Dunshaughlin, Co. Meath The Corscadden family, owners of the Romantic Castles of Ireland hotel collection, have set up a joint venture with builder Joe O’Reilly to develop Killeen Castle, which dates back to 1181. O’Reilly acquired the castle and its 560-acre estate in 1997. The resort hosted the 2011 Solheim Cup and has a clubhouse and events centre with more than 70 residential properties on the estate. It is understood that O’Reilly will sell lands to the joint venture company and take a 37% stake. Redevelopment is likely to be on a phased basis given the considerable cost in refurbishing the castle. A lapsed planning permission allowed for a 202-bedroom hotel, though this was scaled down more recently to 177 bedrooms. The Killeen Castle website includes plans for a 43-bedroom guest facility beside the castle which will be built while the castle restoration and renovation is completed. Details of the joint venture development plans are expected next month. The Sunday Times, 25th January
Blackrock, Co. Dublin The owners of Frascati shopping centre are preparing to bring the mall to the market. Invesco, a US real estate investor that purchased the centre in 2015, has appointed Cushman & Wakefield to handle the sale, The Sunday Times understands. Invesco purchased the mall from the Roche family for €68m in what was its first investment in Ireland. It has gone on to redevelop the centre alongside Burlington Real Estate, now owned by the British asset manager Gresham House. The development included adding 42 rental apartments above the mall and securing planning permission for another 120 units. The mall measures over 220,000 sq. ft and its retail tenants include Marks & Spencer, Aldi, Boots and Home Store & More. The asset managers have changed the mix of units, adding a medical centre and gym. The centre is expected to come on the market in March. Property sources say it could be anywhere from €70m to €100m. It was reported in 2023 that Invesco had quietly put the centre on the market for €100m. However, it is understood the sale was withdrawn after the fund behind the centre partially satisfied some of its debt to Bank of Ireland. Invesco and Cushman & Wakefield declined to comment. The Sunday Times, 25th January
Greater Dublin Area Logistics and warehouse specialist Rohan Holdings is advancing the construction of its next phase of units in three business parks around the M50 motorway and expects to have more than 500,000 sq. ft of space under construction by mid-2026. At Dublin Airport Logistics Park, construction has now commenced on the next speculative building at this scheme. Goldcrest House, which extends to 60,000 sq. ft and due for completion in the final quarter of this year, will comprise a high-bay warehouse and office facility with a large secure yard. The building has an A-rated BER. Rohan Holdings has also commenced construction of an essential-mail distribution centre for An Post at its North City Business Park development, which faces on to the M50 at Junction 5 (Finglas). Rohan has planning permission in place for three additional speculative units in this park, ranging in size from 20,000 sq. ft to 40,000 sq. ft, which can be delivered within 12 months. At its Southwest Business Park, which adjoins the Cheeverstown Luas stop in Citywest, Rohan is tendering the works packages for a 162,500 sq. ft headquarters-style warehouse and office facility it intends to commence in the second quarter of 2026. The Irish Times, 21st January
Montague Street, Dublin 2 The O’Callaghan Collection has paid over €12m for Montague Court, a 1970s office building primed for redevelopment in the heart of Dublin’s south city centre. The price paid represents a discount of approx. 9% on the €13.2m which had been guided for the property when it was brought to the market by agent HWBC last October. Located just off Harcourt Street and within close proximity to St Stephen’s Green, Montague Court was developed originally in 1973. While it was refurbished in 1999, the building’s age is evident from the fact that it extends to just 27,000 sq. ft while occupying a site, which at 0.476 acres, would be capable of accommodating a development of up to 100,000 sq. ft. The building is zoned “Zone Z5 – City Centre” under the Dublin City Development Plan 2022-2028. This designation allows for a range of uses including office, hotel, student accommodation, medical and related consultants and tourist hostel. Feasibility studies prepared by RKD Architects before the sale suggest the site has potential for the development of a new eight-storey over-basement office building of about 103,000 sq. ft or alternatively a new 133-bedroom hotel or a purpose-built 154-unit student accommodation block, all subject to planning permission. RKD have also explored the options for refurbishing and extending the existing structure. The building is fully let until at least 2028 and is generating about €1.12m in annual rental income from a strong tenant line-up that includes the Department of Justice and Romeril Forensic Engineers. In the case of the former, the lease has a further 4.5 years to expiry. The Irish Times, 21st January
N&W Capital, a Dutch family office, has completed the acquisition for approx. €50m of Kilcarbery Square, a fully stabilised private rented sector (PRS) investment comprising 115 newly developed apartments in Dublin 22. N&W acquired the apartment portfolio shortly before Christmas from funds managed by US-headquartered investor TPG Angelo Gordon and its local partner, Carysfort Capital. The price paid equates to an average of €434,782 per unit. The apartments comprise a mix of one, two and three-bedroom units and are arranged across three blocks known as Newgrange Hall, Nangor Hall and Corkagh Hall. The apartments form part of the wider Kilcarbery Grange development of more than 1,000 new homes near Clondalkin. The Irish Times, 21st January
Drumcondra, Dublin 9 Clonturk House, built originally in 1830 on Ormond Road and sitting on 1.3 acres, is being offered to the market at a guide price of €3.75m by Knight Frank. The house, which served most recently as a home for the blind until its closure in 2009, extends to 16,124 sq. ft and comprises a detached, six-bay, two-storey-over-basement property. Internally, the house features high ceilings and generous room sizes, with a two-storey extension to the rear consisting of a number of office rooms, en suite bedrooms and residential amenities including a commercial kitchen, dining hall, library and several communal living areas. The main house is complemented by Cottrell Lodge, a detached two-storey redbrick building extending to 2,011 sq. ft and comprising en suite bedrooms and kitchen facilities. The subject site falls under the Dublin City Development Plan 2022-2028 and is zoned Z2 Residential Neighbourhoods (Conservation Area). Uses permitted in principle under this zoning objective include residential, medical and related consultants, education, embassy/office, primary healthcare centre and student accommodation. The Irish Times, 21st January
Carlow Lisney is guiding a price of €5m for a 14 acre land holding 2.5km from Carlow town with residential development potential. Located on Palatine Road and immediately adjacent to the established Pollerton Manor housing estate, the subject site comprises seven acres zoned for new residential use under the Carlow County Development Plan, with the remaining seven acres proposed to be zoned for new residential development under variation number four of the plan. The lands are well connected to the local and national road network, with the M9 motorway situated 7km away, The property benefits from dual-access points from both the main Palatine Road and a secondary connecting road to the east. The Irish Times, 21st January
Mahon, County Cork Hibernia Star Ltd, linked to McCarthy Developments (Cork) Ltd, has just lodged an application for a 10-year planning permission for a large-scale residential development of 556 units across four blocks at Jacob’s Island in Mahon, as part of an ongoing €750m development, expected to ultimately deliver more than 1,200 homes. The scheme will be halfway to meeting that target when the 149 units currently under construction are complete. These latest units, across three blocks, with completion dates ranging from May to November 2027, will be predominantly two-bed apartments, with 150 one-bed units, and the tenure will be cost-rental (c25% below local market value). Approved housing body Respond will own and operate the apartments. The proposed 556-unit development features extensive green amenity areas for future residents, the highlight of which is a 32,000 sq. ft central park. A planned garden area to the north-east of the site will incorporate a preserved wine cellar, the last physical remains of the historic Lakeland House which once occupied this site. Each of four residential blocks will also have its own landscaped courtyard space. The latest planning application from Hibernian Star Ltd, part of a masterplan for the Mahon peninsula, comes in the wake of a change last July of guidelines governing apartment building. An application for 489 units was declined by An Bord Pleanála a year ago, but the new guidelines are less restrictive in terms of dwelling mix. The Examiner, 23rd January
Carrick On Shannon, Co. Leitrim Planning permission has been approved for the development of a new 72 room hostel in Townspark. The planning permission was submitted to Leitrim County Council (“LCC”) by Goldpine Partnership in July 2025 to construct a hostel at Flynn’s Field, Townspark, Carrick on Shannon. The application sought permission for the construction of a three-storey mixed-use building comprising a 72-room tourist hostel with associated facilities. LCC has approved the application, subject to 24 conditions. There are also plans for three ground floor retail units with maintained pedestrian access to Bridge Street via a ground-level right of way. The ground floor will accommodate hostel reception, café, staff facilities, admin office, linen store, toilets, service areas including bin and bike storage, and three retail units (55,100 sq. ft) with direct access to the street. The Irish Independent, 20th January
Kimmage, Dublin 12 An Coimisiún Pleanála (“ACP”) has given the green light for 145 apartments in Kimmage, rejecting an appeal by local residents who had raised concerns around flooding, overlooking and flaws in the evaluation of the application. Dublin City Council had originally granted planning permission for the development to a subsidiary of Lioncor Developments, 1 Terenure Land Limited, but a third-party appeal was lodged by the Kimmage Dublin Residents Alliance. This is the third planning application for the site. The apartments, which will be spread across five blocks ranging in height from three to partially-five storeys, now have the go-ahead to be built to the side of the BD Gym in Kimmage. The site was once home to the Carlisle cricket grounds. The apartments will be made up of 70 one-bedroom and 75 two-bedroom units, which are intended to be built to be sold, the applicant said. A creche will be included, as well as 89 car parking spaces and more than 400 bicycle spaces. The Irish Times, 23rd January
Leopardstown, Dublin 18 A hotel and an indoor arena could feature in a new plan for Leopardstown as the State-owned racecourse moves to secure horse racing there into the future. State body Horse Racing Ireland (HRI) last year agreed to sell 17 acres at the Carrickmines end of the South Dublin complex to the Land Development Agency for 850 social and affordable homes. HRI is now beginning consultations with the racing industry, businesses and local groups that will help shape a master plan for the venue in advance of submission of a plan to Dún Laoghaire Rathdown County Council early next year. That could include proposals for a hotel and an arena, along with expansion of the venue to cater for up to 25,000 racegoers from the current maximum of about 20,000. The Irish Times, 22nd January
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Kylemore Industrial Estate, Dublin 10 Harvey is guiding €5.5m for Block 3, which comprises two semi-detached warehouse and office buildings, along with two annexes, and extends to a gross external area of 50,866 sq. ft. The two warehouse buildings which make up approximately 98% of the property, are occupied under two 15-year leases by Wholefoods Wholesale Limited. The property is generating a total rent of €368,067 a year, which is highly reversionary. Wholefoods Wholesale Limited’s occupancy expires at the end of August 2027, and deeds of renunciation have been signed. The property is zoned ‘Z6 Employment/Enterprise’ under the Dublin city Development Plan 2022-2028 and is designated ‘Residential Led’ under the City Edge Project. Should a sale proceed at the guide price of €5.5m, the new owner would be in line for a net initial yield of 6.1% and a capital value of €108 per sq. ft, which is significantly below replacement cost. The Irish Times, 14th January
Portfolio Purchase Chancerygate has completed the purchase, for more than €60m, of a large-scale industrial portfolio comprising a range of assets at two of Dublin’s foremost industrial parks. Chancerygate saw off competing offers for The North Gate portfolio, a collection of 12 properties distributed across a total gross external area of 341,900 sq. ft at Furry Park Industrial Estate and North Dublin Corporate Park. The portfolio, which is fully let, was offered to the market by Savills on behalf of Iput at a guide price of €55m last September. Seven of the properties are located at the Furry Park scheme, while the remaining five units are located in North Dublin Corporate Park. The portfolio occupier base includes UPS, Euro Car Parts, the Panelling Centre and Arkray Ireland. Chancerygate is also speculatively developing a €45m, 120,620 sq. ft grade A urban logistics park at Santry in north Dublin called Airport Trade Park. The scheme will comprise 13 leasehold units ranging from 3,610 sq. ft to 22,665 sq. ft upon completion. The Irish Times, 14th January
Cork City John Cleary Developments (JCD) has bought Cork City’s Half Moon St development in an off-market deal believed to be valued at approx. €30m. JCD purchased the city centre building from Kennedy Wilson, who paid O’Callaghan Properties €36.3m for the mixed-use development in 2019. JCD pledged to spend an additional €5m to upgrade the vacant office space. JCD already has terms agreed on one floor and is in detailed discussions with a number of occupiers in relation to the other floors. The first office occupiers are expected to be in place by mid-April. Tech giant Apple Europe previously had offices in the building, before relocating in 2021 to BAM/Clarendon’s new development at Horgan’s Quay. Work on the €5m upgrade is already underway. The total office floor area is 54,000 sq. ft, with floor plates up to 18,000 sq. ft, which are fully fitted and ready to occupy. The upgrades will bring the building’s energy rating to an A3. A previously unused basement that extends to over 20,000 sq. ft is the subject of ongoing discussions with a number of interested parties. The Examiner, 16th January
Fitzwilliam Square, Dublin 2 No. 66 Fitzwilliam Square has come to the market at a reduced price. In 2024 it was offered for sale through an agent guiding €3.8m. Now the current agent, Lisney Sothebys, is quoting €3.25m for it, a 14.5% reduction. The building has been well maintained and retains many of its period features, including fan lights, ornate cornicing, sash windows, ceiling roses and high ceilings, most notably in its hallway and two living rooms. Both it and a mews to the rear are in office use and could be converted into residential home use. The house itself is currently divided into multiple office units and extends to approximately 6,100 sq. ft with four-storeys over garden-level and serviced by a lift. The mews, which is connected to the house, extends to approximately 1,120 sq. ft and has separate access from Pembroke Lane. In all the two buildings offer 12 rooms which are described as offices and a further two front rooms facing onto the square with its garden are described as living rooms. The Business Post, 18th January
St. Stephen’s Green, Dublin 2 Kennedy Wilson, one of Ireland’s biggest commercial landlords, has secured permission to develop a new nine-storey office block at Stokes Place. Last year, the company applied for planning permission to redevelop the site of KPMG’s office on the corner of St Stephen’s Green and Harcourt Street. The office is currently used by KPMG to house its audit, tax and advisory support teams. Kennedy Wilson proposed redevelopment of the current seven-storey office block into a nine-storey development, which would provide 440,000 sq. ft of office space, 5,200 sq. ft of event space and 600 sq. ft of amenity space. DCC has now approved the application, which will increase office space in the development by 37,700 sq. ft. Kennedy Wilson previously secured permission in 2023 to demolish Stokes Place and build a seven-storey office development. The Business Post, 13th January
Killarney, Co. Kerry The International Hotel, a four-star historic hotel in Killarney town centre has been sold for €22m. The 98-bed high-end hotel owned by the Coyne family has just found a local buyer, the O’Donoghue Ring family, bringing to five the number of Kerry hotels now owned by that family, with four to date alone in Killarney, as well as other hotels in the UK as well as owning Munster Joinery. The hotel went to the open market in September, and a sale has now taken place within a swift four months, via CBRE who had launched it with a €18m-€20m price guide. The Irish Examiner, 16th January
Dundalk, Co. Louth Marshes Shopping Centre has added four new tenants to its line-up, with Lovisa, Golden Discs, Camile Thai and Next all either open or due to open for business. In the case of Lovisa, the fast-fashion jewellery brand began trading at the centre just before Christmas after signing a 10-year lease for Unit 29 (1,058 sq. ft). Golden Discs opened for business at Marshes last November and occupies Unit 36 (1,782 sq. ft) under a 10-year lease, while Camile Thai is operating from Unit 4 (223 sq. ft) in the shopping centre’s food court under a 10-year lease. UK-headquartered fashion retailer Next is set to open at Marshes Shopping Centre shortly, marking one of its first big signings since the opening of its Henry Street store in 2018. Next will take possession of Unit 6 (11,592 sq. ft) over the coming week to commence its store fit-out and will occupy the store on a 10-year lease. The Irish Times, 14th January
Sandymount, Dublin 4 Colliers is guiding €1.1m for a 0.24-acre site in Sandymount. Located just off St John’s Road and 650 metres from Sydney Parade Dart station, the subject site comprises numbers 1 and 2 Radcliff Mews, two detached mews dwellings with garages dating from the 1970s. Number 1 Radcliff Mews comprises a two-bedroom dwelling measuring 850 sq. ft with livingroom, kitchen, patio and a private garden. Number 2 Radcliff Mews comprises a three-bedroom dwelling (one en suite) measuring 740 sq. ft with kitchen, livingroom, patio and a private garden. There are four lock-up garages and parking for a further three cars to the front of the units. The entire site is zoned “Z2 Residential Neighbourhoods (Conservation Areas)”. The objective of this zoning is to “protect and/or improve the amenities of residential conservation areas” in accordance with the Dublin City Development Plan 2022‐2028. The Irish Times, 14th January
Cabra, Dublin 7 Planning permission is being sought for a six-storey, 249-bed student housing development at the “derelict” Matt’s of Cabra pub site on Fassaugh Avenue, according to newly filed planning documents. The purpose-built student accommodation development will include 249 student bed spaces which, if granted, will be arranged into 32 groupings of between four and 10-bedroom blocks which will share living and cooking areas. Ten studio units will also be included. The development will be spread across two blocks of housing, which will range in height up to a maximum of six storeys. In addition to bedrooms, the development is expected to deliver a student lounge area, laundry facilities, a postal room as well as kitchen and eating facilities. Outside of the college term, the development will hope to be used as short-term tourist and visitor accommodation. R&D Developments Ltd is the applicant company, with the application noting it is undergoing a receivership by Grant Thornton. The Irish Times, 14th January
Housing Commencements Construction began on just 16,412 housing units last year, the lowest total since 2016. The number came off the back of a far higher number of units started in 2024, when a total of 69,311 notices were filed. However, this was fuelled by a waiver of development levies and a rebate from Uisce Éireann for water-connection charges. Announcing the figures yesterday, the Department of Housing pointed out that, across 2024 and 2025, a total of 85,723 units were started. It said this was 43% more than the combined total for the preceding two-year period. The department is also taking heart from an increase in the number of units started last month, when the number rose to 3,065, double that of the previous month. The second-highest month was 1,656 units in September. Apartments accounted for more than half of all units started last month, at 1,820. This was more than three times higher than the figure for November and could be an early indication that confidence is returning to that sector. The Irish Independent, 16th January
South Circular Road, Dublin 8 Griffith College Dublin has applied for planning permission from DCC to develop a multimillion-euro expansion to its campus which would involve four new campus buildings being built, according to newly filed planning documents. The university is looking to adapt its existing campus in order to allow for a doubling of its on-campus student numbers from about 3,500 students to up to 7,000 students. These plans fit into a wider master plan for the future expansion of the college which could cost an estimated €200m. The expansion would mean a four-storey, 56,000 sq. ft building between the existing Arthur Griffith and Daniel O’Connell buildings to house classrooms, lecture halls, offices, plant rooms and breakout spaces. An existing building, known as the Photography Studio, would also be demolished as part of the works, with a new four and five-storey teaching and learning building being built on the site. The 49,700 sq. ft building would include a gym and changing areas, as well as an exhibition and event space. The total floor space of the proposed works would mean 131,500 sq. ft of floor space added to the college’s footprint, the applications details. The wider expansion will also see further student accommodation being built. The Irish Times, 14th January
Baggot Street Upper, Dublin 4 The Raglan Townhouse Hotel Ltd is seeking permission for an 87-bedroom hotel on Baggot Street. In June 2024, DCC refused permission to the company for a 100-bedroom hotel at numbers 46, 48 and 52 -54 Baggot Street Upper and at 46, 48, 50 and 52-54 Eastmoreland Lane, Dublin 4. The new notice states that the hotel would include a cafe/bar, hotel reception and 12 guest rooms at ground floor level. It also involves a change of use at number 48 Baggot Street Upper from offices to hotel bedrooms. In addition, the scheme involves the change of use of Nos 52 to 54 Baggot Street Upper from bank branch and offices to a hotel and the construction of a new four-storey building to the rear of numbers 46, 48, 50 and 52-54 Baggot Street. The council blocked the 100-bedroom hotel plan after concluding that it would be overly dominant, would not conserve nor enhance the special architectural character of the setting of the protected structures and their curtilage, and would result in extensive and unjustifiable demolition of the original historic fabric. The Irish Times, 19th January
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Swords, Co. Dublin GIC, working with operating partner Valor Real Estate, is in exclusive talks to buy Horizon Logistics Park from Henderson Park for approx. €500m. Green Street News reported the potential purchase price would be the largest logistics deal in Ireland’s history and would equate to a net initial yield in the region of 5% for the income-producing component of the sale, although the site also includes significant development opportunities. Henderson Park was prepared initially for a sale or recapitalisation, with Eastdil Secured and JLL mandated in August to line up options for Horizon Logistics Park. GIC fought off KKR and Aermont Capital to land the trophy campus, and the sale attracted a wide array of interest. Other investors that showed initial interest included EQT, Deka Immobilien and Kennedy Wilson. Alongside the 1.7m sq. ft of constructed logistics space at Horizon, there is 2m sq. ft of consented development land that is capable of offering built-to-suit units of 20k sq ft to 1m sq ft. Horizon Logistics Park comprises around 300 acres of zoned industrial land where several distribution facilities have already been developed and are occupied. BisNow, 12th January
Blanchardstown, Dublin 15 Clyde Real Estate is currently seeking a tenant for Clyde House at the IDA Business and Technology Park in Blanchardstown. With its approx. 63,000 sq. ft of industrial and logistics space Clyde House is expected to appeal to a range of potential occupiers. Standing on a 6.5 acre site that includes corporate offices and extensive car parking, Clyde House benefits from two dock levellers for loading trucks and lorries as well as its own dedicated entrance which leads to a secure and gated service yard extending to a depth of 35 metres. Cushman & Wakefield, who is handling the letting, is quoting €9 psf for the property. The Business Post, 11thJanuary
Johnson Place, Dublin 2 Grafton Residence ULC, owned by Sretaw Hotel Group, has been granted planning permission to build an eight-storey, 71-bed extension to the Grafton Hotel, across the road from the existing four-star hotel. The new hotel development will be affiliated and managed by The Grafton Hotel, it is noted in the application. Following the demolition of the existing buildings at 3 to 5 Johnson’s Place, which currently house a number of retail units, an eight-storey, mixed-use development will be constructed. The ground floor is set to be comprised of the hotel lobby, a restaurant and bar in addition to retail units. The seven levels above ground will be made up of 73 ensuite hotel bedrooms and a gym. The company has sought planning permission from Dublin City Council (“DCC”) for similar developments at the site on two occasions previously. Previous applications which were granted permission by DCC were subsequently appealed to An Coimisiún Pleanála by local business owners. The Irish Times, 12th January
Temple Bar, Dublin 2 Colliers and John P. Younge are guiding €2m for The Vintage Cocktail Club in Crown Alley. The three-storey over part basement building, extending to approximately 2,712 sq. ft, is fully let to The Workmans Club Limited for €225k pa under a 20-year lease from 2012. The ground and first floors feature stylish boutique-style bar and lounge areas, complemented by a fully equipped commercial kitchen at ground level. The second floor boasts a covered terrace while the basement provides additional storage and WC facilities. Colliers Press Release, 13th January
St Stephen’s Green, Dublin 2 Maples Group, which owns the law firm Maples and Calder and the financial services company MaplesFS, is planning to relocate all its Irish staff to 75 St Stephen’s Green following a multi-million euro renovation. The law business currently operates from the building, but the financial services division was moved following rapid expansion and currently operates from 32 Molesworth street. Maples has 550 employees in Ireland, its second largest office globally. The redevelopment was part of a deal struck by Blackstone in December which saw it retain the property. The giant American fund agreed the deal with Starwood Capital Group, which saw it take on a loan behind three assets including the Iveagh Court and 75 St Stephen’s Green. Blackstone acquired five Dublin office properties in 2019, funding part of the purchase through a loan held by Starwood. The Business Post, 12th January
Barrow Street, Dublin 4 Mason Hayes & Curran has started the search for new offices in Dublin. The Sunday Times understands that the firm has hired Savills to look for up to 110,000 sq. ft. It has a staff exceeding 700, including partners. A move would see the firm leave its Barrow Street base, in the heart of the capital’s Silicon Docks, which it has occupied since 2006. A spokeswoman for the firm said the company was reviewing its office space requirements “to support the continued growth of the firm”. The company’s current offices comprise just under 65,000 sq. ft. Google Ireland bought the building and another on the street in 2018 from Kennedy Wilson. The tech giant owns most of the street, where it employs thousands of people at a sprawling campus. The Sunday Times, 11th January
Marks & Spencer Results Costs associated with the closure of two Marks & Spencer outlets, in Drogheda and on Clarion Quay in Dublin’s docklands, contributed to the Irish arm of the retailer recording pre-tax losses of €8.85m in the 12 months to the end of March 2024. New accounts filed show that the Retailer recorded the pre-tax loss as revenues rose by 2.4% to €372m and operating profit before exceptional items rose by 68% to €35.5m. The pre-tax loss was incurred after exceptional costs of €42.3m. The bulk of the exceptional costs concern a non-cash impairment charge of €35.8m relating to the company’s investment in Marks & Spencer Turkey Clothing Textile LLC. The directors stated that other exceptional charges of €6.5m relate to closure costs associated with the closure of Drogheda and Clarion Quay in March 2024 and redundancy costs relating to certain roles which were made redundant at a Dublin support centre. The Irish Independent, 8th January
Glass Bottle Site Deutsche Bank has agreed a financing deal worth €415m for the former Irish Glass Bottle site being developed by Pembroke Beach DAC, a joint venture of Lioncor, Oaktree Capital Management and Ronan Group Real Estate. Lioncor said the new financing package would replace the existing one and provides stabilised financing for the residential phases now being completed and leased, and facilitates progression to the next phases of the residential development program. In November, Glass Bottle’s first residential building, Lime House, achieved “practical completion” and welcomed the first tenants to the site, which consists of 212 homes. The company said that the next 180 homes would be delivered in the first quarter of this year. In total, Glass Bottle is expected to deliver almost 900 new homes in Dublin across its first four residential buildings. The Business Post, 8th January
Milltown, Dublin 6 Sandford Living Limited, an Ardstone subsidiary, is making a renewed bid to secure planning permission for a €356m apartment scheme at the corner of Sandford Road and Milltown Road. Two previous plans for up to 667 homes on the site were challenged in the courts after securing permission from ABP and have yet to reach a conclusion. As part of its Part V social housing requirements, Sandford Living is proposing to sell 56 of the planned 562 apartments to the city council for social housing and has put a price tag of €1.03m on the largest three-bedroom apartment that would be made available under that scheme. In total, Sandford Living has put a price tag of €35.54m on the 56 apartments it is offering the council. In all, the apartments earmarked for social housing include five three-bed units, 27 two-bed units, 14 studios and 10 one-bed apartments. A final price will be reached between the developers and the council after planning permission has been secured. Advancing the case for the new scheme, the Thornton O’Connor report notes the development has been reduced from 636 apartments to 562 and a 10-storey apartment block has been reduced to eight storeys. The existing buildings and lands on the site were formerly used by the Jesuit order which vacated the site in 2019 and sold it to the applicants in the same year. The Irish Times, 6th January
Planning Permission Landowners struggling to develop their residentially zoned sites in Dublin, with or without planning permission, are being sought by DCC to provide large scale social housing schemes. The council has identified 113 “inactive” development sites in the city with planning permission granted but no construction started. These sites had the potential to provide 13,000 homes. However, it said it will also “seek out” landowners who have not secured planning permission for zoned lands that could accommodate at least 100 social homes. The Government’s new housing plan, entitled Delivering Homes, Building Communities and published last November, set a target of delivering 72,000 social homes and 90,000 affordable homes Statewide by 2030. The council said notification from the Department of Housing of its specific targets “is imminent”. The council’s current projections for delivery of housing on its lands is for 7,777 homes to be completed by 2030, more than half of which will be social housing, 35% cost-rental, just over 10% affordable housing, and 3% private housing. The Irish Times, 9th January
Dublin Airport Fingal County Council has rejected plans by Desmond and Ulick McEvaddy’s DA Terminal 3 Ltd for a new cargo development for their lands on the western campus of Dublin Airport. In the plans lodged with the council, DA Terminal 3 Ltd was seeking planning permission for four aviation related cargo handling units to operate on a 24-hour, seven-days-a-week basis and ancillary office space on a 30-acre site at Huntstown, Swords. The units have an overall combined total gross floor area of 375,000 sq. ft and the scheme when operational would employ 350 people. A planning report lodged by CWPA Planning & Architecture said that the application is the first phase of a 123.5 acre site owned by DA Terminal 3 Ltd to be developed by the company. However, the council has refused planning permission to the cargo scheme on five grounds. The council pointed out that the development site is proximate to lands west of runway 16/34 indicated in the Dublin Airport Local Area Plan as a potential location for a third terminal (T3). The council said it was not satisfied that the proposed development would not prejudice the orderly operation and continued growth of the airport, including the provision of T3 and the provision of a western access route to Dublin Airport. The Irish Times, 12th January
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Dublin & Galway Greystar has agreed to acquire a portfolio of more than 700 student beds in Dublin and Galway, establishing it as one of the biggest operators of PBSA in Ireland. The firm announced the deal for Project Galaxy, which Cushman & Wakefield brought to market on behalf of another US investment firm, EQT, with a guide price of €115m. Greystar did not disclose a sale price, but industry sources told The Irish Times the firm paid approx. €105m for the fully occupied portfolio, making it one of the larger commercial property deals of 2025. Project Galaxy comprises 290 units at Mayor Square in Dublin’s IFSC, and 434 beds at Cúirt na Coiribe in Galway. Both properties were most recently operated under the Hubble brand and managed by student accommodation specialist Mezzino. Greystar said it will operate the schemes under its own Canvas brand and will now operate close to 1,700 student beds here. The Irish Times, 18th December
St Stephen’s Green, Dublin 2 Developers have lodged completely overhauled plans for a €100m scheme to replace St Stephen’s Green Shopping Centre. A previous proposal to replace the iconic centre on the corner of the green was thrown out by planners in early 2025, and now the developers have lodged new-look drawings of the proposed exterior in just the latest iteration of proposals for the landmark building. The designers have said that the scheme will make an enduring contribution to the city’s built environment, setting a new benchmark for brownfield regeneration in the heart of Dublin. The owners of the centre, property investor and operator Lanthorn, have through DTDL Ltd, lodged the revised plans with Dublin City Council (“DCC”) five months after An Coimisiún Pleanála (“ACP”) refused planning permission for their €100m revamp. Now, in a bid to address ACP’s refusal, the applicants have set back the building line at the St Stephen’s Green corner as part of the overall BKD Architects masterplan for the scheme. The Irish Independent, 19th December
Kevin Street, Dublin 8 US investors Oaktree and Ashling Capital are set to launch a joint bid worth €100m in an attempt to dislodge DCC’s deal for Camden Yard. Last week, DCC entered exclusive discussions to acquire Camden Yard, the troubled Kevin Street development that was brought to market by receivers in May for a guide price of €80m. Sources familiar with the sales process told the Business Post the local authority agreed a €90m deal to purchase the site and plans to move its head office to the site. Oaktree, a US private equity fund, and Ashling Capital, a family run property developer, are now planning a rival bid to push out DCC from the process. The Business Post understands the €100m bid would involve Bentall GreenOak, a US property investment firm that lent €75m to the project, being repaid in full. The Business Post, 20th December
Camden Street, Dublin 2 A proposed 463-bed tourist hostel on Dublin’s Camden Street has been refused planning permission by DCC. The application was submitted by Balrath Investments ULC, a company controlled by waste tycoon Eamon Waters, founder of Panda Waste. The firm sought permission to refurbish and extend the protected structure at 1–4 Camden Street Lower, which is currently occupied by a gym and a Fresh supermarket, to create a six-storey-over-basement, 463-bed tourist hostel with a ground-floor café and retail unit. DCC concluded that the proposed development would be “overbearing” on the protected structure, and would “seriously injure the special architectural character, setting, significance, and legibility of the area.” The Business Post, 22nd December
Donnybrook, Dublin 4 Red Rock Developments, led by Keith Craddock, has won approval for a 143-bed aparthotel at the Circle K site, the latest in a long-running planning battle with residents and the planning authority. The developer won approval to demolish the existing petrol station, located across the road from Energia Park, and replace it with a seven storey aparthotel complex with a ground floor café and restaurant or retail unit. The development will feature a gross floor area of 60,000 sq. ft, a 1,500 sq. ft restaurant takeaway unit and a 1,900 sq. ft cafe or retail unit. It was ultimately approved after the council ordered a number of amendments to the original planning application, including the removal of 12 small bedrooms and taking steps to protect a neighbouring business’ privacy by removing high level windows on its southern elevation. The developer would also have to contribute €625,872 to the Planning Authority for infrastructure-related development contributions. The Business Post, 22nd December
Insolvencies According to research by PwC Ireland, 141 insolvencies in hospitality were recorded last year, down from 154 the year before. There were just 30 cases in the final quarter, which continued a downward trend throughout 2025. There had been 43 insolvencies in the first quarter, 38 in the second, and 30 in the third. However, the insolvency rate, at 68 per 10,000 businesses last year, is well above the overall average of 27. Furthermore, only six of the 141 insolvencies involved an accommodation business, which meant that food and beverage accounted for the vast majority of failures. The insolvency rate of 27 was well below the long-term year average, which is 50. A peak of 109 was recorded in 2012, following the financial crash, roughly equal to about 3,400 insolvencies in a year. The PwC report shows that the Scarp rescue process for small businesses is losing traction, with only 23 processes started last year, down from 30 in 2024 and 33 in 2023. The Irish Independent, 6th January
Dublin Office Market Open AI and Anthropic are looking to expand their office footprints in Dublin. Anthropic is looking to lease around 25,000 sq. ft in the city over the next three to five years, according to people familiar with the plan who asked not to be identified. The final figure could be lower, as the firms’ expansion plans are rapidly evolving. The firms currently occupy small spaces in flexible co-working offices in the city. A spokesperson for Anthropic declined to comment on its leasing plans in Dublin but said that the company was expanding rapidly and has other European offices in London, Paris, Zurich and Munich. OpenAI declined to comment on specific leasing plans but said it had about 60 employees in Ireland and would continue to add to the team in 2026. The Irish Times, 19th December
O’Connell Street, Dublin 2 The Residential Tenancies Board (RTB) is closing in on a deal for a new headquarters at the Clerys Quarter development. Having based its operations on nearby D’Olier Street since its establishment in 2004, the RTB is set to take 18,000 sq. ft of office space at the scheme and is expected to pay a rent of approx. €50 psf. The agreement with the RTB will bring the consortium behind the Clerys Quarter a step closer to its objective of securing full occupancy for the scheme’s office element in advance of its plan to sell its remaining interests there. The OPM consortium, which comprises Luxembourg-based asset manager Europa Capital, Derek McGrath’s Core Capital, and Paddy McKillen jnr’s Oakmount, already sold about a third of the mixed-use development’s office space in November 2023 when the HSE acquired the 30,700 sq. ft Earl Building on North Earl Street for use as a new outpatient facility for the Rotunda Hospital. Developed on the site of the former Clerys department store, the Clerys Quarter scheme also includes 60,000 sq. ft of retail accommodation, most of which is occupied by Swedish fashion giant H&M and French sports retailer Decathlon, and a new 229-bedroom Premier Inn hotel which is under construction. The hotel is currently being offered to the market on behalf of Premier Inn’s owner, the Whitbread Group, on a forward-funding basis for €66.6m. The Irish Times, 17th December
Capel Street, Dublin 1 & Green Street, Dublin 7 Moran Living Limited has completed the purchase of 89-94 Capel Street and 16-22 Green Street for approx. €12m. The buildings total approx. 55,000 sq. ft, generates €1.33m pa and are leased to the OPW, Autoaddress, Irish Human Rights and Equality Commission and St Michael’s House. 89-94 Capel Street extends to approx. 25,500 sq. ft across 6 storeys and is approx. 85% occupied by the OPW, who contribute €600k of the €710k annual rental income. The OPW has a break option in January 2027. 16-22 Green Street is set on a prominent corner site which extends to approx. 30,000 sq. ft. Earliest tenant break on the Green Street property is not until May 2030. Moran Press Release, 5th January
North Wall Quay, Dublin 1 A RGRE group company has scaled back a rejected 17 storey office scheme for Dublin’s Docklands to 12 storeys, in a bid to secure planning permission. In August, ACP upheld DCC’s rejection of a planned 17 storey redevelopment of Citigroup’s current European headquarters at 1 North Wall Quay. In new plans lodged by NWQ Devco Limited, planning consultant John Spain wrote that the previous reasons for refusals by ACP have been fully addressed through the redesign of the development which has been reduced from 17 storeys to 12 storeys. The current six storey Citigroup building is 371,000 sq. ft. The proposal will retain 265,000 sq. ft of the existing floor area which will be incorporated in the development, and the revised plans will provide 579,000 sq. ft of high-quality office space across 12 floors. The 64-page planning report notes that the development comprises four blocks ranging in heights of 7-11 storeys, 12 storeys, 10 storeys and seven storeys which represents a maximum height increase of six storeys above the existing building. The Irish Times, 5th January
Donnybrook, Dublin 4 DCC has given the green light to Cairn Homes for its revised €295m apartment scheme on former RTÉ lands at Montrose. In giving the 510-apartment scheme the go-ahead, the council planner’s report said “the proposed changes to this development have resulted in a higher quality residential amenity for future occupiers of the development”. Cairn Homes Montrose Ltd previously secured planning permission from ACP for 608 units at the site in July 2023. The new scheme omits all ‘build to rent’ apartments that had featured in that scheme. The newly approved proposal comprises 326 two-bed apartments, 125 one-bed apartments, 51 three-bed apartments and eight studios across eight apartment blocks. Three of those blocks will rise to 10 storeys in height. DCC has ordered Cairn to pay €5.43m towards the provision of public infrastructure. The grant of permission comes more than eight years after Cairn Homes agreed a €107.5m deal with RTÉ in June 2017 to purchase just under nine acres of lands at the broadcaster’s Donnybrook headquarters. The Irish Times, 19th December
Dunsink, Dublin 15 Fingal County Council is to push forward by several years residential plans for Dunsink, the largest bank of undeveloped land within the M50, in response to a Government edict earlier this year to dramatically increase housing targets. Dunsink, which is at the southernmost end of Fingal close to the boundary with DCC, had been designated a “long-term strategic reserve lands”. In 2023 the council undertook a feasibility study of the vast 1,075-acre Dunsink land bank, which is west of Finglas and north of Ashtown, to examine its future suitability for housing. Just under 500 acres, largely in the east and south of the area, was identified as having the capacity for residential development with the potential for 7,000 homes. FCC has decided to remove the “long-term strategic reserve” designation from the Dunsink lands to allow for the “early release” of sufficient lands for the first phase of this development, to accommodate 2,500 homes. The Irish Times, 23rd December
Clondalkin, Dublin 22 Ardstone has acquired a zoned site in Dublin capable of delivering 1,400 homes as the group closes in on Ires Reit as the largest private residential landlord. The company, backed mainly by large European pension and insurance groups, has paid about €25m for the almost 20-acre site in Clondalkin. Ardstone is also eyeing the development of a community centre and town plaza on the site, with the aim of beginning construction in 2027, subject to planning permission. The company was set up in 2005 by former Friends First property heads Donal Mulcahy, Ciarán Burns and Donal O’Neill and initially focused on European real estate markets. Since 2021 it has rolled out a long-term residential investment strategy, focused on the mid-level Irish rental market, and it now manages more than 3,000 residential units here valued at about €1.4bn. The Irish Times, 23rd December
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Ormond Quay Lower, Dublin 1 The Morrison Hotel has been put up for sale by CBRE for between €90m-€95m. It was regraded to five-star status in 2023 with the hotel trading at more than 90% occupancy. The hotel comprises 157 bedrooms and suites but is expanding. The conversion of the Printworks conference room on the ground floor will provide eight new bedrooms and there will be a further four bedrooms on the fourth floor. The Morrison has three dining outlets: the Morrison Grill; the Halo restaurant; and the Quay 14 cocktail bar. The Irish Times, 22nd January
Kilkenny City An opportunity to develop a large-scale hotel facility in Kilkenny city is being brought to the market for €1.7m. The price reflects a discount, of more than 50%, on the last time the land came to market. Back in April 2023, it was marketed at a guide price of €3.75m. The hotel site, which is located on Wolfe Tone Street and John’s Green, is being offered for sale by joint agents, Savills and BDM. The 0.64-acre site has full planning permission for a 114-bedroom hotel and is just a short walk from Kilkenny Castle and the town’s entertainment district. The Irish Times, 22nd January
Temple Bar, Dublin 2 Lanthorn has purchased The Fleet Hotel on behalf of the TMR Collection. The 104-bed, four-star hotel was recently upgraded, with 11 rooms added to the existing 93 bedrooms, with the on-site bar and restaurant facilities also refurbished. The hotel was put on the market last summer at a guide of €45m. It is understood from property market sources that it was bought for less than the guide price. The TMR Collection includes the five-star Aghadoe Heights in Killarney, the 130-acre Ballymascanlon Hotel and Golf Resort in County Louth and the Connemara Coast Hotel along the Wild Atlantic Way. The Currency, 24th January
Lisney 2024 Review The value of Dublin pubs which changed hands in 2024 increased by over €22m to €69.6m, although the number of sales was unchanged at 20. Four of the sales accounted for 43% of the value. Eight of them sold for below €2m, and seven sold for between €2m and €4m. Attestor Capital continued to set near-record prices as it bought Devitt’s in Camden Street for over €14m, bringing to more than €130m the amount it has spent since 2021 buying Dublin and Cork pubs and hotels. The Business Post, 26th January
Camden Street, Dublin 2 Wetherspoon’s has been accused of trying to turn a “super-pub” into a “mega-pub” by planning to reopen a courtyard at its Keaven’s Port hotel. A Residents Association has told the council that the opening of the courtyard would mean that the super-pub would become a mega-pub “which is totally unsuitable to Camden Street’s scale and character.” Another Residents Association has told the council that the increase in customer numbers is likely to exacerbate issues in relation to public nuisance. Consultants for Wetherspoon contend that a glass screen will result in noise levels being kept within acceptable limits. Wetherspoon closed its beer garden at the venue in April 2022 in response to locals’ noise complaints. The Irish Times, 27th January
Lucan, Co Dublin Dunnes Stores paid €38m for a shopping centre in Lucan, where the anchor tenant is one of its biggest rivals. Cork-headquartered Musgrave runs a SuperValu in the centre, where it also has offices. In April last year, it signed a 20-year lease at an annual rent of €1.6m. The sale price is a steep discount on the €43m that Savills Investment Management paid for the centre on behalf of its European retail fund in 2017. The shopping centre has 24 outlets in total, including a McDonald’s, Starbucks and O’Brien’s wine shop. It opened in 1991, and the SuperValu store represents 60% of the centre’s present €2.7m rent roll. The Irish Times, 26th January
Dooradoyle, Limerick Colliers has completed the sale of Bank of Ireland on St Nessans Road for €1.9m. The sale achieved €200k above its €1.7m guide price, reflecting a net initial yield of 5.78%. The modern, single storey detached property comprises 3,625 sq. ft, which was extended and fully refurbished in 2014. It comes with 20 surface car parking spaces and sits on a site of approx. 0.34 acres. The Business Post, 24th January
Greystones, Co Wicklow JLL has brought an AIB branch located on Church Road to market for a guide price of €1.2m. Spanning 4,639 sq. ft, the two-storey redbrick building on the main street features a modern extension and includes three car parking spaces at the rear of the building. The entire property is in use as an AIB banking branch and is let to Kaval Limited on a 20-year lease from July 6, 2007, with Allied Irish Banks plc acting as a guarantor. There is 2.41 years of secure income remaining as of February 2025, with a current passing rent of €149k pa. The Business Post, 25th January
64 St Patrick’s Street, Cork Leased for 35 years by CIE who used it as an on-street ticket office before sub-letting it in more recent years, the 861 sq. ft ground floor retail space is available at an annual rent of €75k. This early-year activity on St Patrick’s Street sets the tone for what is predicted to be a busy 12 months on Cork’s main street. Retail giant Penney’s is expected to kick off its long-awaited expansion plan by April. The move will deliver a near 50% expansion of its flagship St Patrick’s Street store. The Irish Examiner, 23rd January
2-5 Warrington Place, Dublin 2 In plans lodged with Dublin City Council (“DCC”) in recent days, the Larry Goodman Trust owned Blackrock UC is seeking planning permission to change the use of an office development to a women’s health centre over four floors. A McGill planning report lodged with the application states that “Its proximity to key institutions such as The National Maternity Hospital, Holles Street and nearby specialised clinics ensures it is well-positioned to complement public healthcare services”. The planning report adds that “where more advanced treatments or invasive surgery are required, these will be referred to Blackrock Clinic and other hospitals”. A decision is due on the application in March. Rte.ie, 21st January
Kevin Street, Dublin 8 The High Court has ordered the winding up of GA Development Fund, an ICAV sub-fund involved in the beleaguered €475m Camden Yard development in Dublin. Myles Kirby has been appointed as liquidator. The move comes just weeks after the senior lender on the project, BentallGreenOak, appointed receivers to the development. The receivership is not impacted by the winding-up order. Bennett Construction, the main contractor, sought the order over outstanding debts (approx. €7.85m) owed to it by the sub-fund. The Currency, 27th January
Blessington, Co Wicklow Unit 1 in Blessington Industrial Estate is being offered for sale with vacant possession and comprises a total of approx. 33,096 sq. ft across three interconnected warehouses. Selling agents Savills are guiding €2.4m (€72.5 psf) for a receivership sale. The buildings boast clear internal heights of 4.1m to 6.5m as well as loading access via four automated roller shutter doors. Situated on a prominent corner site of approx. 1.4 acres, its outdoor area is laid out with 24 parking spaces and two electrical vehicle charging stations. The Irish Independent, 23rd January
James Street, Dublin 8 New Beginning, the debt advisory and housing firm, has paid €54.5m for a block of 111 apartments which Marlet has developed at its Grand Canal Harbour project off James Street. Known as Block 6, the premises has been let to DCC on a 25-year lease at approx. 75% of the market rent prevailing at the time of the deal with DCC. Marlet’s Grand Canal Harbour is a mixed-use development comprising 596 apartments and over 76,000 sq. ft of retail and amenity space. The Irish Independent, 23rd January
Finglas, Dublin 11 A site with planning permission for an apartment lead development in Finglas village has returned to the market guiding €1.3m, reduced from the €1.5m previously sought. The site of the former Drake Inn public bar has permission for a development of 25 apartments (eight 1-beds, 11 2-beds, six 3-beds) with a retail unit and café included. Cushman & Wakefield explains that the change in price reflects a change in the planning permission, as a previously proposed gastropub and basement level accommodation have been omitted. The scheme will extend to six storeys and will also include storage for 78 residential bicycle spaces. The Independent, 23rd January
An Bord Pleanála are facing appeals and judicial reviews for approx. 30,000 units in large-scale housing developments, it has been claimed. The Construction Industry Federation (CIF) estimates that over 16,000 units are subject to objections to the planning authority, and 13,000 are subject to judicial review. CIF director of housing and planning Conor O’Connell said the notion that sufficient numbers of construction workers are not present to build 50,000 housing units pa is “nonsense”, and that the industry doubled its housebuilding capacity from 2016 to 2019 – and then doubled it again from 2019 to 2023. Rather, “by far and away the biggest concern of housebuilders at the moment is the pipeline of work. We have enough for 2025, but we will be very concerned about the pipeline from 2026 onwards”. Mr O’Connell pointed to figures in the first nine months of 2024 indicating that only about 32,000 to 33,000 units will have been given planning permission last year. The Irish Times, 27th January
CIF Submission The CIF also made a detailed submission to the Government-formation talks on how to accelerate housebuilding in the State to meet targets of more than 50,000 units pa. The CIF wants the “headroom” of zoned land to be increased from 25% of estimated need to at least 50%. Currently, if a local authority feels that 1,000 homes are needed, it zones land for 1,250 homes. The CIF wants that increased to 1,500 units. The CIF called in its submission for Uisce Éireann to have ringfenced spending of €500m pa to ensure that more homes can be built. The Irish Times, 27th January
Old Station Road, Cork The Land Development Agency is to ramp up its housing delivery in Cork City with plans to build 140 affordable homes on a site currently used as a carpark by Cork City Council (CCC) workers. The majority of homes will be cost rental apartments with a percentage going to the council for social housing. The agency intends to lodge a planning application later this year with the hope of beginning construction by 2027 and delivering the first homes by 2030. CCC expects to publish the design for the project shortly. The Irish Examiner, 27th January
JLL Market Report Q4 2024 reached €1.3bn of investment across 35 deals. In terms of volumes, this was an upward trend of 88.2% from Q3 and 156.7% from the same period in 2023, being the first quarter to surpass €1bn since Q4 2022. Q4 2024 had the largest single asset sale since 2016, with Blanchardstown Shopping Centre signing at €562m. This renewed focus on retail assets, particularly shopping centres, is primarily attributed to their strong cash-on-cash returns relative to traditional commercial real estate sectors such as offices and logistics. After a challenging 2024, the outlook for 2025 appears more optimistic. JLL Ireland, 22nd January
CBRE Market Outlook 2025 Ireland’s domestic economy will continue to grow in 2025, given its healthy financial profile and employment levels. Ireland has re-elected a broadly centrist government, which will seek to address key issues influencing real estate, from rent regulation to taxation and planning. This will provide more opportunities for investors and developers, particularly in the residential sector this year. Despite inflation in the Euro area and a selloff in the bond markets in early 2025, base interest rates will continue to tick down over the next 12 months. Irish investment spend was 40% below the long-term average in 2024 but will improve in 2025. CBRE Ireland, 23rd January
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Dalkey, Co. Dublin The board of the group of investors who own the famous Queens pub in the coastal village of Dalkey have voted to close the business ahead of its sale. The pub was put on the market for €3.95m last year after it secured planning permission to add a 30-bedroom guesthouse at the back of the venue. The Queens pub was bought by its current owners for €3.5m in 2021 from its previous owners, who paid an estimated €7m for it in 2003. The Currency, 9th January
Tourism Sector Government contracted beds for asylum seekers and refugees has fallen by 15% since last May, according to new figures from Fáilte Ireland. As of last November, there were 65,457 beds under contract which, despite the reduction, is estimated to cost the tourism sector between €400m and €670m in lost revenue. Of contracted beds, 27% (17,632) are now in hospitality accommodation officially registered with Fáilte Ireland. The remaining 73% of facilities are not registered, although approx. half are in facilities considered likely to have been trading within the tourism economy. The Irish Times, 10th January
Dublin City A six-storey building at One Westmoreland Street, that has full planning permission for a 38-bedroom hotel, has been sold by CBRE Ireland to a private buyer. The original guide price was €6m. The property, which has been on the market since 2022, is situated on one of the widest and busiest streets in Dublin city centre and is situated opposite the five-star College Green Hotel. Fexco currently operates a currency exchange at ground floor level in the building. The Irish Times, 13th January
Plassey Innovation Campus, Limerick Fine Grain Property has completed the off-market sale of Hamilton House II for €14m, reflecting a Net Initial Yield of 7.75%. Acquired in 2018, Hamilton House II was fully let at the time of acquisition and has since been transformed through strategic asset management, including re-letting the entire property to H&MV Engineering under a long-term FRI lease. Targeted enhancements and capital investments have upgraded the building to institutional standards, making it an attractive asset for buyers like the investment fund managed by Inter Gestion REIM. Fine Grain Property Press Release, 9th January
CBRE Report Dublin office take-up totalled close to 550,000 sq. ft in Q4, bringing full year take-up to just over 2.26m sq. ft, 12.5% below the 10-year annual average. Annual take-up rose 66% year on year (“YoY”) from 2023, signifying the renewed occupier confidence in the market, particularly for well-located sustainable stock. The largest leasing deal of the year was signed in Q4 by Deloitte at 1 Adelaide Road, a pre-let of approx. 155,000 sq. ft of space. The Dublin office vacancy rate is now 18.6% but given the lower level of construction completions forecast for 2025 and the uptick in leasing activity, vacancy appears to have peaked and will likely decline through 2025. Annual office investment rose 32% in 2024 to €510m (21% of all Irish investment). The largest office investment transaction of the year was the sale of One & Two North Dock for approx. €85m to Starwood Capital Group. CBRE Press Release, 14th January
Marks & Spencer Group said the economic outlook is uncertain after comparable sales for the retailer in the UK and Ireland rose 6.4% in the 13 weeks to December 28th. M&S has invested in larger food stores and a more extensive range of items, helping it gain a bigger share of household spending on groceries. The chain’s clothing division — for many years pilloried for being unfashionable — has also shown continued uplift in demand with comparable sales climbing 1.9% in Q3. The Irish Times, 9th January
Shaws Pre-tax profits at department chain Shaw & Sons declined by 68.5% to €787k as Revenue increased by 2% from €68.8m to €70.5m for year-end January 2024. Numbers employed increased from 686 to 702 as staff costs increased from €17.5m to €18.37m. In the year under review, the company paid a dividend of €225k. The principal activity of the company is the operation of 16 department stores throughout Ireland, though it also operates several investment properties which generates rental income. The Irish Independent, 9th January
Tallaght, Co Dublin Housing association Clúid purchased Airton Plaza, a 328-unit residential development of approx. 270,000 sq. ft, from property investment group ESR Europe for approx. €160m, which it is putting on the market for social housing as well as its biggest cost rental scheme to date. The scheme was developed by Mableground, while Glenbrier Construction was the main contractor. Rent for the 75 one-bed cost rental apartments is €1,400 pm, which represents a saving of 26% on the market rent for a similar apartment in the area. For the 148 two-bed cost rental apartments, rent is €1,715 each pm, a 27% discount on market rents. The seven three-bed cost rental apartments at €1,800 pm offer the greatest discount on market rents, representing a saving of 34%. The Irish Times, 10th January
Dundrum An Bord Pleanála (ABP) refused planning permission for the construction of 881 apartments on the site of a former shopping centre in Dundrum village. Dundrum Retail GP DAC, which is co-owned by Hammerson and Allianz Real Estate, sought an eight-year permission to demolish the existing buildings, and construct apartments, a crèche and a food store. However, ABP stated that the proposed 11 block development “would seriously detract from the architectural character of the area”, particularly against the local conservation area, the Holy Cross Church, and the associated Parochial House. As 95% of the proposed development would be of a residential nature, ABP determined it would be inconsistent with the plan’s aims. The planning application, which was submitted on April 5th, 2022, also included plans for a 60,008 sq. ft communal open space, as well as a 70,913 sq. ft public open space. The Business Post, 7th January.
Wicklow Town Planning permission has been lodged to develop a new 116 room hotel and 107 residential units at the Murrough. The site of the old Veha factory went up for sale in 2022 after the radiator plant closed in 2005 with the loss of 93 jobs. The site has also been designated as part of the Murrough Opportunity Area, a mixed-use urban area extending from the northern boundary to as far as Urban Villas and the village park to the south. East Coast.fm, 9th January
Cork City Apartment Building at Kennedy Quay is due to get underway as part of a €350m docklands transformation plan by O’Callaghan Properties (OCP). While the developer had hoped to begin construction work on the 4.1-acre site in the middle of last year, the timeline has been pushed out. OCP previously partnered with Clúid Housing to deliver 88 apartments at Cork city’s first cost-rental scheme at Lancaster Gate on Lancaster Quay, while directly across the river from Kennedy Quay, the LDA is partnering with BAM/Clarendon Properties at Horgan’s Quay in the construction of a 302-unit apartment scheme. The Irish Examiner, 9th January
Inchicore, Dublin 8 Autofill, an ecommerce fulfilment company, has spoken with the LDA over a site that has the potential for a 167-apartment project in Inchicore. The 1.2-acre industrial property in question is located to the rear of a strategic site earmarked for affordable housing. Under the “City Edge Project,” the LDA has plans to redevelop 69-acres of land owned by Iarnród Eireann, alongside sites belonging to the ESB and the Office of Public Works. The development, which was announced in 2021, is set to make 5,000 affordable homes available to buyers under the government’s ‘Housing for All’ policy. It planned to build a further 5,000 homes on nearby surrounding sites. The Business Post, 13th January
Mortgages The average mortgage loan for a house purchase exceeded €300k for the first time last year, according to the latest quarterly report by property website MyHome.ie. The average residential mortgage loan was approx. €308k in the third quarter, up 7% YoY. In October the average mortgage approval rose to a fresh high of €321k, up 8% YoY, the report noted. In the fourth quarter the median asking price for properties listed on MyHome was €365k, up 8.4% YoY. In Dublin, the figure was €450k, up 5.9% YoY. Irish Times, 9th January
Glenveagh Results Homebuilder Glenveagh Properties said it had completed and sold a total of 2,415 homes in 2024, an increase of 77% on the previous year’s total of 1,363. In a statement, Glenveagh said its revenue rose by 43% to €869m from €608m, while its profit before tax jumped by 106% to €113m from €55m in 2023. The builder said its group forward order book is worth €950m, an increase of 48% on 2023. It added that planning permission has been granted for 2,487 units ensuring that all targeted output for 2025 is fully approved. Rte.ie, 10th January
Cairn Results An increase in the number of affordable homes Cairn produced for State partners led to a decline in average price from €389k in 2023 to €383k last year. However, output rose 29% over the year to 2,243 units. Commencements also ramped up during 2024, with more than 4,100 new homes started, including 19 large-scale developments, compared to 2,162 commencements in the prior year. Revenue was approx. €860m for the 12-month period, up 29% YoY. Operating profit was 32% higher at €160m, beating guidance of €145m. The Irish Times, 14th January 2025
Data Centre operator Equinix has given €33m to landowners as it continues to invest in Ireland despite grid lockouts. The US company operates 260 data centres across more than 30 countries and has assets valued at $108bn. In Ireland it has four co-location data centres and operates two hyperscale data centres around Dublin city. It recently signed a deal with telecommunications company BT to acquire two of these co-location facilities for €59m in a deal that is set to close Q1 of this year. The company has been buying land which was previously leased to Equinix on long-term contracts. The company has paid €20m to Bartra Capital that owned the land BT built its two data centres on. In April 2024, the company purchased land worth €7m that it had leased from a landlord in Kilcarbery, near Profile Park in Clondalkin. The company also paid €6m for a site in Blanchardstown which is adjacent to its current data centres. The Business Post, 8th January
Investment Market Real Estate Investment in Ireland reached €2.4bn in 2024, with retail the standout performer. JLL unveiled new research which found that while the total investment volume last year was up 30% from 2023, the figure is still 42.7% below the ten-year annual average. Retail accounted for approx. half of the market, with €1bn invested across 31 deals. This marks a 142% increase on 2023 and is 43% above the ten-year average. Office was the second largest sector, with investment totalling €508m across 37 deals, 62.3% below the ten-year annual average. The private rental sector was the third largest sector for investment, with €461m invested in 2024. This represents a marginal 6.1% increase YoY but remains 55.3% below the ten-year annual average. The Business Post, 8th January
BNP Paribas Ireland Construction PMI Report The headline seasonally adjusted BNP Index moved back above the 50.0 no-change mark during December, rising to 51.6 from 47.5 in November. The reading signalled an expansion in total activity that was the first for eight months. The increase in total construction activity reflected growth in two of the three monitored categories. Housing continued to lead the way, posting a fourth consecutive monthly expansion. Commercial activity returned to growth for the first time in four months. Meanwhile, civil engineering activity continued to fall. New business increased for the ninth time in the past ten months. BNP Paribas, 13th January
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Stepstone Mortgages Loan Sale: US private equity giant Cerberus has purchased sub-prime lender Stepstone Mortgages in a near €100m deal. Dublin-based Stepstone, once a joint venture between Lehman Brothers and IIB – an early manifestation of KBC Bank – stopped issuing new loans in 2008 and has since been managing its heavily impaired loan book. The sale of Stepstone closes the chapter on Ireland’s sub-prime lending boom with Start Mortgages and Nua Mortgages having previously been acquired by Lone Star. The Irish Independent, 25th January
Northwood Business Campus: Knight Frank is seeking a purchaser for a strategic development opportunity in the mixed-use Northwood Business Campus in Santry. The agency is seeking in excess of €2.8m for the 3.43 acre site located within 1km of Junction 4 of the M50 motorway and close to the M1 interchange. A range of planning permissions were granted for the site over the years but have all since lapsed. Knight Frank suggests it could now be considered for office, residential, student accommodation or retail uses. Most of the site is currently covered in grass however a section along the eastern boundary is in use as a car park. The Irish Times, 24th January
New Ireland’s Headquarters: The Irish Times reports that Bank of Ireland (BOI) plans to put its subsidiary New Ireland’s central Dublin headquarters on Dawson Street up for sale in the coming weeks with a price tag of c. €30m. It is understood Savills will be the selling agent and that the 60,000 sq. ft. building will be sold with vacant possession, as the insurer intends to move out at some time this year. The sale should draw significant interest from major property players as Dawson Street has been a centre of focus for some time. British bank, Barclays, last year agreed to rent a new office building built by Green REIT at the junction of Dawson and Molesworth streets and directly across the road, IPUT pre-let a building to Jet.com (a Walmart subsidiary) for €1.8m p.a. or €60 psf. The Irish Times, 25th January
Beckett Building East Wall: Galway developers Luke and Brian Comer are set to secure €95m from the sale of the Beckett Building office block on East Wall Road in Dublin to Munich-based GLL Real Estate Partners. Located in the city’s north docklands where Google, Cisco Systems and Altaba (formerly Yahoo) occupy space, the building has been occupied by Facebook since last year, following their decision to expand beyond its headquarters in Grand Canal Square. Facebook are leasing over 100,000 sq. ft. of office space in the building at €24 psf, a fraction of the prevailing rate in Dublin’s Silicon Docks and Central Business District. The Comer’s stand to make a significant profit on the sale of the property having acquired it in 2011. Prior to the Comer’s acquisition, the six-storey building lay vacant for almost a decade. The Irish Independent, 24th January
Cairn House Office Block: The Friends First Irish Property Fund has added the Cairn House office block in Dublin’s South County Business Park to its fast-growing portfolio of properties. The fund which was recently acquired by Aviva, manages over €500m of property assets and has spent an additional €7m acquiring Cairn House, which extends to 25,327 sq. ft. The building, which is partly let to Fonua, a consumer electronics solutions provider, has 7,600 sq. ft. of vacant space available to let through HWBC at €28 psf. The fund also owns the adjoining Ardagh House, which it acquired in 2015 and is fully let to the Ardagh Group. HWBC advised Friends First on the purchase of Cairn House and CBRE acted for the vendor. The Irish Times, 25th January
Abbey Street Upper: Marlet Property Group has paid more than €22m for a 0.87 acre development site on Abbey Street Upper, Dublin 1. The site which guided at €14m, and has been vacant for decades, was assembled by CIE between 1978 and 1993. In advance of marketing the site for sale last year, the vendors commissioned a development feasibility study, assessing a number of potential uses such as office, hotel and student accommodation. The site would lend itself to a hotel development given its location in the heart of the city centre and close proximity to Connolly and Heuston train stations, Busaras and the Luas lines. The site previously had planning approved for a 10-storey over basement hotel, incorporating a bus interchange at ground level, however these plans never came to fruition and the site has remained idle. The Irish Times, 28th January
The Independent also ran a piece on Marlet Property’s acquisition of the Abbey Street Upper site and states that they are planning a 220-bed hotel, 300-bed aparthotel and number of retail units for the site. The hotel and aparthotel are likely to entail c. €90m of construction costs, however no planning application has yet been submitted. The Irish Independent, 28th January
Clery’s Redevelopment: The owners of Clery’s department store premises on O’ Connell Street have engaged the services of Knight Frank to secure office tenants, Savills to source retailers and CBRE to select an operator for the planned boutique hotel. While the search for occupiers is still at an early stage, it is understood that the redevelopment has attracted interest from an array of Irish and international businesses. Developer Paddy McKillen Jr, leading UK restaurant operator Rhubarb and the Belfast-born owners of New York’s famous Dead Rabbit Bar are among the parties understood to have expressed interest at this stage. Natrium, a joint venture comprising Deirdre Foley’s D2 Private and Cheyne Capital Management acquired the former department store from Gordon Brothers for €29m in 2015 and Dublin City Council granted planning permission in December 2016 for a mixed-use scheme comprising offices, retail units, leisure facilities and a boutique hotel on the site. The Irish Independent, 25th January
Gleneagle Hotel Killarney: The Company behind the Gleneagle Hotel and INEC venue in Killarney is accelerating its capital investment plans after completing a €30m refinance of its debt. The Group intend to carry out guestroom refurbishments, facility upgrades and technological advancements at the hotel on a phased basis so as not to interfere with the day to day operation of the hotels. The Irish Times, 24th January
Dublin Docklands Report: Property agent Owen Reilly’s Docklands Residential Report 2018 found 2017 to be a very strong year for the Dublin Docklands residential market. Capital values in the Docklands increased by 13.1% and rental values were up by 10.8%. Rents on their managed portfolio are up only 6% which shows that cap rents are working from a tenant’s perspective and further evidenced by the high renewal rate of 83%. Strikingly, only 8% of their tenants were Irish, which reflects where local companies are recruiting from. The sales market was underpinned by tight supply which produced strong selling prices and fast selling times, particularly in the first six months of 2017 when values increased by 9.2%. Year on year values are up by 14% in Grand Canal Dock and although investors were still dominant at 66%, there was a significant increase in activity from owner occupiers, a trend they expect to continue in 2018. The report also analysed Docklands planning applications and found a significant mismatch between the capacity of new office space and residential accommodation. There is 314,000 sq. m. of office space planned to accommodate c. 26,000 employees, and only c. 2,600 new residential units planned to accommodate c. 6,500 residents. The report concluded that unless residential development is increased significantly, then there will be excessive pressure on both rental and capital values for the foreseeable future. The Docklands Residential Report, Owen Reilly Property Agents
Glenveagh Property Acquisitions: Housebuilder Glenveagh Properties has exchanged contracts on two development sites that will potentially deliver 395 residential units in Citywest, Dublin 24, and Hollystown, Dublin 15. The Citywest site is located in close proximity to the Fortunestown Luas stop and Citywest Shopping Centre. Glenveagh aim to deliver c. 200 family homes on 19 acres of residentially zoned land on the 162-acre Hollystown Golf Club site. The latest acquisitions means that the company have now spent €178m of the €550m raised when the company listed on the Stock Exchange in October 2017 and is sitting on a land bank with capacity for over 5,000 units. The Irish Independent, 29th January
Dublin Airport Logistics Park: Rohan Holdings has embarked on developing a speculative 50,000 sq. ft. detached industrial building at Dublin Airport Logistics Park. Rohan has engaged Glenbrier to handle the development of Heron House, which will be completed by the third quarter of this year. A headline rent of €9.45 psf and a sales figure of €149 psf will be competitive given the block will have a 12m eave facility and 35m private yard. Rohan also embarked on two other speculative 40,000 and 30,000 sq. ft. units in the same park last year, both of which will be completed in the next month. Rohan is also understood to be gearing up to develop two 20,000 sq. ft. units at North City Business Park in the coming weeks as well as the possibility for three further units at Dublin Airport Logistics Park totalling 130,000 sq. ft. The developer’s decision to proceed with new buildings has been triggered by a range of deals concluded in 2017, including the letting of 65,500 sq. ft. to Holland & Barrett at €9.44 psf and a 40,000 sq. ft. letting to Fonua. The Irish Times, 24th January
Brewery Business Park Dundalk: Cushman & Wakefield and Sherry Fitzgerald Carroll have brought Brewery Business Park in Dundalk to the market guiding €4.2m. Located c. 2km from Dundalk town centre, the property occupies the former site of one of the longest established breweries in Dundalk. The brewery and packing site closed in 2000 and the site has since been redeveloped into a large business park within easy access to the motorway and wider national road network. The business park extends to 20 acres, consisting of 57 industrial units, comprising around 353,500 sq. ft. The current rent receivable is €663k p.a. with the anchor tenant accounting for €300k p.a. There is a further 145,000 sq. ft. of vacant space within the park, offering further potential to enhance rental income. The Irish Independent, 29th January
Northwest Business Park: Knight Frank recently completed the sale of the largest vacant industrial building in 2017, at Northwest Business Park, Ballycoolin, Dublin 15, for in excess of €12.2m (€90 psf). The property which guided €9.75m when it came to market in May last year, comprises a modern detached unit which extends to 135,000 sq. ft. on a 6.45 acre site and features internal eaves height of 12m, a manned security entrance and a yard depth of 60m. The property was purchased by IPUT, the largest unlisted property vehicle in Ireland, with more than €2.3bn worth of assets under management. The Sunday Business Post, 28th January
Mercantile Group: The Mercantile Group’s Opium venue reopened last week after a €4m refurbishment and with a new nightclub. Opium is one of the venues owned by Michael Breslin and Maurice Regan through their c. €50m valued Mercantile Group. Opium’s refurbishment is part of a €30 million investment programme by the group across its portfolio, which includes the Mercantile bar and hotel on Dame Street, Whelan’s of Wexford Street, the George, NoLita, Café en Seine and Pichet restaurant. Next year Breslin and Regan plan to triple the size of the Mercantile hotel to about 100 bedrooms. The Sunday Business Post, 28th January
Little Island Cork: US-based T5 Data Centers, which owns and operates wholesale data centres for data centre users in North America, is to team up with Cork private development company, JCD Group, in a joint venture to develop the T5@Ireland data centre campus, with an initial development value of €70m. This is T5 Data’s first venture outside of the US and they are hoping their Irish base can take advantage of the pending changes that Brexit will bring in, and drive data traffic from the UK. The new T5@Ireland campus is on a 32.5-acre site located in Little Island, Cork with access to a 60MW electrical grid in the adjoining substation. The campus has full planning permission in place for two 7MW enterprise co-location facilities and a cloud-targeted 30,000 sq. m. 32MW data centre facility. The buildings have been designed by US architectural firm Corgan and British engineering firm Cundall, which both specialise in data centre design. The Sunday Business Post, 28th January
Davy Report: Stockbrokers Davy have reported that there are now clear signs that the recovery in the property market is broadening out to benefit the industrial and retail sectors, with prime industrial values now recovered to c. €150 psf, well in excess of build costs which is c. €120 psf. Take-up in the industrial sector in both 2016 and 2017 was only c. 2.6m sq. ft. which is almost 40% lower than in 2015, reflecting a significant shortage of supply. Green REIT currently has four live developments at Horizon Logistics Park totalling more than 200,000 sq. ft. and Rohan Holdings is also significantly increasing developments at the Dublin Airport Logistics Park and other parks around the M50 in Dublin. The recovery is also feeding through to the retail sector with rising footfall, consumer sentiment and sales activity. The Irish Times, 24th January
Riverdance Landmark Theatre: Riverdance is advancing plans for a landmark 43,000 sq. ft. facility, including a 250-seat theatre, in Dublin’s north inner city. The facility would include a theatre, rehearsal space and classrooms, and an exhibition space according to a briefing document recently sent to Dublin City Council. Riverdance has had its offices on Capel Street in the north inner city for 22 years, where it also conducts rehearsals and costume design. The Sunday Business Post, 28th January
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European Loan Sales Activity: Investment advisory group Evercore has published a review of European loan sales activity in 2017, which found that it was again a record year, with €100bn of par value loan sales completed. The report found that 2017 was dominated by Southern European loan sales and that Ireland and the UK are now seen as peripheral territories with relatively modest activity. Evercore lists two Irish loan portfolios as live sales; AIB’s €3.75bn par value Project Redwood and NAMA’s €150m par value Project Lee. Project Redwood is currently in opening bids stage and expected to sell in H1 2018 for c. €2bn. Project Lee is a portfolio of loans linked to the late Cork developer Owen O’Callaghan, which is expected to be the next sale although not currently on the market. NAMA Wine Lake, 21st January
Cherrywood Business Park: Hines has sold eight office blocks at Cherrywood Business Park in South Dublin to Spear Street Capital, a San Francisco investment company, for c. €145m in an off-market deal. Hines will reportedly use the proceeds of the sale to offset part of the cost of developing the town centre element of the wider Cherrywood scheme. Subject to planning permission, construction of Cherrywood Town Centre is to commence in the coming months, with the first apartment blocks expected to be completed by mid-2020. The total cost of the apartments and street level shops and cafés is estimated at c. €450m. Hines purchased 412 acres in Cherrywood in 2014 in partnership with the American fund King Street Capital, for €270m. The Irish Independent, 18th January
Communications House: A private Asian investor has purchased Communications House on Barrow Street in Dublin 4 for just over €7m. The three-storey building extends to 9,600 sq. ft. and produces a rental income of €420k p.a., resulting in a net initial yield of 5.5% and a capital value of €730 psf. The building is let to Imagine Telecommunications on a 25-year lease from 1999 but is not currently occupied. Imagine Telecommunications also rent 17 basement car spaces. The Irish Times, 16th January
Dublin Office Space: Figures from Cushman & Wakefield show that half of overall office space taken up in Dublin last year was in the central business district (CBD). Cushman noted that a 16% increase in the volume of space taken in the CBD meant it represented half of Dublin’s overall take-up in the year, one third of which was newly delivered stock. Activity in 2017 was driven by an increase in very large lettings, with five deals in excess of 107,000 sq. ft., compared to no such transaction in 2016. Microsoft was the largest take-up of the year, moving into their new 372,000 sq. ft. office in Sandyford in Q4. Cushman forecasts the delivery of over two million sq. ft. of office space in 2018, with c. 37% already pre-let. The vacancy rate in Dublin currently stands at 8.7%. The Irish Times, 18th January
Dublin Restaurants: The Sunday Business Post reports on the Dublin restaurant sector, and examines the possibility that the market may be oversupplied. The report cites figures from the Revenue Commissioners on special restaurant licences and wine retailers on-licences, where the combined number of licences issued has risen from 718 in 2012 to 1,017 in 2017. In addition, it is estimated that the number of new restaurant seats in Dublin in 2017 was c. 6,000. The Sunday Business Post, 21st January
Carmelite Seminary: Joe and Margaret Scally of the Hayfield Manor Hotel in Cork have completed the purchase of the former St. Mary’s Carmelite seminary on Bloomfield Avenue in Dublin 4 for c. €16m, €6m above guide price. The deal represents a first foray into the Dublin hotel market for the Scally’s, who also operate the Killarney Royal Hotel and Great Southern Hotel in Killarney, Co. Kerry. The building, which dates back to 1875, extends to 35,000 sq. ft. on a 3.09-acre site and includes a chapel on one wing. A feasibility study by John McLaughlin Architects advised interested parties of the potential for more than 113,000 sq. ft. of developments on the site to include 90 apartments and 10 large houses, however the property is likely to end up in hotel use given the current shortage of rooms in the city, and the experience of the promoters. The Irish Times, 17th January
Liberties Regeneration: An Bord Pleanála has granted planning permission for a major regeneration scheme on Francis Street in the heart of Dublin’s Liberties. The scheme, which was designed by Douglas Wallace Architects, will include a 260-bedroom aparthotel, restaurant units, a gym and a cultural theatre and performance arts venue. The €25m project will have an overall floor area of 107,000 sq. ft. and will be promoted by Anthony Byrne, founder of the Tivoli Theatre. The Irish Times, 17th January
Residence / Restaurant 41: The Residence and Restaurant 41 at 41 St Stephen’s Green in Dublin city centre are to remain closed for the next few months, to allow their new owners, Press Up Entertainment Group, to complete a substantial refurbishment to the property. Upon completion, the property will include an “all-inclusive” bar and restaurant and will re-open under a new name. The property is expected to re-open in the spring. The Irish Times, 18th January
Local Authority Mortgages: The Government has set aside €200m as part of a new scheme whereby local authority mortgages will fund first-time buyers of not just new builds, but also second hand homes and self-builds. To qualify for the scheme, applicants must (i) either have an individual income of no more than €50k or joint income of no more than €75k (ii) have been unable to secure sufficient funding from two financial institutions and (iii) be seeking to acquire a property worth no more than €320k in the Greater Dublin Area, Cork and Galway or €250k in the rest of the country. The key attraction of the scheme is that the local authority mortgages will carry a fixed-rate of between 2% and 2.25% over a 25 – 30 year term, which is well below the interest rates offered by the banks at present. The Irish Times, 22nd January
Ballymore Malahide: The Sean Mulryan property group Ballymore has paid €15.1m for two sites in Malahide, North Co. Dublin. The group intends to develop high-end housing on the sites on Seamount Road, close to Malahide Village. The sites currently have planning permission for 46 detached houses with potential to increase this to 60. Cushman & Wakefield sold the sites and estimated that houses with an average floor space of 1,930 sq. ft. would sell for between €750k and €1m. Ballymore recently exited NAMA after repaying c. €3bn and is working on multiple projects in the UK and Ireland. The Sunday Times, 21st January
Hollystown Golf Club: Glenveagh Properties has agreed to buy the 27-hole Hollystown Golf Club and surrounding 20 acres of land in West Dublin for c. €15m. The 20 acres were rezoned for residential development in 2016 with the stipulation that the lands include a GAA pitch and clubhouse. The golf course is still zoned as amenity lands. Hollystown was first opened in 1992 by Oliver Barry, a concert promoter and head of Ireland’s first commercial radio station, Century Radio. The Sunday Times, 21st January
Dublin Floating Homes: Dún Laoghaire Harbour Company is progressing its plans to develop 50 floating homes as part of a feasible solution to the housing crisis. The new scheme would see new homes permanently moored at a pontoon on the western end of Dublin Bay. The initiative is modelled on similar water-based developments in the US and Canada and it is envisaged that the units would be similar to two and three-bedroom apartments with floor ranges of 800 – 900 sq. ft. and cost in the range of €300k – €350k. The project is currently in the procurement stage and timing of the project will very much depend on the responses during the formal tender and planning process. The Sunday Independent, 21st January
Mount Merrion Site: Lisney is seeking offers of €7.5m for a prominent 0.84-acre site with full planning permission for 48 apartments on Deerpark Road in Mount Merrion, South Dublin. The impressive building was originally designed as the Stella Cinema Mount Merrion and is currently occupied by furniture retailer Flanagan Kerins. The current owners of the site obtained planning permission in 2016 for a six-storey development, comprising 48 dual-aspect apartments with balconies and four offices over 92 car spaces. The property is being sold with the benefit of a current income of €73k, and all tenancies include appropriate break clauses required to obtain vacant possession. The Sunday Business Post, 21st January
Finglas Industrial Portfolio: CBRE has brought two substantial industrial portfolios in Finglas to the market with a guide price of €18m. The multi-tenanted parks in Jamestown Business Park and Century Business Park are based along the N2 corridor with easy access to Dublin Airport and the Dublin Port Tunnel. The portfolio consists of c. 429,000 sq. ft. of space in total and produces an annual rental income of €1.327m. The portfolios are available for sale separately or as a single lot, with Jamestown Business Park guiding €12.2m and Century Business Park guiding €5.8m. The Irish Times, 16th January
Core Industrial Plc: The Irish Times reports that the US hedge fund York Capital is seeking to raise between €200m and €250m via the flotation of a new Irish industrial and logistics property investment trust named Core Industrial Plc. The seed assets reportedly being introduced into the vehicle are industrial units in Rathcoole, Clondalkin and Finglas in Dublin which the company acquired in recent years. Additional assets in Naas and Kilcullen in Co. Kildare and Clonee in Co. Meath are also being considered as potential seed assets. Credit Suisse and Davy are advising on the flotation. The Irish Times, 17th January
Cork Investment Market Review: Aoife Brennan of Lisney reports on transactional activity in Cork in 2017 and provides an outlook of the market for 2018. Among the most notable findings was that the investment activity in Cork in 2017 of €200m was c. 9% of the national figure, a substantial increase from recent years where Cork averaged 4% of the national total. The office sector saw c. 183,000 sq. ft. of space transacted, 51% of which was in the technology sector. The purpose-built student accommodation sector is also becoming more significant, with between 500 and 750 beds expected to be completed in Cork this year. The Irish Examiner, 18th January
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Project Redwood: AIB’s Project Redwood loan portfolio sale is drawing attention from a number of potential bidders including Goldman Sachs, Oaktree Capital, Apollo Global Management and Deutsche Bank. The loan portfolio with an expected par value of c. €3.75bn consists of a mix of commercial property loans and buy-to-let residential mortgages. First round bids are expected by the end of January with the sale expected to close before the end of June. The sale comes as AIB looks to cut its level of non-performing loans, which is one of the highest among euro area banks. AIB had non-performing loans totalling c. €12bn at the end of June 2017, which amounts to c. 19% of its total gross loans. According to the European Central Bank, the EU average for non-performing loans as a percentage of total loans is just under 5.5%. RTÉ News, 11th January
Shanahan’s on the Green: The Royal College of Surgeons have been confirmed as the purchasers of the Shanahan’s on the Green restaurant building on the west side of Dublin’s St. Stephen’s Green. The building, which is located beside the Royal College of Surgeons campus, is believed to have cost c. €5m and adds to the college’s major commercial property portfolio in the city. CBRE handled the sale of the property, which has a lease with c. seven years left to run. The current rent of €240k p.a. is due to rise to €290k p.a. in 2019. The Irish Times, 10th January
Lidl Distribution Centre: Kildare County Council have granted Lidl planning permission for the construction of a new 5.8m sq. ft. distribution centre on the Naas Road in Newbridge, Co. Kildare. The development will be one of the biggest building projects in Ireland in 2018 and when complete will employ a workforce of over 350, including 100 new positions. The development will include a large stretch of new public road which will form the first part of the Newbridge bypass. The supermarket has tenders out for the road and distribution centre and expect construction to commence in April. The Irish Times, 11th January
Kildare Village Extension: Planning permission has been granted by Kildare County Council for an extension of c. 67,000 sq. ft. of new floor space at the Kildare Village shopping outlet. The development will consist of one and two-storey buildings directly adjoining the existing complex and will be made up of a number of restaurant/café units, several retail outlets, public toilets and ATMs. Kildare County Council has also given planning permission for an extra 460 car parking spaces over two levels. Kildare Village opened in 2007 and is home to 95 shops of Irish and international fashion and lifestyle brands. The Irish Examiner, 10th January
Wilton Shopping Centre Expansion: Plans for a c. €100m redevelopment of Wilton Shopping Centre in Bishopstown, Cork have been announced by the centre’s owners, Clarendon Properties. The proposed expansion would see a substantial expansion to the existing Penneys retail unit, a 14-screen cinema, a 190-bed hotel and a seven-storey car park. A new entrance to the shopping centre via Sarsfield Road is also proposed as part of the expansion, in an attempt to alleviate traffic concerns. The Evening Echo, 12th January
The EXO Building: The development site of the EXO Building at Point Square in Dublin City’s north docklands, potentially Dublin’s tallest office building, has been acquired by the European Property Investor Special Opportunities IV (EPISO4), from the NAMA appointed receivers, Stephen Tennant and Paul McCann of Grant Thornton. The fund were assisted in the transaction by their local partner SW3 Capital and this represents their third investment together. While the price paid for the site has not been released, it is expected that the purchasers will be providing between €70m and €80m in development finance to complete the project. The project is expected to create 350 construction jobs and upon completion the building will rise to 73m and comprise of 169,150 sq. ft. of Grade A office space capable of housing c. 2,000 workers. The Irish Independent, 10th January
Iveagh Garden Hotel: The new four-star 150-bedroom Iveagh Garden Hotel on Harcourt Street in Dublin city centre is on schedule to open in early February. Renowned hoteliers Brian and Sally McGill, who also own the Harcourt Hotel and Harrington Hall, have invested c. €40m in the hotel. Construction of the hotel has taken two years, during which time the existing four-storey building was renovated and two additional storeys were added. The Sunday Business Post, 14th January
UCD Student Housing: A proposed €300m on-campus student accommodation complex at UCD has become the first development approved by An Bord Pleanála under the new “fast track” planning process. UCD was granted planning permission for the construction of 2,178 beds, its largest student accommodation scheme to date, in just over three months using the new Strategic Housing Development scheme. The development will increase the student population living on-campus from 3,179 to 5,357. The development is to be completed in six blocks, ranging from five to ten storeys in height. The Higher Education Authority has estimated a need for c. 25,000 additional student beds nationally with the shortage at its worst in Dublin. The Irish Times, 12th January
Viscount Securities Planning Application: An application by Michael Cotter’s Viscount Securities for 927 residential units in Leopardstown, south Dublin, has been denied planning permission by An Bord Pleanála, who reviewed the application under the fast track planning process. Among the concerns raised when declining the application was that insufficient information was provided with regards to storm water management, as the area is prone to flooding. The Irish Times, 16th January
Cherrywood Development: Hines have entered into a joint venture with the Dutch pension investor APG to facilitate the development of 1,221 build-to-rent apartments at Cherrywood in south Dublin. The €450m development will include shops and cafés at street level and forms part of plans to build a new town in Cherrywood, which is a government-designated Strategic Development Zone. While APG is involved in a number of other projects in Ireland, this is their largest investment in the country to date. The Sunday Business Post, 16th January
Planning Applications: An Bord Pleanála has received 13 planning applications that could see the development of c. 4,000 housing units under the Government’s new “fast track” planning system. The new system was introduced to address the current housing crisis and allows developers to bypass local authority planning processes for developments of more than 100 homes or blocks of 200 student bed spaces. The Irish Times reports that the An Bord Pleanála website showed 10 live applications for residential housing – five in Dublin, two each in Kildare and Galway and one in Cork. They involve proposals to build 2,244 houses and 1,744 apartments. There are also three separate fast-track planning applications for student accommodation in Dublin and Cork, the largest one by Cairn Homes for 576 bed spaces and 103 student apartments in Stillorgan, Co. Dublin. The Irish Times, 15th January
Dorset Street Student Accommodation: A planning application from Minfey Ltd for a 161-bed student accommodation development in Dublin city centre has been registered with Dublin City Council. The application proposes to demolish properties at the junction of Dorset Street Lower and North Circular Road to facilitate the development of the 65,000 sq. ft., 161-bed, six-storey over-basement project. Minfey Ltd is controlled by Paschal and Shane Taggart. NAMA Wine Lake, 14th January
Santry Development: Quayspoint Propertiez Ltd has sought planning permission from Dublin City Council for an 89 apartment development in Santry, north Dublin. The application proposes that the five-storey over-basement development will contain 34 one-beds, 41 two-beds and 14 three-beds. The development will also include retail space at ground floor level and 100 car spaces at basement level. Quayspoint was incorporated in 2015 and is controlled by Michelle Moore and Aimee Bourke. NAMA Wine Lake, 14th January
Clontarf Development: MKN Property Group has sought planning permission from Dublin City Council to use a nursing home site in Clontarf in north Dublin for a 72-unit residential development. The application proposes that the Verville Retreat nursing home will be converted into nine apartments (three one-beds and six two-beds), two four-storey blocks will be built and an outbuilding will be converted into a two-bed mews house. The two four-storey blocks will facilitate the development of one studio, 20 one-beds, 33 two-beds and eight three-beds. The development will include 69 car spaces and bicycle storage at basement level. MKN is an entity within the McKeon group, controlled by Brian, John and Sean McKeon. NAMA Wine Lake, 14th January
CSO Residential Rents: The latest figures from the CSO on residential rents show national residential property prices rose by 11.6% in the 12 month period ending November 2017, with Dublin prices rising by 11.3%. In the month of November 2017 alone, national prices rose by 1.1%, with Dublin prices rising by 0.9%. Excluding Dublin, national property prices rose by 11.7% in the year to November 2017, with the West of Ireland recording the highest growth, at 16%. Nationally, prices remain 23.1% below their peak from 2007. Central Statistics Office, 11th January
Mallow Primary Healthcare Centre: The listed UK healthcare REIT Primary Health Properties (PHP) have purchased the Mallow Primary Healthcare Centre in Cork in an off-market deal for €20m. PHP, who already own 304 primary healthcare properties in Britain and three in Ireland, have committed a minimum of €150m to investment in Ireland. The state-of-the-art Mallow centre opened in 2010 and is one of the largest primary care centres in the country, with c. 60,000 sq. ft. of floor space. The centre produces an annual rent of €1.288m. The HSE is the main tenant in the facility, occupying c. 40,000 sq. ft. under a 25-year lease at rent of €824k p.a. The Irish Times, 16th January
Conna Nursing Home: The Ditchley Group, which is backed by iNua, has acquired the 50-bed Conna nursing home, which is located near Fermoy in Co. Cork. The Ditchley Group already owns care homes in Galway City, Tralee (Kerry) and Belgooly (Cork). The Sunday Times, 14th January
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Blanchardstown Office Development: Irish developer Channor has recently commenced construction of a 36,000 sq. ft. Grade A office development in Blanchardstown Corporate Park in Dublin 15. The development of Plaza 211, which is scheduled for completion in August 2018, highlights the increase in demand for office space in the area in recent years, largely due to the opening of the N2-N3 link road through the park. Lisney are the sole letting agent for Blanchardstown Corporate Park and have confirmed that there is significant interest from a number of potential occupiers. The Sunday Business Post, 17th December
Hotel Market Review: New figures from Savills Ireland have shown that more than €3bn worth of hotels have changed hands in Ireland since 2012. Savills note that 2017 was the quietest of the last three years with c. €600m of transactions completed, compared to c. €850m in 2016 and c. €1bn in 2015. Among the most notable sales in 2017 were The Gibson Hotel in Dublin which was acquired by Dekabank for in excess of €87m, The Carton House Hotel which was purchased by John Mullen for €57m and The Galmont in Galway which was purchased by the MHL Hotel Group for c. €50m. 2018 is expected to be a busy year for hotel openings in Dublin with the Iveagh Hotel on Harcourt Street, the Aloft Hotel in the Liberties, the Clayton Hotel at Charlemont, The Maldron Hotel on Kevin Street and The Devlin in Ranelagh all expected to open. The Irish Independent, 1st January
Dublin Airport Hotel: A revised planning application for a 421-bedroom ten-storey hotel has been submitted for a site close to Dublin Airport, near the M50 and M1 junction. Carra Shore (Dublin) previously secured planning permission from Fingal County Council for a 427-bedroom hotel in April last year, however they could not secure permission from An Bord Pleanála, following a number of appeals from local residents. The company behind the application is owned by Jalaluddin Kajani and family who own boutique hotels in London and Dublin. The Irish Independent, 22nd December
Cork Hotel Development: Plans for a 120,000 sq. ft. office block and landmark 193-bedroom hotel on a former Revenue Commissioner’s premises on Sullivan’s Quay in Cork have been appealed to An Bord Pleanála. Planning permission was originally granted to BAM for the development by Cork City Council in November. BAM previously suggested that it had secured a premium hotel brand to operate the new hotel, which will feature a 12-storey cylindrical tower and will be one of Cork’s biggest hotels if constructed. It is one of a number of hotel projects underway in Cork, which currently has just under 3,000 available rooms in the city. The Irish Independent, 6th January
Daft.ie And MyHome.ie / Davy Housing Reports: The latest reports from Daft.ie and MyHome.ie / Davy highlight the continued recovery in the Irish housing market. The Daft.ie report suggests that residential property prices rose by 9.2% in 2017, while the MyHome.ie / Davy report indicates that prices rose by 10.2% in the same period. According to Daft.ie, property prices have risen by an average of 47% since the bottom of the market in 2013, although areas such as Sandycove in south Dublin have seen a more pronounced recovery, with prices in this area now less than 10% below their 2007 peak. The MyHome.ie / Davy report also highlights the lack of supply in the market at present, with a record low of 18,900 properties listed for sale at the end of 2017, equivalent to less than 1% of the national housing stock. The Irish Times, 2nd January
Goodbody Housebuilding Tracker: The latest figures from Goodbody Stockbrokers show that 8,659 new homes were built in the first 11 months of 2017, a 77% increase YoY. The figures from Goodbody, which are based off Building Energy Rating (BER) certificates, are well below the Irish Government’s figure of 17,309 for the period, which is based off electricity connections. Goodbody also report that 1,191 units were completed in November 2017 alone, a 53% increase on the month of November 2016. The Irish Times, 9th January
Residential Sales 2017: An examination of data in the national Property Price Register by The Sunday Business Post has shown that nationwide residential sales exceeded €12.4bn in 2017, an increase of almost €1bn on 2016. The final figure for 2017 could increase further once late filings are added. Dublin accounted for more than 50% of the total, with c. €6.4bn of properties transacted. The highest amount paid for a property in 2017 was €9.5m for Gorse Hill on Vico Road in Killiney, Co. Dublin. There were 617 properties sold for above €1m in Dublin. The Sunday Business Post, 24th December
NAMA Annual Review: In its recently published annual review, NAMA stated that it has the capacity to fund the construction of 20,000 new homes by the end of 2020. In addition to having already funded the construction of 7,200 houses and apartments between 2014 and 2017, work has commenced on a further 2,500 units and NAMA-funded developers have a pipeline of planning permissions for 8,500 new units. The report also shows that to date NAMA has invested €350m in refurbishing, finishing and buying properties to be used for social housing. The Irish Times, 4th January
Cairn Homes Trading Update: Cairn Homes expect the demand for new residential property will continue to significantly outweigh supply over the next two years. In a trading update, Cairn reported a significant rise in full-year revenues to €149m in 2017, up from €41m in 2016 and the company is starting 2018 with a strong forward sales pipeline of €134m (net sales value). Cairn currently has three sites in prime Dublin city locations under development and expects further apartment commencements in 2018. The company also has a pipeline of 1,700 student accommodation units across five developments. The Irish Times, 5th January
Belfast Build-To-Rent: A 19-storey apartment building in the Cathedral Quarter could become Belfast’s first build-to-rent residential development following the submission of a planning application by joint venture partners Lacuna and Watkin Jones. If planning permission is granted, the £15m development would see the delivery of 105 one and two-bedroom apartments on a site which currently accommodates a derelict building and car park. The Irish Independent, 2nd January
Sandymount Application: Thomas McMullan has sought planning permission to redevelop a Maxol service station site in Sandymount, south Dublin. The application proposes to replace the existing service station and garage and construct a five-storey, over-basement, 130,000 sq. ft. apartment building. The development will facilitate 90 residential units, comprising 23 one-beds, 53 two-beds and 14 three-beds, with underground parking for 90 vehicles. NAMA Wine Lake, 7th January
Northern Ireland (NI) 2017 Review: New research from Savills indicates that property investment in NI was c. £325m in 2017, an increase of 25% YoY. The report indicates that demand for city centre-based investments returned last year, with retail assets accounting for 67% of turnover. While the investment figures in the NI market for 2017 were positive, it should be noted that one transaction, the sale of Castlecourt Shopping Centre for £123m skewed the figures, as it accounted for nearly 40% of the total sales amount. There were total sales of £50.3m in the office sector in 2017, down from £75m in 2016, largely due to a lack of supply. Despite this decrease, the outlook for the office sector is positive for 2018, with an increased supply of new office developments expected. RTÉ, 2nd January 2018
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