Blackrock, South Co Dublin Having paid €68m in 2015 to acquire the Frascati Centre in Blackrock, and a further €80m on its renovation and extension since then, Invesco Real Estate is quietly seeking a buyer for the south Dublin retail scheme. The proposed disposal carries a value of €100m, according to market sources, and is being handled by Eastsdil Secured in a targeted process which has been ascribed the codename Project Bay. The Blackrock property currently comprises approx. 177,000 sq. ft of retail space and 43,000 sq. ft of residential accommodation distributed across 42 apartments. The scheme is generating an annual rent roll of €6.9m, with the retail and residential elements accounting for €5.4m and €1.5m of this income respectively. More than 60% of the Frascati Centre’s current income is being driven by the scheme’s grocery anchors, Marks & Spencer and Aldi, along with the existing 42 rental apartments, all of which are occupied, and 555 car-parking spaces. The development’s 45 retail units underwent a €30m extension and refurbishment programme between 2018 and 2019 and are 95% occupied. The Irish Times, 22nd March
Drogheda, Co Louth Developed at a cost of €120m in the early 2000s, SouthGate is a purpose-built mixed-use scheme comprising 57,350 sq. ft of retail space, 93,600 sq. ft of office and retail accommodation, 64 apartments and 730 car spaces. The subject property is being offered to the market by Colliers at a guide price of €31.5m (NIY 6%). The retail portion of the development accounts for 17% of the overall annual rental income of €2.47m pa. The majority of the rent roll is derived from SouthGate’s offices (44.5%) and residential rental units (38%). The offices at SouthGate have a strong tenant base, with the HSE, Tusla and Coca-Cola accounting for approx. 90% of the annual rental income. The HSE holds two leases for 15 years from June 2022 and December 2017 respectively, at a combined rent of approx. €360.6k pa. Tusla, the State-backed child and family agency, has a 10-year lease from July 2019 at a rent of €172k annually. The WAULT on the commercial element at SouthGate is 5.68 years to break and 7.89 years to expiry. The residential element of the scheme currently comprises 64 units, with a mix of 11 one-beds, 40 two-beds and 13 three-beds with average rents for the one-beds at €1,025 per month, two-beds at €1,224 per month and three-beds at €1,423 per month. The Irish Times, 22nd March
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iNua Hospitality has engaged CBRE to advise on a refinancing of its borrowings. The company’s current facilities, with non-bank lender Garrison Earlsfort, are due to expire this summer. It is understood that the company owes approx. €66m and faces an annual interest bill of more than €5m. iNua owns Radisson Blu hotels in Cork, Limerick and Athlone, the Muckross Park in Killarney, the Hibernian in Kilkenny and Hillgrove in Monaghan. The company says revenues for 2022 were €64.5m, up 16% on 2019, which was the last full year of trading. It posted EBITDA of €11.3m. The Sunday Times, 26th March
Milford, Co Donegal Mulroy Woods Hotel, Milford, Co Donegal, has been sold as a going concern to an investor whose portfolio includes a number of Irish hotels. The Kellys bought it 10 years ago when it was trading as Milford Inn. They refurbished it and offered 45 contemporary bedrooms as well as the Oak Lounge, Harper 39’s Restaurant and the traditional ‘Wee Bar’ together with the Glashagh Suite and The Mulroy Suite. According to market sources, the sale price may have been approx. €3m. The Irish Independent, 23rd March
Howth, Co Dublin The Abbey Tavern in the seaside village of Howth, Co Dublin has been sold. The pub has been acquired by a business consortium headed up by property investor and developer Daniel Givens. While the price paid has not been disclosed, the pub is understood to have secured approx. €2m, or approx. 14% above the €1.75m that Bagnall Doyle MacMahon had been guiding last September. The subject property is part two-storey and part three-storey interconnecting traditional stone-clad buildings, extends to a total area of 8,374 sq. ft and comprises a traditional bar, restaurant and entertainment venue. The Irish Times, 22nd March
Oranmore, Galway The four-star Maldron Hotel in Oranmore, Co Galway has been sold to a private Irish investor for approx. €13m. The hotel includes 113 bedrooms, conference facilities, a leisure club, and swimming pool, and is leased and operated by Dalata Hotels under the Maldron brand. The hotel is situated in a highly accessible location and is close to several of Galway’s business and industrial parks. The Irish Times, 28th March
Bray, Co Wicklow Oakmount is seeking tenants for the two remaining retail units at Bray Central, the 270,000 sq. ft mixed-use scheme it has developed in Bray, Co Wicklow. The new centre is set to be anchored by retail giants Penneys and Sports Direct. Oakmount has also completed the restoration of three period houses to the rear of Bray Central on Eglinton Road and these properties will be offered for sale soon. The developer has also submitted a planning application for 25 apartments on the top floor of Bray Central. The final retail units range in size from 1,000 sq. ft to 7,500 sq. ft and are available to let through joint agents Savills and Time Retail Partners. The Irish Times, 22nd March
St Margaret’s, Co Dublin Harvey has been instructed as the sole letting agent of the Glan Aris facility, located in FoodCentral, St Margaret’s in north Co Dublin close to Dublin Airport. The modern, industrial/storage and office facility extends to 41,365 sq. ft. on a larger than average site. The site comes with 113 car spaces. The Glan Aris facility is being offered to let at a rent of €415k pa. It is available for immediate occupation. The Business Post, 25th March
Sandwith Street Upper, Dublin 2 KBC bank is seeking to assign the leasehold interest on its principal office in Dublin city centre. Extending to 70,000 sq. ft, the subject property occupies a high-profile position at the junction of Sandwith Street Upper and Hogan Place. The Irish Times, 22nd March
Dundrum Portfolio A €140m Dublin residential portfolio has been launched for sale by Brookfield, with the process marking the first major disposal from its recently acquired Hibernia platform. CBRE has been instructed to sell Wyckham Point and Dundrum View by Brookfield, with the sale offering a blended NIY just above 4%, sources said. The assets are available as a portfolio or individual lots, although the market expectation is two separate buyers will likely emerge. Wyckham Point, with a guide price of approx. €100m, offers 213 apartments in affluent Dundrum. Meanwhile, Dundrum View has 80 homes and a price tag of €80m. The passing rents at both assets – approx. €1.65k per month for a one-bed and €2k for a two-bed are approx. 20% below estimated rental values for the area. React News, 23rd March
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Swords, Co Dublin Located on the Rathbeale Road and less than 2km from Swords village and 5km from Dublin Airport, a landbank in Swords extending to 62 acres and zoned entirely for residential development is being offered to the market by way of public tender through CBRE. According to market sources, the holding could achieve approx. €46.5m (€750k per acre). The site is zoned entirely for residential development under the terms of the Fingal County Council Development Plan. The Irish Times, 22nd March
Fairview, Dublin 3 A major new development costing over €300m will see more than 800 apartments built on hospital grounds in Fairview in Dublin 3, as well as the construction of a state-of-the-art mental health facility. A planning application is set to be submitted to Dublin City Council for the project, which is being developed by Royalton Group, a British property development firm, in partnership with the board of St Vincent’s Hospital Fairview. The new hospital, which is expected to cost approx. €50m to build, will have capacity for up to 73 single en-suite bedrooms once fully completed. In order to fund this project, the hospital board will transfer approx. 13 acres of undeveloped land on the campus to Royalton, which plans to construct over 800 residential apartments at a cost of approx. €250m. The Business Post, 26th March
Strategic Housing Development (SHD) An Bord Pleanála has dissolved its Strategic Housing Division, the unit within the planning body that oversaw the controversial fast-track housing scheme. Under the SHD system, more than 85,000 homes have been granted planning permission. Legal challenges have been taken against applications connected to more than 23,000 of those units. As a result of the legal challenges, An Bord Pleanála’s legal costs increased significantly. In 2020, its legal fees more than doubled to €8.2m and it paid out more than €4.2m in 2021 to cover costs of parties who brought challenges against planning decisions. The Business Post, 22nd March
Kilmeaden, Co Waterford Glanbia Estates Ltd is selling a 198-acre non-residential farm in Waterford which has potential to accommodate a renewable energy farm. Located to the rear of the former Kilmeaden cheese factory and situated approx. 1km from the M9 Waterford to Dublin motorway and 6km from Waterford city, it is guiding a price of €2.75m (€13.89k per acre). The Irish Independent, 23rd March
Balbriggan, North Dublin The Land Development Agency has received permission from An Bord Pleanála to develop a €290m residential scheme in Balbriggan, north Dublin. The Castlelands Strategic Housing Development will transform a 63-acre site, delivering 817 residential units including 414 flats, 377 houses and 26 duplex units across buildings ranging from two to six storeys. The LDA intends to sell 164 homes – 20% of the residential units – to Fingal County Council for social housing for €58m, after the project received opposition from social housing advocates. React News, 24th March
Skerries, North Co Dublin An Bord Pleanála has granted planning permission to the Land Development Agency (LDA) for a 345-unit scheme for Hacketsown, Skerries, in north Dublin. The LDA can now proceed with the construction of 84 one-bed units, 104 two-bed units and 157 three-bed units in eight blocks ranging from two to four storeys in height. The LDA is to allocate 70 of the units for social and affordable housing. The Irish Times, 27th March
Balbriggan, Co Dublin An Bord Pleanála has refused planning permission for a new “car-dependent” SHD scheme with 127 residential units for a site near Balbriggan after a developer failed to allow for adequate pedestrian and bicycle infrastructure. The appeals board refused planning permission for the scheme – made up of 65 houses and 62 duplex units – after Fingal County Council had already recommended that planning permission be refused on five separate grounds. The Irish Times, 27th March
Ballincollig, Co Cork Elements of the second leg of a challenge to 2020 permission for 123 apartments in Co Cork have been referred to the Court of Justice of the European Union (CJEU). In a ruling on Friday, the High Court’s Mr. Justice Richard Humphreys proposed to ask the European court to determine three complex legal questions regarding the level of information a developer must obtain about species that might be affected by a proposed development. The questions relate to requirements under the EU’s Environmental Impact Assessment Directive. The first module of the Waltham Abbey Residents Association’s case, involving domestic law points, failed in the Supreme Court. The Irish Times, 24th March
Baldoyle, North Dublin An Bord Pleanála has refused planning permission for more than 1,000 homes planned for Baldoyle in north Dublin. The appeals board refused permission for SHD plans by Lismore Homes Ltd for 1,007 apartments after concluding that the scheme would result in an excessive scale, bulk, and massing at the interface with a greenbelt. Lismore Homes planned to build 16 blocks between four and 12 storeys on the Stapolin site which is also located 250m from the Dublin-Belfast railway line. The proposed scheme was to integrate with permitted housing schemes in the area with an overall total of 2,202 residential units approved by An Bord Pleanála. The Irish Times, 23rd March
Coolquay, Co Dublin An Bord Pleanála refused planning permission to Breffni Asset Holdings Ltd for 173 residential units for Coolquay Common, The Ward, on a site near the Co Meath border. In its decision the appeals board had regard to the rural settlement strategy of the Fingal Development Plan which states that future growth in commuter villages, including Coolquay, should be curtailed or safeguarded so that they do not act as a catalyst to facilitate unsustainable growth patterns. The Irish Times, 23rd March
University College Dublin (UCD) is to begin talks with landlords to rent accommodation for students who will be unable to get places in university-owned accommodation from next September. The action is being taken partly because of fears that the housing crisis could prevent many students from applying for the State’s biggest universities because they are unable to get places to stay, or unable to pay for available places. The university’s own stock of 4,100 beds in university halls – which has been added to significantly in recent years – are currently full, though applications for the next academic year will open next month, with CAO beds held in reserve for applicants in August. The short-term solution comes as Higher Education Minister Simon Harris this month announced a €40m State investment to pay for 405 student beds in Dublin City University, with similar projects in the pipeline for UCD, Trinity and University College Cork under the Housing For All strategy. The Irish Times, 23rd March
Waterford South East Technological University (SETU) has reached an agreement to purchase 20 acres of the former Waterford Crystal site to enable expansion of the university in Waterford. The land is directly adjacent to the existing SETU campus in the city. The announcement was made by Simon Harris, the minister for further and higher education, research, innovation and science. The Business Post, 27th March
Residential Development Industry Sentiment Survey 2023 According to a survey by BDO, 57% of developers in Ireland have postponed new residential developments due to challenges in the construction industry. The primary challenges facing the industry are planning processes, the availability of skilled labour, the increase in the cost of materials, rising interest rates and the availability of serviced and zoned land. In terms of government supports, 50% of respondents believe that the Help to Buy Scheme will have the greatest positive impact on supply, while 24% reported that the First Home Scheme was the most impactful. Additionally, 78% of first-time buyers are availing themselves of these schemes. BDO Report, 26th March
Housing Construction A report compiled for the Irish Cabinet has found that the government has the potential to build at least 60,000 “affordable” homes on public lands in Dublin, Cork, Limerick, Waterford and Galway, which would make significant inroads into the country’s housing crisis. However, the report warns that unlocking state property for housing still faces big hurdles, with state agencies possibly refusing to vacate land. Sites identified in Dublin include Horseracing Ireland land at Leopardstown, land at the Central Bank mint in Sandyford and CIÉ’s bus depot at Conyngham Road near the city centre. The LDA expects to provide 6,000 new homes by 2026 under the Project Tosaigh initiative, with planning approval for another 1,865 homes being awaited. The Irish Times, 28th March
Planning System Reform The Government has been urged to delay a long-awaited overhaul of the planning system, after senior planners found key parts of the new regime were “unworkable”. The intervention by the Irish Planning Institute (IPI), which represents more than 1,000 private and public sector planners, has called into question sweeping new laws which are supposed to accelerate building in the face of the worsening housing crisis. With the delivery of thousands of new homes on hold because of planning and court delays, Minister for Housing Darragh O’Brien published draft laws in January in a bid to streamline the system. The legislation includes contentious measures to bar residents’ associations from taking judicial review cases in the High Court against planning decisions. It will also introduce fines for breaches of new mandatory planning deadlines. The IPI expressed serious concern about proposals to restrict access to judicial review proceedings for unincorporated bodies such as residents’ associations. The IPI also questioned measures to remove the right of a third party to seek a declaration from a planning authority that a development was or was not exempt from the requirement to seek planning permission. The Irish Times, 27th March
Banking and Payments Federation Ireland (BPFI) Data Mortgage activity in the State’s housing market fell sharply in February with both the number of home loans approved and the value of mortgages dropping as aspiring homeowners and lenders adjusted to a new climate where interest rates had risen to 3% and there was increasing uncertainty about job security, especially in the tech sector. According to the BPFI, approx. 3,378 mortgages were approved last month, down 8.6% on the previous month and 13.3% on the same month last year. The aggregate value of those approvals came to €945m, down approx. 7% on the previous month and 8.1% in YoY terms. Despite the dramatic slump in loan volumes and the fall in overall value, the average loan size in February according to the BPFI data was approx. €291.5k, 6.7% more than in the same month last year. The Irish Times, 25th March
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Old Dublin Road, Galway Minaun Capital, a property investment vehicle established by the founder of online auction specialist BidX1 has acquired the Wellpark Retail and Leisure Centre in Galway in an off-market transaction for €20.5m (NIY 8.5%). The completion of the purchase from the scheme’s owner, a private investor, sees Minaun secure ownership of the retail park, the nine-screen Eye Cinema complex along with a 550-space surface and basement-level car park. The scheme, which was developed originally by Edward Holdings at a cost of €75m, has a strong tenant line-up that includes Woodies, Lidl, Homestore & More, DFS furniture and Petmania, with Boots currently fitting out its new unit. The five-star G Hotel did not form part of the sale. Positioned on a site of 356,353 sq. ft at the junction of Lough Atalia/College Road and the Old Dublin Road, the Wellpark Retail and Leisure Centre is understood to be generating total current income of €1.9m pa. The Irish Times, 15th March
Harcourt Development Portfolio The sale of one of the country’s biggest portfolios of shopping centres has come unstuck for a second time in four months for the same reason: lack of bank funding. Camgill Conway, a Canadian-Irish investment fund, was to pay €75m for the Harcourt Development portfolio and hoped to close on the purchase of the first two centres, at Letterkenny and Galway, by the end of this month. Last week, however, AIB pulled out of providing debt facilities to complete the deal because of increasing nervousness over commercial property prices. Sources say Camgill was looking to borrow as little as 30% of the proposed purchase price for the first two shopping centres. The Sunday Times, 19th March
Merrion Square, Dublin 2 Colliers is guiding a price of €4.4m for a prime Georgian office investment and modern mews building on Merrion Square in Dublin city centre. No. 46 Merrion Square is occupied by three tenants currently and producing total rental income of €225.24k pa. The leases for the Association of Consulting Engineers of Ireland (ACEI), the Institute for Study Abroad and Two Ten Health all have short unexpired terms. The ACEI and Two Ten Health leases expire in September 2024 while the Institute for Study Abroad lease expires in August 2023. While the two-storey modern mews to the rear of the main building is vacant at present, there is potential to secure annual rental income of up to €85k from the property. No. 46 Merrion Square extends to a net internal area of 5,667 sq. ft and the two-storey mews – 46 Stephen’s Place – extends to a net internal area of 2,286 sq. ft and is accessed via Stephen’s Place. The Irish Times, 15th March
Monastery Road, Dublin Dadac Limited had receivers appointed to the Ibis Red Cow Hotel off the well-known M50 intersection. The State contract to accommodate the international protection applicants is worth c. €700k-€800k a month. Insolvency practitioners Interpath (Ireland) were appointed to Propiteer Ibis Red Cow Limited, by BCMGlobal, a property manager and loan service provider. The Irish Times, 16th March
Ringsend, Dublin 4 The Shipwright pub at 16 Thorncastle Street, Ringsend, Dublin 4 has come to the market. Extending to 9,580 sq. ft, it is expected to sell for c. €3m. Joint agents Martin Property Consultants and John P Younge point out that the property extends to three floors over basement with its ground floors accommodating a pub, restaurant and off-licence with ample bar space, lounges and seating areas. The upper floors are laid out in 13 en-suite bedrooms. The Irish Independent, 16th March
Greater Dublin Area Irish real estate investor Quanta Capital has invested all €300m of the monies it allocated in May of last year to its sale-and-leaseback fund. The fund, which was established in the wake of Quanta’s withdrawal of its bid for Yew Grove Reit, will now receive an additional allocation of €50m for the purpose of making further acquisitions in the second quarter. According to market sources, the Oaktree Capital backed investor’s latest round of closings included the Ardmore Studios Film Factory – a 70,000 sq. ft movie production facility on five acres; and the Lir Chocolate Factory, a modern, 30,000 sq. ft production facility on a site of over three acres. The properties are located in IDA business parks in Bray, Co Wicklow, and in Navan, Co Meath, respectively. The Irish Times, 15th March
Clonee, Co Meath Coonan Property has brought c. 15 acres of potential industrial and commercial development land to the market for sale at Bracetown in Clonee, Co Meath, for which it is guiding €4.3m. The lands are zoned Objective E2/E3 General Enterprise and Employment/Warehousing and Distribution in the 2021-2027 Meath Development Plan, which allows for a range of uses on the lands. The property is located along the R147 roadway just off junction 5 on the M3 Motorway. The Business Post, 18th March
Grafton Street, Dublin 1 The Brennan family, owners of the country’s bestselling bread brand, have agreed a €100m debt facility from AIB secured on part of their extensive property portfolio. Documents filed in relation to the debt agreement reveal that the Brennans have supersized their Grafton Street presence with the purchase of the McDonald’s restaurant from Irish Life. It is understood that the family acquired the property, the site of the fast-food chain’s first restaurant in Ireland, in an off-market transaction within the past two years. Irish Life acquired the Grafton Street McDonald’s in 2015 as part of the €154m Sovereign portfolio. The debt facility will have refinanced a number of property loans and is likely to have released equity for the family from the prime assets. Assets secured include the Skechers store on Grafton Street; Viscount House, serviced offices on Fitzwilliam Square operated by Iconic Offices; and Suesey Place, a group of apartments off Leeson Street in Dublin 2. The Sunday Times, 19th March
Ormond Quay, Dublin 1 Dublin City Council has refused planning permission for an eight-storey mixed use scheme close to the 1815 Ha’penny Bridge due to its impact on the historic setting of the “iconic and unique” Liffey Quays. Earlier this year SRM Book and Cook Ltd, which operates the Woollen Mills Eating House restaurant at Ormond Quay, lodged plans for the eight-storey development comprised mainly of apartments. In response, the operator of The Grand Social night venue, Taurus Management Consultancy Ltd, along with An Taisce and Cllr Mannix Flynn (Independent) objected to the scheme. The Irish Times, 15th March
Grand Canal, Dublin The Grand Canal Dock portfolio is being offered to the market on behalf of a private investor by agent Colliers at a guide price of €18.25m (NIY 5.25%), or an average of €651.7k per unit. The 28 apartments are situated within the Grand Canal Dock area and are distributed across eight developments namely Longboat Quay, Gallery Quay, The Clayton, Butlers Court, Hanover Riverside, The Waterfront, Gallery Quay and Cranmer Place. The Longboat Quay scheme accounts for 14 of the apartments in the portfolio. The overall portfolio comprises a mix of units, with 14 two-beds, 12 three-beds, one one-bed and one four-bed. The majority of the units are apartments and have been fully refurbished. The Grand Canal Dock portfolio comes for sale with just one unit vacant. The Irish Times, 15th March
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Rent Inflation, Ireland Rents for new tenancies increased by 6.7% on average between the third quarter of 2021 and 2022, as the number of new tenancies rose to c. 20,000, new figures showed. Data from the RTB showed that the average monthly rent for new tenancies in Dublin was €2,022 in the three-month period, up from €1,912 the year before and up from €2,004 the previous quarter. The figure outside the capital stood at €1,164. On a national basis, the average rent charged on new tenancies was €1,482, the figures showed. Broken out by building type, the figures show that the average rent for houses was €2,248 for houses in Dublin, and €1,149 outside the Greater Dublin Area. The figures for apartments showed an average rent of €1,997 in Dublin, significantly higher than the average rent of €1,092 per month outside the capital. The Business Post, 16th March
Residential Property Price Cooling Property prices in the State fell for the first time in c. three years in January as higher interest rates and broader cost-of-living pressures curbed activity in the market. The CSO’s latest Residential Property Price Index shows prices fell on a monthly basis by 0.6%. This was the first monthly decline since May 2020. The figures show the annual index in property prices fell to 6.1% in January. This was down from 7.7% in December and from a high of 15.1% in February and March last year. YoY inflation in Dublin fell to 4.3% in January while on a monthly basis prices were down by 1.1%. Prices in the capital have been falling – on a monthly basis – since October. The latest figures highlighted a decline in monthly transactions. The CSO said the number of dwelling purchases by households fell by 29% to 3,519. The total value of transactions filed in January was €1.3bn. The latest property data show households in the State paid a median price of €305k for a home in the 12 months to January. The Irish Times, 15th March
Dublin Airport The operator of Dublin Airport has successfully challenged a demand by Fingal County Council for a planning contribution of over €5m for an extension of aircraft parking facilities at the airport. An Bord Pleanála ruled the council had incorrectly applied its own scheme for seeking development contributions when it sought c. €5.03m from DAA to go towards the provision of public infrastructure. The board upheld an appeal by DAA against the decision of Fingal County Council to attach the contribution payment as a condition of the grant of planning permission for 12 new aircraft stands at the airport’s north apron. DAA’s plans also include works to allow for the storage of ground support equipment on a 47.4-acre site as well as the construction of a 550-metre service road to provide access for services vehicles to the new aircraft stands. The Irish Times, 16th March
Shankill, Co Dublin Plans to relocate sports facilities in a South Dublin park, which led to a High Court challenge last year, are under review by Dún Laoghaire-Rathdown County Council, following a public consultation report which found low levels of support for the project. The local authority wants to redesign Shanganagh Park in Shankill, with the relocation of playing fields leased to a Dalkey-based GAA club to the centre of the park – a move strongly resisted by large numbers of Shankill residents. The Irish Times, 18th March
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Blackrock, Co Dublin Irish homeware retailer Homestore and More is to open for business at the Frascati Centre in Blackrock in May. The new outlet, the company’s 24th in Ireland, will be located in the basement level of the former Debenhams unit. The store will be the retailer’s first shopping centre presence as it traditionally trades in retail park locations. The former Debenhams store, located on the ground and lower ground floor of the Frascati Centre, has been vacant since the UK-headquartered chain went into liquidation back in 2020. Apart from the arrival of Homestore and More, the Frascati Centre has recently secured agreements with several new and existing tenants including Musashi Sushi, GNC, Tresspass, Pamela Scott and Shields Dental. The Irish Times, 8th March
Henry Street and Swords, Dublin Sports footwear and apparel retailer, Foot Locker, is to open two new stores later this year at the Ilac Shopping Centre in Dublin city centre and at the Pavilions Shopping Centre in Swords. In the first instance, Foot Locker Unit has agreed a deal with CBRE to occupy units one and two at the Ilac Centre. Extending across a total area of 12,744 sq. ft, the company’s new retail space is located on the ground floor and first floor and has frontage on to Henry Street. It is understood that Foot Locker agreed a long-term lease on the premises. The letting to Foot Locker brings the total number of retailers operating within the Ilac to 73 and brings the scheme to full occupancy. In the case of the Pavilions Shopping Centre, Foot Locker has agreed a long-term lease with CBRE for unit G19 at the scheme. The new store comprises a floor area of 4,149 sq. ft on the centre’s ground floor and 653 sq. ft at mezzanine level. Foot Locker is expected to relocate from the centre’s first floor to ground floor during the current quarter. The Irish Times, 8th March
Crumlin, Dublin 12 Dunnes Stores is preparing to knock down the 1970s-built Crumlin shopping centre in Dublin and replace it with a larger, two-storey mall. The move could mean that Ireland’s biggest retailer avoids a derelict sites levy. The shopping centre, which once had 49 shops, a bank and a pub, has been hollowed out over the past 15 years. Dunnes occupies one unit, while the rest of the centre, which is located beside Sundrive garda station, is closed off to the public. In a planning application, Better Value Unlimited, which is owned by Dunnes, is seeking to demolish the 125,000 sq. ft building and replace it with a 182,000 sq. ft shopping centre. A new anchor retail unit will sit at ground and first-floor level. There will be a “food market” on the ground floor, and a food court. Four independent retailers, an 11,000 sq. ft library and a gym are also planned. The Sunday Times, 12th March
Drogheda, Co Louth Gleann Hospitality is selling the D Hotel, the only four-star hotel in Drogheda, Co Louth. Accommodating 111-bedrooms, the hotel enjoys a high-profile location overlooking the Boyne. CBRE are guiding €10m for the hospitality venue. Since buying it in 2017, Gleann has invested more than €1.5m in refurbishing the property which was originally developed by Irish developer Gerry Barrett in 2007. Gleann purchased the hotel from Edward Holdings, Gerry Barrett’s property company, in 2017 for an undisclosed sum. At the time, a spokesman said the hotel “is already trading at a high level and generating strong international and domestic business”. The Irish Independent, 9th March
Blanchardstown, Dublin 15 PayPal has instructed CBRE to find a buyer for its main office campus in Blanchardstown, Dublin 15. The Campus at Ballycoolin Business Park is being offered to market at a guide price of €26m. The subject property extends across a total area of 20.7 acres, and consists of four separate buildings extending to 170,854 sq. ft. The Campus is split into two distinctive sites. The larger site area to the west of the main Ballycoolin estate road extends to 14.1 acres, and consists of three interlinked office buildings covering a combined area of 142,606 sq. ft. The smaller site area to the east of the main estate road, meanwhile, extends to 6.6 acres and consists of a former commercial building (28,248 sq. ft) which has been converted to a high-quality office. React News, 8th March
Lower Abbey Street, Dublin 1 Irish Life is to redevelop the main office block at its Dublin city centre headquarter campus on Lower Abbey Street. The redevelopment, which has full planning permission, will add a total of 59,600 sq. ft to the existing building, bringing it to a total area of 209,200 sq. ft. The development will see the construction of a new 10th floor. Construction is scheduled to get under way in May and the building is expected to be ready for occupation in 2026. The Irish Times, 10th March
Dundrum, Dublin 14 The fourth floor at Rockfield South in Dundrum is available to let immediately by way of flexible lease and comprises 4,500 sq. ft of fully fitted plug-and-play office space. CBRE is quoting rent of €30 per sq. ft – or less than half the prevailing rate being sought within Dublin’s CBD. The Irish Times, 8th March
Harcourt Street, Dublin 2 Savills is quoting a rent of €42.50 per sq. ft for the offices at no. 9 Harcourt Street in Dublin city centre. The subject property briefly comprises a four-storey over-basement Georgian town house extending across a total area of 5,121 sq. ft. There is a large, secure yard to the rear of the property with sufficient space for up to eight cars. This yard is accessible from Montague Lane. The Irish Times, 8th March
Richmond Street South, Dublin 2 Dublin City Council has refused planning permission for a five-storey office block scheme over concerns the proposal would have on a protected structure, Portobello House, overlooking Dublin’s Grand Canal. Portodev Ltd lodged plans in January for the five-storey over lower ground level scheme including a cafe at ground floor level at Richmond Street South, Dublin 2. The scheme involves the demolition of 12, 34-35, 36 and 37 Richmond Street. The Irish Times, 13th March
Ringsend, Dublin 4 Owen Reilly is offering a site for sale at 22a, 24a and 24 South Lotts Road/101 Gordon Street in Ringsend in Dublin 4 guiding €900k. The site offers the potential for redevelopment or for immediate commercial/retail and accommodation income. It also comes with six car spaces and full planning permission to convert the building into a café/restaurant, house and apartment. The building is on the corner of South Lotts Road and Gordon Street in Dublin 4 close to Ballsbridge, Beggar’s Bush, Google HQ and Grand Canal Dock. The entire corner will be sold with vacant possession. The Business Post, 11th March
Cootehill, Co Cavan Abbott, the US healthcare and life sciences company, has said it is reviewing its options after the High Court quashed its planning application last week for a €10m expansion of its infant formula manufacturing facility in Cootehill on the Cavan-Monaghan border. An Bord Pleanála decided to concede the case after judicial review proceedings were brought against the proposed expansion. The Business Post, 12th March
Blackrock, South Dublin Abrdn’s Pan European Residential Property Fund (aPER) has completed the purchase of Roselawn, a multi-family/BTR scheme in Dublin, for €70m. The development is the first BTR asset purchased by the fund in Dublin and was acquired on a forward commitment basis, purchased from Richmond Homes. Roselawn is a development of 142 units located in the South Dublin suburb of Blackrock, providing a mix of one, two and three-bedroom apartments. The Business Post, 11th March
Social Housing Darragh O’Brien, the Minister for Housing, is to issue a directive to local authorities telling them to start buying up 1,500 homes for people at risk of eviction. The government is under pressure to help up to 3,000 people who are facing eviction notices when the current winter eviction ban expires in three weeks’ time. Councils have already been given the power to buy up homes when tenants on social housing supports, such as the Housing Assistance Payment, are told that their landlord wants to sell. Last year, 600 homes were bought by councils under this “tenant in situ” scheme but the cabinet has allocated funding for 1,500 more purchases of this type this year. The Business Post, 9th March
Housing Commencements The number of housing commencements in recent months is “flatlining” around an annualised figure in the mid 20,000’s, according to a new analysis from Goodbody. The report estimates that a total of 2,046 units were started in February, taking the total commenced in the past three months to c. 6,000. This is the same level of commencements as one year ago and takes the total over the past twelve months to 27,000, according to the report. The commencement figures are down 23% from a recent peak. Issues around planning are threatening the future pipeline of housing developments, according to the analysis. The number of residential units granted planning permission fell by 44% YoY in the final three months of 2022, according to new CSO data. This followed a “sharp” fall in quarter three 2022 also, leading to the lowest second half performance since 2017, according to the Goodbody analysis. The decline was led by a 54% reduction in apartment permissions. However, the number of permissions for houses fell by 28%, with multi-unit developments down 25% and one-off permissions down by 33%. The Business Post, 13th March
Housing Estates Guidelines Developers are redrawing plans for housing projects due to new government rules that could allow them to double the number of own-door houses they can build. The move is expected to further delay tens of thousands of homes that have full planning permission and are not impacted by legal challenges, which will put pressure on government housing targets in the coming years. Property Industry Ireland, the lobby group, has said that new design rules for housing estates being drafted by government mean a “portion” of 70,000 homes will need to be “replanned for reasons of viability and changing policy”. According to market sources, as many as half of the 70,000 homes will likely go back to the drawing board. In the coming weeks, the Department of Housing will publish new guidelines for housing estates, which are expected to drastically increase the number of own-door homes that can be built on sites by cutting required garden sizes. The Business Post, 12th March
Cost-Rental Housing Households earning well in excess of €100k a year will be eligible for cost-rental schemes under reforms being considered as the Government scrambles to address the rental crisis. With new figures released by the RTB showing 4,741 notices of termination were served in the third quarter last year, the Coalition is considering raising income limits for cost rental, alongside other measures announced earlier this week when it decided to end the eviction ban at the end of this month. Cost rental is aimed at people who earn above the limits for social housing but struggle to pay market rents. Current limits exclude households with an after-tax income of more than €53k annually. Minister for Housing Darragh O’Brien is expected to create a second category, where households can have an after-tax income of €75k-€80k – equating to a pre-tax income well above €100k. The Irish Times, 11th March
Cost-Rental Homes, Dublin Huge numbers of renters are expected to apply for the first Dublin cost-rental homes available under the LDA Project Tosaigh scheme, with rents c. 60% below market rates. Applications for the houses at Parklands, Citywest, will open three weeks before the ban on no-fault evictions comes to an end. The second tranche of LDA cost-rental homes in Delgany, Co Wicklow, will also open for applications. Rents in Citywest start at €1.35k a month for a three-bed house, €1.45k for a four-bed, two-storey house, and €1.46k for a four-bed, three-storey house – all typically c. 57% below market rents, according to the agency. At Archers Wood in Delgany, rent for a two-bed duplex has been set at €1.455k a month and €1.55k for a three-bed. These rents are c. 30% below market rents in the area, the LDA said. The opening of applications for the cost-rental homes in Dublin and Wicklow comes as the Government is considering widening the eligibility for cost rental schemes to households earning more than €100k, or a net income of €75k to €80k, in an attempt to stem the rental crisis. The Irish Times, 13th March
Housing Target Taoiseach Leo Varadkar has said there is a deficit of 250,000 homes in the country at present and accepted it will take a long time to resolve the State’s continuing housing shortage crisis. Mr. Varadkar told a meeting of the Fine Gael parliamentary party that 30,000 homes were built last year and another 35,000 are under construction in 2023. However, he said the overall deficit in terms of need was at a quarter of a million. The annual target for Housing for All is 33,000 new-build homes each year. Mr. Varadkar pointed out that the 30,000 completions last year did not include student accommodation and derelict properties brought back into use. The Irish Times, 8th March
Blessington, Co Wicklow One of the country’s largest developers warned the Housing Minister and planning officials about the market being “acutely undersupplied” as it lobbied them to accelerate work on a scheme. Glenveagh wrote to Wicklow County Council chief executive Brian Gleeson in January, saying plans to deliver 173 new homes near Blessington were being delayed “outside our control”. The letter was also sent to Housing Minister Darragh O’Brien and a planning official in his department. Glenveagh was granted permission to develop the houses and a nursing home at Blessington Demesne in 2020 under the condition construction did not commence until the builder had written confirmation of work starting on a road near the site. Homes could not be occupied until the road had been completed, unless agreed with planners. The Irish Independent, 12th March
Waterford Amgen, the biotech giant, is to scale back its planned €1bn campus in Waterford following its acquisition of Horizon Therapeutics. The US drug company is understood to be assessing plans to reduce the investment to a stand-alone €400m facility, which will either be located in Waterford city or at the company’s existing site in Dún Laoghaire, Co Dublin. In December last year, Amgen announced it had struck a €25bn deal to acquire Horizon, which had secured planning permission just a month earlier for a state-of-the-art drug substance manufacturing facility and office campus in Waterford city, at a cost of between €800m and €1bn. The Business Post, 12th March
Tenant-In-Situ Scheme Just 13 homes, out of more than 400 offered to Dublin local authorities by landlords exiting the market, were bought in recent months under the tenant-in-situ scheme. Under the scheme, restored by Minister for Housing Darragh O’Brien last April, councils are empowered to buy homes offered by landlords who are selling up and where their tenant is in receipt of the HAP, or the Rental Accommodation Scheme (RAS). Figures supplied by Dublin’s four local authorities show fewer than 3% of homes offered by landlords since June last year have been purchased. In all, 460 homes with social housing tenants were offered to Dublin councils since June 1st, 2022, and 13 bought. A further 382 are being examined for possible purchase, of which 92 are described as at “closing” or “sale agreed” stage. One council, Fingal, has bought none. It has been offered 120 and 12 are at sale agreed stage. Dublin City Council has been offered 180 and bought seven. Both Dún Laoghaire-Rathdown and South Dublin County councils have bought three homes, having been offered 23 and 137 respectively. The Irish Times, 10th March
BNPPRE ROI Construction PMI The downturn across Ireland’s construction sector moderated during February amid a broad stabilisation in activity levels and fresh growth in new orders. As such, firms registered strong employment growth and the first uptick in input buying since May last year. There was some less positive news on the pricing front. Input costs and sub-contractor rates increased at faster paces than in January. The headline seasonally adjusted BNP Paribas Real Estate Ireland Construction Total Activity Index remained below the neutral 50.0 threshold in February, posting at 49.8 from 47.7 in January. The reading was indicative of a fifth successive reduction in total activity, but having slowed to the weakest over this period the decline was only fractional. Bucking the wider trend, commercial activity increased modestly and for the first time since last September. The latest upturn, albeit only slight, was the first registered since last March and linked by panel members to strengthening project pipelines and better underlying demand conditions. BNPPRE ROI Construction PMI, 13th March
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Sandymount, Dublin 4 Bagnall Doyle MacMahon is offering Mulligans pub in Sandymount to the market at a guide price of €2.5m. The purpose-built building extends to 4,370 sq. ft. The property also benefits from full planning permission for a new shop front incorporating a central glazed-entrance doorway and folding floor-to-ceiling windows opening out on to the street seating area which has a capacity for 40 people. Mulligans occupies a pivotal trading location in the heart of Sandymount village. The Irish Times, 1st March
Charlemont Street, Dublin 2 McCafferty’s, an established pub chain, has completed its acquisition of The Barge on Charlemont Street, Dublin 2. While the price paid for the premises has not been disclosed, it is understood to have secured close to the €3.75m CBRE had been guiding when the pub was offered to the market on behalf of the liquidators of IBRC, KPMG last May. The Barge comprises a part two-storey/part three-storey over-basement licensed premises fitted in traditional style. It trades over three floors and extends to 3,875 sq. ft. The Irish Times, 1st March
Camden Street Lower, Dublin 2 No.19 Camden Street is being offered to the market with the benefit of full vacant possession by Lisney at a guide price of €1.7m. The four-storey property is currently laid out as a restaurant called Dig In over ground and first-floor mezzanine level with extra seating on the upper balcony. The Irish Times, 1st March
Skerries, Co Dublin An Bord Pleanála is reviewing documents related to its controversial overturning of planning permission for a hotel development on the north Dublin coast in 2017, it has confirmed. The c. 7.4 acre site known as Holmpatrick Cove – just south of Skerries – had been earmarked for a hotel and eco-housing development, until it was blocked by a three-person An Bord Pleanála committee. The owners had received planning permission from Fingal Co Council to build a hotel on the site, but lost control of a large portion of the land in a receivership which followed ABP’s decision. The Irish Independent, 5th March
Sandyford, South Dublin QRE Real Estate Advisers, on behalf of its client, Mount Amber Investments, has recently completed the letting of the ground floor office at Corrig Court in Sandyford in South Co Dublin. The office, which extends to 7,534 sq. ft, is beside Beacon South Quarter and was let to global IT systems integrator Bechtle Direct. Following the extensive refurbishment of the second and third floors of Corrig Court, QRE is offering the two floor plates of 10,247 sq. ft each, or 20,500 sq. ft. in total, which are available to let immediately. The Business Post, 4th March
City Centre, Cork Krispy Kreme has taken out a 10 year lease on the ground floor only of Porter’s, which closed last October, ending its 46-year presence on the high street. The arrival to Cork of the doughnut chain follows on from the introduction of a dedicated Krispy Kreme manufacturing plant, in Naas, Co Kildare, which the franchise said would mean that “doughnuts are made fresh and delivered daily”. The lease terms include a break clause – at year five – and annual rent of €90k pa, exclusive of VAT. The Irish Examiner, 2nd March
Opera Lane, Cork Cushman & Wakefield is guiding €26.75m for the “Opera Lane Retail Investment”, a prime portfolio of retail properties in the heart of Cork city centre. Opera Lane has a strong tenant line-up that includes Tommy Hilfiger, H&M, Skechers, Select+, Next, New Look, Specsavers and Starbucks. Only recently, H&M committed to a lease re-gear underlining its commitment to Opera Lane, its only store in Munster. Located just off St Patrick’s Street and within close proximity to Cork Opera House, Opera Lane extends across a total area of 107,251 sq. ft. The investment’s €26.75m guide price reflects a NIY of 9.22%. The Irish Times, 1st March
Headford Road, Galway French investor Iroko Zen has completed its latest acquisition in the Irish investment market, paying €4.965m for units 5A and 6 at Galway Retail Park. The properties, which are let to Halfords and Lifestyle Sports, comprise two identical retail warehouses, extending to a total of 23,980 sq. ft over both units, and benefit from the provision of a 400-space communal surface car park at the scheme. Unit 5A is let to Lifestyle Sports on a 25-year lease from May 2002 at a passing rent of €190k pa, while unit 6 is let to Halfords on a 20-year lease from November 2010 at a passing rent of €200k pa. The Irish Times, 1st March
Westlink Industrial Estate, Dublin 10 Joint agents CBRE and JLL are bringing Unit 4 at the scheme to the market on behalf of pan-European investor M7 Real Estate. The subject property comprises a modern business unit extending to a total area of 5,943 sq. ft and includes 1,722 sq. ft of office space distributed over two floors. The Irish Times, 1st March
Carrigtwohill, Co Cork HIV and hepatitis C drug specialist Gilead Sciences has secured planning permission for expansion at its Carrigtwohill manufacturing base. The €45m investment will deliver significant additional warehousing and storage capacity at a site that produces 30% of the US drugmaker’s global supply of oral drugs for 100 markets. The 55,714 sq. ft warehouse building will have net zero emissions and feature 764 solar panels that will supply 10% of the site’s energy needs. The company expects building to start in April and be complete in November of next year. The Irish Times, 2nd March
Knockrabo, Dublin 14 Bain Capital is exploring strategic options, including a sale, for a prime residential development opportunity in south Dublin with a potential GDV of c. €120m. The US investor has instructed CBRE to review exit and delivery options for 6.8 acres of land in Knockrabo, Dublin 14. Knockrabo currently has extant planning permission for 81 homes and apartments, although An Bord Pleanála granted a SHD planning consent for 227 residential units in March 2022. The SHD application is subject to a judicial review, but no date has yet been set for a decision. React News, 6th March
Mount Merrion, Co Dublin Located at the corner of Callary Road and Foster’s Avenue, the Mount Merrion site is being offered to the market by Bannon at a guide price of €2.75m. Extending to a total area of 0.7 acres, the site is zoned ‘Objective A – Residential’ under the terms of the Dun Laoghaire Rathdown Development Plan 2022-2028. The land is currently occupied by a detached dwelling known as ‘Clonbeg’, a 1930s-built five-bedroom detached house extending to 2,691 sq. ft. The Irish Times, 1st March
Blackhorse Avenue, Dublin 7 Knight Frank is guiding a price of €3.5m for a residential development site on Blackhorse Avenue in Dublin 7 with full planning permission in place for the construction of 68 build-to-rent apartments along with 15 car-parking spaces at basement level. The subject site is located 500m from TU Dublin’s Grangegorman campus and just a short distance from the amenities of Stoneybatter and Cabra. The Irish Times, 1st March
Land Buying Strategy Homebuilder Cairn is examining paying a fee to landowners in return for a first option to buy properties at a future date. The publicly listed company has said its land-buying activity will be “quite limited for the years ahead” as it looks to build out its existing landbank. And while it is pulling back on land deals, the company is looking at option purchasing. Cairn already has a “substantial landbank” of 34 sites capable of holding 16,800 apartments and houses. It said the introduction of a residential zoned land tax, which looks to impose a levy on undeveloped sites, would reduce margins on construction projects. The Sunday Times, 5th March
Cairn Results Cairn Homes said it expects property prices to be “flat” throughout the year due to problems around customer affordability. It came as the company reported operating profits of €103m for 2022, nearly double the €58m in 2021, as its sales rose strongly. In its full year results for 2022, Cairn said it closed 1,526 new homes sales, up from 1,120 in 2021. This delivered revenue of €617m, up from €424m. However, despite this Cairn said that property prices were unlikely to continue to rise due to constraints on buying power. The Business Post, 2nd March
Glenveagh Results Glenveagh posted revenues of €644.7m in 2022, a 35% increase on the year before, the housebuilder has confirmed. In its full-year results for 2022, Glenveagh said it had closed out the year with pre-tax profits of €63m – a 38% jump YoY. The company’s gross margin was 16.8%, a slight decline on the 17.8% it reported in 2021 driven mostly by a strong performance in suburban homes. Glenveagh closed 1,354 suburban units in 2022, up 50% from the 902 units closed the year before and 90% ahead of the company’s performance in 2019. The firm’s EPS last year increased to 7.6c in 2022, from 4.5c the year before. The Business Post, 1st March
Foxrock, Dublin 18 A residential property with potential for up to 27 new houses has been relaunched on the market with a reduced guide price. Known as ‘The Grove’, Mart Lane, Foxrock, Dublin 18, it comes with an existing house on 1.48 acres and Cushman & Wakefield are guiding at excess €2.25m. That is a reduction on the €3.25m which was quoted by other agents when it was launched a year ago. The Irish Independent, 2nd March
Terenure, Dublin 6W A developer recently refused permission for 364 rental apartments on former Terenure College playing fields is looking to quash Dublin City Council’s decision to restrict build-to-rent housing schemes. Dublin-based Lioncor Developments Limited says the council’s decision last November to limit numbers of rental-only apartments to a maximum of 40% of any complex is a departure from national policy without coherent or rational justification. The site is zoned for community and social infrastructure but, while previously it allowed residential use in exceptional circumstances, Lioncor says the latest iteration of the development plan places further restrictions on the residential development in this zoning. The Carmelites run Terenure College and have stated that the proposed 364-unit build-to-rent development would help secure the future viability of the college. Last month An Bord Pleanála upheld Dublin City Council’s decision to refuse permission for the seven-storey residential scheme which was to include 15 studios, 166 one-bed apartments, 174 two-bed apartments, nine three-bed units and 21 houses. The Irish Times, 6th March
Townsend Street, Dublin 2 Refurbishment of one of the oldest, State-built social housing complexes will start this month. The Peter McVerry Trust is renovating former “artisan dwellings” in Dublin’s south inner city, eight years after getting the go-ahead from the Department of Housing and more than a century after the flats were built by the then Dublin Corporation as “healthy dwellings” for “the working classes”. The 18 tiny flats, at 181-187 Townsend Street, have been empty since 2011 when the last, mainly elderly, residents were rehoused. Ground floor retail units were fully de-tenanted during the pandemic. The trust identified the boarded-up buildings as a refurbishment opportunity but, despite getting initial planning permission and funding in 2015, has faced repeated delays. Partial demolition works are due to get under way, to the rear, on March 20th. When completed in mid-2024 there will be 20 one-bed apartments – considerably larger than the current dwellings – over four storeys. The Irish Times, 6th March
Kinsale, Cork A private Munster businessman who bought a Kinsale home and 27 acres of unzoned land last year for c. €5.5m has just added to this Compass Hill landbank, paying over €4m for a further six zoned acres directly adjacent, and outbidding all other developer interest. Confirmed as ‘sold’ is 5.9 acres of elevated land at Compass Hill, with the purchase strongly associated with a business entrepreneur and sold by a local long-time landowning family, via agents Josie Dinneen and Savills Cork who had guided at €4.5m. The Irish Examiner, 4th March
Dundrum, Dublin 14 Hibernia Real Estate Group (formerly Hibernia Reit) is to seek a buyer for a portfolio of 293 rental apartments it owns in the south Co Dublin suburb of Dundrum. Located within walking distance of Dundrum Town Centre, the units are distributed across the Dundrum View and Wyckham Point residential schemes and are understood to be fully let at rents below current market rates. According to market sources, the Dundrum portfolio will be offered to the market at a guide price of between €140m and €150m. In the case of Dundrum View, Hibernia Real Estate Group is seeking to dispose of 80 apartments comprising a mix of one-, two- and three-bedroom apartments arranged across two buildings along with 114 secure on-site car parking spaces. Hibernia Reit acquired the scheme for €28.05m in an off-market transaction in 2015. Hibernia’s holding at Wyckham Point, meanwhile, consists of 213 apartments. It acquired the units in a partly-completed state in 2014. The Irish Times, 1st March
Refugee Accommodation There will be a “problem” in the coming weeks when a number of hotels currently accommodating refugees end their contracts with the Government, Minister of State for Integration Joe O’Brien has said. Mr. O’Brien said he was not going to “sugarcoat” the situation and there was an “inadequate” number of contracts to replace those coming off stream and that there would be intensive work in the weeks ahead to find new arrangements. The Green Party TD also said he did not have figures as to how many hotels would not be renewing their contracts with the State and that the department was “continually bringing on new contracts as well”. The Irish Times, 4th March
Third-Level Colleges, Ireland A Macquarie-led consortium has won a €250m deal to build new buildings for third-level colleges around the Republic. Enbarr Partnership, led by the Australian lender, recently won a contract from the Department of Further and Higher Education to build six new facilities on campuses in Dublin, Dún Laoghaire, Cork, Tralee and Athlone. The €250m deal will provide 5,000 extra student places across four colleges, Technological University Dublin, Munster Technological University in Cork and Tralee, Institute of Art, Design and Technology, Dún Laoghaire and Technological University of the Shannon in Athlone, Co Westmeath. Macquarie is the consortium’s equity sponsor and financial adviser. The project is to design, build, finance and maintain the six buildings. Under the deal’s terms, Enbarr will operate and maintain the facilities over a 25-year period, during which time it will get a monthly payment from the department. At the end of the contract’s terms, the buildings will pass to State ownership. The Irish Times, 1st March
O’Connell Street, Dublin 1 The developer of the old Carlton Cinema and buildings to the rear of it on Dublin’s O’Connell Street is seeking to bring a High Court challenge over a decision to put protection status on six buildings it wants to demolish or partly demolish. Last November, Dublin City Council decided certain buildings, as well as walls of other buildings, in Moore Street, Moore Lane and Henry Place should be included on the record of protected structures (RPS) which became part of the 2022-2028 Dublin City Development Plan. UK property group Hammerson, which controls the 5.5-acre site extending over three urban blocks, is awaiting decisions on five separate planning applications in relation to the redevelopment project. The Irish Times, 6th March
Irish Life has moved to restrict investors taking money out of its €500m flagship retail investor-focused Irish Property Fund following a spike in withdrawals amid concerns about the outlook for the commercial property sector. The group has introduced a six-month notice period for withdrawal requests, it said. “The notice period allows time to make any property sales as required to pay future withdrawals, in a way that is fair to all of our Irish Property Fund customers,” it said. “Irish Life will contact customers to tell them about the notice period.” The Irish Times, 7th March
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Permanent TSB (PTSB) Loan Sale: The Irish Independent reports that PTSB is aiming to finalise a “clean-up strategy” for its non-performing loans this year, with expectation building that the bank will seek to offload some of the distressed loans via a loan sale. Although the bank reported that it held €5.9bn of non-performing loans in its most recent annual results, sources close to the bank have stated that any loan sale may be limited to the bank’s buy-to-let mortgage book. The paper reports that private equity funds such as Lone Star, Cerberus and CarVal are monitoring the bank’s progress. The Irish Independent, 23rd March
Beacon South Quarter: Clarendon Properties, which is led by Tony Leonard and Paddy McKillen, has paid c. €10.6m to acquire 24 retail units in the Beacon South Quarter development in Sandyford, Dublin 18. The sale also includes a warehouse and a site of more than half an acre on 19 Corrig Road. Of the 24 retail units acquired by Clarendon, 10 are still vacant. The 14 units which are occupied are generating net rental income of c. €534k p.a., however this figure is expected to increase once vacant units are let and rent free periods / stepped rents in the occupied units expire. The warehouse and site on Corrig Road is generating rental income of c. €40k p.a. The Irish Times, 22nd March
Merchants Quay Shopping Centre: Clarendon Properties, together with the Belgian company Finaxer, have completed the purchase of Merchants Quay Shopping Centre in Cork city centre for c. €13.7m. The shopping centre is producing rental income of c. €1.47m p.a., however the anchor tenants Dunnes Stores, Debenhams, Marks & Spencer and SuperValu have been excluded as they own their units. The adjacent multi-storey car park is also excluded. The Irish Times, 22nd March
The Capitol Cork: John Cleary Developments (JCD) has advised that the redeveloped Capitol cinema site in Cork City is now 80% let, with just one floor of office space available. The retailers will be Lifestyle Sports and “an undisclosed international homewares operator”, who sources say is HomeSense, a discount homewares company who operates within the TK Maxx group. The secured office tenants are a Facebook / Oculus VR subsidiary, AlienVault and Huawei. The refurbished Oyster Tavern bar and restaurant is to be occupied by Alan Clancy, following a c. €1.5m fit-out. JCD acquired the site for c. €6m in 2015 and the total cost of the redevelopment is c. €50m. The Irish Examiner, 26th March
City Quay Development: Irish Life has agreed a deal to pre-fund the c. €125m development of 13 – 18 City Quay in Dublin’s docklands. The 118,000 sq. ft. property, for which a lease has already been agreed with Grant Thornton, is due to be completed next year. Upon completion, ownership of the property will transfer from the City Development Fund (a sub fund of Targeted Investment Opportunities) to Irish Life. Irish Life has acquired c. €1bn of direct property assets in the past four years. The Irish Times, 28th March
Crumlin Office Blocks: Savills is guiding €2.75m for two interconnecting office blocks in Cashel Business Centre in Crumlin, Dublin 12. The three-storey blocks extend to 28,384 sq. ft. and currently have rental income of c. €287k p.a. The blocks consist of 14 office suites, however with only eight occupied at present, there is potential to increase the rental income through asset management. The blocks have a weighted average unexpired lease term of c. 3 years. The Irish Times, 22nd March
Galway Office Block: Offers in excess of €2.25m are being sought by Cushman & Wakefield for Fáilte Ireland’s Galway tourist office on Forster Street in Galway city centre. The three storey property extends to 6,265 sq. ft. on the ground floor, 6,937 sq. ft. on the top floor and 1,744 sq. ft. in the basement. Fáilte Ireland recently relocated most of its staff to Liosbaun Business Park, however they are planning to occupy the property under a nine-month lease for c. €25k. The Irish Times, 21st March
Cork Development: John Cleary Developments (JCD), together with architects Henry J Lyons, is expected to shortly submit a planning application for a €25m office block on South Mall in Cork City. The application will seek to redevelop a 0.34 acre site which fronts onto South Mall at buildings 85 & 86, with permission being sought for a c. 50,000 sq. ft., five-storey block which will accommodate c. 450 workers. Subject to achieving planning permission, JCD intends on commencing work on the site immediately and completing the development by 2018. The Irish Examiner, 23rd March
Dublin 6 Development: Hines is behind a c. €23m office block proposed for Grand Parade in Dublin 6. If completed, the block would extend to c. 161,000 sq. ft. and stand at eight storeys tall. The Sunday Business Post, 26th March
RTE Montrose Campus: Savills is expected to launch the sale of a portion of RTE’s Montrose campus in Donnybrook, Dublin 4 in the coming weeks. It is expected that RTE will seek to dispose of up to 15 acres of its 32.12 acre campus, for which offers above €75m will reportedly be sought. The site being disposed of is expected to be able to facilitate up to 20 high value houses and up to 500 apartments. The Montrose campus was rezoned Z12 in 2013, which means that housing is now a “permissible use” for the site. The Irish Times, 22nd March
Dublin 2 Investment: Bids of €2.1m are being sought by QRE for seven apartments on Benson Street in Dublin’s Grand Canal Dock. The current rental income from the apartments is c. €143k p.a. Each apartment has its own car space. The Irish Times, 22nd March
Dalkey Investment: Joint agents JLL and Lansdowne Partnership are seeking €2m for a mixed use property in Dalkey, south Dublin. Blue Court contains four two-bedroom duplex units, two two-bed townhouses and three retail units, with the retail units ranging from 410 sq. ft. to 625 sq. ft. Four of the apartments and one of the retail units are occupied, generating rental income of c. €78k p.a. The property also includes nine car spaces. The Irish Times, 22nd March
Foxrock Houses: Lisney has placed a €10.25m asking price on a 2.36-acre site which includes two detached houses on Brighton Road in Foxrock, south Dublin. Subject to planning permission, the site could facilitate 20 homes. The site is being sold under the instruction of the receiver, Aiden Murphy of Crowe Horwath. Should the site fail to sell as one lot, Lisney will guide €6m for the development site and €1.75m and €2.5m for the two houses. The Irish Times, 22nd March
Raheny Application: Coralvale Ltd has sought planning permission from Dublin City Council for a 71 apartment development on a one-acre site in Raheny, north Dublin. The application proposes to demolish four houses on Station Road and replace it with a four-to-six storey block which will contain seven one-beds, 52 two-beds and 12 three-beds. Coralvale is controlled by Conor, Gavin and Matthew Gallagher. NAMA Wine Lake, 26th March
Mount Merrion Development: David Doyle, son of PV Doyle, has sought planning permission from Dún Laoghaire-Rathdown County Council to build 47 residential units on the grounds of Thornhill House in Cherrygarth, south Dublin. The application proposes the development of 33 apartments and 14 houses on the 3.5-acre site. Thornhill House, which was home to the Doyle family since the 1960’s, does not form part of the application. The Sunday Business Post, 26th March
February Mortgage Approvals: The February 2017 report by the Banking & Payments Federation Ireland (BPFI) on mortgage approvals shows that the number of mortgages approved for the three month period ending in February 2017, based on moving averages, was 2,840. The value of mortgages approved for the corresponding period was c. €585m. Based on the value of mortgages approved, these figures represent an increase of 54.4% YoY (c. €379m February 2016) but a decrease of 6.8% MoM (c. €628m January 2017). Based on the value of mortgages approved, the first-time buyer segment recorded the most substantial growth YoY, rising by 69.6%. BPFI Mortgage Approvals February 2017
Ballymount Industrial Unit: Rent of €1.2m p.a. is being sought by Savills for the former Johnson Brothers logistics building on Ballymount Avenue in Ballymount, Dublin 12. The property extends to 145,140 sq. ft., which includes 27,264 sq. ft. of office space. The Irish Times, 22nd March
AIB Naas: Savills is seeking offers of €3m for an AIB branch on the Main Street of Naas, Co. Kildare. The three storey property extends to 7,460 sq. ft. and is situated on a 0.33 acre site. The current rental income of the property is c. €250k p.a. The lease has c. 7.6 years until the next break and c. 12.6 years until the next expiry. The Irish Times, 21st March
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Subprime Mortgage Portfolio: Investment firm Chenavari is reportedly in advanced negotiations to buy a mortgage portfolio that originated from GE Capital’s former Irish subprime loan book. It is believed Chenavari may be acting with Dublin buy-to-let lender Dilosk on the transaction. Chenavari recently took a minority stake in Dilosk and has committed to funding mortgages through the company. The portfolio, which is made up of performing loans, is part of the €600m mainly troubled loan book that GE sold to Australian firm Pepper in 2012 in a deal backed by Goldman Sachs. It is believed that Dilosk is only likely to be interested in buying a performing loan portfolio, however industry sources have stated that Chenavari may also have an appetite for the non-performing loans in the former GE book. The Irish Times, 15th March
Regional Retail Landscape: The Sunday Times analyses the changing landscape of the regional retail sector, which is facing significant challenges due to the increased focus on online sales, and the uncertainty surrounding Brexit. Due to the growth of the online market, many established retailers are now focusing less on their bricks and mortar units, and more on their online offering. Aiden McDonnell of Colliers reports that retailers now tend to focus more on a smaller number of larger sized units in central locations, as opposed to a large number of smaller sized units. The exceptions to this current trend comes from discount retailers such as TK Maxx, whose price point is so low that it doesn’t need an online offering. The Sunday Times, 19th March
Waterford Sites: The Irish Times reports that Saudi Arabia’s largest operator of shopping malls, the Fawaz Alhokair Group, is believed to have “agreed purchase terms” with Waterford City Council and NAMA for a four-acre site on Michael Street in Co. Waterford. The site has planning permission for a c. 110,000 sq. ft. shopping centre and a 400-space car park. The paper also reports that the group has also agreed terms for a nearby 17-acre site on the North Wall Quay. The 17-acre site has a special planning status and may be used for retail, office and / or residential space. The shopping centre is expected to be completed and open for business before the end of 2018. The Irish Times, 21st March
Dundrum Office Buildings: Joint agents Finnegan Menton and Cushman & Wakefield are guiding in excess of €15m for two office buildings and two levels of retail units in a third block located at Rockfield Central in Dundrum, Dublin 14. The buildings are being sold in one lot, offering a yield of 8.5% after standard purchaser costs. The portfolio is currently 92% occupied and is producing a rental income of €1.3m p.a., a figure which the letting agents advise could be increased by renting two vacant floors and increasing some of the existing rents from c. €15 – €18 psf to c. €25 psf. Mott MacDonald is the highest paying office tenant, paying c. €269k p.a. for c. 16,000 sq. ft. of space. The buildings are located in the 14-acre Rockfield Central scheme, which contains 388 apartments, c. 97,000 sq. ft. of commercial buildings, the Balally Luas stop and a park and ride facility for 400 cars. The Irish Times, 15th March
The Times Building: The sale of The Times building on D’Olier Street in Dublin city centre to the German fund Real IS has been completed. The new owner purchased the building, which was the former HQ of The Irish Times, for c. €50m from Kennedy Wilson in an off-market transaction. As well as the 51,290 sq. ft. of office accommodation, the sale included seven self-contained retail units and four two-bedroom apartments. The Aviation Authority pays c. 85% of the current rental income of c. €2.6m p.a. The Irish Times, 15th March
School House Lane: Savills is quoting a rent of €57.50 psf for a mid-size office block located at 5 School House Lane off Kildare Street in Dublin city centre. The building is currently being upgraded by owners Kennedy Wilson, who is spending c. €3.5m refurbishing the block for occupation this summer. The five-storey building extends to 16,000 sq. ft. and there is likely to be considerable interest in the letting due to its prime location in the heart of Dublin’s business district. The Irish Times, 15th March
The Marker Hotel: The Sunday Times reports that Brehon Capital Partners and Midwest Ventures, the owners of the Marker Hotel in Dublin’s Silicon Docks, are planning to spend c. €10m upgrading and expanding the hotel. The owners are proposing to add a new floor which will contain c. 30 bedrooms, which would increase the total number of rooms to c. 217, whilst also upgrading the rooftop bar. Brehon and Midwest acquired the shell of the hotel and 84 adjoining apartments for c. €30m in 2011, before investing a further c. €20m to complete the development. The 84 apartments were sold to I-RES REIT for €50.1m in 2014. The Sunday Times, 19th March
Athlone Springs Hotel: CBRE is guiding over €3.5m for the 68 bedroom, four-star Athlone Springs Hotel in Co. Roscommon. The hotel is being offered for sale by private treaty on the instructions of Grant Thornton in conjunction with the owner operators. The hotel was opened in 2007 and is a well-established and successful business, located just off the M6 Dublin-to-Galway motorway and close to Athlone town centre. The Irish Independent, 16th March
The Strand Hotel: The Strand Hotel in Bray, Co. Wicklow, which was built by Oscar Wilde’s parents and then inherited by the playwright, has been put on the market by Cushman & Wakefield with a guide price of €2.2m. The hotel, which was originally a seafront house built in c. 1850, extends to 8,600 sq. ft. and includes 10 bedrooms located on the two upper floors. The hotel was recently renovated in a contemporary style and comes to the market with vacant possession. The Irish Times, 15th March
Shelbourne Plaza: Knight Frank is guiding c. €18.5m for 52 apartments in the Shelbourne Plaza complex on Ringsend Road near Dublin’s Silicon Docks. The apartments are all being sold with vacant possession, allowing the new owners to capitalise on exceptionally strong occupier demand in the area, while each apartment comes with a parking space. The apartments comprise six one-beds, 42 two-beds and four four-beds and all have been finished to a high standard. They have previously been leased to a company providing short term accommodation, and there is an option for the new owner to continue with this arrangement (with two-beds renting for €850 – €1,000 per week), or else opt to lease the properties on standard residential tenancies (two-beds in the area generally rent for c. €2,300 per month). The Irish Times, 15th March
Westpoint Westport: Joint agents Savills and Tuohy O’Toole are guiding €8.5m for Westpoint, a mixed use project in Co. Mayo being sold on the instruction of the receiver, Grant Thornton. The asking price reflects a gross yield of c. 10.6%. The scheme is located beside the railway station in Westport and contains 87 apartments across three blocks (12 one-beds; 61 two-beds and 14 three-beds) and a retail element with seven commercial units and an anchor Tesco store (which is not included in the sale). All but one of the 87 apartments and two of the seven commercial units are let, producing an annual rent roll of c. €940k p.a. The selling agent has advised that there is potential to grow the rental income through asset management opportunities. The Irish Times, 15th March
Beacon South Quarter Defects: Apartment owners at the Beacon South Quarter apartment complex in Sandyford, south Dublin, have voted by an almost two-thirds majority to pay over €10m to fix fire safety and other structural defects in the complex. The vote followed a warning by Dublin Fire Brigade that owners could face legal action if they failed to complete fire safety works in their homes. Owners of the 880 apartments will have to pay between €7.5k and €15k each to fix the safety defects in the complex. Property investment company I-RES REIT owns 25% of the complex, and will therefore have to pay c. €2.7m. Owners in blocks A, B1, C and D are being asked to pay €9.1m into a sinking fund for fire remedial works, while residents in blocks A and D are being asked to pay in excess of €1m in relation to water damage. The Irish Times, 16th March
Kingswood Business Park: CBRE is guiding €2.5m for c. 12 acres of development land located at Kingswood Business Park in Dublin 22. The site will also be offered for sale in two smaller lots. The site previously had planning permission for the development of light industrial units, a service station and a car testing facility. The Irish Times, 15th March
Housing Completions: New figures from the Department of Housing show that based on electricity connections, the number of new homes completed in Ireland in January 2017 was c. 1,244. For the 12 months ending January 2017, c. 15,256 units were completed, a level not reached since 2010. The number of new housing starts in January 2017 was also positive at 910, a 45% increase year-on-year. The Irish Times, 21st March
North Docklands Development: Remcoll Capital Ltd has sought planning permission from Dublin City Council to develop 60 apartments on Shamrock Place in the North Dublin Docklands. The application seeks permission to demolish the existing Leech Papers factory and replace it with a six-storey over-basement property. The apartments will consist of 12 one-beds and 48 two-bed apartments. Paul Collins and Melanie McGarry control Remcoll. NAMA Wine Lake, 19th March
Glasnevin Development: LDC Developments Ltd has applied to Dublin City Council to construct 69 new apartments in two five-storey blocks on a site in Glasnevin in north Dublin city. The new apartments will consist of 19 one-beds, 32 two-beds, 15 three-beds and three studio apartments. Margaret and Louise Scully control LDC. NAMA Wine Lake, 19th March
Allsop Auction: More than 230 properties with a combined value of over €38m on reserve are due to be offered for sale at an upcoming Allsop’s online auction on 5th April. The latest auction follows on from a similar event in February where 90% of the lots were sold at an average of 53% above reserve prices. The auction will contain more than 130 residential properties which have a combined total of c. €17m, while a substantial number of commercial properties will also be going under the hammer. The Irish Independent, 20th March
National Forensics Hospital: The Irish Independent reports that the HSE has selected Spanish construction giant OHL as the preferred bidder for a c. €125m contract to build the new National Forensics Hospital in North Dublin. The company will partner with Irish builder JJ Rhatigan on the project. The HSE has advised that contracts for the deal have not yet been signed, but they have confirmed that the OHL / Rhatigan proposal has been identified as the preferred bidder. The Irish Independent, 20th March
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Lone Star Bond Issuance: The Irish Times reports that Lone Star is preparing to issue bonds secured by over €500m of residential mortgages. The issuance is expected to take place within the next few weeks and will be completed through an entity named European Residential Loan Securitisation 2017-PL1 DAC. A credit note from Moody’s, who Lone Star has hired to rate the bonds, states that 76% of the mortgages have been permanently restructured, 19% are in arrears and the average loan-to-value of the mortgages is 67%. The residential mortgages were originally underwritten by Bank of Scotland (Ireland), Start Mortgages and Nua Mortgages, between 2003 and 2008. The Irish Times, 8th March
Parkway Retail Park: Green REIT has agreed to sell Parkway Retail Park, Co. Limerick, to an unnamed entity for €24.3m, in a deal that is expected to be completed later this month. The price is to be paid in two tranches, with €1.3m subject to securing planning consent for a vacant unit on the site for which a tenant has been agreed. Green REIT announced that the contract price reflects a 4.4% uplift on the valuation obtained in December 2016, and a 74% profit for the company on the cost of acquiring the property in late 2013. The sale comes as part of a larger non-core asset disposal project by Green REIT, as it focuses on the Dublin office market. The Irish Times, 10th March
St Mary’s Road Properties: Colliers International is guiding in excess of €2.65m for a Victorian period property and coach house in Dublin 4. Numbers 1 and 1A St Mary’s road are being offered in two lots – Lot 1 (Number 1 St Mary’s Road) is let to ‘Callan & Co’ on a 21-year lease from January 2016, with an annual rent of €90k p.a. until January 2021, before increasing to €97.5k p.a., with open market rent reviews thereafter. The next break option on the lease is in 2027. The building, which is in extremely good condition, extends to 2,000 sq. ft. over two floors, and is available for sale individually with a guide price in excess of €1.7m. Lot two (The Coach House) is a two-bedroom Victorian property which extends to 860 sq. ft. and has a private garden and off-street parking for three cars. The Coach House is available for sale individually with a guide price above €950k and has full planning permission for a 615 sq. ft. extension. The Irish Independent, 12th March
Royal Hibernian Way: Friends First has been granted planning permission for two new restaurants in the well located Royal Hibernian Way shopping centre on Dawson Street in Dublin city centre. The restaurants will have floor areas of 2,390 sq. ft. and 3,898 sq. ft. and will contain external seating. The new units will mark the beginning of a more comprehensive refurbishment of the shopping centre by Friends First. Footfall on Dawson Street is expected to rise rapidly due to the new Luas Cross City service, and several leading traders are now seeking to lease floor space in the area. The Irish Times, 8th March
Dublin / Wicklow Retail Parks: Cushman & Wakefield is handling the sale of two retail parks in Dublin and Wicklow which are both well located close to Lidl supermarkets. Grange Road Retail Park in Rathfarnham, Dublin 14 is guiding €2.9m, while offers of €1.4m are being sought for Blacklion Retail Park in Greystones, Co. Wicklow. The Grange Road property for sale extends to 10,774 sq. ft. and has a rent roll of c. €309k p.a. Blacklion extends to 12,602 sq. ft. and has a rent roll of c. €150k p.a. The Irish Times, 8th March
Swords Plaza: Swords Plaza, an office and retail centre along Main Street in Swords, Co. Dublin has been sold for close to the €14.5m asking price to an American company. Cushman & Wakefield handled the sale of the freehold complex, which extends to 101,285 sq. ft. Based on the purchase price and the c. €1.556m annual rental income, the property will offer a return of c. 10.34%. Almost 70% of the rental income is secured against well-known local and multinational tenants including ASL Aviation (€361k p.a.), McDonald’s (€160k p.a.) and DHL (€142k p.a.). The Plaza occupies a pivotal location in Swords, adjacent to both the Pavilions and Swords Central shopping centres. Two-thirds of the buildings sold are in use as offices, while 26% is retail use. The remaining 7% comprises a double basement 315-space car park and two apartments. The Irish Times, 8th March
Seamark Building: Starwood Capital Group and Chartered Land are seeking tenants for the newly named Seamark Building, located on the Elmpark Green campus on Merrion Road in Dublin 4. Joint agents CBRE and Colliers International are quoting a rent of €39.50 psf, which represents a significant discount on rental prices in Dublin’s central business district. The eight-storey block, which has views over Dublin Bay, extends to 182,500 sq. ft. and once fully developed, can be split into two independent office buildings, or combined to provide one single HQ building. The property also comes with 161 car-parking spaces (which can be rented at €2,500 per space p.a.), 342 showers and changing areas. The mixed-use Elmpark campus contains facilities such as apartments, coffee shops, a child care centre and leisure facilities. The existing office tenants include companies such as Allianz, Novartis and Willis. The Irish Times, 8th March
Cork Office Development: CBRE is guiding €4.75m for a two-storey, 20,989 sq. ft. office building at Eastgate Avenue, Little Island in Cork, which has an up-to-date specification and contains 70 car parking spaces at surface level. The entire office is let to the Food Safety Promotion Board under a 25-year lease which expires in 2026. The rent is €370k p.a., offering a net return of c. 7.5%. The OPW has sub-let a portion of the ground floor on a 10-year lease running from 2016. CBRE expect significant interest in the sale due to the security of the income from a Government tenant and the good location of the building. The Irish Times, 7th March
Galway Office Building: CBRE is guiding over €8.5m for 6 Ard Oran, a 49,654 sq. ft. modern office block in Oranmore Business Park in Galway. The property, which is being sold on the instructions of a receiver, is currently rented to Cisco on a 25-year lease from 2007. The annual rental income is €774k, offering a net initial return of 8.72%. Cisco’s lease incorporates five yearly upwards-only rent reviews, and has 5.7 years to run until the next break option in November 2022. The building has a basement car-park with 99 spaces, and there are a further 42 surface car-parking spaces. The Irish Times, 7th March.
Dublin 8 Office Building: BNP Paribas is guiding €2.65m for the sale of The Priory, a six-storey period office building on John Street West, off Thomas Street in Dublin 8. The building was originally developed alongside a church in 1878, and was purchased in 2002 by its current three owners who invested heavily in converting and upgrading the office. The property extends to 10,021 sq. ft. and produces a rental income of €190k p.a. through several tenants. The Irish Times, 8th March
Mount Wolseley Hotel: Mount Wolseley Hotel, Spa & Golf Resort in Tullow, Co. Carlow is being offered for sale through agents CBRE for €14.25m. The resort is being sold by Tetrarch Capital, who purchased it in 2014 after it entered examinership with debts totalling €60m. Since then, Tetrarch has refurbished much of the premises, and returned the resort to profitability in 2015 and 2016. The 170-acre resort contains a 143-bed four-star hotel, modern conference and banqueting facilities, a spa, health club, gym and swimming pool. It also contains 16 four-bed lodges, and is being offered for sale either as one lot, or as two transactions (with the lodges being sold separately). The Irish Times, 8th March
Dublin Housing: The CEO of house builder Cairn Homes has warned that there is an “extraordinary imbalance” between the level of construction in the office and residential sectors in Dublin. Mr Stanley noted that while over 4.3m sq. ft. of offices are being constructed in the city, only 800 apartments are currently being built. While the office space would accommodate c. 40,000 workers, the apartments will accommodate just c. 1,600 people. He also advised that the company is planning to build between 375 and 400 houses this year (which will be sold in the low €300k bracket), with a total of 1,200 new homes planned by 2019. The Irish Times, 9th March
Goatstown Site: WKN Real Estate Advisors is seeking in excess of €10m for a 5.4 acre residential site on the Goatstown Road in Dublin 14. The site, which is being sold by The Religious sisters of Jesus and Mary, is expected to accommodate between 70 and 80 houses and apartments. The sale also includes a 0.41-acre site under a long lease with a restrictive covenant prohibiting any uses which are not childcare related. In addition, the buyer of the site will be obliged to deliver an astro-turf pitch for the Jesus and Mary College, rotated 180 degrees from its present position. The Irish Times, 8th March
Development Land Report: Cushman & Wakefield’s 2016 review of the development land market shows that there was c. €792m of direct and indirect development land sales in the Greater Dublin Area (GDA), Cork, Galway and Limerick. The total value of direct sales was c. €687m, spread across 180 transactions, a slight decrease on the 2015 figure of c. €721m. The GDA accounted for the majority of the direct sales, totalling c. €640m across 130 transactions. The indirect land sale in 2016 was Cairn Homes’ purchase of Argentum Property for €105.6m, a company which contained 164.5-acres spread across six GDA sites. Cushman & Wakefield Irish Development Land Review 2016 / Outlook 2017
Regulation Change: New legislation being drafted by the Department of Housing proposes to allow owners of vacant commercial property buildings convert their properties into apartments without obtaining planning permission. Under current legislation the owners of former shops or offices require planning permission to convert the properties into residential use. The Department of Housing is proposing to implement the exemption until 2021, but this may be extended if it is a success. The Irish Times, 10th March
Georgian Property Refurbishment: Larea Fa, a residential investment company, has bought 25 Georgian houses in Dublin in the last year, and is due to complete the purchase of a further 20 properties before the end of June 2017. The company is refurbishing the previously vacant properties, which are located in Dublin 4, 6 and 8 before putting them back into the market at a higher rent, and will mainly seek young professionals as tenants. The houses, which previously contained bedsits, are all classified as pre-1963 buildings. According to market sources, Larea Fa will spend over €40m acquiring the properties. The Sunday Times, 12th March
North Dublin Docklands Apartments: Ide Mulchay has sought planning permission from Dublin City Council to build two apartment blocks on a 0.3-acre site at Church Road in East Wall, 0.5km from the IFSC. The project will involve demolishing the existing buildings on the site, and constructing two blocks, between three and five storeys tall, which will contain 23 apartments (four one-bed; 15 two-bed and four three-bed apartments). NAMA Wine Lake, 12th March
Home Ownership: New figures from the CSO on home ownership shows that the number of people who own their own home in Dublin is the lowest since records began. The figures show that in Q3 2016, 59.9% of people in the capital owned their own home, a significant decrease from the 75% of people in Dublin who owned their home in 2000. Nationally, 69.7% of people owned their own home at the end of 2016, a figure which is significantly below the peak of 80.1% in 1991. The Irish Times, 14th March
Net Mortgage Lending: The latest figures from the CSO’s Trends in Private Household Credit and Deposits data show that net mortgage lending rose in Q4 2016 by c. €27m, the first net increase since 2009. While net mortgages for private homes rose by c. €449m, mortgages in the buy-to-let sector decreased by c. €394m. The data is also interesting in that it shows more people are favouring fixed rate mortgages. Fixed rate mortgages increased by €657m in Q4 2016, while variable rate mortgages decreased by €208m. The Irish Times, 14th March
Amazon Data Centres: Amazon is planning to build a c. €1bn data centre campus in Dublin to meet demand for its web services and online shopping network. The company has applied to Fingal County Council for planning permission to construct a 223,000 sq. ft. data centre in Mulhuddart which will cost up to €200m. The company has advised that it may build up to seven additional smaller data centres on the c. 64-hectare IDA-owned site, which would involve an estimated future spend of c. €700m. Construction of this data centre is expected to take up to 18 months, employing about 400 workers on site. The company already has nine data centres located around Dublin which it uses both for its own internet operations and its web services business, which offers data hosting to other companies including Netflix, Expedia, Unilever and Kelloggs. The Irish Independent, 10th March
The Cuckoo’s Nest Site: DNG is guiding €4m for the 4.52-acre site of the Cuckoo’s Nest public house on Greenhills Road in Tallaght, Dublin 24. The site comes with permission for 39 three-bedroom houses, six two-bedroom apartments and commercial space. It is anticipated that the pub will be altered and renovated into an 11,000 sq. ft. facility, and that the Tallaght Theatre building will be demolished and replaced with a 4,000 sq. ft. property. The Irish Times, 8th March
An Post Closures: The Irish Independent reports that a plan by An Post to restructure the post office network is expected to require the closure of over 200 post offices. A separate government report had reportedly proposed that 80 offices be closed, with a further review of loss-making outlets to be conducted in four years’ time, however it is reported that An Post’s strategy would be to use any funds to restructure the business now, therefore meaning a higher number will be closed. It is expected that several post offices will be closed voluntarily, with An Post identifying further locations to be closed over an extended period. In addition to the planned closures, a significant number of post offices are reportedly due to be moved to convenience stores in villages in towns. Whilst cost-cutting is a key focus of the plans, there are also proposals to grow other parts of the business, including the rapidly growing parcel business, which currently has an annual turnover of €120m. The Irish Independent, 12th March
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Patrick Street, Cork: Savills is guiding €9.5m for three fully let retail buildings located on 73, 74-75 and 79 Patrick Street in Cork city centre. Based on the €9.5m guide price, the properties offer a net initial yield of c. 6.15%. The three buildings have strong tenants including Carphone Warehouse and Abrakebabra, and produce a combined rent roll of €610k p.a. with a weighted average unexpired lease term (WAULT) of c. 7.6 years. The portfolio extends to 14,000 sq. ft., including 5,450 sq. ft. of ground floor retail space. The Irish Times, 1st March
Ballyfermot Investment: A detached two-storey Iceland supermarket and overhead offices located in Ballyfermot, Dublin 10, have been put on the market with a guide price in excess of €2.7m by Cushman & Wakefield. The guide price will offer a net initial yield of c. 7.24%, with this figure expected to rise to a minimum of 8.19% after the next rent review in three years. Iceland has a 25-year lease on the ground floor supermarket and storage space on the first floor at a rent of €203k p.a. This lease runs until 2030, however there is a tenant-only break option in 2025. There are also 10 car spaces located to the front of the building. The Irish Times, 1st March
Central Park, Leopardstown: AIB has agreed to rent the newly completed Block H office block in Central Park, Leopardstown, Dublin 18. The bank will pay a rent of c. €28 psf for the c. €40m, eight storey, 151,586 sq. ft. property, which includes 300 car spaces and 375 bicycle spaces. The bank will use the property to accommodate 500 support staff who are currently located in a variety of locations across the city. AIB will move into the premises, which were completed by Green REIT, in c. 3 months, once fit-out has been completed. The letting comes as Green REIT evaluate the potential to construct up to 400,000 sq. ft. of additional office space on the Central Park site. The Irish Times, 1st March
Burlington Plaza: NAMA Wine Lake reports the sale of two shareholdings in the 235,000 sq. ft. Burlington Plaza office complex. Percy Nominees has reportedly sold their 25% interest to Coolbrook Developments for €61m, while Lington Developments has reportedly sold their 25% interest to Davy Target Investments for €51m. Coolbrook Developments now controls 75% of Burlington Plaza, a threshold which NAMA Wine Lake understands allows Coolbrook to have effective control of the building. NAMA Wine Lake, 5th March
Ranelagh Office Development: Grand Parade Property Trading Company DAC has sought planning permission from Dublin City Council to refurbish the former Carroll’s building located on Grand Parade in Ranelagh and build a six-storey over two-level basement extension, providing a gross floor area of nearly c. 120,000 sq. ft. The directors of the applicant are Francis Martin and Brian Moran. NAMA Wine Lake, 5th March
Nassau Dawson Street Development: Meyer Bergman has been granted planning permission by Dublin City Council for a c. €58m mixed use retail and commercial development located on the corner of Nassau Street and Dawson Street in Dublin city centre. The development will be six storeys tall and will include over 120,000 sq. ft. of office space and over 83,000 sq. ft. of retail space. Construction Information Services, 23rd February
Dublin Hotel Rates: Dublin hotel room rates rose by 15% last year, according to a new report from PwC. The capital has the highest occupancy rate of any European city at 82.5%, outperforming cities such as London, Amsterdam and Berlin. Dublin has the fifth most expensive room rate, at €105 per night. According to the report, there are currently 18,500 hotel rooms in Dublin, one third of the total in Ireland. The supply of hotel rooms over the last decade has been relatively static, however there are plans for 65 new hotels in the city, which should add c. 5,500 new rooms. The report highlights that Brexit could result in a reduction in the number of tourists visiting from Europe this year. The Irish Independent, 6th March
Dalata Expansion Plans: The Sunday Business Post reports that Dalata will look to expand into European markets in the coming years. CEO Pat McCann has stated that the company’s Irish growth is all but complete, and whilst the UK market will provide a growth platform for the next three-to-four years, the company will look to the European market in the longer term for growth opportunities. The Sunday Business Post, 5th March
Sandymount Hotel: The Sunday Business Post reports that the Sandymount Hotel in Dublin 4 has recently received a c. €6m refurbishment, and the owner is planning to begin work to add an additional 19 rooms this autumn. The hotel is currently generating c. €1.5m p.a. in profits. The Sunday Business Post, 5th March
Marlet Property Group: Marlet Property Group has retained Savills to market four prime residential sites which together may be worth over €450m. The group is looking to “forward sell” the sites, which could provide c. 1,500 apartments. It is understood a further two developments may be added to the portfolio, depending on demand. One of the developments is Mount Argus in Harold’s Cross, which is already under construction and has planning permission for 200 apartments. Another site is located in Cabra, where 300 apartments are due to be built on former CIE lands. All unbuilt sites are ‘shovel ready’, well located and are to be built to a high standard with amenities such as gyms and common areas. Marlet Property Group was formerly New Generation Homes, and is backed by fund manager M&G. The Sunday Times, 5th March
Mortgage Market: New figures compiled by Investec show that AIB has increased its share of the mortgage market at the expense of its main rivals. The bank currently has a c. 35% share of the market, compared to c. 25% for Bank of Ireland (BoI), c. 18% for Ulster Bank, c. 12% for KBC and c. 10% for PTSB. Traditionally, AIB and BoI have had similar shares of the mortgage market, however it is believed that BoI’s focus on fixed rates, high variable rates and the disposal of its ICS broker channel are impacting its market share. The Irish Independent, 6th March
Sandyford Site: Joint agents JLL and HWBC are guiding in excess of €10m for a 0.24 acre site in Sandyford, south Dublin, which is being sold by UK property developer U+I. The site has planning permission for 147 apartments, a crèche, café and gym. The site, which is located at the junction of Blackthorn Road and Carmanhall Road, currently contains a commercial building, and the new development will consist of three six-to-eight storey blocks which will accommodate 29 one-bedroom, 102 two-bedroom and 16 three-bedroom homes alongside 151 car parking spaces and a central courtyard. U+I acquired the site for c. €6.5m in 2015. The Irish Times, 1st March
Smurfit Printworks Site: The Irish Times reports that Eastwise Homes has paid c. €18m to acquire the former Smurfit Printworks site in Glasnevin, Dublin 9, from an Irish subsidiary of Westhill Land & Property UK Ltd. Following the completion of the purchase, work is expected to shortly begin on the construction of 43 houses and 76 apartments. Lisney oversaw the sale of the five-acre site, and told prospective acquirers that it may be possible to add a further 19 homes following new regulations adopted by Dublin City Council. The Irish Times, 1st March
Stillorgan Industrial Park: Agents JLL is seeking €2.55m for a blue-chip industrial investment opportunity on the Chadwicks store, at Birch Avenue in Stillorgan Industrial Park, south Dublin. The 15,000 sq. ft. semi-detached building, which contains both staff and customer parking, is currently rented to The Grafton Group for €180k p.a. on a 35-year, upwards only lease running from 1990, offering a return of 6.76% p.a. The Irish Times, 1st March
Camden Deluxe Hotel: The Murray Group, which operates five Dublin city centre pubs including The Living Room and The Czech Inn, has emerged as the preferred bidder for the former Camden Deluxe Hotel on Dublin’s Camden Street. The group is reportedly set to buy the premises for c. €8.5m, and will re-open it as a supersized sports bar with capacity for c. 1,000 people. The complex currently houses a 35-bedroom hotel, Planet Murphy’s Bar and the Palace Nightclub. Camden Street is one of the busiest areas for nightlife in Dublin’s city centre. The Sunday Times, 5th March
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