direct is to open for business at Athlone Towncentre later this year. The company has agreed a deal to occupy 19k sq. ft on the ground floor of the scheme. The new store will see the amalgamation of five existing units and a corresponding investment of €1m which is being funded and undertaken by the Landlord. Two of the scheme’s existing occupiers – Quiz and Art & Hobby – will relocate within the centre to facilitate the delivery of Sport Direct’s new anchor store. The Irish Times, 15th February
Bray, Co Wicklow Penneys has announced it will open a new store in Bray later this year, the retailer’s first in Wicklow. The outlet will be the company’s 38th in Ireland. “Penneys Bray will span 19,600 sq. ft of retail space and will be located in the Bray Central Shopping Centre in the heart of the town,” Penneys said in a statement. The Business Post, 17th February
Drogheda, Co Louth Ikea, the Swedish furniture retailer, has opened a new “plan-and-order” point in Drogheda, Co Louth as part of its expansion plans in Ireland. The store, located in the Scotch Hall shopping centre, will allow customers to book planning consultations with Ikea’s planning specialists to help design their kitchen and bedroom. The Business Post, 20th February
Hospitality Sector Fáilte Ireland has said there is an “urgent need” for the Government to adopt a “more balanced approach” to the Ukraine refugee crisis, with a quarter of the State’s tourist accommodation currently unavailable. Fáilte Ireland chief executive Paul Kelly said the tourism sector had lost €12bn in revenue due to Covid-19, only c. half of which was recouped through State supports, and that every tourism business is experiencing an unprecedented rise in operating costs. The Irish Times, 20th February
Poulgour Road, Kilkenny Cairn Homes has lodged an application for planning permission for the construction of a €46m residential development of 210 residential units. The project comprises 80 apartments ranging from two to three bedrooms and 130 houses ranging from two to four bedrooms. The development is on a site at William Robertson Way, Poulgour Road, Kilkenny. The Business Post, 18th February
Mullingar, Co Westmeath WHS Property Holdings Limited has been granted planning permission for the construction of a €26m residential development of 81 units. The project comprises 16 apartments ranging from one to two bedrooms and 65 houses ranging from two to three bedrooms. The scheme also comprises the construction of a 90-bed nursing home. The development is on a site at Robinstown (Levinge) and Robinstown (Tyrrell), off Castlepollard Road (R394), Mullingar, Co Westmeath. The Business Post, 18th February
Brownsbarn, Dublin 24 Glenveagh Properties has lodged an application for planning permission for the construction of a €74m residential development of 384 units. The project comprises 122 apartments ranging from one to three bedrooms and 262 houses ranging from two to four bedrooms. The development is on a site at Citywest Avenue and west of Cheeverstown Luas Park and Ride, Brownsbarn, Dublin 24. The Business Post, 18th February
Kishoge, Co Dublin Cairn Homes has begun works on site on the construction of a €74m residential development of 569 units at Kishoge, Co Dublin. The first 181 units are under way, comprising 145 dwelling houses and three duplex blocks, namely Blocks A, B and D. The project comprises 396 apartments ranging from one to three bedrooms and 173 two- and three-bedroom houses. The development is on a site within the townlands of Cappagh, Clonburris Little and Kishoge. The Business Post, 18th February
Poolbeg West, Dublin 4 Pembroke Beach DAC has been granted planning permission for the construction of a €96m residential development of 356 units. The project comprises 356 apartments ranging from one to three bedrooms. The development is on a site at the Former Irish Glass Bottle & Fabrizia Sites, Poolbeg West, Dublin 4. The Business Post, 18th February
Beach Road, Dublin 4 Walls Construction has commenced works on the construction of a €25m residential development of 112 units in Dublin 4. The first part of the works comprises the demolition of a former Maxol filling station and vacant motor sales garage. The project comprises 112 one- and two-bedroom apartments. The Business Post, 18th February
Housing Completion Figures The state’s statistics agency has hit back after a construction company said data it published on the number of new homes completed last year showed significant inaccuracies – claiming the body overstated the figure by nearly 6,000. The CSO refuted claims that its figures on home completions were wrong, following questions from Construction Information Services (CIS) – a company that provides information on the industry to building firms. CIS said figures collected by the National Building Control Office (NBCO) were a better guide. The NBCO, the state’s building control regulator, gets certificates of completion from certified architects before a new building is opened, and it derived its figure of new homes in 2022 from the number of these certificates it had received. In a statement, the CSO said the NBCO’s certification system was “not only missing one-off single houses, of which there were more than 5,500 in 2022, it also lacked a consistent method of data collection”, because individual architects or developers provided the information. It said it had decided that using the number of new electricity connections was a more accurate metric because the information is collected by a single organisation in a consistent format. The Business Post, 15th February
Henry Street, Dublin 1 Fitzwilliam Real Estate has appealed the rejection of plans for a 12-storey, 159-unit “build to rent” scheme over part of the Arnotts store in Dublin. The 159 units comprise 60 studios, 85 one-bedroom apartments and 14 two bedroomed units. The scheme involves the construction of a 12 storey over basement element fronting Williams’ Lane, a five-storey element over Arnotts’ multistorey car park and a two-storey element over Arnotts store. A decision is due on the appeal later this year. The Irish Times, 17th February
Social Housing Construction Cost Dublin City Council has been paying in excess of 40% more for the construction of social housing than private sector developers, an independent audit of more than 1,000 Dublin homes has found. Council officials had been “severely restricted” in their ability to control costs within Government and EU procurement rules and systems, according to the report by public management consultancy Seán Ó Riordáin and Associates Ltd and Trinity College economics professor Ronan Lyons. The analysis of 28 housing schemes across the three sectors, with a total of 1,023 homes built between 2019 and the end of last year, found the council was paying 23% more than AHBs and 44% more than private developers for a similar two-bedroom apartment. The review found one-bedroom apartments provided directly by council cost €335k, 11% above the equivalent figure for AHBs (€303k) and 34% above the figure for Part Vs (€250k). For two-bedroom homes, the council construction costs of €514k were 23% above the AHB average of €418k and 44% above the Part V average €358k. The difference in costs could, in part, be attributed to the differing nature of the projects, the report said. Council schemes were generally smaller, with an average of 43 homes compared with a private sector average of 180, of which 18 were set aside for social housing. The Irish Times, 15th February
Glanmire, Co Cork A Cork resident who sold development land next to his home in 2006 has claimed he is now entitled to additional money because of the number of houses planned for the site. The Commercial Court heard the property is earmarked for a €31m scheme of 80 social homes, while Niall O’Donovan has asserted that the 2006 sale deal included a condition that if more than 12 houses were built on the land, he would be entitled to more money. Mr. O’Donovan has asserted that the condition in relation to 12 houses remains in force over the land, next to his home, which he sold to a developer in 2006. Ownership has passed through a number of other hands since the 2006 sale. Berrings Property Investments Ltd, the current owner of the land, says that when it was sold by Mr. O’Donovan, the obligations imposed by special conditions in that 2006 contract were not registered as burdens in the Land Registry. The Irish Times, 15th February
Planning Permissions Galway Recent decisions by An Bord Pleanála to refuse planning permission for housing developments in Galway have been described as “simply baffling” by the city’s mayor. Clodagh Higgins has called for a meeting between senior Government representatives and city officials following the planning body’s rejection of a number of residential applications over the last few months. The council’s chief executive Brendan McGrath earlier this week said he intended to write to the Department of Housing to outline a projected shortfall in the delivery of new social houses for Galway this year, next year and in 2025. There are c. 4,500 people on the city’s social housing waiting list at present. The Irish Times, 15th February
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East Wall Road, Dublin 1 South Korean-headquartered Kookmin Bank has instructed CBRE to ready Meta’s offices on Dublin’s East Wall Road for sale. The bank is understood to be looking to bring the Beckett Building as it is known to the market at a guide price of €80m (NIY 7%), or c. €21m less than the €101m it paid for the Dublin docklands property in 2018. Meta occupies the building on a 15-year lease at an annual rent of €4.53m pa. The rent works out at €23.50 per sq. ft, which is substantially less than the prevailing rate in the city’s docklands and central business district. The lease is due to expire in 2032 with a break option in 2027. The proposed sale of the Beckett Building comes as Meta prepares to vacate its current 250,000 sq. ft European headquarters at 4-5 Grand Canal Square four years before its agreed 2027 break date with a view to moving its employees to its new international headquarters in Ballsbridge. The Irish Times, 8th February
Lower Mount Street, Dublin 2 Iput is looking to dispose of 73-83 Lower Mount Street. The office property, which extends to 60,207 sq. ft, comes for sale fully let to the OPW at a guide price of €37.5m (NIY 5.75%). The sale of the property offers the prospective purchaser the guarantee of 100% government income for over five years to break and 8.5 years to lease expiry. Currently the property, which has two separate entrances, is split by way of Timberlay and Ballaugh House. The offices are arranged over lower-ground and four upper floors, extending to a total NIA of 60,207 sq. ft, and are fully let to the OPW on FRI leases. Existing tenants include the Revenue Commissioners. Iput secured planning permission from An Bord Pleanála in 2021 for the demolition and redevelopment of the property to incorporate a state-of-the-art five-storey over-basement office building extending to 117,177 sq. ft (GIA). The Irish Times, 8th February
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Swords Business Campus, North Dublin The HSE has expanded its footprint at Swords Business Campus in north Dublin with an agreement to lease a new 3,600 sq. ft office for a Community Healthcare Network. The letting of unit 2 follows the HSE’s opening of a Central Remedial Clinic, extending to 10,000 sq. ft, at the scheme in 2021. The HSE already occupies unit 8, which is 24,000 sq. ft. The scheme is also home to a number of industry-leading companies and public bodies including CityJet, the CSO and Convergys, all of which have been long-term occupiers. Joint agents TWM and JLL have additional space to let in Swords Business Campus with warehouse and office units available from 10,000 sq. ft upwards. Additional office units are available from €18 per sq. ft and €800 per car space annually. The Irish Times, 8th February
Sandyford, Dublin 18 Joint agents CBRE and QRE Real Estate Advisers are quoting a rent of €25 per sq. ft for a fully fitted and refurbished office on Arena Road at the Sandyford Business District in south Dublin. Trigon House comprises 18,512 sq. ft of office space over four floors. The letting agents are offering Trigon House to the market by way of a flexible lease. The Irish Times, 8th February
City Centre, Limerick Cushman & Wakefield has brought fully fitted offices at the Gardens International office campus in Limerick to the market to let with immediate availability. Gardens International already has a strong line of tenants including NAC, Transact and Pegasus. The accommodation currently available in Gardens International is situated on the third, fourth and fifth floors and totals c. 28,783 sq. ft. The Business Post, 10th February
Drogheda, Co Louth The Omniplex cinema group has completed its acquisition of Scotch Hall Shopping Centre in Drogheda, Co Louth, for c. €21m. The subject property was guiding €21m when it was initially brought to market by Colliers. The sale comprises 170,000 sq. ft of retail space, a partially constructed five-screen cinema, and the adjoining multistorey car parks with 629 spaces. The deal also comprises an incomplete block with an expired planning consent, which offers further scope for development. Also included within the centre is a former distillery building that could lend itself to a number of uses, and an adjoining 3.31-acre development opportunity with planning permission for 275 apartments (subject to judicial review). The Irish Times, 8th February
Kilkenny Paddy McKillen Jr and Matt Ryan of the Press Up hospitality group are planning a €40m hotel on a landmark site in Kilkenny city. The company has signed a development agreement with CIE, the public transport body, for a 0.8-acre site beside MacDonagh train station. The 99-bedroom hotel, if granted permission by Kilkenny County Council, would have seven storeys and an outdoor swimming pool. The Sunday Times, 12th February
Ormond Quay Lower, North Dublin Leumi has agreed to provide €42.55m for the refinancing of Morrison Hotel in the centre of Dublin. The specialist hotel lender signed off on the five-year term loan facility along with Zetland Capital’s special purpose vehicle Centauro Investment XI SARL. React News, 13th February
North City Business Park, Dublin 11 Industrial property specialists Harvey have secured electrical and mechanical contractors CJK as tenants for Unit C2 at North City Business Park, Dublin 11. The deal was agreed with the assistance of joint agent JLL and comes more than two years after Harvey handled the sale of the subject property to pan European investor, M7 Real Estate. As part of that transaction a two-year leaseback was agreed with the previous owner just weeks into the first Covid-19 lockdown. Unit C2 briefly comprises a modern, semidetached, high-bay unit extending to a total gross external area of 12,047 sq. ft. CJK have acquired the building on a long-term let as their new headquarters. The Irish Times, 8th February
Glasthule, South Co Dublin No. 1-3 Glasthule Road in Glasthule is being sold by private treaty with a guide price in excess of €2.75m by Quinn Agnew. The subject property is located opposite the church and is situated between Eden Park and Cowshed car park. It comprises eight units extending to c. 5,608 sq. ft, including three retail units, a café/restaurant, two apartments, a large workshop and ancillary storerooms. The majority of the building is vacant, while 2A Glasthule Road is let under a lease expiring in November 2024. The Business Post, 10th February
Blanchardstown, Dublin 15 Some of the country’s best known retail brands have appealed against Fingal County Council granting planning permission to contentious €450m plans for a 971 unit apartment scheme for the Blanchardstown Town Centre site. The council granted planning permission last month to Goldman Sachs, which owns the shopping centre, for the mixed-use scheme comprising seven apartment blocks. One of the blocks is set to be 16 stories tall. The Irish Times, 13th February
City Centre, Limerick The Government has allocated €80m from the country’s strategic investment fund to kickstart construction on the first section of the Opera centre – the €300m project designed to transform Limerick city centre. The site will include a major office development, retail space, apartment living space, a new city centre library and an open public realm space. It will occupy more than three acres of city centre space across Ellen Street, Patrick Street and Michael Street. The project is being led by Limerick Twenty Thirty, a company established to develop strategic sites in Limerick city and county, which will draw enterprise and investment. The timeline for completion of this phase of the project is January 2025. RTÉ, 13th February
Drogheda, Co Louth Sherry FitzGerald Lannon is guiding a price of €6.5m for a 18.33-acre site with planning permission for 237 residential units (€27k per unit) on the Old Slane Road in Drogheda, Co Louth. The lands come to the market with full approval for a scheme comprising 86 houses, 40 duplexes, 111 apartments and a creche, along with associated open space, landscaping, roads and footpaths. Permission is in place for an underground car park as part of one of the apartment buildings. The Irish Times, 8th February
Blackrock, South Co Dublin The much anticipated Rockpoint apartment scheme by Seabren Homes in Blackrock in south Co Dublin has come to market through joint agents Cushman & Wakefield and Sherry FitzGerald New Homes. On completion, the PRS scheme will comprise 91 units across two blocks. The scheme is on the corner of Newtown Avenue and Maretimo Terrace and is being sold by way of a forward purchase agreement for which the agents are guiding in excess of €59m. The project will include 49 one-bedroom apartments and 38 two-bedroom apartments. Completion of the units is anticipated in early Q4 2023. The rents in Rockpoint could be between €2.6k to €4k+ for the larger units. The apartments will be finished with a standard fitout including flooring, tiling and laminate timber finishes. The Business Post, 12th February
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O’Devaney Gardens, Dublin 7 Work is finally set to start on 1,000 homes at the long-delayed O’Devaney Gardens site after Dublin City Council agreed terms with Bartra Capital, the property developer, over what the project will look like. The site will be developed in four phases, with the first phase delivering 379 social, affordable and private homes as well as a park, creche and retail units. The deal struck between Dublin City Council and Bartra involved 20% of homes being sold to the council for social housing, with a further 30% allocated for affordable purchase housing. Bartra was also asked to sell a further 30% of the homes to an approved housing body, but no legal obligation was attached to this request. The remaining 20% of units would be for private dwellings. The Business Post, 10th February
Daft Q4 Rental Report Ireland’s private rental market remains chronically starved of homes, leading to rents in the final quarter of last year an average of 13.7% higher than the same period a year earlier, the latest Daft.ie report has found. While there are regional differences, all parts of the country are experiencing substantial YoY increases in open market rents. Nationwide, there were just 1,096 homes available to rent on February 1st, down over 20% on the same date a year ago and c. one quarter the average level of availability during 2015-2019. The average market rent nationwide between October and December was €1,733 per month, up 2.7% compared to the third quarter of the year and 126% above the low of €765 seen in late 2011. Daft Q4 Rental Report, 13th February
Blarney, Co Cork Lands in Blarney that once housed the largest offices in the O’Reilly Travel group are on the market for €5m. Just under a quarter of the c. 45-acre site, which is close to Blarney village, is zoned for residential development. The substantial land parcel, a greenfield landholding with extensive frontage onto St Ann’s Road, which links the site to Blarney village to the east and Tower to the west, consists of c. 35 acres. Of this, 10.4 acres are zoned for residential development, capable of accommodating c. 100-120 mixed house types. The Irish Examiner, 9th February
Raheny, Dublin 5 Dublin City Council intends to “fully defend” a constitutional challenge taken by property developer Marlet group to the validity of the new Dublin City Development Plan, according to confidential documents issued to councillors. The case centres on the councillors’ decision to change the zoning on Marlet’s lands beside St Anne’s Park in Raheny to “open space” use, prohibiting the construction of housing. The 16.5-acre site to the east of St Paul’s College at Sybil Hill between Raheny and Clontarf has been the subject of multiple housing applications and court actions since it was bought by Marlet group in 2015. The Irish Times, 13th February
Kildare County Two of Ireland’s largest home builders are seeking a judicial review of Kildare County Council’s new development plan that would mean the number of homes built in the county cut to just over 9,000 in the next six years. Glenveagh Properties and Cairn Homes have applied to the High Court, seeking a review of the proposed County Development Plan for 2023-2029. Under the plan, the building of 9,144 homes would be permitted in the county over that period, down from the 22,272 that were allowed under the previous development plan. The companies said the decision to reduce the number of new homes allowed arises from a reliance on out-of-date Census data from 2016 and follows the adoption of the National Planning Framework in 2019. The Irish Times, 9th February
Terenure, Dublin 6W An Bord Pleanála has refused planning permission for a seven-storey, 364-unit build-to-rent apartment scheme on former playing fields at Terenure College in Dublin. The decision means the appeals board is upholding Dublin City Council’s refusal for the scheme last August. Developer Lioncor lodged a first party appeal against the refusal, while the Terenure West Residents Association and the College and Wainsfort Residents Association lodged a joint appeal calling on An Bord Pleanála to strengthen the grounds of refusal. The scheme would comprise four apartment blocks including 15 studios, 166 one-bed apartments, 174 two-bed apartments and nine three-bed units. It would also include 21 houses. The Irish Times, 8th February
Raheny, Dublin 5 Developer Tetrarch is appealing Dublin City Council’s refusal of planning permission for a 78-unit “over-65s” scheme on lands around the 18th-century protected structure Sybil Hill House in Raheny, north Dublin. The Tetrarch senior living plan involves three blocks, with one rising to five storeys, on lands owned by the Vincentian Order located 150 metres from an entrance to St Anne’s Park and adjacent to St Paul’s College. Tetrarch Capital is proposing in a revised scheme for the appeals board that three units from one block be omitted, resulting in the proposed development now comprising 75 units – 52 one-bed and 23 two-bed units. The Irish Times, 8th February
Private Landlord Exodus Sherry FitzGerald estimates that c. 21,000 property transactions last year involved investors exiting the market. The departure of smaller landlords on the back of high taxes and complex tenancy laws has been cited as one of the main drivers of undersupply in the rental market. In its latest review of the State’s residential market, Sherry FitzGerald estimated that there were 58,400 residential property sales last year. Applying the trends that have been seen over the past number of years, this suggests that c. 21,000 of these sales will have been investors exiting the market, the company said. A recent report by the Society of Chartered Surveyors Ireland linked the exit of landlords to “overly complex” rent legislation, low rental returns and compliance with “onerous” housing standards. The Irish Times, 8th February
Construction Figures The number of homes completed last year has been overestimated by c. 6,000, figures drawn from the National Building Control Office suggest. The CSO recently reported that 29,851 new homes were built in the Republic last year, news welcomed at the time by Minister for Housing Darragh O’Brien. However, independent firm Construction Information Services (CIS), argues that other official figures show the actual total was more than 6,000 lower at 23,751, below the Government’s 25,000 target. The CSO uses the number of homes connected by State company ESB Networks for electricity distribution for its calculations. CIS draws its conclusion from figures provided by the National Building Control Office, a statutory body under the umbrella of Mr. O’Brien’s department. The Irish Times, 14th February
Planning applications for more than 70,000 homes are awaiting decisions after being appealed to An Bord Pleanála or to the courts, the Oireachtas housing committee is to hear. The Construction Industry Federation (CIF) will tell TDs and Senators that decisions on c. two years of housing supply are with the planning appeals authority or the subject of judicial review in the High Court. In a submission to the committee, CIF director of housing and planning Conor O’Connell says that a judicial review case adds between €10k and €20k to the cost of a home. Another body, Property Industry Ireland, will tell the committee that, in the near term, the State could be required to grant planning permission for between 50,000 and 60,000 homes annually to meet demand, a figure much higher than official estimates. Mr. O’Connell adds that commencements have declined by 13% in the last year and that planning permissions have undergone a “dramatic decline” in the past year. The Irish Times, 14th February
The Irish construction sector registered a sustained contraction in activity in the first month of 2023, a new report has found. However, builders are hopeful that the government’s move to raise the price caps on its shared equity scheme will support house prices. The BNP Paribas Real Estate Ireland Construction Total Activity Index posted at 47.7 in January, up from 43.2 in December, but indicative of a fourth successive monthly reduction in Irish construction output. Any reading below 50 indicates activity in a sector is declining. Despite this, BNP Paribas said there were positive indicators for the sector, including supply pressures displayed signs of easing. The Business Post, 13th February
Nama, the state ‘bad bank’ recorded a profit of €63m in 2022, new accounts for the organisation show. This was down significantly compared to the €195m profit it made in 2021, as the organisation continues to slowly wind down with a view to ceasing operations entirely by the end of 2025. Nama mostly generates cash from selling properties or loans. During 2022, it made €319m from these activities, compared to €619m in 2021. The organisation said it is in the process of building out land banks which it took control of. To date, Nama has funded the delivery of over 28,000 new homes. Of these, c. 14,000 were directly funded by Nama. Nama has approved funding for a further 1,214 housing units. However, it said building these units is “subject to confirmation of their commercial viability at time of commencement”. The Business Post, 8th February
Abbey Street Lower, Dublin 1 The redevelopment of the Abbey Theatre has moved a step closer after three landowners on Abbey Street and Eden Quay who opposed their buildings being subjected to compulsory purchase orders (CPO) withdrew their objections. An Bord Pleanála confirmed that there are no longer any objections to plans by Dublin City Council to CPO 18-21 Eden Quay, 24-26 Abbey Street Lower, and 7, 8 and 20 Old Abbey Street to facilitate the national theatre’s €80m redevelopment. The theatre has already purchased a number of adjoining buildings on the open market to increase its footprint, including 15-17 and 22-23 Eden Quay. The Irish Times, 10th February
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Douglas Village Shopping Centre has been sold for more than €23m to the property investment firm Urban Green Private. The company won out over seven interested parties all of whom either bid at or above the original asking price of €21m. While the firm’s portfolio includes three other shopping centres, Douglas Village, on a six-acre prime site in one of Cork City’s more affluent suburbs, is its biggest asset. The centre has an annual rental income of €2.4m. M&S and TK Maxx are the existing tenants at the 230,000 sq. ft Douglas Village centre, of which 80,000 sq. ft is owned by anchor tenant Tesco. The centre also has a 1,000-space multilevel carpark. The Irish Examiner, 3rd February
South Anne Street, Dublin 2 Women’s activewear brand Sweaty Betty is to open its first standalone store in Dublin city centre. The company has agreed a deal to occupy no. 32-33 South Anne Street and is expected to open for business this spring. Sweaty Betty’s new premises on South Anne Street extend to 1,216 sq. ft and were occupied for many years by the TM Lewin shirt company. Sweaty Betty is understood to have agreed to pay a rent of c. €225k pa for its new premises. The Irish Times, 1st February
St Patrick’s Street, Cork Spanish fashion retail giant Mango has inked a deal to open a new store in Cork City in what is being hailed as a major boost for the main street. The new store will operate out of Nos. 106-108, the former Quills outlet, which has been vacant since 2014. Quills was bought by Clarendon Properties, owners of the adjoining Savoy shopping mall, for €2m in 2015. Savills who brokered the deal on behalf of Clarendon Properties said Mango has signed a 10-year lease, with fit-out due to start immediately. The terms include a five-year break clause, with Mango to pay a penalty if they exit. Mango will occupy 5,500 sq. ft of retail space at Nos. 106-108, including a 4,400 sq. ft ground floor and a c. 1,100 sq. ft mezzanine storage area. The Irish Examiner, 1st February
St Patrick’s Street, Cork Fast fashion retailer Penneys is still awaiting a decision from An Bord Pleanála in relation to its expansion plans. Penneys owns an entire block on Cork’s main street and is planning to increase its retail space by 17,000 sq. ft to 54,000 sq. ft. The planning application was appealed to An Bord Pleanála with a decision due last October but this has been delayed. The Irish Examiner, 1st February
Damastown, Dublin 15 Cushman & Wakefield is offering IBM’s main manufacturing facility in Damastown, Dublin 15, to the market at a guide price of €80m. Developed by IBM in the 1990s, Damastown Business Campus extends across a total area of 87 acres and currently comprises over 625,000 sq. ft of office accommodation, warehousing, and production space across five buildings, with further development potential across three greenfield sites which extend to 25.1 acres. IBM is considering a lease back of a suitable building on the Damastown campus as part of the sale process. The ERV associated with this potential lease is c. €2.8m. The Irish Times, 31st January
Lower Baggot Street, Dublin 2 Colliers is guiding €3m for No. 73 Lower Baggot Street, Dublin. The subject property, which is being sold on behalf of the Health Research Board, briefly comprises a four-storey over-basement, end-of-terrace Georgian building extending to a NIA of 3,978 sq. ft. The property, which is currently in office use, sits on an extensive site with original coach house to the rear. The Irish Times, 1st February
North Docklands, Dublin An Post has agreed to lease an additional floor at the Exo – Dublin’s tallest office building. The agreement of the deal brings the State postal service provider’s footprint at the building to a total of 83,572 sq. ft across six floors. An Post is expected to take up occupancy of its new space in March. The building’s joint letting agents, Savills and CBRE, say that there is “active interest” from prospective occupiers in the Exo’s remaining 87,000 sq. ft of office accommodation. The available space comprises three floors extending to c. 18,000 sq. ft each, and six tower floors of c. 5,600 sq. ft each. Developed by EPISO4, a fund managed by Tristan Capital Partners and its local operating partners, SW3 Captal, the Exo comprises a total of 170,572 sq. ft of grade A office space distributed over 17 storeys. The Irish Times, 1st February
St Stephen’s Green, Dublin 2 Dublin City Council has granted planning permission for the demolition of the building that housed the former Anglo Irish Bank HQ on Dublin’s St Stephen’s Green. Irish Life Assurance plc subsidiary, Stephen Court Ltd, has been given the green light to build a seven-storey office block in its place at 18-21 St Stephen’s Green. The former Anglo Irish Bank building also reaches to seven storeys but the gross floor area of the new scheme will be 50% more than what is currently in place rising from 151,426 sq. ft. to 228,400 sq. ft. The Irish Times, 2nd February
North Docklands, Dublin US tech firm Datadog has leased 40,000 sq. ft of office space in Dublin’s Docklands. Datadog has taken space in Commerz Real’s Dockland Central office complex. The deal was a sublet from another tech business, Hubspot. New York-headquartered Datadog currently has space in 70 Sir John Rogerson’s Quay. React News, 3rd February
Edward Square, Galway Potential purchasers are being offered finance to assist with the purchase of a student accommodation investment in the heart of Galway city. Radical Student Living launched the 106-student-bed spaces at Edward Square on the market last October and its agent CBRE is quoting €13.75m for the property. With a gross passing rent including estimated summer revenue of €1.39m pa, the price represents a NIY of 6.5%. This week the firm announced that it is also offering up to 55% leverage to assist a purchaser to fund the purchase. The property is fully occupied for the 2022/23 academic year. In addition, the property offers opportunities to generate summer revenue from the thousands of tourists who flock to Galway each year. The Irish Independent, 2nd February
Social Housing, Greater Dublin Area Cairn Homes has secured c. €131m from the sale of 316 new homes it has developed in Co Wicklow, to approved housing body Tuath Housing and to the Land Development Agency (LDA). In the first instance the publicly-listed housebuilder completed the sale shortly before Christmas of 174 apartments at its Hawkins Wood scheme in Greystones to Tuath for an overall consideration of €71m (c. €408k per unit). Nos. 1-84 Aldborough Hall and nos. 1-90 Aldborough Manor were sold in two tranches in November and December, according to the Property Price Register for sums of €34.025m and €36.98m respectively.
The LDA, meanwhile, is understood to have paid c. €60m (c. €422.5k per unit) to secure ownership of 142 new homes it recently acquired from Cairn Homes at Archers Wood. The Irish Times, 1st February
Rathfarnham, Dublin 16 Savills is guiding €8m for a 6.16-acre (c. €1.3m per acre) residential development site in Rathfarnham, Dublin 16. Located in the Stocking Lane, the subject site comes to the market with planning permission for a SHD of 131 residential units comprising a mix of 21 houses, 46 duplexes/duplex apartments, 64 apartments, childcare facilities, a retail unit and associated works. The subject site also includes an existing four-bedroom house, “St Winnows”, measuring 1,614 sq. ft on 0.22 acres. The Irish Times, 1st February
Local Authority Houses, Dublin Dublin City Council has spent c. €220m to buy back former local authority houses over six years, new figures show. The local authority confirmed that it had spent a total of €358.6m on purchasing properties between 2016 and 2021, with c. 61% of that figure spent on homes that were originally built by the council. Documents obtained by the Workers’ Party under the Freedom of Information Act reveal that DCC spent €110.6m on acquisitions in 2019 alone, with c. €71.3m of that sum going towards former council houses. Meanwhile, an analysis of reports by the National Oversight and Audit Commission into social housing between 2017 and 2021 show the council had 268 fewer houses by the end of the five-year period. Under the tenant purchase scheme, people living in local authority homes can buy the property they live in from the council at a discounted rate once they meet certain criteria. The Sunday Times, 5th February
Benburb Street, Dublin 7 One of Dublin’s oldest flat complexes, left derelict since it was damaged by fire 18 years ago, has been refurbished for social housing at a cost of €9m. Tuath Housing Association has completed work on 22 apartments and houses at Ellis Court, a former Dublin City Council complex on Benburb Street, close to the National Museum at Collins Barracks and Croppies Acre park. The four-storey complex of two redbrick blocks, constructed in the 1880s, was one of the first purpose-built Dublin Corporation flat complexes. The Irish Times, 2nd February
€450m State Subsidy Scheme The European Commission has given approval for the government to move ahead with its new Croí Cónaithe fund, which will subsidise developers building apartments for private sale. Launched last year, the Croí Cónaithe Cities scheme will subsidise the cost of building apartments by providing developers with between €25k and €144k per unit. It is hoped these funds will bridge the gap between how much it costs to build an apartment and the price people can afford to pay.
The government has forecast that the Fund will help to deliver 5,000 units for sale to individuals by 2026. Currently the Housing Agency, which is managing the scheme, is concluding appraisals of projects with a potential for up to 2,100 apartments. A second call under the scheme is expected to be announced in the coming months. The Business Post, 6th February
Home Commencements Data published by the Building Control Management System (BCMS) shows the number of new housing commencements, a key measure of house-building activity, fell by more than 12% last year to less than 27,000 units. The slowdown was most pronounced in the second half of the year, with just over 12,800 units commenced between July and December, a 16% fall on the same period in 2021. The BCMS figures show there was a particularly sharp contraction in housing commencements between June and October, as the industry grappled with soaring construction costs and rising interest rates.
There was a pronounced effect on the commencement of new apartment blocks in particular, which fell c. 30% YoY. The figures come as new research from Davy found that homebuilding will remain subdued in 2023. The stockbroking firm has forecast that completions will drop from last year’s figure of c. 30,000 units to c. 27,500 in 2023, which is below the Government’s Housing for All target.
While housing commencements have stalled and large numbers of developments remain tied up in the planning system, the number of vacant homes in Ireland has fallen to its lowest level in more than five years. Figures published by GeoDirectory, the property data firm owned by An Post and Ordnance Survey Ireland, reveals the number of vacant homes in Ireland fell by 7% last year to less than 84,000 houses at the end of December 2022. This means c. 6,500 homes that were previously classified as vacant have been occupied in the last year, while it has also seen the average vacancy rate across Ireland drop to 4%. The Business Post, 6th February
New Planning Legislation Planning authorities, including the new An Coimisiún Pleanála, will face penalties if they do not meet statutory deadlines for processing planning applications, the acting assistant secretary for planning at the Department of Housing will tell an Oireachtas committee. The Draft Planning and Development Bill 2022 will provide users of the planning system with “greater certainty through the introduction of a range of mandatory timelines”, Paul Hogan will tell the housing committee. The new legislation is intended to reduce the number of judicial reviews, which have been blamed for slowing down development of housing and other infrastructure. The Irish Times, 7th February
Dublin City Council has begun work on the Liffey Street Public Realm Improvement Scheme. The total project cost is €6.5m and will result in an enhanced and attractive pedestrian-friendly space. Dublin City Council’s head of Roads Section, Dermot Collins, said: “The Liffey Street Public Realm Improvement Scheme design places a strong emphasis on pedestrians and when completed will create a quality pedestrian plaza, located between Strand Street and the Quays. The construction works will include a full upgrade of the asphalt carriageway, widening and repaving of footpaths and an extension of the existing pedestrian area on Liffey Street Upper to the intersection with Abbey Street.”
Utility works will include the replacement of an existing gas main, the provision and installation of new watermains and the installation of new surface water sewers. The Liffey Street Public Realm Improvement Scheme works comprises all of Upper and Lower Liffey Street, from Henry Street to Bachelors Walk. It is anticipated that the project will take 24 months to complete, with work progressing onto Lower Liffey Street in the summer of 2023. The Business Post, 4th February
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