St Stephen’s Green, Dublin 2 The owners of The Shelbourne have agreed a deal worth approx. €230m to sell the hotel. Kennedy Wilson, the US investment fund, confirmed it had entered into an agreement to sell the 265-bedroom hotel, with the deal expected to close by the end of March. It’s understood Archer Hotel Capital is the firm under contract to acquire The Shelbourne. The company did not respond to requests for comment on the value of the deal. Industry sources familiar with the deal indicated the price agreed between the two sides was in the region of €230m. Another source said the deal was worth approx. €900k per room, which tallies with the suggested overall cost. Kennedy Wilson’s decision to sell The Shelbourne has come a decade after it acquired the venue for a reported $110m. Since the acquisition in 2014, it has spent approx. €36m on refurbishment works. The Business Post, 25th February
Washington Street, Cork Reardens of Washington Street, one of Cork’s biggest pubs, has been refused planning to retain its outdoor seating. KMont Properties Holdings Limited, acting on behalf of Reardens, had sought permission from Cork City Council to retain its existing external seating area and surrounding structure on Little Cross Street. It had also lodged plans to install metal frames and glass panels over the existing development to create a sheltered seating enclosure. The Irish Examiner, 22nd February
MacCurtain St, Cork Leisureplex, the entertainment complex on MacCurtain St, is set to become Cork City’s second Premier Inn hotel. The Whitbread group, which owns the Premier Inn brand, has confirmed that it has purchased the site of the former Coliseum cinema and that it intends to redevelop it into a 168-bedroom hotel, subject to planning permission. The entertainment complex will continue to operate while the planning application works its way through the system. The Irish Examiner, 26th February
Mespil Road, Dublin 4 Bank of Ireland is close to sub-letting almost all of its former HQ at 40 Mespil Road. It recently signed up two new tenants. Azets, an accounting and business advisory firm services, has taken 16,000 sq. ft of offices on the third floor, while Omnicom, a marketing communications firm, has secured a similar footprint on the second floor. Other occupants are Huawei, a Chinese ICT firm, and Crowe, an Irish accountancy and business advisory firm, who previously committed to the fourth floor and penthouse office suite respectively. Agents Savills are now quoting €49 per sq. ft for the remaining space on the ground and first floors which have the advantage of existing fit-outs. The Irish Independent, 22nd February
Ballsbridge, Dublin 4 Located opposite the RDS on Merrion Road in Ballsbridge, Dublin 4, Glencar House comprises 75,000 sq. ft of grade A office accommodation completed to the latest and highest standards of sustainability. Available to let through joint agents BNP Paribas Real Estate and Cushman & Wakefield, the floor plates at Glencar House range in size from 8,900 sq. ft to 11,890 sq. ft. The building has parking for 41 vehicles, which are enabled for electric charging and 128 secure bike parking spaces. The Irish Times, 21st February
Blanchardstown, Dublin 15 Eamon Waters’ investment and property development company, Sretaw PE, is understood to be among the parties to have tabled bids for the Blanchardstown Centre. Mr. Waters is one of six investors to have submitted first-round offers for the west Dublin scheme, the largest shopping centre in the State. While Goldman Sachs paid €750m to acquire the Blanchardstown Centre, The Irish Times understands the bids on this occasion have come in at approx. €550m. The parties now vying for ownership of the Blanchardstown Centre are Sretaw, Marlet Property Group, UBS, and three US-headquartered real estate investors, namely Hines, Northwood Investors, and a subsidiary of Starwood Capital. The sale of the scheme is being handled by Eastdil Secured and CBRE. The Blanchardstown Centre comprises approx. 1.2m sq. ft of retail space distributed across 180 shops. The Irish Times, 23rd February
Tipp Town Centre, Tipperary Tipp Town Centre, the main shopping centre serving Tipperary town, will go for auction on March 21 and BidX1 is guiding €1.6m for it. As well as offering a 13.04% net yield, it comes with two vacant units and two development sites which would enhance its income generating potential. In 2015 the centre was included in a receivership sale known as The Cornerstone Portfolio of six regional shopping centres which international investment fund Davidson Kempner bought for €117.35m – €2.35m over its guide price. Prior to that sale it had been reported that the shopping centre could be worth approx. €2m. In 2015 it was generating €170k but this has been increased and it is now generating €229.5k in annual rents from a number of tenants which include DV8, Pure Pharmacy, The Carvery Restaurant, En Paris Fashion and a separate car wash. The rent looks set to increase further as a letting deal has been agreed on Unit 3 with Card Factory Ireland Ltd. When combined, the total floor area of the units extends to 18,377 sq. ft including two vacant retail units extending to 2,711 sq. ft. Its two development sites extend to 1.19 acres and the centre also benefits from 308 car spaces and footfall of 1.3m. The Irish Independent, 22nd February
Citywest Business Campus, Dublin No. 4045 Citywest Business Campus is being offered to the market by BNP Paribas Real Estate by way of a sale and leaseback transaction at a guide price of €45m (yield approx. 5.26%). The proposed sale will proceed once Uniphar exercises its option to acquire the property from its current owner, Iput. Purpose built in 2007, Uniphar’s headquarter facility extends to a gross external area of approx. 230,000 sq. ft on a site of 8.8 acres with 260 surface car-parking spaces. The subject property includes three-storey grade A offices to the front of the site overlooking Kingswood Road, which have been fully refurbished. The warehouse and office split is approx. 78% and 22% respectively. The subject property will be sold by way of a sale-and-leaseback transaction with a new 20-year full repairing “green” lease to Uniphar plc. Uniphar will pay an initial rent of €2.34m pa (€10.20 per sq. ft) with a fixed 23% rental uplift to €2.87m pa (€12.50 per sq. ft) in years six to 10. Open-market rent reviews will be set at the end of years 10 and 15 and will feature an investor-friendly collar or maximum decrease in rent of 5%. A tenant break option will be included at end of year 15. The Irish Times, 21st February
Nexus Logistics Park, Dublin Iput has received planning permission to triple the size of its Nexus Logistics Park at the Cherryhound interchange of the M2 motorway, next to the M50 and close to Dublin Airport. The commercial property investment company, which is the largest owner of offices and logistics assets in Dublin, said it would deliver an additional 12 units at the park, on top of five it received permission for in 2023. The units will have a building energy rating of A2 and a gold rating from the leadership in energy and environmental design, a widely used rating system for green buildings. The Business Post, 20th February
Cootehill, Co Monaghan The owner of a historic Palladian house and 1,000-acre estate in Co Monaghan has failed to bring a challenge to planning permission for an extension of a factory producing milk products for infants next to the estate. John Morehart, owner of Bellamont House, near Cootehill, sought to judicially review the decision of Monaghan County Council to grant permission for an extension to Abbott Ireland, whose facility is approx. 1km from the Morehart property. Along with the expansion of its production facility, Abbott plans to relocate existing water tanks and install four powder silos and a new wastewater treatment plant. The Irish Times, 26th February
Gort, Co Galway Plans have been lodged for a €47m large residential development on the Loughrea Road in Gort, Co Galway. The development will consist of the construction of 234 residential units, over 43,055 sq. ft of commercial floor space, a cafe unit, five retail units, co-working office spaces, senior living communal amenity spaces, a crèche and an activity centre. The development is expected to have a planning decision made in late March 2024. The Business Post, 24th February
Swords, Co Dublin Cushman & Wakefield is guiding a price of €1.2m (NIY 8.53%) for Archway House, a fully let investment on Malahide Road in Swords. Located in Swords town centre and adjacent to the Pavilions Shopping Centre and Swords Central, the subject property briefly comprises a three-storey mixed-use building of 6,024 sq. ft consisting of a retail unit on the ground floor with offices on the first and second floor. Smiles Dental occupy the 2,245 sq. ft ground-floor retail unit on a 15-year lease expiring in November 2029 at a passing rent of €48k pa. Jigsaw Youth & Mental Health occupy the 2,235 sq. ft first-floor office on a 15-year lease which started in September 2022 at a passing rent of €42.5k pa. The 1,544 sq. ft second-floor office is occupied by Motivational Weight Management on a 20-year lease expiring in August 2035, at a passing rent of €22k pa. The current total rent is €112.5k pa, providing a WAULT of 9.8 years to expiry and 4.4 years to break. The Irish Times, 21st February
Dartry, Dublin 6 Lonsdale, a Victorian residence on Temple Road in Dartry, has been acquired by the Italian Embassy in an off-market sale for its asking price of €7.5m. The imposing redbrick dates from 1884 and offers more than 8,568 sq. ft of living space including a mews and a coach house. It was listed for sale by the luxury home specialist Inhous just over a year ago, having previously been for sale off-market with another agent for a number of years. The Business Post, 23rd February
Kilmacthomas, Co Waterford Waterford County Council has granted planning permission to SE Construction (Kent) Limited for a €22m residential development application in Kilmacthomas. The project will see the construction of 98 residential units ranging from two, three and four bed units. The Business Post, 24th February
Tullamore, Co Offaly Planning permission has been sought by Cayenne Holdings Limited for a €42m large residential development on the Church Road in Tullamore, Co Offaly. The project designed by BDP Limited will see the construction of 204 apartments in a mix of one-, two- and three-bedroom units, café/ restaurant and retail uses, and a childcare facility all contained in several buildings. The Business Post, 24th February
Douglas, Co Cork Plans have been lodged for a €21m residential development at a Site at South Douglas Road, between Rathmore Lawn and Tramore Lawn, Douglas, Co Cork. The project will see the construction of 93 residential units, comprising 76 houses in a mix of two bed, three bed and four bed units and 17 apartments in a mix of one and two bed units and a crèche. The Business Post, 24th February
Ballylinan, Co Laois Laois County Council has granted planning permission to JC Brenco Limited for a €24m residential development application in Rahin, Ballylinan, Co Laois. The project will see the construction of 99 houses and a crèche. The Business Post, 24th February
Poulgour, Co Kilkenny Works are expected to commence in the coming weeks on the construction of the first 21 dwellings and associated site development works as part of a €34m housing development at Castle Oaks in Poulgour. The proposed development by Ormonde Construction Limited comprises the construction of 178 residential units including 72 two-storey three bed houses, eight two-storey four bed houses, 12 three-story three bed houses, 31 one-bed apartments, 49 two-bed apartments and three-bed apartments. The Business Post, 24th February
Kilmore, Dublin 17 Plans have been approved by Dublin City Council for the Land Development Agency’s Oscar Traynor Road mixed-use development. The project will see the construction of 146 apartments and 2 community/culture units. The Business Post, 24th February
Newcastle West, Co Limerick Eureka Developments has commenced works on the construction of the first 14 houses of a mixed-use development. The €21m development comprises 93 residential units, 57 houses and 36 apartments at Churchtown, Newcastle West. The Business Post, 24th February
Daft Rental Market Report Market rents rose by an average of 6.8% during 2023, according to research. The average increase is down from 13.7% in 2022 and 10.3% in 2021, according to the latest rent report from property website Daft.ie. The average open-market rent nationwide in the final quarter was €1,850 per month, compared with €1,365 per month seen at the outbreak of Covid-19 in early 2020. The decline in rental inflation is driven by Dublin, where rents in the open market rose by just 2.6% during 2023, compared with an average increase outside the capital of 10.6%. Daft.ie said the different trends in rent are matched by differences in changes in the availability of rental accommodation. Nationally, the number of homes available to rent increased by 937 between October 2022 and December 2023. Of that increase, 80% was seen in the Dublin area, while almost all the rest was seen in surrounding areas. On February 1, there were just over 2,200 homes available to rent nationwide, up 6% on the same date a year earlier, and the 11th month in a row of YoY gains in availability. The Business Post, 23rd February
Appian Way and Upper Leeson Street, Dublin 4 Johnny Ronan has lost an appeal against a six-figure vacant property levy issued over Dublin 4 lands linked to the developer. In 2021, Dublin City Council sought a levy worth €315k from Ronan Group over undeveloped lands it owns on the corner of Appian Way and Upper Leeson Street. Last year, RGRE J and R Appian Limited, a firm linked to Ronan Group, appealed the decision to An Bord Pleanála. In its appeal, Ronan Group said it agreed that the site is vacant, but disputed the manner in which the levy was calculated and raised issues with how it was informed about the requirement for a payment. It added that a valuation of the site carried out in 2021 showed it was worth in the range of €3m to €3.25m and this rate should be used to calculate the levy owed. In a new ruling by An Bord Pleanála, it upheld a decision issued by Dublin City Council and ordered the full €315k levy be paid. Ronan Group acquired the site in October 2018 for more than €2.45m. In May 2019, the site was put up for sale for a guide price of €4.5m, which was the value used to determine the vacant site levy owed to the council. The Business Post, 22nd February
Kinsale Road, Cork A development site has just been bought by a successful, home-grown company for an unconfirmed €1m. Marked “sold” — for the second time in recent years — is a site right by the Kinsale Rd Roundabout and flyover. It has been acquired by 1997-founded Cork company EPH Controls, owned by members of the Casey family who also are linked to South Coast Sales. EPH Controls, currently based in Doughcloyne, is understood to have acquired the three-acre site at the end of the Kinsale Road and is drawing up development plans for a new premises. The Irish Examiner, 22nd February
Douglas, Cork Going publicly to market is 24 acres of zoned development land at Castletreasure, Douglas, located near the Bayly site for 472 homes on 52 acres being currently developed by Cairn Homes, and it’s also adjacent to a site where planning has recently been sought for 580 houses and apartments by Murnane & O’Shea, in a development with a value of up to €200m if planning is granted at the sought density. With a likely value of €300k to €350k per acre and easily capable of taking a density of up to or over 15 units an acre, it’s expected to get strong interest. The Irish Examiner, 21st February
Lotabeg, Cork The proposed development of 101 homes in Lotabeg, Cork City, has been blocked by An Bord Pleanála. Rebel Abú Limited had been denied permission by Cork City Council for the development, which would be located on a 9.39-acre site in Tivoli, east of Cork City. The site in question is inaccessible from public roads and is currently in agricultural use. It is also on a steep slope, with a drop of 15m, running from its peak at Tivoli Ridge to Lotabeg House, a protected structure on its south. Elsewhere, a separate planned development of 54 new homes on land in Bantry has also been blocked. Aiden McCarthy was granted permission by Cork County Council for the development at Dromleigh South and Sheskin in the West Cork town. But this was appealed by several third parties. An Bord Pleanála has overturned the council’s decision and blocked the scheme. The Irish Examiner, 22nd February
Killinarden, South Co Dublin A prominent housing body is seeking to sell its interest in a major Dublin project to the State housing agency in order to bridge a funding shortfall. The Ó Cualann Cohousing Alliance, which has developed a widely-cited model for affordable housing, was due to deliver approx. 400 affordable homes out of 635 units planned at the Foothills in Killinarden in a joint venture with builder Sisk – the largest development Ó Cualann has been part of. But the Approved Housing Body said it was facing a funding shortfall and was now looking to sell its interest in the project to the Land Development Agency. It is understood that the entity is facing early-stage funding requirements across its pipeline of approx. €3.7m, and that approx. €2m of this relates to the Killinarden project. The Irish Times, 23rd February
Ardee, Co Louth Richmond Homes, the housebuilding arm of real estate investment firm Avestus Capital Partners, has instructed Knight Frank to find a buyer for a site with planning in place for a further 347 homes within the Bridgedale scheme. The approved units comprise a mix of 281 houses and 66 duplex apartments along with a creche and community building, and the subject site is guiding at a price of €7m. Also included in the sale is 8.6 acres of unplanned land which is zoned Objective L1 Strategic Reserve. The Irish Times, 21st February
Ires Reit saw its net loss widen last year as it took a €141.8m charge against the value of its property portfolio amid heightened interest rates. The Dublin-listed company’s loss for the year amounted to €116m, up from a shortfall of €11.8m in 2022, when it weathered an initial €45.6m hit against the value of its apartments and houses as central bank and market interest rates started to soar following an era of ultra-cheap credit. Adding in €96.5m of property disposals last year – including a development site in Sandyford in south Dublin and approx. 200 residential units in west Dublin to a housing association – in an effort to lower its debt burden, the total value of Ires’s assets fell to €1.27bn in December from €1.5bn a year earlier. The company’s net asset value per share fell to just below €1.32 from €1.60 but remains well above the level of approx. €1 at which the shares were trading on Friday. The Irish Times, 23rd February
Housing commencements, one of the strongest indicators of future housing supply, continued on an upward trajectory in January, according to the Department of Housing. Commencement notices for the construction of 3,357 new homes were received by the Building Control Management System (BCMS) last month. This was an increase of 59% on the number of new homes commenced in the same month last year (2,108 units) and the highest number of units commenced in January since records began in 2015 and since the Celtic Tiger era, the department said. The figures will raise hopes the Government’s Housing for All target of building 33,000 new homes this year can be achieved. Of the 3,357 units commenced in January, 41% were scheme dwellings, 52% were apartments and 8% were for one-off units. Homebuilding across the State rose to a 15-year high of approx. 33,000 in 2023. Recent CSO figures show new dwelling completions totalled 32,695 last year, an increase of 10% on the previous year. The Irish Times, 22nd February
Lucan, Co Dublin TPG Angelo Gordon, along with Carysfort Capital, has completed the off-market disposal of an Irish residential portfolio to the KGAL Core 5 Life fund for an undisclosed sum. The portfolio comprises 104 units in Lucan, Dublin located at the Shackleton Park development. An Article 9 residential real estate fund with a European focus, the fund’s acquisition marks its debut into the Irish residential market. Located in the Adamstown SDZ, Shackleton is a nine-minute drive from several employment hubs tenanted by a number of multinational firms including Intel, HP, Google, AMD, Microsoft, Pfizer, Takeda, GSK and Unilever. The homes were part of a portfolio of 150 homes acquired by Carysfort and TPG Angelo Gordon from builder Cairn Homes in 2021 for approx. €48.6m. React News, 22nd February
Lime Street, Dublin 2 Developer Pat Crean has won a legal row against Johnny Ronan over the freehold interest in a plot of land in Dublin’s docklands. Lime Street GP3 Ltd, a Marlet subsidiary, secured an order in favour of the interest in a plot of land from Ashwalk Investments Ltd, a Ronan group entity. The Dublin county registrar said the case made by Ashwalk was “argumentative” and did not contain evidence which would persuade her. The order came after the court heard a heated row over alleged discrepancies in maps provided to the court. The case concerns the freehold interest in an area known as “Lot 7” which is underneath a residential scheme with over 200 apartments called One Lime Street. Located behind Marlet’s Shipping Office building on the corner of Sir John Rogerson’s Quay, the overall size of Lot 7 is 0.088 acres and its interest is valued at €8k. Last November, Lime Street lodged a case seeking to acquire the fee simple, or freehold, in lot 7 from Ashwalk. The battle for the freehold interest in the site dates back nearly a decade and was at the centre of previously contested legal proceedings between Marlet and Ronan entities. The Business Post, 26th February
Milltown, Dublin 6 The High Court is for the second time being asked to quash permission for hundreds of homes on former Jesuit Order lands in Milltown. An Bord Pleanála approved the 636-apartment scheme last January in a decision upholding earlier permission granted by Dublin City Council under the Large-Scale Residential Development process. Developer Sandford Living, a subsidiary of real estate investment firm Ardstone, lodged its second planning application for the site in mid-2023, months after An Bord Pleanála conceded in a High Court challenge to its previous permission for 661 homes that were mainly “build to rent”. Ardstone’s fresh approval for the former Jesuit lands at Milltown Park, close to Gonzaga College, is for a mix of “build to sell” studios, apartments and duplexes over seven blocks of two to 10 storeys. The Irish Times, 26th February
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Talbot Place, Dublin 1 The US investment giant BlackRock is preparing to sell Jacobs Inn, one of Dublin’s largest and busiest hostels in the city’s North Docks on Talbot Place. The Sunday Times understands a European investor has agreed to buy the hostel for more than €30m in an off-market deal. BlackRock’s Real Asset Securities fund originally acquired Jacobs Inn for €30m in 2020 as part of a joint venture with Amistat Continental, a specialist European hostel operator based in Spain. The partners purchased the 412-bed property from Patron Capital and CoDE Pod Hostels, which had completed an extensive refurbishment of the site. Patron and CoDE had bought the building for approx. €14.5m in 2018 with refurbishment reported to have cost €5m, resulting in at least a 50% gain on the original investment. The Sunday Times, 18th February
Sandymount, Dublin 4 Agar Commercial Property Consultants is handling the sale of No. 2a Sandymount Green, a well known local bistro restaurant outlet overlooking Sandymount Green in Dublin 4 and which formerly traded as Mario’s. Subject to contract, the guide price is €1.7m. No. 2a comprises a two-storey licensed premises which spans a total area of approx. 4,822 sq. ft. Part of the first floor and the attic generate an annual income of approx. €20k exclusive from a letting to Platinum Pilates Studio. The studio is let for a term of five years from January 2024 and the tenant is liable for the payment of rates and landlord’s insurance. In terms of the former eaterie, the ground floor comprises an extensively fitted out restaurant with a bar area, a well-equipped kitchen together with preparation/stores at the rear. The Business Post, 17th February
Marlborough Street, Dublin 1 Hilton’s fast-growing Home2 Suites brand will make its European debut in Dublin next year. The Hilton brand is partnering with UK hospitality group JMK to launch the new venue on Marlborough Street. The property will feature 290 rooms, including 214 king studio suites and 76 one-bedroom suites, and will open in 2025. The extended-stay, pet-friendly hotel concept is designed to offer upmarket accommodation with flexible guest configurations. The Irish Times, 20th February
North Wall Quay, Dublin 1 Pimco has appointed Interpath Advisory as receivers to North Docks 1 and 2, two office buildings in Dublin’s North Docks. Spanning 200,000 sq. ft, one of the nine-storey office blocks front on to the River Liffey. When completed the Grade A office block became the city’s first nZEB (nearly zero-energy building) office development. The buildings are owned by Targeted Investment Opportunities (TIO), which is controlled by Oaktree Capital Management. Minority shareholders are Nama, which controls 20%, and Bennett Construction, a 10% shareholder. Filings with the commercial property price register show that a number of 10 to 15-year leases have been signed, with a combined annual rent roll of €5m. The lease of another floor is going through legals. Pimco is owed €120m. Nama, which sold the site in 2017, lent €15m to the development company while Oaktree is owed approx. €20m plus interest. The Sunday Times, 18th February
Elmpark Green, Dublin 4 The HSE is understood to be vying to secure ownership of US property giant Starwood’s remaining interests at Elmpark Green, the vast office and residential scheme developed in 2007 at a cost of €550m. The State’s health authority is said by market sources to be facing competition from a number of parties including Core Capital, Tetrarch Capital and Lugus Capital for the portfolio, which comprises eight commercial assets including the Seamark and Vista buildings. While CBRE had been guiding a price of €55m for the Elmpark Green scheme, The Irish Times understands the front-runners in the process have tabled offers ranging from €45m to €50m. Should a sale of the Elmpark Green portfolio proceed at the €50m level it would represent a significant discount for the purchaser on the €190m Starwood paid in 2016 to secure ownership of the current portfolio and two other assets that it later sold. The most significant of the assets now being offered for sale at Elmpark Green is the Seamark building. Extending to 184,000 sq. ft, the subject property underwent a €45m refurbishment in 2018. The other remaining assets include the 91,000 sq. ft Vista Building, which is leased to global healthcare company Novartis, producing an annual income of €1.8m, and six ancillary commercial units extending to a combined 44,000 sq. ft. The Irish Times, 16th February
Orbital Portfolio, Dublin Palm Capital has instructed agents to sell a €40m urban logistics portfolio located around Dublin. CBRE and Lisney have been mandated to market the Orbital Portfolio – a platform that includes four assets, totalling approx. 230,000 sq. ft. The assets, located in Dublin’s prime industrial zones, are Building 1 Damastown Close, Damastown Industrial Park; 100 Northwest Business Park; 15 Magna Drive, Magna Business Park; and 48 Furze Road, Sandyford Industrial Estate. Orbital’s tenant roster – West, Oasis, Actavo and Jaguar Land Rover – currently generates €2.24m in annual rent, supported by a WAULT of 13.4 years. Rent reviews in 2025 and 2028 across the portfolio are projected to increase the annual rent to more than €2.6m. Two of the assets, Damastown and Northwest Business Park, have uncapped CPI rent reviews that will capture the recent surge in inflation. React News, 13th February
Tara Street, Dublin 2 The developer Johnny Ronan is fighting to retain the rights to develop his flagship Tara Street project, Dublin’s tallest office and hotel, after threats from CIÉ which is seeking to retake possession of the site. CIÉ, the semi-state body which owns the land beside Tara Street Dart Station, had granted Ronan Group Real Estate a licence to develop the location after an open request for applications in 2015. In August last year the licence lapsed, calling into question the development of one of Dublin’s most sought-after sites. A source close to the Ronan Group said that it intended to reapply for planning permission to develop the location as a hotel despite no longer possessing the licence to the site. The Ronan Group previously received permission to build a 23-storey tower with an office and hotel at Tara Street, to be named AquaVetro. This followed years of back and forth with Dublin city council, which rejected a proposal to develop the site as an office block. A change in EU law means that the group must reapply for planning permission instead of rolling over the previous approval. The Sunday Times, 18th February
Greystones, Co Wicklow A private Irish family fund has bought the Meridian Point shopping centre in Greystones for more than €7m. The new owner is understood to have secured the property in the face of several bids from a range of parties following a competitive sales process conducted by Avison Young on behalf of the scheme’s outgoing owner and developer, the Cosgrave Property Group. The price paid for Meridian Point represents a premium of 27% on the €5.5m price that had been guided when the scheme was brought to the market last year. Meridian Point is fully occupied with a strong tenant line-up which includes Sports Direct, Costa Coffee, Chakra by Jaipur restaurant, the Grafton Barber and the post office. The development also includes a 180-space car park. Meridian Point comprises 20 tenancies in total made up of a mix of uses. The net rent receivable is €582.8k pa with a WAULT of just more than six years to lease expiry and over four years to lease break. The Irish Times, 14th February
Grafton Street, Dublin 2 Arket, the Swedish fashion retailer, is understood to have agreed a 10-year lease for 11,000 sq. ft of space across the ground- and first-floor levels of Grafton Place. Arket’s decision to locate its first Irish store at Grafton Place follows a protracted period of negotiations between the retailer and the scheme’s developer owners, MARK and BCP Asset Management. Completed last summer, Grafton Place comprises 46,000 sq. ft of retail and leisure space along with 145,000 sq. ft of grade A office accommodation at 60 Dawson Street. The Irish Times, 14th February
St Patrick’s Street, Cork Krispy Kreme has appealed against Cork City Council’s decision to refuse permission for its location on St Patrick’s Street in the city centre. The retailer had sought retention permission from Cork City Council for a change of use from previous retail use to a cafe, as well as the retention of shopfront and signage at its branch on 42 Patrick’s Street. It took out a 10-year lease on the ground floor only of Porter’s, which closed in October 2022. However, a council inspector examined the latest planning and said that the proposed use by Krispy Kreme would be contrary to the Cork City development plan. Krispy Kreme has now appealed that decision to An Bord Pleanála. The Irish Examiner, 18th February
Lower Baggot Street, Dublin 2 No. 64 Lower Baggot Street, which has been in the ownership of the Young Women’s Christian Association (YWCA) since 1890, is being offered to the market by Colliers at a guide price of €3.5m. No. 64 briefly comprises a three-storey over-basement end-of-terrace Georgian building on a site of 0.2 acres. A protected structure, the property and its mews extend across a total area of 10,500 sq. ft and currently are in use as student accommodation. There are 21 bedrooms in total, with eight in the main building and 13 in the mews. All of them are en-suite. The main building extends to 6,700 sq. ft, is in excellent condition, and comprises eight bedrooms, ancillary storage, a kitchen, dining room and offices. The mews, at 5 Convent Close, comprises a three-storey building of 3,700 sq. ft developed in 2006. The Irish Times, 14th February
Model Farm Road, Cork A proposed student apartment development on Cork’s Model Farm Road has been refused planning due to its height. Cork property developer Lyonshall was denied permission for its proposal to redevelop the former St Joseph’s Convent and adjacent land to construct a 450-bed student apartment development. The scheme was to be made up of three apartment blocks, ranging from two to five storeys, and include 42 apartments, which would range between three and six bedrooms. Lyonshall had previously confirmed it was examining the decision and considering an appeal to An Bord Pleanála. The Irish Examiner, 15th February
South Dublin The religious order behind some of South Dublin’s most prestigious schools is preparing to sell off part of its land. Spiritan Ireland, formerly known as the Holy Ghost Fathers, has assembled a committee to consult on the potential sale. It is understood that plots at St Michael’s College and Willow Park, the feeder school for Blackrock College, have been identified for possible sale. The Spiritans own several schools in Dublin, including St Mary’s College in Rathmines and Blackrock and Templeogue colleges. St Michael’s sits on 14 acres of land at the corner of Merrion and Ailesbury roads, where property prices are high. Willow Park junior and senior schools are on 65 acres of parkland on the Rock Road in Blackrock. The schools have a number of playing pitches and a swimming pool is being built at St Michael’s. The Sunday Times, 18th February
House Price Inflation The average price of a home in Ireland increased to €335.52k in the second half of last year, as residential property inflation outside of Dublin increased above the national average. The latest Residential Property Price Barometer published by the Institute of Professional Auctioneers and Valuers shows that property prices increased by 2.99% in the latter half of 2023, up from 2.05% in the previous six months. However, this figure was driven lower by price stagnation in Dublin, suggesting the housing market in the capital may have reached a peak. Meanwhile, while many regional areas of the country are seeing increases in the 5 to 7% range. The Business Post, 18th February
Drumalee, Co Cavan Joint agents Bannon and Sherry FitzGerald Declan Woods are guiding a price of €1.5m for a 11.80-acre site zoned for residential development on the outskirts of Cavan Town. Located just 1.2km from Main Street in Cavan town centre, the subject site at Drumalee has two land-use designations within the Cavan Town Local Area Plan 2022-2028. The lands are being sold on behalf of St Patrick’s Trust, which holds the property in trust on behalf of the Diocese of Kilmore. The Irish Times, 14th February
Rochestown, Cork O’Flynn Construction has been granted permission to develop new apartments in Rochestown. The developer had been granted permission by Cork City Council for the works, located at Clarkeswood, Rochestown. First- and third- party appeals saw the matter referred to An Bord Pleanála, which has now upheld the initial decision. The scheme is to be located on a 4-acre site south of Mount Oval, a small residential estate of detached houses. The apartments would be built in three- to five- storey units. In its initial application, the developer sought to build 45 apartments. In granting planning, Cork City Council stipulated the scheme be reduced in size to 31, a reduction of 14 apartments. The developer appealed this condition, noting it would reduce the scheme by almost one- third, describing it as “unreasonable”. An Bord Pleanála has upheld the local council’s decision, granting permission for 31 apartments, not 45 as initially sought. The Irish Examiner, 15th February
Clontarf, Dublin 3 The High Court has overturned permission for 131 rental apartments in Clontarf, Dublin after finding a roofed courtyard did not constitute “open” space. Mr. Justice David Holland also held that An Bord Pleanála erred by failing to consider whether it should seek information from Dublin Bus about its capacity to service the area at peak times. The Irish Times, 15th February
Monkstown Road, South Dublin Plans by US-headquartered Greystar for a €180m build-to-rent scheme on grounds around Dalguise House on Monkstown Road in South Dublin have been given the green light by An Bord Pleanála. The appeals board overturned a refusal of the proposal by Dún Laoghaire-Rathdown County Council. The scheme had faced local opposition, with more than 70 objections lodged against the scheme. Greystar subsidiary GEDV Monkstown Owner Ltd initially proposed to build 488 apartments on the site but, in its decision, An Bord Pleanála approved a scaled-down scheme, ordering the removal of 101 units from the plan. Of the remaining 387 units, 384 will be build-to-rent apartments. The appeals board has ordered the removal of the tallest of the proposed 10 apartment blocks – the nine-storey Block E – entirely and a reduction of height in Block F by one level to six storeys. The appeals board has also reduced Blocks B and C by one level to a height of six storeys. The Irish Times, 14th February
Harold’s Cross, Dublin 6W The owner of the Mount Jerome crematorium has said that a planned 181-unit apartment scheme for Harold’s Cross looks like something from Silicon Docks landing in Harold’s Cross. The submission is one of 40 lodged in respect of Adroit Company’s plans for a Large Scale Residential scheme on Harold’s Cross Road in Dublin 6W that consists of four apartment blocks rising to between four and seven storeys. The scheme also involves the demolition of 50 dwellings at Harold’s Bridge Court. An Bord Pleanála previously refused planning permission for a Strategic Housing Development (SHD) on the site. A planning report by Armstrong Fenton Associates said that design amendments had been incorporated into the new proposal to address the previous reason for the refusal of the SHD scheme. The report said that the amendments included a reduction in the building heights, bulk and massing of Blocks A, B and C as well as design amendments to all of the buildings. A decision is due on the scheme early next month. The Irish Times, 19th February
Monivea Road, Galway A new €40m social and affordable housing development earmarked for Galway city, which will be constructed using modern methods of construction, has been announced by approved housing body Tuath Housing. The Clai Mór scheme, which is to be located on Monivea Road, will comprise 102 homes, including 28 cost-rental units, which will be rented to qualifying tenants at sub-market rates. Under the Government’s cost-rental tenure model, rents must be at least 25% below market values. Tuath Housing said the scheme, which is being undertaken in collaboration with Galway City Council, the Housing Finance Agency, the Housing Agency and the Department of Housing, would take approx. 18 months to complete and cost €40.2m. Apart from the 28 cost-rental units, the development will include 41 general needs social housing units and a further 33 units with additional supports. The Irish Times, 19th February
Irish credit unions have been making solid inroads into the mortgage market, with a 15% increase in mortgage lending in the final quarter of last year, new Irish League of Credit Unions (ILCU) results showed. That brings the total mortgage loan-book of ILCU-affiliated credit unions to more than €500m, as they look to compete with pillar banks in the mortgage market, triggered by major reforms in the credit union sector. The figures, which came as part of the ILCU quarter one results, show that overall lending increased 2.2% on a quarterly basis by affiliated credit unions – which represents 92% of all Irish credit unions. This was up from the figure of 0.9% in the same quarter last year. The assets of ILCU-affiliated credit unions have also risen by 40% to €18bn in the last decade, while savings held in those credit unions have risen to €15bn. Arrears are at a near-record low, the representative group said, at 2.7%, compared to the 90-day arrears ratio rate of 4.1% overall. The Business Post, 20th February
Energy Performance of Buildings Directive On 7th December 2023, the European Parliament and the European Council reached a provisional political agreement on the Energy Performance of Buildings Directive which specifically tackles energy performance within buildings and sets targets for member States to achieve. This directive was drafted after estimates suggested ‘75% of the building stock is inefficient’ within the EU and ‘85-95% of the buildings that exist today will still be standing in 2050’. Targets have been set to renovate the 16% worst-performing buildings by 2030, and the 26% worst-performing buildings by 2033, to certain energy performance standards. This will result in one in four commercial buildings being required to be upgraded in less than 10 years. By applying this percentage to the Non-Domestic BER rating statistic for 2023, all G, F, E, and some D-rated buildings will require renovation. Lisney Report, 13th February
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Citywest Richmond Marketing has agreed a pre-letting of a new logistics facility in Citywest, a move which will allow the brand builder to amalgamate its distribution operation in Park West, with its head office in the city centre. Construction has commenced and the new 126,000 sq. ft. building is due to be completed in the fourth quarter of this year. The pre-letting deal was signed with Con McCarthy’s Rockface Developments for the prime warehouse and office HQ at 4065 Kingswood Road in Citywest. Once the building is finished, Richmond Marketing will enter into a new 25-year lease, incorporating a 15-year break option. The property will include a three-storey grade-A office space. The Irish Times, 7th February
Balbriggan A major pharma logistics hub is being planned for Balbriggan, following a land swap between Fingal County Council and logistics firm Hannon. As part of the deal, Hannon, one of the largest logistics firms in the State, is acquiring 10 acres at the Stephenstown Industrial Estate on the southwestern edge of the town. In return, the local authority is taking 12.32 acres of land currently owned by Hannon at the Blake’s Cross junction of the main R132 road that serves a number of towns. The Stephenstown land is valued at €2.15m and the Blakes Cross land is valued at €1.15m. Under the arrangement, Hannon will pay a balancing payment of €1m to the local authority.
Fingal County Council is to acquire the Blake’s Cross land to facilitate future upgrades to the road network at this location, allowing easier access through the traffic blackspot to the towns of Skerries, Lusk and Rush. Ireland is one of the leading locations for the pharmaceutical industry in Europe with more than €70bn of exports each year. The country is now home to major operations for nine of the top 10 global companies in the sector. Sunday Independent, 11th February
Dublin 12 Dublin City Council has rejected proposals for a 941-bedroom student accommodation development, to be built on a site near the Naas Road in Dublin 12. To be delivered by Malclose, the scheme was to be built on a roughly one hectare site at Gowan House, within the Carriglea Business Park. The large-scale residential project would consist of 871 standard rooms, 47 accessible studios and a further 23 studios. Malclose is a subsidiary of UK builder Michael Cox’s Hollybrook Homes. Plans detailed two blocks to be built of up to 15 storeys, and would include communal and cultural spaces, a café and retail unit and public open spaces.
The proposals, which were submitted in November, also indicated that the bed spaces could be used for short-term lets during student holiday periods. However, the council refused to grant permission as the scheme was entirely allocated for student accommodation with no residential provisions, contrary to a zoning objective of the Dublin City development plan. The authority also cited the location’s remoteness from any third-level educational campus and its “inappropriate location” within the Carriglea industrial estate. It pointed out the area being disconnected from any shops, amenities and residential services, and thus it “fails to align with the principle of a 15-minute city and promotes unsustainable travel patterns”. React News, 7th February
Swords, Co Dublin A high-performing neighbourhood retail scheme being brought to the market by CBRE is guiding in excess of €3.7m. The retail unit at the Millers Glen residential development in Swords, north county Dublin, currently produces a net initial yield of about 7.3%. This equates to a capital value of €212 per sq. ft. The recently built scheme comprises of four ground-floor retail units and a creche unit extending to approx. 17,448 sq. ft. Anchored by Centra convenience store (Musgraves), along with McCartan’s Pharmacy, McCartan’s Medical Centre and Just Like Home Childcare, the centre is generating a contracted rent roll of €297,150 a year, with an overall WAULT to break of about 7½ years. The Irish Times, 7th February
Tyrrelstown, Dublin 15 Cushman & Wakefield is seeking offers of more than €4m for a site with planning permission for a 50,000 sq. ft retail centre in Tyrrelstown, Dublin 15. The greenfield development site of 4.19 acres is currently owned by Glenveagh Properties. The scheme would be anchored by a substantial supermarket unit and also comprise a medical centre, cafe and an additional retail unit once completed. The development has 157 surface car-parking spaces with the site, and several existing Dublin Bus routes serve the area. The retail site is in close proximity to an ongoing residential development by Glenveagh, which has plans for the construction of more than 1,000 new homes. The Irish Times, 7th February
North Earl Street, Dublin 1 A commercial property which could benefit from the completion of Clerys Quarter on O’Connell Street has had its asking price cut from €1.85m to €1.25m. The property at 4 North Earl Street comprises a terraced four storey over basement building extending to 5,250 sq. ft. Its ground floor consists of a vacant retail unit with floor-to-ceiling glass front, glass door and electric roller shutter. It has a retail frontage of 6.25m and a depth of 25.5m on the ground floor. The upper floors comprise of a red brick façade. The property requires a full refurbishment. Its site is zoned Z5 City Centre in the Dublin City Development Plan 2022-2028 and this would facilitate a range of uses including: restaurant, cafe, publication, tourist hostel, office, education, medical and residential uses. Only three doors from the corner with O’Connell Street, it is also only 100m from the Spire, and close to Henry Street, one of Dublin’s busiest shopping streets. Irish Independent, 8th February
Dublin 6 A landmark cafe kiosk on Orwell Road, Rathgar is being offered to an operator on a five-year lease with Lisney guiding €20,000 a year. It comes to the market at a time when roadside cafes have become very popular with motorists, as well as walkers out for their strolls along the River Dodder. It will be handed over in shell and core specification, ready for a tenant’s fit-out. Water, drainage power and Eir connections will be available in the unit. Internally, the property will comprise cafe/retail area to front with disabled WC to rear. Irish Independent, 8th February
Dublin 1 Less than three years after it was sold for €65m, Dublin’s luxury Morrison Hotel could be close to changing hands once again for more than €100m. The Irish Times understands the Morrison’s owners, Zetland Capital, have just instructed agent CBRE to quietly gauge the interest of investors in acquiring the five-star property. The London-based private-equity firm purchased the Morrison in May 2021 for some €15m less than the €80m its long-standing owner, Russian billionaire Yelena Baturina, had been seeking when she put the hotel up for sale in March 2020.
Ms Baturina had acquired the boutique hotel from Nama for just €22m in 2012. She spent a further €10m on its refurbishment between 2012 and 2013. Designed originally by Douglas Wallace Architects, the property comprises 145 guest rooms and suites, seven meeting and events facilities capable of accommodating up to 240 guests, as well as a state-of-the-art fitness centre. The Morrison’s accommodation is complemented by a range of bar and restaurant facilities, including Halo Restaurant, Quay 14 Bar and the Morrison Grill. It trades under the Hilton Worldwide group’s bespoke Curio Collection brand. The Irish Times, 6th February
Dublin 2 Planners have refused developer Esprit Investments permission for a 300-bedroom hotel on Mount Street in Dublin. Esprit last year sought permission from Dublin City Council (“DCC”) to build the hotel and apartments on a site bounded by Mount Street Upper, James’s Place East and Herbert Street in central Dublin. DCC said the hotel “would not contribute positively to the local area character and distinctiveness”. It added that it would have a significantly adverse impact on the area’s special architectural character and protected structures and on the “amenity and outlook” of Scoil Chaitríona, opposite the site, as well as contravening several planning policies. DCC argued the hotel’s “height, scale, massing and site boundaries” would likely have “noticeable and detrimental overbearing and overshadowing impacts on neighbouring property” and their privacy.
The plans involved converting offices that house law firm LK Shields in a Georgian terrace on Mount Street to accommodate the hotel entrance and 20 suites, and then demolishing buildings on nearby James’s Street and replacing them with a seven-storey structure that would form the rest of the hotel. A glazed bridge over a sunken garden would link the hotel’s two sections. Esprit said this would act as a buffer between the Georgian architecture and the newly-built element. The Irish Times, 9th February
Leitrim County Council has issued High Court enforcement proceedings over a proposal to house 150 international protection applicants at a former hotel in Dromahair village. The local authority alleges Dromaprop Limited intends to change the use of its Abbey Manor Hotel from a “specific form of tourist accommodation” to temporary use for asylum seekers and has carried out unauthorised works in preparation for this change. Planning permission granted for the premises was based on commercial tourism use, where specific tourism-related policies were cited, the council alleges.
The firm’s case seeks to quash the council’s decision to declare as invalid its certificate of compliance with building regulations. Dromaprop also wants the court to direct Leitrim County Council to enter the certificate of compliance on to its official register. It says it was entitled to avail of an exemption for the change of use to temporary accommodation for displaced people or those seeking international protection. Ms Justice Niamh Hyland granted permission for Dromaprop to pursue its claim and transferred the case to the High Court’s Planning and Environment list. Mr Justice Richard Humphreys, who deals with planning matters, scheduled for both cases to be heard in April. The Irish Times, 12th February
Dublin Vacancy The oversupply of office space in Dublin could continue until the end of 2026 or start of 2027, new research suggests. The study by BNP Paribas Real Estate Ireland finds a delay in completing buildings last year has now spilled into this year. This has led to excess supply in the market which is unlikely to peak until next year, when it hits 16.6% or 2,690,978 sq. ft. The analysis claims the overhang will not be rapidly re-absorbed, because remote working means there is less demand for space.” Before Covid, every new desk job generated around 108 sq. ft. of office demand. However this figure has plunged by two thirds since Covid,” said John McCartney, Research Director at BNPPRE. “With only 34 sq. ft. now being consumed for each additional job, it is going to take longer than before for the market to digest the vacancy overhang.”
The research also finds that Dublin office take-up last year was half of the 2022 figure at 1,323,434 sq. ft. That represents the lowest take-up in space since 2010 and was driven by both fewer deals and smaller average deal sizes. The analysis also finds that the vacancy rate reached 13.1%. It also outlines how rent-free periods are increasing and average rents are softening due to the weaker demand and overhang in supply. ICT accounted for over 50% of take-up between 2019-2021, but this slipped to 21.4% in 2023, the report says. In absolute terms, only 279,862 sq. ft. was leased to technology firms in 2023, a 54% decline on 2022. RTE.ie, 12th February
Sandyford The Beacon Hospital, one of the country’s largest private hospitals which is majority owned by businessman Denis O’Brien, has been acquired by Macquarie, the Australian asset management firm, in one of the largest deals so far this year. Macquarie’s European Infrastructure Fund 7, which has raised €8 billion from investors, has agreed a deal to buy the Beacon Hospital in Dublin for a sum understood to be in the region of €400m to €500m.
Located in Sandyford, Co Dublin, the Beacon Hospital has 181 inpatient beds, 70 day-case beds, eight operating theatres, three Cath labs and four endoscopy suites. The private hospital has grown significantly over the past ten years since Denis O’Brien bought a controlling stake in the group in 2014, with patient numbers trebling and staff numbers doubling.
The hospital treated more than 200,000 patients last year, and currently employs over 1,600 healthcare professionals and over 300 consultants. Last year An Bord Pleanála gave the green light to a €75m eight-storey expansion of the hospital which would deliver 70 new beds as well as other facilities and would involve the substantive demolition of the adjoining hotel which the hospital bought in 2020. Business Post, 13th February
Dublin 4 Plans for a 14-storey apartment block have been submitted for the site of 40 Herbert Park. Derryroe Ltd, a company owned by the McSharry and Kennedy families, had in May 2020 applied to An Bord Pleanála for an apartment development on the site at 40 Herbert Park and a number of neighbouring properties. On September 8th, 2020, the board granted permission for the development, including the demolitions, subject to conditions. The complex of 103 apartments and 10 aparthotel bedrooms in blocks up to 12 storeys was granted under the Strategic Housing Development (SHD) process where large-scale residential applications were made directly to the board, bypassing the local authority planning process. The SHD system has since been replaced by the large-scale residential development (LRD) process, a return to the system where applications are made to the local authority, and can be appealed to the board. The 2020 complex remains unbuilt and Derryroe has submitted an LRD to the council seeking to add two more storeys to allow it to develop a 14-storey tower on the site, but the number of apartments will not increase. Irish Times, 12th February
Rathnew Wicklow County Council has given the green light for plans to construct a 352-unit residential scheme for Rathnew despite local opposition. The council has granted permission to Keldrum Ltd for the scheme at Tinakilly, Rathnew after concluding that the proposals would not seriously injure the residential amenities of the adjoining properties or the visual amenities of the area, and would be acceptable in terms of traffic safety and convenience.
The scheme is made up of 220 houses and 132 apartments. Underlining the scale of the residential development, Keldrum Ltd must pay €3.16m in planning contributions towards the provision of public infrastructure as part of the conditions attached to the permission. In one of the conditions attached to the permission, the council has ordered that the first occupation of the dwellings be by individual purchasers only, or those eligible for social housing, and not by a corporate entity. The Irish Times, 12th February
Dublin 12 A firm is proposing a reduction in size of more than one-third to the company’s rejected 113-unit apartment scheme in Dublin 12. The alternative 72-apartment six-storey proposal put forward by Conor McGregor’s Emrajare Ltd to An Bord Pleanála is a 36% decrease on the original eight-storey scheme that was last month subject to a comprehensive rejection by Dublin City Council (DCC). The new proposal is contained in an appeal to An Bord Pleanála against the council’s refusal of the 113-unit scheme.
The appeal, lodged by consultants Tom Phillips + Associates, argues that the grounds for refusal of the scheme are “entirely unfounded” because it constitutes “a wholly appropriate scale and form of development” for the site. The alternative scheme by C+W O’Brien Architects rises from two to six storeys and has 41 fewer apartments. The mixed-use scheme involves the demolition of the Marble Arch pub that McGregor bought for a reported €1.5m to €2m, three years ago. Irish Independent, 12th February
BNP Paribas PMI Index Construction activity contracted for the seventh consecutive month in January, but by the smallest amount since October. Housing activity, while reducing further, slowed by the least extent since September, the BNP Paribas Real Estate Ireland Construction Purchasing Managers Index found. “The relative outperformance of residential reflects the strength of the new homes market where consumers benefit from substantial State subsidies and where average prices are rising by more than 10% per annum,” said John McCartney, Director & Head of Research at BNP Paribas Real Estate Ireland.”With the temporary waiver of development contributions due to expire in April, it will be interesting to see whether the strong momentum in residential commencements during 2023 will continue over the coming months, leading to resumed expansion in the housing PMI.”
The weakening of activity in commercial construction also continued but was also much softer than before. “The commercial slowdown is as expected, and understandable in the context of oversupply in office markets particularly,” Mr McCartney said. RTE.ie, 12th February
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Stephen Street, Dublin 2 Student accommodation group Scape, which is backed by Dutch pension fund APG, has started up an €80m sale (5.5% NIY) in Dublin’s city centre. Cushman & Wakefield has been mandated to run the process, which is the largest student sale in Ireland since early 2022. Located on Stephen Street, the accommodation offers immediate connectivity to Royal College of Surgeons (RCSI), Trinity College and University College Dublin. Constructed in 2020, Scape Dublin has 298 bedrooms across a range of shared apartments and studios. For the current academic year, RCSI has a nomination to reserve all of the accommodation. React News, 6th February
Oakmount is preparing to put three of its Dublin pubs on the market. The Sunday Times believes that the company is mulling the sale of the Foxhunter in Lucan, Ashton’s in Clonskeagh and Thomas Rody Maher’s, formerly Larry Murphy’s, on Lower Baggot Street. The pubs are operated by Press Up, a hospitality group which is also owned by McKillen Jr and Ryan. Oakmount and Press Up are financed separately. The company bought Larry Murphy’s, at 43-44 Lower Baggot Street, from the ESB for more than €1m in 2021. It had been shut since the utility bought it in 2013. The refurbished pub, which sits in a five-storey building, reopened as Thomas Rody Maher’s in 2022. Oakmount bought Ashton’s for a reported €3m in 2022. Last year, it applied for planning permission to turn it into a boutique hotel, with a five-storey extension. The property overlooks the River Dodder and is close to UCD’s Belfield campus. The development company purchased the Foxhunter near Lucan village on the N4 motorway in 2019. It paid approx. €3m for the site, which in 2007 had sold for €17m to a consortium. Oakmount completely refurbished the pub and Press Up opened an Elephant & Castle restaurant on site. In 2022, An Bord Pleanala refused planning permission for the company to build 161 apartments on the land. The Sunday Times, 4th February
St Andrew’s Street, Dublin 2 Dublin City Council has cited the ongoing housing crisis as grounds for refusing planning permission for a new 111-bedroom hotel for Dublin city centre. Last year, Appalachian Property Holdings Ltd lodged plans for 19-24 St Andrew’s Street which would change the use of three floors from office to hotel and also for the construction a new six-storey extension. The A Post branch on the ground floor would remain where it is. The site is located less than 500 metres from College Green and Grafton Street. The Irish Times, 2nd February
Bray, Co Wicklow Lisney’s licensed premises division is offering O’Sullivan’s on Castle Street in Bray for sale by private treaty with a price guide of €1m. The traditional pub and overhead residential units have been completely remodelled and refurbished throughout and now comprise a bar and lounge areas complemented by two snugs, a modern fully fitted catering kitchen and ample storage. The two separate and self-contained apartments are at first-floor level. Of further benefit are the two apartments which are suitable for use by an owner-operator or alternatively ideal for creation of valuable rental income. The Business Post, 3rd February
Churchtown, Dublin 14 A private Irish investor has paid approx. €2.15m for Landscape House, a fully tenanted office building on Landscape Road in Churchtown, Dublin 14. The property comprises a detached two-storey office building extending to approx. 17,313 sq. ft on a site of 0.59 acres. The property is let to Apleona Ireland Limited, a leading international facilities management company, Red Box Direct Limited and Flextime Limited at an income of approx. €215.3k pa, all of which expires by 2027. Landscape House has extensive road frontage and is directly adjacent the Landscape Court apartment scheme and a row of commercial properties to the west. The Irish Times, 31st January
Swords, North Co Dublin A headquarter facility, on approx. 16 acres in Swords Business Park, is quoting a guide price of more than €19m. It was developed back in 1996, and was subsequently expanded in 2002, with a substantial extension to the existing buildings. It is being sold by Hertz. The facility offers more than 200,000 sq. ft of well-maintained, quality office accommodation over two floors in two interconnected buildings, together with approx. 447 surface car spaces. It is on an extensive site of approx. 16 acres, with three vehicular access points, meaning it can be easily subdivided. The entire facility is held under a 999-year leasehold interest from the IDA. Part of the first floor and 70 car spaces are let for a 10-year term from November 2018, providing immediate short-term income. The Irish Times, 31st January
Lower Leeson Street, Dublin 2 Lockton, the global insurance broker, has announced plans to move into a new office space in Dublin city centre. The firm is to set up its new Dublin base in 18 Lower Leeson Street – a Grade A office building owned by Aviva’s property fund, with 24,455 sq. ft of space over five floors. Lockton will rent the third floor of the building. The firm, which currently operates its Irish arm from Great Strand Street in Dublin, said it hopes to move in by early March. The value or length of the new deal has not been disclosed. However, according to a brochure advertising the Leeson Street property, the third-floor spans across 4,951 sq. ft, while JLL, one of the real estate agents managing the rental of the building, said that Aviva is seeking €60 per sq. ft for the property. This means that if the deal was agreed at the asking price, Lockton will pay €297k on an annual basis for the space. The Business Post, 1st February
Lower Leeson Street, Dublin 2 Joint selling agents Murphy Mulhall and Colliers have further reduced the asking price of No. 40 Lower Leeson Street to €1.7m. The four-storey over basement building had originally been placed on the market guiding €2.25m in May 2023. The property extends to 4,295 sq. ft and has been recently refurbished within the last five years. According to the agents, the property is ideally suited to owner occupiers looking for turnkey offices in the heart of Dublin city centre or is equally suited to opportunistic investors. The Business Post, 3rd February
Cork Airport Business Park Lisney has brought an industrial and office unit to market for sale at Cork Airport Business Park, one of the premier business parks in Cork. The property, known as Building 2400A, is situated on the western side of Cork Airport Business Park within easy walking distance of the airport terminal building. Cork Airport Business Park is situated approx. 6km south of Cork city centre and occupiers include Amazon, Aviva, McKesson, GSK and MMD Construction. The semi-detached warehouse/light industrial unit has a total floor area of approx. 11,754 sq. ft. The property is currently occupied by Matrox, a global company headquartered in Canada. Lisney is offering the property for sale at a quoted sale price of €1.35m (approx. €115 per sq. ft). The Business Post, 3rd February
Cherrywood, South Dublin La Française Real Estate Managers (REM) has completed the acquisition of a primary care unit in Cherrywood. The property was sold by US-based real estate firm Spear Street Capital, for just under €13m. The former office building was refurbished in 2023, to provide a three-storey primary care facility in a mixed-use development. The building, which will develop 25,361 sq. ft of space, will deliver a range of medical treatment spaces. The property is fully let to Laya Healthcare on a 25-year lease. Laya Healthcare’s fit-out will provide a mixture of rooms for treatment, minor theatre, consultation, MRI scans and staff rooms. React News, 1st February
Blackrock, South Co Dublin A newly completed scheme of 20 apartments located at 27-33 Carysfort Avenue in Blackrock is being offered to the market by Sherry FitzGerald Commercial at a guide price of €8.5m. The apartments have a B2 BER rating in the main, are available for immediate occupation and offer the prospective purchaser the opportunity to generate gross annual income of approx. €575k. The Irish Times, 31st January
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Coolock, Dublin 5 The LDA and Dublin City Council (DCC) have secured permission to build 146 new homes in Coolock. The project represents the first time that a Section 179A temporary exemption has been used for an LDA project, a scheme that allows local authorities to fast-track urgently needed social and affordable housing developments on state-owned land zoned for residential use. The Cromcastle development will include 13 social and 133 cost-rental homes, as well as new community, cultural and open spaces. The 1.7-acre site, owned by the DCC, is located opposite the Northside Shopping Centre. Construction is due to start by the fourth quarter, and the LDA has already issued a tender for a contractor to undertake the work. Permission for the Cromcastle development was secured by the LDA and DCC under a new planning provision introduced for local authorities by Minister for Housing Darragh O’Brien in March of last year. Bisnow, 5th February
Fossa, Co Kerry Avison Young is seeking offers of €2.5m for Aghadoe House, a substantial property on 60.6 acres in Fossa. The sale of the property, which until recently had been in use as an An Óige youth hostel, is being offered for sale in one or more lots. Aghadoe House has 25 bedrooms and ancillary accommodation including kitchens, dining areas, recreational rooms, reception rooms and toilets together with ample on-site parking. The Lodge is located at the rear of the original house and comprises a single-storey residential building with 11 bedrooms. A part of the property comprising 11.83 acres is held by way of agreement for lease to a third party with an income of €50k pa available to the prospective purchaser. The Irish Times, 31st January
Sixmilebridge, Co Clare Atlantic Aviation Group, one of the largest employers in the midwest region, plans to provide accommodation for up to 36 staff in Clare in a bid to ease accommodation pressures faced by workers. The company, which has more than 750 employees, has acquired a vacant property in Sixmilebridge that will be repurposed into purpose-built co-living accommodation for new staff. The development project, based on a site close to AAG’s centre of operations at Shannon Airport, will be designed by O’Neill O’Malley Architecture and LyMar Contracts Limited, a Limerick-based construction company, will be the developer. The Business Post, 1st February
Peter McVerry Trust, the housing and homeless charity which ran into significant financial difficulties last year, has appointed a new chief executive to lead the organisation. The charity announced it had appointed Niall Mulligan as its new chief executive. Mulligan, who is currently the National Secretary for St Vincent de Paul, will take up the position from the middle of April, the McVerry Trust said in a statement. The Business Post, 6th February
Poolbeg, Dublin 4 A major redevelopment of a historic site in Dublin 4 may be brought back to market as talks are underway to resolve a lawsuit between Johnny Ronan and Dublin City Council, the Business Post understands. Ronan Group Real Estate (RGRE) issued judicial review proceedings against DCC in 2021 over the legality of a tender process to acquire and redevelop approx. nine acres at Dublin’s historic Pigeon House site. The land includes the old Pigeon House power station and hotel on the Poolbeg peninsula. DCC had selected Oval Horizon Limited, a company within Paddy McKillen Jr’s Oakmount Group, as the preferred bidder, but then terminated the tender process following a legal challenge from RGRE, which was an unsuccessful bidder. The case is now listed for mention only next month when legal teams will give the High Court an update of the progress. If the lawsuit is settled, the tender process to redevelop the lands can be reopened. The Business Post, 4th February
Limerick City and County Council has launched an expression of interest survey for prospective homeowners to determine if there is sufficient demand for affordable housing in the new Churchtown housing development. Centrally located in the town and 50 metres from the idyllic greenway walk, the homes are also within commutable distance, with Limerick city just a 30-minute drive from the development. Limerick City and County Council said it was “actively considering” the development of affordable homes at Castle Place, Churchtown, Newcastle West and has encouraged interested eligible buyers to complete a survey. The Business Post, 3rd February
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Eastpoint Business Park The P1 block in Dublin’s Eastpoint Business Park is being brought to the market by Savills at a guide price of €12.5m, offering a net initial yield of 6.72% and a capital value of €292 per sq. ft. The subject property comprises a standalone office block of 42,865 sq. ft. distributed over four floors, along with car parking for 61 cars. The building is 73% let at present with a tenant line-up that includes Tedcastles Oil Products, Citrix Systems International, and IQVIA. The investment is producing a total rental income of €923.52k pa and has a WAULT to break of c. 2.5 years and a WAULT to expiry of more than three years. The Irish Times, 2nd March
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South Circular Road, Dublin 8 Bloomfield House on the South Circular Road is being offered to the market by BNP Paribas RE at a guide price of €3.5m. The property comprises a detached two-storey office building of 8,203 sq. ft. with 12 car-parking spaces on a 0.26-acre site. The ground floor and mezzanine levels are let on a 10-year lease from September 2014 to a marketing agency Boys + Girls with an annual rent of €160k pa. This letting includes eight car-parking spaces. The first floor of the property is let on a five-year lease from July 2021 to mechanical and electrical building services company Delap and Waller. The annual rent averages out at €71.25k pa over the five years and includes three car-parking spaces. The combined rent between the two tenancies equates to €230.2k pa, offering an initial yield of c. 6%. The Irish Times, 2nd March
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Dublin Docklands TikTok is understood to have agreed heads of terms to rent both the 177,000 sq. ft. of office space at the Marlet Property Group’s Shipping Office scheme and the 80,000 sq. ft. available at Iput’s Tropical Fruit Warehouse in Dublin’s south docklands. According to market sources, the Chinese-owned social media giant is likely to enter into a 12-year lease on the properties at a rental level in excess of €60 per sq. ft. The combined 257,000 sq. ft. of office accommodation will give TikTok the capacity to add c. 2,500 workers to the 2,000 people it expects to accommodate in its new headquarters at the Sorting Office. Taken together, the three offices give TikTok’s Irish operations an overall footprint of 459,000 sq. ft. across three buildings within a short walk of each other in the city’s south docklands. The Irish Times, 2nd March
Blackrock, South Dublin Front Line Defenders, the human rights organisation chaired and co-founded by businessman Denis O’Brien, has agreed to relocate its international headquarters to Avoca Court in Blackrock, Co Dublin. The letting, which was handled by Knight Frank, will see Front Line Defenders occupy the first floor on a 12-year lease. The organisation joins an existing tenant line-up that includes HJ Heinz, and Plan Life Pensions and Actuarial Services (IFG). Avoca Court comprises a four-storey detached office building located in Blackrock village. The building is now fully let except for the second floor which comprises 3,809 sq. ft. of office space. The Irish Times, 2nd March
Pembroke Row, Dublin 2 MRP, the property development and investment division of Tyrone-based developer McAleer & Rushe, has secured its first two tenants for Kildress House, a new grade A office building it has developed on Dublin’s Pembroke Row. Proximo Spirits, a drinks company which includes Bushmills whiskey among its brands, is well advanced in fitting out the fourth floor. The fifth floor of the building has been let to Muzinich & Co, an international institutionally focused investment firm specialising in public and private corporate credit. Proximo and Muzinich have committed to leases of 10 and 15 years respectively and are understood to be paying rents in excess of the €55 per sq. ft. rate quoted by letting agent Savills prior to the building’s completion in December 2019. The remainder of Kildress House is available to let in self-contained floors of 4,500 sq. ft. The Irish Times, 2nd March
Dundrum, Dublin 16 Penthouse offices extending to 11,302 sq. ft. have been launched at the Pembroke District in Dundrum town centre. Joint agents Savills and CBRE are quoting €32.50 per sq. ft. for the office space to let under new lease terms. Hammerson, which manages the town centre on behalf of the Dundrum Retail Limited Partnership, has created the open plan offices from space which was previously part of the Hamleys toy store. The Irish Independent, 3rd March
North Docklands, Dublin Quanta Capital is seeking occupiers for Two Gateway, a 77,995 sq. ft., high quality, modern office in Dublin’s north docklands. The building on East Wall Road was until recently occupied by the ESB and this rapidly evolving area of the city is home to occupiers such as Facebook, Fenergo, Salesforce, the NTMA, the Central Bank and WeWork. Joint agents QRE and JLL are quoting a rent of €35 per sq. ft. The Business Post, 6th March
Clonskeagh, South Dublin The Press Up Group has completed its purchase of the Ashton’s pub in Clonskeagh, south Dublin. According to market sources, the premises changed hands for c. €3m. The Press Up Group moved to acquire the freehold interest in the property with the benefit of vacant possession. Bagnall Doyle MacMahon brokered the off-market transaction on behalf the pub’s previous owners. The two-storey licensed premises extends to c. 5,000 sq. ft. and comprises a lounge bar with a restaurant, catering kitchen and stores on the lower-ground floor. The Irish Times, 2nd March
South Terrace, Cork The JMK group has lodged a fresh application seeking permission to convert three late-Georgian homes on South Terrace into a 103-bedroom aparthotel. The group is hoping to open its second Cork hospitality venture, the Adagio Aparthotel, in summer 2024. The planning application is for the redevelopment, conservation, refurbishment, and change of use of Nos. 31, 32, and 33 South Terrace, which are protected structures, with some demolition work to the rear of No. 31. The proposal at South Terrace includes an application for permission to construct a five-floor over-ground floor and lower-ground floor annex to the rear of the buildings, as well as an external landscaped courtyard and green roof. The Irish Examiner, 3rd March
Aparthotels, Ireland The supply of aparthotels in Dublin is forecast to increase by 96% in 2022, recent data from property adviser Savills Ireland shows. When 2022 started, aparthotels accounted for only 3.8% of the Irish capital’s total hotel stock compared with 8.1% in London and 9.5% in Manchester. Dublin’s total stock is expected to rise to 6.8% by year end. The opening of two Staycity aparthotels (388 bedrooms) this year added to the supply, which is predicted to increase by another 40% (542 bedrooms), considering that there are construction works under way, including the 340-unit Staycity development on Little Mary Street, Dublin 7. React News, 7th March
Rosslare Strand, Wexford The 32-bedroom Coast Hotel in the popular seaside resort of Rosslare Strand in Wexford has gone on the market at a guide price of between €3.5 and €4m. The hotel launched in early 2018, following a major modernisation and refurbishment of what was formerly Crosbie Cedar’s Hotel. Coast Rosslare will go under the hammer in an online auction through the offices of Keane Auctioneers, Wexford on April 8 at 12.30 p.m. The former Crosbie Cedars Hotel was previously placed on the market in August 2015 for €700k but the past few years have seen a surge in interest in Rosslare as a holiday and residential location, with a corresponding rise in property prices. The Irish Independent, 7th March
Core Portfolio, Dublin GDA Barings has agreed two loans totaling €225m to KKR and Palm Capital to finance their acquisition of industrial and logistics assets in Dublin and the Greater Dublin Area (GDA). In the first instance, Barings has provided a five-year €188.5m senior secured, floating-rate loan to support KKR and Palm Capital’s €195m purchase of the Core portfolio, a collection of 73 industrial and logistics assets distributed across Dublin and the GDA. The portfolio is 97% let to a range of occupiers. Its largest single asset is the 125-acre Naas Enterprise Park in Kildare. The second loan facility comprises a €36.7m floating-rate, first-mortgage loan, to fund the acquisition of a portfolio of six last-mile, light-industrial properties in Dublin. With an initial three-year term, plus two one-year extension options, the debt is secured against a portfolio comprising a total area of 345,000 sq. ft., which is 95% occupied with a WAULT of 7.5 years. The Irish Times, 2nd March
Killarney Outlet Centre A sale worth €7-€8m has been completed on Killarney’s Outlet Centre – just as anchor tenant Nike is set to vacate at the end of this week, after over 20 years trading there. The Outlet Centre complex has been on the open market for several years via CBRE. It had been offered on behalf of the original developers, with a total income of c. €900k pa quoted, with Nike the single largest tenant, paying a contracted rent of €109k pa on a lease from 2014. Nike had occupied just over 75,347 sq. ft. in Killarney and the ‘Top Five’ tenants contributed over €400k pa in rental income. The centre has 39 retail units but a large number of first-floor units never found occupants in the 23 years of operation to date. The 1998-developed scheme is in the town centre, by the rail station, and has coach parking plus 230 car spaces. The Irish Examiner, 2nd March
Co Cork and Co Clare A development company is pursuing a High Court challenge seeking to overturn a decision that it must pay financial contributions totalling c. €470k to local councils for three primary healthcare centres it is planning to build for the HSE. Glencar Healthcare Limited, along with its development partners, argues it should not be required to pay levies to the local councils for developing the centres in the southeast as the HSE, as lessee, is the end-user of each of the facilities. The centres are in Ennis, Co Clare, and Ballincollig and Fermoy in Co Cork. It was held that it must pay €130.5k to Clare County Council, c. €297.4k to Cork City Council and c. €43.5k to Cork County Council prior to the commencement of development, said the applicants. Under the Planning and Development Act 2000, local authorities adopted schemes enabling them to require a development contribution as a condition of a grant of planning permission. The Irish Times, 2nd March
Dooradoyle, Limerick A residential investment in the Dooradoyle suburb in south-west Limerick city has come to the market. Fully occupied, the properties comprise 16 apartments and duplexes at Heridan Crescent for which agents O’Connor Murphy with Property Partners are guiding €3.75m. The units currently generate annual rents of €252.3k equating to a net initial yield of 6.5%. The units are made up of eight two-bedroom apartments ranging in size from 700 to 720 sq. ft. and eight three-bedroom duplexes ranging in size from 1,140 to 1,420 sq. ft. The Irish Independent, 3rd March
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Dublin, Kildare and Meath Cairn Homes has purchased three residential sites in Dublin, Kildare and Meath for €38m from Tyrone-based developer McAleer & Rushe. In the first instance, the publicly listed home builder has secured ownership of a 3.5-acre site with full planning permission from An Bord Pleanála for 193 apartments across four blocks ranging in height from five to eight storeys in the south Dublin suburb of Shankill. Upon completion, the scheme will comprise a mix of 12 studios, 110 one-bedroom apartments and 71 two-bedroom apartments. The second element of the portfolio is located at Kilmacredock in Leixlip, Co Kildare and comprises a 16-acre site with full planning permission from An Bord Pleanála for the development of 239 homes. The units in this case consist of 136 two-, three- and four-bedroom houses, 73 one- and two-bedroom apartments and 30 two- and three-bedroom duplexes. The third and final site acquired by Cairn Homes is in Navan, Co Meath. The lands in this case have a long-standing planning permission in place for the development of 90 houses. The Irish Times, 2nd March
Laytown, Co Meath Lisney is guiding €2.5m (€72.7k per acre) for a strategic landholding offering the potential in the medium to longer term for the delivery of a large-scale residential scheme in Laytown, Co Meath. The subject site comprises a freehold parcel of land extending to 34.4 acres located just off the newly constructed Tara link road immediately north of the town. Laytown is a coastal town situated c. 45km north of Dublin city centre. The lands are predominantly zoned ‘white lands’ under the Meath County Council Development Plan 2021-2027. The Irish Times, 2nd March
Cobh, Co Cork 54 acres at Ticknock, Cobh, by the Tay Road, elevated and adjoining a trio of supermarkets, has come to the market. The majority is zoned for medium-density house building. This 54-acre holding has frontage to two roads allowing for separate access points and phased development/housing profile and mix. Of this, 34 acres is at present zoned for medium density residential development, with a further 13.7 acres as ‘Special Policy Area X-01’, and 5.8 acres for business and general employment. The land is due for auction on April 21, with a reserve of €1.6m, or an average of €30k per acre. The Irish Examiner, 3rd March
North Docks, Dublin Glenveagh Properties is exploring forward funding options of €300m+ for a prime residential site in Dublin’s city centre. The process – one of the largest single-site residential funding opportunities to come to the market in Ireland – is expected to attract interest from the European fund managers and US BTR operators that have been active in the Dublin market. The East Road development, known as Marshall Yards, is located near the North Docks. The site represents one of the largest city centre development opportunities with planning consent in Dublin. An Bord Pleanála, in 2019, approved Glenveagh’s plans to build c. 550 residential units on the site. The development will have nine blocks ranging from three to 15 storeys. Dublin City Council has agreed to pre-let c. 30% of the development on a long-term indexed linked lease for affordable housing, underpinning the estimated rental value the asset is anticipated to deliver. A German investor is in talks to provide c. €200m of funding for Ireland’s tallest residential tower. React News, 2nd March
Kinsale Road, Cork Developers have submitted fresh plans to An Bord Pleanála for 609 new homes at the former CMP Dairy site on the Kinsale Road in Cork. It is the second such application made by Watfore Ltd, a property management and development subsidiary of Dairygold after the planning board sought further consideration to the proposals first lodged last August. The site is a 8.38-acre brownfield location lying between Cork Airport and the city centre. The site was rezoned to “residential, local services and institutional uses” by Cork City Council in 2019. The SHD has now reached the application stage and will consist of 561 apartments and 48 townhouses, along with a community hub facility, a gym, a retail unit and a café. The housing will be split across 189 one-bed, 338 two-bed, 48 three-bed and 34 four-bed dwellings. Furthermore, 257 of these will be BTR apartments. The scheme would also incorporate 209 shared car parking spaces, along with electric vehicle charging points, 1,145 bicycle spaces and 21 motorcycle spaces. An Bord Pleanála is due to make a decision in this case by 16 June 2022. The Irish Examiner, 2nd March
Dundrum, Dublin 16 Dún Laoghaire-Rathdown County Council has recommended that plans for a new €316m BTR scheme for Dundrum be refused. In a report lodged with An Bord Pleanála, the council planners have recommended that planning permission be refused on six separate grounds. The fast-track SHD scheme before the appeals board comprises 531 BTR units made up of 28 studios, 297 one-bed units, 197 two-bed units and nine three-bedroom units. The council refusal recommendation follows more than 80 parties objecting to the plans by 1 Wyckham Land Ltd for the BTR apartments across five apartment blocks at Marmalade Lane, Gort Muire, Dundrum, Dublin 16. In January last year, the developer secured planning permission for 466 BTR units in apartment blocks rising to nine storeys at the same site, with the new proposal having an additional 65 units. The Irish Times, 2nd March
Cairn Homes, Plans for c. 50,000 new houses in the Republic could end up in court according to Cairn Homes. This follows after Cairn confirmed its operations sold new homes for a total of €424m. Proposals for 11,000 new dwellings in the Republic faced High Court challenges, while 87,000 more were in the planning system. It is estimated that 50% of the 98,000 total “could be stalled” by opponents seeking judicial reviews of planners’ decisions to allow those projects. The Irish Times, 3rd March
Dundrum, Dublin 14 Telecommunications firm Eir has given notice that it is to lodge “fast track” plans in the coming days to An Bord Pleanála for a 111-unit apartment scheme for Sommerville House on the Dundrum Road in Dublin 14. Eir has already completed pre-planning consultation with An Bord Pleanála concerning the scheme and the appeals board concluded that the plans form a reasonable basis for a SHD scheme. The 111-unit scheme put before the appeals board consisted of two courtyard blocks reaching to six storeys in height. The scheme is made up of 57 two-bed units, 49 one-bed units and five studios. The Irish Times, 7th March
Mulhuddart, Dublin 15 An Bord Pleanála has refused planning permission to Wexford-registered firm MNE Capital Ltd to construct 189 BTR apartments at Canterbury Gate, Old Navan Road, Mulhuddart, Dublin 15. The site is located 500m west of Mulhuddart village and 2km northwest of the Blanchardstown shopping centre. The apartments consisted of 63 one-bed apartments and 126 two-bed apartments in four blocks ranging in height from five storeys to 10 storeys. Fingal County Council had recommended that planning permission be refused on three grounds. The Irish Times, 7th March
Clontarf, Dublin 3 A local resident has initiated a High Court action seeking to overturn permission for the development of 131 BTR apartments in Clontarf, north Dublin. The resident wants an order quashing the €52m SHD scheme which received fast-track permission from An Bord Pleanála last December. Prior to the approval, more than 350 objections were lodged against the plans for the Redcourt site at Seafield Road. The applicant takes issue with the grant of permission for a development that has allegedly failed to provide the required amount of communal open space as per the requirements of the local development plan. Also among the core grounds of challenge is a claim the board erred in law in finding there would be adequate public transport capacity to serve the proposed build. The applicant will look to ask the court for a stay on the operation of the planning board’s decision pending the conclusion of his proceedings. The judicial review proceedings are against An Bord Pleanála, Ireland, the Attorney General and the Minister for Housing, Local Government and Heritage. Developer Savona Ltd and Dublin City Council are notice parties in the action. The Irish Times, 7th March
South Quays, Dublin A dispute over the distribution of part of the proceeds of the €40m sale of a Dublin property between the receiver and liquidator of the wound-up Pierse Contracting firm has been entered into the fast-track Commercial Court. The dispute centres on how the net proceeds of the sale of the property at Moss Street, City Quay and Gloucester Street, on Dublin’s south quays, should be distributed. Under mortgages entered by Pierse Contracting Unlimited Company, the properties were charged as security for all Pierse liabilities owing to the fund Dengrove DAC. The property was formerly owned by two partnerships. The loan agreements provided recourse to the individual members of the partnerships should there be default. After the discharge of partnership loans and other deductions, the Receiver believes the net proceeds will be attributable to the interest of the company pursuant to its interest in the partnerships and the respective members of the partnership. The Receiver says a dispute has arisen with the liquidator about the application of the company’s share of the proceeds of sale and in particular the extent to which those proceeds can be applied in the discharge of certain non-partnership liabilities owed by Pierse to Dengrove. The Irish Times, 7th March
Bray, Co Wicklow CBRE is guiding a price of €6.75m for a site with full planning permission for the development of 92 apartments and associated commercial space on the seafront in Bray, Co Wicklow. The site extends to 1.47 acres and is occupied by a commercial car park and two residential units fronting on to Coastguard Terrace. The property is zoned SF-Bray Seafront – “To provide for the development and improvement of appropriate seafront uses” under the Wicklow County Council Development Plan 2016-2022. Existing planning permission has been in place since November 2017 for the development of 92 residential units comprising 11 three-bed apartments, 60 two-bed apartments and 21 one-bed apartments, along with 22,819 sq. ft. of commercial space. The Irish Times, 2nd March
Dalkey, South Co Dublin Dún Laoghaire-Rathdown County Council has refused planning permission to Bartra Property (Dublin) Ltd for a mixed-use scheme near Dalkey in south Co Dublin. The scheme for the former Western Marine Building at the harbour sought the demolition and clearance of the existing industrial single-storey warehouses and sheds. The proposal also included the construction of a three-storey building incorporating a cafe and one four-bedroom apartment, a single-storey seafood sales outlet, four fishermen’s huts, a new public square and three three-storey detached houses. More than 140 objections were lodged against the scheme. Bartra now has the option of appealing the decision to An Bord Pleanála. The Irish Times, 3rd March
Carrickmines, South Dublin Dún Laoghaire-Rathdown County Council has rejected Iput’s €250m plan for its latest phase of The Park mixed-use scheme for Carrickmines in south Dublin. The Quad Three scheme put forward by Iput comprised of 440 residential units, 334,564 sq. ft. of offices, and 226,483 sq. ft. of community, retail and leisure facilities, including two supermarkets. The 440 planned residential units were to include 308 BTR apartments across four blocks, including one reaching to 11-storeys in height. The council refused planning permission after concluding that due to the significant proportion of residential use proposed within the overall scheme, a satisfactory balance of uses would not be achieved for the site, which is primarily zoned for economic development. The scheme did not face any objections. The Irish Times, 2nd March
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North Wall Quay, Dublin 1 US bank Citi is reviewing options of up to 200,000 sq. ft. for a new headquarters in Dublin. Currently based in the city’s Dockland, it is understood to have issued request for proposals (RFPs) to developers for city centre and suburban sites. The group’s Dublin-based unit Citibank Europe became its main banking entity in the European Union in early 2016, after the activities of its Citibank International unit in the UK were folded into the Dublin-based business. Knight Frank is advising Citi with the size of the requirement expected to settle between 150,000 sq. ft. and 200,000 sq. ft. Citi could also consider taking two separate offices, with one in the centre and the second in an out-of-town location. The bank has form in owning, rather than letting or pre-letting, its real estate around the globe. Citi owns its current Dublin office, the 200,000 sq. ft. 1 North Wall Quay. React News, 24th February
Spencer Dock, Dublin Lisney is advising the Central Bank of Ireland in bringing to the market Block R in Spencer Dock at a guide price of €105m. The building’s east and west wings, which are self-contained, are alternatively being offered in individual lots at guide prices of €55m and €50m respectively. Block R extends to a total area of 127,817 sq. ft. The majority of the east wing (53,856 sq. ft. distributed across the ground to fifth floor, and 18 car spaces) is let to the Office of Public Works (OPW) under a 20-year lease from May 2015, at a newly agreed passing rent of €2.636m pa, which equates to €48 per sq. ft., plus €3.75k pa per car space. The OPW lease contains a break option which is effective in May 2027. The sixth floor of the east wing (6,319 sq. ft.) is set to be occupied upon completion of the sale by the CBI on a short-term lease until September 2022 at a contracted rent of €323.95k pa. The retail unit at ground-floor level (2,481 sq. ft.) is currently vacant.
In the case of the west wing (65,161 sq. ft.), the CBI has committed to renting the ground to six floors (58,516 sq. ft.) and 23 car parking spaces on a short-term lease until September 2022 upon completion of the sale. The contracted rent in this instance equates to €3.0178m pa. Tesco Ireland, meanwhile, has recently signed a 20-year lease on the west wing’s two retail units, with break options in years 10 and 15. Tesco has agreed to pay a rent of €166.125k pa, or €25 per sq. ft. The Irish Times, 23rd February
Naas, Co Kildare The Osprey Hotel in Naas, Co Kildare, has launched the Osprey Hub, a co-working space. It incorporates 22 self-contained booths and desk spaces with access to soundproof pods for confidential calls and digital pedestals where people can securely store files or belongings. There are also boardrooms which can be hired for private meetings. Open daily from 8am to 8pm, the hub also has free parking, super-fast, fibre wifi and offers users unlimited data usage. Prices start from €25 plus Vat to hire a desk for the day, which includes free parking and complimentary tea and coffee. The Osprey Hub now joins the government’s initiative to promote connected hubs all around Ireland which will be used to build capacity and enhance existing remote working facilities. The Business Post, 27th February
Dublin Docklands Denis O’Brien’s Jepview has secured planning permission for a 15 storey office block in Dublin’s docklands. Jepview Ltd got the green light for the scheme at Two Grand Canal Quay after revising its original plans – which had envisaged a 15-storey high office block and a second eight-storey unit – in response to Dublin City Council expressing concerns over the scale of the proposal. Jepview sought planning permission for the 15-storey office block after acquiring the site through a swap deal with Trinity College Dublin. No objections were lodged against the scheme. As part of the conditions attached to the permission, the city council is requiring that Jepview pays €1.54m in planning contributions towards public infrastructure. The site currently comprises a single storey warehouse which extends to the full area of the site. The Irish Times, 28th February
Dundalk, Co Louth The Ballymascanlon House Hotel in Dundalk, Co Louth, has been acquired by Davy Real Estate for the TMR Hotel Collection, the portfolio of four- and five-star hotels assembled by Austrian investor Thomas Roggla. Market sources reveal that the TMR Hotel Collection has paid c. €15m to secure ownership of the property. The TMR collection includes Harveys Point, Aghadoe Heights, Connemara Coast Hotel, Mount Wolseley and Farnham Estate. The hotel itself comprises 97 bedrooms and is set on 130 acres of parkland. The Irish Times, 22nd February
Temple Bar, Dublin 2 Just four years on from its €8m acquisition of the then 171-bed Barnacles Hostel from the MHL Hotel Collection, MM Capital is offering the property to the market through JLL at a guide price of €11m. The Temple Bar Lane as it is now known has been refurbished and repositioned as a 36-key boutique hotel. The property is being offered for sale with freehold and equivalent long-leasehold title and the benefit of full vacant possession. The sale also includes a ground-floor cafe unit on Cecilia Street (tenant not affected). The Irish Times, 23rd February
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Ballsbridge, Dublin 4 JLL is guiding €5m for the Waterloo House guesthouse in Ballsbridge, Dublin 4. The 21-guestroom townhouse is being offered for sale with the benefit of freehold title and vacant possession. The property offers spacious accommodation in a prime location next to the Grand Canal. While Waterloo House retains numerous of its original period features, it also has a guest lift serving all floors. The rear garden, which houses the dining room and conservatory, offers expansionary potential (subject to planning permission). The Irish Times, 23rd February
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Killarney Outlet Centre Nike, the flagship factory outlet store of the Killarney Outlet Centre, is to close in two weeks with business moving online. Reports of uncertainty have been circulating since Christmas and that a review into operations was taking place. However, the decision to close the store, which has been a major attraction in the centre and with the loss of over twenty jobs, has come as a shock. The Outlet Centre comprising 90,492 sq. ft. of retail accommodation and almost 40 units remains on the market by owners Green Properties. The retail building on a 5.14-acre site is alongside Killarney bus and train stations. Other tenants include Costa Coffee, DV8, The Works, Tiger and Pavers. The Irish Examiner, 22nd February
Stoneybatter, Dublin 7 The Park Shopping Centre is being offered for sale as an investment and redevelopment opportunity by Cushman & Wakefield at a guide price of €11m. The property is an established multi-let centre of 19,991 sq. ft. set out on a 2.97 acre site, comprising 14 retail units and a single anchor store which is owner-occupied by Tesco (not included within the sale). Tenants at the scheme include Thunders Bakery, Park Pharmacy and Bodyfirm fitness studio. The investment also includes numbers 42, 43, 44 and 45 Prussia Street, with the entire portfolio delivering a current rent roll of €431k pa. In June 2021, the property received full planning permission for the development of a 578 bed-space student accommodation scheme, 32 BTR residential units, 11 retail units, two licensed cafe/restaurants and a part-licensed supermarket with 111 car parking spaces at podium level. The Irish Times, 23rd February
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Grafton and Henry Streets, Dublin Capital values on Grafton Street have plunged by c. €228m (40%) since the start of the pandemic. According to the latest MSCI/ SCSI Ireland property index, values on Ireland’s most expensive shopping street fell from €575.3m as of March 2020 to just €347.7m as of December 2021. With more than 20% of stores now vacant on the street, and a lack of certainty over others, the street has suffered from the dearth of both office workers and tourists in the past 24 months. The index covered 39 properties in March 2020 and two fewer, at 37, in December 2021; however, this isn’t enough of a difference to explain the sharp fall in values on the street. It’s a similar story on nearby Henry Street, where, according to the index, capital values have also plunged by 40% since the onset of the pandemic. Back in March 2020, Henry Street and Mary Street had a combined capital value of €247.33m, but as of December 2021 the value had plummeted to just 149.7m. Both figures are based on 34 properties The Irish Times, 23rd February
Industrial and Logistics Supply, Ireland Industrial and logistics specialist Rohan Holdings has work underway on facilities across three logistics parks north and south of the capital. The units will range in size from 20,000 sq. ft. – 162,500 sq. ft., with Rohan’s remaining landbank capable of accommodating individual units of up to 250,000sq ft.
The developments will include units at South-West Business Park. The first phase of buildings at the scheme will consist of four units ranging in size from 20,000 sq. ft. – 60,000 sq. ft. Phase 2 will consist of a HQ-style warehouse and office building extending to 162,500 sq. ft. and is expected to commence in the coming months. At the 150-acre Dublin Airport Logistics Park Rohan has recently completed 120,000 sq. ft. of pre-let space and is due to complete another two units of 70,000 sq. ft. and 50,000 sq. ft. this summer. Nearby at North City Business Park, at junction five on the M50, Rohan is close to completing the 45,000 sq. ft. “A6A/B” unit. The company is also on site with the next 45,000 sq. ft. “A5A/B”. All properties will target LEED silver sustainability credentials. The Irish Times, 23rd February
Ashford, Co Wicklow The Ashford House portfolio is being offered to the market at a guide price of €1.95m by Lisney. Situated on a 1.8-acre plot at the heart of Ashford village, the portfolio offers the prospective purchaser the opportunity to secure a commercial investment along with the scope to deliver a residential development. The subject property currently comprises a two-storey mixed-use investment building consisting of ground-floor retail units, a large, licensed premises, first-floor offices, a large enclosed rear yard, and a recently resurfaced car park. The building extends to 20,118 sq. ft. and is currently producing an income of c. €140k pa. The Irish Times, 23rd February
Smithfield, Dublin 7 The Smithfield Market portfolio is being offered for sale by agent Hooke & MacDonald at a guide price of €8.5m, which equates to an average of €447k per unit. The 19 apartments are occupied on standard residential tenancies and are being sold with tenants in situ who will not be affected by the sale. The portfolio comprises seven one-bedroom and 12 two-bedroom units located on and taking up the entire of the fourth, fifth and sixth floors. Five of the apartments are located at penthouse level. The Irish Times, 23rd February
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Dalkey, South Dublin A 0.37 acre site with full planning permission for six homes on Barnhill Road in Dalkey is guiding €2.5m. The property benefits from a recent approval by An Bord Pleanála for the construction of three detached five-bedroom houses and the conversion of an existing old schoolhouse/garage building into a two-bedroom townhouse. In addition, two existing town houses on the site are to be refurbished as exempt development giving the purchaser the opportunity to deliver a total of six houses on site (€417k per site). Nine car spaces are also to be provided. The site is zoned Objective A (to protect and/or improve residential amenity) under the Dún Laoghaire Rathdown County Council (DLRCC) Development Plan 2016-2022. The Irish Times, 23rd February
Clane, Co Kildare A community group has been granted permission by the High Court to challenge planning permission for 91 homes on the outskirts of Clane, Co Kildare. Clane Community Council is seeking an order overturning the project, which it says will contribute to “significant overdevelopment” of the town. The group’s case is against An Bord Pleanála, Ireland and the Attorney General, while developer Westar Investments Limited is a notice party. The proposed development comprises 58 houses, 33 apartments and a creche. The Irish Times, 24th February
Blackrock, South Dublin Residents are opposing “fast track” plans by co-owners of the Press Up Hospitality Group, Paddy McKillen Jnr and Matthew Ryan, for a €200m 493-unit apartment scheme on a site near Blackrock in south Dublin. In December the businessmen’s Oval Target Ltd lodged plans to An Bord Pleanála for the 11-block scheme, with one block rising to 10 storeys, on lands at St Teresa’s, Temple Hill, Monkstown, Blackrock. The 493 apartments are to comprise 220 one-bedroom units, 208 two-bedroom units, 47 three-bedroom units and 18 studio units on a site within one kilometre of Blackrock village. As part of the proposal the company has put an indicative price tag of €19.99m (c. €400k per unit) on the sale of 50 apartments to Dún Laoghaire Rathdown County Council for social housing as part of the firm’s Part V social housing obligations. Oval Target previously secured planning permission for 291 residential units on the same site in the face of some local opposition. That permission remains in place. In total, 41 objections have been lodged. The Irish Times, 24th February
Glenageary, South Dublin Plans by Red Rock Developments to construct 147 build-to-rent apartments in Glenageary, south Dublin are facing strong local opposition. Last year Red Rock Glenageary Ltd lodged fast-track plans to An Bord Pleanála for the 147 units across four blocks ranging in height from five to nine storeys in height at the junction of Sallynoggin Road Lower and Glenageary Avenue. More than 80 objections have been lodged against the scheme. Planning consultants for the project, Hughes Planning and Development Consultants, told An Bord Pleanála that the timely delivery of suburban housing on the site was appropriate and accords with the national focus on development, in response to the housing crisis. A decision is due on the scheme in April. The Irish Times, 23rd February
Lucan, West Dublin An Bord Pleanála has rejected plans by Paddy McKillen Jnr for a 20-storey BTR tower block for Lucan in west Dublin after widespread opposition to the scheme with 146 submissions lodged by locals. The refusal upholds a refusal by South Dublin County Council in December 2020. The 161-unit scheme was made up of four blocks ranging from four to 20 storeys in height, with the highest reaching 66 metres. In a submission to the board, the firm claimed the proposal would offer a quality residential development for residents in a low-density location. As part of its appeal, Fox Connect offered to reduce the scheme to a 12-storey proposal. An Bord Pleanála noted that the site was zoned for retail warehousing and that “residential” was not allowed on such sites. The Irish Times, 23rd February
Housing Supply, Ireland Property sector lobbyists have hit out at the government’s housing targets, and claimed that the supply of new homes has “stagnated and gone into reverse”. The lobbyists believe that 7,000 higher density schemes have been quashed by judicial reviews “on minor planning issues” within the past two years and “another 40,000 are at risk”. Furthermore, the government’s new Housing Needs Demand Assessment (HNDA) process should be “urgently reviewed” because it has created a “ceiling” for how many homes can be built in regions. In a separate letter to Darragh O’Brien, the Minister for Housing, the Irish Institutional Property (IIP) called on O’Brien to ensure that the Office of the Planning Regulator (OPR) “tackles instances” of local authorities diverging from national planning policy to encourage apartment developments. The OPR was set up to monitor the planning activities of local authorities and advise what should be removed from development plans. IIP represents some of the biggest property developers in Ireland, including Cairn Homes, Quintain Ireland, Kennedy Wilson and Ires Reit. The Business Post, 27th February
Naas, Co Kildare A land with development potential in Kildare has been brought to the market this week by agent Coonan. It is a strategical land bank in Naas, Co Kildare extending to 57 acres which has a €6m+ guide price, or more than €105.2k per acre. The objective of c. 43.84 acres is “Strategic Reserve” in the Naas Local Area Plan 2021-2027 to facilitate future development in line with the expansion of the town. A further 13.2 acres are to be used as open space and amenity. The Irish Independent, 24th February
Residential Development, Cork Plans for over 1,500 homes are either granted or advanced in the planning/SHD pipeline just beyond the North Ring Rd around Ballyvolane, Rathcooney, and the Fox & Hounds landmark hub, with unconfirmed reports of one site with planning for 750 units in place, attracting possible buyer interest at sums in excess of €20m, or €30k per housing unit. Separately, Cork developer O’Flynn Group is in the SHD process for 275 units (205 houses, 70 apartments, and services/amenities) at a site near Lahardane. Now added to the development mix is the 53-acre holding at Arderrow, just off Rathcooney Road, with a price guide equivalent to €55k an acre and available in three lots via joint agents CBRE and ERA Downey McCarthy. The sale includes industrial buildings producing a current income of €48.6k pa, and farmland let to a local farmer. The property has a €3.2m AMV and has 47.55 acres set for Tier 3 residential zoning; 5.65 acres are zoned open space. The Irish Examiner, 24th February
Residential Construction Activity, Ireland Deloitte Ireland’s latest Real Estate Planning & Development Statistics report says commencement notices were lodged on 24,304 units in residential schemes comprising more than 20 units last year. As c. 5k – 6k units are commenced annually in smaller schemes or standalone units historically, the Big Four accountant said, it arrived at an adjusted figure of 30,304 total residential commencements in 2021. That represents an increase of 40% on 2020, when there was a total of 21,686 commencements and a 16% increase on the pre-pandemic market in 2019, when work started on 26,237 homes. However, it took an average of 187.5 days to secure planning permission for new developments last year. Of the 24,304 units, houses made up 15,715 (65%), while apartments made up 6,691 (28%). A further 1,898 units (8%) were unclassified in planning documents. Dublin represented just over half the residential units for which planning applications were submitted, 57% of units for which planning permission was granted and 41% of units for which commencement notices were lodged. Cork made up 10% of units for which planning applications were submitted, 6% of units for which planning applications were granted and 11% of units which were commenced in 2021. The rest of Ireland made up 36% of units for which planning applications were submitted, 37% of units for which planning applications were granted and 48% of units which were commenced. The Irish Times, 1st March
Finance Raising, Iput has pulled in €150m from a private placement in the US as the property company progresses development and redevelopment projects. The debt raising consisted of two tranches maturing between 2034 and 2037 at a blended rate of 1.43%. In early 2020, Iput previously raised €200m from 11 institutional investors in its initial US private placement offering. Iput is lowly leveraged, with debt at the end of 2021 standing at 11% loan-to-value. The financing will be used for development and redevelopment work by Iput, including the 550,000 sq. ft. Quantum Distribution Park. Iput also has the potential to add a further 750,000 sq. ft. of sustainable logistics space at Nexus Distribution Park in the medium-term. React News, 28th February
Ronan Group Real Estate Ltd (RGRE) A dispute between RGRE and DigitalBridge, formerly Colony Capital, over the sale of stakes in the Dublin projects to US group, Fortress Investment worth an estimated €1bn has been resolved, the Commercial Court has heard. The disagreements arose out of a 2021 agreement by DigitalBridge relating to a €2.3bn transaction to sell its non-digital European property assets to Fortress. DigitalBridge’s joint ventures with RGRE are proposed to be wrapped into that deal, over objections from Mr. Ronan. The developments involved include a mixed residential and commercial project, known as the Waterfront, on Dublin’s docklands; Facebook’s new European headquarters at Fibonacci Square, in Ballsbridge; and the Spencer Place development in the docklands. The Irish Times, 28th February
CBRE Bi-Monthly Report, Ireland The lifting of all remaining pandemic restrictions in late January provided a welcome boost for many sectors of Ireland’s commercial property market. As a result, the months of January and February have been considerably busier than normal. Indeed, activity levels have picked up pace across all sectors of the market and this is now becoming increasingly evident in provincial markets as well as in the capital. Labour shortages and rising material and build costs, which have a direct impact on viability and deliverability, remain a concern in many sectors of the market particularly now as geopolitical tensions add further inflationary pressures. This in turn has heightened concerns about possible interest rate rises towards the end of this year as opposed to 2023. Nevertheless, the appetite for investment in real estate remains strong and particularly for energy efficient and sustainable assets. CBRE, 1st March
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Harcourt Street, Dublin 2 Savills is guiding €45m (4.85% NIY) for 87-88 Harcourt Street, Dublin 2 which is occupied entirely by Byrne Wallace on a 25-year lease from November 2003. The passing rent equates to €44.39 per sq. ft. (excluding car parking). The lease includes a break option for the tenant in November 2023. If the break is not exercised, the lease is subject to an upward-only rent review. There is basement car parking for 46 cars with separate car lifts for access and egress. The Irish Times, 16th February
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Merchant’s Quay, Dublin French investor Corum Asset Management has paid €23.5m for the Marshalsea Building at Merchant’s Quay in Dublin city centre. The property comprises 43,335 sq. ft. of refurbished office accommodation and is fully let to nine tenants with a weighted average unexpired lease term of five years and an annual rent roll of €1.45m. 70% of the floor area is occupied by State-backed/NGO organisations. Tenants include BDO (sub-let to the HSE), Dublin City Council, Irish Motor Neurone Disease, GCS Recruitment and Microchip Technologies. The Irish Times, 16th February
Thomas Street, Dublin 8 Knight Frank is guiding €14.75m (5% NIY) for Sixty-One Thomas Street. The building consists of 13,189 sq. ft. of grade A office accommodation over four floors with a bar/restaurant/cafe trading as John’s Bar and Haberdashery on the ground floor extending to 3,452 sq. ft. The property is fully let and generating total rental income of €810.2k pa. and WAULT of over seven years. There are seven secure car spaces and 32 bike spaces. The building’s ESG credentials are investment grade with a BER rating of B1 (LEED Gold equivalent). The Irish Times, 16th February
IFSC, Dublin Iput Real Estate has entered into a partnership with A&L Goodbody with the aim of creating Ireland’s most sustainable building through the redevelopment of the law firm’s headquarters in Dublin’s IFSC. The proposed redevelopment of 25 North Wall Quay will see the building’s existing footprint increase by 36% to 155k sq. ft. The redeveloped building will also include electric car charging stations, 200 bicycle spaces, 200 lockers, a fitness room and changing facilities. The development’s embodied carbon will be reduced by 60%. The Irish Times, 16th February
Dundalk, Co Louth Horseware Ireland, an equestrian and pet products business, is selling its two industrial facilities in Finnabair Business Park, Dundalk, Co Louth. CBRE is guiding €4.75m for Building 1 and €6.5m for Building 2. Located on unadjoining sites, the two offer a combined floor area of 199,057 sq. ft. Building One extends to 79,416 sq. ft. on a 5.68-acre site. Its two-storey offices extend to 19,084 sq. ft. Building Two, the former HQ of Horseware Ireland, extends to 119,641 sq. ft. on 6.67 acres. The warehouse and production area extends to 62,172 sq. ft. The two-storey offices which extend to 54,713 sq. ft., have been well finished. The building also benefits from 176 car-parking spaces. The Irish Independent, 20th February
Draft Hotel Development Plan, Dublin Whitbread, the listed UK hospitality group that owns the Premier Inn budget hotel brand, has urged Dublin city planners to water down proposed development rules that would limit the number of new hotels, as it chases sites in the city centre to build up to 2,500 new rooms. The company is currently building three Premier Inns in Dublin with construction on a fourth new project due to start in the summer, bringing its total room count in the capital to just over 1,000. In the draft development plan, the council proposes to prevent the “over concentration” of new hotel development by requiring all applicants for new hotels to submit a report to the council of all existing and proposed hotels and aparthotels within a 1km radius. The proposed rules would also require planners to consider a new hotel proposal in the context of how many student accommodation facilities were in the area, as well as hotels and aparthotels. The Irish Times, 18th February
Merrion Street Upper, Dublin 2 The Hastings Hotel Group has been seeking a buyer for its stake in the five-star Merrion Hotel. Industry sources suggested that the high-end Dublin hotel would fetch around €1m a key or €141m in total. The Northern Irish Hastings Hotel Group has a 50% share in the Merrion which would equate to c. €70m. The group’s hotels include the Europa Hotel, the Grand Central hotel and the Culloden Estate and Spa in Belfast. The Merrion Hotel, one of the most luxurious hotels in Dublin, had a challenging 2020 due to Covid-19, with revenues down from €26.6m to €17.5m. The Irish Independent, 20th February
Holiday Inn, Dublin Airport The 421-bedroom Holiday Inn at Dublin Airport has shut its doors to the general public after less than seven months in operation. It is understood the €50m hotel is being lined up by the State to operate as an accommodation centre for asylum seekers. The four-star property was opened only last July by the UK-based JMK Group. It is the fourth biggest hotel in Dublin, after Citywest and the Clayton hotels on Burlington Road and at the airport. The International Protection Accommodation Service (IPAS), the office of the Department of Children that houses asylum seekers already has six accommodation deals with hotels in Dublin. The Irish Times, 22nd February
Shopping Centre Portfolio, Harcourt Group is considering a sale of its portfolio of six shopping centres, which includes the Parkway shopping centre in Limerick, Laois shopping centre in Portlaoise and Galway shopping centre in the western capital. Harcourt’s main lender Apollo Global Management has retained agents JLL to advise on its strategy for the assets. Apollo purchased a total of €625m of Harcourt Group loans from Nama for just over €300m in August 2017. The portfolio, which also includes Donaghmede shopping centre in Dublin, the Longwalk centre in Dundalk, Co Louth, and Letterkenny shopping centre in Donegal, was valued at €139m at the end of 2020. Market sources say that the portfolio has a rent roll of c. €10m. The Sunday Times, 20th February
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Goatstown, South Dublin Kelly Walsh are guiding €11.25m for Grove House in south Dublin. The development comprises a five-storey over-basement residential block of 19 apartments with associated car parking facing on to Goatstown Road. The development, which is fully let, is currently generating c. €522k pa. and has 21 car-parking spaces at basement and surface level, with eight electric car charging points. The Irish Times, 16th February
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Elmpark Green, Dublin 4 Property developer Red Rock Developments has acquired a prime residential site in Dublin 4 with plans for 80 high-end apartments and a residents’ club house. The scheme is expected to be launched next year. The developer has acquired a 1.4 acre site at the Elmpark Green Development on the Rock Road for €7.025m. This works out at €96k per unit, based on the planning permission in place for 73 apartments. The Irish Times, 16th February
Newbridge, Co Kildare A development site that has full planning permission for 204 homes at Ballymany, Newbridge, Co Kildare, is being brought to the market by joint agents DNG New Homes and DNG Doyle at a guide price of €9.5m. The 16.7 acre site benefits from planning permission to develop a large scale development of 204 new residential homes, comprising 98 two, three and four-bedroom houses, and 106 one, two and three-bedroom duplexes and own-door apartments. The site also has permission for a creche. The Irish Times, 16th February
Irish Development Land Market Report Savills The value of development land sales in Ireland last year rose 11% to €648m, according to a new property report from Savills. The company said c. six out of every 10 land deals last year were for sites in the residential sector. A further €450m worth of land deals are currently sale agreed, or the lands are being marketed. It said this made it confident of another “robust” year for land sales in 2022. Savills said land in prime areas with planning permission in place attracted strong bidding across sectors. “Even sites without planning permission have performed well if they are sufficiently well located, as evidenced by the sale of City Quay for €40.5m in Q3. The price achieved was well ahead of the guide of €35m and attracted a deep pool of bidders.” The report highlights that the largest land deal last year was Eagle Street Partners’ €78m purchase of a six-acre site at Castleforbes Business Park. The Irish Times, 21st February
Clontarf Golf Club, Dublin 3 Property developer Green Land Capital has told Dublin City Council that up to 5,000 new homes could be built on the grounds of Clontarf Golf Club if the 75-acre site is rezoned for residential purposes, and if members of the club agree to move to a new course on lands that were once part of the Abbeville estate in Kinsealy. The council currently owns 62 acres of the site, with the golf club holding 10.6 acres and State transport group CIÉ owning 2.6 acres. The developer would have to secure agreement from the council and CIÉ as landowners and the members of the golf club, in addition to securing permission from Fingal County Council for the new golf course on the Kinsealy lands. The Irish Times, 17th February
Mallow, Co Cork Lisney is offering prime residential development land for sale close to Mallow town centre in Co Cork. The property comprises an overall landholding of c. 90 acres which is laid out in two main sections. The northern section consists of c. 47.68 acres of zoned residential development land with access from St Joseph’s Road. It has potential for residential development and a continuation of the adjoining Castlepark residential scheme, subject to planning permission. The property is for sale by tender in one lot, with a guide sale price of €2.35m. The tender deadline is 3pm on Thursday, March 31st. The Business Post, 20th February
Citywest Business Campus, West Dublin JLL are guiding €2.25m for three prime development sites in the heart of Citywest Business Campus. The sites collectively extend to 5.3 acres and are split into 1.1, 1.9 and 2.3-acre plots. They form part of the highly successful Lake Drive office area within Citywest, and are situated within the main central office sector of this sought-after business campus. The Business Post, 20th February
Merrion Road, Dublin 4 The Religious Sisters of Charity have urged planners to allow housing on their land at Merrion Road in south Dublin, in a move that could value the site at €50m if it is sold for residential development. The property, adjacent to St Vincent’s hospital complex and the new national maternity hospital site, is in a “prime” suburban location. In a formal submission to the council, they said the site buildings are physically and functionally obsolete and argued that “underutilised” land opens up an opportunity to deliver “high quality residential development and address housing need”. Advisers to the Sisters asked to change the zoning on c. 9.88 acres of its 16.2-acre campus to reflect the “future development potential” of institutional lands. The Irish Times, 22nd February
Construction Costs, Ireland Soaring construction costs threaten to stall new home building in the country, a multinational surveyors’ firm has warned. The inflation that added as much as 23% to costs of key materials including timber in 2021 will continue to the end of this year, when it will begin easing, says surveying firm Linesight. However, rising costs over the last year have prompted developers to put new home building projects on hold. The surveyor added that high site costs and planning issues were adding to the problem. Linesight expects materials inflation and supply disruption to continue this year, but with less volatility than in 2021. Local shortages and high import prices pushed the cost of timber up 23% last year to c. €7.4 a sq. ft. from €6 a sq. ft. in 2020. Linesight expects supplies to improve this year but prices to remain relatively high. Government delays in issuing licences needed to fell timber have been squeezing supplies for more than two years. Copper surged 43% last year to €7,901 a tonne. Cement rose 4.4% to €217 a tonne. Diesel jumped c. 18% to €1.42 a litre, reflecting high energy costs. Workers’ wages are due to increase from this month, with tradespeople earning €20.52 an hour, from €19.96. The Irish Times, 16th February
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Grafton Street, Dublin 2 Lego is opening its first Irish store in Grafton Street in Summer 2022. The shop will have a minifigure factory where shoppers can design their own unique Lego minifigures. It will also blend physical and digital experiences in an immersive way. The Irish Times, 10th February
Planning Rules in Dublin City Centre Dublin City Council has proposed to downgrade certain streets in Dublin from their retail status category one to category two. Some of the streets included are O’Connell Street, Liffey Street, Earl Street and Middle Abbey Street on the north side and Wicklow Street, South King Street, Duke Street and South Anne Street on the south side. As a result of this proposal, only Grafton Street and Henry Street and Mary Street will remain as category one retail. Under category two, property owners may be allowed a wider range of uses such as cafés and restaurants, cultural, tourist and entertainment uses as well as “retail services that add to the vibrancy of these streets and create a mixed use environment to provide for a more integrated shopping and leisure experience.” The Sunday Business Post, 13th February
Covid 19 Rent Arrears Appeal Foot Locker has gone to the Court of Appeal in relation to their Grafton Street premises. It is understood that this appeal is the first-ever court case to arise regarding rent arrears from the Covid 19 pandemic to be taken to an appellant court in Ireland. Foot Locker are seeking a write off more than €519k arrears relating to 253 days they were unable to open as a result of lockdown. Their arrears are over €1m relating to their €750k pa lease with Percy Nominees Ltd, their landlord and an investment company run by Davy Stockbrokers. Foot Locker lost their High Court action. The Sunday Business Post, 13th February
Kilternan, Dublin 18 The Golden Ball pub in Kilternan is on the market guiding €2m. The 10,333 sq. ft. two storey property is located on the Enniskerry Road at the junction with Glenamuck Road and includes a ground-floor lounge bar, public bar and two first-floor function rooms, offices and stores. The Irish Independent, 10th February
Dobbins Restaurant, Dublin 2 is guiding €1.5m with Bagnall Doyle MacMahon. The 3,778 sq. ft. two storey restaurant has capacity for more than 100 covers but has not traded for some years and would require capital expenditure. The property is located on Stephen’s Lane, Dublin 2 in the heart of Georgian Dublin. It comprises a ground-floor bar/reception area and customer toilets, a large catering kitchen and dining area, a conservatory-style restaurant, plus an outside terrace/smoking area. On the first floor there is a private dining room, a prep kitchen with cold-room storage, and staff changing facilities. The Irish Independent, 10th February
Montenotte Hotel, Cork City is investing €4m in creating 23 individual green suites with views over Cork City. The suites will range in size from 430 sq. ft. to 592 sq. ft. They will include five elevated or suspended “nests”, four cantilevered suites and 13 woodland suites below the treeline along with 969 sq. ft. breakfast /services area. The Irish Examiner, 10th February
Boland’s Pub, Stillorgan, Co Dublin is on the market with Bagnall Doyle MacMahon for €1.5m. The property extends to 4,262 sq. ft. and is located on The Hill, beside Stillorgan Shopping Centre. It comprises a lounge bar on the ground floor with overflow capacity on the first floor. The Irish Independent, 10th February
Viaduct Inn, Cork Cliste Hospitality has purchased a bar/restaurant beside the Victorian-era Chetwynd Viaduct in an off-market deal for an undisclosed sum which The Irish Examiner notes is likely to be €1.5m – €2m. the CEO of Cliste Hospitality Paul Fitzgerald has commented that they plan to develop it as a major food and drinks destination on the gateway to West Cork. The Irish Examiner, 10th February
Blarney Castle, Co. Cork The Blarney Castle Estate Partnership who operate the Blarney Castle has brought a High Court challenge against An Bord Pleanála’s decision to grant planning permission for a development that includes a 80 bed hotel, 70 residential units and supermarket on a site 200m from the attraction. The decision to grant the permission went against its own inspector and Cork County Council. It is believed that the proposed development would damage the castle’s character and reputation as a major tourist attraction. The Irish Times, 14th February
Killashee Hotel, Co Kildare FBD Hotels and Resorts has agreed to buy Killashee Hotel for €25m from Tetrarch Capital. The four-star hotel in Naas has 141 bedrooms, 20 meeting rooms, three conference and event ballrooms, two wedding venues a gym and 25m pool. The acquisition will bring to six the number of luxury hotels owned by FBD Hotels and Resorts including the Heritage Hotel and Spa, Laois, Castleknock Hotel, Dublin and Faithlegg Hotel, Waterford. The Irish Independent, 14th February
40 Mespil Road, Dublin 4 Huawei, the Chinese ICT firm and Crowe, the Irish accountancy and business advisory firm, have both agreed to lease space at 40 Mespil Road. The property was the former BOI headquarters, but the bank commenced marketing the 120,000 sq. ft. space to sublet in 2021 having moved to a hybrid working model. Crowe are taking the penthouse office suite and Huawei are taking the fourth floor. Both are subletting c.28,000 sq. ft. until 2028. The third floor extending to 16,000 sq. ft. is still available to let on flexible terms of €52.50 psf through Savills. The Irish Times, 9th February
Office take-up in Dublin According to Hibernia Reit, office take-up in Dublin has continued to recover which is led by occupiers in the technology and professional services sectors. Circa 1m sq. ft. was leased in Q4 2021 with two large lettings accounting for half of this. Q4 2021 was the third consecutive quarterly increase in take up of office space. Grade A office space vacancy rate in Dublin City centre fell from 11.1% to 9.1% from Q3 to Q4 2021, and was 8.7% at the end of 2020. Overall Dublin office vacancy rate fell from 10.5% to 9.8% QoQ compared with 9.5% in Q4 2020. Prime Grade A office headline rents “remained stable” at €57.50 psf. The Irish Independent, 10th February
83 Harcourt Street, Dublin 2 has been brought to market with Knight Frank guiding €2.5m (€519 psf). The 2,393 sq. ft. four-storey over basement end of terrace Georgian property is for sale with the benefit of vacant possession and also includes the period annex building on 1 Clonmel Street, bringing the total internal space up to c. 4,820 sq. ft. The Irish Times, 9th February
Rental Prices Dublin According to Daft.ie, the number of homes available to rent has fallen close to historic lows when rents have increased sharply. There were fewer than 1,400 to rent nationally at the beginning of February 2022 with just 712 available in Dublin, the lowest levels since Daft’s records began in 2006. This coincided with a sharp spike in rents in Dublin with rents rising more than 4% in the last three months of 2021 to an average €2,258 in South Dublin and €1,897 in North Dublin. Nationally the average rent on Daft was €1,524 at the end of 2021, a rise of 10% in 12 months. The Irish Times, 9th February
Share Equity Scheme A new Business Post analysis has found that rising property prices are threatening to reduce the impact of the government’s shared equity scheme before it has opened for applicants. The scheme is due to launch mid 2022 and will involve the government supporting first time buyers by taking a 20% equity stake in the property. Only new build homes below certain prices will be eligible. €450k for Dublin City and Dun Laoghaire, €400k in Fingal, Wicklow, Galway city, Cork city and south Dublin and €350k in Co Cork, Co Galway, Kildare, Meath and Limerick. The Business Post’s review shows there are very few that meet this requirement. Of the 50+ developments in Dublin only four have homes within the price limits. There are no homes in Waterford and Tipperary that meet the requirements. Some parts of Cork and Wexford have a number of developments but in Cork these homes are €10k below the €350k cap and in Wexford the houses are advertised at prices between €248k and €280k where the cap is €300k. House prices rose by 13.5% in 2021 and are expected to rise by a further 5% in 2022. The Sunday Business Post, 13th February
Drogheda, Co Louth REA Grimes is guiding €4m for a 35.6 acre site (€112k per acre) located in Drogheda, Co. Louth and is seeking formal tenders by 12pm on 2nd March. The site is being sold on behalf of Premier Periclase and is adjacent to the company’s site at Boyne Road. It is zoned E1-General Employment. The Irish Times, 9th February
Wicklow Town, Co. Wicklow Vincent Finnegan is seeking tenders by March 25th for a 7.57 acre site at the Murrough in CO Wicklow, which is a strip of land bounded by the Irish Sea and Vartry River. The site is zoned mixed use, which includes residential, community, employment and retail uses and has the potential to accommodate more than 450 homes. While there is no guide price, market sources indicate the site could be worth more than €7m (€925k per acre). The Irish Times, 9th February
Kilkenny City Hooke and MacDonald is guiding €4.1m for a 13.5 acre site (€304k per acre) with full planning permission for 42 new homes. These include ten three-bed 1,335 sq. ft. semi detached houses, 27 four-bed detached 2,088 sq. ft. houses and six five-bed 2,7,23 sq.ft. houses. The Sunday Business Post, 13th February
Aerodrome Business Park, Dublin IPUT is looking for a tenant for a new logistics facility at Aerodrome Business Park in southwest Dublin. The 160,000 sq. ft. logistics facility at Unit Q will be completed in July, and follows the successful letting of Unit G, a 120,000 sq. ft. facility, to Lifestyle Sports. The latest facility at Aerodrome is part of IPUT’s pipeline of 1.4m sq. ft. of logistics assets, with a focus on sustainable real estate/logistics. Unit Q will have the highest sustainability standards in the market: LEED Gold, BREEAM Excellent and a BER A3 rating. Philip Harvey of Harvey has been appointed as leasing agent for Unit Q. IPUT is the largest owner of offices and logistics assets in Dublin, and currently has a portfolio of about 2.5m sq. ft. of logistics assets, the largest portfolio of prime logistics assets in Ireland. The Irish Times, 9th February
Northwest Business Park, Dublin 15 Park Developments is selling three logistics investment properties at Northwest Business Park Phase 2. Fully let, the three units total 33,500 sq. ft. and are generating €230k per annum from two tenants (OTIF Logistics & RTFF Business Services). Selling agent Fergus O’Farrell of Savills is guiding €6m for the premises, which comprise Units 507A and B along with 508A Mitchelstown Road. Developed by Michael Cotter’s Park Developments, Northwest Business Park is one of Dublin’s established industrial locations. The units are within 6.5kms of Junction 5 and Junction 6 on the M50, providing motorway access to all main arterial routes. The Irish Independent, 10th February
Rathcoole, Co Dublin Joint Agents CBRE and Savills have brought Building Two at Greenogue Logistics Park to market to lease. They are seeking €10.50 psf on a ten-year lease. Building Two is Ireland’s largest speculatively developed logistics facility and extends to 287,117 sq. ft. and is ready for immediate occupation. The Sunday Business Post, 13th February
Creches, Dublin Giraffe childcare, the provider that operates 29 creches in Dublin, is set to expand its presence further through the acquisition of two creches for more than €2.65m. They are in Rathgar and Lucan, were sold by Cairn Homes and comprise about c.12,583 sq. ft. of space. Both creches are fitted out and are expected to open in summer 2022 by Giraffe Childcare, which is owned by UK provider Busy Bees. Selling agent Hooke & MacDonald said there was very strong interest in both. The Marianella creche in Rathgar extends to 5,156 sq. ft. The Shackleton Mill creche is located in Lucan and extends to c.7,427 sq. ft. Hooke & MacDonald noted very strong interest in both creches with competitive bidding ensuing amongst a number of established creche operators, which was brought to a head via a best bid process. The agent is seeing strong demand from operators in the greater Dublin area. The creche market has seen considerable activity of late. Busy Bees recently acquired Park Academy Childcare, another Irish operator, while last year British venture capital group Business Growth Fund put €10.5m into fast-growing Irish operator Tigers Childcare. The Irish Times, 9th February
Photovoltaic Solar Farm The Dublin Airport Authority has lodged plans for a photovoltaic solar farm on a 26.7 acre site southwest of the airfield bounded by St Margaret’s Road, Harristown Lane and South Parallel Road. If permitted, it would supply 8.1% of Dublin Airport’s overall energy requirements and 11.7% of its electrical requirements according to a DAA spokesman. The Irish Times, 10th February
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Swords Business Campus RocDoc has signed a 10-year lease from December 2021 for 22,500 sq. ft. of office space at the development. The campus is positioned near the M1, five minutes north of Dublin Airport, and will be serviced directly by the planned Metro Link which will link the campus directly to St Stephen’s Green in an estimated journey time of 25 minutes. RocDoc is an Irish heathcare provider which focuses on minor emergency, GP clinics and Covid-19 testing centres nationwide. The owners of the Business Campus have in recent years begun broadening the range of occupiers from traditional office to healthcare and educational spaces. SIMS IVF relocated to the campus in 2020. Joint agents TWM and JLL note they are seeing strong interest for the remaining available space in the park ranging from 4,000 sq. ft. to 25,000 sq. ft. quoting rent of €18 psf. The Irish Times, 2nd February
Apex Business Centre, Dublin 18 Colliers are guiding €1.1m (11.3% NIY) for Unit B, Block C Apex Business Centre in Dublin 18. The 2,228 sq. ft. first floor office is fully let to Allied Pension Trustees Ltd on a 25-year lease from July 2002 at €136,908 pa with five yearly upward only market rent reviews. The property is also being sold with four basement car-parking spaces. The Irish Independent, 3rd February
Capel Building, St Mary’s Abbey Dublin 7 QRE are guiding €2.75m (8.45% NIY) for the penthouse of the Capel Building. The property extends to 6,921 sq. ft. (€397 psf) and comprises of suites 501-506 which have been interconnected to provide high-quality office accommodation. The property is fully let to Storm Technology for 10 years from February 2019 at €255,667 pa. The lease provides for a fixed uplift to €284,097 pa from February 2024 onwards. The tenant has a break option in January 2024. The property is also being sold with three car-parking spaces with the benefit of vacant possession which could be rented for €9k pa. If the tenant does not exercise their break NIY would increase from 8.45% to 9.4%. The Irish Times, 2nd February
Fitzwilliam Hall, Dublin 2 The Paris headquartered real estate investment management firm, Sofidy, has purchased Fitzwilliam Hall, a prominent office building at Leeson Street Bridge for €30.35m (4.2% NIY). The 30,757 sq. ft. office building comprises Fitzwilliam Hall which is divided between a basement and four upper floors, connected on each floor to the second building, 25 Fitzwilliam Place. It was sold by Henderson Park, the London headquartered private equity real estate manager and is Sofidy’s second Irish acquisition. They acquired 76-78 Harcourt Street, occupied by the OPW in July 2021 for €21m, also from Henderson Park. Henderson Park announced in 2020 the sale of the Capital Collection, a €400m portfolio it acquired as part of its €1.34bn buyout of Green Reit. The Irish Times, 2nd February
Portmarnock, North Dublin Centra has agreed to become the anchor tenant for the retail centre at St Marnock’s Bay, the new residential scheme being delivered by Quintain in Portmarnock, North Dublin. The 3,200 sq. ft. retail unit will front on to Station Road. Quintain has two other units available to let extending to 985 sq. ft. and 1,677 sq. ft. The centre adjoins Portmarnock Dart Station and the two units would suit a pharmacy, café or medical centre. Quintain plans to build 1,200 residential units on 98 acres of land in Portmarnock. 270 homes have been built to date with a further 133 to be completed in early 2022. The Irish Times, 2nd February
Carrigaline, Cork Savills Cork are guiding €1.05m (9.75% NIY) for a 3,600 sq. ft. purpose-built bank building on the main street in Carrigaline, currently let to AIB Bank. AIB have five years remaining on their current lease at €112,600 pa. The property is located in the middle of Main Street, close to where a new ring road is under construction to the rear of this street-fronting property and where discount retailer Aldi plan a new €10 million 15,000 sq. ft. new store directly to the north. The two-storey property is on a site of 0.14 aces with parking to the rear for 14 cars. The Irish Examiner, 3rd February
Howth Castle, Tetrarch Capital and Michael J Wright Hospitality Group are seeking planning permission for a €10m redevelopment of Howth Castle. The plans include a new 150 seat restaurant, cookery school, gin-making school, picnic and play areas, a falconry, petting farm, a garden centre and a range of retail stores. The National Transport Museum would remain on the site while a 150-seater marquee would be located to the south of the castle for weddings and other events. The plans also include 6km of internal walks and cycleways through the estate to link Sutton and Howth. The Wright group would take a 25-year lease on the property. Tetrarch purchased the Castle and 472 acres of surrounding lands along with Ireland’s Eye from the Gaisford-St Lawrence family for an undisclosed sum in 2019. The Irish Times, 3rd February
2022 Pub Sales The Sunday Business Post reports that agents are expecting an increase in sales activity in the Dublin pubs market this year with some agents expecting early 2022 sales to be up to €46m, higher than the annual average of €35m over the last 10 years. There were c. 12 pubs sale agreed at the end of 2021. A strong Q1 would see the whole of 2022 sales close to €70m which was also seen last year. This compares to €41.65m of sales in 2020. Lisney note that the €70m seen in 2021, which was the largest market turnover in a decade, was generated by the sales of 27 Dublin pubs. The Business Post, 6th February
Independent House, Dublin 1 Knight Frank are guiding €34m for Independent House, located at the corner of Talbot Street and James Joyce Street in Dublin City Centre. The 55,151 sq. ft. property (€616 psf) comprises four floors of grade-A office accommodation over retail at ground floor. The fourth and fifth floors also feature communal south-facing balconies and terraces overlooking the city. The property is the Dublin headquarters of Mediahuis Ireland Limited, the publisher of various newspapers including the Irish Independent and Sunday Independent. The lease was recently regeared along with a significant building fabric upgrade. Mediahuis Ireland Limited signed a new 10 year lease on 1st January 2022 at €1.66m pa with a full guarantee from its Belgian parent and reviews will be CPI linked. 26 secure basement car spaces are included in the Mediahuis lease. A €4m programme of upgrade works is currently being undertaken by the company. The 9,649 sq. ft. retail space is let to SuperValu on a 25 year FRI lease from December 2004. Based on its guide price of €34 million, the revised combined rent roll of €1,941,592 per annum at Independent House offers the prospective purchaser a net initial yield of 5.2%. The Irish Times, 2nd February
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Dublin Properties The Sunday Business reports that Ronan Group Real Estate (RGRE) may be seeking a new business partner as part of a prospective bid to purchase a collection of Dublin properties worth €1.2bn. The three properties are Fibonacci Square on the site of the old AIB Bank Centre in Ballsbridge, where Facebook plan to located their EMEA headquarters, The Waterfront South Central, which is a commercial and residential scheme which will include up to 1,000 new homes and Spencer Place, the future EMEA headquarters of Salesforce and a hotel to be known as Samuel run by Dalata Hotels. The Business Post, 6th February
Dundrum, Dublin Rockfield Centre, located immediately adjacent to the Luas green line stop at Balally and 350m from the entrance to Dundrum Town Centre, has been brought to market by Savills and Investi guiding €25.5m. The sale of the investment at that level would offer the buyer a NIY of 6.75 per cent and equates to a capital value of €341 per square foot. The investment comprises three blocks let to 20 tenants with a WAULT of over seven years and generates €1.89m pa. Rockfield Central comprises 74,858 sq. ft. across three blocks, North, South and East. The investment is virtually fully let to 20 tenants including the vendor, Mac Group, Mott MacDonald, Medserv and VHI Investments, with 77% of the income derived from offices and 23% from retail. The average passing office rent is €24.53 per square foot (excluding car parking). The blocks, managed by Investi, offer substantial asset management opportunities, meanwhile, with several outstanding rent reviews and potential to let the part vacant floor in the north block. The subject portfolio also includes 45 car-parking spaces in the adjoining Balally park and ride facility and seven surface spaces. The Irish Times, 2nd February
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Blanchardstown, Dublin Joint agents Cushman and Wakefield and Savills are guiding €35m for 118.40 acres (€296k per acre) near Blanchardstown with potential for significant re-development. The property known as Killamonan Business Park is currently undeveloped and mainly in agricultural use. The site is zoned entirely for general employment use and 114 acres are located to the southeast of the M2 while two separate land parcels are located on the opposite side of the M2 link road. There is an existing dwelling on part of the lands known as Killamonan House and Gardens, which extends to about 1.5 acres and also forms part of the sale. The site is 3km from Dublin Airport, 5km from the M50 and 13km from Dublin Port Tunnel. The Irish Times, 2nd February
Foxrock, Co Dublin Joint agents CBRE and Beirne & Wise are guiding €3.25m for a 1.48-acre site (€2.19m per acre) in Foxrock located on Mart Lane at the corner junction with St Brigid’s Park and c.1km from Foxrock village via Westminster Road. The site is zoned Objective A “to protect and improve residential amenity”. According to a feasibility study carried out by Plus Architecture, the site can accommodate several 1,076 sq. ft. to 1,389 sq. ft. terraced and semi-detached houses. The Irish Times, 2nd February
Castledermot, Co. Kildare CBRE are guiding €1.5m for a 15-acre site (€100k per acre) which includes 12.6 acres of residentially zoned land at Castledermot, Co. Kildare. Previous planning permission that was granted in 2005, extended in 2012, has since expired but allowed for 154 residential units comprising houses, duplex, and apartment units. The Irish Times, 2nd February
Blackrock, Cork City The Ursuline Order has sold a three-acre site and their purpose-built 16-bed home in Blackrock village to property development firm Lyonshall for €3.94m. Lyonshall previous bought the order’s period Convent and former school in 2002 for €13m which they subsequently sold for €30m. Savills brought the property to market in September 2021 guiding €4m. The Irish Examiner, 3rd February
Dublin 6 Hunters are guiding €2.45m for 44 Leeson Park in Dublin 6. The property comprises a three storey, mid terraced redbrick Victorian 3,165 sq. ft. building. It originally had a pre-63 declaration for 10 units but has been upgraded and now contains six rooms in the upper portion as well as a two bedroomed flat at garden level. The Business Post, 6th February
Cost Rental Developments in Kilcarbery in Clondalkin and City West are offering tenants with difficulty affording rent prices the opportunity to rent properties at 30% below market rates with 118 apartments and duplexes being offered between the two sites. Under the cost rental system, rents are based on the costs of building, managing, and maintaining the homes and allow tenants lease properties for several years. The scheme is aimed at households with a net income of up to €53,000 pa, who earn too much to quality for social housing but cannot afford to buy or rent on the open market. Tuath will be offering one-bed apartments in Kilcarbery at €1k per month with two beds to be priced at €1.2k. In City West the two beds will also be €1.2k per month and 3 bed duplexes for €1.3k. The Irish Times, 7th February
Cushman & Wakefield Q4 2021 Investment Market Report notes the last three months of 2021 saw just under €2bn worth of commercial property assets trade hands of which the majority were income generating at the point of sale. There was €5bn transacted across 173 deals in 2021 in the Irish investment market.
Environmental, Social and Governance (ESG) is now a criterion which valuers must now consider along with sustainability as part of the revised Red Book criteria. Johanna Gill, Deputy Head of Valuation and Advisory at Cushman & Wakefield noted “Valuers will have to interpret market views on sustainability and ESG, and a practical result is that the valuations of second-tier assets are being affected”. The Irish Independent, 3rd February
Data Centres Dublin is ranked 21 of 55 in terms of market size in the latest survey of global data centre locations. Dublin, with a vacancy rate of c3% achieved the third highest occupancy rate and ranked sixth in terms of development pipeline with 200 megawatts of capacity under construction. Dublin maintained its number one ranking in terms of being the safest for environmental risks. Dublin ranked 21 in terms of total power of almost 200 megawatts. The Irish Independent, 3rd February
Mount Juliet Equestrian Centre Sherry Fitzgerald County Homes and Estates and local agent Sherry Fitzgerald McCreery in Thomastown are seeking €1.75m for the Mount Juliet Equestrian Centre. The property comprises 26 loose boxes across two barns and was fully refurbished c. six months ago. There is also use of c.30 acres of paddocks under lease and access to c.500 acres of trail rides on the managed estate. The Business Post, 6th February
KBC Non-Performing loans of c.€1.1bn have been sold to a US-headquartered investment manager Carval Investors. Pepper Finance will manage the loan portfolio. The portfolio consists of private homes and buy to let loans. The Irish Independent, 7th February
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St Stephen’s Green House, Dublin Once the headquarters of the Irish Sugar Company, St Stephen’s Green House at the corner of Leeson Street and Earlsfort Terrace, is coming to the market for €50m.
Tenants at the seven-storey building include property consultants Lisney, the OPW and US food services company Aramark. State Street Global Advisors are selling the building which was constructed in the 1960’s. Savills and Knight Frank have been appointed as selling agents. The Sunday Times, 30th January
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Liberties, Dublin 8 Valorem Investment Partners and Revelate Capital have secured the first two lettings at the Eight Building, their new office and retail development at Newmarket Square in Dublin’s Liberties. Banach Technology has agreed to lease the scheme’s 8,000 sq. ft. penthouse, while the fourth floor, which extends to 13,250 sq. ft. has been let to multinational Infineon on a 15-year lease. The Eight Building comprises a total of 75,000 sq. ft. of grade A office accommodation, along with several artists’ studios, and 6,500 sq. ft. of food market space. The joint letting agents CBRE and Cushman & Wakefield are now actively marketing floors 1-3 at the Eight Building with leasing opportunities available ranging from 3,000 sq. ft. to 5,000 sq. ft., to 52,000 sq. ft. The Irish Times, 26th January
Clondara, Co Longford A significant warehouse development, ideal for logistics, warehousing, data centre and energy uses, has come to the lettings market in Co Longford, with the potential for one or more occupiers. Fisherstown in Clondara, Co Longford, is a 330,000 sq. ft. warehouse development. The property, which sits on the banks of the river Shannon, comprises a detached industrial unit which includes industrial workspace and ancillary offices. The site extends to c. 75 acres. The land was recently acquired by the Mashup Group, an Irish-owned entrepreneurial concern whose projects include Schoolbooks.ie and BusterBox.com. The site dynamics include a grid connection with planning permission for a solar farm, while its proximity to water will likely enhance its attractiveness as a data centre location. A development team is being appointed to prepare a master plan for the site, with consultations underway with Longford County Council. Sherry FitzGerald has been appointed to lease the development, with rents expected in the range of €4-€5 per sq. ft., depending on occupier requirements. The Irish Times, 26th January
Malahide, Co Dublin A significant commercial investment opportunity in Malahide in north Co Dublin, with secure, annual rental income of €167.3k and a net initial yield of 7.69%, has been brought to market by REA Grimes. Located in the heart of Malahide village, Kilronan House is home to eight businesses and goes to market with an asking price of €2m. The property measures about 6,700 sq. ft., comes with six parking spaces at the rear. The eight units are fully occupied by businesses including a barber shop, chiropodist, tanning salon, Malahide Medical Centre and takeaway. Three of the ground-floor businesses have their own external doors. Commercial rates are paid by tenants who are not affected by the sale. The Business Post, 30th January
St. Patrick’s Street, Cork Irish bookseller and stationers Eason is set to ink a deal on its new premises in the heart of Cork city. Eason is securing its new footprint on the ground floor of the historic former Victoria Hotel, No. 36, right next to the Penneys/Primark building, itself due a multi-million euro expansion. Eason is preparing to relocate by Spring to the middle of St. Patrick’s Street by Cook Street, opposite Opera Lane. Eason is in final negotiations to take the entire reconfigured ground floor of c. 5,000 sq. ft. in the 1810-built building from landlord Joe Donnelly, who is actively upgrading having secured the full building five years ago after it ceased trading as a hotel on its upper levels. The Irish Examiner, 26th January
St. Patrick’s Street, Cork Primark’s plans to expand its Penneys store on St. Patrick’s Street in Cork city has received a setback, as Cork City Council has requested further information before casting its final say on the project. The retail giant is seeking planning permission for a major increase in space at its city centre shop, adding 17,000 sq. ft. to its existing 37,000 sq. ft. In its most recent correspondence with Penneys, Cork City Council said the retailer hasn’t yet sufficiently addressed the concerns it has regarding the impact of the development on the built heritage in the area. In response, Penneys said that approving its application would help to reduce the number of vacant premises in Cork city centre. Penneys said the development would also help to attract more visitors to the city centre. It also included a report from estate agents Lisneys, which said there is an adequate mix to satisfy the demand for shopping and restaurants in the city centre and that the Penneys development would have no material impact on the diversity of units in the city. The Irish Examiner, 25th January
Dame Street, Dublin 37 Dame St, which has full planning permission for a new pub is quoting €2.8m and extends to 6,818 sq. ft. It comprises a two-bay five-storey former house over a concealed basement. In March 2019 it was granted planning permission for a new bar over basement, ground and first floor levels extending to 4,000 sq. ft. with office accommodation overhead. The Irish Independent, 27th January
Lower Leeson Street, Dublin 2 The Stone Leaf gastropub, at 67 Lower Leeson Street, Dublin 2, formerly home to Buck Whaley’s nightclub has been brought to the market by Bagnall Doyle MacMahon quoting €2.75m together with the rear of 68 Lower Leeson Street which comprise a mews building and a terrace garden area. Number 67 includes an entrance hall bar, first-floor bar and smoking terrace; second-floor kitchen and offices while on the third floor there is a two-bed apartment. The entire premises extends to 9,240 sq. ft. and requires refurbishment. The Stone Leaf has not traded for about two years. The Irish Independent, 27th January
Technology University of the Shannon A major multimillion-euro student campus to service Ireland’s newest university, the Technological University of the Shannon: Midlands Midwest Athlone Campus, was submitted to An Bord Pleanála last week. Avenir Homes Limited has lodged plans for the student complex, which is part of a large-scale development that was formally tabled with the independent planning appeals. The venture, which is proposed by Longford developer and former Athlone IT graduate Mark Cunningham, comprises 283 student beds along with 122 residential dwellings at Cartrontroy, Kilnafaddoge, Lissywollen and Ardnaglug (townlands), in Athlone, Co Westmeath. Cunningham has lodged the plans through the SHD applications process. A decision on the development is due in the coming months. The Business Post, 30th January
Dún Laoghaire, Co. Dublin An Bord Pleanála has given the green light to plans for a 276-unit student accommodation scheme for Dún Laoghaire. The appeals board has granted planning permission for a six-storey development at Baker’s Corner, despite the strong recommendation of Dún Laoghaire Rathdown County Council to refuse planning permission.
The scheme, which has the formal support of the Dún Laoghaire Institute of Art, Design and Technology, involves the demolition of the well-known Baker’s Corner pub and the construction of a replacement pub and two commercial units along with the 276 student bed spaces. The scheme faced opposition from residents, a nearby nursing home, An Taisce and local TD Richard Boyd Barrett.
Council planners recommended refusal to An Bord Pleanála after concluding that the scheme would adversely impact on the amenities of adjacent properties due to its overall scale and massing. However, the board concluded that the scheme was strategic and part of a cumulative response to an issue of national importance: the provision of housing. The Irish Times, 31st January
Monkstown, South Dublin Greystar is closing in on the purchase of Dalguise House near the south Dublin village of Monkstown for c€30m. Upon completion of the deal, the US-headquartered real estate giant is expected to pursue a plan to develop several hundred apartments aimed towards the upper end of the capital’s PRS market on the nine-acre site. While the property’s current owners secured planning permission from An Bord Pleanála in August 2020 for the construction of a 290-unit residential scheme, this remains the subject of judicial review proceedings being led by the Monkstown Road Residents Association. It is unclear at this point whether Greystar will look to deliver on the existing plan in the event that the High Court upholds An Bord Pleanála’s original decision. The development of the land at Dalguise House will represent Greystar’s first ground-up project in the Irish market. The Irish Times, 26th January
South Docklands, A tranche of seven apartments in the Park House complex in Dublin’s south docklands are close to being sold for €3m by BidX1. They comprise two-bedroom units 1, 3, 5, 7, 9, 17 and 20 along with seven parking spaces. Located on Benson Street, Dublin 2, which connects Grand Canal Dock with the River Liffey quays, they are let to City Break Apartments Ltd for €200,000 per annum with CPI-linked rent reviews every five years. The lease runs up to 2034.That rent equates to an average of €2,380 per month and a gross yield of 6.66pc. The units range in size from 55 to 82 sqm. Its location is also convenient to Bord Gáis Theatre, 3 Arena, National Conference Centre and Aviva Stadium. The Irish Independent, 27th January
Mortgage Drawdowns, Ireland Some €10.5bn worth of home loans was drawn down by borrowers in 2021, the highest level since the financial crash more than a decade ago, latest figures from the Banking and Payments Federation Ireland (BPFI) show. In total, 43,494 mortgages were drawn down in 2021, the highest number since 2009. Drawdown volumes rose by 22.1% on the previous year, while values rose by 25.1%. The number of loan approvals hit 53,335 in 2021, up 23.6% on 2020 while the value of those approvals jumped by 30% to €13.4bn. There was an increase of 9.4% in the volume and 12.3% in the value of mortgages drawn down in the final quarter of 2021 when compared with the same period a year earlier. Some 13,299 new mortgages to the value of €3.3bn were drawn down by borrowers during the fourth quarter. A comparison with the previous quarter shows an increase of 15.9% in volume and 19% in value. First-time buyers (FTBs) remained the single largest segment by volume (54.4%) and by value (54.2%). A total of 3,856 mortgages were approved in December 2021 – some 2,096 were for FTBs (54.4%) while mover purchasers accounted for 891 (23.1%). The number of mortgages approved in December fell by 22.2% MoM and by 3.6% YoY. The Irish Times, 26th January
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