Elmpark Green, Dublin 4 Tetrarch and Marlet are among the final bidders vying for two large office blocks in Dublin 4. Last year, eight buildings in the Elmpark Green portfolio, owned by Starwood, the US private equity firm, were brought to market for a guide price of €55m by CBRE. The most prominent building in the sale is the Seamark Building, a 184,984 sq. ft office block that faces onto Merrion Road. The seven-storey building now has top ESG credentials following a €45m refurbishment of the property in 2018. Other assets for sale include a creche, leisure centre and the Vista Building, an eight-storey office block located behind the Seamark building. A property industry source told the Business Post that the property is not expected to fetch the guide price, with the final sale predicted to fall between €45m and €55m. The Business Post, 28th January
Fenian Street, Dublin 2 TikTok, the Chinese-owned video sharing platform, has backed out of a 70,000 sq. ft Dublin letting in the final stages of the deal. The social media giant had been expected to take additional space at Cumberland House, where it was involved in negotiations to sublease space from X (formerly Twitter). Those discussions, believed to have been at an advanced stage towards the end of last year, are now understood to have ended. TikTok’s decision not to push on with the letting deal is related to a slowdown in hiring activity, aiming to manage headcount within its existing Dublin office estate. The group has leased 80,000 sq. ft from Iput at the Tropical Fruit Warehouse and occupies approx. 200,000 sq. ft at Mapletree’s Sorting Office. React News, 25th January
Point Square, Dublin 1 The Penthouse at Point Square, immediately adjacent to the new headquarters of An Post and the 3 Arena, is available from this September. It comprises a total of 60,860 sq. ft of space distributed across levels 5 to 7 of the building. Floors 5 and 6 extend to 21,200 sq. ft each while the seventh floor measures 17,200 sq. ft. The office’s reception area accounts for the remaining 1,260 sq. ft of space. The Penthouse offices are being offered to let by Savills Ireland on either a single- or combined-floor basis and are expected to command a rent of approx. €48.50 per sq. ft. The Irish Times, 24th January
Earlsfort Terrace, Dublin 2 Dublin City Council has given the green light to property group Iput plc to demolish Deloitte House and Garryland House on Dublin’s Earlsfort Terrace and replace the buildings with a nine-storey office block. The council gave the go-ahead after Iput plc lodged revised plans reducing the height, scale and mass of the planned office block at 25-29 Earlsfort Terrace off Stephen’s Green in Dublin 2. The scaling down of the scheme reduced the gross floor area by 6,049 sq. ft to 333,573 sq. ft. The grant of permission came despite the Irish arm of aircraft leasing giant, Air Lease Corporation, and property group Hibernia Real Estate Group lodging separate objections to the scheme. The Irish Times, 29th January
Grafton Street, Dublin 2 The owners of Grafton Place and 60 Dawson Street, a newly built office, retail and leisure complex in Dublin city centre, are considering its sale for between €250m and €300m. The Sunday Times understands that BCP and Mark have gone to the market in recent weeks to ask estate agents, including Eastdil and CBRE, to pitch for the business of marketing the sale. It is understood that 80% of the building, which was completed last summer, is now leased. The American software group ServiceNow has signed a 12-year lease for the top four floors of the 60 Dawson Street offices at a rent of just over €6m a year. Last year the social media giant Pinterest agreed to take a 12-year lease on the second floor for approx. €1.9m. The ground-floor retail element, Grafton Place, has attracted Sandbox VR, a virtual-reality gaming company, as a tenant. Mark, an international private equity real estate investment manager, and the Dublin wealth manager BCP paid more than €90m for Nassau House in 2015 and bought neighbouring buildings to complete the scheme. The Sunday Times, 28th January
South King Street, Dublin 2 Zara, the popular Spanish fashion label, has announced a major expansion of its store on South King Street in Dublin city centre. It has had a retail presence on South King Street for 16 years. Now, its existing outlet, located opposite the side entrance to St Stephen’s Green shopping centre, is set to more than double in size from 13,993 sq. ft to 33,002 sq. ft, absorbing the adjacent former corner retail space previously occupied by H&M. The stores are located within the Chatham & King block development of offices, retail and residential units between Chatham Street and South King Street, which is owned and managed by Hines European Core Fund (HECF). The Business Post, 28th January
Sandyford, Dublin 18 Whitbread PLC, the UK hospitality group, plans to open a new hotel in Sandyford Business District in Dublin following its acquisition of the long leasehold interest of a development site at Sandyford Business Park in Dublin. It will be located at a site currently occupied by The Wall Climbing Gym at 5 Arkle Road. Whitbread intends to submit a planning application for the 150-bedroom Premier Inn hotel on the site where the freehold is held by Dún Laoghaire-Rathdown County Council. Whitbread currently operates a network of four trading Premier Inn hotels in Dublin city centre as well as a large hotel at Swords, near Dublin Airport. The Irish Independent, 25th January
Temple Bar, Dublin 2 Hotels Properties, the hospitality and hotel management group headed by Sheila O’Riordan, has acquired the newly developed Wellington Hotel in Dublin’s Temple Bar for approx. €14m. The price paid for the boutique venue represents a 22% discount on the €18m which had been sought for the property when it was first offered to the market by CBRE in May 2022, and a lesser, 5% reduction on the hotel’s most recent asking price of €15m. The sale of the property was handled by joint agents Colliers and CBRE on behalf of receiver Kroll Advisory Ltd. The Wellington briefly comprises a 38-bedroom hotel complemented by bar and restaurant facilities extending to 3,660 sq. ft. The Irish Times, 24th January
Galway CBRE is guiding a price of €5m for the well-established Sleepzone Hostel in Galway city. Located on Bóthar na mBan and within a short walk of Eyre Square, Sleepzone Galway comprises a purpose-built four-storey accommodation facility with 180 bed spaces distributed across 35 rooms. The property, which sits adjacent to Corrib Shopping Centre car park, comes for sale in excellent condition having benefited from ongoing investment by the current owner. The Irish Times, 24th January
Swords, Co Dublin Ryanair has bought most of the homes in a new estate close to Dublin Airport to rent them to crew in a bid to combat the impact of the Republic’s housing crisis on its operations. The airline recently signalled that it would consider buying homes to rent them to staff as a lack of affordable accommodation here was hindering its ability to hire flight crews. Ryanair confirmed on Thursday that it had bought “25 new-built units in Fosterstown, Swords” to provide affordable rents for new cabin crew in Dublin Airport, where it operates up to 33 aircrafts. The company did not say how much it was paying, although property industry figures indicate it could be between €8.5m and €10m. Family homes in the area sell for €350k to slightly more than €400k. The new estate is approx. 3.5km from the airport, close to bus routes and is a 20-minute drive to Dublin city centre. The Irish Times, 25th January
Minister for Housing Darragh O’Brien said he was “frustrated” to see Ryanair buying up most of the homes in a new estate close to Dublin Airport, which the airline planned to rent to crew. However, he said the development predated changes in the planning laws that would no longer facilitate such a purchase. While he said he was frustrated by the purchase, the Minister said it represented only 25 homes of thousands being built in Swords, or approx. 1% of overall property transactions. The planning law was changed in May 2021, when a stamp duty charge of 10% on the multiple purchase of 10 or more residential houses was imposed. However, this does not apply to developments which got planning permission before this date. The Irish Times, 29th January
Irish Residential Properties REIT (Ires) The largest stakeholder in Ires has announced it will back the sale of the Irish firm’s €1.5bn property portfolio. Canadian property fund Capreit has revealed that it intends to support several proposals brought forward by activist investor Vision Capital, including the sale of the of the company. Capreit holds an 18.7% stake in Ires. React News, 26th January
Savills Report There was a major drop in the value of land transacted last year, according to a new report from Savills Ireland. In 2023 €515m worth of land transacted, of which, 62% was traded in the final quarter of the year, according to the report. This is down from over €751m of land deals transacted in 2022. One of the biggest deals last year involved the disposal of the former Jury’s Hotel in Ballsbridge to the US State Department for €152m, representing the price paid for a cleared site, Savills said. Residential lands constituted over half of sales volumes in 2023. There were acquisitions from both the Land Development Agency and Fingal County Council for sites in Clongriffin and Swords, at a price of €38m and €27m respectively. The Business Post, 25th January
Planning Permissions Ongoing delays within An Bord Pleanála to make planning decisions on more than 20,000 housing units has added €125m to the cost of these homes, a new report has estimated. The 2024 construction sector report published by Mitchell McDermott, an industry consultancy firm, has found there are currently 20,683 residential housing units submitted under the Strategic Housing Development (SHD) process in 2022 that are still awaiting a decision from An Bord Pleanála due to a significant backlog within the agency. The firm said planning decisions on these remaining SHD housing projects are now overdue by an average of 16 months and the ongoing delays had added an extra €125m in project costs – the equivalent of an extra €6k per home. Combined with the additional 8,139 planned housing units that are currently subject to judicial review proceedings, the report by Mitchell McDermott said there are approx. 29,000 homes caught in planning limbo. While the SHD process has not worked and been ended by the government, the Mitchell McDermott report said the new dedicated planning process for Large-scale Residential Developments (LRD’s) is showing early signs of functioning effectively. The report found that 98% of all LRD projects to date have been decided on time by An Bord Pleanála, and there are no outstanding judicial review challenges against projects in the system. The Business Post, 25th January
Banking Payments Federation of Ireland (BPFI) data released show that the number of mortgage drawdowns for first-time buyers in 2023 reached the highest level since 2007. However, overall mortgage activity was down slightly, as the number of people re-mortgaging dropped on the previous year by approx. 80%. In the last quarter of 2023, 11,584 new mortgages were taken out, to the total value of approx. €3.3bn, a decrease of 27.1% in volume and 24.4% in value from the last quarter of 2022. First-time buyers represented the largest segment of the market, at 62.7% of mortgages in that quarter, making up 63.9% of the value. Also released was the BPFI mortgage approvals report for December 2023, which showed that 60.6% of the 2,793 approved mortgages were for first-time buyers, with 22.8% representing mover purchasers. The Business Post, 26th January
House building in Ireland last year hit its highest level since the Celtic Tiger with more than 32,000 new homes completed. Of that, more than 10,000 were finished off in the last three months of the year, new figures show, a rise of 13% on the period in 2022. New figures from the CSO show new dwelling completions totalled 32,695 in 2023, which represented an increase of 10% on 2022. The final outturn of new homes was ahead of the Government’s Housing for All target of 29,000 units for the year. However, despite the higher than anticipated level of completions, supply remains well short of demand, which the ESRI and others have suggested is in excess of 50,000 homes per year. The Business Post, 25th January
Skehard Road, Cork Planning permission has been granted for 90 new homes on Cork’s Skehard Road on a site that was previously refused permission for a mixed-use development that was to include an Aldi supermarket. Developers Lyonshall have been granted permission that includes 26 one-bed units, 48 two-bed homes along with 12 two-storey townhouses. The planned development is located at ‘Villa Maria’ and its adjacent lands. In 2021 the company lodged plans for the same site for a scheme with 28 homes, an Aldi supermarket and a cafe. However, this was refused by City Hall planners. In June last year, Lyonshall lodged fresh plans for the current residential scheme. The Irish Examiner, 29th January
Tramore, Co Waterford A plan to build 20 new homes in Tramore, Co Waterford, has been approved. Kilkenny Investment Property Holding Ltd has been granted permission by An Bord Pleanála, after the matter was appealed. Waterford City & County Council had granted permission to the developers, but a third-party appeal saw it referred to the board. The development is located on a 1.80-acres site in Newtown, Tramore, and is accessed via the R675 Tramore coast road. It includes 20 independent living units. A third-party appeal was made by the owners of a property adjoining the southern site boundary.
Separately, a planning application for 19 new houses in Kilbrittain, Co Cork, has been lodged. Cork County Council has received an application from Peppard Investments Limited for the construction of 19 new houses. The development would be located along Meadow View Road, and includes improvements to the junction of the R603 and the L6105. Also in Cork, planning has been granted for the development of an Italian delicatessen in Youghal. The Irish Examiner, 26th January
Mortgage-To-Rent Scheme (MTR) Australian bank Macquarie, two other private-sector groups and two approved housing bodies have been selected by the Government to offer MTR solutions for lenders and borrowers dealing with loans that have no prospect of being repaid, according to sources. MTR solutions allow defaulting borrowers to remain in their homes as renters after agreeing to surrender ownership of the property. The Department of Housing and the Housing Agency has also selected an entity called Irish Homes. The third private-sector entity is Fresh Start Homes. Meanwhile, the two entities selected for the non-private-sector element of the new mortgage-to-rent plan are iCare and fellow housing body Foscadh Housing. Irish mortgage default cases have fallen from a peak of approx. 13% of owner-occupier home loans in 2013 to 4.1% as of the end of September, according to the Central Bank of Ireland. However, approx. 7,900 borrowers were more than five years in arrears. The Irish Times, 30th January
According to QRE’s Q4 2023 Market Update, 28 deals totalling €442m were completed with an average lot size of €15.75m. Industrial sector accounted for 58% of this while Office and Retail accounted for 18% and 14% respectively. 80%+ of the spending was concentrated in the Greater Dublin Area. The top 10 transactions accounted for 86% of all investment turnover. The total investment spending for 2023 was €1.85bn, the lowest in 10 years. Notably, no PRS transactions were completed in Q4 2023. QRE Report, 29th January
Blackrock, South Co Dublin An office building in Dublin is to be turned into a grinds school. The owners of the Dublin Academy of Education have applied for planning permission to turn the five-storey Frescati House in Blackrock into a school. The building is owned by the Slazenger family, owners of the Powerscourt Estate in Co Wicklow. The family put the building on the rental market last year. A planning notice published last week said permission was being sought for 22 classrooms, offices, a study hall, common areas and staff facilities. The Sunday Times, 28th January
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Douglas Court Shopping Centre has been sold for more than €21m to the O’Leary family, formerly of Cork-based O’Leary Insurances. The sale will see a partnership of Anthony O’Leary and his three sons, Nicholas, Robert and Peter take over one of the most high-profile shopping destinations in Cork City’s suburbs. The sale of 160,000 sq. ft Douglas Court to a well-known local family marks a departure from a wider trend of foreign funds buying up landmark retail properties. Douglas Court, where the anchor tenant is Dunnes Stores, is an acquisition valued at €25m, according to its new owners. Industry sources indicated that it transacted for in the order of €21.5m. Accounts filed by the vendors, Chandos Investments, valued it at €22.86m as of June 30, 2021. The Irish Examiner, 17th January
Dublin 2 The St Stephen’s Green collection, which incorporates Nos. 1, 3 and 5 St Stephen’s Green, as well as a separate mews building, is being sold by Aviva’s Irish Commercial Property Fund, and is being brought to market by Savills for €13.5m. The buildings extend to a total floor area of 15,761 sq. ft, and include a former outlet of Oasis as well as a property currently let to UK fashion retailer Reiss. The combined properties generate a total rental income of €704k a year and are available in one or separate lots. Lot 1, which is guiding €7m, comprises 1 St Stephen’s Green, which extends to 4,337 sq. ft, and includes ground floor retail accommodation, with storage and ancillary accommodation laid out on the first, second and third floors. The entire property is leased to Reiss, which recently refurbished the ground floor, on a 25-year FRI lease, from August 13th, 2002, and is subject to a passing rent of €695k pa. The second lot offers a refurbishment/development opportunity, with a guide price of €6.5m, and comprises Nos. 3 and 5 St Stephen’s Green, which are being sold with full vacant possession, as well as a mews building at 7 Anne’s Lane. The latter extends to 1,068 sq. ft and is held on a short-term licence at €9k a year. The Irish Times, 17th January
O’Connell Street, Dublin 1 Pan-European real estate investor Europa Capital, plus local partners Core Capital and Oakmount, have signed French sports retailer Decathlon in a major new letting for Clerys Quarter. Decathlon will occupy 30,000 sq. ft on a 30-year lease. The space was originally earmarked for a Flannels department store in a proposed deal that ended with the parties set to go to court in October before an adjournment for mediation. The new store will be Decathlon’s flagship city centre store, with the doors expected to open in mid-2024. The deal completes the retail lettings at Clerys Quarter. Decathlon joins H&M, which is fitting out its 30,000 sq. ft unit, its largest store in the city, for a spring opening, as well as sushi chain Rolled, which is also due to open in the spring. Pret a Manger opened its ground-floor retail unit in December. The Earl Building, representing approx. a third of the office space at the converted department store, sold to the Health Service Executive, according to a November announcement. Bisnow, 18th January
Cushman & Wakefield Report As much as €402m worth of retail properties were sold in over 36 transactions in the Irish market in 2023. Not only do these figures represent an 8% increase on 2022 but it was also the highest annual total recorded in both volume and number of transactions since 2019. These are among the findings in Cushman & Wakefield’s latest report on the retail sector. Retail assets accounted for close to 19% of overall investment turnover in Ireland in 2023, up significantly from just over 8% in 2022. But that increased market share also reflected a drop in sales of other types of properties, including offices and apartment blocks. The most sizeable retail transaction of the year was the sale of a portfolio in the third quarter to a fund managed by Davy Real Estate. It paid €74m for the Hexagon portfolio, a collection of six shopping centres including Donaghmede in Dublin, Parkway in Limerick and others in Galway, Laois, Letterkenny and Louth. The Irish Independent, 17th January
Molesworth Street, Dublin 2 A prime office at Dublin’s most prestigious business address has been launched for a €40m sale (NIY approx. 5%). 40 Molesworth Street, owned by the State Street-managed WindWise Property Fund, is being marketed by Savills Ireland. The asset includes 30,000 sq. ft of grade A office space, along with 3,650 sq. ft of retail over the ground and basement levels. The office element is leased in its entirety to law firm DLA Piper, while Specsavers occupies the retail space. Offering a WAULT of approx. 12 years to expiry and 5.25 to breaks, the asset generates a rent roll of €2.175m a year. React News, 22nd January
Clonskeagh, Dublin 14 Eagle Street Partners has completed a significant lease renewal at Richview Office Park in the south Dublin suburb of Clonskeagh. US-headquartered Curtiss-Wright Avionics and Electronics has extended its current lease for all 25,000 sq. ft of office space at Block 5 for a further 10 years. The company is understood to have agreed a rent of approx. €27 per sq. ft. The building will undergo a series of upgrades, including the replacement of gas-fired systems with electric alternatives, installation of solar power, and LED lighting. Eagle Street Partners is investing approx. €2.7m in the project. The Irish Times, 17th January
Tifco Portfolio Apollo Global Management has withdrawn the sale of an approx. €500m Irish hotel portfolio and is looking to refinance the largest part of it instead, CoStar reports. When bids failed to meet its valuation, the U.S. private equity firm decided to keep the Tifco portfolio after hiring Eastdil Secured and JLL to sell it last year. Apollo is now looking to refinance an approx. €175m senior loan from Deutsche Bank set to mature in the spring, according to a source familiar with the situation. It is reportedly secured against 14 Crowne Plaza and Travelodge hotels worth approx. €300m. Bisnow 22nd January
Navan, Co Meath Ryan’s Bar on Trimgate Street is for sale by private treaty through joint agents BDM Property and REA T&J Gavigan with a guide of €1.35m. The pub on offer extends to approx. 7,986 sq. ft and is presented in good condition throughout. It comprises a large ground floor lounge bar with several individually styled and furnished areas including a cocktail bar. Outside, there is a large beer garden with a covered seating area and veranda. On the first floor there is a function room fitted out in a contemporary style. The Business Post, 19th January
Ballymount, Dublin 12 Developer Michael Cotter’s Park Developments has started construction of Apex Hub in Ballymount. Located on Calmount Road, the scheme will comprise five logistics units ranging in size from 34,000 sq. ft to 45,000 sq. ft upon completion, totalling 205,000 sq. ft. Each unit will be available for sale or to let. The Apex Hub site has scope for the development of an additional block of enterprise units, subject to planning permission. The Apex Hub scheme will offer occupiers flexible layouts capable of accommodating requirements of between 34,000 and 100,000 sq. ft. The Irish Times, 17th January
Dundrum, Dublin 14 Developer Pat Crean’s Marlet Property Group has agreed a €113.6m refinancing facility with a fund managed by BlackRock for an apartment development in Dundrum. Green Acre Grange, adjacent to Airfield’s urban farm, is a development of 307 build-to-rent apartments, with a full suite of tenant amenities including a concierge service, gym, cinema room, lounge and meeting rooms as well as play and outdoor recreation areas. Apartments at the development, which have recently come to the rental market, start at €2.15k pm. Green Acre Grange is part of DUBLIV, Marlet’s build-to-rent platform which manages the company’s existing residential portfolio including One Lime Street in Dublin 2, St Clare’s Park in Harold’s Cross, and Walled Garden in Dundrum. The Irish Times, 17th January
Dundrum, Dublin 14 Plans to build 852 homes at the site of the former Central Mental Hospital are being held up by just one objection, an Oireachtas Committee will hear. Despite other locals having no objection to the Dundrum development, a judicial review taken by one person has halted the project, which was granted planning permission last year. In its opening statement to the Oireachtas Joint Committee on Housing, Local Government and Heritage, chief executive of the Land Development Agency (LDA) John Coleman said Dundrum Central is “an area of extremely high need”. The planning permission covers 23.2 acres of the site where the old Central Mental Health Hospital used to be situated. The development would involve over a third of the land being converted into public realms, including landscaped green spaces. The bulk of the housing units would be apartments, but there will also be duplexes and houses. Initially, the LDA planned to deliver 1,200 new housing units, including a 14-storey apartment block. However, following public consultation, the height was scaled back to 11-storeys. This was then further reduced to seven-storeys when permission was sought in March 2022. The Journal, 23rd January
Ires Reit Several potential bidders for Ires Reit assets have emerged from a period of intensive engagement between the activist investor Vision Capital and players in the residential real estate sector. The hedge fund, which is trying to overturn the Ires board and force the company into a sale of its portfolio of approx. 4,000 apartments over the next two years, has been canvassing opinion in the industry as part of a campaign to persuade fellow shareholders to back its divestment plan. Sources familiar with the discussions said that the wide-ranging talks with agents, funders and asset managers had yielded numerous inbound queries, especially from Germany, after thrusting Irish residential property back in the spotlight. The Sunday Times, 21st January
Stamp Duty Darragh O’Brien, the minister for housing, has said that he is angered by the sale of 46 homes in a Dublin housing estate to an investment fund and that the rate of stamp duty paid by investors that bulk-buy property “needs to be reviewed”. The comments were made in response to calls from Pearse Doherty, the Sinn Féin finance spokesperson, to hike the rate of stamp duty for bulk purchasers from 10% to 17%. In 2021, separate rules introduced by O’Brien also aimed to prevent the bulk purchase of homes by allowing local authorities to ringfence homes in new housing estates for owner-occupiers. O’Brien said these measures have protected 40,000 units in new planning permissions for owner-occupiers only. The Business Post, 18th January
Portlaoise, Co Laois Leinster property developer Lismard Developments is selling a site which benefits from development potential for a retail park in Portlaoise, Co Laois. The lands extend to 5.18 acres and Cushman & Wakefield is quoting €1m for it. It is close to both Lismard Business Park and Portlaoise Retail Park. The site is also close to other retail hubs including Laois Shopping Centre and The Kyle Centre and is just one kilometre from Portlaoise town centre. The property is a greenfield site with a relatively flat topography throughout. The lands are zoned entirely ‘GE – General Business’ under the Laois County Development Plan 2021 – 2027 and under this zoning, a full retail warehousing development is permitted in principle. The Irish Independent, 18th January
Maylor Street, Cork Intersport Elverys, the owners of the former Debenhams’ store in Cork City centre, have scooped up another three properties on Maylor Street as part of a plan to develop a hotel and other accommodation facilities in the heart of Cork City. The acquisition of 38-40 Maylor Street, in addition to the city’s iconic store which it bought last May, is being hailed as a “pivotal step” in helping restore city centre fortunes. While the deal was done off-market and the price was not disclosed, the properties were due to go to market for in excess of €1.5m. The Irish Examiner, 22nd January
Horgan’s Quay, Cork Developers of a 302-unit residential block on Horgan’s Quay, earmarked for cost-rental housing, are in talks to clear the way for a third of the apartments to be sold to owner/occupiers. Clarendon Properties/BAM are in discussions with the government’s Housing Agency to see if agreement can be reached to allow the sale of approx. 100 apartments to owner/occupiers under the Croí Cónaithe (Cities) subsidised building scheme. If agreement is reached, Ronan Downing, development director with Clarendon Properties, reckons they can bring the riverside apartments to market with a starting price of €340k. The Horgan’s Quay development will be the docklands’ first large-scale residential scheme. At Horgan’s Quay, the apartment scheme will consist of a single stepped block, up to 11 storeys in height, wrapping around three sides of a raised courtyard. The Irish Examiner, 17th January
Donaghmede, North Co Dublin Cushman & Wakefield is guiding a price of €2m for a ready-to-go residential development site in the north Dublin suburb of Donaghmede. Situated at the roundabout junction at the Hole in the Wall Road and the R139, the subject site extends to 0.47 acres and comes to the market with full planning permission from Dublin City Council for the construction of 42 apartments. The scheme, which received approval in November 2023, will comprise a part six-storey/part seven-storey development along with 44 car parking spaces at undercroft level. The Irish Times, 17th January
Enniskerry, Co Wicklow A High Court challenge to permission for 165 homes in the village of Enniskerry has been settled. Mr. Justice Richard Humphreys was told this week that the case has been resolved and did not require further legal costs orders. The judge struck out the action on the application of James Devlin SC, instructed by FP Logue Solicitors, for the applicants, with consent from An Bord Pleanála. No further details of the resolution were provided to the court. The judicial review was initiated in October 2021 by local interest group Enniskerry Alliance and the manager of a neighbouring housing complex, Enniskerry Demesne Management CLG. The Irish Times, 18th January
Blackrock, South Dublin Dun Laoghaire Rathdown County Council has given the Department of Education permission to change the use of Abilene House, a protected residential structure on Newtownpark Avenue, to create a new post-primary school and two new four-storey school blocks on the 1.2-acre site. According to the planning application, the Government, which purchased the site in 2018 for €8m, plans to convert, renovate and reorder Abilene House and its walled garden to create a school for 1,000 pupils, including a Special Education Needs unit of four classrooms. The total gross floor area planned is 130,146 sq. ft. The development will also include two new school blocks, Block A at 61,505 sq. ft to the south-east of the house and Block B at 63,356 sq. ft built to the north-west of Abilene House. The €11.4m development also includes all ancillary staff and student facilities; hard and soft play areas and a PE hall and a general-purpose hall. The Business Post, 19th January
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St Stephen’s Green, Dublin 2 Archer Hotel Capital, a European investment group, is closing in on a deal to buy the landmark five-star Shelbourne hotel in Dublin. The Sunday Times reported in December that Kennedy Wilson, the Shelbourne’s current owner, was mulling over a sale of the hotel for €260m or a disposal of a 50% share in the property. It is understood that Archer, which owns the nearby five-star Conrad hotel, has agreed to buy the Shelbourne outright. It paid in excess of €115m in 2019 for the Conrad, which is located opposite the National Concert Hall on Earlsfort Terrace in Dublin. The Sunday Times, 14th January
Booterstown, South Co Dublin The Radisson Blu St Helen’s Hotel has been put up for sale and could fetch €45m, the Business Post understands. The historic property, located in Booterstown, is ultimately owned by the Cosgrave family of property developers. The potential sale is being conducted privately and handled by real estate company JLL Ireland, according to sources. The hotel was developed by Dublin builders The Cosgrave Property Group and a €6m refurbishment was carried out in 2018. There are 125 bedrooms in the hotel, which is located approx. 10 minutes from Dublin city centre, and 18km from Dublin International Airport. It has 11 event spaces, which can hold up to 350 guests. The Business Post, 14th January
Deloitte Report Hotel room rates in Ireland have continued to rise, but the prices don’t yet appear to be deterring consumers. A report on Europe’s hotel sector from Deloitte shows that the average daily room rate in Dublin city centre for the first ten months of 2023 was €210. In the surrounding Dublin area, it was €165 and in the rest of Ireland it was €160. Occupancy levels in the period were robust, at 85% in the surrounding Dublin area, 83% in the capital’s city centre, and 77% in regional hotels. In Dublin centre, occupancy is only slightly below the pre-pandemic 2019 average, while elsewhere it has surpassed pre-Covid rates, noted Deloitte. There were approx. 66,000 hotel rooms available in Ireland as of the end of September 2023, and a further 3,500 rooms under construction according to Deloitte Real Estate Research. Deloitte noted that large international brands have been entering the hotel market. New hotels such as the NYX hotel in Dublin and the CitizenM property in the capital, as well as the Moxy Hotel in Cork have all opened or are opening. The Irish Independent, 15th January
Tallaght, Dublin 24 Three investors are battling it out to buy a €130m shopping centre in southern Dublin. Ardstone Capital, Hines and Eagle Street Partners are competing to secure the asset, with final bids for The Square to be submitted by the end of the week. Cushman & Wakefield and Bannon are selling the shopping centre on behalf of Oaktree, which bought the mall in 2018 for €250m. Oaktree refinanced €186m of debt secured against the asset in 2021, with incumbent lender AIB rolling over the existing facility. There have been several big additions to the mall’s tenant line-up in recent years, including retailer Penney’s and Irish cinema chain Movies. In addition to the retail component, The Square’s site has future residential development potential, and that is understood to be a key pull to those pursuing the sale. React News, 16th January
Grafton Street, Dublin 2 Shanghai-based fashion group Icicle is to open in Ireland at the end of this month in the former House of Ireland building on Grafton Street opposite Trinity College’s Provost’s house. Originally a branch of the Royal Bank designed in 1904, the landmark building is said to have been purchased and refitted at a cost of approx. €10m and represents a significant retail investment in Dublin by the Chinese company. The Irish Times, 10th January
Chancery Lane, Dublin 8 Sretaw PE, the investment and property development company headed up by Eamon Waters, has completed the acquisition of the Chancery Building in Dublin City Centre for approx. €14m. The price paid represents a discount of 43% on the €24.75m price that had been sought originally by Knight Frank when it brought the property to the market on behalf of its owner Credit Suisse, in September 2022. Sretaw expressed an interest in purchasing the property after its asking price was reduced to €19m last year. The €14m paid by Mr. Waters is approx. 41% lower than the €23.8m Credit Suisse paid Hibernia Reit to secure ownership of the property in 2017. Located on Chancery Lane in Dublin 8, the Chancery building comprises a six-storey over-basement office block along with four two-bedroom apartments. The office element of the scheme extends to 34,283 sq. ft with secure basement car parking for 19 cars and further parking for bicycles. The offices are fully let to three tenants and are producing total rental income of €1.397m pa. Of the current rent roll, 69% is being generated by State tenants. The ground floor is let to Wella Studio. The first to fourth floors are let to the Office of Public Works and are occupied by the Chief State’s Solicitors Office. The penthouse floor is occupied by Analytic Partners, a privately held firm specialising in analytic solutions. The four apartments are fully let to private tenants on a mix of rolling “Part 4″ and fixed-term tenancies. The rent roll of the residential units equates to €98.9k pa. The Chancery building comes with planning permission to extend the floor area of the office accommodation by 9,838 sq. ft. The Irish Times, 11th January
Cherrywood, South Dublin Spear Street Capital has completed another sale at its Cherrywood campus as over €50m of Dublin office sales closed in the run-up to Christmas. French investor La Française Group purchased Block 8, a 25,000 sq. ft recently refurbished office block, from the US investor for approx. €13m (NIY 5.5%) with the asset let on a new 25-year lease to medical firm Laya Healthcare. React News, 12th January
South Leinster Street, Dublin 2 Trinity Point, a 44,000 sq. ft office building on South Leinster Street, was sold for €39m. It was purchased by The Office of Public Works (OPW) from a private Irish investor. The property is majority let to the OPW on two FRI leases expiring in March 2032. The OPW paid rents of between €55 per sq. ft up to €59 per sq. ft. React News, 12th January
Cabra, Dublin 11 An Bord Pleanála has refused planning permission for a 16-storey high Grand Canal Square-style mixed-use scheme. In the plans, Woodberry Printing Ltd was seeking planning permission for its Royal Canal Square development on a 5.63-acre site at the Broombridge industrial estate in Dublin 11 that was to also include four blocks with the tallest reaching to 16 storeys in height. The scheme includes 304 apartments and a 100-bedroom family hotel along with 477,540 sq. ft in office space and 14 retail units. In a bid to secure planning permission, the applicants proposed that the 16-storey block be reduced to 12 storeys while a 12-storey block be reduced to 10 storeys. The applicants also offered to reduce the amount of office floorspace. The decision upholds a planning refusal issued by Dublin City Council in November 2022. The Journal, 15th January
Ballygrennan, Co Limerick Planning permission has been sought by Clúid Housing Association in partnership with Tinwat Holdings, a part of the Whitebox Group, to build a €28m mixed-use development in Ballygrennan. The project, which was designed by Fewer Harrington & Partners, will see the construction of 73 houses and 42 apartments, in a mix of two, three and four-bedroom units and a coffee shop with an external seating area. It will also include a local convenience retail unit, a four-storey neighbourhood centre including 42 two-bed elderly housing units, a communal roof garden and a pharmacy with drive-through dispensary window. The scheme also plans for a three-storey 90-bed nursing home. The Business Post, 13th January
Cashel, Co Tipperary Plans have been lodged for a €28m Large-scale Residential Development (LRD) at Wallers Lot on the outskirts of Cashel town in Co Tipperary. The development for Carrick on Suir based JSF Property Holding Ltd will consist of the demolition of an existing agricultural building and the erection of 139 dwellings in a mix of terraced, semi-detached and detached houses as well as an apartment block. It also includes plans for a crèche on the ground floor of the apartment block. The overall site spans just over 11 acres. The Business Post, 13th January
Rathgowan, Mullingar Westmeath County Council has granted planning permission to Marina Quarter Ltd and Glenveagh Homes for a €30m LRD application at Rathgowan in Mullingar. The project will see the construction of 181 residential units in a mix of apartments and houses. The Business Post, 13th January
Donabate, North Co Dublin Work is expected to begin soon on the €85m Ballymastone LRD in Donabate. The project for Glenveagh Homes will see the construction of more than 432 residential units in a mix of apartments and houses. The project will include a crèche and public open space. The Business Post, 13th January
Clonburris, West Dublin Cairn Homes has begun works on an €18.4m residential development in west Dublin, which is in the Cappagh South-West Development Area of the Clonburris Strategic Development Zone Planning Scheme 2019. The project will see the construction of approx. 160 residential units with a mix of 81 houses and 76 apartments. Cairn Homes has separate plans for approx. 1,000 houses, apartments and duplex units at Clonburris. The Business Post, 13th January
BNP Paribas Real Estate Ireland Construction Report Construction activity remained in a state of contraction for the sixth consecutive month in December, with the commercial property sector worst hit, but recovered slightly from November to round out the year in a marginally better place. The headline BNP Paribas Real Estate Ireland Construction Total Activity Index – which tracks changes in the total volume of construction activity compared with one month previously – inched closer to but still remained below the crucial no-change 50.0 mark last month. December posted a reading of 45.1, up from 44.5 in November to signal a softer pace of decline in the final month of the year. The commercial property sector saw the sharpest rate of decline, contracting at a faster pace than November levels. Construction on housing projects slowed again, but at a softer pace than in November, while the volume of commencements grew by approx. one fifth from the start of the year, suggesting “a positive outlook for the sector”. The Business Post, 14th January
Balgriffin, Dublin 17 Deutsche Bank’s investment arm is the new owner of the 46 homes in a Dublin housing estate that were bulk bought in December. New records filed on the Land Registry have shown that 85% of the homes in Belcamp Manor, acquired as part of a €24.5m deal, are now being transferred to DWS Group. DWS Group, the €800bn German asset manager majority controlled by Deutsche Bank, is the owner of the Belcamp Manor homes, which was built by developer Greg Kavanagh, on behalf of one of its funds. The higher 10% rate of stamp duty, put in place by the government to deter investors from bulk buying houses, was paid to complete the deal. Belcamp Manor is a 54-unit housing estate near Malahide Road in Dublin 17. The first eight homes in the estate were sold in 2022. Four of the units were sold to Fingal County Council for social housing and one other home was sold to a company called Worldstone Equity Growth Limited. The other homes were sold to private buyers. Based on the asking price for the homes, the total sale price of the 46 houses would have been €26m. However, a filing on the Property Price Register showed that the homes were acquired as part of a single deal worth more than €21.5m, exclusive of Vat, in December 2023. The Business Post, 12th January
Merrion Square, Dublin 2 A fresh High Court challenge has been brought in an ongoing planning row between owners of properties on Dublin’s Merrion Square. A year ago, Minoa Limited, which owns nos. 2 and 3 on Merrion Square, settled another challenge it brought over what it claimed were unauthorised works being carried out on a site originally earmarked for the construction of a five-storey office block. The plan involved the demolition of the Merrion Building – Morrisseys – which is between the Davenport Hotel and 1 Merrion Square North. It is owned by Persian Properties Unlimited Co and an associated firm, Blue and White Diamond Ltd, is to carry out the development. Permission for the five-storey block was first granted in June 2019. There followed two additional applications, in 2019 and 2022 to amend the permission, including one increasing the building height. The case comes back next month for mention. The Irish Times, 15th January
Rents in Ireland have increased at the third highest rate in Europe since 2010, new figures show, with only Estonia and Lithuania showing bigger increases over the last 13 years. New data published by Eurostat show that rents in Ireland have increased by 100% since 2010 – coinciding with a supply crunch that has sent accommodation costs soaring. Overall, the statistics showed that rents have increased in 26 EU countries in that period, with only Greece showing a decrease in rent prices. The Eurostat figures also show how house prices in Ireland increased in the third quarter of 2023 compared to the same period the year before – with costs up 1.4% in the period. The Business Post, 10th January
Glenveagh Accounts Earnings at Glenveagh, the developer, were down 13% in 2023 compared to the previous year, but margin in its suburban housebuilding business grew. The Dublin-based housebuilder reported turnover of €608m, a 6% decline on 2022, but recorded revenue from its partnerships to deliver state housing for the first time. The decline in year-on-year revenue has been attributed to the once-off disposal of a site on East Road in Dublin docklands for approx. €63m, which did not recur in 2023. The firm said when the land sale was not factored in, the firm recorded a modest increase in revenue. Last year, Glenveagh secured planning permission for approx. 4,600 units, 700 of which could still potentially be appealed. The firm also lodged planning applications for approx. 2,900 further homes during the year. In 2023, Glenveagh returned approx. €63m to shareholders. Last year, the margin in Glenveagh’s suburban business grew to 20%, up from 18%. The Business Post, 10th January
Cairn Homes, the listed Irish home builder, delivered a record performance in 2023 as strong demand for housing continues to drive sales and profitability in the group. Announcing a trading update to investors on Tuesday, Cairn Homes said it estimates full year revenue for 2023 will be approx. €665m, which will be up approx. 8% on the €617m in sales the company posted for 2022. The homebuilder said it expects to generate full year operating profits to increase in excess of €113m for 2023, while operating profit margins are forecast to widen to a healthy 17%. Overall, Cairn said it closed the sale of more than 1,700 homes last year, which was up 14% on the previous year. The building company said its forward order book has never been as strong, with sales agreed for 2,350 homes and expected revenues of more than €900m. The Business Post, 16th January
Goodbody Report Construction commenced on more than 33,000 homes in Ireland last year, according to new analysis by Goodbody. Based on the data for last year, the stockbroking firm has forecast that the country is on track to deliver more than 34,500 new homes in 2024. Despite the large rise in housing output forecast, it has been estimated the average house price will rise by 2.8% to €356k by the end of the year. Goodbody’s latest Irish Housing Chartbook has shown that more than 3,400 new residential units were commenced in December 2023, which was up 91% compared to the previous year. In the final three months of last year, housing commencements rose 51% YoY. The spike in new housing starts at the end of the year meant construction commenced on a total of 33,000 new homes in 2023, which was up 23% compared to 2022. The Business Post, 16th January
First Home Scheme More than 3,000 people have been granted approval for the First Home Scheme, which helps prospective homeowners purchase their first property, since its launch 18 months ago. New figures show that approx. 1,300 homes have been bought with the help of the shared-equity scheme, as the Department of Housing announced plans to raise the applicable price ceilings by €25k in a selection of local authorities. The First Home Scheme is a €400m fund set up to help first time buyers to bridge the gap between their mortgage, deposit and the price of a new home. It is a joint venture between the state and the three banks, AIB, BOI and PTSB, and remains open to other authorised mortgage lenders in the Irish market to join the scheme. A total of 3,196 people have been approved for the scheme and 1,255 purchases have been completed, with the average price of a house in 2023 sitting at €380k. The Business Post, 9th January
Trinity Street, Dublin 2 EMI-MR Investments, owner of the Mercantile Group, has purchased the Trinity Street Car Park in an off-market deal believed to be worth approx. €19m. EMI purchased the shares in Bashview Limited, owner of the car park, last month, according to documents filed in the CRO. It is now set to work with BCP Capital, which are acting as development manager, on progressing plans to turn the car park into an office. In 2021, Bashview obtained planning permission to demolish the existing six storey mixed use structure known as ‘Moira House’ and ‘Trinity Street Car Park’ and replace it with a nine-storey office building. The car park, which is one of the busiest in the city, is situated on Trinity Street, Dame Lane and St Andrews Lane. It currently has 171 car parking spaces. According to planning doucments, the proposed building will accommodate office space at the first to ninth floor levels with a reception lobby at ground floor accessed from Saint Andrew’s Lane and a ground floor restaurant unit. The Business Post, 14th January
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Maldron Hotel, Dublin Airport Dalata Hotel Group has agreed a two-year extension to the licensing agreement of the 251-key Maldron Hotel Dublin Airport with its landlord, which was due to expire this month. Dalata is Ireland’s largest hotel operator, successfully managing the Clayton alongside the Maldron Hotels. The group’s portfolio is comprised of 53 three and four-star hotels with 11,412 rooms and a pipeline of over 1,300 rooms. Currently, it has 31 owned hotels, 19 leased hotels and three management contracts. React News, 3rd January
St Andrew’s Street, Dublin 2 The owners of waste giant KeyWaste have lodged plans to develop a new hotel above An Post’s branch on Andrew’s Street. Details of the project were included in a planning application to Dublin City Council, which outlined plans to redevelop old office space into a 111-bedroom hotel in the floors above the existing post office. This is the first application by Neville O’Boyle and Mark Butler, the founders of KeyWaste, to build a hotel at 19-24 St Andrew’s Street, which was put up for sale by An Post at a guide price of €9.5m in 2022. Records show the building has been acquired by Andrew’s Street Property Ventures Limited. Accounts filed by the firm show the building they acquired is now valued at €11.8m. The planning application for the site said the revamp of the building would not impact An Post’s branch on the ground floor. It added the new hotel would be built on the existing first to third floors and a six-storey extension would be created at the back of the building. A decision on O’Boyle and Butler’s latest application to build a hotel is expected next month. The Business Post, 4th January
Kenmare, Co Kerry Hoteliers Francis and John Brennan have agreed to hand control of their Lansdowne Kenmare hotel to local man Patrick Hanley, whose family owned and operated the hotel for approx. three decades. Mr. Hanley and his wife Aileen, experienced hoteliers who currently own the Strand Cahore seaside restaurant in Wexford, will have three years to complete the purchase of the Lansdowne, which the Brennan brothers put on the market along with their Park Hotel in Kenmare with a combined guide price of €20.5m last year. Patrick Hanley’s parents, Breda and Bobby, owned and ran The Lansdowne, which was then known as the The Lansdowne Arms, from 1972 until 2000. The Lansdowne Kenmare is a 28-bedroom boutique hotel in the centre of the south Kerry town. The Irish Times, 8th January
Hotel Accommodation The majority of hotels being used to house asylum seekers and homeless families is unlikely to return to hospitality use in the near future, Savills has predicted. The property agent said that the provision of asylum seekers and homeless accommodation on behalf of the state is seen as a longer term business agreement, and that it believes most of the hotel supply fulfilling these contracts “will not return to hospitality use in the short to medium term”. According to the latest data from Savills, approx. 12% of all beds in Fáilte Ireland registered properties were contracted to the Irish State for the provision of emergency accommodation as of the end of last year. This grew in a number of regional counties, where the government held over 20% of capacity out of normal and tourist use. The Business Post, 8th January
Dublin Airport Central Convenience food group Greencore has inked a deal for a new office headquarters at Dublin Airport Central. The company, which is headed by former DAA chief executive Dalton Philips, will occupy 10,333 sq. ft on the fourth floor of Block Two, The Green, from early 2024. Block Two is the final building to be delivered within phase one of the wider Dublin Airport Central scheme and is located immediately adjacent to Terminal 2 at Dublin Airport. The Irish Times understands that Greencore has signed a 10-year lease and agreed to pay a rent of approx. €36 per sq. ft. Dublin Airport Central’s tenant line-up already features several leading corporates including ESB International, Kellogg’s, IWG plc and Horseware Ireland. The Irish Times, 20th December
EY Ireland’s search for a new 200,000 sq. ft plus head office in the Irish capital has settled on a final shortlist, with a victor expected to emerge in the coming weeks. The sites understood to remain in the running include Westridge Real Estate’s Camden Yard, Clancourt Group’s Charlemont Street development, and the space LinkedIn is seeking to sublease at Wilton Park. The global professional services firm is targeting occupation in 2026. It currently occupies approx. 100,000 sq. ft in a cluster of offices on Dublin’s Harcourt Street, which it leases from the Kenny family’s Clancourt Group. React News, 4th January
BNY Mellon – the New York-headquartered US banking giant – has narrowed the scope of its search for 70,000 sq. ft plus of new office space in the city. The bank is believed to be running the rule over Marlet Property Group’s Shipping Office scheme and 4/5 Park Place, an office owned by Clancourt Group. In May, BNY Mellon said it would open a new digital research and development hub in Dublin. React News, 4th January
RTÉ Cork is to start the process of finding a new location in the city centre this month, with the current site at Fr Mathew Quay to go up for sale with a price tag of approx. €2m. It is understood that RTÉ has already viewed space in the One Albert Quay building in Cork city centre as a potential option when it moves from its existing site. The Irish Examiner, 8th January
Glenageary, South Dublin Redrock Glenageary has secured permission for a seven-storey, 138-unit apartment scheme for Glenageary, despite local opposition. Dún Laoghaire-Rathdown County Council granted planning permission for the development after a 97-page planner’s report concluded that it “is not considered likely to adversely impact on the amenity of adjoining sites”. Redrock’s application is a renewed attempt to build on the site at the junction of Sallynoggin Road and Glenageary Avenue after An Bord Pleanála in April 2022 refused planning permission to the company for a 147-unit build-to-rent Strategic Housing Development. That plan encountered strong local opposition. The firm withdrew plans for a 140-unit apartment scheme at the same location last September and lodged its current Large-scale Residential Development (LRD) scheme on October 31st last. The Irish Times, 3rd January
Glasnevin, Dublin 11 Plans for the redevelopment of the largest industrial land bank in Dublin since the Dublin docklands, facilitating the construction of thousands of homes serviced by rail and Luas lines, will be completed this year. Dublin City Council will this month begin meeting major landowners and other stakeholders in the Dublin Industrial Estate in Glasnevin to seek their input into the Ballyboggan local area plan which will govern the regeneration of 185 acres of vacant or underused industrial lands, located just 3km from the city centre. However, in submissions to the council, local residents have raised concerns about the level of development planned and have threatened to “oppose any attempt to build high-rise developments” near their homes. The estate stretches from the Finglas Road opposite Glasnevin Cemetery to the east, Ratoath Road at Ashtown to the west, Cabra to the south and Tolka Valley Park, which separates Cabra and Finglas, to the north. The Irish Times, 5th January
Ballsbridge, Dublin 4 A vacant former nursing home in Ballsbridge will reopen in the coming days as a 220-bed emergency accommodation facility for asylum seekers, the Department of Integration has confirmed. St Mary’s Home on Pembroke Park beside St Conleth’s College will be used to house families seeking international protection for at least the next year. The Victorian building had until recently been owned by Richmond Homes which put the property on the market for €7m in September, just months after securing planning permission for a 64-unit BTR scheme. In a briefing document for public representatives, the department said the building was now owned by Goldstein Property Irish Collective Asset Management and leased by Burvea Unlimited Company on a five-year lease. The accommodation will consist of 40 rooms for a maximum of 220 people spread across three floors, with “multiple large recreational spaces, visitor/clinic rooms and a large dining hall”, the department said. The department said it was not possible to say how long residents would be staying at the facility but it said a one-year contract has been offered to the provider. The Irish Times, 3rd January
Ires Reit has recommended to shareholders that they vote against all the resolutions put forward by activist investor Vision Capital at next month’s extraordinary general meeting (EGM). In December Vision Capital, which has a 5% stake in Ires Reit, called for an EGM to allow shareholders oust five directors and to appoint five nominees proposed by Vision. In addition, the Vision resolutions seek the issue of a shareholder direction to the board to appoint an adviser to assist Ires in a strategic review process with a view to concluding a sale of Ires or its assets or a liquidation within the next 24 months, Ires Reit said. Ires Reit announced that the EGM will be held at the Clayton Hotel, Cardiff Lane on February 16. Ires Reit said that the Vision resolutions seek to take control of the company by seeking five of the nine existing board seats, and “to force the total liquidity of Ires in a defined period of time.” “The board believes this seriously risks the value inherent in the assets”, Ires said. The Business Post, 8th January
National Asset Management Agency (Nama) generated €319m in cash last year and is on track to report its 13th consecutive year of profitability, it said. That brings the total generated by the State-owned bad bank’s operations to €47.7bn since it was established. For the period January to June 2023, it reported a €26m profit, and will report a profit for the full year. The figures were published as part of a review of its progress during 2023. Last month the agency transferred an additional €350m of its surplus to the exchequer, bringing the total contributed by the State-owned bad bank to date to €4.25bn. Over its lifetime, the agency was expected to transfer €4.5bn of surplus back to the exchequer, a figure that has now increased to €4.9bn. Nama paid €32bn to acquire the loans that led to its existence. The agency delivered 420 houses throughout 2023, with a further 440 homes under construction or having funding approved on Nama-secured sites for delivery in 2024 and 2025. Between 2014 and the end of 2023, approx. 34,000 homes have been funded and facilitated by the agency, with 14,000 directly funded. The Irish Times, 4th January
House Prices DNG has forecast “moderate growth” in second-hand house prices this year, with the cost of resale properties to increase at a faster rate outside of Dublin. The real estate agency’s latest residential market review has predicted house prices in Ireland’s regional markets will rise by 4% this year, with growth in Dublin “in the low single-digits again”. However, it also highlights discrepancies in prices on a region-by-region basis, with the price of resale homes in the capital still tens of thousands of euros higher than those in rural areas. The price of a second-hand home outside of Dublin grew by 4.3% in 2023, compared to 7.6% in the previous year, according to data from DNG. This compares with a rise of 1.8% in the capital last year and 3.1% rate growth in 2022. First time buyers were the dominant players in the second-hand homes market in Dublin last year, accounting for 56% of home purchases. The Business Post, 3rd January
Conor Pass, Co Kerry The Government is close to a deal to buy the Conor Pass months after its American owner sought €10m for mountain grazing land, forestry and lakes high over Dingle. A draft agreement has yet to be settled definitively but the parties are working on the basis that the property will be taken into the ownership of the National Parks and Wildlife Service (NPWS) to be developed and managed for tourism. Overlooking Brandon Bay, the lands comprise approx. 1,000 acres of grazing land, approx. 400 acres of forestry and three lakes: Lough Atlea, Lough Beirne and Peddlar’s Lake. The price under discussion has not been disclosed, although a final deal is said to be close. The Irish Times, 8th January
Peter McVerry Trust TDs on the Oireachtas housing committee have called on the Peter McVerry Trust to appear before them to answer questions over the organisation’s future following months of financial turmoil at the housing and homeless charity. The trust told politicians that representatives of the organisation were not in a position to come before the committee in mid-January, claiming it would be “premature” to answer questions while two statutory investigations remain ongoing. The charity also said it could not discuss a recent €15m government bailout with TDs because conditions set out by the department of housing as part of its emergency funding had not yet been met by the charity. The Business Post, 5th January
Peter McVerry Trust Darragh O’Brien has cast doubt over the Peter McVerry Trust’s future involvement in major housing projects following an unprecedented €15m government bailout last month. The minister for housing was speaking after a series of reports in the Business Post revealed financial and governance issues at the housing and homeless charity. In November, the government approved emergency funding on an exceptional basis for the organisation. However the trust has been blocked from disposing of properties and assets without approval from the Department of Housing under the terms of the bailout. Speaking to the Business Post, O’Brien reiterated that there would be a restructuring of the charity – and that ministerial appointments would be made to the board – but said the “future scale” of the organisation must be examined. O’Brien said he expected to receive recommendations from an internal departmental oversight group by April on “how we go about reforming the organisation and the work that it does”. The Business Post, 31st December
Barrow Street, Dublin 4 Actavo has been awarded the €5m Dublin City Council contract to upgrade the areas around Google’s Barrow Street campus in the docklands. The project involving significant work around Barrow Street’s junctions with Grand Canal Upper and Ringsend Road will commence in the coming weeks. The project will involve resurfacing and repaving footpaths in the area and the installation of new traffic infrastructure, public lighting and street furniture. Actavo will also work on a section of the water main. Google, which is the major occupier of Barrow Street, previously agreed to contribute funding to a €7.5m refurbishment of the area but last year said it was no longer in a position to do so. The Business Post, 3rd January
Cootehill, Co Monaghan Abbott Ireland faces a fresh appeal against its planned expansion of an infant formula manufacturing plant in Monaghan from the owner of Bellamont Castle in Cavan. The life sciences giant has lodged two applications in recent years to expand its facility. In late 2022 the company made a planning application to the local authority to expand the facility. It was approved in February 2023 and then appealed to An Bord Pleanála by John Morehart, the owner of Bellamont Castle in Cavan. Morehart, whose property is based more than one kilometre away from the Abbott plant, attempted to appeal the decision to An Bord Pleanála but was blocked by the planning authority. His leave to appeal was refused in March because he did not initially raise his concerns with Monaghan County Council when the planning application was first lodged by Abbott, which made his appeal to An Bord Pleanála ineligible. An Bord Pleanála has now decided to reopen the case prompted by Morehart’s appeal of Monaghan County Council’s decision in February 2023. The Business Post, 2nd January
Activate Capital, one of Ireland’s biggest domestic housing funds, has paid out another €1m dividend to directors, which has brought payouts up to approx. €3m. The agency, established in 2015, was co-founded by the Ireland Strategic Investment Fund (Isif), the state’s sovereign wealth fund, and KKR. Isif contributed €400m to the fund while KKR supplied €175m, which would be loaned exclusively to developers of Irish residential projects. Since 2015, the firm has advanced loans worth more than €1.9bn to developers, which have funded the construction of more than 18,250 homes across 75 sites in Ireland. The Business Post, 7th January
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Blackrock, South Dublin Temple House has come to the market in Blackrock, south Dublin, seeking €9.75m. The landmark five-storey office building was built in the 1980s and sits on an island site occupied by two office buildings. The offices, which extend to 29,697 sq. ft. on a net internal floor area basis are fully let to various occupiers including Irish Life and Sodexo and include 65 designated undercroft car parking spaces. With a current passing rent at €920k a year, the asking price of €9.75m will provide an initial yield of 8.58% to an incoming purchaser. The weighted average unexpired lease term is 5.54 years and including tenant break options is 2.93 years. The Irish Times, 19th January
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Nutley and AIG Buildings, South Dublin Pan European investor and asset manager M7 Real Estate has paid just under €15m for two office blocks in south Dublin. Developed in the late 1980s as part of the wider Merrion Shopping Centre scheme, the Nutley and AIG buildings comprise an overall floor area of 43,235 sq. ft. along with 83 undercroft car parking spaces. The subject property is currently generating total rental income of €1.44m a year. The Nutley Building is let to a number of occupiers including Bonkers Money, the Japanese Embassy, the Austrian Embassy and Global Standards while the AIG Building is let to a single tenant with a number of sub leases in place. Commercial real estate consultants Bannon handled the sale. Following its latest purchase, M7’s Irish portfolio now comprises 18 assets extending to just under 1.1m sq. ft., primarily in industrial and logistics space. M7 operates across 14 countries and manages a portfolio of c. 835 retail, office and industrial assets with a value of c. €5.1bn. The Irish Times, 19th January
Blarney Business Park, North Cork JCD Group has confirmed Park Place Technologies and FedEx as the two latest companies to establish operations at Blarney Business Park, the 70-acre campus located just north of Cork city on the Cork/Limerick N20. Park Place Technologies, a US multinational company, moved into its new custom-built 25,004 sq. ft. building in September 2021. The building has been built to LEED Silver standard and is fitted out with a large section of office space, data centre and equipment testing labs, Network Operations Centre, and a warehouse/shipping area. It has also been confirmed that FedEx has agreed to lease a new 50,000 sq. ft. building, which is also being built to LEED standard. The building will feature ten dock levellers, an ancillary two-storey office block, and yard and circulation areas. Since acquiring Blarney Business Park in 2018, JCD Group has invested significantly and completed c. 250,000 sq. ft. of new industrial/office space. Other occupiers in the recently completed buildings include ILC Dover, GLS, DHL and US essential oils manufacturer DoTerra. The Business Post, 23rd January
Adamstown, West Dublin Aldi has signed a lease for a 23,000 sq. ft. store at The Crossings, where it will join Tesco and other retailers as part of a €500m development by Quintain. Construction on the Aldi store has commenced and it is expected that both the Aldi and Tesco stores will be completed in early 2023. The Crossings is a new development which commenced construction last year. Phase 1 of the development includes 279 BTR apartments, a further 20 retail units and five restaurant outlets, along with a multistorey car park. Planning permission for a second phase of 185 apartments has been granted and further phases are planned for submission. Over the next four to five years, Quintain is aiming to build c. 1,000 residential units at The Crossings, mostly apartments and duplexes, with a very small number of houses. The development will also include a two-acre village green. The Irish Times, 19th January
Sandyford, Dublin 18 The Beacon Hospital has secured permission for a €75m, eight-storey extension. Dun Laoghaire Rathdown County Council has given the go-ahead for the 70-bed extension at the facility in Sandyford, Dublin. The scheme also includes new A&E facilities, cancer care provision and associated inpatient treatment rooms. The planning application involves the substantive demolition of the Beacon Hotel, purchased in late 2020 from the MHL Collection hotel group. The local authority found that the hospital extension did not detract from the amenities of the area and was consistent with the provisions of the Dun Laoghaire Rathdown County Development Plan. The council granted permission despite a comprehensive group objection lodged by the 70 owners and tenants of the Beacon One apartment complex. Outlining the need for the development, planning consultants for the hospital stated that it had undergone significant exponential growth, particularly in the past seven years, due to the increase in demand for its services. The Irish Times, 24th January
Social Housing Fund, Ireland Asset manager Gresham House Ireland has announced a new €100m social housing fund for credit unions. The Gresham House Credit Union Income Fund, which has been approved by the Central Bank of Ireland, will finance the acquisition and construction of between 350 and 450 homes throughout the State over the next two years. Gresham House said it intends to raise capital from the State’s 200-plus credit unions with those unions who invest members’ savings in the fund earning income from the portfolio. With the loans amortising over periods of up to 25 years, Gresham said the portfolio “will create a stable long-term income stream and a gradual return of the original investment.” The Irish Times, 21st January
Clyde Lane, Dublin 4 Residents are seeking to halt plans for a 64-unit BTR apartment scheme for Clyde Lane, which runs behind Herbert Park in Ballsbridge, Dublin 4. Last month, DCC granted planning permission to Pembroke Partnership for the scheme at St Mary’s Home, Pembroke Park and 28A Clyde Lane despite strong local opposition. Seven separate appeals have now been lodged by local residents to An Bord Pleanála against the grant of permission for the scheme – which will include 41 one-bedroom apartments, 19 studios and four two-bedroom apartments. The scheme involves the repurposing of St Mary’s Home, a nursing home, to contain 23 units and the construction of three new buildings that will provide a combined 41 apartments. The Irish Times, 20th January
Housebuilding, Ireland There was a sharp recovery in housebuilding activity last year as developers notified State officials of the start in construction of c. 31,000 homes, a rise of 42% over 2020. The Department of Housing has released details about the latest monthly batch of commencement notices, formal notices given by builders to local authorities of the number of units being built that are sent two-to-four weeks before construction begins. The numbers for December show notices for 1,736 new homes, up 12% on the same month in 2020. Overall for 2021, the number of housing starts notified to the State rose to 30,724, compared to 21,686 the previous year. The 2021 total for housing starts was more than 17% ahead of 2019. The scaling up of housebuilding activity in recent years is underlined by the fact that the total for 2021 was 3.5 times the total for 2015. The latest figures show that c. 11,000 of last year’s new housing starts, or 35% of the total, were in the four Dublin local authority areas. The capital’s hinterland also recorded heavy activity, with more than 1,500 in Wicklow, 2,005 in Meath and 3,165 in Kildare. There were c. 3,100 new housing starts notified for Cork city and county, the next biggest bloc. The Irish Times, 19th January
Dundrum, Dublin 16 An Bord Pleanála has told Hammerson, the owner of Dundrum Town Centre, that its plans to build 889 apartments in Dundrum require further consideration or amendment. The pre-planning consultation involved planners from An Bord Pleanála examining the Hammerson scheme in consultation with planners from Dún Laoghaire-Rathdown County Council. At the end of this stage of the process, the board either advises prospective applicants if their scheme forms a reasonable basis for a Strategic Housing Development (SHD) application or requires further amendment or consideration. It is now open to the Hammerson company to tweak its plans following the advice from An Bord Pleanála and lodge the fast-track planning application under the SHD system, which will deliver a decision after 16 weeks. The Irish Times, 19th January
SHD Applications, Dublin 17 and Blackrock An Bord Pleanála has told Gerald Gannon Properties that the company’s plans for 2,718 residential units at Belcamp Hall, Malahide Road, Belcamp, Dublin 17 require further consideration or amendment. The Gannon scheme is comprised of 2,233 apartments, 485 houses, two creches and associated works. With the pre-planning consultation complete with An Bord Pleanála, the company can now proceed to lodge its SHD scheme for the site. In a different SHD lodged with An Bord Pleanála in recent days, Kennedy Wilson entity, KW PRS ICAV has sought permission to construct 102 BTR apartments at lands adjacent to The Grange, Brewery Road and Stillorgan Road, Stillorgan, Blackrock. The apartments will be contained within one apartment block rising to 10 storeys. The 102 units will bring to 895 the number of units for the overall Grange site. Planning consultants for the scheme Brock McClure said Kennedy Wilson owns and operates more than 2,500 apartments in Ireland with a further 1,000 units currently under construction. A decision is due on the Kennedy Wilson SHD application on May 3rd. The Irish Times, 19th January
Cork Street, Dublin 8 A joint venture between Irish developer Grayling Properties and European private equity investor Crossroads Real Estate has paid €27.5m for a site in Dublin city centre with full planning permission for a major co-living scheme. The figure represents a premium of 10% on the €25m joint agents Colliers and Cushman & Wakefield had been seeking when they offered the site for sale last September. The €27.5m sale paid breaks back at €72,750 per bedspace. Grayling Properties will be free to proceed with the development of the Cork Street site as the planning application for it predated the formal introduction of ban on co-living schemes. Approval for the scheme was granted at the end of 2020, with a direction from An Bord Pleanála that the number of units be reduced by 19. The development comprises 378 bed spaces across 373 units ranging in size from 183 to 388 sq. ft. within a seven-storey structure. It also includes amenities like reception area, communal lounge/social room, etc. There is also a plan for a cafe, which could be separated from the co-living space, as well as 14,380 sq. ft. of additional space on the lower ground-floor level. The Irish Times, 19th January
Bearna, Co Galway A residential development site in the coastal village of Bearna, Co Galway, is being offered for sale with a €4m guide price. Extending to 4.58 acres, it comes with planning permission for 40 residential units. Its planning permission will allow a mix of houses and apartments, including 22 semi-detached and terraced houses ranging in sizes from 1,205 to 1,400 sq. ft., on 2.8 acres. The other 1.6 acres of the site is zoned R2 under the County Development Plan, which requires that 50% of the permitted scheme is committed to development before it can receive planning permission. Agents CBRE are selling on the instructions of receiver Myles Kirby of Kirby Healy. The Irish Independent, 20th January
Fermoy, East County Cork A 14-acre development land plot in north Cork’s Fermoy comes to the open market with agents Savills, with a price guide in excess of €2.85m. The unencumbered town centre site comes to the open market with the benefit of planning permission. Savills describe the topography of the ‘L’-shaped site as flat throughout, with dual access from the N72 along the north and east boundaries, while a stone wall naturally divides the site in two. According to the agents, they expect a good level of interest, not just from developers but from a wider range, and predict “a destination garden centre will prove very popular amongst the Cork community.” The Irish Examiner, 20th January
Clonmel, Co Tipperary In what was one of the last planning approvals of 2021, An Bord Pleanála has given the green light to the proposed SHD on lands at Coleville Road, Clonmel in Co Tipperary. The scheme consists of 115 residential units made up of 68 houses, 24 duplexes and 23 apartments. The scheme has been designed by Douglas Wallace Consultants, in consultation with Tipperary and Waterford County Councils. Located within minutes of Clonmel town centre, the scheme has been designed to support a diverse and sustainable community of families and individuals. With a reported deficit of housing stock in the area, news of this permission for the scheme being developed by Torca Developments, is welcome and timely news for the region. The Business Post, 23rd January
Heuston South Quarter, Dublin 8 Dublin City Council (DCC) planners have recommended that five storeys be removed from a planned 18-storey 399-unit BTR scheme overlooking the Royal Hospital Kilmainham. The council also recommended that two other apartments blocks – both five storeys in height – also be reduced. The scheme is made up of 250 one-bedroom units, 46 studios and 103 two-bedroom units. The planners made their recommendations after council members argued that the height of the scheme by HPREF HSQ Investments Ltd was “excessive, unsuitable and unsustainable and not what the city needs”. The report also recorded that “dissatisfaction was expressed that this is yet another BTR model, which was stated to be a blight on the provision of homes in the city with an exorbitant rental cost which is unsustainable”. The OPW has also told An Bord Pleanála that the scheme “would have a significant detrimental impact on the architectural and historical setting of the Royal Hospital building”. An Taisce and the Heritage Council are also opposed to the scheme. A decision is due on the application next month. The Irish Times, 21st January
Leverage Cap, Central Bank of Ireland Proposed limits on the amount of debt Irish-regulated property investment funds can hold will threaten the viability of residential development and slow the delivery of new projects, according to industry sources. The rules, which were outlined by the Central Bank in November, would cap leverage at 50% of a fund’s value – well below the average level for those that invest in large multifamily housing developments. Funds that invest in Irish retail and commercial property typically have gearing of c. 40% and will not be affected by the changes. But those involved in the residential sector borrow 70% of their funds on average. Without the availability of high borrowing levels, funds are likely to “diversify capital geographically”. As a result, the Central Bank’s rules could result in lower supply over the three years of their implementation until the market rebalances. Alternatively, funds may also choose to move to domiciles with lighter regulation, thereby avoiding the leverage rules entirely. The Irish Independent, 19th January
Cornmarket St, Cork A building declared derelict c. 20 years ago and an adjoining vacant lot in Cork’s historic city market area are to be offered for sale on the open market. The city council plans to offer for sale the three sites on Cornmarket St, home of the Coal Quay market, as a package as part of its wider moves to address city centre dereliction. The sale will include the vacant former Paintwell building, which has been on the city’s derelict sites register since September 2003. It will also include the adjoining vacant lot, bounded to the south by Portney’s Lane, which has been used for parking, and in recent years as a community garden and as an outdoor space by nearby pubs. In an email to city councillors, the council’s property department said following the review, these properties have been deemed “surplus to requirements”. The sites have also been deemed “not suitable for the provision of social housing”. Any formal move to then dispose of the properties can only be approved by city councillors once a report, outlining the offers which may be made, is prepared for them for discussion and vote. There are a number of other high-profile derelict sites in and around the Coal Quay. The Irish Examiner, 21st January
Construction Activity, Ireland Construction in 2021 was, broadly, stable, in line with 2020, with variations across the output sectors due to Covid-19 and other impacts. With no restrictions in place, the value of construction output is expected to grow by 18.5% this year, from €27bn to €32bn. This is just €6bn short of levels recorded at the unsustainable height of the Celtic Tiger. However, when inflation is accounted for, the volume of output remains significantly behind what it was 15 years ago, evidenced by employment figures and annual housing completions. When it comes to housing, AECOM believes the sector, driven by strong public expenditure, is on track to significantly increase completions this year and should exceed the Government’s ‘Housing For All’ target of 24,000 units, coming off the back of 32,000 commencements in 2021. Cost and tender-price increases in 2021 saw many residential projects come close to the viability tipping point. The supply of labour is also going to continue to challenge the sector this year. The Irish Examiner, 20th January
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IFSC, Dublin City Centre Hibernia Reit is facing a significant loss after agreeing to sell the Forum building in the IFSC, Dublin, for a price less than €30m. Spear Street Capital is understood to be prominent in the bidding for the building which was on the market for €33m — considerably less than the €37.8m that Hibernia paid in 2014. Once the headquarters of German bank Depfa, the Forum was vacant when the Iseq-listed property company put it on the market late last year. The Forum, built in 2002, is expected to generate rents of c. €2m a year from its 47,100 sq. ft. of office space. Its 320 parking spaces, currently leased to a commercial operator, contribute an additional rent roll of €675k. The Sunday Times, 16th January
O’Connell Street, Dublin City Centre Flannels, part of Mike Ashley’s Fraser Group, has signed a deal to occupy half of the retail space that will be available at the redeveloped Clerys store site on Dublin’s O’Connell Street. The remaining 30,000 sq. ft. has been chosen by Swedish fashion giant H&M. The developers of the Clerys Quarter – Europa Capital and its local partners, Derek McGrath’s Core Capital and Paddy McKillen Jnr’s Oakmount – confirmed the agreement of the two deals. Due for completion in the final quarter of this year, the overall Clerys scheme will also comprise 92,600 sq. ft. of grade-A office space across two buildings, a 18,000 sq. ft. panoramic rooftop restaurant, bar and events venue, five new food-and-beverage units, including the newly refurbished tea rooms, and a new 213-bedroom four-star hotel. The Irish Times, 13th January
Dundrum Town Centre Irish retailer Penneys has confirmed plans to relocate to a bigger shop in the Dundrum Town Centre. Penneys plans to spend €14.8m on the new store. It will occupy the second and third floors of the former House of Fraser outlet, which closed in 2020. This will give Penneys 60,000 sq. ft. of retail space, an increase of 64% on the current outlet in Dundrum. Brown Thomas is refurbishing two other floors from the old House of Fraser site, which involves it relocating from its current BT2 outlet in the centre. The move by Penneys into this larger space had been flagged two years ago but the retailer paused the plan when the Covid-19 pandemic hit in March 2020. Penneys said the decision demonstrates its commitment to Irish bricks and mortar retailing and would allow it to offer a wider selection of fashion and beauty products, along with an expanded homeware department. Work will commence on the new store in the autumn and it will open in the early summer of 2023. The Penneys shop in Dundrum will remain open during construction. The Irish Times, 18th January
Carrickmines, Co Dublin The High Court has granted leave to a company to challenge a refusal of planning permission for a mixed-use apartment and commercial development in Carrickmines, Co Dublin. Last September, Dun Laoghaire Rathdown County Council refused permission to Carrickmines Land Ltd for 404 apartments, a supermarket, three non-retail commercial units, a gym and community space at Priorsland in Carrickmines Great and Brennanstown. The application to court was made ex-parte, meaning only Carrickmines Land was represented in court. Carrickmines Land says the decision was invalid because the council failed to indicate the main reasons for not accepting the recommendations to request further information. The Irish Times, 12th January
Blackpitts, Dublin 8 A trinity of property owners have come together to offer a substantial corner block in Blackpitts in Dublin 8 to the market for sale by Quinn Agnew. Nos. 21, 22 and 23 Blackpitts comprise three industrial/office buildings, which together extend to c. 24,649 sq. ft. on a site of c. 0.52 acres. The site is suitable for a variety of uses, and is zoned Objective Z1: “To protect, provide and improve residential amenities” in the current Dublin City Development Plan. While the site is a prime development opportunity, the buildings have quality fit-outs and could be let in the short or medium term while progressing with a planning application for development. Quinn Agnew is seeking offers in excess of €5.75m for the entire block. The Business Post, 16th January
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The Kilkenny Inn in Kilkenny is being offered to the market by joint agents JLL and Cushman & Wakefield at a guide price of €4.8m. Built in 2005, the three star hotel currently comprises 30 guest bedrooms. The hotel’s Kernel Bar & Restaurant is spread over two floors, with two bars serving residents and the public. It also includes a separate breakfast room and a meeting space within the Tower Suite. There are currently 25 car spaces available to the rear of the property. In 2021, the hotel was granted full planning permission for a 66-bedroom four-storey extension and ground floor cafe. The hotel is situated on Kilkenny’s famous “Medieval Mile” and is just a short stroll from the city’s popular nightlife scene, the Smithwick’s Experience and Kilkenny Castle, the latter of which attracts more than 800k visitors annually. With c. 1,250 hotel rooms available in the city and only 500 of those on offer within the Medieval Mile, the selling agents cite Fáilte Ireland’s view that the city is undersupplied in terms of stock as a key selling point for the Kilkenny Inn. The Irish Times, 12th January
Smithfield, Dublin 7 The Dublin Loft Company is looking for a buyer for the Hendrick Smithfield. The boutique Dublin 7 hotel is being offered to the market by agent JLL at a guide price of €35m. Although that figure is understood to be roughly equivalent to the sum the company secured from MM Capital and Roundshield for the 163-bedroom Big Tree Hotel, the amount being sought for the 147-bedroom Hendrick is higher on a per key basis. The €238k per key being guided for the Smithfield hotel is €24k more than the estimated €214k per key the Dublin Loft Company is understood to have agreed to in the Big Tree transaction. While both hotels are newly built, LEED gold-certified for sustainability, and situated within walking distance of Dublin’s city centre, the Hendrick’s slightly higher valuation is likely accounted for by the fact that it comes for sale with an established trading history under a management agreement with the Tifco Hotel Group. The Irish Times, 12th January
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Youghal, East Cork Aherne’s of Youghal, run by three generations of the Fitzgibbon family, has been put up for sale by agent Dominic Daly guiding €2m. The family is seeking to retire from the day-to-day running of the substantial business. The property has a C2 BER, an adjacent site with parking, glasshouse, and herb beds, and has scope to add c. 10 further bedrooms. The restaurant and townhouse luxury accommodation business with 14 large en suite bedrooms plus owners’ apartment is part of Ireland’s elite Blue Book network of country houses, manors, and top restaurants. The business has continued to trade well throughout the Covid-19 crisis. Annual recent turnover has been averaging €1.4m pa, trading typically over a five-day week. The property has an outdoor dining area capable of hosting 80 for special events, as well as having a 60-seat formal restaurant, 28-seat cocktail bar, 48-seat restaurant, 16-seat resident’s breakfast room, and residents’ drawing room with antique fireplace. The Irish Examiner, 13th January
Clonmel Park Hotel, Co Tipperary Talbot Hotels has acquired the four-star Clonmel Park Hotel in an off-market transaction for a price of c. €7.5m. The sale marks the latest hotel divestment by Tetrarch Capital. The Co Tipperary hotel, which was built in 2006, has 99 bedrooms, extensive conference and banqueting facilities, a leisure centre, restaurant and bar. The three-storey property extends to c. 71,634 sq. ft. and has benefited from significant refurbishment. Investment group Tetrarch Capital bought the hotel in 2015. The acquisition brings the Irish-owned Talbot Hotel Group into Tipperary for the first time. The group already owns six hotels across Wexford, Carlow, Cork and Dublin, including the well-known Talbot Hotel in Stillorgan, Dublin; the Talbot Hotel Wexford; and the Oriel House Hotel in Ballincollig, Co Cork. The Clonmel Park will be renamed as the Talbot Hotel Clonmel. The Irish Times, 13th January
Bride Street, Dublin 8 An Bord Pleanála has given the green light to plans for a 247-bedroom, nine-storey CitizenM hotel at Bride Street, Dublin 8. The scheme involves demolition of the existing five-storey Molyneux House. Despite appeals, the board granted permission after concluding that the scheme would not seriously injure residential or visual amenities of the area or of properties in the vicinity. The hotel will be CitizenM’s first foray into the Irish market. An economic impact assessment lodged with the scheme by EY states that with the pipeline of Dublin hotel room supply forecasted to decline by 56% this year due to Covid-19, “CitizenM will therefore be a timely development”. The EY report states that the development would contribute €21m to the Dublin economy pa when operational. Plans were first lodged for the scheme in June 2020 and the council granted permission in January 2021. The Irish Times, 17th January
Walkinstown, South West Dublin The sale of a ‘shovel-ready’ residential site in south Dublin is expected to see strong interest from developers and investors involved in the city’s private rented sector market. The site, known as Walkinstown House, comprising a 2.3 acre brownfield plot, comes with full planning permission for a 163-unit apartment scheme along with residential amenities that include a gym, meeting rooms and lounges. The approved development also provides for the construction of a café and creche and 56 car parking spaces. The site is being offered for sale through agent Cushman & Wakefield at a guide price of €9m. The extant planning permission comprises a mixture of apartments, including one studio unit, 59 one-bed apartments, 96 two-beds and seven three-beds. The scheme’s 56 car parking spaces will be located at podium level, providing the purchaser with a significant cost saving compared to underground car parking. The Irish Times, 12th January
Ballsbridge, Dublin 4 The former St Mary’s Church, at the corner of Anglesea Road and Simmonscourt Road, is expected to attract strong interest when it goes to tender on February 23rd next. The listed property has potential for redevelopment as residential, commercial, or cultural space. The freehold property, on a site of one acre, is guiding at a price of €3.75m, and is being brought to the market by Lisney. It is being sold by the Representative Church Body, the property arm of the Church of Ireland. As a listed property, planning permission is unlikely to be obtained for demolition of the church, and any potential development must have regard for the protection and conservation of the church structure and its historical features. Redevelopments of such properties in recent years have included the former St Mary’s Church, on the junction of Mary Street and Henry Street in Dublin’s city centre, into a bar and restaurant, and a 17th century Huguenot Church, St Luke’s, on Newmarket Square, Dublin 8, into a three-storey modern office. The subject property extends to c. 5,200 sq. ft. of gross internal area. It is zoned Objective Z8 “Georgian Conservation Area” under the Draft Dublin City Development Plan 2022-2028. The Irish Times, 12th January
Beaumont, North Dublin The property arm of Urban Life has secured planning permission for a build-to-rent apartment scheme for Beaumont in north Dublin. An Bord Pleanála overturned Dublin City Council’s (DCC) refusal of permission for the scheme. The project attracted strong local opposition, with 165 parties lodging objections against the scheme. Urban Life (BMD) Ltd initially proposed a 99-unit, two-block apartment scheme, with one block reaching to eight storeys. DCC concluded the height, scale and massing of the scheme was excessive and would significantly detract from the visual amenities of the area. However, the appeals board concluded the scheme “would constitute an acceptable density of development in this accessible urban location, would not seriously injure the residential or visual amenities of the area or of property in the vicinity”. An Bord Pleanála said it was reducing the eight-storey height to six storeys in the interests of visual and residential amenity, traffic and pedestrian safety. The Irish Times, 13th January
Balgriffin, North Dublin Residents at Parkside, Balgriffin, in north Dublin feel “shock” and “betrayal” over plans by Cairn Homes to construct a 730-unit apartment scheme for the area. The new apartment block scheme would reach to nine storeys and is the fifth phase of the Parkside development. Consultants for Cairn Homes have told An Bord Pleanála that to date, of the 846 permitted units, 534 have been sold and occupied. The new scheme is comprised of three studios, 315 one-bed apartments, 376 two-bedroom apartments and 36 three-bedroom apartments across five apartment blocks and two duplex blocks. According to the residents, “the proposed development in terms of density and building heights represents an overdevelopment relative to existing and adjacent development”. Advancing the case for the scheme, planning consultants for Cairn, McGill Planning, said the nine-storey element “is proposed as a local pop-up height to mark this local node at the public plaza and help create a sense of place and legibility to the plaza framing the start of the Greenway”. A decision is due on the scheme in March. The Irish Times, 14th January
Residential Zoned Land Tax, Ireland Property owners whose land is zoned for residential use will be able to appeal its inclusion on maps to An Bord Pleanála. Landowners can also appeal to the board for a second time after additional maps are released by local authorities in May 2023 identifying land that would be subject to the new tax. The Residential Zoned Land Tax (RZLT) will come into force on January 1, 2024 and be set at 3% annually for the market value for land zoned for housing that is not being developed, regardless of its size. All property owners whose land was zoned for residential use on or before January 1, 2022 are liable to be taxed under RZLT from January 1, 2024. Councils have been told to publish draft maps by November with submissions and appeals from landowners to follow, by January 2023. Landowners can then appeal a decision made by a local authority to include lands on these maps to An Bord Pleanála with a decision due after 16 weeks. A meeting in October between Paschal Donohoe, the Minister for Finance, and Darragh O’Brien, the Minister for Housing, heard that data from these maps will be key to the success of the new tax, providing a basis in determining land that is zoned for residential and serviced and therefore taxable. Officials also indicated there would be a loss in revenue as a result of the winding down of the Vacant Site Levy. Department of Housing officials indicated that between 19,700 and 24,700 acres of land would fall within the scope of the new tax. The Business Post, 13th January
Strategic Housing Development, Ireland Dozens of developers rushed to lodge last-minute planning applications before the controversial fast-track housing process expired at the end of last year. On December 17, the state began to phase out the SHD rules in favour of the new Large-Scale Residential Development (LSRD) system. The new LSRD process retains most elements of the SHD system but requires developers to first seek planning permission for large housing developments from local authorities. New data released by An Bord Pleanála has shown that developers lodged double the number of plans with the planning board in 2021 than in 2020 in a bid to get their projects into the system. Between October and December 2021, a total of 65 pre-applications were made to An Bord Pleanála, compared to 33 in the same three-month period of 2020. Developers who successfully lodged last-minute applications by December 17 will now be allowed to proceed into the SHD system if their proposal is approved after a nine-week deliberation process. The Business Post, 16th January
Three-Bed Apartments Feasibility According to a report by Savills, three-bed apartments can only be built in south Dublin at affordable rates for families with a household income of €157k+. As part of the latest draft of its development plan, Dun Laoghaire-Rathdown County Council has outlined that it will mandate developers to ensure three-bed units make up at least 40% of new apartment blocks. In submissions to the local authority, large residential developers including Quintain Ireland, Cairn Homes and Glenveagh Properties have criticised the proposal. A report submitted to the council by Quintain, drafted by Savills, said it was not possible to deliver affordable three-bed apartments for families and larger households. It said such units would most likely demand a market rent of at least €2.7k. Savills also said anecdotal evidence from its property management department suggested there was much larger demand for one and two-bed apartments, and little demand for apartments among family households. Glenveagh Properties said the new measures for three-bed apartments would not be workable if brought in. The latest data from the CSO shows households in Dun Laoghaire-Rathdown had the highest median income in the country at €66,203. The Business Post, 16th January
Capital Gains Tax (CGT) Exemption, Ireland The CGT exemption, an incentive introduced during the financial crisis, allowed investors buying commercial or residential property to avoid taxes on any gains at the rate of 33%, provided that they held the property for seven years (later reduced to four). The incentive ran until 2014, and figures from Revenue, released for 2018 and 2019, show that the cost to the exchequer for these years was c. €300m, as investors avoided tax on gains of c. €1bn. With figures yet to be disclosed for the remaining two years, 2020 and 2021, it’s likely that the total tax savings will exceed €500m. The scheme is likely to be one of the reasons why so many smaller landlords have departed the residential property market in recent years, as an eligible property would have had to be sold by year-end 2021 to qualify for the relief. Latest figures from the Residential Tenancies Board show that c. 46 landlords left the market each week in the autumn, or c. 2,000 on an annual basis. The total amount of gains claimed by taxpayers in 2018 and 2019 was €879m, and the amount of tax which was avoided was €290m (i.e. at a rate of 33%). On average, the tax saving per claim/taxpayer in 2019 was €198.876k. The figures also show that residential properties accounted for 60% of all claims in 2019, followed by commercial (20%), other (14.5%); agricultural land/buildings (3.5%) and development land (2%). However, the greatest tax savings were those made by commercial investors. Figures for 2019 show that the 140 commercial property investors claiming the relief made gains of c. €245.8m on property acquired during the years 2011-2014. And by avoiding CGT, they managed to save c. €81.1m in taxes. Residential investors, on the other hand, made gains of c. €88.4m on property they acquired during the relevant time period, leading to tax savings of c. €29.2m that year. The Irish Times, 12th January
CBRE Outlook 2022 Report The ongoing emergence of society from the Covid-19 pandemic should mean another strong year for the commercial property market, according to CBRE. The growth in demand for alternative investments such as data centres, life sciences and senior housing is expected to see the momentum built up in the last 12 months continue. Speaking at the virtual launch of the 33rd edition of the agency’s annual Outlook report, managing director Myles Clarke said: “The landscape for CRE is dramatically different from the last decade, yet long-term financial trends and the growth trajectory of the Irish economy remains intact. This presents immense opportunity”.
The focus on sustainability will become apparent this year in the office sector with a greater divergence in performance and pricing between prime and secondary buildings. This “flight to quality” will mean occupiers and investors favouring new and more sustainable buildings. With c. 2.85m sq. ft. of space taken up in Dublin, the industrial and logistics sector is on course for another strong performance this year. However, with rising build costs and site value inflation expected means rents could surpass c. €11 per sq. ft. in the Dublin market before year-end.
The recovery of the retail market could be tempered somewhat by supply chain disruptions and inflationary pressures that cause problems for retailers and consumers. With no immediate or obvious solution to the housing crisis in sight, the report says institutional investors will continue to seek out opportunities to develop accommodation for the private rented sector (PRS) market in Dublin.
Looking at the prospects for the development land market, the report’s authors say they expect to see strong competition this year for well-located sites, particularly those that have existing planning permission and access to supporting infrastructure. Having recorded 18 sales with a combined value of €383m in 2021, the ongoing recovery in trading performance and the emergence of new investors is expected to see the sale of several hotel portfolios this year. Following one of its most active years on record, with €600m invested in various assets, the healthcare sector is in line for a considerable increase in development activity in 2022. The Irish Times, 18th January
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Carrickmines, South Dublin The owner of Carrickmines retail park is preparing for a €250m development on the 25-acre site. IPUT, which bought the park and its adjoining site in 2014, has scaled back the retail element in favour of more apartments and offices. The property company has submitted an application to Dun Laoghaire-Rathdown county council for a scheme of 1m sq. ft., which includes 440 apartments, 330,000 sq. ft. of offices and 43,000 sq. ft. of retail warehousing. They would be built in 11 blocks, varying in height from one to 11 storeys. The development will also include a four-acre park, 56,000 sq. ft. of leisure space including a cinema, two supermarkets, restaurants, bars, a crèche and medical centre. Of the 440 apartments, 132 will be available to purchase by individual buyers. The Sunday Times, 9th January
Nursing Home Sector, Ireland According to CBRE Healthcare research, the value of transactions in the nursing home sector last year hit a record €600m, and since the start of 2019 more than €1.1bn has been spent in the sector. CBRE, which advised on the c. €100m sale of Trinity Care, says standards of care regulations could close smaller homes and take c. 7,000 beds out of the system. France’s Orpea Groupe acquired Mervyn Smith’s First Care group; the 140-bed Belmont facility in Stillorgan, Co Dublin; the 103-bed Athlunkard House in Clare; the 74-bed Kilbrew in Ashbourne, Co Meath; and the last 50% of the Brindley portfolio it did not own. Having entered the market in 2020 it now owns and operates 25 homes. Carechoice, owned by Infravia, a French infrastructure fund, bought Newtownpark House in Blackrock, Co Dublin, plus Beaumont and Brookfield in Cork, and Elm Hall in Celbridge, Co Kildare. It has 14 homes and over 1,300 beds. Germany’s Immac, which owns the Beechfield group, has nabbed four homes in Dublin, Kildare, Carlow and Meath. Belgian real estate fund Cofinimmo bought the Trinity Care portfolio, which it leased to DomusVi, a French operator. DomusVi has since bought Annabeg in south Dublin and Drakelands in Kilkenny. Aedifica, another Belgian fund, acquired two small groups, Signacare in the southeast and Virtue in south Dublin, then Bridhaven in Mallow, Co Cork, and the Altadore in Dublin. DIF Capital Partners, a Dutch investment fund, recently acquired Newpark Care Centre in north Dublin and Ashford House in Dun Laoghaire, and is seeking an operator. Last year it acquired Grace Healthcare, which runs seven homes. The biggest operator remains Irish: the Cardinal Capital-backed Mowlam Healthcare, with 27 homes. The Sunday Times, 9th January
Travelodge Hotels, Ireland Apollo Global Management is considering selling a portfolio comprised of all the Travelodge hotels in Ireland. The process, considered to be early-stage, is being led by Eastdil Secured. Pricing details have yet to emerge, although market sources said the platform could attract offers c. €250m-€275m. Dubbed Clover, the portfolio includes 11 Travelodge hotels located across Ireland and Northern Ireland. The portfolio has c. 900 keys. The five Dublin assets include Townsend Street, Rathmines, Dublin Airport South, Dublin Airport North Swords and Phoenix Park. The remaining hotels are in Belfast, Cork, Galway, Waterford and two in Limerick. React News, 10th January
Thomas Street and Parkgate, Dublin Patrizia has added to its investments in the pan-European alternatives sector by investing in two purpose built student accommodation (PBSA) buildings in Dublin for €120m. The assets, purchased separately by the Patrizia PanEuropean Property LP and Patrizia Europe Residential Plus funds, supply a city which is home to over 80,000 full time students. Completed in 2018 and 2019 respectively, Thomas Street and Parkgate provide a combined 576 student homes in the city centre. Patrizia will retain student accommodation operator Fresh Student Living to manage the two Dublin assets. The company has a portfolio of over 22,000 student and residential rental units under management. React News, 22nd December
Gibraltar Point, Sligo Plans have been lodged to build 129 new residential units on a 10-acre site at Gibraltar Point in Sligo. The proposed development at Second Sea Road is a joint venture between Carnarvon Ltd and builders Knoxpark Developments Ltd. Plans for the Gibraltar Point development were submitted after extensive consultation with local residents, political representatives and Sligo County Council. A breakdown of the proposed development includes 16 Type A/A1 four-bedroom semi-detached and detached houses; 69 three-bedroom semi-detached and terraced houses; nine two-bedroom apartments, 15 one-bedroom semis and terraced houses, seven two-bedroom detached houses, 10 four-bedroom Type F and F1 detached houses, and three apartments with the crèche building. The Business Post, 26th December
Housing For All, Ireland New deals due to be signed to lease 3,500 homes for social housing will cost the state more than €1.4bn, or €412k per property, over the next 25 years despite a commitment from the government to phase out the practice. Data released by the Department of Housing has shown that despite the move to phase out the leasing method, the state is still expected to take on 3,500 new leased social homes between 2022 and 2025 under the government’s Housing for All plan. The average cost of long-term leases approved in 2021 was €16.5k per annum. Based on that delivery cost, the additional 3,500 homes due to be leased would cost more than €1.4bn. The €1.4bn figure will further compound the cost of leasing homes for social housing to the exchequer. Under long-term leasing initiatives, landlords can lease their investment properties to local authorities at between 80% to 95% of the open market rent for up to 25 years. The council is also responsible for the upkeep of the property during the lease period. The Business Post, 26th December
Leopardstown, Dublin 18 Local opposition to plans for a “fast track” €230m apartment scheme on Leopardstown Road in Dublin 18 have received a boost. Dun Laoghaire-Rathdown County Council has recommended that the 463-unit apartment scheme, rising to 10 storeys in height, should be refused. Environmental group An Taisce also opposes the scheme. In total, more than 90 objections have been lodged by locals against the scheme. To comply with its Part V social housing obligations, the Homeland Group subsidiary has put a price tag of €23.07m on 45 units earmarked to be sold to the council for social housing. The developers have put an indicative price of €582k on its two-bedroom apartments destined for the local authority, with one-bedroom units priced at €427.5k and studio apartments €298k. The Dun Laoghaire-Rathdown County Council has told An Bord Pleanála that planning permission should be refused on four grounds, contending that the proposed development “would appear visually obtrusive and overbearing when viewed from several properties”. In its objection, An Taisce stated that the scale of the proposed buildings “is too great for this suburban area”. A decision by An Bord Pleanála is due on the proposed development later this month. The Irish Times, 4th January
Glenveagh Properties Performance Glenveagh Properties said it put in a strong performance in 2021 with revenue rising to €476m. In a trading update for the year ended December 31st 2021, the company said it closed 1,150 homes in the year. Core revenue generated totalled €402m, primarily from 977-unit sales, with core suburban average selling price at €308k. The building company said inflation was a challenge for the sector coming into the latter half of the year. Inflation of 6% in the second half of the year was marginally ahead of the 5% reported in the first half of the year, with cost inflation being offset by similar HPI levels. The total landbank value is forecast to be under €525m by December 31st 2022. The company completed a €75m share buyback programme during 2021 and made progress on a new €100m programme. That brought the total of shares repurchased during the year to 100m, with a total price tag of €108m. Looking ahead, Glenveagh is targeting 1,400 suburban home completions in 2022. The Irish Times, 5th January
Housing Prices, Ireland According to a report by MyHome.ie and Davy, average asking prices for homes rose 9.7% across the Republic last year, to €290k, including an “uncharacteristically sharp” 1.2% increase “during the normally quiet winter months”. The report shows that banks are increasing the amounts loaned to those they are approving for mortgages, particularly anyone who already owns property. In November, the average mortgage given to anyone moving home was a record €304k, c. 12% higher than a year earlier, says MyHome.ie. There is little sign of conditions easing as there were just 11,300 homes listed for sale on MyHome.ie, the lowest on record and down 21% on 2020, with the shortage of residential property for sale most acute outside Dublin. The same is true in the rental market. According to the report, wage growth – with pay currently rising at 5.4% – was a factor in driving up mortgages, as lenders comply with rules imposed by the Central Bank. However, the Central Bank’s rules had “somewhat” checked house price inflation. The Central Bank calculates that its mortgage-lending rules have prevented house prices rising by 10-25% above existing levels. Asking prices have been rising most rapidly in the Republic’s richer neighbourhoods. In south Dublin, sellers sought €694k for four-bedroom semi-detached houses last year, 9% more than 12 months earlier. In Galway city, prices were up 2.2% on the year to €285k. In Cork city they rose 1.9% to €295k. In Limerick city they increased 7.7% to €210k while in Waterford city they increased 6.3% to €169k. The Irish Times, 4th January
Residential Property Transactions 2021 The average price paid for a home has gone up by €25k since the pandemic struck, figures taken from the Property Price Register by Davy Stockbrokers show. The latest official figures show they increased by 13.5% in October, according to the CSO. The Property Price Register shows that the average price paid for a home last year was €342k. Just before the pandemic in 2019 the average transaction value was €317k. Strong inflationary pressure in the housing market is evident from the rise in the value of transactions. There were €18.5bn of residential transactions in 2021, up from €16.2bn in 2020. Davy Stockbrokers said the figures for 2021 are not yet complete and the final out-turn will be closer to €19bn. Just 11,300 properties were listed as being for sale on the property website MyHome.ie at the end of last year. This was a fresh record low and down over 20% on 2020. The Irish Independent, 7th January
Clontarf, Dublin 3 Ires Reit has announced that it is buying 152 apartments in Dublin for €66m. The deal includes 108 completed apartments at Ashbrook in Clontarf. It has also forward purchased a second phase of the development which is currently under construction. The completed apartments comprise 39 one-bedroom units, 66 two-bedroom and three three-bedroom, all of which were developed in the early 1990s. 91% of the apartments are occupied and the remaining 10 apartments are expected to be leased by the time the deal closes later this quarter. The new phase includes 44 apartments on an adjoining site. Of these, 11 will be studio apartments, with the balance comprising eight one-bedroom units and 25 two-bedroom ones. These are expected to be completed by the second half of next year. The developments are in a rental pressure zone and will be subject to rent regulations. The company says that it is expected to generate a gross yield of 4.93%. The Irish Times, 5th January
Large Scale Residential Schemes, Ireland Apartment developers are being given permission by national planners to sidestep the requirement to provide crèches in new large-scale residential projects, following claims that they don’t expect many families to live in new rental homes. In recent years, government housing policy has been tailored to incentivise the development of apartment blocks and fostering a long-term rental market in Ireland that would be suitable and affordable for families. Under state planning laws, residential developers are obliged to provide a minimum of one childcare facility with 20 places for every 75 homes built. Planning documents for dozens of apartment blocks show developers claimed there would be no need for a crèche as part of the development because they did not expect families to live in their apartment complexes. Childhood Services Ireland, an Ibec lobby group for the crèche sector, has warned that the childcare system throughout Ireland is at “breaking point” and many parents face waiting lists of up to 12 months to secure places in crèches for their children. Planning approval has already been granted for 16 apartment developments that would not include any childcare facilities, with a further 16 apartment projects still under review. The Business Post, 9th January
Data Centres, GDA Echelon Data Centres, a developer and owner of digital infrastructure assets, has secured a €855m construction loan to build-out its platform of Irish data centres. US private equity giant Starwood Capital – through affiliates – has backed Irish-owned Echelon with the debt facility. The loan, believed to be the largest construction facility issued in Europe over 2021, will facilitate the construction and completion of data centres at Echelon’s four Irish sites including the ones at Clondalkin and Arklow, offering a combined capacity of c. 400MW. The gross development value of the Irish sites is estimated to be over €5bn. React News, 11th January
CRE Investment, Ireland More than €2bn was invested in the Irish property market in Q4 2021, bringing the total for the year to €5.5bn, according to figures from real estate agent Savills Ireland. This compares to investment of €3bn in 2020 and is the second-highest level ever recorded. The largest transaction was Blackstone’s acquisition of Meta’s new European campus in Ballsbridge, Dublin, for €395m, while KPMG’s fourth-quarter pre-letting of 290,000 sq. ft. at Hibernian Reit’s Harcourt Square development, due in 2026, was the largest office leasing transaction of the year. The agency predicted 2022 was likely to see a “buoyant” office market as workers return, while the retail sector will also likely record a “more positive” year. The final quarter of 2021 saw strong trading in the retail sector as 13 assets exchanged, the largest of which was the Park Collection, sold to Marlet Property Group by Marathon Asset Management for €74m. In 2021 the industrial sector’s share of investment volumes continued to grow accounting for 18% of the market. The sector’s vacancy rate in Dublin remained at a historic low of c. 1% throughout 2021. The Irish Times, 10th January
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Clondalkin, Dublin 22 Quinn Agnew has launched Font House, Unit 19 Fonthill Business Park, a detached twin bay building with three storey offices at the front seeking a rent of €515k p.a. (€9.75 psf). Fonthill Business Park is one of Dublin’s premier business parks with occupiers including DID Electrical, Glanbia, Musgrave and An Post. The unit extends to 52.9k sq.ft, 34.4k sq.ft of which is warehouse space, while the offices extend to 15.4k sq.ft with an additional 3.2k sq.ft mezzanine. Given the shortage of ready to go industrial units available it is expected that there will be a lot of interest in this letting. The Business Post, 24th January
Greystones Apartments, Wicklow It is reported that Glenveagh are set to receive €60m from the sale of 100 apartments (€600k per unit) at its Marina Village scheme in Greystones, Co. Wicklow to German investor Realis. This will be Realis’s third trade in Ireland and its second with Glenveagh. Realis also paid €46m for 56 apartments on the South Docks (€821k per unit) and €55m to Glenveagh for 87 apartments (€632k per unit) at its Harbour Hill development in Dundrum. The Irish Times, 20th January
Rochestown Site, Cork A residential site in Cork’s Rochestown has been purchased for €4.75m which was 20% over the guide price. The site was purchased by Aperee which is part of the Blackbee Healthcare Fund. The site is a greenfield site of 7.2 acres (c.€650k per acre), with an existing 2,500sq.ft 1970s dwelling on a section, on Clarkes Hill. It is a dense residential location with sources saying that competition came from the nursing home sector and not as expected from house builders. It is likely Aperee will have surplus land once the new purpose-built facility is delivered and may opt to use it for retirement/care homes. The Irish Examiner, 21st January
Rush Site, Co. Dublin A 3.2 acre site with full planning for 40x 3 & 4 bedroom houses has sold in a BidX1 auction for €1.75m (€43.75k per site). The property had been guiding €1.7m and it is understood that it was acquired by an Irish developer. BidX1 revealed that they received several bids prior to the auction date of December 9th. The site is located 1.5km from Rush town centre and will consist of 36x 3-bedroom units and 4x 4-bedroom units. The Irish Times, 20th January
Greystones Site, Wicklow Cairn Homes have sold a 11.5-acre site to the Department of Education. The site is located adjacent to Cairn’s Glenhoran development and the sale is subject to receipt of planning permission for a secondary school which will be built by Cairn. The new secondary school will have up to 50 classrooms and be able to accommodate up to 1,000 students. TheIrish Independent, 25th January
Donnybrook, Dublin 4 Shane Whelan’s Westridge Real Estate has secured planning for a new co-living development on the site of Kiely’s in Donnybrook. The development will see the demolishment of the former pub and replaced with a six-storey shared living scheme comprising 91 units. Westridge were able to proceed with the shared living application as it was submitted before the December 22nd ban on shared living schemes the Government has introduced. The scheme will also include a café and restaurant at ground level. The Irish Times, 19th January
U + I, Dublin Housing U + I, the UK based property firm has said it remains committed to the Dublin market and will continue to concentrate on their residential projects in Dublin. The Independent reported that they have exited their joint venture with Colony Capital which included 4 Dublin properties. The Dublin properties included the Hive in Sandyford, 2 buildings in Ballsbridge and Donnybrook House. In 2018 U+I paid about €7m for the White Heather industrial estate, which fronts on to the Grand Canal and the South Circular Road. The 2.84 acre estate was subsequently rezoned for residential use unlocking a potential windfall thanks to its canal side frontage close to the city centre. The Irish Independent, 21st January
Residential Property Transactions The number of residential property transactions declined sharply last year as the Covid-19 pandemic hit the Irish economy and society, but house prices nonetheless held firm across the State, according to a new GeoView Residential Buildings Report, published by GeoDirectory and EY-DKM. The report highlights that in the 12 months to November 2020 a total of 35,542 residential property transactions took place across the State. That represented a drop of 21.1% compared with the previous year. A decline in purchasing activity was recorded in every county, with Dublin experiencing the sharpest drop in absolute terms, down 3,981 transactions year on year. The average residential property price in the 12 months to November was €294,184, representing a decline of 0.7% year on year. When Dublin is removed from the national average, the average residential property price was €231,549. The Irish Times, 26th January
Dublin City Apartments The Irish Times reported that the cost of building apartments in Dublin ranges from €359,000 for a low-rise unit in the suburbs to as much as €619,000 for a high-rise unit in the city centre, according to a report from the Society of Chartered Surveyors Ireland (SCSI). The report is based on 49 developments which took place in Dublin last year and stated that bricks and mortar accounted for less then half (47%) of total costs to build an apartment. Soft construction costs, land, development levies, professional fees, VAT, developers margins accounted for the remainder. The Irish Times, 26th January
RGRE, Colony Capital The Irish Times reported that Johnny Ronan’s Ronan Group Real Estate (RGRE) and Colony Capital have agreed to a sale of a majority interest in the European headquarter offices that they are developing for Facebook and Salesforce to an international investor for in excess of €1bn. The unidentified purchaser is said to be a new entrant to the Irish market. The sale was led by Eastdil Secured in which they offered potential purchasers to enter a joint venture opportunity on the two developments. The Irish Times, 25th January
Upper Baggot St, Dublin 4 ACG Aircraft Leasing Ireland Limited, the Dublin based subsidiary of Aviation Capital Group LLC, has agreed to rent the top two floors of the Lumen building on Upper Baggot Street. The building is owned by Burlington Real Estate and it is reported that ACG will occupy the fifth and sixth floor which is a combined 2,500 sq.ft of space. The lease is for 15 years with a break after 10 years with the rent to be €50 psf. The letting was managed by Savills and Farley Property on behalf of Burlington Real Estate. The Irish Times, 20th January
Dublin Office Market Estimates for take-up of office space in the Dublin market last year ranged between 1.72m sq.ft and 1.8m sq.ft of which only 306k sq.ft was signed in the final quarter of 2020 as further lockdowns and work from home continued. 50% of those transactions were to Irish firms. Agents Cushman & Wakefield say that the latter figure represents a decline of 30% on 2019 levels. By year end availability of office space increased by 36% to 11.7%, or 8.6% in the Central Business District. At the beginning of 2021, there was almost 4.2m sq.ft of space under construction, of that 54% is pre-let. The Irish Independent, 21st January
Dublin 9 Student Accommodation QRE have launched “Woodville” a purpose-built student accommodation development located on Botanic Avenue which is within a five-minute walk to DCU. The investment which has a guide price of €1.5m comprises of 28 bed spaces and offers an investor a gross yield of 8% and a reversionary yield of up to 12.66%. The scheme is being offered for sale with vacant possession of one apartment and the house (10 bed spaces). The annualised current gross rent equates to €120,000 and the agent estimates that gross rental income is about €190,000 when fully let for the year. The Irish Times, 20th January
BNP 2020 Irish Investment Market BNP reported that there was €3.05bn of transaction activity that took place in 2020 with only €83.3m taking place outside of the Greater Dublin Area. Three sectors (Residential 42%, Office 39% & Industrial 9%) account for 90% of all transactions. BNP state that transactions were not as severely impacted by Covid as originally thought and that investors generally expect commercial real estate in Ireland to bounce back strongly. Investors still see there is value in the Irish market in comparison to other European cities. BNP 2020 Irish Investment Market
Goodbody Outlook Report Goodbody’s are predicting that the current lockdown will lead to a fall in domestic demand in Q1 but the acceleration of the vaccine roll out increases the prospect of a rebound in spending this year and into 2022. Domestic demand is forecasted to grow by 5% in 2021 and 3.5% in 2022, largely due to the expenditure of the €13bn which has built up in savings over the last 12 months. Goodbody’s also noted that the housing market has been surprisingly resilient with prices remaining stable and there being a strong housing demand. Goodbody’s also stated that there were 19.5k units completed in 2020 which was down 8% from the previous year but better then what was expected given what happened in 2020. They have forecasted 21k units to be completed in 2021. They expect house prices to grow by 4% in 2021. Goodbody, Q1 2021 Health Check
Ulster Bank Loan Sale Ulster Bank is seeking out interest from other mainstream mortgage providers for a €15bn low risk home loans book as part of a strategic review being led by Nat West. Initial discussions have been held with AIB, Bank of Ireland and other Irish lenders. Ulster Bank are using the exercise to determine what they would be prepared to pay for a mortgage book with a low risk profile. It is reported that Nat West are being advised by Goldman Sachs. Acquiring a clean book would be highly attractive for AIB or Bank of Ireland because Covid will make it very hard for them to hit their lending targets. The Sunday Times, 24th January
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Blanchardstown, Dublin 15 CBRE is quoting a rent of €475,000 per annum (€7.78 psf) for the ground floor space at Clyde House in Blanchardstown, Dublin 15. Extending to a total area of 61,021 sq.ft, the subject property is suitable for manufacturing, production and storage uses. The main production floor has a clear internal height of 4.1m with two dock levellers and is finished with concrete floors. There is an extensive loading yard to the rear with a maximum depth of 35m. The lease area also incorporates office and amenity areas totalling 4,273 sq.ft. for the tenant’s sole use. There are 50 designated car bays available for the tenant’s use. The Irish Times, 13th January
Dublin Industrial & Logistics Sector Take-up in the Dublin industrial & logistics sector reached more than 1.48 million sq.ft. in the last quarter of 2020 – the highest quarterly take-up in 5 years. Total take-up in the sector in 2020 reached almost 3.7 million sq.ft, up 3% on the previous year – a strong result considering underlying market conditions. Lettings of industrial buildings accounted for 85% of industrial take-up in Dublin in Q4 with 30 individual letting transactions signed in the quarter. Transactional activity during Q4 2020 was primarily focused on the Dublin South West (N7) and Dublin North East (M1) corridors. 4 industrial investment transactions completed in the Irish market during Q4 2020. Prime industrial yields compressed to 4.75% during Q4 and are expected to trend stronger during 2021. CBRE Dublin Industrial and Logistics MarketView Q4 2020
Dublin Office Sector Office take-up in Dublin during Q4 2020 reached 302,530 sq.ft. bringing total take-up in the capital in 2020 to c.1.72 million sq.ft., down 47% on the previous year. Demonstrating the extent to which Covid-19 impacted the market, 69% of total take-up in the Dublin office market in 2020 occurred in Q1. In total, there were 30 office leasing transactions completed in Dublin during Q4 bringing the total number of office leasing transactions in 2020 to 105. 30% of leasing activity in Dublin in Q4 2020 and 37% for the year as a whole occurred in suburban areas. The overall rate of vacancy in Dublin at the end of Q4 2020 rose to 9.1%. Prime headline quoting rents stabilised at €60.00 psf at the end of the year while prime yields were at 4%. CBRE Dublin Office MarketView Q4 2020
Shopping centre operator Hammerson, which owns Dundrum Town Centre and stakes in the Swords Pavilions and Ilac shopping centres in Dublin, said it had collected 41% of the rents due at its properties across Europe, with 31% collected in Ireland, 41% collected in the UK and 46% in France for the first quarter of 2021. In Ireland, only a quarter of occupiers at Hammerson’s flagships continue to operate as a temporary ban on click and collect services for non-essential retail took effect. Only essential retail, takeaway and deliveries can operate. The group said more than half the shopping villages in its value retail portfolio are currently closed as Covid-19 restrictions tightened. Hammerson has waived £21 million owed by its tenants for fiscal year 2020, collecting c.75% of the rent due for last year. The Irish Times, 19th January
Grafton St, Dublin 2 Hugo Boss has signed a new 10-year lease on its flagship store on Dublin’s Grafton Street. Hugo Boss’ existing lease expired in 2020 where the contracted rent per annum was €825,000, which they committed to when they acquired the lease for the store in 2015 from the UK retailer Next. The new committed rental amount is €630,000 per annum, indicating a 24% reduction on the previous rent. The store comprises 5,775 sq.ft. (€109 psf new rent) of retail space over three trading floors in addition to ancillary upper floor levels. The Irish Times, 13th January
Dublin Pubs Sector Strong prices were achieved by some of the 12 Dublin pubs which were sold in 2020 thanks partly to the development potential of the properties and the deep pockets of some of the purchasers. John Ryan of Bagnall Doyle MacMahon said that while the number of 2020 pub deals was fewer than the 18 in 2019, the average price increased from €3.25m to €3.8m. The most valuable of them was The Storehouse, Temple Bar which Punch Taverns, backed by Emerald Investments, bought for a near record price of c.€16m. Other notable transactions include Dunnes Stores buying the Magic Carpet pub and development site in Cornelscourt, Dublin 18, for c.€9m and Marlet is understood to have paid c.€8m for Ruin Bar on Tara Street next to the Apollo House site where they are developing a major office scheme. A number of other pubs went sale agreed before the end of the year including The Queen’s in Dalkey. The Irish Independent, 13th January
Irish Glass Bottle Site The Irish Times understands that Ronan Group Real Estate (RGRE) and US investment firm Oaktree have hired property investment company Eastdil Secured to advise on debt financing options for development of the Irish Glass Bottle site and an adjoining plot in Dublin. RGRE and Oaktree signed up before Christmas to pay €200 million to buy an 80% stake in the company holding the 37-acre site from Nama. The largest vacant plot in the capital is expected to deliver up to 3,800 homes, 25% of which are earmarked for social and affordable housing, as well as 1 million sq.ft. of commercial space. There are also plans for a school and public open space. The Irish Times, 16th January
Rathcoole, Co Dublin Four groups of local residents have been granted permission for legal action to be brought against An Bord Pleanála and the State, with the developer, Homeville Developments Ltd, as a notice party aimed at overturning planning approval for a development including 204 residential units in Rathcoole, Co Dublin. The groups say, while they each have a different focus, all “are dedicated to the protection of the built and natural environment of the historic village of Rathcoole and the surrounding area”. They want orders quashing the board’s November 2020 permission for the demolition of existing residential units and construction of 204 residential units, a childcare facility, and associated works, at Stoney Hill Road, Rathcoole. The Irish Times, 15th January
Dublin 1 Deutsche Bank subsidiary DWS has marked the value of Ireland’s largest off-campus student accommodation complex down by 6% to reflect the impact of the Covid-19 pandemic on the sector. The Point Campus has 966 bed spaces distributed across two blocks with DWS having paid a net purchase price of €142.26 million to acquire the complex in December 2019 from BlackRock Real Estate and the O’Flynn Group. DWS have now ascribed a net value of €134.61 million to the property. The Irish Times, 13th January
High End Residential Market A detailed analysis of the Residential Tenancies Board (RTB) register by the Business Post has shown nearly four-fifths of the 246 apartments in phase three of Clancy Quay in Dublin 8 are empty and nearly half of the apartments in Capital Dock, a 190-apartment, 22-storey built-to-let tower in Dublin’s Docklands are also vacant. Both developments are controlled by Kennedy Wilson, which has more than 2,000 rental units in its Irish portfolio. Rents in the new wing of Clancy Quay start at €1,900 for a one-bed, €2,200 for a two-bed, and €2,700 for a three-bedroom unit. Prices for two-beds in Capital Dock range from €2,970 to €4,200 per month. A one-bed costs €2,800, while a three-bed costs €3,900 monthly. The Business Post, 17th January
Harrington St, Dublin 2 Numbers 2 and 3 Harrington Street were sold shortly before Christmas to a US investor for €2.927 million, a premium of 8% on the guide price. Colliers International had been guiding €2.7 million when it was offered to the market in September last year. Situated at the junction of Harrington Street and Camden Street, the investment comprises two pre-63 three-storey over-basement mid-terraced properties. There are 26 units distributed between the two buildings, 25 of which are occupied and producing an overall rental income of €198,960 per annum. The price paid by the purchaser equates to a net initial yield of 6.5% (after standard purchaser’s costs) based on the current income. The Irish Times, 13th January
Dublin 1 Ballymore has confirmed that Dublin City Council has granted the group permission to build three blocks that will house offices, shops, homes and a hotel, next to Connolly rail station in the capital. The commercial element of the complex will cover almost 460,000 sq.ft. and will include two office blocks along with a 246-bedroom hotel. Heights will range from nine to 13 storeys. Ballymore’s plans are for a more than 861,000 sq.ft. development overall, including homes, offices, hotel, restaurants, bars, shops and other amenities. The Irish Times, 13th January
Lucan, Co Dublin Cairn Homes has sold 150 homes in Lucan, Co Dublin to Irish investment management firm Carysfort Capital and Wall Street financial giant Angelo Gordon for €48.6 million (€324k per unit). The homes are a mix of apartments and duplexes at the Shackleton Park development in Lucan. The homes, which have yet to be completed, will be rented out once finished. Cairn last year sold 229 new homes to a fund controlled by Angelo Gordon at the same development, which comprises of over 1,100 new homes. The Irish Independent, 13th January
Dublin 1 Glenveagh has notified Dublin City Council that it expects to charge them €33.44 million for 71 social housing units to meet its Part V social housing obligations at a major development on Sheriff Street. Glenveagh is planning to sell the council six three-bed apartments at €791,531 each, 14 two-bed apartments at a price of €641,899 each and 41 one-bed apartments for €408,074 each. Glenveagh is also planning to offer the local authority 10 studio apartments at a price of €297,323 each. Glenveagh has lodged a fast track planning application for 702 apartments in nine blocks on the six acre site at Castleforbes Business Park at Sheriff Street and East Road, Dublin 1. The Irish Times, 12th January
Leopardstown, South Dublin An Bord Pleanála has granted planning permission to Park Developments for a €125 million apartment block development in Leopardstown in south Dublin despite the UK Foreign Office expressing security concerns over the impact a 13-storey “landmark” apartment block in the 249-unit proposal will have on the British ambassador’s residence at Glencairn House. As part of the proposal, Park Developments plans to sell 24 units from the development for an indicative €10.15 million cost to Dún Laoghaire Rathdown County Council for social housing. The Part V social housing documentation submitted by Park Developments has put an indicative cost of €542,331 on each of the 15 two-bedroom units and €382,767 on each of the nine one-bedroom units the company plans to sell to the council. The Irish Times, 18th January
Co Kildare Keshmore Homes Ltd (KHL) has challenged An Bord Pleanála’s refusal of permission for a development of 64 housing units in Co Kildare. The proposed development consists of detached, semi-detached and terraced houses, and eight apartments in a single two-storey block. After permission for the development was refused by Kildare County Council, KHL appealed to An Bord Pleanála. Last November, the board upheld the decision to refuse permission. KHL has now taken High Court judicial review proceedings aimed at overturning the refusal. The Irish Times, 18th January
AIB Loan Sale The Irish Times understands that AIB is selling up to 650 distressed mortgages as a part of an “ethical” loan sale. The portfolio of non-performing, owner-occupier mortgages dubbed Project Iris had an original value of €150 million. The loans will be sold as a single lot to an “ethical” finance house or debt charity, which will work to find a borrower-friendly solution to the outstanding arrears problem. The two bidders in the running are the Irish Mortgage Holders Organisation, funded by UK debt investor Arrow Global, and London-based investor LCM Partners which is affiliated to the Home for Life group. Both entities have access to the State’s mortgage-to-rent scheme, which allows distressed borrowers to surrender their home but remain in the property as social housing tenants, with an option to buy the property back at some future date. The Irish Times, 16th January
Irish Commercial Property Market More than €1.2 billion was invested in Irish commercial property during the final three months of last year, bringing total turnover for 2020 to €3.05 billion. Kenneth Rouse of BNP Paribas noted in the Business Post that while this is some way off the record €7.4 billion transacted in 2019, it is a solid year in the context of the ongoing Covid-19 pandemic and is above the ten-year average. Core office and private rental sector (PRS) assets have been most sought after and despite the widespread adoption of remote working during the pandemic, prime office rents remained relatively stable throughout the year with rent collection for office investments remaining strong. More than €2 billion of capital was invested by foreign investors during 2020 with PRS, office and logistics the predominant sectors of choice. The largest transaction of the year was the purchase by Singaporean investor GIC of a portfolio of more than 1.29 million sq.ft. metres of logistics space across 30 assets from Morgan Stanley Investment Management in the final weeks of the year for €200 million. The Business Post, 17th January
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Dublin 2 The Irish Times understands that Blackstone is set to acquire a majority interest in two of Dublin’s foremost office assets. The company has notified the Competition and Consumer Protection Commission (CCPC) of its intention to purchase the stakes held by Colony Capital in the Burlington Plaza office complex on Burlington Road and the headquarters of Three Ireland on Sir John Rogerson’s Quay. The properties are valued at €204 million and €120 million respectively. Colony could potentially secure up to €153 million from the sale of its three-quarter interest in Burlington Plaza and a further €86 million for its 72% interest in Three Ireland’s headquarters. Colony acquired its share of Burlington Plaza and Three Ireland’s headquarters as part of its purchase for €455 million in 2017 of Nama’s €1.5 billion Project Tolka loan book. The Irish Times, 11th January
Dublin Docklands An Post has advised potential contractors that it will move its historic headquarters from Dublin’s GPO to the new Exo Building in the city’s docklands in the second half of 2021. The building which is close to completion will be Dublin’s tallest office block, at 79 metres. The net internal floor area of the six floors being taken by An Post will be c.100,000 sq.ft. which represents a significant portion of the total 169,000 sq.ft. that the building extends over. The Irish Independent, 29th December
The Liberties, Dublin 8 An Bord Pleanála has granted permission for a seven-storey co-living complex with space for 378 beds and communal facilities such as kitchens and living rooms on the site of the Old Glass Factory in Cork Street in the Liberties area of Dublin. The plan, which will exceed limits on the height of buildings in Dublin, was originally submitted ahead of a ban introduced by government last year to halt further co-living schemes. The application by developer Alphabet ABC Properties Limited includes the demolition of the existing derelict buildings on the site and development of a new shared accommodation complex. Its plans also provide for a café at ground floor level as well as a private function room, cinema, communal lounge, gym and library roof terrace. There will be also workspace areas with communal kitchens, living and dining rooms on each floor. The development will create a new pedestrian link between Cork Street and John Street South. One of the conditions was to reduce the original number of proposed bed spaces of 397 by the omission of 19 units at basement level. The Irish Independent, 6th January
Marys Lane, Dublin 7 Dublin City Council has recommended to An Bord Pleanála that it refuse planning permission to contentious ‘fast track’ plans for a 14-storey co-living development beside Dublin’s Victorian Fruit and Vegetable Market. The executive planner for the council stated that the 506-bed, four-block development – which includes an eight-storey block beside St Michan’s Church – “would constitute overdevelopment of four sites that would fail to result in either a contextual or a high-quality design response”. The developers say the proposal could provide an economic dividend of up to €41.6m in spending for the local economy over a 10-year period. A decision is due on the application this month. The Irish Independent, 11th January
Nama Social Housing Properties According to The Irish Times, Nama owns 1,372 social housing properties, all of which are leased directly to approved housing bodies or local authorities. The properties were acquired by the agency from its debtors for use as social housing and are managed through a separate entity called National Asset Residential Property Services (Narps). The figures provided by Minister for Finance Paschal Donohoe show the properties generate c.€12 million in rental income for Nama. The majority of the properties (1,335) are leased to housing bodies with the remaining 37 leased to Cork and Clare County Councils. Nama originally took control of some 6,000 of these units. Approximately 2,000 were deemed unsuitable for social housing by local authorities for various reasons to do with price, quality and location, while a further 2,000 were sold to the private sector. The bulk of the remainder are leased as social housing units. Housing agency Tuath leases the largest number (539) followed by Co-Operative Housing Ireland (239), Cluid Housing (202), and North and East Housing (112). The Irish Times, 11th January
Glenveagh Properties generated revenue of €232 million last year while delivering 700 housing units. While both these metrics were down on the previous year, the Dublin-listed housebuilder described the performance as “strong” in the context of the Covid-19 restrictions. In its annual results for 2020, Glenveagh said the average selling price for a housing unit in 2020 was €311,000, down from €321,000 in 2019. This reflected the group’s focus on suburban starter-home schemes. The sales generated an underlying core gross margin of 14%, which was in line with expectations and reflects costs associated with Covid-19 safety measures and operating protocols. The group recently announced a €500 million investment programme which it says will deliver 3,000 new homes across the country. The Irish Times, 6th January
Dublin 11 Ballymore Group is to begin works this month on a 435-unit apartment development on the site of the former Ormond Printworks in Dublin 11. The development, known as the Ormond Project, is the fourth and final phase for the developer at Royal Canal Park in Pelletstown. The apartments consist of 218 one-bedroom units and 217 two-bedroom units in five buildings (Blocks A to E inclusive) ranging in height from four to 13 storeys and incorporating an undercroft level as well as a healthcare centre, pharmacy, gym and public plazas. The development will also feature office space, 255 car parking spaces, and nearly 950 bicycle parking spaces. The Business Post, 10th January
Dublin 8 Quantum Property Consultants is guiding €1.25 million for an Infill Development site with full planning permission for a 4 Storey over basement 12,944 sq.ft. office development at 1-3 Thomas Court, just off Thomas Street, Dublin 8. Planning was extended in June 2016 under condition whereby ‘substantial works’ are to be completed by January 2022. The existing site consists of a former bakery situated on Thomas Court at the South junction of Thomas Street. The site is bounded by an existing public house and backs on to a vacant area. Thomas Court is located c.1km to Dame Street and 1.5km to Dublin city centre and St Stephens Green. Quantum Property Consultants, January 2020
Dublin 1 Glenveagh Properties has submitted a strategic housing application to An Bord Pleanála for 702 build-to-rent apartments. The €154 million development located at Castleforbes, Sheriff Street Upper, Dublin 1, will involve the demolition of all structures on the site and the construction of a mixed-use residential scheme set out in nine blocks, ranging in height from one to 18 storeys, above part basement/upper ground level. The Business Post, 10th January
Wexford Town A strategic housing development application has been granted by An Bord Pleanála to William Neville and Sons Construction Limited for 413 residential units (175 houses and 238 apartments), a childcare facility and associated site works. The €90 million development is located at Carcur Park in Wexford town. The Business Post, 10th January
Dublin 17 Camgill Property a Seacht has been granted permission by An Bord Pleanála for a strategic housing development on lands known as Site 2, Northern Cross, Malahide Road, Dublin 17. The €42 million development involves the construction of 191 residential units in a part-seven, part-eight and part-nine storey building, over a lower ground floor/upper basement level and lower basement level. The 191 apartments consist of six studio units, 76 one-bed units and 109 two-bed units, The Business Post, 10th January
Trinity College Dublin Trinity College Dublin (TCD) has secured planning permission for a €9 million revamp of the college’s Rubrics building. The building was built between 1699 and 1702 and is the oldest surviving building on the TCD city centre campus. TCD’s plan for the building involves the conservation of the protected structure and the delivery of 22 studio residential units and 36 student bedrooms. Dublin City Council granted planning permission for the proposal after its planner concluded that the plan “is likely to significantly improve and enhance the existing protected building, from a residential point of view and also from a preservation and maintenance perspective.” The Irish Times, 28th December
Donabate, Co Dublin Colliers International recently sold the Portakabin facility in Roseville Business Park, Donabate in north Co Dublin for €3.3 million. The building is let to Portakabin (Ireland) with a parent company guarantee from Portakabin Limited. The tenant has the benefit of a break option in March 2026, subject to 12 months’ notice, leaving an unexpired term of about 5.25 years to the break and 7.25 years to expiry. The business park adjoins Turvey Business Centre, Red Leaf Business Park and Shannon Valley Centre. Located just off the M1 motorway 16km north east of Dublin city centre and 3km west of Donabate village. Dublin Airport is located just five minutes away and the Dublin Port Tunnel within ten minutes. The Business Post, 27thDecember
Dublin 2 Vision Contracting is expected to begin the main construction works this month on a €9.2 million hotel development on Prince’s Street South, Dublin 2. The enabling works for the site began in September 2020 and planning permission allows for the construction of a ten-storey building and 113 hotel bedrooms. Works are expected to be completed by Q1 2022. The Business Post, 10th January
Greystones, Co Wicklow Wicklow County Council has granted planning permission to Greystones Media Campus (GMC) Ltd for its “state of the art” film studio and media facility. It is planned for an almost 50-acre site in Greystones in a project that will create more than 1,500 jobs. Documentation lodged with the new plan states that the studio scheme’s direct, indirect and induced economic impact has a gross value of €1.54bn which, it states, will represent a significant stimulus to Greystones and the wider metropolitan region. The plan involves the construction of more than 791,000 sq.ft. of film studio across 15 buildings at the IDA Business and Technology Park at Greystones. The Irish Independent, 6th January
CBRE 2021 Outlook The combination of Covid-19 and the continuation of trends already underway in the residential and retail sectors prior to the onset of the pandemic will force many property investors to focus on reconfiguring their holdings this year to protect themselves against future market shocks. While traditional core assets such as prime offices will continue to attract buyers, CBRE’s head of research Marie Hunt says investors are expected to target the private rented sector, logistics and pharmaceutical/biomedical properties in increasing numbers to “future proof” their portfolios. CBRE’s predictions for the Irish market follow on from a relatively robust performance in 2020. According to its research, more than € 3.6 billion was invested here in the face of the Covid-19 pandemic. Some 48% of the investment spend was accounted for by the residential sector while offices accounted for 36% by comparison. While CBRE expects this year to be a busy one both in terms of transactional and investment volumes, it believes much of this activity will take place in the second half of 2021. The Irish Times, 12th January
Q1 Rent Collections Yew Grove Reit has reported that it has collected 100% of its quarterly rents for quarter one of 2021. Quarterly rents account for 90.35% of its rent roll, with monthly rents accounting for 9.65%. All but €3,175 of the monthly amounts due on 1 January 2021 has been collected. If this rate of collection is repeated in February and March, the full quarterly collections will exceed 99.6%. The 0.4% of rent not collected relates to non-food retail that has been closed due to the new national lockdown. In aggregate, the company’s non -food retail rents amount to 0.7% of the total rent roll. The Irish Independent, 12th January
Irish Construction Activity The construction industry finished 2020 in “expansion mode” fuelled by housebuilding, according to the authors of Ulster Bank’s construction purchasing managers’ index (PMI), a barometer of activity in the sector. Housebuilding activity reached a five-month high on the index in December, although there was an end-of-year contraction in commercial building. Civil engineering was down sharply. The Chief Economist at Ulster Bank noted that “optimism about the year ahead improved further last month as sentiment rose to its highest level since February 2020”. It is also worth noting that job creation in the sector was at an 18-month high in December. They also note some of the purchasing activity could have been spurred by Brexit, as builders stockpiled materials when it appeared for much of the month that a no-deal outcome on trade was possible. All sectors of the construction industry, however, are likely to suffer significant reverses in future Ulster Bank PMI reports, as the Government shut down most non-essential building in January as part of a suite of measures designed to arrest a spike in coronavirus infection rates and hospitalisations. The Irish Times, 11th January
Co Waterford The Irish Independent understands that Irish nursing home chain Aperee has acquired its third nursing home – Havenwood Retirement Village, a 64-bed home in Ballygunner, Co. Waterford for a price in the region of €8 to €10 million. The deal also brings to 10 the number of nursing homes now managed by Aperee. The firm is the operational arm of Blackbee Healthcare Fund. In February 2020, it paid c.€5m for the 52-bed Padre Pio Nursing Home in Churchtown, North Cork which stands on a three-acre site. In the summer, it acquired Cúil Didín Nursing Home in Tralee, Co Kerry for c.€7m and renamed both as Aperee Living. The Irish Independent, 3rd January
Construction Sector Shutdown It was announced last week by the Irish government that all non-essential construction must cease from the 8th January. As it stands, these restrictions will remain in place until January 31st. During the three week lockdown, the government have indicated that the only residential construction that can continue is circumstances where: i) The construction / development is for social housing purposes and is set to be completed before February 28th; and ii) The construction of a property is set to be completed and capable of being occupied by January 31st. Assuming that construction is in fact allowed to resume by February, the impact of the lockdown on 2021 construction output forecasts will not be significant. The Irish Times, 11th January
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