Project Finn:
Deutsche Bank and Apollo have been chosen as the preferred bidder for the largest tranche of Ulster Bank’s non-performing loan portfolio Project Finn, paying c. £400m to purchase loans with a par value of £1.137bn. The tranche consists of CRE loans secured by c. 1,200 properties from 290 borrowers. The second tranche of Project Finn has been sold to Cerberus, who will pay £225m to purchase a residential mortgage pool with a par value of £549m spread amongst 2,000 separate borrowers. The third and smallest tranche which consists of SME loans with a par value of c. €530m is to be purchased by Sankaty Advisors for c. €100 – €120m. CoStar Finance, 23rd July
Project Jewel:
The Abu Dhabi Investment Authority, who this week were selected as the preferred bidder for Project Trinity along with developer Joe O’Reilly, are believed to be lining up a bid for NAMA’s €2.4bn par value Project Jewel portfolio. As Project Jewel consists of loans to O’Reilly’s Chartered Land, the firm are unable to bid for the portfolio, however they are a prime candidate to remain as asset manager given their strong performance in managing the assets in recent years. The Sunday Times, 26th July
Nassau House:
Aviva have appointed JLL to handle the off-market sale of Nassau House, which they are hoping to sell for over €50m. The 100,000 sq. ft. property generates gross rental income of €3.5m p.a. from nine retail units at street level and four floors of offices overhead. The retail units incorporate 30,000 sq. ft. with the tenants including the House of Ireland, Spar and Oasis, while the office tenants include Bank of Ireland, Independent College and the Irish Clearing House. The Irish Times, 22nd July
Sandyford Redevelopment:
Development Securities has paid €6m for a 1.8 acre redevelopment opportunity in Sandyford, Co. Dublin. A planning application has been submitted for the site to allow for a mixed use development which would accommodate up to 140 residential units and 10,000 sq. ft. of office space. The site currently contains a 42,000 sq. ft. office and warehouse property which is let to Avid Technology International until April 2017, with the new owner citing an initial yield of 12.75%. The Irish Times, 22nd July
Ballsbridge Project:
After being chosen as the preferred bidder for the 3.7 acre site in front of AIB Bankcentre in Ballsbridge, developer Johnny Ronan is believed to be planning a €200m redevelopment which will create 250,000 – 300,000 sq. ft. of office space. Johnny Ronan is to pay c. €67.5m for the site which is being sold by receivers acting on behalf of NAMA and Ulster Bank. The Cardinal Capital Group are thought to have provided Johnny Ronan with the financing for the transaction. The Irish Times, 22nd July
Project Trinity – Jurys Hotel Site Ballsbridge:
A consortium led by Joe O’Reilly’s Chartered Land has been chosen as the preferred bidder for Ulster Bank’s Project Trinity, paying over €170m to purchase the 6.8 acre Ballsbridge hotel sites. Chartered Land is believed to have partnered with the Abu Dhabi Investment Authority to complete the transaction, which will provide the necessary financing. The site was previously acquired by Sean Dunne for €380m in 2005. The Irish Times, 23rd July
Regional Hotels:
DTZ Sherry Fitzgerald is seeking bids for two regional hotels on an individual basis; Jackson’s Hotel in Ballybofey, Co Donegal and Cedars Hotel in Rosslare, Co. Wexford. Jackson’s Hotel is a four star 138 bed hotel with a guide price of €2.3m and is a 20 minute drive from Donegal Town and Letterkenny, while Cedars Hotel is a three star 34 bed hotel with a guide price of €700k. Cedars recently ceased trading and the receiver PwC has advised that the hotel be sold on a vacant possession basis. The Irish Independent, 26th July
Average Room Rates:
The average room rate for hotels is set to breach the €100 level this year for the first time since the recession, according a new study by BDO. Occupancy levels in Dublin are also expected to increase to over 80%, with the strong performance in the sector attributable to the weaker Euro and the 9% VAT rate. Last week the CSO released figures indicating that the number of tourists for the first six months of 2015 was 3.8m, an increase of almost 400,000 on the same period in 2014. The Sunday Business Post, 26th July
Portmarnock Development:
Ardale Property has submitted a planning application to Finglas County Council to develop a 21,000 sq. ft. retail store on a 0.93 acre site on Strand Road, Portmarnock. The site, which was formerly Tin Church, is located on the corner of Strand Road and St Laurence O’Toole’s Avenue. The scheme has a gross value in excess of €12m and the proposed retail store will create 40 jobs upon completion. The Irish Times, 23rd July
Docklands Development Site:
CBRE are guiding €8m for a redevelopment site of 0.67 acres which is located at the junction of Townsend Street and Moss Street in the south Dublin Docklands. While the site is currently without planning permission, Wesley Rothwell of CBRE believes that the site could accommodate 350 – 400 bed spaces for student accommodation or a six storey office block of over 129,000 sq. ft. The Irish Times, 22nd July
Student Accommodation:
A new study by the Higher Education Authority examining the availability of student accommodation has identified a shortage of 25,000 bed spaces for students, with this gap expected to widen between now and 2024. The study is part of a report being prepared for the Minister of Education which is aimed at identifying a number of incentives that will make student accommodation projects more attractive to developers. The Irish Times, 22nd July
€500m State Fund:
The Ireland Strategic Investment Fund is in advanced talks with a private investment fund over the launch of a new €500m fund designed to provide loans to private housing developers. The fund, which is targeting the construction of up to 10,000 new homes and the creation of hundreds of jobs in the building sector, will provide developers with up to 90% of their financing requirements. The Irish Times, 25th July
O’Flynn Development Project:
Michael O’Flynn is to receive a decision on his planning application to construct 164 new high end houses on a site in Cabinteely, Co. Dublin. The cost of the development is believed to be c. €75m with the properties to sell for up to €1m each. Financing for the scheme is to be provided by the O’Flynn Capital Group, which is backed by private investors. The Irish Independent, 26th July
O’Reilly Development Project:
CTN Developments, who are believed to be linked to developer Joe O’Reilly, have sought planning permission for a 166 unit residential development on Grace Road in Drumcondra, Dublin 9. Oaktree Capital Management is believed to be financing the development. The Irish Independent, 26th July
Danske Bank:
Danske Bank are continuing to reduce their exposure to the Irish market, with less than 1,000 commercial properties left to be sold. At the end of 2014 some 3,746 properties remained on their book, however 2,783 of these properties were sold at the end of June, with a further 405 properties at the sale agreed stage. In addition Danske’s entire SME portfolio was sold in the first half of 2015 and while they have retained their residential mortgage portfolio, it is in wind-down mode. The Sunday Business Post, 26th July
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Burlington Road:
Union Investment, who in February purchased Numbers 4 and 5 Grand Canal Square for €232m, is to fund the development of Dublin’s largest prime office speculative development on Burlington Road, Dublin 4. The site sold for over €40m in June 2014, following which the previous building was demolished. The new building will consist of 170,000 sq. ft. of office space and is expected to be completed in H1 2017. The Irish Times, 15th July
Corrib Collection:
DTZ have brought two Galway City properties to the market with a guide price of €32m. The properties are Geata na Cathracha, Fairgreen and the majority of Dockgate office block, together the Corrib Collection. Geata na Cathracha is a mixed use, 126,000 sq. ft. property which is fully let and producing annual rental income of €1.63m. It is valued at €23m based on a yield of 6.47%. The section of Dockgate for sale consists of 48,000 sq. ft. of office space producing annual income of €527k. It is valued at €9m based on a yield of 5.6%. The Irish Times, 15th July
Bray Business Park:
An international investor has paid c. €9m for an office block at the IDA Business Park at Southern Cross, Bray, Co. Wicklow. The property is occupied by Trinity Biotech at a rent of €786k p.a., offering a yield of over 8%. The current lease has c. 17 years remaining with upwards only rent reviews. The Irish Times, 15th July
Elm Park:
The Quartz on Elm Park, which has long been vacant, has been let to two international companies who will both pay €23 psf. Wallis have rented 50,000 sq. ft. while Wipro have rented the remaining 20,000 sq. ft. Both are let on long leases with five yearly break options. The building was purchased by BMO Real Estate Partners in 2009, having previously been developed by Bernard McNamara. The Irish Times, 15th July
Tara Street:
Johnny Ronan has teamed up with the Wilbur Ross-backed Cardinal Capital to develop Dublin’s tallest building at Tara Street train station. The €130m office tower will be 22 stories tall, which will make it larger than Google’s Montevetro building – also built by Ronan. Last March, CIE (which owns the key site) hired Lisney to find a partner to help it develop an office scheme behind Tara Street train station. Ronan is understood to have beaten off a number of other groups to ink the deal for the €130m project. The Sunday Independent, 19th July
The Gresham Hotel:
NAMA is preparing to bring Dublin’s Gresham Hotel to the market. The hotel is owned by Precinct Investments, the company that led the €117m buyout of the Gresham Hotel Group in 2004. The Gresham, which was built in 1817, has more than 300 rooms, and will be sold at a time of rapidly rising room rates and occupancy in the capital. The hotel is expected to attract a wide range of interest from domestic and international players. The Sunday Times, 19th July
Project Trinity – Jurys Hotel Site Ballsbridge:
The new owner of the landmark Jurys Ballsbridge site in Dublin 4 could be unveiled this week. Bidders last week submitted second-round and best bids for the site. Cairn Homes, which led the first-round bidding with a top offer of €155m, is still in the frame, alongside Joe O’Reilly’s Chartered Land, Colony Capital and partner Paddy McKillen, and London & Regional, a former owner of the nearby Four Seasons hotel. The sale, known as Project Trinity, consists of a 6.8 acre site encompassing the former Jurys Ballsbridge and the Berkeley Court site. The site has planning permission for a 1.5 million sq ft development, including 490 apartments, a 152-bedroom hotel, shops and offices. It is believed that some of the bidders are looking to resubmit plans for the site, to enhance its commercial potential. The Sunday Times, 19th July
Lough Erne:
A consortium led by American financier Michael Saliba has completed an €11m deal to take over the five star Lough Erne resort in Co. Fermanagh. The property, which hosted the G8 meeting two years ago, has facilities including two golf courses, a 125 bedroom hotel and a conference centre with capacity for 400 people. The sale also included 25 lodges. The Irish Times, 20th July
Keep up to date with the latest news from Origin Capital. Click here to follow us on LinkedIn.
Golden Island Shopping Centre:
Tesco have appointed TWM to sell Golden Island Shopping Centre in Athlone, inviting offers in excess of €40m. The 145,000 sq. ft. shopping centre’s current income of €3.1m p.a. offers an initial yield of 7.42%, with Tesco and Penney’s being the anchor tenants. Bids can be made for the centre with or without the 41,000 sq. ft. Tesco unit, which would likely rent in the €20 – €25 psf range. On a comparable basis, the adjacent Athlone Town Centre sold earlier this year for €61m, offering a 7% yield on income of €4.9m p.a. The Irish Times, 15th July
South William Street / Drury Street:
Ulster Bank have sold a four storey over basement commercial building which has dual frontage on to Drury Street and South William Street to a private investor for €5.5m, a figure some €250k below the guide price. The total floor area of 15,553 sq. ft. is primarily let to Zaragoza Restaurant, who are paying annual rent of €160k. The building has total rental income of €278k p.a., rising to €367k p.a. by 2017. The Irish Times, 15th July
Housing Shortage:
With the lack of supply becoming more and more apparent in the Dublin residential market, it has emerged that Dublin City Council would need to almost double their current supply to provide accommodation for every applicant on their waiting list. Currently Dublin City Council own 25,000 flats and houses, with 21,592 applicants (over 42,000 people) seeking council housing. Last year the council housed 960 applicants. The Irish Times, 14th July
Boland’s Mill:
NAMA are to consider all options for the proposed €150m redevelopment of the Boland’s Mill site in Grand Canal Dock, including a partnership or licencing agreement. Dublin City Council recently approved NAMA’s planning application to construct three new residential / office blocks and the redevelopment of the five derelict mill buildings, with the tallest building to be 53 metres high. The Irish Independent, 16th July
Ballymore Group:
Sean Mulryan’s Ballymore Group, together with the Malaysian developer Eco World Investments, are to construct up to 1,700 homes in London on a site which was previously 12 acres of wasteland. The venture has been dubbed the London City Island project and is located in east London on the Leamouth peninsula. The initial development is for 417 apartments, with prices ranging from c. £375k for a one-bed to £750k for a three-bed. The Irish Times, 16th July
Senior Loan Margins:
DTZ report that senior loan margins for prime commercial real estate lending across Europe’s primary cities continue to compress, with Dublin reporting the fastest margin compression. Over the last 18 months margins in Dublin have halved, buoyed by the turnaround in the commercial property market. In particular DTZ cite the €245m facility which Morgan Stanley provided to Starwood in March, used to purchase four Dublin office properties for €350m from Lone Star, at a margin of 1.9%. CoStar Finance, 14th July
Clarendon Inn:
A group of investors are believed to have purchased The Clarendon Inn on Clarendon Street for over €2.3m, significantly above the €1.6m guide price. The Clarendon Inn comprises 4,068 sq. ft. across four floors and was previously owned by Bernard McNamara, who purchased the property for c. €7m in 2006. CBRE handled the sale on the instruction of the receiver Duff and Phelps.
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Project Arch:
NAMA has chosen CarVal, Apollo and Deutsche Bank as the three final bidders for the Project Arch portfolio. Project Arch is a €608m par value non-performing loan portfolio linked to five borrowers including Jerry O’Reilly, Terry Sweeney and Ronan O’Caoimh. The three finalists are believed to have bid in the €150m – €160m range, with the value of the portfolio’s real estate assets estimated at c. €170m. CoStar Finance, 10th July
Project Arrow:
NAMA has launched its €7.2bn par value Project Arrow portfolio, reduced from €8.4bn, consisting of 1,532 loans to 367 borrowers. No loan in the portfolio has a balance above €10m, while no real estate asset is believed to have a value above €5m. The portfolio is also well diversified amongst the real estate asset classes with 39% being residential, 35% commercial, 24% land and development and 2% being hotel and leisure. CoStar Finance, 10th July
Project Trinity:
Eastdil Secured and Savills will welcome second round bids from five entities for Project Trinity, which represents the company that owns the Clyde Court Hotel and Ballsbridge Hotel, as part of a 6.8 acre freehold site. The bidders are Chartered Land, Cairn Homes, London & Regional, Capstone and Colony Capital / Paddy McKillen, who all bid between €145m – €155m. There is planning permission for 10-years on the site for the construction of 490 apartments and a 152 bed hotel, which doesn’t expire until 2021. Bidding is to close the week beginning the 20th of July. The Irish Times, 11th July
Oceanico Portfolio:
Savills has been appointed by NAMA to sell the Oceanico portfolio in Portugal, which consists of three beach resorts and five golf courses. Oceanico was run by Gerry Fagan and Simon Burgess prior to NAMA taking control of the group. Properties at the resorts in Amendoeira, Baia da Luz and Belmar are being advertised to both individual investors as well as large institutional investors. The Sunday Times, 12th July
Origin Capital has approved €55m of new facilities to clients in its first three months of operation across a variety of projects. Find out more
Guild House:
FBD Holdings have agreed to the early surrender of their leasehold interest in Guild House in Dublin’s IFSC, making a cash payment of €8.8m to Hibernia REIT to do so. FBD currently have a FRI lease on the 73,000 sq. ft. building at a rent of €2.9m p.a., however they have sub-let the entire building. The lease expires in March 2025, with a break option in March 2017. The €8.8m payment consists of a break penalty of one year’s rent, €2.4m to cover the shortfall of what Hibernia will receive from the sub-tenants until March 2017 and a figure for dilapidations. Hibernia purchased the building in January 2014 for €90.75m. The Irish Independent, 9th July
Office Take Up:
At over 1.2m sq. ft., the level of take up in the Dublin office market in H1 2015 was the strongest half yearly take up since 2007. The financial services sector was responsible for over 36% of this figure, as well as three of the five largest transactions. The largest take up was Bank of Ireland’s pre let of 129,500 sq. ft. on Upper Baggot Street, at a rent of €47.50 psf. Knight Frank, 7th July
Office Yields:
Savills economist John McCartney reports that the yield on Dublin city centre office properties has fallen to 4.3%, half of what it was three years ago. This yield is on a par with German cities but still above European capitals such as London (3%) and Madrid (4%). McCartney also predicts that prime office rents will climb from €50 psf to €55 psf by the end of the year. The Sunday Times, 12th July
Jurys Inn Reorganisation:
Jurys Inn is set to form part of a new hotel company known as Amaris Hospitality, which is being created by the group’s owners, Lone Star. Lone Star are to combine the 29 hotels of Jurys Inns with a further 60 hotels they own under the Amaris umbrella, which will consist of 15,000 rooms with turnover of c. £450m. John Brennan, the chief executive of Jurys is to lead the group, which will be headquartered in Dublin. Lone Star will invest £100m in Amaris, with an eye towards a possible flotation of the group over time. The Irish Times, 7th July
Dawson Hotel:
Tetrarch Capital, who already own hotels such as The Marker, Mount Juliet and Citywest, are to purchase the Dawson Hotel from an AIB appointed receiver for €17.5m. Tetrarch has significant plans to refurbish and expand the 4-star 36 bed hotel, which includes a pub, nightclub and spa across 36,000 sq. ft. The previous owner, Louis Murray, purchased the hotel for €8.5m in 1999 and invested a further €6m in the hotel. The Irish Times, 8th July
Stephen’s Green:
Irish Life has appointed JLL to sell 35.4% of their 73% shareholding in Stephen’s Green Shopping Centre, with a guide price of €45.6m. The 35.4% stake in the shopping centre offers annual income of c. €3m. Stephen’s Green contains over 90 shops spread across three levels (320,000 sq. ft.), with rental income of €6.2m from the units and €2.2m from the car park. The remaining 27% of the shopping centre is owned by developer Pierce Molony. The Irish Times, 8th July
Dun Laoghaire:
Dun Laoghaire is to undergo a major transformation over the next five years which will see it become one of Ireland’s leading shopping locations. Under the Dun Laoghaire 20:20 vision, the main street, George’s Street is to be split into four sections; interiors, retail, business / financial and cultural / artisan. The improvement of George’s Street has been identified as one of the key areas in a ten point plan to revive Dun Laoghaire. The Sunday Business Post, 12th July
House Prices:
The latest figures from Daft.ie show that Dublin house prices reported an overall 0.6% increase in Q2 2015, with national prices overall up by 1.9% in the same period. This national increase was supported by 4.4% growth in Cork and 3.8% in Galway. The national average house price is now €202k, down from a peak of €370k in 2007. The Irish Times, 7th July
Millennium Park:
Tetrarch Capital, purchaser of the Dawson Hotel, is in exclusive negotiations with a NAMA controlled developer to purchase the Millennium Park complex in Naas for over €35m. Millennium Park consists of a business park generating c. €1.6m in rent p.a., over 100 acres of unzoned agricultural land and c. 230 acres of development land. The current owners, Osberstown Developments, paid over €310m for the complex in 2006, making it one of the most costly land transactions of the boom. PIMCO are to back Tetrarch in the deal. The Irish Times, 7th July
Dublin Social Housing:
Dublin City Council has received more than 60 expressions of interest from developers, investors and housing bodies to complete a 1,500 unit social housing project spread across 30 hectares of Dublin City Council land. It is to be Dublin City Council’s first major project since the property crash and the properties are intended for people on the social housing waiting list as well as private tenants. The sites are located in Coolock Lane, to the west of Ballyfermot and at the junction of Malahide Road and Belcamp Lane. The Irish Times, 8th July
Lad Lane Apartments:
Savills are inviting offers in excess of €10m for 40 apartments in Lad Lane, Dublin 2. The complex, which comprises 25 one bed and 15 two bed apartments, currently offers rental income of €390k p.a. with a further €70.8k p.a. coming from a car park licence agreement. The total area of the apartments is 35,000 sq. ft. with 37 car spaces on ground level. With the complex being 30 years old, the new owners are likely to either extend and refurbish the complex or replace it with a new development, possibly as offices due to the location. The Irish Times, 8th July
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Project Maeve: Deutsche Bank is to pay c. €97m for Gerry Barrett’s loan portfolio. The purchase price represents an 88% discount on the par value of the loans of €785m. The assets in the portfolio include the G Hotel and Meyrick Hotel in Galway and the D Hotel and Scotch Hall Shopping Centre in Drogheda. The sale represents NAMA’s first loan portfolio sale of 2015. CoStar Finance, 1st July
Harvest Portfolio: Avenue Capital has completed the purchase of NAMA’s Harvest Portfolio for c. €40m. The total rent roll of c. €4m p.a. offers an initial yield of 10%. The portfolio consists of four shopping centres at Dungarvan, Mullingar, Thurles and Johnstown in Navan. The Irish Times, 1st July
Project Albion: Oaktree Capital Management has been chosen as the preferred bidder for NAMA’s Project Albion loan portfolio, paying c. £115m. The purchase price represents a c. 49% discount on the par value of £226m. The portfolio predominantly consists of legacy AIB facilities secured by commercial UK properties, including the five star Mar Hall hotel near Glasgow. There are also 300 acres of land spread across 10 sites. CoStar Finance, 2nd July
CarVal Investors: CarVal Investors, who already purchased Irish loan portfolios such as Project Club, Project Pittsburgh and Project Parasol (on a JV with Goldman Sachs), are believed to be interested in Project Poseidon and Project Connaught, according to the Sunday Times. Lloyd’s Project Poseidon has a c. €4.2bn par value and consists of 5,000 loans to 3,500 customers, while TSB’s Project Connaught has a c. €900m par value consisting of distressed commercial property and buy-to-let mortgages. The Sunday Times, 5th July
Patron Capital: Patron Capital has appointed receivers over some of the properties securing the Project Drive loans which they acquired from NAMA in 2014. Project Drive was a €228m loan portfolio linked to Maple 10 borrower Brian O’Farrell, for which Patron paid c. €49m. Assets securing the portfolio include the Northside Shopping Centre in Dublin, industrial properties in north Dublin as well as a house at the K Club. The Sunday Times, 5th July
George’s Dock 2: Irish Life has completed the purchase of George’s Dock 2 for c. €33m. With a current rent roll of €2.047m p.a., George’s Dock offers a net initial yield of 6%. George’s Dock contains 40,000 sq. ft. of office space spread across five storeys with six 25 year leases from July 1996, which are subject to upward only rent reviews. The Irish Times, 1st July
Ballsbridge Project: New Generation, Johnny Ronan and Paddy McKillen are amongst the five bidders chosen to submit final bids for the Ballsbridge Project, a 3.7 acre development containing four office blocks to the front of AIB’s Bank Centre. The development, which was previously bought by Sean Dunne for c. €200m as part of his “Knightsbridge in Dublin 4” vision, is expected to be sold for over €50m. The Sunday Business Post, 5th July
Prime Rents: CBRE’s Bi-Monthly Research Report indicates prime Dublin office rents are currently in the €50 psf range, however there are also negotiations in progress for units in excess of this figure. CBRE note that until there is a material increase in supply, prime rents will continue to increase. In addition, trends which are becoming more prominent in the office market include the sub-letting of leases and the assignment of surplus accommodation. CBRE Bi-Monthly Research Report, 30th June
Carton House: The Sunday Business Post believes that Kennedy Wilson is close to acquiring the four star, 165 bed Carton House hotel in Co. Kildare. The hotel incurred substantial debts in the 2000s whilst undergoing a redevelopment of c. €80m, with some of the hotel’s loans being transferred into NAMA. The hotel includes two golf courses which were designed by Colin Montgomerie and Mark O’Meara, while it is also the base of the Irish rugby team. The Sunday Business Post, 5th July
Lough Erne: Having closed the c. €8.4m purchase of the five star, 120 bed Lough Erne resort in the past week, the Saliba family are now hoping to establish a portfolio of Irish hotel assets. The US investors are also planning to invest as much as €9m to refurbish the Lough Erne resort, which has been awarded the 2017 Irish Open. The Sunday Business Post, 5th July
Monaghan Shopping Centre: Monaghan Shopping Centre has been brought to market by DTZ with a guide price of €10.1m. Rental income of €1.05m p.a, initial yield of c. 10%. Tesco are the anchor tenant and also own their unit. The WAULT of the centre is c. 5.4 years with only one vacant unit, which is to reopen shortly. The Irish Times, 1st July
Airside South Quarter: JLL have been appointed to handle the sale of two buildings in Swords, Co. Dublin known as Airside South Quarter, with a guide price of €12m. The four-storey buildings have an annual rent roll of c. €1.5m over c. 97,000 sq. ft. The tenants include TGI Fridays and Starbucks, with the upper floors of the front block used as a nightclub known as The Wright Venue. The Irish Independent, 1st July
Frascati Centre: The Roche family are to sell the Frascati Centre in Blackrock, Dublin, for c. €65m to a subsidiary of Invesco. The family previously ran the Roches Stores franchise before selling it to Debenhams for over €29m in 2006, whereby they retained the buildings as per the terms of the transaction. The Sunday Business Post, 5th July
Newbridge Site: The receiver Mazars has appointed Kelly Walsh in Dublin to sell a 21 acre site in Newbridge, Co. Kildare, with offers in excess of €5m being sought. The site has planning permission for 168 houses and 78 apartments and is located at The Meadow on Station Road. The Irish Times, 1st July
Boland’s Mill: Dublin City Council have approved the proposed €150m redevelopment of the Boland’s Mill site in Dublin’s docklands, which is being backed by NAMA. The successful applicant proposes to construct three residential / office blocks, as well as the redevelopment of the five derelict mill buildings, with the tallest building to be 53 metres high. The development is one of the first applications to be approved under the Docklands Strategic Development Zone scheme. The Irish Times, 3rd July
Licensing: In an attempt to offset the issues associated with the lack of development finance currently in the market, NAMA are to offer developers the licensing of development land. This practice is being tested on a 15 acre site in Maynooth, Co. Kildare. The purchaser of the site will only have to pay a deposit of €1.25m before they commence work on the site, with the balance to be paid within three years. In return, the developer will be required to start work on the site within six months and have 40 units for sale within 18 months. The Sunday Business Post, 5th July
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie