Cork Airport Business Park CBRE, on behalf of Henley Bartra, are guiding €6.75m and €4m for Buildings 6400 and 6700 respectively. Building 6400 extends to 46,616 sq. ft and is fully let to Amazon CS Ireland Limited at a current annual rent of €756,888, reflecting a net initial yield (NIY) of 10.2%. The lease runs until September 2027 and comes with 209 car-parking spaces. Neighbouring Building 6700 extends to 25,805 sq. ft and is fully let to Red Hat Limited, an IBM company, under three separate leases at a combined annual rent of €412,550. This equates to a 9.4% NIY based on the guide price of €4m. The leases run until February 2028 and come with 123 car-parking spaces. The properties were constructed in 2006, have a B3 energy rating and are offered for sale individually or combined. The Irish Independent, 19th June
Merrion Square, Dublin 2 36 Merrion Square is being offered to the market through Knight Frank at a guide price of €4m. Located on the east side of the square, it comprises a midterrace, four-storey over-basement Georgian building of 7,879 sq. ft with full vacant possession available from August. The property was built in 1790 and is a traditional Georgian build. Internally, the original period features have been retained to a high standard and include ceiling roses and ornate cornicing. While the property has been in office use for many years, it has clear potential for conversion back to its original use as a residential property subject to planning permission. The Irish Times, 18th June
Mahon Point, Cork City A €200m mixed-use investment in Munster’s largest retail complex, Mahon Point, is planned as the centre marks its 20th anniversary this year. Plans include 251 apartments, an office block for up to 580 workers, a new civic plaza/market square, a multi-storey car park, a discount retailer, and eight to 10 additional “bigger box” shops, including a very large unit to suit a major retailer. Planning permission is being sought this week for a phased development, and shift towards more mixed uses, to secure the centre’s position over the next two decades by Mahon Point’s owner Deka Immobilien, via Henry J Lyons’ architects. If approved, it will add approx. 140,000 sq. ft additional “demand-led” retail space, on top of the existing 350,000 sq. ft gross footprint at Mahon Point, plus the existing 45,000 sq. ft Omniplex. The centre is separate to Mahon Park Retail Park, which trades nearby. Deka acquired the 60-unit shopping centre with cinema and restaurants in 2005. The Irish Examiner, 19th June
Having paid €220m in March for the Oaktree portfolio, Realty Income Reit is poised to move into exclusivity in relation to the acquisition of the Trinity Collection, a portfolio comprising Belgard Retail Park in Tallaght, the M1 Retail Park in Drogheda and Poppyfield Retail Park in Clonmel. The proposed purchase price is said to be in line with the €120m guided by Cushman & Wakefield when it offered the portfolio to the market formally in April. Marlet Property Group and its funding partner M&G paid €78m to secure ownership of the schemes from Marathon Asset Management in September 2021. Since acquiring the portfolio, Marlet has engaged in an intensive asset management programme at all three locations with the overall rent roll having increased from €7m to more than €9m. The Irish Times, 18th June
Henry Street, Dublin 2 River Island has announced that its Henry Street store will close permanently on June 27th. DublinTown, the representative body for city centre businesses, said that while the River Island store will be a loss to the area, there may be potential interested parties in the space on Henry Street as there isn’t a “huge vacancy rate” on the street at present. The company operated 23 stores in Ireland last year. The company first entered the Irish market in 1993 with a store on Grafton Street, which will remain open. The Irish Independent, 17th June
Swords, Co. Dublin David Lloyd Leisure has submitted a planning application to Fingal County Council to develop a 50,500 sq. ft health, racquets and wellness club facility in Airside Retail Park. The move comes more than a year after its original plans were rejected over design and layout concerns. The two-storey club would include gym and fitness studios, heated indoor and outdoor swimming pools, a children’s soft play area, tennis facilities and a premium spa retreat. David Lloyd Leisure said the fresh planning bid followed a period of re-design as it sought to ensure the proposed leisure facility fits in with Fingal’s masterplan for the area. The fitness group operates 134 clubs including 105 in the UK and a further 29 in mainland Europe. The Sunday Independent, 22nd June
Citywest, Co. Dublin The government confirmed it has closed a €148.2m deal with Tetrarch Capital to buy the Citywest complex. The deal will include the 764-bedroom hotel, 12 meeting rooms, a large multi-purpose convention centre and a leisure centre with conferencing facilities. The state will also acquire a 16.5 acre site with planning permission for a solar farm, a 30 acre site with planning permission for a cemetery and land which contains telecommunications infrastructure. The Business Post, 17th June
Dublin Airport Dalata will give up the lease on the DAA owned Maldron Hotel at Dublin Airport after the competition watchdog approved its bid to acquire the nearby Radisson Blu hotel for €83m from CG Hotels Dublin Airport. The CCPC said on Wednesday it had cleared Dalata’s bid to buy the hotel subject to several conditions, one of which is that Dalata will have to surrender the lease on the nearby Maldron Hotel. Dalata said previously the Maldron lease is due to expire in January 2026. CG Hotels Dublin Airport is a subsidiary of CG Hotels, which is linked to Emerald Investment. The four-star hotel is on 4.4 acres to the east of Dublin Airport, comprising 229 bedrooms as well as meeting and events rooms. The Irish Times, 19th June
Baggot Street, Dublin 2 Peachbeach ULC has appealed An Coimisiún Pleanála’s decision to refuse permission for the demolition of the Tesco store building and to build a six-storey, 113-bed hotel. The proposed scheme was deemed “inappropriate in terms of the extensive demolition of historic facades along Baggotroth Place and Fitzwilliam Lane”. Similarly, the rejection said the development would “cause serious injury to the special architectural character and legibility of the Georgian conservation area”. The case is due to be decided by October 13th. The Business Post, 17th June
Waterford Airport Business Park A development site adjoining Waterford Airport is being offered for sale with industrial potential. Cushman & Wakefield is guiding in excess of €900,000 for the plot which is located just 10 minutes south of Waterford city. The 4.5 acre fully serviced greenfield development site is zoned objective ‘CD – Light Industry, Enterprise and Employment’, which also permits accommodation for high technology and manufacturing, among other uses. It benefits from a positive planning history with permission previously granted for six light industrial units. While this planning has lapsed, nevertheless it remains a strong precedent. The Irish Independent, 19th June
Clonskeagh, Dublin 6 River Dodder anglers and local residents are opposing plans by a Bain Capital-backed firm to construct 439 purpose-built student bed spaces at the former Smurfit Paper Mills site. In the plans lodged with DCC, Harley Issuer DAC is seeking permission for the 439 bed spaces across five blocks from one storey to part-seven-storeys along with 16 residential apartments. The large-scale residential development, located 1km north-west of UCD’s main campus at Belfield, also includes the extension and renovation of 14 existing residential dwellings at Clonskeagh Road. The Dodder Anglers Association states that it is very concerned the proposals “could damage the biodiversity of River Dodder green/blue corridor and are in breach with DCC’s biodiversity action plan as well as the EU Habitats Directive and Water Framework Directive”. The market for student accommodation provision in south Dublin is a lucrative one with UCD generating €42.8m in rental income from student residences on campus in 2024. The Irish Independent, 17th June
Drogheda, Co. Louth CBRE is guiding €8m for a 28.5 acre site in Drogheda with full planning permission for the development of 198 new homes (€40,400 per site). Located 2.9km from Drogheda’s town centre, the subject site is accessed from the newly constructed Port Access Northern Cross Route to the north and is bound by Twenties Lane to the west. The site is a five-minute drive to Junction 10 on the M1 motorway providing future residents with ready access to both Dublin and Belfast. The site is zoned ‘A2 – new residential’ in the Louth County Development Plan 2021-2027. The 198 homes were approved in two tranches of 99 units in separate planning applications to Louth County Council in 2023 and 2024 respectively. The Irish Times, 18th June
Ringaskiddy, Co. Cork A development site overlooking Cork Harbour, with flexible zoning and excellent transport links, is on the market in Ringaskiddy for €1.85m. Known as Paddy’s Point, the 6.74 acre waterfront site will have instant access to the new M28 motorway and is served by public transport. Zoning under the county development plan permits offices, educational facilities, and research and development. The site is just 800m from the under-construction M28 motorway, which should be completed in 2028. The new motorway is of critical importance to Ringaskiddy, which handles much of the region’s freight as Cork Harbour’s main deep-water port. The Irish Examiner, 19th June
House Price Inflation Asking prices for houses have risen by an average of 12.3% to €357,851 in the past year, according to the latest Daft.ie House Price Report. The report notes that this rate of inflation is the highest since the Central Bank’s mortgage-lending rules were introduced in 2015. The property website said asking prices nationally increased by 3% between April and late June of this year and are now 40% higher than at the outset of the Covid-19 pandemic in 2020. According to the report, since this time last year asking prices in Dublin have gone up in line with the national inflation figure of 12.3% (to €467,913), while house prices in Limerick city (+12.8% to €311,086) and Galway city (+12.5% to €426,348) have gone up by a similar figure. However, the research suggests Waterford city asking prices are 15.2% higher year-on-year at €276,420, with the increase for Cork coming in at 8.6% (to €369,938). Daft notes the number of second-hand homes available to buy across the country at the beginning of June was around 12,100, with this figure largely unchanged from a year ago and less than half the pre-covid average of almost 25,000. Rte.ie, 23rd June
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Askeaton, Co. Limerick Colliers is seeking €22m for a high-spec manufacturing facility, currently owned and operated by Wyeth Nutritionals Ireland, on 39.5 acres in Askeaton. The production plant and R&D centre are to be shut down on a phased basis. The property can be divided into three main buildings. To the southern end of the site is a state-of-the-art research and development facility which measures approx. 64,990 sq. ft, and includes offices over two storeys, laboratories, pilot processing areas and warehousing. There is an additional 21,387 sq. ft of warehousing, which sits adjacent the R&D facility. The second building comprises the main production and manufacturing area, while to the north of the production area there is a large high bay warehouse with adjoining ancillary warehousing, all measuring 167,265 sq. ft. In addition, Colliers is offering for sale a separate agricultural holding of 35.8 acres adjacent to the facility. The Irish Times, 11th June
Rathcoole, Co. Dublin Joint agents Coonan Property and Savills are guiding €6.55m for a 10.92-acre site with full planning permission for the development of six industrial units in Rathcoole. Located on Tay Lane and situated next to the well-established Greenogue Logistics Park and 2.3km from the N7/Rathcoole junction, the subject site comes with approval for the construction of 170,776 sq. ft of industrial space distributed across units ranging in size from 15,713 sq. ft to 41,452 sq. ft. Existing occupiers in the adjacent Greenogue Logistics Park include Uniphar, Fastway Couriers, Ikea’s first Irish customer distribution centre and Aldar Tissues’ newly developed manufacturing facility. The Irish Times, 11th June
Parnell Street, Dublin 1 Lisney is guiding more than €2.25m for The Parnell Heritage Bar & Grill, near the corner of O’Connell St and Parnell St. It is being sold by the Broder family who purchased it in 2010 for approx. €1m. They subsequently undertook a major investment and extended the premises to include Parnell Street’s only rooftop terrace bar, Captain Moonlight’s, as well as the Rua Cocktail Bar on the first floor. Located opposite the Rotunda Hospital and adjacent to Henry Street, The Parnell Heritage Bar & Grill extends to 7,535 sq. ft. The Irish Independent, 12th June
The Lough, Cork City Keane Mahony Smith is guiding €1.5m for the Hawthorn bar located on the perimeter of The Lough, a protected wildfowl and wildlife reserve in the city and near University College Cork. The bar and split-level lounge premises, with large, picture windows and outdoor screened seating, runs to 7,400 sq. ft over two levels. The sale includes a commercial kitchen, cold rooms, is fully licensed and planning compliant, and has a first-floor restaurant, currently trading as a Chinese restaurant, The Royal Palace, held on a 25-year lease from 2010 to 2035. Lease terms are not divulged. The Irish Examiner, 11th June
Townsend Street, Dublin 2 ORHRE Management Services Limited, a company operated by the Hyland family has applied for planning permission for a 484-bed hostel for 19-20 Lombard Street East and 112-113 and 114 Townsend Street. The site, which currently comprises derelict and vacant buildings, would be partially demolished and replaced with a 97-room hostel, with rooms featuring a mix of beds from two to ten. The development would rise between five and seven stories, set back, with a cafe or bar at the ground level and an extended basement. In an attached justification report supplied by John Spain Associates, they found that no other hostels are located within 500m of the site and only 13 within a 500m-1km radius of the site, but only three of these were south of Liffey. The Business Post, 15th June
South Great Georges Street, Dublin 2 The Wright Group has secured planning permission to turn Dylan McGrath’s former Rustic Stone restaurant in Dublin into a gastropub. The permission, granted by Dublin City Council to Mink Fusion Ltd, comes 10 months after both Rustic Stone and Brasserie Sixty Six, both located on South Great Georges Street, were shut down on the same day on August 15th 2024. Plans were lodged by Mink Fusion Ltd in February for the change of use application and the council delayed the project in April when it asked what the firm’s conservation proposals were for the property which is part of a Victorian commercial development dating from 1881. The most recent accounts for the Wright Group show that its pretax profits increased almost three-fold to €10.67m in the 12 months to the end of September 2023 as revenues surged by 38% to €49m. The group now employs over 700 people through a collection of over 24 restaurants, bars, food halls, cafes, event spaces and convenience retail. The Irish Times, 16th June
Glassworks, Waterford The flagship building of Ireland’s first university enterprise quarter was launched on the old Waterford Crystal manufacturing site this week. Building One at Glassworks will be the first milestone in what is expected to be a 37-acre enterprise and innovation campus that will feature world-class offices, strategically located beside the South East Technological University’s academic and research space facilities. Building One, with space for 800 employees and approx. 80,000 sq. ft, is being developed with a €43m investment by a joint venture formed between the Ireland Strategic Investment Fund and Frisby, the Waterford-based developers. According to Frisby, it is Waterford’s first purpose-built, A3-rated office building and will be followed by other equally sustainable office buildings on the 37-acre site. The Business Post, 14th June
Sandyford, Dublin 18 Knight Frank is guiding in excess of €2.39m (10% NIY) for three combined office suites in Sandyford Business District. They comprise numbers 15, 16 and 18 The Courtyard, on the intersection of Carmanhall Road and Ballymoss Road, located between the Luas green line station and Beacon South Quarter shopping centre. Sitting atop The Courtyard office development, their combined floor areas extend to a total gross internal area of 8,325 sq. ft. They have also been recently fully let to a subsidiary of Azets Ireland at a passing rent of €262,530 pa until March 2028. The property is held on two co-terminus three-year leases commencing in March 2025. The sale also includes 13 dedicated secure basement car-parking spaces. The Irish Independent, 12th June
Dublin Airport ESB International is moving out of its office at Dublin Airport and back into the city centre, it is understood. In 2017, the firm had relocated its head office and 500 staff to the then newly refurbished high-spec office at DAA’s Dublin Airport Central development. The location of the building, next to Terminal 2, was said at the time to have been a key reason for a company that has many overseas operations. But there is speculation that one of the reasons for the move back to a city centre location was that ESB International had found it difficult to encourage staff members who have been working at home since the end of the Covid pandemic to return to the office, and that it was felt this would be easier to achieve in a city-centre location. ESB International arrived in 2017 as the original anchor tenant at Dublin Airport Central. Two further buildings have since been built next to the original buildings and plans for two more will bring the overall scale of offices at the campus to over 430,000 sq. ft. It is understood that DAA has not yet received any formal notice from ESB International regarding a change in their tenancy. The Sunday Independent, 15th June
EastPoint Business Park, Dublin 3 JLL are bringing two vacant buildings, Pinnacle 1 and Pinnacle 2, to the market at EastPoint Business Park. Pinnacle 1, which extends to 39,583 sq. ft, has just received a grant of planning permission for medical use and has 34 car spaces. Pinnacle 2 is a 109,372 sq. ft. office building with 70 car spaces. Both buildings provide modern specification and are rated B2. They were recently occupied by Google and Deutsche Bank. Price on application but both buildings are likely to be available at well below their replacement cost and provide high profile, good quality accommodation. They are also available to lease. JLL Press Release, 10th June
Fleet Street, Dublin 2 Colliers has completed the sale of the eight-storey mixed-use building, 48 Fleet Street, for a figure exceeding its €3.25m guide price. It is believed that the purchaser intends to apply for a change of use of its office floors to residential apartments as he has experience of similar conversions. Colliers noted that about two out of every three offers received were from prospective purchasers who wished to convert the upstairs floors to residential. The ground and basement levels are currently leased to Carrolls Irish Gifts Unlimited until 2033, generating €60,000 pa. Some of the office space is also generating income. The building is located near the Westmoreland St entrance to Temple Bar. The Irish Independent, 12th June
Jacob’s Island, Co. Cork The €750m development of Jacob’s Island into a neighbourhood-scale Cork city suburban destination picked up pace this week as work got underway to build 149 apartments. The latest phase in the ambitious multi-phase Mahon peninsula project follows on from the official opening last month of the Crawford Centre, an apartment block that delivered 69 social homes, a creche and three ground-floor retail units. The homes, built by OBR Construction on behalf of McCarthy Developments and approved housing body Respond, are already home to up to 200 tenants. Respond is also partnering on the 149-unit cost-rental scheme, which is expected to be completed in 27-31 months. It will bring the total number of homes on Jacob’s Island up to about 650. The Examiner, 12th June
Dundalk, Co. Louth Glenveagh Homes has challenged local councillors over the zoning of a prime residential development site, insisting the contentious plot remains earmarked for housing despite efforts to alter its status. In November, Louth councillors voted to de-zone the land for residential purposes and make it a “strategic reserve” in the Dundalk Local Area Plan. In March, councillors voted to confirm the de-zoning despite an intervention from the planning regulator. Glenveagh launched a judicial review of the decision in April. However, in Glenveagh’s latest planning application for 502 units, consultants said the Louth County Development Plan “takes precedence” over the Dundalk Local Area Plan. The site first got planning permission for 483 homes in 2019, but this expired at the beginning of the year. The Sunday Independent, 15th June
Forestry Portfolio, Clare and Galway Lisney is seeking offers in excess of €5m for a significant forestry portfolio in Clare and Galway. Known as the Project West Forestry portfolio, it spans approx. 1,109 acres. The portfolio comprises nine properties, most of which are located in Co. Clare, with two in east Galway. The Co. Clare land accounts for about 70% of the total area, with the remainder in Galway. Sitka spruce represents around 75% of the forest cover, with ash accounting for 9%. The remainder includes a mix of mainly hardwood species such as oak, alder, and sycamore. Boosting Ireland’s forestry coverage is a goal of the Irish Government, through the Forestry Programme 2023–2027, which is supported by €308m in State aid. Its goal is to increase forest cover from the current 12% to 18% by 2027. The Irish Times, 11th June
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Athlone, Co. Westmeath JLL has brought a high-quality industrial building and a 5.7-acre site on Moydrum Road in Athlone to market guiding €7.3m. The property extends to approx. 111,000 sq. ft and is situated just off junction 9 of the N6. It is fully let to Heat Merchants on a 10-year lease from June 2022 with a current passing rent of €450,000 pa. In addition, an adjoining site of approximately 5.7 acres is available for sale, which offers further opportunities for development in the area. The site is zoned “employment and enterprise” under the Athlone Town Development Plan 2014-2020 (current plan). The Business Post, 4th June
South Docklands, Dublin 2 Zara Founder Amancio Ortega’s investment firm Pontegadea has bought a 68,286 sq. ft office building in Dublin’s south docklands for almost €70m from US property group Kennedy Wilson and Nama, according to sources. The deal to buy Ten Hannover Quay, a grade A office development let out to Fiserv, closed last week, the sources said. It marks Nama’s final exit from the capital’s docklands. Fiserv is paying €57.50 psf, almost €3.93m pa, with a rent review scheduled for 2027, according to an information memorandum distributed by CBRE and Savills, who handled the sale of the building. The Irish Times, 4th June
Swords, Co. Dublin The HSE has acquired a prime development site in Seatown, Swords for in excess of €20m. The price paid represents a slight premium on the €19m Knight Frank had been guiding when it offered the property to the market in January 2024. The 16-acre site at Swords Business Park, which is close to a proposed stop on the Metrolink service, includes a 200,000 sq. ft office building, which was originally constructed in 1996. The building was formerly occupied by car rental company Hertz who put the property up for sale last year with a view to relocating its Irish operations to a smaller office facility. As well as being close to the proposed Seatown stop on the Metrolink, which is due to start construction in 2027, the site is also located within 500 metres of the main street in Swords village. The Irish Times, 4th June
Swords Road, Dublin 17 Colliers is guiding €6m for Block 3 at Woodford Business Park on the Swords Road near Dublin Airport. Block 3 is fully let to a tenant line-up consisting of Concentrix, the OPW and J2 Global, and is generating an overall rental income of €960,927 a year. Should a sale proceed at the guide price, the buyer would be in line for net initial yield of approx. 14.5% and a capital value of €128 per sq. ft, which is significantly below replacement cost. The site offers the occupier immediate access to the M1 and M50 motorways. The investment briefly comprises three two-storey, terraced office blocks, and extends to a total gross internal area of 46,856 sq. ft with 165 car-parking spaces. The Irish Times, 4th June
Citywest, Dublin 24 2022 Bianconi Avenue is for sale through TWM at €9m (€116 psf), a sizeable reduction on its 2022 sale price of €37m. 2022 Bianconi Avenue is one of only four properties in Citywest Business Campus with direct frontage on to the N7. Eir opted to move its headquarters from Dublin city centre to the property back in 2018, but it is now available for sale with the benefit of vacant possession. The property comprises a large building extending to 77,490 sq. ft with a BER rating of C3, set on a site extending to 5.76 acres, representing a site coverage of only 13.31%. The sale includes 260 surface-level car-parking spaces, affording an incoming purchaser extensive redevelopment options subject to planning permission. The Irish Times, 4th June
Monivea Road, Co. Galway The value of the new headquarters for Galway City Council has already decreased by approx. €8m, but the local authority said the move is still the most economical option. Acquired in December 2022, Crown Square on the Monivea Road is expected to become the council’s civic offices by the end of 2026. The local authority explained the building has seen its valuation decline from €36m in early 2022 to €28-29m as of May 2025. However, they added that over its 40-year life cycle, the property’s value is expected to exceed the original €36m purchase price. The move will avoid a combined estimated cost of €107m by consolidating four existing office sites into one. Refurbishing and expanding the current City Hall on College Road, which is no longer fit for purpose, was projected to cost €69m. In addition, a further €38m would have been required to temporarily relocate staff to suitable office space during the works. The Irish Independent, 4th June
St Stephens Green, Dublin 2 Vodafone Ireland is to move its headquarters to the city centre next year, leaving the Sandyford location it has occupied for more than two decades. The company said it would relocate to 70 St Stephen’s Green as the building’s sole occupant from April next year. The lease on its Mountainview building in Central Park, Sandyford, was due to expire or renew in 2026. Vodafone announced the move to Mountainview in May 2002. More than 2,000 people work with Vodafone in Ireland, and almost half are currently based at its headquarters, with the company operating a hybrid policy that has staff in the office between eight and 10 days a month. The Irish Times, 6th June
Building One Glassworks, Waterford The first building in what is being billed as Ireland’s first co-located university enterprise quarter has been launched on the site of the former Waterford Crystal factory site on Waterford City’s Cork Road. Extending to 80,000 sq. ft across four floors of LEED Gold, WiredScore Gold and A3 Ber-rated office space, Building One at Glassworks can accommodate approximately 800 workers. The property offers occupiers flexible floor plates ranging in size from 1,400 sq. ft to 17,000 sq. ft and lettings are being managed by Cushman and Wakefield. Located next to the South East Technological University’s (SETU) academic and research facilities, the IDA Business & Technology Park and the IDA Industrial Park, the Glassworks development is aiming to emulate the success of other university-enterprise quarters internationally. Building One forms part of the wider 37-acre Glassworks campus, which upon completion, is expected to have capacity for a 6,000-strong workforce. The Irish Times, 10th June
South William Street, Dublin 2 Balrath Investments has sought permission to convert the four-storey Maryland House vacant office building to 44 bedrooms providing 273 hostel beds, documents filed with Dublin City Council show. The plans also include converting the basement and ground floor levels from car park and retail use into a restaurant of 4,055 sq. ft, fronting onto Drury Street. Balrath bought Maryland House, the former AA office building, on South William Street and the adjoining 50-51 Drury Street property for a reported €10m in 2022. An assessment sent to Dublin City Council by Brock McClure as part of the application noted there is a specific shortage of hostel beds, which currently represent only a small fraction (2.4%) of available tourist accommodation bedrooms. The Business Post, 5th June
Dock Road, Limerick Savills and Power Property are seeking €4.5m for development land in Limerick Docklands, which is the focus of an ambitious regeneration project. The 20.7-acre site, just north of the N18 and 2.5km west of the city centre, is strategically located off the Dock Road, at the heart of a well-established light industrial and commercial hub. Transport links are excellent, via the nearby M20 and M7 motorways with access to sea routes also close by, via Limerick Port and Foynes Port, bolstering the area’s appeal as a logistics and industrial hub. Under the Limerick Development Plan 2022- 2028, the land is zoned ‘enterprise and employment” in the plan, with an objective to provide for, and improve, general enterprise, employment, and business and commercial activities. The Examiner, 4th June
Rochestown, Co. Cork Savills is guiding €3.75m for a 7.2-acre development site at the foot of Clarke’s Hill in Rochestown. This is the second time it has been offered, after a gap of five years, and at the same price point. Aperee were the purchasers in 2020, paying 20% over the then guide price of €3.75m, or €4.75m, for the entire, the development land, and an unoccupied c 1970s, 2,500 sq. ft family home in a prime position. Aperee signed contracts and the sale of the original family house closed out as planned. However, Aperee never got to close out on the sale of the land portion. It did get planning for a 100-bed nursing home and 47 independent residential units, consisting of 27 apartments in two blocks and 20 townhouses. Meanwhile, the 1970s-era family home on a portion of the 7.3 acres, and which had successfully sold, was bought back from Aperee’s receiver after being put for sale last year for a purchase sum close to €550,000. The Examiner, 5th June
Arklow, Co. Wicklow Lioncor has submitted a planning application for 666 residential units in Arklow town. Within easy access of the M11, the development will include 578 houses, of which 317 will be three-beds, 161 four-beds and 100 two-beds. In addition, there will be 88 apartments comprising 24 one-beds, 51 two-beds and 13 three-beds. To cater for the residents, a local centre will accommodate three retail units, three community/medical units and a crèche. More than a thousand car-parking spaces will see 1,126 allocated for residential occupiers and 59 allocated to the local centre. The project is part of a larger development which Lioncor plans. It will ultimately see 1,500 dwellings and include two new schools. Earlier this year, Lioncor secured a grant of planning permission for 84 units on the site. The Irish Independent, 5th June
Dublin City, Dublin 2 An Bord Pleanála has approved plans by the O’Callaghan hotel group to demolish derelict buildings and build 82 new apartments in Dublin city centre. The planning body last week upheld permission, with revised conditions, to demolish a number of buildings on Fenian Street, Bass Place and Sandwith Street Upper in Dublin 2. The plans for the half-acre site, consisting of nine two-storey terraced houses and a commercial warehouse, had been approved despite significant opposition from homeowners in the vicinity. The Business Post, 9th June
Ashford, Co. Wicklow Ballylusk Quarry, famous for its quartzite stone, is being offered for sale through Lisney, along with adjoining properties and plant and machinery, for €4.25m. Located just over 3km south of Ashford village, Co Wicklow, the sale offers a turn-key business opportunity which has traded as O’Reilly Bros Wicklow Ltd. With significant reserves, the quarry area itself extends to 20.87 acres and produces quartzite stone for landscaping and site development, with a smaller volume of granite for ornamental and reconstituted uses such as gravel for driveways. In addition to an aggregate processing plant, the quarry comes with a bagging shed, office, maintenance/storage shed and weighbridge. The quarry also has the advantage of being surrounded by Coillte forestry. Also included in the sale are two plots of agricultural land, one of 7.87 acres and the other of 2.41 acres, and a 2,690 sq. ft industrial shed set on a 0.36-acre site. The Irish Independent, 5th June
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Johnson’s Court, Dublin 2 Paul Sheeran Jewellers is set to relocate its jewellery and diamond business from its original home just off Grafton Street to a larger premises near Chatham Street. Number 7-8 Johnson’s Court is being offered to the market by Colliers and JLL at a guide price of €5.5m. The property is alternatively available to let at an annual rent of €275,000. Located on the pedestrianised thoroughfare linking Grafton Street with Clarendon Street, 7-8 Johnson’s Court comprises 4,500 sq. ft of space distributed across three floors over basement level. The agents say it could also accommodate alternative uses such as a restaurant, entertainment venue, or a licensed premises, subject to planning permission. To facilitate that potential, a planning application is now being submitted seeking approval for a change of use to an entertainment/food and beverage venue. The Irish Times, 28th May
Balbriggan, Co. Dublin Savills is guiding €5m for a bank branch let to Bank of Ireland. This guide equates to a 9.05% net initial yield (NIY) which will increase to 9.68% in April 2028 and 10.36% in July 2029 due to fixed rental uplifts. Located at 24/26 Dublin Street and comprising a modern retail building extending to 7,826 sq. ft it is currently producing a total passing rent of €497,324 pa, with a WAULT of 8.56 years. It is let under two leases which feature upward-only rent reviews linked to the higher of the open market rent or fixed 15% uplifts. These terms provide secure rental growth for investors. Located on a 0.46-acre site which includes 31 car-parking spaces, it was redeveloped in 2008 and holds a BER B3 energy rating. The Irish Independent, 29th May
Donaghmede, Dublin 13 Savills is guiding €3m for the Grange Clinic in Donaghmede. The Grange Clinic is fully occupied and produces a rent of €247,558 pa with a WAULT of 4.15 years. Extending to 13,409 sq. ft over three floors, the ground floor comprises three retail units let to Boots Pharmacy, Grange Barber and Sima café. Occupiers on the upper floors include Smart Dental. Located on a 0.3-acre site including 25 car spaces to the rear, the property occupies a high-profile position on Grange Road, adjacent to the high footfall Donaghmede Shopping Centre. While the leases for two tenants, Boots and Grange Clinic, expire in 2028, Savills note that 38% of the occupiers have been there for over 10 years and 62% have been in occupation for over five years. The Irish Independent, 29th May
Dalata A consortium including Sweden’s Pandox and Norway’s Eiendomsspar has submitted a non-binding bid for Dalata which values the Dublin-based hospitality operator at €1.3bn. The bid value of €6.05 per share represents a 27.1% premium to Dalata’s stock before it announced a sale process in March. Eiendomsspar already owns approx. 8.8% of Dalata’s shares. Ireland’s largest hotel operator hired Rothschild & Co. to advise on options including a sale earlier this year, citing a lacklustre share price that did not reflect the underlying value of the business. The bidders haven’t participated in that sale process to date and have formulated their proposal independently. They are also currently in negotiations with a “reputable European hotel operator” to conclude a framework agreement for the operation of the Dalata hotels should the deal go ahead. The Business Post, 3rd June
Harcourt Street, Dublin 2 Knight Frank is guiding €4.5m for Clonmell House, a prime Georgian building located at 17 Harcourt Street. Extending to 8,811 sq. ft across four floors over basement level, along with a mews to the rear, the building is predominantly in office use. The basement of Clonmell House and first floor of the mews is let to Vaugirard, a designated activity company under two separate leases with the basement in use as a bar/nightclub. The car park to the rear accommodates 10 parking spaces and is accessed via Montague Lane. Both leases are for a term of 25 years from January 11th, 2016, with a passing rent of €55,700 and €8,000 respectively. The sale will not affect the tenants currently occupying the building. The Irish Times, 28th May
Molesworth Street, Dublin 2 Knight Frank is guiding €4m for Molesworth House, a five-storey over-basement building with a NIA of 9,264 sq. ft (€432 psf). The building has dual access and frontage on to Molesworth Street and South Frederick Street, and gated rear access via Dawson Lane. The property comprises retail and office accommodation, and includes options for refurbishment, rooftop extension or full redevelopment, subject to planning permission. The building is 63% vacant. It is partially let to Mitsui & Co Europe Plc and M&T Aviation, generating a combined passing rent of €167,000 pa. Both tenants have signed deeds of renunciation, offering the prospective purchaser the option of securing vacant possession. The Irish Times, 28th May
Donnybrook, Dublin 4 Jones Investments has engaged Savills and Agar to sell the former AIB building at a guide price of €2.5m. The property is alternatively being made available to let at an annual rent of €180,000. Located at the junction of Morehampton Road and Marlborough Road, the property comes to the market with the benefit of two grants of planning permission in place. The first permits the use of the building for grocery retail with ancillary off-licence and stores. The second permits restaurant/cafe use and upper-floor medical/office use. The property has 17.5m of frontage on to Morehampton Road and a total of 3,928 sq. ft of space distributed across ground and first-floor levels. The building has had bespoke feature glazing installed by the owner and is being offered to the market in shell condition, ready for fitout by a new owner or occupier. The Irish Times, 28th May
Longford Town Arrow Capital Partners has retained TWM and CBRE as joint agents for the former Masterlink Logistics facility in Longford. The property is available for sale with the benefit of vacant possession at a guide price of €9.75m, or to let on flexible lease terms at €6.50 psf. Positioned on a 9.44-acre site on the outskirts of Longford town, the building comprises a detached high-bay warehouse of 139,225 sq. ft and two-storey offices of 8,580 sq. ft (€66 psf guide price). The warehouse is of steel-frame construction with reinforced concrete flooring and an insulated metal deck roof and is divided into ambient and bonded sections. It has a clear internal height of 9m, with access via 15 dock levellers and eight grade-level doors. The Irish Times, 28th May
Dublin Airport Business Park, Dublin 9 Palm Logistics is seeking an occupier for a detached logistics facility at Dublin Airport Business Park. Unit D1, available for let through Cushman & Wakefield and Savills, extends to 92,483 sq. ft and comes with 30 dock levellers and two grade-level roller shutter doors that open on to a 34m-deep yard. The warehouse has a clear internal height of 9m throughout and is equipped with high-bay LED lighting. The property will be available for immediate occupancy in the final quarter of this year following an extensive refurbishment programme. Unit D1 is targeting a minimum Ber rating of A3. The Irish Times, 28th May
Burlington Road, Dublin 4 Fine Grain Property has commenced the transformational repositioning of Connaught House. In line with its strategy to deliver sustainable, high-performance workplaces, Fine Grain will invest over €10m to upgrade the building’s environmental credentials, foster biodiversity, and revitalise communal and public spaces for the benefit of tenants and visitors alike. MCA Architects have been appointed to lead the redevelopment. Lauder Teacher Press Release, 3rd June
Spencer Place, Dublin 1 Ardstone Capital is set to pay €177m to acquire Spencer Place, the high-end residential scheme developed by Ronan Group Real Estate. The first round of bidding saw seven parties either bidding or expressing their interest in the scheme. Offers for the portfolio are understood to have come in at €160m to €170m in the first round. Should Ardstone Capital complete its acquisition of Spencer Place for €177m, it stands to secure a yield of 4.9% on its investment. The portfolio that is now being sold comprises 393 apartments arranged across three blocks along with a range of facilities that include coworking area, bookable kitchen, gym, cinema, top-floor communal areas, 78 car-parking spaces and 828 bicycle parking spaces. The Irish Times, 28th May
Balbriggan, Co. Dublin Grimes are inviting parties with an interest in purchasing 37.5 acres of Zoned Residential Development Land at Flemington Lane, Balbriggan to submit a best bid prior to 12 noon on Wednesday 11th June 2025. The guide price is €18.75m (€500,000 per acre). The lands are currently in agricultural use and laid out in 4 divisions, are generally level in topography and well drained. The entirety of the lands are zoned Residential and are located within the Flemington Local Area Plan (“LAP”) adopted in December 2024. Grimes Press Release, 27th May
Corbally, Co. Limerick Development land with the potential to deliver almost 70 homes is on the market, with Savills seeking offers in excess of €2.75m. The greenfield site, on the Mill Road in Corbally, is just over 20.3 acres, of which 4.7 acres is zoned “new residential”. The prescribed residential density, under the current Limerick Development Plan (2022-2028), is for approx. 14 homes per acre. The remaining land, just over 15 acres, is zoned for public open space. Last year, development land sold in Lower Park, Corbally, for €485,000 per acre. The council has carried out significant improvements to the neighbourhood road infrastructure since the same site came to market three or four years ago. The Irish Examiner, 29th May
Cork City Plans have been unveiled to take traffic off the main gateway road into Cork City. The details of the €20m-plus project are contained in planning documents that have been published by Cork City Council for public consultation. If approved, it will transform Horgan’s Quay from a traffic centric corridor into a pedestrian-friendly riverside promenade, bookended by public parks. A key element of the project will involve the relocation of the existing N8 national road, which carries traffic city-bound along Horgan’s Quay, away from the water’s edge, to facilitate the creation of a promenade on the waterfront. The project will require land acquisition, most of which involves the Port of Cork and Iarnrod Eireann, but the council has had extensive engagement with both state bodies already. The Examiner, 29th May
Galway City Galway Harbour Company and the LDA have launched a public consultation on the redevelopment of Galway Inner Harbour, including proposals for 350 homes at the new Amharc Atalia development. The homes will be built on a 3.4-hectare site within the inner harbour, the transfer of which was agreed in principle last year and which include plans for cost rental and social housing, a creche and three retail or café units. GHC owns and operates the Port of Galway, which it is looking to develop into a mixed-use city centre urban quarter as part of the Galway City Development Plan, which includes the construction of a new port complex in deeper water, allowing redevelopment of the inner harbour as a mixed-use residential, commercial and recreational area. Bisnow, 2nd June
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Britain Quay, Dublin City Centre The German investor MEAG is understood to be closing in on the purchase for approx. €50m of a prime office investment in Dublin’s south docklands from Hibernia Real Estate Group. The company, which acts as asset manager for the Munich RE Group and ERGO with approx. €310bn in AUM, is said by sources to have agreed heads of terms for Central Quay, a 59,861 sq. ft six-storey over-basement office building on Britain Quay. The subject property has undergone a significant programme of refurbishment since being acquired by the then Hibernia Reit for €51.3m in 2016. Approx. €3.4m is now being generated from a diverse mix of occupiers. This figure includes a fit-out rent of €250k pa (first floor until April 2028) and a proposed 12-month rental underwrite for the second floor, which is vacant currently. The current tenant line-up includes DAE (Dubai Aerospace Enterprise), Hines, global investment manager Millennium Operations Limited, international law firm Fragomen, and leading insurance provider Europ Assistance. The WAULT is just under six years and MEAG stands to secure a yield of approx. 6.25% on its investment. The Irish Times, 28th June
Monkstown, South Dublin Located on Abbey Road, Ballintle Court in Monkstown comprises a purpose-built student accommodation (PBSA) facility constructed in the 1990s. Guiding at a price of €2m through Colliers, the property, which is being sold with the benefit of full vacant possession, consists of two buildings on a secure 0.2-acre site. Each building has four units with three en suite bedrooms and a kitchen/living area. The units include 21 single bedrooms and three double bedrooms, giving a total of 27 bedspaces. The Irish Times, 28th June
Fáilte Ireland has dramatically revised downwards the level of beds occupied by refugees and asylum seekers in hotels and other accommodation providers registered with the tourism body. The move follows an examination by Fáilte Ireland of data put together by the Department of Integration in April, which estimated that 28% of all beds registered with the tourism body was contracted to the State. The new estimate is that 13% of all tourism bed stock in premises that are registered with Fáilte Ireland is contracted out to the State. The overestimate is understood to have been caused by modelling which assumed that all accommodation stock was registered to Fáilte Ireland. Fáilte Ireland also revised how it estimates the impact on the tourism sector economically. Previously, this had been measured at approx. €1.1bn. However, the updated assessment from Fáilte Ireland says this is now estimated as a range, between €700m and €1.1bn. The new findings do not revise the absolute numbers of people accommodated in Ireland, with 76,143 beds under contract, and 29,555 in Fáilte Ireland properties. The Irish Times, 1st July
Camden Street, Dublin 8 JD Wetherspoon’s pub and hotel on Dublin’s Camden Street is facing an uphill battle to reopen a beer garden after objections from local residents about anti-social behaviour. The British pub chain, which opened the Keavan’s Port hotel and pub after a redevelopment two years ago, is also in the spotlight of Dublin City Council (DCC), which has served two enforcement notices on it for breach of planning. JD Wetherspoon closed its beer garden temporarily in April last year after DCC issued an enforcement notice and there was legal correspondence from local people. A new planning application to erect a 13-metre-high “acoustic sound barrier” wall is being seen as a move to reopen the garden and is being met with stiff opposition. The Irish Independent, 29th June
Online Auctions A variety of commercial and investment properties will be auctioned by BidX1. The most valuable of them is the Bull Ring mixed-use building at 67-70 Meath Street, Dublin 8, in Dublin’s Liberties, which has had its guide price reduced to €1.8m. Two tenants occupy the ground floor and another tenant has a first-floor office, bringing the total current rent reserved to €135k pa (NIY 6.8%). In 2017 the Bull Ring went for private treaty sale with a €3.75m guide price, and the following year BidX1 offered it for auction with a €3.3m guide price. Then last year it was again offered in a private treaty sale for €2.6m. The Business Post, 1st July
Ringsend, Dublin 4 The National Asset Management Agency (Nama) has sold its remaining 20% stake in the former Irish Glass Bottle site to a consortium led by developer Johnny Ronan. The agency’s shareholding is being acquired by Pembroke Ventures DAC, the majority 80% shareholder of the lands at Poolbeg in Dublin 4. Pembroke has now taken 100% ownership of the project and will oversee completion of the transformation of the Poolbeg West Strategic Development Zone, Nama said in a statement. The Business Post, 30th June
Cost Rental Housing Darragh O’Brien, the Minister for Housing, has promised that the state will “ramp up” the delivery of cost rental housing using low interest rate finance. Cost rental prices have to be at least 25% below market for non-social housing tenants and are a key part of the state’s strategy to make housing more affordable for “generation rent.” O’Brien was speaking at the launch of the annual report of the Housing Finance Agency, the semi-state body which lent out approx. €1.2bn to councils and affordable housing bodies. This funding helped to deliver a total of 3,353 homes last year, including 2889 social homes and 464 cost rental homes. The Business Post, 28th June
Rent in Ireland Rents for new tenancies rose by 7.6% on an annualised basis in the final quarter of 2022, new data from the RTB has shown. The national standardised average rent in Ireland was €1,507 in the fourth quarter of 2022. The figure is based on rents charged in 15,868 new tenancy registrations. Between the third and fourth quarter of last year, rents rose by 2%. Rents for new tenancies were highest in Dublin, with the average new tenancy costing €2,063 per month, up 6.9% in the year. The Business Post, 28th June
Presentation Road, Galway The sale of the former Presentation Convent site in Galway City is expected to see interest from a mix of developers, investors and potential occupiers. The subject property, which is being marketed as a redevelopment and refurbishment opportunity, is being offered to the market by agent Avison Young at a guide price of €2.5m. Located on Presentation Road and just a short walk from Eyre Square, Shop Street and Spanish Arch in the centre of the city, the 1.32-acre site comprises several substantial properties including the period Presentation Convent building (25 bedrooms), together with the former Our Lady’s College secondary school and Presentation national school, extending to a total area of 41,210 sq. ft. The Irish Times, 28th June
Kildare Town, Co Kildare A developer has succeeded in its High Court challenge to An Bord Pleanála’s refusal of planning permission for a 64-home scheme in Co Kildare. Ms. Justice Siobhán Phelan proposed making an order overturning the planning board’s decision to reject Keshmore Homes Ltd’s planning application for housing at a site in Kildare town. The Irish Times, 30th June
Dolphin’s Barn, Dublin 8 The construction of more than 540 social and cost-rental apartments at the site of the St Teresa’s Gardens flat complex in Dolphin’s Barn, Dublin 8, including a 15-storey block, has been granted permission by An Bord Pleanála. Three years ago, the LDA announced it was taking on the redevelopment of St Teresa’s Gardens, 15 years after Dublin City Council proposed to redevelop the dilapidated 1950s flat complex. Initially the LDA intended to build 700 apartments on the site in blocks up to 22-storeys tall, but it scaled back these plans following local and political opposition, eventually making an application in December of last year for 543 homes, of which just under 500 will be one- and two-bedroom apartments in blocks up to 15-storeys tall. Just over 70% of the apartments will be cost-rental homes. The rest of the apartments will be allocated to tenants on the city council’s social housing waiting list. Most of the apartments, 274, will have two bedrooms, with 225 one-bedroom apartments and 44 three-bedroom apartments. The site, located off Donore Avenue, covers an area of 4.3 acres. The Irish Times, 29th June
Clongriffin, North Dublin The State-owned LDA has struck a deal to pay more than €40m to “bad bank” Nama to advance plans for as many as 2,500 “affordable” homes in north Co Dublin. The development at Clongriffin will be the biggest single State housing project in decades, with building costs approx. €1.2bn. The aim is to provide “cost-rental” apartments with rents typically set 30% below market rates, although the LDA will not be on site for another year and must go to public tender for the building work. The deal will see the LDA buy a 24.7-acre property that was long under the control of developer Gerry Gannon, a Nama client who tried to sell the land two years ago. The agency will also buy lands surrounded by the Gannon properties that were controlled by another Nama client, Barina Construction, which is in receivership. The Gannon site has planning permission for 1,823 homes and a 209-bedroom hotel, in a stalled development known as Project Capital North. The 15-block project includes permission for more than 236,805 sq. ft of commercial space. The LDA believes there is potential for another 700 homes on the former Barina property. The Irish Times, 3rd July
Coolock, Co Dublin Approx. €104m in Government funding to build 853 new social and affordable homes at Oscar Traynor Road in Coolock, Dublin has been approved. The long-awaited scheme comprising of social housing homes (40%), cost rental homes (40%) and affordable purchase homes (20%) is a collaboration between Dublin City Council, Clúid Housing and the Department of Housing. The developer is Glenveagh. The scheme will include 240 houses and 613 apartments and duplex units up to six storeys tall. The total cost of the scheme is estimated at €357m. The Irish Times, 28th June
Jamestown Business Park, Dublin 11 Plans for the regeneration of 106 acres of industrial lands to the north of Finglas village to provide homes for up to 8,000 people have been approved by Dublin city councillors. The Jamestown Masterplan will govern the redevelopment of Jamestown Business Park and surrounding lands, to the east of the planned Finglas Luas line, with the potential for 3,500-3,800 homes, a primary school and employment, cultural and community facilities. Overall, the lands have been planned out with a ratio of 65% residential and 25% employment or commercial development, with the remainder to be used for community, education and ancillary facilities. The Irish Times, 3rd July
Housing Market Approx. 6,000 tenancies were lost in the rental market in the first six months of 2023, according to data from Sherry FitzGerald. House price growth, meanwhile, continues to slow in the face of higher borrowing costs. In its latest quarterly report on the Irish property market, the State’s largest real estate agent estimated that the price of a second-hand home in the Republic rose by 3.4% in the 12 months to June, down from a rate of approx. 10% this time last year. The official property price register, which is based on actual transactions, put the annual rate of inflation for all property types at 3.6% in April. Sales volumes continued to exceed pre-pandemic levels with 12,500 housing transactions recorded in the first quarter, as per the property price register. This represents a 2% increase compared to the same quarter in 2022 and an 11.3% increase compared to the opening quarter of 2020. The new homes market displayed continued growth in transaction activity during the first three months of 2023, recording an 11.3% increase. In the first six months of the year 35% of vendors were investors selling their properties. This would suggest a net loss of approx. 6,000 tenancies from the rental market in the first six months of 2023. The Irish Times, 4th July
Celbridge, Co Kildare Two companies owned by Steven Dunne are unable currently to pay their debts, a judge was told. Barrister Ross Gorman told Judge John O’Connor in the Circuit Civil Court that Mr. Dunne was seeking the appointment of an interim examiner to property development and construction company Aterna Developments and related firm Aterna Lee on the application of the latter company. The judge appointed Interpath Advisory Dublin, as interim examiner to both companies. The main project undertaken by Aterna Developments was a Celbridge development of 75 houses and apartments to provide critically needed social housing for Kildare County Council, which would lease the completed homes. The Celbridge project had been split into two phases, firstly the building of 29 houses and then the build of another 22 houses with 24 apartments and duplexes. Blacklough Construction had been appointed to complete the works but was placed into liquidation earlier this year. Kildare County Council received approval from the Department of Housing to enter long-term leases for the 75 units. The Irish Times, 3rd July
Cairn Homes Results Ireland’s largest housebuilder recorded a strong performance in the first half of the year, while “persistent” inflation showed some signs of moderating. Cairn Homes generated core revenue of €215m in the first six months of the year, down from €240m reported in the same period in 2022. The company also closed 535 new homes sales. This was slightly below the 547 new home sales recorded in the first half of 2022. Over 1,100 new home sales were agreed in the six-month period, while the current closed and forward sales pipeline has grown to 2,230 new homes with a net sales value of over €800m. Sales pricing levels were flat in the period despite inflationary pressures, although Cairn pointed to a moderation in build cost inflation. However, despite this slowdown, the housebuilder anticipates the impact of inflation to add approx. €10k to the cost of each unit this year. The Irish Independent, 4th July
Draft CRE figures for Q2 2023 have been released and show a decrease in overall spend from the previous quarter and the 10-year average. The total volume of transactions in Q2 equated to approx. €200m – a 68% decrease from Q1. However, the number of transactions was in line with Q1 at 22 for the quarter compared to 26 in Q1, indicating investors are still active but at smaller lot sizes. In terms of active sectors for the quarter there has been a relatively even split between the traditional sectors with retail being the most dominant at 32% (clocking five deals), industrial at 24% (also with five major deals), office at 21% (with three major deals) and PRS, which historically has been the most active sector in recent years, at 19% (registering four major deals). The Business Post, 1st July
University College Cork (UCC) has secured €50m in financing from the European Investment Bank (EIB) to build a new business school. Located on South Terrace in the city centre, planning permission for UCC’s new school was granted by Cork City Council in May. UCC said the development will provide an economic boost to the area by bringing over 4,500 students and 225 staff into the city centre every day. It is anticipated that construction of the new building will begin in May 2024. In addition to the EIB loan, the €115m project will be financed via exchequer support and a €25m Higher Education Strategic Infrastructure Fund award. The Business Post, 30th June
Dublin Airport With less than one month to go before agent JLL calls for bids, according to market sources several potential purchasers including a US-headquartered logistics and airport developer and a sovereign wealth fund from Abu Dhabi have expressed their interest in the 260 acres of land currently for sale next to Dublin Airport. Although it remains to be seen if any of these parties makes a bid for the lands which are owned by brothers and aviation entrepreneurs Ulick and Des McEvaddy, along with other owners Seán Fox and Brendan and Orla O’Donoghue, their interest will likely serve to further concentrate the minds at DAA as it weighs up its own offer. The Irish Times, 28th June
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Kenmare, Co Kerry Mayrange, the hospitality group behind Sheen Falls Lodge, a luxury resort in Kenmare, Co Kerry, is the frontrunner to buy local rival Park Hotel Kenmare from John and Francis Brennan. According to market sources, Mayrange were mulling a purchase of the property before it was officially put on the market for €17m last month. Another Brennan hotel in Kenmare — the Lansdowne, a four-star property that the brothers bought in 2021 — is also for sale for €3.5m through CBRE and is available to purchase with Park Hotel Kenmare or separately. The Sunday Times, 25th June
Townsend Street, Dublin 2 The shortage of hotel rooms in Dublin city centre has eased somewhat in recent weeks with the arrival to the market of the newly developed Travelodge Plus on Townsend Street. While the 393-bedroom hotel was to have opened for business in January of last year, that plan was put on hold when its owner, Tifco Hotel Group, signed a contract with the State to use the property to accommodate people seeking asylum in Ireland. The deal with the International Protection Accommodation Service division of the Department of Children, which is responsible for housing people seeking refuge in Ireland, saw Pumpkinspice Limited, a company set up by Tifco to develop the city centre hotel, paid approx. €20.5m to house asylum seekers in 2022. The Travelodge Plus, near the quays, is understood to have cost approx. €100m to build and is the second-biggest hotel in Dublin’s central city area. The Irish Times, 21st June
Dundrum, Dublin 14 Penneys has invested €16m in a new shop at Dundrum Town Centre. The €16m investment is part of Primark’s overall commitment to invest €250m in Ireland over the next 10 years, according to a statement from the group. The new Dundrum Penneys occupies the second and third floors of the old House of Fraser site at Dundrum. It is the third largest Penneys in Ireland after Mary Street and Blanchardstown. The Business Post, 22nd June
Liffey Valley, South Dublin The French fund Inter Gestion REIM has made its first investment in Ireland’s commercial property market, paying in excess of €26m (NIY 7%) for B&Q’s flagship store at Liffey Valley in Dublin. The fund, an independent family-owned portfolio management company, is understood to have secured ownership of the property from its owners, Aviva and Iput, in the face of competing bids from several other parties. The subject property extends to 119,213 sq. ft with an ancillary garden centre of approx. 29,000 sq. ft, as well as builder’s stores and a service yard. The unit also benefits from a large surface car park comprising 552 spaces. The property is single let to B&Q PLC on a 25-year upwards-only, FRI lease from March 27th, 2002. B&Q currently pay a rent of €2.02m pa (€18.80 per sq. ft). The Irish Times, 21st June
Sandyford, South Dublin US real estate investment firm Kennedy Wilson is seeking an occupier for the fourth-floor offices in the Chase Building at the Sandyford Business District in south Dublin. The accommodation, which extends to total area of 24,865 sq. ft, is being offered to the market by joint agents BNP Paribas Real Estate and Savills on a new direct lease and on flexible terms at an annual rent of €30 per sq. ft and €2k per car space pa. The overall scheme comprises a total area of 174,400 sq. ft, distributed over eight floors. The Chase Building on Arkle Road in the heart of Sandyford Business District is home to a number of international occupiers including Google, Service Source, Dun & Bradstreet, Ericsson and Regus. The Irish Times, 21st June
Naas, Co Kildare Palm Logistics is to seek planning permission to develop a further 500,000 sq. ft of logistics space at Naas Enterprise Park, the largest single asset in the Core industrial portfolio, which it acquired with KKR for €195m in December 2021. The proposed expansion, which will see the 250-acre park’s logistics space increase to more than 2m sq. ft, will involve an investment of more than €100m. The Naas scheme is home to more than 100 businesses employing more than 2,000 people and Palm has estimated that its investment offers the potential to double this workforce. The Irish Times, 21st June
Bluebell Avenue, Dublin 12 Gannon Recovery Services are paying more than €2m for the former Nangle Harris motor showrooms property on a 1.1-acre site at 1, 2 and 3 Bluebell Avenue, Dublin 12. The surrounding area has been designated for the City Edge Regen redevelopment by Dublin City and South Dublin local authorities. Savills had been quoting €1.85m for the property which includes three premises with a combined 23,971 sq. ft. These include a detached warehouse of 18,557 sq. ft. fronting Bluebell Avenue, together with two units to the rear of the site which total 5,414 sq. ft. The Irish Independent, 22nd June
John F Kennedy Industrial Estate, Dublin 12 Savills is bringing JFK Enterprise Centre in John F Kennedy Industrial Estate, Dublin 12 for sale with the benefit of vacant possession at a guide price of €1.4m. Sitting on approx. an acre at a prominent corner at the junction of John F Kennedy Drive and John F Kennedy Road, the detached premises extends to 16,716 sq. ft. This property is also in the area zoned Regen in the South Dublin County Council Development Plan. The Irish Independent, 22nd June
Midleton, Co Cork One of the country’s largest meat processing companies, Dawn Meats, has received planning permission to build a mixed-use development in Co Cork that includes over 400 housing units. It follows CGI Food Park Limited withdrawing its appeal at An Bord Pleanála against the County Council granting permission to Dawn Meats in September 2022 for the mixed-use development at the Water Rock site near Midleton. The scheme comprises of 434 residential units, a childcare facility, a Research and Development building, a neighbourhood centre and a 90-bed nursing home. The residential element of the development will contain 281 apartments/duplex units and the construction of 153 houses. The proposed development is to also provide 87 homes for social housing in compliance with the developer’s Part V obligations. The Irish Times, 22nd June
Guinness Brewery Site, Dublin 8 Property developer Ballymore has been granted planning permission to redevelop part of the Guinness brewery site in Dublin 8 for residential housing and a range of other uses. Dublin City Council has given the green light to Marbelsand Holding Ltd for the scheme at St James’s Gate, which includes 336 build-to-rent housing units in blocks rising up to 16 storeys in height. It also includes two hotels (with 304 bedrooms between them), a 280-capacity performance space, a food hall and marketplace, offices and a number of public spaces and new squares. Called the Guinness Quarter, the plan involves the development of a 12.5-acre site that currently forms part of Diageo’s St James’s Gate brewing campus in Dublin 8. The council has decided that Ballymore must pay a development contribution of €10.6m to the local authority “in respect of public infrastructure and facilities benefiting [the] development”. The Irish Times, 22nd June
Swords, Co Dublin CBRE is guiding a price of €7m for Gamestop’s former Irish headquarters in Swords Business Park after the video game retailer announced earlier this year it would be winding down its Irish operation. Estuary House is a high-specification detached facility of 41,290 sq. ft consisting of a two-storey office unit of 14,235 sq. ft and an industrial unit. The Irish Times, 21st June
Daft Report House prices have fallen by 0.5% YoY between March and June compared to the same period in 2022, the first drop since 2020, according to a new report published by Daft. The average house price for the period was €309.6k, which was up on a quarterly basis by 2.4%. The number of homes available on Daft on 1 June was 13,000, up 5% on the same date last year but still below 2019 when 24,200 were available on the platform. Asking prices were down in Dublin by 1%. While Daft’s report found an overall drop, data published earlier this month by the CSO found that residential property prices were up on the whole YoY by 3.6%. The Business Post, 26th June
The National Asset Management Agency (NAMA) has reported profit after tax of €81m for 2022. The body said the profit reflects the ongoing reduction in the size of its loan portfolio, which stood at €500m at end 2022, less than 2% of the value of €32bn paid by NAMA to acquire the loans when it was set up. Subject to market conditions, NAMA will make surplus transfer payments totalling €350m to the Exchequer over the remainder of this year, which will bring the total paid to the Exchequer to €4.25bn, it said. Between the start of 2014 and the end of March this year, NAMA funded or facilitated the delivery of close to 30,000 new homes, it said. Of these 30,000 homes, approx. 14,000 were directly funded by NAMA and approx. 16,000 were delivered indirectly on sites for which NAMA had funded planning permission, enabling works, legal costs or holding costs before they were disposed of. The Business Post, 22nd June
Housing Construction Nama has abandoned plans to deliver 400 apartments before it is wound down in 2½ years’ time, as investment in the targeted PRS sector has fallen sharply amid a spike in interest rates in the past year, according to the agency’s chief executive, Brendan McDonagh. Speaking to reporters after Nama published its annual report, Mr. McDonagh said the agency had envisaged delivering 1,800 new homes between 2022 and 2025, subject to commercial viability. However, 400 of the units that it had preapproved funding for its debtors to build, subject to the properties being pre-sold to institutional investors, will now not be constructed during the period, he said. The remaining 1,400 planned units are primary houses, 650 of which have already been delivered. The Irish Times, 22nd June
Ringsend, Dublin 4 Darragh O’Brien and Eamon Ryan are to meet with Nama in the coming weeks “to see if anything can be done” with the agency’s 20% stake in the Glass Bottle site to build social and affordable homes. Following reports of a controversial deal being finalised between a consortium led by developer Johnny Ronan and the Department of Housing, the ministers have moved to enter discussions with the agency. The deal between the developers, the department and Dublin City Council has been criticised due to the lack of affordable homes proposed at the 84-acre site, which is the last major vacant plot in the city. The scheme has the potential to deliver 3,800 homes, 900 of which would be used for social and affordable homes. The planning scheme for the site stipulates that 10% of homes must be for social housing and 15% for affordable housing. However, the deal being proposed for the first phase of the development would only deliver 4% of affordable homes. The Business Post, 25th June
Leixlip, Co Kildare Coonan Property is guiding a price of €3m (approx. €9.2k per acre) for a 32.9-acre landholding in Leixlip, Co Kildare. The subject property is zoned for enterprise and employment under the terms of the Leixlip Local Area Plan 2020-2023. The Irish Times, 21st June
Bishopstown, Co Cork Cork property development company Bridgewater Homes has announced the acquisition of a site in Bishopstown with planning permission for approx. 275 homes for €10.2m from rival developer Ardstone Homes. The Waterfall Road scheme will comprise 136 houses, 99 apartments, and 40 duplexes across a “diverse range” of options, the company said in a statement. It expects to deliver the project, which has an overall projected value of more than €123.6m, over a period of 30 months. The Irish Times, 25th June
Crumlin, Dublin 12 Seabren Developments is making a third attempt to secure planning permission for a €70.3m 152-unit residential scheme for Crumlin. The firm has joined with Circle VHA CLG in lodging the large-scale residential scheme to Dublin City Council for a site to the southwest of St Agnes Road, Crumlin, Dublin 12. The new application follows a community group in January in the High Court challenging the October 2022 grant of permission by An Bord Pleanála for a “fast track” Strategic Housing Development 150-unit scheme. Seabren first lodged plans for the site in January 2021. The new scheme consists of 152 apartments made up of 75 one-bed units, 72 two-bed units and five three-bed units. In order to comply with its Part V social housing obligations, the applicants have put an indicative price tag of €8m on 21 units and the indicative prices range from €518.8k to €330.6k. The Irish Times, 23rd June
Galway The High Court has rejected an attempt to halt a contract to complete 58 social housing units in Galway. Mr. Justice Michael Twomey said that if the court had allowed Glenman Corporation to challenge the awarding of the €10m contract by Galway City Council to complete the Garraí Beag social housing scheme, Ballybaan More, it could potentially have delayed the project by up to two years. Glenman previously won the contract to build these houses but the commencement of the project was delayed until June 2020 due to the pandemic. There were further practical and technical difficulties and, in June 2022, the council terminated the contract. Glenman said it had spent approx. €6.1m on the project, although it had only received €2.75m from the council. The Irish Times, 22nd June
Rathmines, Dublin 6 A Church of Ireland-backed housing development in south Dublin, described as a community-driven scheme “to address the shortage of affordable housing” in the area, is seeking up to €4k a month in rent for its main three-bed residential units. The Coram Deo project in Purser Gardens, Rathmines, which has just come on the market, is a nine-unit development. According to property website Daft.ie, the asking rent for the three-bed duplexes is €4k a month, while the rent sought for the one-bed units is €2.6k a month. Construction of the scheme was originally costed at €3.6m but ran over budget because of Covid-19 and increased procurement costs. The Irish Times, 22nd June
Rathcoole, Co Dublin Planning permission for the development of 204 homes in Rathcoole, Co Dublin, has been overturned by the High Court. Mr. Justice Richard Humphreys agreed to quash the approval, secured by Homeville Developments Ltd in November 2020, on account of two legal flaws identified by four residents’ groups. The strategic housing development was to consist of 123 three-to-four-bed houses, 28 duplexes, 53 apartments, a childcare facility and associated works at Stoney Hill Road in Rathcoole. The Irish Times, 21st June
Clonburris, West Dublin Builder Cairn Homes has put an indicative price tag of €22.19m on 56 units to be sold for social housing from a proposed €242.7m housing scheme for Clonburris in west Dublin. Plans before South Dublin County Council confirm that Cairn Homes Properties Ltd is seeking planning permission for 565 units at Clonburris made up of 230 houses, 216 duplex apartments and 119 apartments. The private scheme for the 35-acre site is in the fourth phase of the development and the latest scheme is earmarked for two parcels of land to the north of the Grand Canal in the Clonburris Special Development Zone (SDZ). The overall SDZ lands consist of 691 acres within the established Lucan, Clondalkin and Liffey Valley suburban areas. Documentation lodged with the new scheme put a value of €242.7m on the overall scheme with an average house price of €429.6k. After planning permission is granted for the SDZ scheme, the two sides will enter negotiations on a final price for the homes. The Irish Times, 20th June
Bandon, Co Cork A prime development site in Bandon previously endorsed by planners for the building of 260 homes is on the market for €4m. The approx. 24-acre landbank is zoned for large-scale residential development in the current Cork County Development Plan, which runs to 2028. If planning permission was secured again for approx. 260 units, that would equate to approx. €15k per unit. The Irish Examiner, 22nd June
Commercial Property Market, Ireland Investment property deals worth in excess of €280m have either stalled or been withdrawn from the Dublin property market in recent weeks. The South Korean owners of the Beckett building on East Wall Road in Dublin are thought to have initiated lengthy negotiations with potential buyers after receiving bids substantially less than the €80m asking price. Kookmin Bank bought the office building for €101m in 2018. Meta, the social media group, decided to exit its 15-year lease on the building in March. Negotiations could push the sale out to the end of the year, or early next year.
Seabren has pressed pause on the sale of Rockpoint, a 91-apartment scheme on the former Europa garage site in Blackrock, Co Dublin. The property was put on the market for €59m in February. Meanwhile Brookfield, the global asset manager and owner of Hibernia real estate group, has decided not to proceed with the €140m sale of an apartment portfolio in Dundrum. More than 290 apartments were for sale across Wyckham Point and Dundrum View. The Sunday Times, 25th June
Mortgage Approvals The number of new mortgage approvals fell slightly during the month of May, according to a new report from Banking & Payments Federation Ireland (BPFI). A total of 4,928 mortgages were approved in May, which is down 8% compared to the same period last year. First time buyers (FTBs) accounted for 3,170 of the mortgages approved while there were 1,033 mover purchases. The overall value of all mortgage approvals during May stood at just under €1.4bn, which is down 4% YoY. Of this, FTBs accounted for €926m in mortgage approvals, while mover purchasers accounted for €333m. The Business Post, 27th June
Online Auctions A total of 85 lots valued at approx. €21m will be auctioned online by BidX1. Residential properties, including investment apartments and houses, will account for 80% of the lots and commercial real estate for approx. 20%. The most valuable lot is a creche investment at Feltrim Business Park, Swords, Co Dublin which has a €800k guide price. Extending to approx. 5,844 sq. ft over ground and first floor, it is let to a tenant trading as Charlie’s Childcare and the total current rent reserved is €75k pa inclusive of Vat (NIY 9.37%). The Business Post, 24th June
Construction Prices Dublin has been ranked the second-most-expensive city in the European Union to build in and the 19th-most-expensive city in the world, according to Turner & Townsend’s latest International Construction Market Survey. But in spite of the high cost to build, Ireland is proving resilient, and construction is set to grow in 2023, according to the report’s authors. It put this down in part to relatively low labour costs, with construction wages in Dublin averaging €43.80 per hour. That figure stretches to €48.30 in London, €74.80 in Munich and €110.60 in Geneva. The data indicated falling sector confidence worldwide in the face of continued cost increases, fears of insufficient credit availability, and a persistent labour crisis, Turner & Townsend said. Turner & Townsend Report, 26th June
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Tralee, Co Kerry Cushman & Wakefield is guiding €7.5m for a mixed-use scheme in Tralee Town Centre. This mixed-use property portfolio comprises 52 apartment units, two office suites, and a 390-space multi-storey car park. Currently used for student accommodation and holiday rentals, the apartments generated €719k in gross income in 2022, with near-full occupancy throughout the academic year. The car park, generating €227k in gross revenue in 2022, also includes a telecom mast with a 15-year lease earning €14k annually. The projected income for 2023 across all three income streams is €1.04m. Tralee Town Centre is available for purchase in three lots: Apartments (€6.25m), Car Park (€1.25m), or the entire property (€7.5m). Cushman & Wakefield Brochure, 14th June
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Cork Street, Dublin 8 A private family office has paid €2.5m for a boutique apartment scheme and a ground-floor commercial unit in the Liberties area of Dublin. The subject property, Saoirse House, had been offered to the market originally by Owen Reilly last September at a guide price of €2.2m. Saoirse House comprises a block of five A-rated apartments along with a ground-floor commercial unit extending to 1,033 sq. ft. The units comprise a mix of two one-beds (643 sq. ft), a two-bedroom duplex (781 sq. ft), a three-bedroom apartment (1,104 sq. ft) and a two-bedroom penthouse (946 sq. ft) and came for sale fully furnished. In terms of their potential income, the selling agent marketed them on the basis that they could expect to generate approx. €136.2k pa. The commercial unit has been let on a new 10-year lease at a rent of €20k pa. The Irish Times, 14th June
Lower Mount Street, Dublin 2 Knight Frank is guiding €9.5m for 33-41 Lower Mount Street, an office building with potential for refurbishment or redevelopment. The property, a five-storey over-basement block of 22,942 sq. ft with 39 car-parking spaces, is home to the Irish League of Credit Unions (ILCU) while the OPW occupies 6,500 sq. ft of the building’s office accommodation and six car-parking spaces under a four-year, nine-month lease until January 2024. The Irish Times, 14th June
Dame Lane, Dublin 2 Hennebique Studios at 5 Dame Lane was sold to Nadir Properties in an off-market transaction. The property was let last year to Pembroke Hall, a provider of flexible office accommodation. It was let at €500k pa, indicating a value of up to €10m. The Sunday Times, 18th June
City Centre, Dublin Dublin City Council has blocked two new hotels in the city centre, warning there is an “overconcentration” that is damaging the “vitality of the inner city”. It is first time the council has used a new clause in the city development plan to prevent further tourist accommodation, causing anger in the tourism sector. Fáilte Ireland said there should be “an evidence-based approach” from Dublin City Council to accommodation provision, “to ensure a suitable balance is found between needs of the local community and providing appropriate accommodation stock for visitors”. City ID, the Dutch hospitality group, has been told it cannot build a 105-bedroom hotel on a derelict site on Capel Street beside Jack Nealon’s pub. A proposal by Urban Capital Limited, an investment firm, to convert an existing building on Thomas Street being used as offices into a small four-unit aparthotel was also refused permission. The Business Post, 17th June
Residential Property Prices The rate of average residential property price increases has eased to 3.6% in the year to the end of April, according to the latest national price index from the CSO. This is down from a 4% increase in the year to March 2023 and the high value of 15.1% in the 12 months to February and March 2022. The CSO’s residential property index showed that prices in Dublin rose by 1% and prices outside Dublin by 5.6% in the 12 months up to the end of April. In April 2023, 3,262 dwelling purchases by households at market prices were filed with the Revenue Commissioners, down by 5.3% compared with the 3,446 purchases in April 2022. The RPPI is designed to measure the change in the average level of prices paid by households for residential properties sold in Ireland. The RPPI specifically excludes non-household purchases, non-market purchases and self-builds, where the land is purchased separately. The Business Post, 14th June
Blackrock, Co Dublin Oakmount has instructed joint agents Knight Frank and Savills to offer a 9.86 acre site to the market at a reduced guide price of €36m (down from €45m). Located on lands formerly owned by the Daughters of Charity of St Vincent de Paul, the property at Temple Hill, comes for sale with full planning permission secured in 2019 from An Bord Pleanála for the development of 291 one-, two- and three-bedroom apartments. 284 of the units will be distributed across 13 blocks ranging in height from one to eight storeys, while a further six units will be accommodated within the existing protected structure of St Teresa’s House following its subdivision and conversion. The development will also provide parking spaces for 272 cars, 666 bicycles and 20 motorcycles. Oakmount acquired the Temple Hill site for €30m in 2017. The price paid by the company represented a premium of 20% on the €25m guided by WK Nowlan Real Estate Advisors when it brought the lands to the market on behalf of the Daughters of Charity of St Vincent de Paul. The Irish Times, 14th June
Government Housing Spend The Government failed to spend €1bn of the €4bn earmarked for social and affordable housing projects last year. Under its Housing for All strategy, launched in 2021, the Government pledged to spend €20bn on housing over the next five years, including €4bn in both 2022 and 2023. However, new figures obtained from the Department of Housing show it spent just 75% of its original allocation last year. The figures show capital expenditure on social housing, direct builds and acquisitions, came to just under €1.7bn in 2022 while Government-backed loans to AHBs, also for social and affordable housing projects, amounted to €1.15bn. A further €100m was spent on various Government housing initiatives while an additional €51m was spent on housing projects by the LDA. When combined, the total spend on housing by the Government came to €3bn, €1bn less than the budgetary allocation. The Irish Times, 19th June
Galway Eleven parcels of land across Galway city have been left “unzoned” following a row between the local authority and a planning watchdog. The unzoned parcels of land are located at some of Galway city’s key growth areas such as Roscam, Castlegar and Coolagh. As it stands, the lands fall outside of the normal planning system, and it is unclear if they can be legally used for any purpose. The situation has come about after months of disagreement between elected officials in Galway and the Office of the Planning Regulator, over the recently adopted Galway City Development Plan. The Irish Times, 18th June
North Docklands, Dublin A development company of Johnny Ronan’s has won its appeal against a High Court decision to quash permission for an increase in the height of two apartment blocks that form part of a larger development in the north Dublin docklands. An Bord Pleanála had approved height rises for two blocks – one from seven to 13 storeys and the other from seven to 11 floors – in a 500-unit development proposed by Spencer Place Development Company (SPDC). In October 2020 the High Court overturned this permission in proceedings brought against the board by Dublin City Council. SPDC, which was a notice party in the case, was allowed to appeal the ruling on a single ground asking whether the board has jurisdiction to grant permission for developments that materially contravene a planning scheme. The Irish Times, 16th June
Glenageary, South Dublin Plans by Redrock Glenageary for a seven-storey, 140-unit apartment scheme for Glenageary in south Dublin are facing local opposition. The application is a renewed attempt to build on the site after An Bord Pleanála in April 2022 refused planning permission for a 147-unit build-to-rent SHD. That plan had also been opposed locally. The new Large Scale Residential Development scheme at the junction of Sallynoggin Road and Glenageary Avenue at Glenageary roundabout would include a neighbourhood centre that would have commercial and retail units, a public plaza and a childcare facility. Dún Laoghaire-Rathdown County Council has received 36 submissions concerning the new proposal. The Irish Times, 14th June
Cherry Orchard, West Dublin More than 1,000 social and affordable homes in blocks up to 15-storeys tall are to be built by the LDA and Dublin City Council in Cherry Orchard in west Dublin. The council has long sought to build homes on its large land bank just north of Park West railway station and to the east of the M50. However, despite several proposals over the last decade, development has not progressed. The scheme will involve the construction of 1,131 homes and 251,875 sq. ft of retail and community space, to accommodate up to 2,000 residents. The homes will be a mix of one bedroom, two-bedroom and three-bedroom apartments in the initial phase, with two- and three-bedroom own-door homes in subsequent phases. A total of 40,644 sq. ft is reserved for retail use, while there are plans for two creches and up to 193,750 sq. ft. of commercial/enterprise use located near to the M50 edge of the site. The Irish Times, 14th June
Compulsory Purchase Orders (CPO) More than 250 CPOs have been issued by Limerick City and County Council since 2019 with the local authority generating €7m in sales after refurbishing the properties. In 2022 alone, the council acquired 43 properties under its CPO activation programme with the aim of turning those properties into homes. Similarly, Waterford City and County Council was awarded €28m in funding to repurpose derelict and vacant properties within the centre of the city, following the authority achieving a high rate of converting derelict homes under Government schemes such as the repair and lease scheme. The Housing for All plan set a target for local authorities of 2,500 identified vacant properties in their areas to be acquired, repaired, and then sold to homebuyers. The Irish Times, 15th June
Banking and Payments Federation Ireland (BPFI) report A new report by the BPFI reveals that individual first-time buyers (FTBs) of new homes in Ireland had an average income of €67,000 in 2022, significantly higher than the national average of just under €50,000. Solo FTB applicants accounted for 16.5% of all FTB mortgage drawdowns for new homes and 33% for existing homes. Despite a 26% increase in house prices, the share of solo applicants remained stable. This can be attributed to a 13% increase in average income and the introduction of the government’s Help-to-Buy scheme, which contributed to larger loan sizes. Critics argue that such schemes may drive up housing prices. The Irish Times, 20th June
Hooke & MacDonald Report A new report on the residential investment market by agent Hooke & MacDonald has revealed significant new trends in the sector, including a slowdown in PRS investment being picked up by the social and affordable sector. It also delves into transactional activity over 2022 and 2023 and looks at the likely scenarios for the sector in the year ahead. Among the agent’s findings in the report, is a continued focus of investment interest in the multi-family/PRS sector in the past 15 months. According to Hooke & MacDonald, some deals that were listed as signed in Q3 and Q4 were generally agreed in the first half of 2022, and in some cases in late 2021, so the continued strength of the rental market and portfolio performance helped ensure forward sale investment deals that were agreed in early 2022 proceeded. There was a relatively low level of investment transactions in the first quarter of 2023 with a total spend of just over €470m. Breaking that down into sectors, approx. 51% of that, or €240m of the total, was on multi-family; 24.5%, or €116m, on industrial; 18%, approx. €85m, on offices; and just 4%, €18m, on retail. The Business Post, 17th June
National Children’s Hospital, Dublin There are fresh concerns that the National Children’s Hospital could be delayed even further, as the lead contractor has been told to stop construction on a number of operating theatres. It is understood the latest potential obstacle could cost the project tens of millions to rectify. The National Paediatric Hospital Development Board (NPHDB)’s agent wrote to the contractor BAM, at the end of last month regarding 11 of the 22 operating theatres in the facility. The final bill for the children’s hospital, currently put at €1.4bn, remains unclear. The Irish Independent, 20th June
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Blanchardstown Centre, Dublin 15 Goldman Sachs has appointed Eastdil Secured and CBRE to find a buyer for the Blanchardstown Centre. The proposed disposal of the west Dublin scheme, the largest shopping centre in the country, is expected to carry a guide price of €650m-€725m. Industry sources have estimated that a sale at this level would see the Wall Street investment giant incurring a loss of €25m-€100m on its investment before any allowances for rental income received or capital expenditure. Goldman Sachs acquired the Blanchardstown Centre for approx. €750m in December 2020, after striking a deal with the scheme’s previous owner, Blackstone. Blackstone paid approx. €950m in 2016 to secure ownership of the complex from Green Property. Blackstone’s purchase of the Blanchardstown Centre is believed to have been financed originally with €250m of equity, with the balance being a combination of traditional senior debt and mezzanine financing provided by a syndicate of lenders that reportedly included Morgan Stanley, AIG, AIB and Goldman Sachs. The Blanchardstown Centre comprises approx. 1.2m sq. ft of retail space distributed across 180 shops. The Irish Times, 7th June
Tallaght, Dublin 24 The American owners of the Square Tallaght are preparing to put the Dublin shopping centre on the market later this year for approx. €170m. Oaktree Capital, the US private equity company, bought the Square from Nama in 2019 for €250m. The Square, which is managed by Sigma Retail Partners, scored a significant coup last year when Penneys opened in the old Debenhams unit. The mall has 570,487 sq. ft of shopping space distributed over more than 130 outlets and a Movies@ cinema. Indego, one of the Square’s operating companies, was granted an extension to planning permission for a 231,316 sq. ft extension at level two and a six-storey car park, but it is due to expire next year. The Sunday Times, 11th June
Dundrum Town Centre, Dublin 14 The owners of Dundrum Town Centre have just over a year to refinance the south Dublin mall’s €600m loan. Accounts filed in November for Dundrum Retail GP — which is jointly owned by Hammerson, the British property company, and Allianz, the German insurer — say that the debt is due for payment in September 2024. A May 2022 valuation for Dundrum Town Centre found it was worth more than €1bn. The company has a LTV ratio of 56% and said it did not expect the valuation to fall below the default LTV level of 70% on its loans. However, in 2021, rental arrears meant that it did not meet its default covenant tests and the company paid over all surplus cash to the banks under a so-called cash trap. Hammerson and Allianz are still waiting to hear whether they will be granted permission to build 881 apartments in the south Dublin village. The case was due to be decided by An Bord Pleanála in July 2022 but has been delayed. The Sunday Times, 11th June
Ballycoolin Business Park, Dublin 15 Having brought the Aurora Building at Ballycoolin Business Park in Dublin 15 to the market as a fully let investment for €16.5m in February 2020, Cushman & Wakefield is offering it for sale once more at a reduced guide price of €14m. On this occasion, the subject property, which comprises two interconnecting office blocks (Block A and B), extending to 121,482 sq. ft, comes with the benefit of full vacant possession. The property, which was occupied previously by Veritas Storage (Ireland) Ltd, a wholly owned subsidiary of Veritas Holdings Ltd, sits on a plot of 6.59 acres with 311 surface car parking spaces. The property is held by way of a 999-year ground lease and is subject to a nominal ground rent. The Irish Times, 7th June
Churchtown, South Dublin Hooke & MacDonald and Stapleton Property Consultants are seeking offers of €2.15m (NIY 9.1%) for Landscape House, Churchtown. Landscape House is a detached two-storey office building which extends to approx. 17,222 sq. ft and sits on a site of 0.6 acres. The property is let to Apleona Ireland Limited, Red Box Direct Limited and Flextime Limited at an income of approx. €215.3k pa. All of the leases expire by 2027. Apleona pays approx. 70% of the annual income of the building and has been in occupation since 2017 on a ten-year lease. The Business Post, 10th June
Earlsfort Terrace, Dublin 2 KKR, the US private equity group, has leased 40,000 sq. ft of office space in Dublin. Intercom has assigned a portion of its lease at Irish Life Investment Managers’ Cadenza building to the US investor, which will occupy three floors of the recently developed office block. Tech firm Intercom prelet more than 100,000 sq. ft at Cadenza at the end of 2019. React News, 7th June
Lucan, Co Dublin Fingal County Council has paid more than €3.6m for 60 acres of land with potential for residential development at Coldblow in Lucan, Co Dublin. The site is zoned for “high amenity” in the latest Fingal Development Plan, the aim of which is to “protect and enhance high-amenity areas”. The council is understood to have seen off competing offers from a range of developers, investors and farmers following a “best-bids” process overseen by Coonan Property. The Irish Times, 7th June
Dublin Airport The owners of a key Dublin Airport land bank now up for sale have privately suggested they expect it to fetch more than €210m in a sign the State airport operator faces a potentially large bill to bring the property into public ownership. Three connecting lots of land in the centre of the airport are being sold by brothers Ulick and Des McEvaddy; Seán Fox; and Brendan and Orla O’Donoghue. The property is being sold in its entirety or three separate lots. The site has been cast as an ideal location for a third terminal although senior airport figures believe such infrastructure won’t be required for another two decades. The guide-price valuation on the 260-acre property sets the expected price to approx. €800k per acre. That valuation is roughly half the €1.6m price per acre that the airport authority recently paid in a €70m deal for a car park site outside the airport campus. The Irish Times, 3rd June
Brennanstown Road, South Dublin Nama is selling a south Dublin site with potential for 370 homes and its guide price has been reduced since it last came on the market. Known as the Brennanstown plot, it is available in one or more lots and is situated off the Brennanstown Road between the villages of Cabinteely and Foxrock. According to market sources, the guide price has been reduced to approx. €18m for the whole 29.4 acres, which is €5m below the previous asking price of €23m. Lot 1, known as Druid’s Glen, comprises approx. 8.8 acres of residential development land and 11.1 acres of forestry land. It includes three houses: Glendruid House, a protected structure; Druid House and Knockanree House. Lot 2, known as Lehaunstown, consists of approx. 9.5 acres of residential development land, with a small portion zoned for town centre use under the Cherrywood Strategic Development Zone (SDZ). The Irish Independent, 8th June
Kilcullen, Kildare Jordan Auctioneers recently brought a development site in south Kildare to the market for €2.5m. Extending to 4.86 acres, it is zoned ‘New Residential’ under the Kilcullen Local Area Plan 2014-2020, which has been extended. The site overlooks the River Liffey. The Irish Independent, 8th June
Social Housing, Ireland Approx. 73% of new-build social housing units delivered last year came from the private sector, according to figures obtained from the Department of Housing. They show the Government funded the delivery of 7,433 social homes in 2022. The majority (54% or 4,026 units) were delivered by private developers in what are known as turnkey projects where the local authority or housing body enters a forward-purchasing arrangement with a private developer. A further 19% or 1,408 units were purchased from private developers under Part V of the Planning and Development Act, where 10% of a private scheme is acquired for social housing. The final 27% or 1,976 units were delivered directly by local authorities and Approved Housing Bodies (AHBs). The Irish Times, 8th June
Planning Permission, Ireland In the first quarter of 2023, the number of new homes approved by planning authorities in Ireland increased by 38% compared to the same period in 2022. A total of 11,659 homes received planning permission, with 53% being houses and the rest being apartments. This marked the third consecutive quarter where more houses than apartments were approved. Dublin accounted for 84% of the approved apartment permissions and 44.3% of the approved house permissions in the country. This indicates a strong concentration of new housing development in the capital city. It’s worth noting that although the number of planning applications approved for new homes decreased by 29%, the increase in approved homes was due to multi-development schemes where a single application covered multiple units. Furthermore, the SHD scheme saw an annual increase of 112.8% in the total number of approved homes. This scheme allows direct applications for developments with at least 100 residential units or over 200 student bed spaces. In Dublin, there was a substantial share of SHD approvals, contributing to the overall housing growth in the city. Overall, these statistics highlight the increased housing activity in Dublin, with a significant proportion of new homes being approved in the capital, particularly in the apartment sector. The Irish Times, 9th June
Leopardstown, Dublin 18 Two State bodies are involved in a “standoff” over the development of a prime site next to Leopardstown racecourse. The LDA wants to develop up to 2,080 homes on the land, which is owned by Horse Racing Ireland (HRI) and the local authority, adjacent to the famous racetrack. However, HRI is in the process of developing its own masterplan for the site, which is expected to include a range of amenities beyond housing – including a hotel and events centre, and the possibility of an equestrian sprint track. Such a plan would be expected to feature a housing element, but likely at a lower level than that envisaged by the LDA. In its Report on Relevant Public Land – a scoping exercise assessing how much housing could be built on State lands produced earlier this year – the LDA estimated that between 1,550 and 2,080 homes could be built on the site at an estimated cost of up to €535.5m. The Irish Times, 10th June
Milltown, South Dublin Ardstone is to lodge plans for a new €300m apartment scheme near Milltown in Dublin, months after An Bord Pleanála conceded a High Court challenge against a previous permitted scheme for the site. Ardstone subsidiary, Sandford Living Ltd, is to lodge a large-scale residential development application in the coming days with Dublin City Council for a 636-unit scheme. A statutory planning notice confirms that the 636-unit scheme is of a slightly lower density than the 667-unit SHD scheme that was previously permitted and then quashed. Ardstone bought the Jesuit Order lands at Sandford Road near Milltown for €65m in 2019 and received permission from An Bord Pleanála in December 2021 for a mainly build-to-rent apartment complex on the 10-acre site. The new planning notice confirms that the latest scheme is comprised of 227 one-bed units, 296 two-bed units, 26 three-bed units and 87 studios. The scheme – on a 10.53 acre site at Milltown Park, Sandford Road – is to include six apartment blocks, with the tallest rising to 10 storeys. The Irish Times, 9th June
BNP Paribas Real Estate Ireland Report Home-building in Ireland experienced a significant slowdown in May, with the Construction PMI for the housing sector measuring 43.9, marking the eighth consecutive month of decline. Construction price inflation reached 14% YoY by February, and while it has since eased, costs continue to rise. Material prices have stabilized but remain high. The commercial building sector grew in May, registering a PMI reading of 53.7, while civil engineering projects slumped to 43.9. Overall, the construction industry is expected to contract by 4% this year due to factors like increased interest rates, labor shortages, and high costs. However, new orders increased, indicating potential growth in the coming months. The Republic of Ireland’s population growth, foreign direct investment, and economic expansion continue to drive construction. BNP Paribas Real Estate Ireland Report, 12th June
Government spending on housing was more than €80m behind target in the first three months of the year, as the Department of Housing continues to struggle to use all its budget even in the teeth of the housing crisis. Minister for Housing Darragh O’Brien is due to give an update to Cabinet on spending by his department – and will tell them that when carry-over items from last year are included, capital spending is €83m behind the amount the Government budgeted for the first quarter of 2023. It emerged earlier this year that the Department of Housing failed to spend more than €1bn earmarked for housing over the past three years. With the economy suffering from so-called “capacity constraints” – factors such as the labour market, which is at full employment – Government departments are struggling to spend their entire budget, despite huge levels of tax flowing into the exchequer. While YoY spending in housing has increased, the figures to be shared with Cabinet show the nature of the challenge facing the Coalition is deeper than funding. Last week, it emerged the Department of Transport had underspent its capital budget by approx. €100m during the same three-month period. The Irish Times, 13th June
Ringsend, Dublin 4 Dublin city councillors have voted for the rejection of a deal with developer Johnny Ronan at the Irish Glass Bottle site in Ringsend which would see the number of affordable homes promised reduced from 15% to just 4%. In 2020, a consortium involving Ronan Group Real Estate, Oaktree Capital Management and Lioncor Developments was chosen as the preferred bidder to develop up to 3,800 apartments on the former industrial lands on the Poolbeg Peninsula. Under planning laws, 10% of the new homes must be sold to Dublin City Council for social housing. In May 2017, however, in order to secure councillors’ approval for the redevelopment plans, then Minister for Environment Simon Coveney agreed State funding would be made available for an additional 15% affordable homes. However, a deal negotiated between the council management, the Department of Housing and the consortium on the first phase of 570 apartments, while it would include 57 social apartments, would provide only 25 affordable homes, or just 4%. The Irish Times, 12th June
Ennis, Co Clare Permission for the largest private housing scheme proposed for Ennis, Co Clare, is being challenged in the High Court. The 289-unit strategic housing development is proposed by developer Glenveagh Homes Ltd for the outskirts of the town at Drumbiggle, Keelty. Clare County Council had recommended refusing the scheme, which is to comprise 199 three-bed houses, 78 two-bed homes and 12 one-bed maisonettes. In compliance with its obligations, Glenveagh proposes to sell 57 homes to the local authority. The Irish Times, 12th June
Clonburris, Co Dublin Planning permission is being sought by Cairn Homes for a €142m residential development of 565 units. The development, within a strategic development zone in Clonburris, Co Dublin, comprises the construction of 230 houses and 335 apartments. A decision is due in Q3 2023. The Business Post, 10th June
Fairview, Dublin 3 Planning permission has been approved for a €300m large residential development application at St Vincent’s Hospital, Richmond Road in Fairview, Dublin 3. The development includes the construction of 811 residential units, comprising a mix of one-, two- and three-bedroom apartments across a number of blocks ranging in height from two to 13 storeys. The project also comprises the construction of a brand new 73-bed hospital. The Business Post, 10th June
Old Cratloe Road, Limerick Planning permission has been granted for an €11m residential development on the Old Cratloe Road in Limerick for Riverpoint Construction. The scheme will see the creation of 86 residential units, split between 46 houses and 40 apartments. The Business Post, 10th June
Tullamore, Co Offaly Plans are in the pipeline for a Large-Scale Residential Development in Tullamore, Co Offaly. The project, for John Flanagan Developments, will see the construction of 148 dwellings in total, split between 58 apartments and 90 houses. A decision is due in late July 2023. The Business Post, 10th June
Loughmacask, Kilkenny Works have begun on the next phase of housing as part of a €21m residential development in Loughmacask in Kilkenny. This phase will see the construction of 10 houses out of a total of 112 proposed. Work originally commenced in early 2022 and to date 50 houses have commenced construction, with 17 complete. The Business Post, 10th June
Walkinstown, Dublin 12 Works are now under way on the construction of a €37.5m apartment development at the former CHM Premises on Ballymount Road Lower in Walkinstown, Dublin 12. The development for Montane Developments will see the demolition of the existing buildings on site and the construction of 171 apartments, café, crèche and landscaping works. The project consists of 61 one-bed, 103 two-bed and 7 three-bed apartments. The Business Post, 10th June
Leixlip, Co Kildare Coonan Property is handling the sale of a prime commercial development opportunity at Collinstown in Leixlip, Co Kildare, for which it is guiding in excess of €3m. The lands extend to 32.9 acres and are zoned in the Leixlip Local Area Plan 2020-2023 with the following objective: Q – Enterprise & Employment – to provide for and facilitate the provision of high job-generating uses. The Business Post, 9th June
Commercial Real Estate Outlook, Ireland The Central Bank of Ireland (CBI) recently published its financial stability review, highlighting the strength of the Irish economy. However, concerns were raised regarding the commercial property sector. The CBI expects double-digit declines in commercial property values due to factors like higher interest rates, remote working, and weak business demand, with prices already down by 9.4% in Q1 2023. The office vacancy rate in Dublin stands at approx. 13%, comparable to other European cities, while US cities like San Francisco have experienced a 30% vacancy rate. The CBI warns that an oversupply of office space could lead to further price and rental declines, financial losses, and potential contagion effects on the wider Irish economy. Commercial property funds in Ireland have already reported nearly €500m in write-downs this year. While the impact on the broader economy has been limited so far, the situation remains a concern for the CBI and other financial institutions. The Business Post, 11th June
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