Reflector Building, Hanover Quay Joint agents Savills and CBRE are guiding €155m (4.52% GIY) for the Reflector building at Hanover Quay. The six storey over basement property was completed in 2018 and comprises 121,094 sq.ft. office space, 3,541 sq.ft. retail space and 34 parking spaces. The property generates c. €7m annually form Airbnb, Wix and LogMeIn. The Irish Independent, 13th February
Cork Airport Business Park Yew Grove REIT has acquired a two storey, 40,953 sq.ft. office unit at Cork Airport Business Park for €7.5m (7.85% NIY). The property is let to Clearstream Global Securities Services on a 25 year lease which expires in over five years’ time. The Irish Independent, 15th February
KPMG Offices The Irish Independent reports that KPMG will be seeking to relocate its 2,500 Dublin workforce and requires c. 350,000 sq.ft. of office space in the city centre. The company currently occupies two buildings in Harcourt Street and IFSC. The Irish Independent, 18th February
62 Fitzwilliam Square Knight Frank are guiding €3.2m (€604 psf) for a 5,300 sq.ft four storey over basement mid terraced Georgian property. The property is being sold with vacant possession. The Irish Times, 13th February
DIT Kevin Street Knight Frank are guiding €80m (€22.4m per acre) for the former DIT Kevin Street campus. DIT will remain in occupation of the site until October 2020. The 3.57 acre site is located 300 meters from St Stephen’s Green and is zoned Objective Z5-City Centre, meaning it can be redeveloped for offices, residential, hotel, student accommodation or retail, subject to planning. The Irish Times, 13th February
35 Merrion Square, Dublin 2 Lisney are guiding €1.9m (€516 psf) for a 3,681 sq.ft. four storey over basement Georgian office property. The property, once decorative works are carried out, is expected to secure €45-€50 psf. The Irish Times, 13th February
Donnybrook, Dublin 4 Dublin City Council has approved the development of a six storey, 71 bed- hotel beside the fire station in Donnybrook. Approval was given in August 2018 but was appealed by locals. An inspector’s report for the council recommended that the planning be upheld with only minor changes to site development, building works and sustainable waste management. The Irish Times, 14th February
Magic Carpet Public House, Cornelscourt Lisney and Morrissey’s have brought the Magic Carpet public house along with 2.7 acres of adjoining lands to market for €12m. The property, located between Foxrock and Cabinteely, offers redevelopment potential as residential or mixed use schemes. A feasibility study carried out by O’Mahoney Pike Architects note it could accommodate 70 apartments, four detached houses and 10,764 sq.ft. of commercial space. Tenders are due by 22nd March. The Irish Independent, 14th February
Vicar Street, Dublin 8 Appeals have been lodged against Harry Crosbie’s eight-storey, 185 bedroom hotel in the Liberties, Dublin 8, which was awarded planning permission last month. Mr Crosbie had intended to commence works on the Vicar Street site within the next few weeks. Mr Crosbie was recently refused planning permission to convert his home at Hanover Quay, Dublin 2, to a boutique hotel. The Irish Times, 14th February
Gorman’s Clifftop House and Restaurant, Ballydavid, Co. Kerry DNG WH Giles are guiding €950k for a 8,525 sq.ft. four star guest house and restaurant in Ballydavid, Co Kerry. The property, located on the Wild Atlantic Way and a 15 minute drive from Dingle, comprises nine ensuite guest rooms and a 40-seater restaurant. The Sunday Business Post, 17th February
Cork Residential Market Update Q4 2018 Residential prices increased 1.9% in Q4 and 6.4% during 2018. 2,940 properties were advertised for sale in December 2018, an 8.8% increase YoY. Second hand homes represented 83% of the stock available to buy and new builds represented 17%. 1,702 residential units were completed in Cork during 2018, 91% of which were houses and 9% apartments. Cork rental prices increased by 5.5%. Lisney Market Updates
Dun Laoghaire, Co Dublin Noel Smyth is planning to deliver 100 build to rent apartments at the seafront car park site of St Michael’s Hospital on Crofton Road, in Dun Laoghaire. Dun Laoghaire County Council previously rejected Noel Smyth’s plan to develop 80 apartments and two shops on the same site in 2007. The Irish Independent, 14th February
116.5 acre site, Limerick Joint agents Savills and Cushman & Wakefield are guiding €12m (€103k per acre) for the former Limerick racecourse, a 116.5 acre, mixed use development site located off Dock Road and South Circular Road, close to Limerick city centre. The site was Limerick’s racecourse for over 130 years before closing in 1999. The site has been identified as Major Urban Housing Development Site capable of accommodating 700 housing units. Best bids are due by 11th April. The Irish Examiner, 14th February
32 Silchester Road, Glenageary, Co Dublin Sherry Fitzgerald are guiding €1.995m (€542 psf) for a four bed, 3,681sq.ft. semi-detached red brick house located on Silchester Road, Glenageary. The Sunday Business Post, 17th February
Town Centre 3 Site, Cherrywood, Co Dublin Ronan Group Real Estate has entered advance negotiations with DLR Properties to acquire the 13.1 acre Town Centre 3 site in Cherrywood. Although QRE, the sales agent, did not quote a price when it was brought to market, it is anticipated to achieve c€40m (€3m per acre) The Irish Independent, 14th February
0.89 Acre Site, Saggart, Dublin 24 Cushman and Wakefield are guiding €1.75m (€1.96m per acre) for a 0.89 acre site off Main Street in Saggart with planning for 28 residential units, 2,831 sq.ft. retail space and 1,076 sq.ft. office space. The Irish Times, 13th February
Dublin 8 Development Sites Joint agents Hooke and MacDonald and CBRE have brought two sites to the market guiding €11.5m. 0.8 acres at 43-50 Dolphin’s Barn is guiding €7m (€8.75m per acre) and has planning permission for a seven-storey scheme of 70 apartments and 12,228 sq.ft. of retail. A feasibility study states subject to planning an additional six apartments could be achievable or a co-living scheme of 220 units. 75-78 Cork Street is a 0.4 acre site guiding €4.5m (€5.6m per acre) and has planning for a seven storey complex with 54 apartments and retail at ground level. The Irish Times, 13th February
Glaskenny House, Enniskerry, Co Wicklow Savills are guiding €1m (€631 psf) for a five bed 2,766 sq.ft. detached residential property with 0.8 acre garden and 5.7 acre paddock for horses. The Sunday Business Post, 17th February
12 Victoria Street, Portobello, Dublin 8 Knight Frank are guiding €1.5m (€778 psf) for a 1,927 sq.ft. five-bed, terraced house in Portobello. The property which was acquired for €380k in 2012 has been refurbished to an A3 rating standard and includes a 4,000-litre rainwater harvesting and filtration system, solar panels and wine cellar. The Irish Independent, 18th February
Rathdown Road, Dublin 7 An Bord Pleanála have approved NTM ROI Seed Capital LP’s application for 289 student accommodation bed spaces at the former Nolan Seafoods site on Rathdown Road, Dublin 7. The Sunday Business Post, 17th February
Carmanhall Road, Sandyford Industrial Estate, Dublin 18 Prime Living Sandyford have applied to An Bord Pleanála for 706 student bed spaces at the former Avid Technology International on Carmanhall Road, Sandyford Industrial Estate, Dublin 18. The Sunday Business Post, 17th February
Industrial Property Market According to Savills research, take up of industrial space was up 9.8% YoY from 2017. Savills note that 2018 take up was 3,322,378 sq.ft. 17.7% ahead of the long-term average for the market. Ten new logistics facilities comprising 544,223 sq.ft. of space was completed in Dublin during 2018. Construction is expected to commence on a further 753,474 sq.ft. in 2019 with 538,196 sq.ft. pre let or pre sold. Headline rents are €9.29 psf. The Irish Times, 13th February
Unit 1, Stadium Business Park, Dublin 15 Cushman & Wakefield are guiding €8.75m (7.83% NIY) for the 999 year leasehold interest Unit 1, a 77,883 sq.ft. modern warehouse on 3.5 acres. The property is let to Viking Direct on a 20 year lease from 2007 at €744k pa with a break in November 2020. The Irish Times, 13th February
32-34 Finglas Business Park Savills are guiding €1.1m for a 13,390 sq.ft. industrial and office unit. The office unit extends to 1,130 sq.ft. The Irish Times, 13th February
Odeon Cinema and Leisureplex, Coolock Savills are guiding €22m for the long leasehold interest in the Odeon Cinema and Leisureplex in Coolock. The properties produce an annual rent roll of €1.612m equating to a 6.75% NIY. The cinema, a 37,404 sq.ft. complex with capacity for 2,189 people between ten screens, is let to UCI Ireland on a 25 year lease from 2008 at €937k pa. The Leisureplex Coolock occupies its unit on a new 25 year lease at €675k pa. The Irish Times, 13th February
Navan Town Centre, Bannon handled the off market sale of the majority stake in Navan Town Centre for €43m (9-9.5% yield). The stake was sold to a fund controlled by Davy. The 65% majority stake was previously on the market in September 2016 for €62m which included a residential element worth €5m. The Irish Times 13th February
Grantham House, Dublin 8 Cushman & Wakefield are guiding €4.5m (5.28% GIY) for a retail and office investment at the junction of Grantham and Camden Streets. The 9,688 sq.ft. property consists of two retail units at ground level and three stories of office overhead. It is fully occupied and produces €237k from five tenancies with a weighted unexpired lease term of three years. The Irish Times 13th February
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Seamark Building, Elmpark Green Business Park, Dublin 4 Chartered Land and Starwood Capital have completed their €45m refurbishment of Seamark Building, a 182,500 sq.ft. office building located at Elmpark Green Business Park, beside the Merrion gates. The property, which is the largest vacant office space available in Dublin currently, will be brought to market to let and is anticipated to achieve €35 psf or €6.4m pa. The Irish Times, 12th February
Charlemont Exchange, Dublin 2 Marlet Property Group has sold Charlemont Exchange to South Korean-based fund, Vestas Management for €150m, representing a 4.5% yield. Marlet acquired Charlemont Block A, B and C in March 2017 and Block D in December that year. The entire property totalling 121,270 sq.ft. was let to WeWork at €55 psf. The Irish Independent, 7th February
Albert Quay, Cork City The Irish Examiner reports that JCD Group has acquired a 0.9 acre site located at Albert Quay which has been occupied by Carey Tools , including the Sextant bar in an off market deal for €7m to €8m. The site which will be redeveloped as offices, is located between JCD’s fully occupied €60m, 170,000 sq.ft. One Albert Quay and alongside O’Callaghan Properties’ 350,000 sq.ft. Navigation Square office scheme. The Irish Examiner, 7th February
Merrion Square, Dublin 2 Colliers are guiding €12m (€720 psf) for 46 and 47 Merrion Square, two adjoining four storey over basement Georgian buildings with two modern mews buildings to the rear. The properties are being sold as one or two individual lots.
47 extends to 6,329 sq.ft. and its mews is 2,190 sq.ft. and are let to NewsWhip Media at €311k pa under two ten year leases from 2016, with a tenant break option in year five. Colliers are seeking €6.25m (€734 psf) for 47 and its mews. 46 extends to 5,866 sq.ft. and is let to three tenants, at €486k pa. Its mews, 2,282 sq.ft. is vacant with an ERV of €85k. Colliers are seeking €5.75m (€706 psf) for this 46 and its mews. The Sunday Business Post, 10th February
20 Merrion Road, Ballsbridge, Dublin 4 Planning permission has been sought to demolish a 25,490 sq.ft. two-storey building and replace it with a 111,890 sq.ft. property ranging from four to six storeys over a two storey basement. Bellucci’s, a restaurant within the existing building is currently the sole opponent to the development. The Irish Times, 6th February
The Marker Hotel, Dublin 2 It is reported that the owners of the Marker Hotel, Dublin 2, Midwest Holding AG and an investor group led by Brehon Capital Partners, are considering bringing the five star hotel to market guiding between €120m and €125m. The Sunday Independent, 10th February
Newtown Inn, Maynooth, Co Kildare Agent Sherry Fitzgerald Brady O’Flaherty is guiding €1.9m (€1.58m per acre) for Newtown Inn, a licenced premises along with two retail units and adjoining site. One of the retail units is let as an off licence, the other unit is vacant. The total site is 1.2 acres and has planning permission for nine retail units, medical centre, a crèche and 22 apartments. The site is easily accessible to the M4 and within 800m of the University and train station. The Sunday Business Post, 10th February
3-9 Lucan Road, Chapelizod, Dublin 20 Knight Frank are guiding €1.6m (€4.3m per acre) for a residential development opportunity extending to c 0.37 acres. The property comprises Mayfield House at 3-5 Lucan Road and four derelict cottages at 6-9 Lucan Road. The site has planning to demolish the cottages and restore Mayfield House to create nine, three storey, three-bed terraced houses ranging from 1,356 sq.ft. to 1,722 sq.ft. The Sunday Business Post, 10th February
Newbridge, Co. Kildare Joint agents Savills and Jordan’s Estate Agents are guiding over €13m (€386k per acre) for a 33.65 acre site in Newbridge with planning permission for 361 houses comprising 21 two-bed, 253 three-bed, 85 four bed and two five bed houses along with planning for a crèche. The Irish Times, 6th February
1.77 acre site, Titanic Quarter, Belfast CBRE has brought a 1.77 acre site to market in Belfast guiding €39m (€22m per acre) for Plater’s Yard, a waterfront location and positioned within an area that has planning permission for two hotels, 152 apartments and 12 commercial units and 382 space underground car park. The Irish Times, 7th February
3 Vesey Place, Monkstown, Co Dublin Sherry Fitzgerald are guiding €2.4m (€572 psf) for a 4,198 sq.ft. five-bed Victorian house overlooking Vesey Park off York Road. The Sunday Business Post, 10th February
Millrace Court, Clonskeagh, Dublin 6 Knight Frank are guiding €2.6m for a two storey over ground level, standalone apartment block of six apartments and 14 car spaces. The property which comprises two one-bed, three two bed and one three bed apartments produces €160.2k pa (6.16% GIY). The Sunday Business Post, 10th February
Herbert Hill, Sandyford Road, Dundrum The Irish Independent reports that Glenveagh Properties are in discussions with Patrizia, a German fund, to purchaser all 90 apartments they are developing at Herbert Hill Sandyford Road, Dundrum. It is expected any sale will be in the region of €50m. The Irish Independent, 7th February
Monkstown, Co Dublin An Bord Pleanála has approved a proposal for 56 apartments in two four storey blocks on the site of the former Cheshire Home off Monkstown Road, comprising 21 one-bed, 21 two-bed and 14 three bed apartments with basement level parking with 76 spaces. The Irish Times, 6th February
Killiney, Co Dublin Sherry Fitzgerald are guiding €2.75m (€580 psf) for a 4,736 sq.ft. six bedroom detached house in Killiney. The Sunday Business Post, 10th February
John Player Site, South Circular Road, Dublin Hines and APG Asset Management are set to develop hundreds of homes on the site of the former John Player factory and Bailey Gibson industrial premises. This will be the first development to be delivered as part of Hines and APG’s plan to invest an additional €700m building apartments in the capital. The Irish Independent, 9th February
Beach Road, Sandymount, Dublin 4 Joint agents Cushman and Wakefield and Eoin Conway are guiding €11.5m (€12.1m per acre) for a 0.95 acre site with planning permission for 83 apartments at Beach Road, in Sandymount. The site is currently occupied by Maxol garage and an adjoining car dealership. The Irish Times, 6th February
M1 Retail Park, Drogheda, Co Louth EZ Living Interiors are opening a new store in M1 Retail Park and have signed a 15 year lease for 11,692 sq.ft (€10.50 psf). The retail park extends to 250,000 sq.ft. and tenants include Woodies, Smyths Toys, Dealz and Sports Direct. The Irish Independent, 7th February
16, 17 and 45 Henry Street, Dublin 1 Savills are guiding over €26m (3.95% NIY) on behalf of Iput for a portfolio of prime retail units located at 16, 17 and 45 Henry Street. The properties total 13,360 sq.ft. GameStop occupy number 16 at €450k pa, Holland and Barrett occupy number 17 at €280k pa and Fat Face occupy number 45 at €385k pa. The Irish Times, 6th February
Private Rental Sector In 2018, €1.1bn was spent on multi-family transactions, accounting for one third of the market and was the second most dominant sector in the market behind offices. The €1.1bn was across 36 transactions, 24 of which were in Dublin. Two deals in Dublin related to forward funded units in Fernbank in Dublin 14 and 6 Hanover Quay. The most notable outside Dublin was the sale of the Elysian Building in Cork to Kennedy Wilson for over €90m. The Sunday Business Post, 10th February
Tayto Park Roller Coaster Tayto Park has secured planning permission for a €14m steel red rollercoaster. It is anticipated that it will increase visitor number by 15% from 630,000 to 725,000 in 2023. The rollercoaster will be the same size as the park’s existing 32 metre high Cú Chulainn rollercoaster but will be 400 metres longer. The Irish Times, 10th February
Dublin Crane Count reached 121 on 1st February, an increase of 12 cranes / 11% on January’s 109 cranes. This is the fourth month in a row of record scores. There were 75 cranes on the south side and 46 on the north side. The Irish Times, 6th February
Build to Rent Yields CBRE note that build to rent prime yields have hardened to 3.85% due to strong investor appetite for this asset class. It compares with 4% yields for prime office properties and 5.1% for industrial. Build to rent investments accounted for 30% of the market in in 2018, up from 5% in 2015. The Irish Independent, 7th February
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178-Bed Hotel, Portobello, Dublin 8 MKN Property Group and Tifco Ltd have been granted planning permission for a €40m, 178-bed hotel located in Portobello. There was almost 60 objections to the application, including an Bord Pleanála’s own inspector. Objections were raised regarding the height, scale, form and design. The appeals board noted the development would integrate into the urban setting and did not “injure the character of Portobello House”. The Irish Times, 30th January
71-Bed Hotel, Donnybrook, Dublin 4 An Bord Pleanála have approved plans for a six storey, 71-bed hotel in Donnybrook. Planning was lodged in early 2018 by investment firm Kouchin. The Irish Independent, 1st February
9 Hanover Quay Harry Crosbie has been refused planning permission to convert his own house at 9 Hanover Quay to a 4 star, 19-bed hotel. It was intended that the hotel would complement the U2 visitor centre on an adjacent site, which obtained planning permission last week. Planning was refused on the basis that the public would not be given access to the waterfront at the hotel. The Irish Times, 30th January
DIT, 6-12 Sackville Place, Dublin 1 will be sold by tender through Lisney on 6th March. The guide price is €5m. The buildings are located between O’Connell Street and Marlborough Street and comprises 21,571 sq.ft. mid terraced, mainly four storey over basement. The Sunday Business Post, 3rd February
Infinity Building, Smithfield, Dublin 7 a 125,206 sq.ft. office building, which was bought for €28.65m (€237 psf) in April 2015 has been sold by its Norwegian Investor for €57m (€455 psf) in an off market deal, representing a 99% increase in four years. €5m capex was spent on the property in the period. The property produces annual rental income from Hiqa, DPP, OPW and the Law Society of €3.18m (5.18% NIY). Colliers represented the vendor, Cushman & Wakefield represented the purchaser. The Irish Times, 30th January
73 North Wall Quay, Dublin 1 Molloy & Sherry Logisitics have been granted planning permission for a 39,825 sq.ft. nine storey over basement building, comprising retail on the ground floor and office across eight floors at 73 North Wall Quay. The office element has a lettable area of 23,185 sq.ft. Recent lettings in the vicinity include Saleforce’s letting of 430,000 sq.ft. at Spencer Place and WeWork’s letting of 99,513 sq.ft. at Dublin Landings. The Irish Times, 30th January
Kildare Street, Dublin 2 Kennedy Wilson have commenced works on their €40m, seven storey office block located behind Georgian properties on Kildare street. Works are due to be completed by 2021. The Sunday Times, Irish Edition, 3rd February
51-54 Pearse Street and Magennis Court, Dublin 2 have been brought to market guiding €27m by Knight Frank. The properties produce an annual rental income of €1.32m (4.5% NIY) but market rent is closer to €1.7m which would equate to a 6% NIY. 51-54 Pearse Street is a 25,619 sq.ft. refurbished Georgian property to the front linked by a glazed atrium to a modern six storey office block at the rear and includes 10 car spaces. Magennis Court is a grade A 17,490, sq.ft. five storey office block. The Irish Times, 30th January
Sales Force Tower, Spencer Dock, Dublin 1 Ronan Real Estate Group and Colony Capital have submitted plans to Dublin City Council to add an additional two floors totalling 100,000 sq.ft. to the Sales Force Tower at Spencer Place, to bring the building to ten stories. It follows the Minister for Housing’s decision to lift of the caps on maximum heights of buildings in towns and cities in December 2018. The Sunday Business Post, 3rd February
HWBC Dublin Office Market Review notes that demand for large scale office space in excess of 100,000 sq.ft. is masking the decline in demand for smaller spaces in the market with spaces less than 30,000 sq.ft. slow to fill. HWBC forecast prime office rents will remain at €60-€65 psf, a sign the market is maturing. In Dublin suburban areas, rents are expected to pass €32 psf and peak at €35 psf. The Irish Independent, 1st February
Unit 1, Dublin Airport Logistics Park Iput have commenced €3m refurbishment works at Unit 1, to enable the property to be ready for occupation by Summer 2019. Iput recently acquired the 184,886 sq.ft. vacant property for €19m. William Harvey will be the letting agent. The Irish Times, 30th January
2.31 Acre Site, Baldonnell Business Park, Dublin 22 Savills are guiding €1m (€432.9k per acre) for a 2.31 acre industrial site located at Balldonnell Business Park. The site is zoned EE which allows for low-to-medium intensity enterprise and employment uses such as high-tech manufacturing. The Irish Times, 30th January
Hazelbrook Square, Churchtown, Dublin 14 54 apartments at Hazelbrook Square, comprising 22 one-bed, 28 two-bed and four three-bed, were sold for c €18.25m by Cushman & Wakefield on behalf of NAMA. It is understood an overseas investor purchased the portfolio through sales agent TWM. Rental income at the time of sale was €896,000 (4.9% GIY) but had the potential to increase to €1.18m (6.4% GIY). The Irish Independent, 1st February
Nine Apartments, Printworks, Bray Bagnall Doyle MacMahon have brought a portfolio of nine apartments at the Printworks Bray to market guiding €1.55m (6.53% NIY / €172k per apartment). The apartments generate €105,120 which could rise to €150,000 when two of the vacant units are let. The apartments range in size from 570-775 sq.ft. and form part of a 45 unit complex. The Irish Times, 30th January
Fairways Apartments, Cualanor, Dun Laoghaire The Irish Independent reports that there are offers in excess of €100m from six bidders for 214 apartments currently under development by the Cosgraves in Dun Laoghaire. Hooke and MacDonald brought the portfolio to market in November guiding €95m. The Irish Independent, 31st January
1.25 Acre Site, Blackrock, Co Dublin Cushman & Wakefield are guiding €9m (€7.2m per acre) for the former Europa Motors 1.25 acre site located at the corner of Maretimo Terrace and Newtown Avenue in Blackrock. The site has planning for 51 residential units including 11 one-bed, 31 two-bed apartments and nine three-bed houses. The site previously transacted for €7.5m in 2015. The Irish Times, 30th January
Naas Road, Dublin Property company Development 8 are in discussions with An Bord Pleanála regarding a potential build to rent scheme on lands at the Concorde industrial estate on the Naas Road. The proposed development would include 492 residential units. The Sunday Times, Irish Edition, 3rd February
2.25 Acre Site, Blanchardstown, Dublin 15 Coonan Property are guiding between €3m and €3.5m (€1.55m per acre) for a 2.25 acre site located at the heart of Blanchardstown Village, Dublin 15. The site is zoned ‘Town Centre’ and ‘High Amenity’ in the 2017-2023 Fingal Development Plan. ‘Town Centre’ aims “to protect and enhance the special physical and social character of town and district centres and provide and/or improve urban facilities” while the ‘High Amenity’ aims “to protect and enhance high amenity areas”. The Irish Independent, 31st January
Capital Dock, Dublin Docklands Two bedroom apartments in Ireland’s tallest building will range from €3,500 to €4,000 per month or €20,000 per month for the 22nd floor penthouse. The development incorporate 700,000 sq.ft. across 22 floors including 190 apartments and two neighbouring office blocks. The Irish Times, 30th January
0.63 Acre Moores Hotel and AOH Hall, Cork was sold for over €7m (€11m per acre). The combined site is located off South Mall and was sold by ERA Downey McCarthy. The Irish Examiner, 31st January
7 Acre Site, Castletroy, Limerick Costelloe Estate Agents are guiding €2.5m (€357k per acre) for a 7 acre site located at Singland, Castletroy, Limerick. The site has planning for 98 residential units comprising 54 three-bed semis, 15 two/three-bed houses and 29 apartments. The Irish Times, 30th January
30 Acre Site, Ratoath, Co. Meath Knight Frank are guiding €7.5m (€250k per acre) for a c 30 acre site on Fairyhouse Road, Ratoath, Co Meath. The majority of the site is zoned residential. The Sunday Business Post, 3rd February
16 Apartments, College View & Gateway Mews, Dublin 11 Bagnall Doyle MacMahon have brought a portfolio of 12 apartments at College View Ballymun, Dublin 11 to market guiding €1.55m (€129,166 per apartment). The same agent is also guiding €625k for four town houses at Gateway Mews just off the Ballymun Road. The Irish Times, 30th January
Project Beech, AIB Loan Sale the Irish Times reports that Lone Star Funds and Cerberus are reported to be amongst parties that have progressed through to the next stage of the AIB Project Beech Loan Sale. It is anticipated that the next stage will commence in February with the transaction expected to complete in quarter two. The portfolio with a par value of more than €3bn comprises mainly mortgages and business loans. The Irish Times, 31st January
BidX1 February Auctions are taking place on 20th and 21st February. C240 lots with a combined value of €40m will be auctioned online.
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Tivoli Theatre Site, Francis Street, Dublin 8 DWS, a global asset manager, has acquired the 0.968 acre Tivoli Theatre site on Francis Street, Dublin 8 and intend to forward fund construction of a 242-bed aparthotel. Staycity has agreed a 25 year FRI lease once construction is completed. The development is expected to have a GDV of more than €70m. Savills represented DWS in the transaction.The Irish Times, 23rd January
Uncle Tom’s Cabin, Dundrum CBRE is guiding €3.75m for Uncle Tom’s Cabin, a pub located beside Dundrum Town Centre. The property sits on a 0.8 acre site and offers redevelopment potential subject to planning. The Collins family have traded from the property for 129 years and it is being sold on behalf of Tony Collins who is retiring. The Irish Independent, 24th January
Units 4-5, Mygan Business Park, Finglas, Dublin 11 Cushman and Wakefield is guiding €10.5m (5.23% GIY) for two interconnecting hi-bay logistics units totalling 95,594 sq.ft. on a 5.65 acre site. The units generate rent of €550k p.a. from Nightline Group with an unexpired lease term of 12 years. Planning permission was also obtained in 2012, but not acted upon, for additional warehouse space. The Irish Times, 23rd January
2018 Dublin Industrial Take Up CBRE identifies that industrial take up in Dublin in 2018 was up 22% YoY. Average vacancy rates in 25 of the most modern industrial estates in the capital in Q4 2018 was 8.04%, a 0.19% decrease QoQ, and eight of the parks had no vacancy. Prime industrial rents were €9.85 psf and are set to rise by 6.5% in 2019. CBRE note that there is demand for 331,367 sq.ft. of space in Dublin. The Irish Times, 23rd January
151 Thomas Street, Dublin 8 Iconic Offices is set to renovate the 200 year old former IAWS premises at 151 Thomas Street into a 69,965 sq.ft. office development to accommodate 900 workstations. The Sunday Business Post, 27th January
Sandyford, Dublin 18 Construction has commenced on the 222,000 sq.ft. “Termini” office block located on Arkle Road, Sandyford. Aldgate Developments acquired the site in 2016 with the benefit of office planning permission but applied to change the planning to increase efficiency and usability of the office space by revising internal layouts and other exterior improvements. Joint agents Cushman & Wakefield and Knight Frank are seeking tenants quoting rents of €30 psf. The Irish Times, 23rd January
Setanta Centre, Nassau Street, Dublin 2 The Kilkenny Group along with three other parties have appealed An Bord Pleanála’s decision to grant planning permission for Ternary Ltd’s €100m redevelopment of Setanta House to construct a new office block. The Kilkenny Group’s flagship Kilkenny Design store is located in Setanta House. The Irish Independent, 26th January
BNP Paribas Q4 2018 Irish Office Market Report notes that 1,685,316 sq.ft. of office space was taken up in Q4 2018 across 67 deals, bringing the annual take up to the highest on record of 3,982,647 sq.ft. Of the Q4 2018 take up, 67% related to pre-lets. The market is dominated by Technology, Multimedia and Telecommunications (TMT) sector which accounted for 69% of take up in Q4 2018.
Dublin Serviced Office Market Serviced office broker Click Offices maintain that the Dublin serviced office market grew by 50% in 2018, equating to 400,000 sq.ft. or 8,000 desks. Click Offices identified that there is currently 1.15m sq.ft of serviced office space in the capital, up from 750,000 sq.ft. in 2017. Click Offices note there are 55 service office providers in Dublin with WeWork, Regus, Iconic, Glandore and Pembroke Hall accounting for 55% of the market. Monthly prices for desks range from €300 to €650. The Irish Times, 23rd January
Hooke & MacDonald Report notes the Build to Rent sector in the Irish property market is the most vibrant part of the Irish investment market and has potential for “sustained growth” for the next five years. The report identifies c. 2,000 apartments were built in 2018, 3,000 are scheduled for completion in 2019 and there will still be a demand for 9,000 more in Dublin. Investment in Build to Rent schemes accounted for 30% of 2018 transaction activity. The Irish Times, 23rd January
Longboat Quay, Dublin Docklands Savills is guiding €8.75m for 17 apartments at Longboat Quay (c. €515k per apartment). The properties comprise 2 x one-bed, 4 x two-bed, 10 x three-bed apartments and a shell and core penthouse along with 23 parking spaces. 15 of the 17 apartments for sale are vacant, but once fully let could generate €545k p.a. (6.2% GIY). Demand in this area is strong as seen by Cairn Homes’ sale of Six Hanover Quay, a development nearing completion with 120 apartments and 6,400 sq.ft. of space for a restaurant and café for €101m (c. €800k per apartment). Google also recently acquired 46 apartments currently under construction at its Boland’s Quay scheme. The Irish Times, 23rd January
Dublin Landings, Dublin Docklands The Irish Independent reports that Ballymore is in exclusive talks with Greystar for the sale of 268 luxury apartments currently under construction at Dublin Landings Development for c. €175m. The apartments, once completed, will comprise 82 x one-bed, 146 x two-bed, 31 x three-bed apartments and 9 x three-bed duplexes. The first phase of the scheme is due to be completed in September 2019. The Dublin Landings project will comprise 1,076,391 sq.ft. of office, residential, retail and leisure space of which 237,000 sq.ft. is residential space. The Irish Independent, 26th January
Cherrywood, Dublin Hines has obtained planning permission to build 146 apartments at Town Centre 5 (TC5) quarter at Cherrywood, Co Dublin. There are already 1,269 apartments under construction at Cherrywood Town Centre. TC5 will comprise 171,243 sq.ft. of residential units across four blocks of one, two and three bed apartments along with 189 car spaces and 166 bicycle spaces. The Sunday Business Post, 27th January
Sandyford, Dublin 18 Ires Reit is preparing a planning application for 428 apartments at Rockbrook development in Sandyford following a previous rejection for 456 apartments at the site by an Bord Pleanála. The Irish Times, 23rd January
133 Stillorgan Road, Dublin Hunters Estates Agents are guiding €1.8m (€597 psf) for a 3,014 sq.ft. four-bed detached house which also comes with planning permission for a 431 sq.ft. self-contained apartment to the side of the property. The property was built in 1930 and has been recently renovated to turnkey condition. The Sunday Business Post, 27th January
Blackrock, Co Dublin Lisney is guiding €1.45m (€728 psf) for a 1,991 sq.ft. four-bed house located at 4 Grove Avenue, Blackrock, Co Dublin. Separately, Sherry Fitzgerald is guiding €1.595m (€677 psf) for a 2,357 sq.ft. three-bed semi-detached property at 3 Glenart Avenue, Blackrock. The Sunday Business Post, 27th January
Dalkey, Co. Dublin Estate agent Brady and McCarthy is guiding €1.275m (€658 psf) for a 1,938 sq.ft. three-bed semi-detached property located on 3 Tower Hill, Harbour Road, Dalkey. The Sunday Business Post, 27th January
Ashford, Co Wicklow Savills is guiding €13.5m (c. €233k per acre) for a 58 acre site in Ashford, Co. Wicklow. The site which is located on the Eastern side of Ashford between the R772 and M11, comprises 28.5 acres zoned residential and 18.63 acres zoned strategic land reserves. A feasibility study by Darmody Architecture notes that the site could accommodate 343 houses. The Irish Times, 23rd January
Ratoath, Co. Meath Knight Frank is guiding €7.5m (c. €252k per acre) for a 29.73 acre site with the majority zoned residential on the Fairyhouse Road within 1km of Ratoath town centre. The balance of the holding comprises lands zoned for “Open Space” (c. 0.12 acres), un-zoned lands (c. 6.22 acres) and lands reserved for the Ratoath Outer Relief Road (c. 4.31 acres). The Irish Independent, 24th January
BNP Paribas Q4 2018 Irish Investment Market Report identifies that the final quarter of 2018 saw an increase in investment in Irish commercial property with turnover reaching over €1.1bn across 85 deals. This represented an 8% increase for the quarter YoY and brought 2018 total turnover to €3.66bn. Investment in PRS schemes increased in Q4 2018 with €399.7m invested in the sector across 13 deals. €335m was invested in the office sector across 23 deals.
Banking and Payments Federation of Ireland (BPFI) Data identifies that 45,656 mortgages with value of c. €10.1bn were approved in 2018 while 40,203 residential mortgages with value of €8.7bn were drawn in 2018 (increase in value by 20% YoY). First Time Buyers represented 48% of 2018 drawdowns. Goodbody chief economist Dermot O’Leary noted that a normal market would see c. €14bn in mortgage drawdowns, and growth of 16% to c. €10bn of drawdowns is expected in 2019. Separately, Central Bank figures show household debt as a percentage of disposable income is currently at its lowest level since 2004 although Irish households remain the fourth most indebted in the EU. The Irish Times, 29th January
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71 South Mall, Cork Planning permission has been lodged by South Mall Hospitality Ltd, for a 58-bed hotel at 71 South Mall, the former National Irish Bank premises. If approved, it has a target opening date of 2021. It is intended to retain the existing five-bay classical banking hall for bar / restaurant / café use. The existing four storey building will be upgraded adding 12,000 sq.ft. behind in a five / six storey building with set-back and roof deck. The application was lodged a month after the 163-bed Dalata / Maldron hotel opened on South Mall / Parnell Place. The Irish Examiner, 17th January
Vicar Street, Dublin 8 Harry Crosbie has been granted planning permission for an eight storey, 185-room hotel on Vicar Street. It is expected to cost in the region of €17m and will take 16 months to complete. Construction is expected to commence in Q1 2019. The Sunday Business Post, 20th January
Dublin Docklands Dalata has entered into arrangements to lease a hotel currently under construction in the Dublin Docklands. The 200-bed hotel will form part of Johnny Ronan’s “Spencer Place” project and will be within walking distance of the IFSC, 3Arena and Convention Centre. The lease will comprise a 35 year operating lease with 5 yearly rent reviews. The Irish Independent, 21st January
The Kestrel Pub, Walkinstown, Dublin 12 The Irish Independent comments that there are a number of interested parties seeking to purchase the Kestrel Pub which was brought to the market in October 2018 guiding €1.8m. The pub located at the Walkinstown roundabout is being sold alongside the adjoining commercial unit let to Ladbrooks at €24k + VAT pa. The Irish Independent, 17th January
0.5 acre site, Dublin 8 CBRE are guiding €5.75m (€11.5m per acre) for a 0.5 acre site in Dublin 8 with planning permission for a nine storey 149-unit apart hotel. The site is adjacent to the planned national children’s hospital and 150m from the Luas stop. The Irish Times, 16th January
Unit 1, Dublin Airport Logistics Park IPUT Plc has announced that it has completed the off-market acquisition of an 184,886 sq.ft. unit on a standalone site of 8.4 acres, located at Dublin Airport Logistics Park. The property was purchased with the benefit of vacant possession and IPUT will commence upgrading works prior to reletting. Philip Harvey of William Harvey Ltd advised IPUT in the acquisition of Unit 1, and has been appointed as sole letting agent. This purchase follows the successful acquisition and refurbishment of two large scale logistics buildings at North West Business totalling 240,000 sq.ft. https://www.iput.ie/news
Unit H, Aerodrome Business Park, Rathcoole, Co Dublin William Harvey Ltd handled the sale of Unit H on behalf of a group of investors. The 46,177 sq.ft. warehouse was sold for €7.55m (5.19% NIY). The property is fully let to Fannin Ltd on a 25 year term from 2007 at €425k pa rising to €450k in 2022. Peter Flanagan of Knight Frank acted for the purchaser. William Harvey, Industrial Property Specialists
Blanchardstown, Dublin 15 Bretland Construction have commenced works on their €24m office development at Blanchardstown Corporate Park, Dublin 15. The offices when completed will span 169,962 sq.ft. across two six floor buildings. The development is expected to take two years to complete. The Sunday Business Post, 20th January
Dublin Docklands Salesforce have pre-let 430,000 sq.ft. with the potential to increase to 530,000 sq.ft. of grade A office space. The development will form part of Johnny Ronan’s “Spencer Place” project. This is larger than Facebook’s letting of 350,000 sq.ft. at AIB Bank centre. The Irish Independent, 19th & 21st January
Century House, Harold’s Cross, Dublin CBRE have brought a former parochial hall, converted to offices spanning 6,393 sq.ft. over two floors, to market guiding €1.75m (7.3% NIY). The property comes with 12 parking spaces and is fully let to PKF O’Connor, Leddy & Holmes Ltd on a 25 year lease from 2001, with a break option in 2021. The annual rent role is €133,500. The Irish Independent, 17th January
Dawson Street, Dublin 2 It is reported that WeWork, the collaborative workspace providers, are in negotiations to lease the previous New Ireland Assurance headquarters on Dawson Street, Dublin 2. The property was purchased last year for €38m by Paddy McKillen Jr and Matt Ryan and planning has been submitted to refurbish the property adding two setback floors. The property if completed will extend to 99,000 sq.ft. office and 9,160 sq.ft. licenced premises. The Irish Times, 16th January
Bonham Quay Project, Galway Construction work will commence in March 2019 on Gerry Barrett’s €100m Bonham Quay Project. Planning was approved in September 2018 for 370,000 sq.ft. of grade A offices across four blocks on a two acre waterfront site. The Irish Times, 16th January
White Heather Industrial Estate, South Circular Road, Dublin 8 U+I, a British property group who purchased a 2.84 acre industrial site in Dublin 8 may seek to get the site rezoned to residential in the next city development plan which comes into effect in 2022. The industrial site produces €555k pa from tenants including An Post and the nearest break option is over five years away.The Irish Times, 22nd January
Malahide Road, Dublin Cairn Homes and NAMA have agreed a joint venture (75% Cairn, 25% NAMA) to create over 550 homes. Cairn announced it had created the vehicle to provide the units on a 14.5 acre development site beside its “Parkside” development on the Malahide Road. Cairn own 33 residential development sites with capacity for over 14,500 homes of which 90% based in the greater Dublin area. The company is currently building on 13 sites in the greater Dublin area, planning to deliver 4,750 homes. The Irish Times, 22nd January
25 Raglan Road, Dublin 4 Lisney have brought a 4,349 sq.ft. three storey over garden level Georgian building built in 1859 to market guiding €3.5m (€805 psf). The Sunday Business Post, 20th January
Dominick Street / Parnell Street, Dublin 1 Works have commenced on the Duggan Brother’s €35m social housing scheme on Dominick Street and Parnell Street. The scheme will comprise 67 apartments and five houses along with commercial units and is expected to be completed by Q1 2021. The Sunday Business Post, 20th January
Belgard House, Tallaght, Dublin 24 Plans for a €64m residential and student accommodation comprising 438 apartments and 403 student beds, located in Tallaght has been submitted to An Bord Pleanála by Atlas GP Limited. A decision is expected in April 2019 The Sunday Business Post, 20th January
New Housing Completions 2018 New housing completions reached a nine year high in 2018 with 18,855 completed, a 31% increase YoY, according to analysis from Goodbody. The southeast of the country saw a 49% increase YoY. Apartment completions accounted for 13% of the year’s total. The Irish Times, 18th January
Terenure, Dublin Borrisron Ltd, of which Greg and Niall Turley, the brothers behind Cartrawler, are the shareholders, have lodged planning to develop a six storey, 55 unit build to rent scheme at a site which previously housed Rathdown Motors in Terenure. The scheme if approved, will comprise 40 one-bed and 15 two-bed apartments along with 37 underground car spaces. The Irish Times, 21st January
Athy, Co Kildare Conack Construction has commenced works on an €8.5m primary care centre in Athy, Co Kildare. The property will comprise three stories including HSE, Tusla and general practitioners. The Sunday Business Post, 20th January
Co-Living London based co-living company, The Collective, has purchased its first Irish property in Fumbally, Dublin 8. The business offers flexible leases and their UK properties typically include a bed, an ensuite, private kitchenette and desk along with high end communal areas. It is anticipated they will target the growing number of tech workers in Ireland. The Sunday Independent, 20th January
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Twilfit House, Dublin 1 Whitbread, owner of the Premier Inn Hotel chain have purchased Twilfit House development site in Dublin 1 and intends to build a 180-bed hotel on the site. This will be the second Premier Inn in Dublin following planning granted in 2018 for a 97-bed hotel on South Great George’s street, Dublin 2. The group are actively seeking both freehold and leasehold opportunities in Ireland to fulfil a requirement of 2,000 to 2,500 bedrooms in Dublin. The Irish Independent, 14th January
Parnell Street, Capel Street, Dublin 1 Brian McGettigan’s Vision Wave Ltd are seeking to construct a seven-storey, 65-bed hotel at Parnell Street and Capel Street. As part of the submission, Crowe commented that based on developer appetite and planning, 3,000 hotel rooms could be opened by 2023 in addition to the 699 rooms currently under construction. The Irish Times, 14th January
Thornton Hall, North County Dublin The majority of the 165 acre Thornton Hall site, located in North County Dublin, which was once designated to be the State’s first “super prison” has been offered to the Land Development Agency to build 150,000 homes over the next 20 years. The site was previously purchased by the government in 2005 for €32m (c€200k per acre) but was valued at €2.4m in 2015. The Irish Times, 14th January
Tallaght, Co Dublin The Marlet Property Group have applied for planning permission through the fast track system for 438 apartments and 403 student bed accommodation at the junction between Belgard Road and Belgard Square North. It is proposed this phase will be the first of two for “Belgard Gardens” which if approved, will see a total of 1,500 apartments, 403 student beds, commercial units along with communal lounges, gym, and meeting spaces on the 17.8 acre site. The site was assembled in 2016 for a reported €16m. The Irish Times, 9th January
Dulex Paint Factory Site, Drimnagh Durkan (Davitt Road) Ltd have applied for planning permission through the fast track system for 265 apartments on the site of the old Dulex Paint Factory site in Drimnagh, North Co Dublin. Davitt Road is a main route in Dublin City Centre beside the Grand Canal and the Luas red line. The Irish Times, 11th January
Ardarostig, Bishopstown, Cork Ardstone have applied through the fast track system for planning permission for 240 new housing units comprising 154 houses and 86 apartments at Ardarostig, Bishopstown, Cork. It is anticipated the project will cost c€50m. The Irish Times, 9th January
Castletownshed, West Cork Sales agent Charles P McCarthy in Skibbereen has brought “Seafield House” an 8,500 sq.ft. six bed house, with 300 yards of shoreline frontage with slipway and boathouse to market guiding €5m. The property is located in Castletownshed, West Cork. The Irish Examiner, 12th January
Fernbank Development, Churchtown Irish Life Investment Managers is seeking rents of c€2,350 for two bed apartments at the Fernbank development. The company paid c€128m for 261 apartments and one listed building on land previously owned by Notre Dame School, which marked their entrance into the build to rent schemes. Lisney are acting as rental agents for the units. The Irish Times, 14th January
Dublin Office Leasing surpassed all records in 2018 with 3,918,063 sq.ft. of space let in 2018 according to CBRE. The overall office vacancy rate in Dublin was just over 6%. The Irish Independent, 9th January
ESB Depot, South Lotts Road, Ringsend it has been reported that ESB may consider bringing their c9 acre site on South Lotts Road, Ringsend to the market. It is anticipated the sale would achieve c€150m and if completed, would be the largest by a semi-state body since RTÉ sold c9 acres of land at its Donnybrook campus to Cairn Homes for €107.5m. The property is located within walking distance of Google’s €300m Bolands Quay development which will include 301,389 sq.ft. of office space which Google will retain for its own use and 46 apartments. The Sunday Times, Irish Edition, 13th January
St Stephen’s Green, Dublin 2 The Royal College of Surgeons (RCSI) have applied to Dublin City Council to demolish part of the former Eir headquarters on St Stephen’s Green in Dublin 2 to allow for an 110,868 sq.ft. eight storey education and research building. This will be the first phase for the three blocks that comprise Ardilaun Centre. RCSI purchased the properties from Green Property in 2002 for €75m. Block A was let to Eir before they moved to Heuston South Quarter, RCSI occupy block B and Block C is let to Iconic Offices. The Sunday Times, Irish Edition, 13th January
Royal Liver Retail Park, Naas Road, Dublin has been sold to Allied Real Estate Group for c€25m. The Park was the first retail park to open in Ireland and tenants include Carpetright, Bargaintown and Furniture District. The Previous owner Willie Smyth, applied for redevelopment to a mixed use scheme including six blocks ranging from eight to 26 storeys in 2009. This plan was rejected by an Bord Pleanála. The new owner will examine asset management opportunities to increase the value of the retail pack. The Sunday Times, Irish Edition, 13th January
Ulster Bank’s Construction Purchasing Manager’s Index (PMI) shows that the construction industry is expanding rapidly with the overall index hitting a four month high at 56.3 in December 2018 up from 55.5 in November. The commercial construction index was 58.5 in December up from 57.5. Housing activity growth reduced to 56 from 58.2. Civil Engineering activity index was 45.5. A reading higher than 50 indicates expanding activity. Jobs in the construction industry sector rose for the 64th consecutive month. The Irish Independent, 14th January
IAM Sold 2019 Auction Dates have been announced for more than 30 online and public auction dates. The property auctioneer runs Munster, Leinster and Connacht property auctions. The next auction dates for Connacht are 31st January (online) and 21st February (public), Munster 7th February (online) and 28th February (public) and Leinster 14th February (online) and 7th March (public). The Sunday Business Post, 13th January
Dublin Crane Count reached a record high of 109, up from 104 in December 2018. There are 41 cranes on the north side of the River Liffey and 68 on the south side. The Irish Times, 9th January
Irish Property Market Investment According to BNP Paribas, more than €3.6bn was invested in the Irish property market in 2018 with the office market the highest performer. It was also the fourth strongest year on record with 11 “mega deals” worth more than €100m. 4,008,922 sq.ft. of office space was taken up in Dublin, a 5.1% YoY increase on 2017. Residential investments totalling €1.1bn accounted for 31% of total turnover up from 15% the previous year. The Irish Times, 9th January
CBRE Real Estate Market Outlook 2019 discusses potential yield compression in 2019 for offices, prime build to rent, industrial and hotels. Office take up is expected to have another strong year but supply will be tight despite the amount of construction ongoing. Two sections of retail sheltered from structural change in consumer behaviour are “larger experiential retail schemes” offering leisure and food and secondly convenient local retail shops. Demand in industrial and logistics is expected to increase due to Brexit related demand and prime industrial rents are expected to increase by 6.5% as a result.
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Dublin Pubs saw average sale prices rise by 64% in 2018 to €1.68m, almost three times what they were in 2010. Despite this, the number of pubs sold in Dublin is down 21% on 2017 figures and down 35% on 2016 figures. CBRE’s John Ryan has commented that one of the key trends in 2018 was pubs being put on the market with ‘alternative use potential’. Brady’s pub in Castleknock was offered with planning for 36 apartments, The Big Tree on Dorset Street was sold for residential and commercial development and the Black Horse Pub in Inchicore was acquired for residential development. The Irish Independent, 28th December
Bowe’s Pub, Fleet Street, Dublin Planning has been lodged to more than double the size of one of Dublin’s last Victorian pubs; Bowe’s on Fleet street along with the adjacent Times Hostel while slightly decreasing the size of Doyle’s pub. The planning application was lodged following the purchase of 6 College Street by the owner of Doyle’s Pub. Capital Estate Management Limited which controls the Times hostel has applied to develop the site between 6 and 9 College Street and 28 to 31 Fleet Street. The Irish Times, 4th January
34-37 Ormond Quay, Dublin 1 Bennett Construction has commenced the main works on the redevelopment of the former Zanzibar club in Dublin 1 into a 165-bed aparthotel development over seven stories. The €17m project is due for completion in the first half of 2020. The Sunday Business Post, 30th December
21-25 Chancery Street, Dublin 7 MB McNamara Construction has commenced construction on the new eight storey 249-bed hotel at River House, 21-25 Chancery Street. It is reported that the project will be a Hampton by Hilton once completed. The Sunday Business Post, 30th December
Hotel Transactions JLL expect Hotel transaction volume for the last 12 months to reach €750m equating to a 36% increase YoY from 2017. The largest portfolio sale involved the Tifco Hotel Group, totalling 19 hotels and development sites, which were acquired by Apollo Global Management for c. €350m. Another portfolio of Irish and UK Hilton Hotels was acquired for more than €110m by LRC Group. Other large single asset sales included the Hilton Dublin Hotel for €23m and the Ibis Dublin Red Cow for €14m. JLL note challenges expected in 2019 will be the reintroduction of the 13.5% VAT rate, Brexit and the recent forecast by STR Global of a 3% decline in Dublin RevPar. The Sunday Independent, 6th January
House Prices Myhome.ie predicts that house prices will rise by 5% in 2019 on account of strong demand, rising wages and assuming Brexit uncertainty is resolved. Their report details that house prices rose nationally by 6.1% in 2018 and 3% in Dublin during the same period. The report further notes that prices dipped nationally by 0.9% in the 4th quarter of 2018, leaving the median cost nationally at €266,000 or €375,000 in Dublin. The Irish Times, 2nd January
Leopardstown, Co Dublin Castdale Ltd, a subsidiary of Michael Cotter’s Park Developments, has obtained consent from An Bord Pleanála to construct 341 new homes surrounding the British Ambassador’s official residence in Leopardstown, Co Dublin. The scheme will comprise 243 apartments across six blocks, 98 houses and a childcare facility. The Irish Independent, 3rd January
Coolock, Dublin 17 Coldwell Banker are seeking €1m for a 0.42 acre site (€2.38m per acre) with development potential on the Malahide Road, Coolock, Dublin 17. The property currently comprises two detached houses but offeres potential for residential redevelopment subject to planning. The Sunday Business Post, 23rd December
Lad Lane, Dublin 2 McGill Construction have started works on a 25 apartment and enterprise scheme at 5/5A Lad Lane, Dublin 2. Main works are anticipated to commence in April 2019 when the development will be built up to basement level. The Sunday Business Post, 30th December
South Circular Road, Dublin 8 Development firm U+I has purchased the White Heather industrial estate on the South Circular Road in Dublin 8 for an undisclosed sum. The 2.84 acre site, located near the Liberties area of Dublin has huge development potential and was guided at €7m when brought to market by Lisney in September 2018. The site incorporates seven warehouse buildings and a 1,136 sq.ft. three-bed period house and currently produces €542k rent annually from five tenants including An Post. The Sunday Business Post, 30th December
9 – 12 Dawson Street, Dublin 2 Paddy McKillen Jr’s company Goldwing Real Estate Ventures Ltd has sought permission from Dublin City Council to “preserve, refurbish and extend” the former headquarters of New Ireland Assurance at 9-12 Dawson Street. Planners are currently considering proposals for its addition to the Council’s Record of Protected Structures. The proposed addition of two setback floors will increase the building’s size from 72,452 sq.ft. to 99,103 sq.ft. While the majority of the property will remain as offices, there is a change of use application for the ground floor to restaurant. The property was purchased for €38m in June 2018. The Irish Independent, 8th January
The Gateway Offices, Titantic Quarter, Belfast has been brought to market by CBRE guiding €37.7m (€283 psf). The 133,000 sq.ft. Grade A office building is fully let to Citibank. The property was completed in 2009 and comprises three connected blocks. CBRE note that this is one of the most prominent Grade A office buildings in the city with prime rents expected to achieve €24.4 psf by year end. The Sunday Business Post, 23rd December
JYSK Store Openings JYSK, a Danish home retail brand, has announced plans to open 15 stores across Ireland over the next two years, with the first opening in Naas in April 2019, in Drogheda and Navan in May and Portlaoise during the Summer. The company was founded in Denmark in 1979 and has over 2,700 stores in 51 countries. The Irish Independent, 4th January
Commercial Property Sales were set to hit €3.5bn for 2018 according to Knight Frank. While the final figure was dependent on the completion of a number of deals pre year end, the overall value will be ahead of €2.5bn in 2017 but behind the record of €4.5bn recorded in both 2014 and 2016. The office market accounted for the largest share of deals done in 2018 with prime office yields in Dublin at 4%. The Irish Independent, 27th December
U2 Visitor Centre, Dublin Docklands U2 have reduced the height of their planned visitor centre in Dublin Docklands by 16.25%. The proposal submitted by Paddy McKillen Snr’s Gold Brook Ltd and U2’s MHEC Ltd is to include a reconstruction of the band’s original studio and various themed exhibit areas. They anticipate it will attract 390,000 U2 fans annually. The Irish Independent, 5th January
Commercial Land Sales reached a 10 year high in 2018 reaching almost €1.5bn. CBRE note that during 2018, 125 transactions were signed. Previously in 2006, 260 sites were transacted totalling €4bn. The office sector was the best performing market sector with take up reaching 2,368,060 sq.ft. and a third of office stock in Dublin in the first nine months of 2018 comprised of pre lettings. The Irish Independent, 21st December
Build to Rent Schemes 2018 saw a rise in build to rent schemes acquired. In May, Irish Life Investment Managers purchased 262 apartments at Park Developments’ Fernbank scheme in Churchtown, Dublin. The same month, Ires Reit purchased 128 apartments in Hampton Wood Square in Finglas for €40m. In June, Kennedy Wilson and AXA Investment Managers purchased 274 apartments of the 507 at the Grange Stillorgan and Cairn Homes secured €101m for 120 apartments and two retail units at 6 Hanover Quay. In October, European real estate investor Tristan Capital Partners forward purchased 372 apartments under development at Clongriffin in Dublin 13 for €140m. Irish Independent, 27th December
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