Greater Dublin Area The Arc portfolio, guiding €30m through Harvey, comprises 11 income-generating industrial properties positioned along the M50 motorway from Bray to Swords. The portfolio has a current annual rent roll of €1.84m (5.6% NIY) and a WAULT of five years to the earliest termination. The sale process is being conducted on behalf of receivers Interpath, and form part of a wider disposal of 27 properties. The largest asset within the portfolio is the Honda Distributors building in Ballymount comprising 58,739 sq. ft. Other significant assets include the Ardmore Film Factory in Bray (45,234 sq. ft) and Unit 10 in Rosemount (34,562 sq. ft). The Irish Times, 19th March
Nenagh, Co. Tipperary Agent Colliers is guiding €7.5m for a large headquarter warehouse facility on a 7.46-acre site. Located at Stereame Business Park, the property extends to 104,700 sq. ft and comprises the warehouse, three floors of offices and a separate showroom. There is also a two-storey mezzanine with an additional 12,959 sq. ft. The property is held under two separate leases, both 10 years from January 2021 and a total passing rent of €400,000. There is a landlord/tenant break option in December 2025. The Irish Times, 19th March
One Spencer Dock, Dublin 1 The Dublin headquarters of PwC, is set to hit the market with the high-profile office expected to guide for in the region of €200m. The prime 226,624 sq. ft property is expected to draw significant interest from a wide range of potential buyers, with core institutional investors expected to find the property attractive. PwC signed a 25-year lease in April 2007 that expires in April 2032. In August 2016, the current owners bought the property for €242m through London-based AGC Equity Partners. The Sunday Independent, 23rd March
Retail Parks The Parks Collection, which comprises Belgard Retail Park in Tallaght, the M1 Retail Park in Drogheda and Poppyfield Retail Park in Clonmel is being readied for a sale in the coming weeks by Cushman & Wakefield. The portfolio is expected to guide approx. €120m, or some €42m more than the €78m Marlet paid US investor Marathon AM in September 2021. Since then, Marlet has engaged in an intensive asset management programme. In the case of Belgard Retail Park, the developer built a new unit of 25,155 sq. ft which EZ Living has agreed to occupy on a new long-term lease. At M1 Retail Park, work is at an advanced stage on the construction of a new Tesco supermarket of more than 45,000 sq. ft. The overall rent roll, meanwhile, has been increased from €7m to over €9m. The Irish Times, 18th March
McDonald’s Two drive-through restaurant premises in Shannon and Cavan, occupied by McDonald’s restaurants, are guiding at €1.2m and €1.8m respectively through Bannon. The drive-through in Shannon is located directly opposite Shannon Town Centre and extends to a gross internal area of 3,332 sq. ft. McDonald’s recently agreed a new lease providing the purchaser with almost 13 years term certain at a passing rent of €82,533. The McDonald’s in Cavan is located at Pullamore Business Park. That sale also includes two workshop style units, which are leased respectively to the National Car Testing service and to a veterinary practice. The McDonald’s drive-through restaurant is let for another 15.5 years and is generating annual rental income of €90,304. The NCT centre and veterinary practice are paying a combined €48,690 in annual rental income. The Irish Times, 19th March
Kinsale, Co. Cork Ballinacurra House Estate has been relaunched on the market with a reduced guide price, as well as the addition of a six-bedroom house to the lot. Colliers, under the instruction of Crowe as receiver, is guiding €3.75m which is a reduction on previous guide of €6.35m in 2021 and subsequently of €4m. Set across 23 acres of private gardens, woodlands and paddocks, just a few km upriver and west of Kinsale, its 18, 400 sq. ft Georgian manor house has 14 ensuite bedrooms. The Irish Independent, 20th March
Dalkey, Co. Dublin BDM Property and John Younge are guiding offers in excess of €2.5m for the Dalkey Duck. The accommodation comprises a ground-floor bar and lounge bar, plus a fully fitted catering kitchen. Overhead, an apartment includes a large living room and two double ensuite bedrooms. Outside to the rear, a large and covered patio and beer garden. The property also benefits from planning permission for 12 guest bedrooms. The Irish Independent, 20th March
Dunshaughlin, Co Meath An Sibín pub is guiding a price of more than €1.75m through Lisney. An Sibín is being sold on the instructions of joint liquidators KPMG and Interpath. The detached two-storey building comprises approx. 4,000 sq. ft ground floor lounge bar and dining space supported by a kitchen. First-floor accommodation extends to approx. 3,560 sq. ft and includes a function lounge, toilets and an additional kitchen. The property sits on a 0.47-acre site and it comes with parking for 45 cars. The Irish Independent, 20th March
Baggot Street, Dublin 2 Eamon Waters has withdrawn his appeal with An Bord Pleanala (“ABP”) through which he was seeking to overturn DCC’s decision to refuse plans for a hotel. Peachbeach Unlimited had applied to replace the building at 15-16 Baggot Street Lower with a six-storey hotel and apartment complex. Peachbeach Unlimited had bought the property for an estimated €12m. It is currently let to Tesco Ireland and the upper floors are sublet to Flyefit gym. The plans were rejected by the council last September. The local authority found that the modern design of the hotel would be “inappropriate in terms of the proposed height and scale.” The Currency, 21st March
Dublin 8 The recently refurbished 30-31 Francis Street and 1-4 Swifts Alley are guiding €6.5m (NIY of 7%) through Quantum Property. 30-31 Francis Street is a 4 storey over basement dual aspect terraced building of approx. 6,400 sq. ft and multi tenanted generating €175k pa of rent. 1-4 Swifts Alley is approx. 8,900 sq. ft and generating €300k pa in rent from Berlitz Dublin Language Centre. There are 12 basement car park spaces included in the sale. Quantum Property Consultants, 24th March
Commercial Vacancy Rates The commercial vacancy rate in Ireland reached 14.5% in Q4. According to the latest GeoDirectory Commercial Buildings Report, prepared by EY, Sligo had the highest rate, at 20.6% with Carrigaline, Co Cork the lowest at 5.1%. D2 had the highest vacancy rate in the capital, at 18.7%. There are now 30,635 empty commercial units across the country. The total stock stands at 210,894 commercial properties, an increase of 74 units compared to the previous year. The services sector occupies the largest share, at just under half. Retail and wholesale have the second-largest share of commercial sites, at 22% of the total. The Irish Independent, 20th March
Finglas, Dublin 11 The former Bottom of the Hill pub in Finglas village, which sits on a 0.49 acre site, is being offered to the market with full planning permission for an apartment scheme through Lisney at a guide price of €2.25m. The plan approved by ABP provides for a five-storey, mixed-use development that includes 48 apartments (three three-beds, 31 two-beds and 14 one-beds), a hospitality unit and a retail unit. The Irish Times, 19th March
Shannon, Co. Clare Sherry FitzGerald are quoting a price of €3.25m for a prime commercial development site immediately adjacent to Smithstown Industrial Estate and the Shannon Airport Group’s Shannon Campus East Zone. Extending to a total area of 10.61 acres, the lands are zoned “Light Industry”. The Shannon Airport Group’s Shannon Campus West and East Zone comprises a 242-hectare (600-acre) business park that is home to more than 300 companies and 8,000 employees. The Irish Times, 19th March
Blackrock Road, Cork ABP has given the green light for a new residential development in Cork City. Dwellings Developments Blackrock Road Ltd got approval from Cork City Council in April last year for the construction of two new apartment blocks at Ashton Place and Ashton Rock on Blackrock Road, ranging from five to six storeys in height, containing 44 apartments in total. The decision was appealed to ABP following several objections from local residents, however ABP upheld the council’s decision. The Examiner, 20th March
Ballybunion, Co. Kerry Developers AGC Ventures Ltd T/A Atlantic Golf Construction has sought permission from Kerry County Council for the construction of 27 homes at Church Road, Ballybunion. The proposed development would comprise six one-bed homes, two two-bed homes, 15 three-bed homes and four four-bed homes, with new connections to the public foul, surface water and water mains with all necessary ancillary services at Church Road. The Examiner, 20th March
Residential Property Prices increased by 8.1% in the 12 months to January 2025, down from 8.8% in the year to December 2024. In Dublin, residential property prices rose by 7.5% compared to January 2024. The highest median price for a dwelling in the 12 months to January 2025 was €662,349 in Dún Laoghaire-Rathdown, while the lowest median price was €180,000 in Leitrim. Meanwhile, the median price of a dwelling purchased was €359,999. The region outside of Dublin that saw the largest growth in house prices was the border (Cavan, Donegal, Leitrim, Monaghan, and Sligo) at 12.7%, while at the other end of the scale, the Mid-East (Kildare, Louth, Meath, and Wicklow) saw a 5.8% rise. The Business Post, 19th March
Development Land deals totalled €749m in 2024 across 84 deals, an increase of 45% on 2023 and was 15% higher than the five-year average of €654m. Dublin accounted for 79% of transaction volumes, which was in line with the five-year average. The Greater Dublin Area took that share to 88%, highlighting the sustained attraction of the capital to both residential and commercial developers. Notably, Louth experienced its strongest year in the series with over €25m in transactions. Planning permission continues to demand a premium in the market; the average price for a site with planning was €11m, compared to just €7m for sites without. Savills Report, 20th March
Planning Legal Challenges Legal challenges to major housing, renewable energy and infrastructure projects dramatically spiked last year causing major delays. New figures from ABP show a 67% surge in judicial reviews as it faced 144 proceedings, a rise on the 86 challenges registered in 2023. Industry leaders this weekend issued a stark warning that the system is close to paralysis and has destroyed the business case for developers and investors. In the year, the number of housing projects of more than one dwelling facing judicial review rose by 40%. Five of the 34 legal case cases were taken by developers. The Business Post, 23rd March
Upcoming Planning Lapses Planning for around 20,000 apartments is set to expire over the coming two years according to a new report. The Banking and Payments Federation Ireland Housing Market Monitor also says 75,000 homes can be completed in 2025 and 2026, but that is well below the 50,000 a year the report says are needed. The report comes as separate figures from the Department of Housing yesterday showed a collapse last month in the number of so-called commencement notices. Builders registered 1,017 commencement notices last month. That was the lowest for February in a decade, with the exception of the Covid lockdown in 2021, and was down from a high of 3,715 last year, when numbers were boosted by incentive schemes. The Irish Independent, 24th March
Croí Cónaithe The State is on track to deliver less than 20% of the apartments it aimed for under a key scheme designed to deliver more homes for owner-occupiers. The Croí Cónaithe Cities Scheme aims to support the building of apartments for sale to owner-occupiers by providing funding to developers to cover the “viability gap” between the cost of building apartments and the market sale price. The target for the scheme was the delivery of 5,000 apartments by the end of 2026. However, new figures show just seven contracts with developers have been signed so far for the delivery of 870 apartments. The Irish Times, 20th March
Galway The €24m transformation of Galway train station is due to be complete by 2026 according to a new update from Irish Rail this week. Plans to renovate Ceannt Station in Galway city will see new platforms, increased accessibility and a new roof for the train hall. The €24m redevelopment of Ceannt Station is funded by the Department of Housing’s Urban Regeneration and Development Fund and the National Transport Authority. The Irish Independent, 20th March
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Ashbourne, Co. Meath Chris Kelly Group has bought one of Ashbourne’s best-known licensed premises, the Fox’s Den. The group operates multiple bar operations in Dublin and the provinces, including Sinnott’s on St. Stephen’s Green, Old-Fashioned Sam’s on Harcourt Street and The Parkview Hotel, Newtownmountkennedy. It is understood that the Group plans a major revamp of The Fox’s Den. While the sale price was not revealed, it is believed to have fetched in the region of its €1.5m guide. Extending to 7,014 sq. ft, the two-storey premises include two ground-floor bars and a first-floor function room. To the rear there is parking for 25 cars. The Irish Independent, 13th March
Momentum Logistics Park, Naas Palm Logistics has reached practical completion on a new 86,277 sq. ft high-bay warehouse for Irish transport and logistics operator Elsatrans at Momentum Logistics Park. The company already occupies more than 80,000 sq. ft across three buildings at Momentum Logistics Park. Elsatrans’ new warehouse includes 5,500 sq. ft of purpose-built modern office space. Palm Logistics has also secured planning permission from Kildare County Council for an additional 515,000 sq. ft at Momentum Logistics Park. Some 122,000 sq. ft of space is currently being built, including four high-bay logistics units and two new light-industrial units. These units will be ready for a phased occupation from May to August 2025. The Irish Times, 12th March
Ballybrit, Galway Building 1 at Parkmore West Business Park comes to the market fully let to Canadian-headquartered electronics manufacturer, Celestica Inc, at a guide price of €7.5m through Cushman & Wakefield. It is generating a passing rent of €519,812, which breaks back to just €8.40 psf based on the property’s gross external area of 61,903 sq. ft. Building 1 briefly comprises a modern manufacturing and warehouse unit with a total gross external area of 61,903 sq. ft. Loading access is provided by one dock leveller and one grade-level door. There are 70 car-parking spaces located to the side of the building, which sits on 2.25-acres. The Irish Times, 12th March
Blanchardstown, Dublin 15 Danish retailer JYSK is launching its 27th Irish store in the Blanchardstown Centre. The company has applied for planning permission to amalgamate two units in the centre, which were formally occupied by Maxi Zoo and Michael Murphy Home Furnishings. The new shop will be the third retail unit it opens this year, with a further seven on the way. The company is also opening a unit in Blackpool Shopping Centre in Cork and in Tullamore, Offaly. The Business Post, 12th March
South Docklands, Dublin The final lettings have been secured at Bolands Mills in Dublin’s south docklands. Award-winning chef Karl Whelan is to open a new restaurant across two floors in Unit 6. The 6,000 sq. ft venue will feature canal-side dining. The Hot Box Sauna will occupy 4,000 sq. ft in Unit 7 and offer customers the use of three saunas and three plunge pools. The three landmark buildings developed at the site of the former Boland’s Quay, which Google acquired in 2018 in a deal worth about €300m, comprise more than 400,000 sq. ft of regenerated mixed-use space, built around the historic 19th century Bolands flour mill. The Irish Times, 12th March
Pembroke Row, Dublin 2 The embassy of Sweden has relocated from No. 12 Fitzwilliam Place to Kildress House on nearby Pembroke Row, between Lower Baggot Street and Wilton Place. The embassy has taken the entire second floor of the building for its diplomatic and consular operations and is understood to be paying a rent of approx. €53.50 psf. Kildress House is owned by MRP, the property development and investment arm of McAleer & Rushe, and has undergone a full redevelopment and been transformed into a six-storey grade-A office scheme of 22,200 sq. ft. Kildress House is already home to Principal Global Investors, BCM Global, Proximo Spirits and Muzinich & Co. The Irish Times, 12th March
Glenageary, Co. Dublin Located on the Glenageary Road just south of Silchester Park, a 0.74-acre site comes for sale through Lisney with full planning permission for the development of 27 large apartments at a guide price of €3m (€111k per apartment). While the existing planning consent is due to expire in the near future, it does provide a precedent for the future development of the site. The Irish Times, 12th March
Dublin 8 An Irish investor has paid €3.15m for 36-37 Harrington Street and Archbishop Byrne Hall. The price paid represents premium of 26% on the €2.5m agent Colliers had been guiding when it brought the property to the market last October. Located at the junction with Synge Street, the property extends to 10,616 sq. ft, sits on a site of 0.23 acres and is comprised of a three-storey over-basement, end-of-terrace building, together with Archbishop Byrne Hall on Synge Street. While the new owner’s plan for the site is not known at this point, the property has a zoning which permits various potential uses, including residential, medical and educational. The property is not listed as a protected structure under the Dublin City Development Plan. The Irish Times, 12th March
Planning Permissions New figures from the Central Statistics Office show that the number of planning permissions granted for apartments fell by almost 39% last year when compared to 2023, with approvals for houses down only 2.7%. The total number of new homes approved annually fell by 21.4% in 2024 compared to an increase of 20.6% in 2023. The figures reveal a significant fall in planning permissions for apartments in the capital with a drop of 55.7% last year across the four Dublin local authorities. There was also a 46% fall in the number of Strategic Housing Developments dwelling units approved. The figures also show a steep drop in the number of planning permissions granted in Q4 2024 with the total number of dwellings approved down 38% compared with the same period in 2023. Rte.ie, 12th March
Kerry More than 1,850 holiday homes in Kerry may have to close down if the Government passes the proposed Short-Term Letting and Tourism Bill, the Irish Self-Catering Federation (ISCF) has claimed. The bill is aimed at reducing short-term letting in rent pressure zones. Under the bill, properties offering accommodation for up to 21 nights will need to be registered and booking platforms will only be able to advertise properties with a valid Fáilte Ireland registration number. Owners of properties in pressure zones will be required to have planning permission to be used for tourism and short-term letting purposes to register. The ISCF said that Fáilte Ireland identified 10,731 properties offering short-term rentals in Ireland – including 1,858 in Kerry – deemed suitable to be long-term rentals. The Irish Independent, 12th March
Baldoyle, Dublin 13 The Land Development Agency (LDA) has announced the acquisition of a site in Baldoyle for an undisclosed sum. The site has been earmarked for housing since 2016 and has existing planning permission for 1,931 homes. The acquired site is next to the LDA’s Clongriffin site, which has the potential to deliver over 2,000 homes. Work has already commenced there on a first phase involving 408 homes, which will be delivered in two apartment blocks. In total, this gives the LDA the potential to deliver over 4,000 new homes in the area. The Baldoyle site comprises approx. 44 acres and in addition to the existing planning for housing, known as ‘The Coast’ housing development, the site has permission for crèche facilities, commercial units, new parks, transport facilities and other public infrastructure works to enhance community amenities. The Business Post, 13th March
Sandyford, Dublin 18 Located on Ballymoss Road just across the road from the Stillorgan Luas stop, a 0.59-acre site with planning permission for a 124-unit aparthotel is being offered by joint agents Cushman & Wakefield and Brown Corrigan. Quoting €4.5m, the property includes a two-storey building known as Grafton House which is now vacant and extends to 11,648 sq. ft. Planning permission is divided between 75 one-bedroom suites and 49 two-bedroom units. The Irish Independent, 13th March
Goatstown, Dublin 14 Residents are contesting plans by Orchid Homes to construct a 212-student bed-space scheme for the Vector Motors site at Goatstown in Dublin 14. Three separate third party appeals have been lodged with An Bord Pleanála (“ABP”) against DLRCC’s decision to give the scheme the go-ahead. The originally planned 220 bedspace student scheme was to be accommodated in a six-storey building and Orchid Homes told the appeals board that the scheme provides a high quality, much needed student accommodation proximate to UCD. In its grant of permission, DLRCC ordered the omission of eight bed-spaces from the 5th floor. The Irish Times, 13th March
Clontarf, Dublin 3 Irish housebuilder Cairn Homes has approached Clontarf Golf & Bowling Club with a land swap proposal that it believes could deliver “several thousand new homes” on the prime 72-acre site. Cairn has partnered with Green Land Capital on a land swap proposal that would involve the Clontarf club relocating to 185 acres in Kinsealy that were previously part of the Abbeville estate. Green Land has an option to buy the Kinsealy land from its owner, the Nishida family, who own the Toyoko Inn hotel chain. The Clontarf club has about 1,400 members and they would have to vote by special majority for any deal to proceed. Some 62 acres of the club’s land is leased from Dublin City Council, which would have to consent to any development and rezone the site for housing. The other 10 acres are owned by the members. The Irish Times, 15th March
Stillorgan, Co. Dublin Cairn Homes has been granted permission to build more than 370 apartments on a site which previously held a car dealership and the once-popular Blake’s restaurant. The company was granted permission with conditions by ABP to build 377 apartments which will be rented rather than sold. The application, which was first lodged in April 2022, is for apartments which will be laid out across six blocks ranging from three to nine storeys. This comprises of 21 studio apartments, 189 one-bedroom apartments, 159 two-bedroom apartments and 8 three-bedroom apartments. Conditions involved in the grant include confirming that the apartments are to be used for long term rentals only, that the development must remain owned by an institutional entity for fifteen years and that no residential units shall be sold separately for that period. The Business Post, 18th March
Dundalk, Co. Louth A €26m centre of excellence offering training in advanced manufacturing and other related technologies has been officially opened in Co Louth. The Advanced Manufacturing Training Centre of Excellence (AMTCE) in Dundalk provides courses in construction technologies, 3D printing including concrete printing, robotics, cyber security and ICT innovations. The centre is located in the Xerox Technology Park in Dundalk. The AMTCE has already catered for 5,000 learners over the past four years. The Department and training body SOLAS contributed more than €26m to cover the cost of purchasing and refurbishing the AMTCE building. Enterprise Ireland has also provided €7m in grants to the centre to date. Rte.ie, 13th March
Dublin Airport ABP has refused retention permission for a 248-space car park near Dublin Airport. Carra Shore Hotel (Dublin) applied for permission for the retention, and continued temporary use, of 248 car parking spaces at the Holiday Inn Dublin Airport, Swords for a period of five years. The car park is located to the east and north of the hotel. The site is accessed by the roundabout to the east, which also serves the Clayton Hotel and the Circle K Service Station. ABP said the retention and continued temporary use of parking spaces would, by virtue of serving Dublin Airport rather than the hotel, be classed as “carpark- non-ancillary”. This, it said “would materially contravene the HT ‘high technology’ zoning objective of the Fingal Development Plan 2023-2029.” The Business Post, 14th March
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Receivership RELM is appointing receivers to 14 property companies controlled by Paddy McKillen Jr on foot of debts of €50m. Ken Fennell and Brendan O’Reilly from Interpath Advisory have been appointed to act as receivers to the property companies. The move will not impact tenants of the buildings, who will continue to trade as normal. RELM made the move on foot of debts of €50m that are secured on prime assets which are estimated to be worth over €30m. The 14 companies own a number of properties including 6-7 St Stephen’s Green, the Star Bar at 43 Baggot Street Lower, Lamb Doyle’s pub in Sandyford now slated for redevelopment, Ashton’s pub in Clonskeagh, a residential property 10 Forster Court, Galway, The Butler Arms hotel in Kerry and The Foxhunter Pub in Lucan. The Currency, 10th March
Portfolio Sale Global Student Accommodation (GSA), Ireland’s biggest student flats provider, is exploring a recapitalisation or possible sale of part of its Irish portfolio, valued at €500m according to the property website Green Street News. If the sale goes ahead, it will be the largest ever student accommodation deal in the Irish market. The portfolio, which is in Dublin, comprises 2,000 beds across five properties, including New Mill in the Liberties and Ardcairn House at Grangegorman, which are operated under the Yugo brand. GSA owns ten properties in Ireland and 4,000 beds and since entering the market in 2015, it has invested €850m. It developed the five Dublin student blocks with its long-term joint venture partner Harrison Street but purchased the portfolio in 2020 in a deal valued at €400m. A recent report by Cushman & Wakefield found that student bed demand across Ireland is projected to grow to more than 115,000 by 2034-2035. Sunday Times, 9th March
Abbey Street Upper, Dublin 1 Eastdil Secured and Savills have been appointed to find a buyer for the Jervis Shopping Centre. The Irish Times understands the centre is to be offered to the market within weeks at a guide price of approx. €120m. Jervis Shopping Centre extends to more than 385,000 sq. ft and has more than 90 retail units, including a food court, across two storeys supplemented by mezzanine floors. While the centre had counted Next among its occupiers for more than 20 years, the UK fashion retailer relocated to a new flagship premises nearby in late 2018. More recently, the Jervis Shopping Centre suffered a blow with the decision by New Look to exit the Irish market. The UK discount fashion retailer is understood to have been paying about €2m a year in rent for its Jervis store which, at 40,000 sq. ft, was the largest in its chain of more than 1,000 outlets worldwide. In 2017, AIB Real Estate Finance provided a €155m loan to refinance the Jervis Shopping Centre. The Irish Times, 5th March
Kildare Street, Dublin 2 Kennedy Wilson is understood to be looking to secure between €75m-€80m for 20 Kildare Street through Agents CBRE and Knight Frank. Located close to Leinster House, the 65,000 sq. ft office block is fully occupied by a range of tenants includes Aircastle, Ara Partners, Consello, Davidson Kempner Capital Management, Dentons, Egon Zehnder and Lanthorn that is generating a rent roll of approx. €4m a year. The Irish Times, 11th March
Hanover Quay, Dublin 2 Separately, Kennedy Wilson is understood to have instructed CBRE and Savills to sell office accommodation at Capital Dock, the landmark mixed-use scheme it developed at the gateway to Dublin’s south docklands. Ten Hanover Quay, as the offices are known, comes just three years after the US group and its joint venture partner on the scheme, Nama, secured global fintech and payments provider Fiserv as tenants for all 68,300 sq. ft of its accommodation. The company agreed a deal in 2022 to occupy the property on a 15-year lease with a tenant break option in year 12. While the rent was not disclosed at the time, it is understood Fiserv agreed to pay between €55 and €60 per sq. ft. The seven-storey office building, which is housed within a converted warehouse and stables dating from the 1780s, is expected to command a guide of about €70m. The Irish Times, 11th March
Ballsbridge, Dublin 4 US-headquartered financial giant BlackRock Asset Management has formally agreed to occupy 21,430 sq. ft of Glencar House on a 10-year lease at a blended rent of just over €65 psf. The company’s accommodation also includes a 3,767 sq. ft private terrace on the fourth floor. Agent JLL represented BlackRock in the negotiations while C&W represented Glencar’s developer, Killeen Properties. The property, opposite the RDS on Merrion Road, comprises 75,000 sq. ft of grade-A office accommodation. The Irish Times, 5th March
South Mall, Cork City A French investment fund paid almost €5m for a South Mall office block in what was the second biggest commercial property deal in Cork in H2 of 2024. Mata Capital IM, fund manager for private investment vehicle Osmo Energie, spent €4.9m on Nos 26/27 South Mall, in its first acquisition outside of France. The Examiner, 7th March
Dalata has said it is undertaking a strategic review to enhance value for shareholders, “including but not limited to a potential sale” of the company. The company operates a portfolio of 55 hotels, including 30 owned hotels which are valued at €1.7bn including assets under construction, 73% of which relates to hotels in Dublin and London. The company, which owns the Maldron and Clayton hotel chains, reported revenue of €652.2m, up 7.3% YoY, supported by additions to the portfolio in 2023 and 2024. ‘Like for like’ revenue per available room of €115.78 was up 1% versus 2023. The Business Post, 6th March
South William Street, Dublin 2 After nearly half a century of being owned and operated by the Keogh family, Peter’s Pub is being offered for sale as a going concern by Lisney at a guide price of €4.25m. The pub briefly comprises a traditional-style licensed premises and is presented in excellent condition throughout. The premises occupies a prime trading pitch in Dublin’s south city centre and sits within a short walk of St Stephen’s Green and Grafton Street. The Irish Times, 5th March
Haddington Road, Dublin 4 Dublin City Council has given the go-ahead for plans to demolish Smyth’s pub and replace it with a larger pub and apartments, despite locals’ fears about a superpub. Courtney Lounge Bars Ltd has secured permission to demolish all existing buildings on site at 10 Haddington Road and build a mixed-use building over four and five floors, comprising a pub at basement and ground floor levels and six apartments on the upper floors. The council decided the scheme “would not seriously injure the amenities of the area or property in the vicinity”. The Irish Times, 5th March
Nexus Logistics Park, Dublin Iput has committed €230m to launch a new sustainable logistics sub-fund, which is set to deliver 1.5m sq. ft of logistics space amid rising demand for modern distribution hubs. Iput has raised €115m in new capital from two new investors, ISIF, and a European institutional investor via CBRE IM’s Indirect Strategies, with the remaining €115m being invested by Iput through a combination of capital and its zoned logistics landbank. Construction is set to commence in March 2025 on 105 acres of zoned land near Dublin Airport. The Business Post, 6th March
Parkmore West Business & Technology Park, Galway French asset manager Principal Asset Management has acquired two commercial buildings in Galway for €7.2m in its first acquisition in Ireland for a European logistics and industrial fund managed by Theoreim. The asset comprises Building 4, a prime life sciences investment at Parkmore West Business & Technology Park to the east of the city. The deal was brokered by Harvey. Building 4 extends to a total gross floor area of 54,165 sq. ft and is fully let to Medtronic Vascular Galway under two leases which are co-terminus in 2043 and producing rental income of €496k pa (€9.14 psf, capital value of €133 psf, net initial yield of 6.25%). The Irish Independent, 6th March
2024 Review Turnover in the development land market, encompassing the Greater Dublin Area and the three regional centres of Cork, Galway and Limerick, surged during 2024 to reach €762m, almost double the level seen in 2023 and falls just below the long-term average of €774m. There was a return of larger sized transactions during the year with 5% valued at €50m or greater. The proportion of transactions in the less than €5m price bracket declined reaching 64%. Land with residential development potential accounted for just over two thirds of transactions in 2024. The GDA absorbed the majority, 92%, of development land turnover during the year, while the regional centres of Galway, Cork and Limerick accounted for 4%, 3% and 1% respectively. Sherry Fitzgerald Report, 6th March
Mortgages About 7,000 mortgage customers are paying interests rate of between 8.5% and 10%, a research paper has found. The Oireachtas Library and Research Service paper found that 1%, or 7,000, of all private dwelling mortgages were at interest rates as high as 10%. All were customers of non-bank non-lenders. Similarly, one in eight of all mortgage holders, or about 100,000 customers, are paying interest at 6% or more. The data, provided by the Central Bank of Ireland, shows that interest rates for bank customers are much lower. Half are paying interest of 4% or less, and 38% pay between 4% to 6%. The paper outlines how retail credit firms have grown to have a 16% share of the Irish market. Most non-performing loans previously on the books of commercial banks have been transferred to these companies. The Irish Times, 10th March
Funding The construction of up to 5,000 social and affordable homes has effectively stalled because of a row over Government funding. Several Approved Housing Bodies (AHBs) confirmed they had been forced to halt work on projects in Dublin and elsewhere because the Department of Housing has refused to sign off on funding for cost-rental schemes since last August and for social housing schemes since last October. While some projects have been given the go-ahead in recent days, others remain in limbo, sources said. A contractor working on a scheme in Dublin plans to pull workers off site next Friday because of a lack of funds. The delays are expected to result in a slowdown in supply from the AHB sector, which delivered close to half of all new social homes in 2023. The delay in approvals appears to stem from a row over funding between the Department of Housing, the Department of Finance and the Department of Public Expenditure. The Irish Times, 10th March
Dublin Airport An extra 6,000 car parking spaces will be available at Dublin Airport from this week. The former QuickPark site is reopening under new branding and management and will operate as Park2Travel. It will be run by APCOA. A 24/7 bus shuttle service with transfers every 12 minutes during peak times. It is hoped the new car park will relieve some of the pressure since the site closed in 2020 and travel resumed after Covid lockdowns. Rte.ie, 10th March
South Mall, Cork Esports Ireland’s first dedicated complex, the National Esports Centre, has been opened in Cork. The centre represents a €1m investment in gaming infrastructure and the creation of 10 new jobs, with further positions available in gaming, media and digital technology expected as the centre continues to expand. The gaming sector in Ireland is growing at 7-9% per year. It also continues to experience growth globally, with video game revenue – including esports – reaching €210.1bn in 2023, which was a 4.6% increase from the previous year. The National Esports Centre will be a hub for professional esports athletes, aspiring gamers, developers, gaming researchers, students and innovators. It will also serve as a training ground for Irish esports teams preparing for major global competitions. The Irish Times, 10th March
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Dublin Landings, Dublin 1 Having sold for €106.5m in 2018, No 2 Dublin Landings, which is let to We Work, looks set to change hands for approx. €50m, representing a 53% fall in value of the 100,546 sq. ft office building. The amount being paid by German investor MEAG is also some €10m less than the €60m which had been sought by Savills on behalf of receivers Deloitte. The €50m sale price also falls short of the €60m plus loan the German bank Helaba extended to the building’s outgoing owners, South Korean real estate investment trust JR AMC and Hana Financial Investment. The €50m figure pales even further in comparison to the €140m valuation which was mooted when JR AMC and Hana weighed the sale of the property in 2022. The Irish Times, 27th February
Merrion Square, Dublin 2 Cushman & Wakefield is guiding €10m for the Merrion Square Collection, a development opportunity which comprises several properties extending across a total area of 18,634 sq. ft and sits on a 0.4 acre site. The properties in question are 54 Merrion Square, Clifton House, Clifton Hall, Clifton Mews, the car park at Clifton House and a portion of the rear yard of 55 Merrion Square. The subject property is in use as a serviced office and the scheme is 70% occupied, with a total rent roll of approx. €404,000. The subject site has dual frontage on to Merrion Square and Fitzwilliam Street Lower. The Irish Times, 26th February
Capel Street, Dublin 1 89-94 Capel Street is being offered to the market by Savills guiding €6.5m (9.93% NIY). The five-storey office building extends to 25,073 sq. ft. Close to its junction with North King Street, and adjacent of the Technological University Dublin Bolton Street campus, the property is approx. 84% let to the OPW with the remaining income generated by Autoaddress. The property is producing a total rent of €709,550 pa, with a weighted average unexpired lease term of about 1.9 years to the nearest break option. The Irish Times, 26th February
Green Street, Dublin 1 Savills are also selling 16-22 Green Street, a 29,897 sq. ft office building guiding €7m. State-backed entities occupy the majority of the assets through the IHREC and St Michael’s House. The property is producing a current gross rent of €426,951 yearly and this figure is expected to increase in May to approx. €479,950 a year following the index-linked rent review of the IHREC premises. In addition, a vendor underwrite on the available office spaces amounting to €135,000 a year ensures an overall rent roll of approx. €614,950 annually. The property has a weighted average unexpired lease term of 5.6 years to the nearest breaks. The guide price of €7m reflects a NIY of 8% and a capital value of just €234 per sq. ft. The Irish Times, 26th February
Leopardstown QRE and BNP Paribas are quoting a rent of €26 psf for the offices at Five South County. The campus is a well-established business location and is home to other employers including Microsoft, SSE Airtricity, ICON, Fannin Healthcare and Accenture. The accommodation, which has recently been refurbished and is distributed over the ground, first and second floors, ranges from 2,500 sq. ft to 6,500 sq. ft. The Irish Times, 26th February
St. Stephens Green Vodafone is eyeing up a move to 70 St Stephen’s Green, a six-storey office block currently leased to the pharmaceutical company Horizon Therapeutics. The telecoms giant is in the market for between 48,000 sq. ft and 70,000 sq. ft of office space as it considers a move from its headquarters in Leopardstown. Sources say it has identified No. 70, formerly Hainault House, as a likely contender. The office has been let to Horizon Therapeutics on a 20-year lease since 2021. However, it is understood it has been quietly put out to the market as a sublease. The Sunday Times, 2nd March
Camden Yard is being readied for the market after the receivers appointed CBRE to sell the site. Grant Thornton asked four property agents — Eastdil, CBRE, JLL and Savills — to pitch for the business and each valued the Kevin Street scheme at about €80m. Camden Yard was put into receivership in December after the alternative lender BentallGreenOak appointed Grant Thornton as receivers. The developer Westridge Real Estate paid €145m on behalf of US and Canadian investors for the site in 2019. Approx. €65m was spent on site excavation and construction. The developer had planned to build offices, apartments and retail and restaurant units. The Sunday Times, 2nd March
Arran Quay, Dublin 1 Deka Immobilien is paying €86m for the new Ruby Molly Hotel. Developed by its seller, the ESR Group, and completed in April 2024, the hotel comprises 272 rooms along with a restaurant and one retail unit and is located at the junction of Arran Street East and Little Mary Street. The hotel is operated by Ruby Hospitality Ireland Ltd, a subsidiary of Munich-based Ruby GmbH. Deka already owns a number of other well-known Dublin hotels including the Clayton Hotel Burlington Road, The Marker, The Gibson Hotel and the recently developed Premier Inn at Newmarket Yards. The Irish Times, 26th February
Sutton, Dublin 13 Hotels Properties Limited has completed the purchase of the 48 guestroom Marine Hotel in Sutton from the Ryan family. The sale attracted numerous bids from domestic and international hotel groups, but the purchaser secured the deal with a bid for more than the €10m guide price which had been quoted by JLL. Hotels Properties is a group of companies owned by Sheila O’Riordan, and it operates 17 hotels and guesthouses. The Irish Independent, 27th February
Cork City A major Cork city complex, fronted by The Flying Enterprise bar, has been put up for sale for €5.3m through Cohalan Downing and Lisney’s. The mix includes the rebuilt four-storey Flying Enterprise bar (named by previous owners after a famous 1952 shipwreck), a first-floor restaurant, five overhead apartments, the Courtyard deck area and the enclosed indoor/outdoor entertainment space, called the Quarter Deck, capable of holding 700. The Examiner, 3rd March
Glass Bottle Site, Dublin Pembroke Beach DAC is to lodge plans in the coming days for a 20-storey tower to house a 228-bedroom hotel at the former Irish Glass Bottle site in Dublin’s docklands area. A published statutory planning notice said that Pembroke Beach DAC was seeking planning permission from DCC for the hotel scheme on the 37-acre site. The notice said that the scheme would have a 20-storey “landmark” tower with a setback storey at the 16th floor level. It would also have two basement levels and include a bar, restaurant and ancillary spaces. Pembroke Beach DAC is a joint venture made up of Ronan Group Real Estate, Oaktree Capital and home builder Lioncor. Currently the consortium is progressing with the first phase of the redevelopment of the site with 894 units under construction. The Irish Times, 3rd March
Dublin and Galway JLL, on behalf of receivers Interpath Advisory, have five investments for sale in individual lots across Dublin’s traditional central business district and at Galway’s Ballybrit Business Park. The properties, which range in value from €1.6 m to €2.5m, carry an overall guide of €8.45m. The three Dublin properties are 58 Northumberland Road (€2.45m), 60 Baggot Street Lower (€1.9m) and 63 Baggot Street Lower (€1.6m). The two Galway properties, blocks four and nine, are available in one or more lots at an overall guide price of €2.5m. The Irish Times, 26th February
Burgh Quay, Dublin 2 Maguire Chartered Surveyors is guiding €100,000 for annual rent or €1m for a sale of Foster House, which benefits from dual aspect as it is located on the corner of Burgh Quay and Hawkins Street. With views overlooking the River Liffey, O’Connell Bridge and Rosie Hackett Bridge, the four-storey over-basement property extends to 3,034 sq. ft. The Irish Independent, 27th February
Newbridge, Co. Kildare Located adjacent to the Keurig Dr Pepper facility and Primark’s all-island distribution hub, the 23.6 acre site comes to the market through agent CBRE with the benefit of full planning permission for a 120,000 sq. ft logistics unit. The site is guiding a price of €8.85m (€375,000 an acre). The site is zoned and serviced and is readily accessible from the M7 motorway. The Irish Times, 26th February
South Anne Street Bannon is guiding a price of €1.6m for No 2 South Anne Street, a prime retail investment located just one building from Grafton Street. The property comes up for sale with the benefit of a 10-year lease to jewellery and lifestyle brand, Astrid & Miyu. The lease commenced on 31 July 2023 and generates an annual rental income of €100,000. Should a sale of the building proceed at €1.6m, the purchaser would be in line for a yield of just under 6%. 2 South Anne Street extends to 2,211 sq. ft of space distributed across five floors. The Irish Times, 26th February
North Wall Quay RGRE has secured planning permission from DCC for the construction of the capital’s tallest residential building at its Waterfront South Central scheme in the city’s north docklands. Rising to 274 ft, the landmark 25-storey block is to form the centrepiece of the mixed-use development and is to sit alongside the new nine-storey European headquarter offices that RGRE is building for global banking giant Citi at North Wall Quay. The permission allows for the construction of 550 high-end apartments across three blocks – of eight, 12 and 25 storeys. The 25-storey building will, apart from its residential accommodation, include two floors of public space featuring a restaurant and viewing terrace at the top of the building with panoramic views of Dublin Bay, the Liffey and the Wicklow Mountains. The Irish Times, 26th February
Goatstown, Dublin 14 DLRCC has given the green light for a €75m 150-unit scheme for Mount Anville Road in Goatstown despite local opposition. The scheme by Knockrabo Investments DAC for the 138 apartments and 12 houses also includes one apartment block eight storeys in height. The developers initially proposed 158 units but the council ordered the omission of a five-storey apartment block comprising eight apartments. As part of its Part V social housing obligations, Knockrabo put a €7.37m price tag on the sale of 15 units to the council. The Irish Times, 25th February
Waterford City A major residential development site with full planning permission for 292 new homes at Greenway Park has come to the market with Savills guiding a price of more than €6.75m. This shovel-ready site extends to 17.35 acres and the approved development would consist of a mix of six four-bed houses and 160 three-bed houses. In addition, the plans permit four three-storey apartment blocks with 60 two-bedroom duplex units and a five-storey apartment block containing 34 one-beds and 32 two-bed age-friendly apartments. The Irish Independent, 27th February
Northern Cross An Bord Pleanála has refused planning permission for 176 apartments in north Dublin as the scheme did not provide 5% or more of space for community, arts and culture spaces. The appeals board has refused planning permission to Walls Construction Ltd to demolish its Rosemount House HQ, Northern Cross, Malahide Rd, Dublin 17, and replace it with a €77m nine-storey mixed-use scheme made up of 176 apartments. The scheme consists of 72 one-bed apartment units, 57 two-bed apartments units and 47 three-bed units. The scheme also includes 11,300 sq. ft in office accommodation on the ground floor, which will house the building firm’s new headquarters. The Irish Independent, 28th February
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