New Origin Kvika Deal Under Origin Capital’s strategic relationship with Kvika banki hf, Origin Capital recently arranged a two year, €9.5m, interest only facility, secured on a mixed-use property portfolio in Limerick and Dublin. If you have a funding request for €2m+, please contact Ross Metcalfe at rossmetcalfe@origincapital.ie Origin Capital, 24th March
Excise Walk, Dublin 1 HWBC is guiding €5.25m (10.54% NIY) for eight retail units and seven car spaces at Excise Walk in the IFSC. The eight units extend to 16,418 sq. ft and form part of a parade of multi storey residential buildings with the retail units located on the ground floor of each block. Units range in size from 334 sq. ft to 4,809 sq. ft. Of the 16,418 sq. ft, six tenants, Grafton Barbers, Ladbrokes, AIB, Subway, Milanos and Nero Holdings Ltd occupy 10,918 sq. ft and generate €454,940 pa with a WAULT of 4.35 and WAULB of 3.46. Three units and the seven car spaces are vacant. The subject units are located on the west side of Excise Walk in the heart of the IFSC. HWBC Press Release, 26th March
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Ladbrokes, Nationwide Bookmaker Ladbrokes has stated that up to 39 of its shops in Ireland are to close. Ladbrokes operate just more than 100 shops across the country. The company said 226 roles were at risk, subject to consultation, with staff informed on Monday. Ladbrokes, owned by London-listed Entain, will continue to employ more than 350 people in Ireland and operate more than 66 shops nationwide. Late last year, rival Flutter, the owner of Paddy Power, made a similar move when it announced the closure of 28 shops in Ireland, citing “increasing cost pressures and challenging market conditions.” The group, which also owns Coral and BetMGM, said total group net gaming revenue (NGR), the amount of money the company retains after paying out winnings to customers, increased by 7% at constant currencies, slowing from 10% growth in the first half of the year. The Business Post, 31st March
IFSC, Dublin 1 German investor Real IS has instructed Colliers to offer the offices at 2 Harbourmaster Place to the letting market. Located in the heart of the city’s International Financial Services Centre, the property comprises 43,000 sq. ft of Grade A office accommodation distributed across five floors. The floor plates average 9,000 sq. ft and each floor is available to lease individually or combined to create larger, self-contained headquarters. The building is finished to a high specification, with raised-access flooring, suspended ceilings, air conditioning, LED lighting and shower facilities. In addition to its internal features, 2 Harbourmaster Place also has 31 secure underground car parking spaces along with ample bicycle storage. Colliers are quoting €47.50 psf, with car spaces available for €4,000 per space annually. The Irish Times, 25th March
Baggot Street, Dublin 2 A private Irish investor is in line for a net initial yield (“NIY”) of 8.75% following their purchase for just over €3.3m of a multi-let office investment on Baggot Street. Located within a short walk of the offices of the Department of Finance, Government Buildings and the five-star Merrion Hotel, 142-143 Baggot Street was offered for sale by QRE Real Estate Advisers last September on the instruction of receivers Deloitte at a guide price of €3.5m. Although the property, which comprises three floors of office space above ground-floor level, had been generating about €202,000 in annual rental income from several occupiers when it first came for sale, QRE secured additional tenants for the vacant first and third floors alongside the regearing of the existing second-floor lease. The building’s annual rental income increased to €320,000 as a result of this strategy. The Irish Times, 25th March
Ballina, Co Mayo Joint agents Colliers and Property Partners Garrett Loftus are quoting €1.75m for The Downhill Inn Hotel, a 45-bedroom three-star hotel. Set on 3.13 acres of mature, landscaped grounds, each of its bedrooms is ensuite and they range between a variety of room types including double, twin, triple and family accommodation. Facilities include a restaurant, bar/lounge, sun terrace and landscaped garden areas. The property also benefits from a seven-day licensed premises and extensive on-site parking. The property is located just outside Ballina town centre, on the Sligo Road, and is 41km from Ireland West Airport Knock. The Irish Independent, 26th March
Baggot Street, Dublin 2 An Coimisiún Pleanála (“ACP”) has refused planning permission for a seven-storey luxury hotel proposed for Dublin’s Baggot Street. In May last year, plans for a 30-bedroom hotel at 73 Lower Baggot Street were lodged by the Corcoran family, who operate the four-star Perryville House in Kinsale, through their firm The Kilcolman Partnership. Plans for the proposed development included changing the use of the site from offices to hotel, as well as the demolition of the existing single-storey side extension and the construction of the seven-storey hotel block. Considering the adjacent protected structure and conservation area, ACP decided the development would be “overly dominant and overbearing” and would detract from the prevailing height, scale and appearance of the surrounding street. The Business Post, 27th March
Ireland Student Accommodation Review 2025. Strong student demand continues to build. Full-time enrolments keep rising, reinforcing long-term need for high-quality purpose build student accommodation (PBSA) across Ireland. Growth in the student-aged population and sustained international interest point to a steadily expanding demand base for PBSA. New delivery is still well below what the market requires, maintaining significant accommodation shortfalls in key cities. 2025 saw another weak year of supply with total stock barely shifting, ending the year at approx. 47,000 beds. Limited supply, strong occupancy and persistent demand help underpin robust rental dynamics for existing and future schemes. Updates to design standards, taxation and rental regulation are creating a clearer, more supportive environment for PBSA delivery. Capital interest in PBSA has rebounded, with €183m invested in 2025, and is supported by clearer policy signals, resilient demand and a maturing investment landscape. Cushman & Wakefield Report, 27th March
Clongriffin, Dublin 13 Joint agents Hooke & MacDonald and Knight Frank are guiding €120m for 282 apartments at Two Three North in Clongriffin. The price equates to an average of €425,531 per apartment. The Two Three North portfolio comprise a mix of 236 private rented sector (PRS) apartments and 46 apartments let to Dublin City Council on a 25-year lease, with more than 21 years remaining.The PRS element of the portfolio is 13% under-rented, offering significant reversionary potential once these units turn over. If sold for €120m, it would equate to a NIY of 4.83% on the PRS element of the scheme and 4.5% on the Dublin City Council income. This equates to a blended NIY of about 4.79% and a reversionary yield of 5.47% once the scheme is fully occupied with market rents applied to new tenancies. The Irish Times, 25th March
Smithfield, Dublin 7 Having sought and secured planning permission on appeal from An Bord Pleanála in 2017 for the construction of 30 apartments next to Dublin’s Smithfield Square, Co-operative Housing Ireland has abandoned its plan to develop the site. While that planning permission has expired, agent Hooke & MacDonald believes it establishes a strong precedent for the incoming purchaser of 84 North King Street to seek approval for the development of a multi-storey residential scheme with ground-floor commercial space. The guide price for the property is only being made available to interested parties upon application to the selling agent, but the site is expected by market sources to command in the region of €2m. Number 84 King Street is immediately adjacent to Smithfield Square. The property has dual frontage on to North King Street and North Brunswick Street. The Irish Times, 25th March
Rathcoole, Co. Dublin Coonan Property is guiding €1.05m for 23.5 acres located at Crockshane, to the south of the growing commuter town of Rathcoole. That guide is a reduction of €100,000 on the guide price which Coonan quoted when offering it for sale last November. The lands will be sold by auction and while the lands are not zoned currently, the price suggests strong hope value on the prospect of rezoning the land for either residential or logistical use. The Irish Independent, 26th March
Blackchurch and Tuckmilltown, Co. Kildare Jordan Auctioneers are offering 41 acres of high-quality agricultural land for €900,000 by auction. Located at Blackchurch and Tuckmilltown, it is just off Junction 6 Castlewarden on the M7 dual carriageway, bestowing it with connectivity to Dublin, the M50 and the wider national motorway network. Dublin city centre lies approximately 23km away, the M50 at Red Cow can be reached in around 12 minutes, while Naas is just 10km to the south. The Irish Independent, 26th March
Peakcockstown, Co. Meath Coonan Property is auctioning an 80.6-acre holding at Peacockstown, Co Meath. The lands are being offered in four lots, comprising 17.8 acres, 41.55 acres and 21.25 acres, or as a single lot. Laid out in grassland and described as “good quality lands which have been well maintained over the years,” the property has traditionally been used for agricultural purposes. However, it is the location that is likely to drive interest beyond the farming sector. Positioned close to Ratoath town and the Meath-Dublin border, the lands benefit from frontage onto the Kilbride Road, as well as access via Glascarn Lane and a cul de sac known locally as Brennan’s Lane. The agent noted the land’s proximity to the M2 and M3 motorways and the M3 Parkway rail station at Dunboyne The Business Post, 26th March
Dublin Apartments Kennedy Wilson has struck a deal to take over three projects to build €1bn worth of apartments in Dublin from Hines Ireland, the Business Post can reveal. In 2017, APG Asset Management and Hines set up a joint venture to build more than €1.3bn worth of apartments in Dublin. CWTC Multi Family ICAV, majority controlled by APG, has spent close to €450m to develop a 1,200-apartment project in Cherrywood. The fund also has permission to build an additional 2,500 apartments on the former Holy Cross College site in Drumcondra, and the former Player Wills and Bailey Gibson adjoining sites on Dublin’s South Circular Road. These projects are expected to cost more than €1bn to complete. Hines Ireland has reached an agreement to exit its interest in CWTC Multi Family ICAV, with Kennedy Wilson, one of Ireland’s biggest landlords, stepping in to take over as APG’s development partner in Ireland. The Business Post, 28th March
Ringsend, Dublin 4 More than 700 apartments being developed at Dublin’s former Irish Glass Bottle site will be part of an Oaktree UK property portfolio, which it plans to float on the stock market in London. The Ringsend apartments are part of the initial phase of a wider 37-acre scheme expected to deliver about 4,000 homes. They will account for around a quarter of a 2,750-unit seed portfolio Oaktree plans to float. Oaktree is expected to launch an Initial Public Offering in London, with property publication Green Street News valuing the portfolio at €1.73bn. In January, Deutsche Bank agreed a financing deal worth €415m for the site, being developed by a consortium led by the Ronan Group. The deal was agreed by Pembroke Beach DAC, a joint venture between Lioncor, Oaktree Capital Management and Johnny Ronan’s Ronan Group Real Estate. The Business Post, 26th March
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
New Origin Kvika Deal Under Origin Capital’s strategic relationship with Kvika banki hf, Origin Capital recently arranged a two year, €9.5m, interest only facility, secured on a mixed-use property portfolio in Limerick and Dublin. If you have a funding request for €2m+, please contact Ross Metcalfe at rossmetcalfe@origincapital.ie Origin Capital, 24th March
Carrickmines, Dublin 18 Joint agents Colliers and Savills are guiding €40m (8.7% NIY) for The Park Collection, a substantial mixed-use portfolio at Carickmines Park. Located immediately adjacent to the wider Carrickmines Park, the large-scale retail park owned and managed by Iput, the Park Collection comprises a total of 132,000 sq. ft of office, medical and retail accommodation distributed across four buildings along with 207 car-parking spaces. The portfolio is 90% occupied, has a WAULT of approx. four years, and is generating €3.85m pa. The tenant profile is diverse across the four buildings and includes OPW, HSE, Highfield Energy, Avoca Clinic, Cognate Health, O’Briens Wines, Thérapie Fertility Clinic, AIB and Venus Medical. The Park Collection is being offered for sale either as one lot or in four separate lots.. The Irish Times, 18th March
Letterkenny, Co. Donegal The Radisson Blu Letterkenny has been acquired in an off-market deal by Lanthorn for the TMR Hotel Collection, the portfolio of four and five-star hotels assembled by Austrian investor, Thomas Röggla. While the value of the transaction has not been disclosed, The Irish Times understands the 114-bedroom four-star venue was sold for a figure in excess of €16m (c.€145,000 per key). The Radisson Blu Letterkenny is TMR’s third acquisition in the last 14 months and follows on from its purchase of the Fleet Hotel in Temple Bar in Dublin and the Kilkenny Ormonde Hotel. The collection also includes: Aghadoe Heights Hotel in Killarney; Ballymascanlon Hotel & Golf Resort in Dundalk; Farnham Estate in Cavan; Dunboyne Castle Hotel in Meath; Harvey’s Point in Donegal, and Mount Wolseley Hotel in Carlow. The Irish Times, 18th March
Newport, Co. Mayo TLD Horizons has been appointed to sell Hotel Newport, a three-star hotel on Main Street, Newport guiding €1.95m. The 31,000 sq. ft property was built in 2005 and includes 30 en-suite bedrooms, the highly regarded Seven Arches Bar and Bistro and the Cobblers Restaurant. Its dedicated function room with independent bar facilities can cater for up to 175 guests attending banqueting and other events. On-site it also has parking for 35 cars. Situated just 11km north of Westport, the current vendors, Greenway Hotels, bought it approx. five years ago and undertook a €220,000 capital investment programme. The Irish Independent, 19th March
Tallaght, Dublin 24 Colliers are quoting €13 psf for a new 10-year term for Unit 13-B1 at Cookstown Industrial Estate. The property has only recently been vacated following the appointment of liquidators to its previous tenant, Reward Catering. Unit 13-B1 comprises a fully refurbished warehouse property with two-storey office accommodation extending to a total area of 26,210 sq. ft. The warehouse has sealed concrete floors, LED spot lighting and gas‑fired warm-air blowers, with efficient functionality supported by two electric roller-shutter doors and a clear internal height of approx. 5.5m. The warehouse is complemented by 7,491 sq. ft of two‑storey office accommodation positioned at the front of the building. The property has an enclosed yard and 19 designated car parking spaces. The Irish Times, 18th March
Nutgrove, Dublin 14 Nutgrove Shopping Centre in South Dublin is guiding €27.2m. A controlling interest in the company that owns much of the property, including its large surface car park and a mix of shops on a site of 12.5-acres, as well as managing the entire development is being sold through Savills. It includes control of the management company and the 810-car surface car park, together with 66 of the 90 units within the scheme. Nutgrove Shopping Centre dates back to the early 1980s, is home to Europe’s oldest drive through McDonald’s, and the centre is anchored by owner-occupied stores including Dunnes Stores, Tesco and Penneys. There is also a new Omniplex LUX cinema within an owner-occupied unit. The property generates c. €2.9m pa and vacancy is c. 3%. Key tenants within the subject holding include Maxi Zoo and Circle K filling station. The Irish Independent, 19th March
Dún Laoghaire, Co. Dublin DNG is guiding €1.4m for 89 George’s Street Lower, Dún Laoghaire. The retail investment is let to Danish homewares retailer Søstrene Grene, which occupies the ground floor and basement under a new 10-year FRI lease from January 2025 at €110,000 pa, with a break option in 2030. Extending to 6,426 sq. ft, with frontage onto George’s Street, the ground floor is laid out for retail use with storage and staff facilities at the rear, while the basement, accessed from Sussex Street, provides additional storage and operational space, supported by a goods lift. The upper floors of the building comprise residential accommodation in private ownership, offering a degree of separation from the commercial element. The property is held on a long leasehold title, and VAT is not expected to be charged on the sale. The Business Post, 20th March
Main Street, Wexford Town An extensive retail premises in the heart of Wexford town is available to lease through Kehoe and Associates following the sudden closure of EuroGiant after liquidators were appointed to the loss-making chain of discount retail stores. The three-storey over-basement commercial building at 26 North Main Street boasts extensive ground floor retail space and sits on a prime location on the busy pedestrianised street. The property is on the rental market for an annual rent of €65,000 or €5,417 monthly. In addition to the ground floor retail area, the building includes substantial storage and ancillary space across the lower ground/basement, first floor and second floor, making it suitable for a variety of retail uses. The Irish Independent, 20th March
Santry, Dublin 9 CBRE Ireland confirmed the sale of a 0.74-acre purpose-built student accommodation development site at Northwood on behalf of Interpath with the purchaser understood to be MKN Property Group. The site comes with full planning permission for a scheme of 170 student bed spaces, arranged predominantly in eight-bed clusters, and includes a range of student amenities such as study rooms, games rooms, laundry facilities, breakout areas and outdoor space. Located within the established Northwood Campus at Santry Demesne, the site sits less than 2.5km from DCU and is within close proximity to Beaumont Hospital and Dublin city centre. The site was brought to market last year with a guide price of €3.4m, and the sale was just shy of the guide price. The Business Post, 19th March
Rathmines, Dublin 6 DNG is guiding €3.6m for 31-35 Grosvenor Square. The property comprises a three-storey block extending to 7,621 sq. ft and contains 12 one-bed, self-contained apartments. Each has a floor area of about 484 sq. ft. Eight of the 12 apartments are occupied. Their rental income would present an opportunity for a value-add investor to generate income while enhancing the vacant apartments which were constructed in the mid-1970s. Alternatively, it would provide income for a developer while waiting for the planning system to process a redevelopment planning application which could increase the number of units and enhance their appeal. DNG believes that an option is to add an L-shaped extension to the block. Currently its 0.39-acre site area accommodates off-street resident parking to the rear. The Irish Independent, 19th March
Dún Laoghaire, Co. Dublin DWS, a subsidiary of Deutsche Bank, has launched the sale of two apartment schemes in Dún Laoghaire guiding €220m. The price represents a c.12 % premium on the amount the German fund paid for the homes in 2020. Earlier this year, the German asset management firm hired Savills to prepare 368 apartments spread across Cheevers Court and Haliday House for sale, as reported by the Sunday Times. The Frankfurt-listed firm acquired the Dún Laoghaire apartments for €195m from the Cosgrave Group in 2020. A guide price of €220m would equate to more than €597,000 per home. DWS, led by Stefan Hoops, has more than €1trn in assets under management worldwide. The firm entered the Irish market in 2018 and within two years spent close to €1bn across a range of real estate sectors, including commercial and residential. The Business Post, 16th March
Kinsale, Co. Cork Sheehy Brothers Auctioneers is guiding €1.75m for a prime development site in Kinsale with planning permission for 18 luxury homes. The 1.3-acre land parcel is located at Rampart Lane and Blind Gate Street, in the Townplots area of Kinsale and adjoins the Convent Garden development, an 85-unit residential scheme. Having acquired the site for an undisclosed sum, the vendors Park Developments, subsequently sought planning permission for 18 homes, including two semi-detached five-beds; four end-of-terrace four-beds; six mid-terrace four-beds; three two-bed ground floor apartments (simplex units) with three three-bed duplexes overhead. Permission was granted, under appeal, by An Coimisiún Pleanála, in November 2024, and the site is now being sold with the benefit of a full planning grant. The Irish Examiner, 19th March
Cherrywood, Dublin 18 Plans to accelerate the delivery of a long-awaited town centre at Cherrywood have taken a significant step forward following a key vote by Dún Laoghaire-Rathdown County Council. A central feature of the revised framework is a shift towards a more integrated mix of residential, retail and employment uses. The plan provides for about 2,000 additional homes, with scope for further delivery in line with updated apartment guidelines. The revised approach also updates employment zoning within the core town centre area, replacing traditional office designations with a more flexible mixed-use category, while maintaining Cherrywood’s role as a strategic employment location. The decision follows an extensive consultation and review process aimed at addressing one of the most persistent criticisms of Cherrywood’s development to date, the lag between residential delivery and the emergence of a defined urban core. The Business Post, 19th March
Naas Road, Dublin 12 The Land Development Agency (LDA) in partnership with the O’Flynn Group has announced plans to deliver 542 new homes in Dublin. The apartments are being delivered as part of Southwest Gate, a residential scheme on the Naas Road. The first phase of 542 new homes is being delivered through the LDA’s Project Tosaigh, its affordable housing initiative. When completed, the scheme will include 1,140 new homes along with a hotel, ancillary retail and commercial accommodation. All 542 new homes will be made available as cost rental, while 52 social homes will be delivered separately. The Business Post, 23rd March
House Prices The Central Statistics Office’s (CSO) latest Residential Property Price Index indicated that while the national property price increase is 7% in the year to January 2026, there are disparities across the State. Prices are rising fastest for houses in the Midlands, up 15.9%, and lowest in Fingal where houses were costing just 3.8% more than last year. Prices for apartments (9.1% nationally) are rising faster than for houses (6.6%) over the past 12 months. And, within the apartment sector, apartments outside the capital are seeing increased demand, with prices 12.9% up on January 2025. The figures indicated that the average price of a home purchased in the 12 months to January was €432,082 while the average in Dublin was €592,594. The average price paid in Dún Laoghaire-Rathdown, the most expensive local authority area, was €789,619. The Irish Times, 18th March
Credit Unions The Irish credit union movement is close to having €1bn of mortgage loans, following strong growth in recent years amid an easing of sector lending restrictions, according to the Irish League of Credit Unions (ILCU). The league, which represents 90% of active credit unions in the country, said that the mortgage book of its members surged 26% last year to €754m. However, it estimates that the wider sector ended 2025 with a home loans portfolio of €992m and is “closing fast on the €1bn milestone”. This equates to less than 1% of the total €109bn of Irish owner-occupier mortgages outstanding in December, according to Central Bank data. Mortgages represented 11.5% of the overall loan portfolio of ILCU members at the end of last year, up from 10.1%, reflecting a decisive shift in how members are using their credit union. The Irish Times, 20th March
Blanchardstown, Dublin 15 Equinix has commenced construction of a new data centre in Blanchardstown. The new building, DB7x, located close to two of Equinix’s existing data centres, will require no additional grid power connectivity, as it will be constructed on an existing Equinix site and use power already allocated to that facility. Equinix said it anticipates an investment of €68m into the new data centre facility, plus an additional €12m to support its buildout. Data centres accounted for 22% of electricity usage in Ireland in 2024, up from 5% in 2015. It is estimated that the consumption level will grow to almost a third of the national electricity demand by 2030. In December, the Commission for the Regulation of Utilities announced that data centres could be built where they meet at least 80% of their annual energy demand through new renewable electricity sources. RTÉ.ie, 20th March
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Coopers Cross, Dublin 1 Transport Infrastructure Ireland has signed a new long-term lease on Metrolink’s behalf for 49,500 sq. ft of space at Coopers Cross, the major-mixed use campus developed by Kennedy Wilson. Metrolink’s new offices in Building Two is expected to provide it with sufficient space for more than 400 workers, and will sit alongside Wells Fargo, which recently relocated its EU bank operations to the campus. Located just off North Wall Quay, Coopers Cross extends to six acres and takes up a city block fronting Mayor Street Upper, Castleforbes Road, Sheriff Street Upper and New Wapping Street. The campus comprises 381,000 sq. ft of grade-A office space across two blocks. The 18.8km Metrolink railway line, which is expected to cost more than €10bn to build and begin operations in the mid-2030, is to have 16 stops between Swords and Ranelagh. The Irish Times, 11th March
Plassey Innovation Campus, Co. Limerick Fine Grain Property has completed the sale of Hawthorn House at Plassey Innovation Campus to a French investment fund. While the price paid by Arkéa REIM has not been disclosed, The Irish Times understands the office block, which is fully let to General Motors and Kneat Solutions, secured in excess of €16m. Arkéa REIM has acquired the property on behalf of its SCPI Transitions Europe fund. Developed by Fine Grain Property in 2019, Hawthorn House extends to 50,000 sq. ft across four floors. The building is highly sustainable and holds LEED Gold certification and a B1 Ber rating. There are 199 dedicated car-parking spaces. Fine Grain’s sale of Hawthorn House follows its acquisition for €7.5m of the neighbouring Three Building, and its sale for €14m of the neighbouring Hamilton House II, both in late 2024. The Irish Times, 11th March
John Street, Waterford City Sherry FitzGerald John Rohan is guiding €2.4m for two hospitality venues, Kazbar and Davy Mac’s in Waterford. The properties face onto The Apple Market, a prime city-centre location. While the combined floor areas of the two extend to 6,889 sq. ft, the two adjoining premises are separated from each other. It is the preference to sell them in one lot, although separate lot sales may be considered. Kazbar, located at 57 John Street, comprises 5,769 sq. ft across four floors and is a late-night venue. Davy Mac’s, at 7 John’s Avenue, has its entrance around the corner from Kazbar and is a smaller pub. The Irish Independent, 12th March
North Docklands, Dublin 1 Staycity Group has agreed to take a lease on a new aparthotel to be built on Dublin’s north docklands. Ronan Group will shortly submit a planning application for the new 288‑room scheme to Dublin City Council. To be branded under Staycity’s upmarket Wilde portfolio, it will be located at Ronan Group’s 4.6‑acre Waterfront South Central (WSC), near the 3 Arena. Last year Ronan Group received planning permission for a landmark 25-storey block to form the centrepiece of the mixed-use WSC development to sit alongside the new nine-storey European headquarters that Ronan Group is building for global banking giant Citi. At 83.6 metres tall, that 25-storey block will be the city’s tallest. On the WSC site, the new Wilde aparthotel will rise to eight storeys. WSC will also accommodate other commercial buildings and 550 residential units. The Irish Independent, 11th March
Vantage Business Park, Dublin 11 Bain Capital and its local partner, Newpark Real Estate, have secured two significant new lettings at Vantage Business Park, the large-scale logistics campus they are developing near Dublin Airport. Musgrave Group has agreed a deal to occupy Building 6, which extends to 104,000 sq. ft on a new long-term lease. Sims Lifecycle Services occupy Building 4, which extends to 76,000 sq. ft. While the rental levels have not been disclosed, The Irish Times understands both tenants are paying in the region of €14 psf. The overall Vantage Business Park development has four detached logistics units within phase two extending to a total area of 422,000 sq. ft, with Buildings 3 and 5 available for lease and ready for immediate occupation. The two remaining units extend to 121,000 sq. ft and 68,000 sq. ft respectively. The Irish Times, 11th March
O’Connell Street, Dublin 1 Colliers are seeking to let number 47/48 O’Connell street following the recent expiration of the lease with UK footwear retailer Schuh. Located on the busiest section of O’Connell Street between its intersections with O’Connell Bridge and Middle Abbey Street, the property comprises more than 3,375 sq. ft of retail accommodation at ground and mezzanine levels with additional ancillary accommodation at its basement and upper-floor levels. The building has a feature glazed facade extending over five storeys and over 13 meters of retail frontage. Other notable adjoining occupiers include Foot Locker, McDonald’s, Eason, Supermac’s, H&M, Burger King, Decathlon and Asics. The location benefits from passing annual footfall that exceeded 10 million in 2025. The Irish Times, 11th March
Cork City Developer John Fleming has purchased three sites in the Victoria Cross/Dennehy’s Cross area of the city with planning permission for almost 600 student-bed spaces. Mr Fleming’s company, Furadino Developments (Cork) Ltd, is currently building a €17m multi-storey, 137-bed student accommodation complex called The Haven on the former Kelleher Tyres site, with bookings already being taken for the next academic year. Furadino also owns the nearby Kellehers Auto Centre site, where the auto service business continues to trade. The site has full planning permission since 2021 for a 243-bed student complex. The third site, formerly home to the Finbarr Galvin motor dealership, has planning permission for a 206-bed student complex secured by Bellmount in September 2024. No development has yet taken place on either of these two sites. The Irish Examiner, 12th March
Sutton, Dublin 13 The high-spec coastal development at Seafield Strand has been sold by German fund manager Union Investment to another German institutional investor, MEAG, the asset management arm of Munich Re, in what market sources believe was approx. €70m. The transaction was conducted off-market under strict non-disclosure agreements. Located on Greenfield Road close to the Barracks area, Seafield Strand comprises 140 purpose-built rental apartments across six blocks overlooking Dublin Bay. Developed by Park Developments, the scheme includes a mix of one-, two- and three-bedroom apartments, along with duplexes and penthouses, as well as a crèche facility and landscaped courtyard. Union Investment acquired the scheme in September 2023 for approx. €75m as part of its expansion into Ireland’s residential investment sector. The latest transaction implies a capital loss for the vendor, reflecting the repricing that has affected European property markets amid higher interest rates and increased funding costs. The Business Post, 12th March
Ratoath, Co. Meath JLL is guiding €3m for a 5.65-acre development site in Ratoath, located on the Fairyhouse Road on the outskirts of the town. The subject site has full planning permission from Meath County Council for a nursing home scheme comprising 118 en-suite bedrooms along with ancillary facilities including a cafe, hair salon, nurse stations, kitchen and communal spaces. The permission also provides for the development of eight independent living units. While the lands are currently being used as a BMX track and associated parking for BMX Ratoath, the operator is relocating to an adjoining site under a separate planning application, allowing for vacant possession of the nursing-home site to be provided. The Irish Times, 11th March
Killiney, Co. Dublin Bannon is guiding €7m for Dún Mhuire, a 13,665 sq. ft period residence on a 3.7-acre site in Killiney. While the house is a protected structure, the site is zoned “objective A – residential” within the Dún Laoghaire-Rathdown County Development Plan 2022-2028 and offers development potential. A feasibility study drawn up by CDP Architects in preparation for the property’s sale suggests the site could accommodate a scheme of 81 residential units with surface car parking subject to planning permission. The proposed development would incorporate the retention of the original house. Dún Mhuire comprises a substantial two-storey over-garden level period residence constructed in 1882 with an accompanying gate lodge. There are 10 bedrooms, all are en- suite. The Irish Times, 11th March
Carlow Town, Carlow Coonan Property is guiding €5m for a ready-to-go residential development site for 113 houses and 18 own-door duplex apartments in Carlow. Situated at Crossneen, just two kilometres south-west of Carlow town centre, the holding extends to c. 14-acres and is primarily zoned with a Residential Objective in the Carlow Graiguecullen Joint Urban Local Area Plan 2024–2030. The Irish Independent, 12th March
Rathfarnham, Dublin 16 D/Res has done a €70m deal to buy one of the last significant housing sites within the M50. Last year, the Dublin-based residential builder secured significant backing from Avenue Capital, a large American investment fund. D/Res has now completed a €70m deal to buy a 54-acre site that borders Edmondstown Golf Club and the M50. The site near Marlay Park, which was sold by a private family, has capacity for between 1,000 to 1,200 apartments and houses. D/Res was founded in 2018 by Durkan and Lone Star, the private equity giant. In recent weeks, it was reported by the Sunday Times that Avenue Capital has invested €27.5m to take a minority stake in the builder. The deal for a 20% stake is understood to have valued the company at more than €80m. The Business Post, 15th March
Ballycullen, Dublin 16 Permission has been granted by An Coimisiún Pleanála (“ACP”) for the development of 494 residential units in Ballycullen across more than 25 acres. Lagan Homes received permission for the development which comprises 189 two-storey houses and 305 apartments, spread across 28 apartment blocks, three to four storeys in height. The development had initially comprised 502 residential units. Six were removed from proposals by ACP following additional surveys that were carried out on the site. Permission for the development was granted, subject to 33 conditions. One such condition was that each unit “shall not be sub-divided or used for any commercial purpose (including short-term letting) without a separate planning permission.” It also added that no more than 100 units should be made available for occupation prior to the completion of the childcare facility to an operational standard, unless it was otherwise agreed with the planning authority. The initial 502-unit site was granted planning permission by South Dublin County Council last October but was appealed by Ballyboden Tidy Towns. The Business Post, 12th March
Nationwide Local authorities are set to rezone more than 12,350 acres of land to ensure there is enough zoned land available for more than 500,000 new homes, the Sunday Independent has learned. The amount of land available for house building will jump to almost 37,000 acres after a controversial government order forced local authorities to identify new ready-to-go building land. In a letter to the Government outlining the new figures, the organisation that represents Ireland’s county and city managers warned that “pressures on serviced land capacity – particularly in relation to water and road services – continue to impact timelines.” In its update to the Government sent last week, the County and City Management Association, said that all 31 local authorities throughout the country are “actively engaged” in the city/county development variation process that was ordered last June by the Minister for Housing. The Sunday Independent, 15th March
Tivoli Docks, Cork City A critical step in the multi-million-euro regeneration of Tivoli Docks has been taken following the submission by the Port of Cork Company (PoCC) of a planning application designed to open up access to the site. The planning application focuses on essential infrastructure including a €80m new eastern multi-modal access interchange at the Glanmire Road roundabout and vital road, bus and cycleway upgrades to the Silversprings western access. The application is aimed at preparing the Tivoli lands for long-term regeneration as port operations are gearing up to move downstream out of Tivoli Docks and the city quays to Ringaskiddy and Marino Point. The Port of Cork is the second largest natural harbour in the world. Long-term plans for the 153-acre site, once the infrastructure is in place, include housing, schools, and parking/mobility hubs. The Irish Examiner, 12th March
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New Origin Kvika Deal Under Origin Capital’s strategic relationship with Kvika banki hf, Origin Capital recently arranged a two year, €6m, interest only facility, secured on a residential investment in Dublin. If you have a funding request for €2m+, please contact Ross Metcalfe at rossmetcalfe@origincapital.ie Origin Capital, 3rd March
Blanchardstown, Dublin 15 Savills is guiding €14.5m (7.06% NIY) for Westend Commercial Village, a neighbourhood centre near Blanchardstown Shopping Centre. At 100% occupancy, it generates €1.1m of rental income pa. AIB, Wetherspoon’s pub and O’Brien’s off-licence account for over 62% of annual income. Other tenants are Costa Coffee, Chopped delicatessen, Paddy Power bookies, Westend Barbers and Apache pizza. Its office space is fully let to Money Advice and Budgeting Service and Daughters of Charity. Split between four buildings with a mix of single-storey and two-storey retail units, the retail space comprises 51,441 sq. ft and offices extend to 11,006 sq. ft. There is 5.28 years to break and 10.58 years to expiry for the leases. The property is located on the Snugborough Road, on a 3.23-acre site which also accommodates more than 150 surface car-parking spaces. The Irish Independent, 5th March
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Molesworth Street, Dublin 2 JLL is guiding €110m for One Molesworth Street. Best known as the home of Barclays’ Irish headquarter offices and the Ivy Dawson Street, the property was first offered to the market by Henderson Park in 2020 as part of its proposed €400m sale of the Capital Collection, a portfolio of five prime Dublin offices it had acquired as part of its €1.34bn buyout of Green Reit. While Henderson Park secured €249m from the sales of the other four office blocks between 2020-2022, The Irish Times understands the company was unwilling to sell One Molesworth Street for the €150m+ being offered by Pontegadea at the time. The property is understood to have been carrying a guide of approx. €175m as part of the wider Capital Collection portfolio. The Irish Times, 4th March
O’Connell Street, Dublin 1 Plans have been lodged with Dublin City Council (“DCC”) to repurpose the currently vacant, high profile AIB bank building at the top of O’Connell Street into a bar, restaurant and 20 studio apartments. In the plans, Sports Bars Management Ltd has lodged the application for the change of use and extension to the four-storey over basement building at 37 and 38 O’Connell Street Upper and 74 Parnell Street. The L-shaped site lies opposite the Rotunda Hospital and Gate Theatre. DCC recently granted planning permission to D1 Collection Ltd for a 44-bedroom aparthotel across four floors at 14-17 O’Connell Street Lower. The Irish Times, 4th March
Fairgreen Road, Galway City O’Donnellan & Joyce is guiding €2.8m for Fairgreen House, Fairgreen Road. The 12,260 sq. ft property, with 24 metres of street frontage, comprises ground and first floor accommodation in a multi-unit development. It benefits from own door access and an attractive glazed façade with its ground floor naturally lit by a double-height reception area with a central staircase leading to the mezzanine level. Tobin Engineers occupy the upper floors. Originally developed in 2008, the lot for sale is predominately open plan with an internal lift to provide access to the mezzanine area on which there are offices and canteen areas. The Business Post, 7th March
Ballybrit Business Park, Galway City O’Donnellan & Joyce is auctioning Units 4 and 9 in Ballybrit Business Park guiding €1.95m. The two detached, three storey blocks are fully let generating €267,000 pa from six floors equating to a gross initial yield of 13.6%. Block 4, which has an internal area of 11,862 sq. ft, generates a total passing rent of €140,000 per annum. All tenants whose leases commenced in 2022 operate in the med-tech/IT sector and each of them has fitted the space to their own requirements including bespoke lab space. In Block 9, which extends to 11,700 sq. ft, two of the tenancies commenced in 2023 and the other has just recently been signed for the ground floor unit. Located to the north of the city, Ballybrit Business Park benefits from access to major road networks, including the M6 motorway. The Business Post, 7th March
Burgh Quay, Dublin 2 Scotch House, a LEED Gold-certified development overlooking the River Liffey beside O’Connell Bridge, has agreed leases with technology firm Softcat and advisory group Baker Tilly for the second and first floors respectively. Softcat, advised by Lambert Smith Hampton, has taken the entire second floor on a 10-year lease. Meanwhile Baker Tilly, represented by Real Estate Project Partners, has secured the first floor. Both lettings follow a similar strategy adopted for earlier floors in the building, with the landlord delivering fully fitted office space rather than passing on second-generation fit-out. The final available space comprises the ground floor, extending to about 3,400 sq. ft and is available to let through QRE. The Business Post, 6th March
Burlington Road, Dublin 4 Crownway Investments has applied to DCC for planning permission to build a six-storey extension to Temple Chambers, which sits on a corner on Burlington Road. The building comprises five storeys and 24,004 sq. ft of space. It was built by Treasury Holdings in the early 1990s. Crownway wants to add a 14,574 sq. ft extension to the south and southeast elevation of the building. If it gets the go-ahead, it will include a new ground-floor lobby and installation of new windows to the building. Car parking spaces would be reduced from 16 to five. Crownway bought the office block for a reported €13.3m in 2013. The Sunday Times, 8th March
Delgany, Co. Wicklow A long-established licensed premises in north Wicklow is being brought to market as a going concern. Lisney is guiding €1.95m for The Carraig in Killincarrig, Delgany, which comprises a prominent two-storey semi-detached licensed premises presented in excellent condition. At ground level the property contains a traditional public bar and lounge bar, together with kitchen facilities serving the business. A notable feature of the property is its large split-level beer garden to the side and rear. Overhead accommodation adds a further income stream. The first floor contains two self-contained residential units, comprising a one-bedroom apartment and a three-bedroom apartment. The Business Post, 6th March
Baggot Street, Dublin 4 A private Irish investor has paid c.€1.35m (6.4% NIY) for 20 Upper Baggot Street. The 3,025 sq. ft property is distributed over four floors. The ground floor is let under a 10-year lease to the owner/operator of Tula, a Mexican-style restaurant, from February 2023 and is subject to a reserved rent of €72,500 annually. A portion of the upper-floor office space is let on several short-term leases and is generating an income of about €22,500 pa. The remaining office space has an estimated rental value of between €25,000 and €30,000. The property is located immediately adjacent to the former Baggot Street Hospital and next to a strong line-up of retail and restaurant occupiers including Tesco, Boots and Searsons. The Irish Times, 4th March
Dame Lane, Dublin 2 Hospitality investment firm NHance plans to commence construction on a €12m extension to the REZz hotel in Dublin city centre after securing new finance from BentallGreenOak. NHance, which controls a string of hotels, bars and cafés in Ireland, opened the 51-bed REZz hotel on Dame Lane in 2023 following a €5m investment. In 2024, the firm secured planning permission to extend the venue through the redevelopment of the Telephone Exchange Building on Dame Court, owned by Eir. The extension will convert the first to fifth floors of the Telephone Exchange Building into hotel accommodation and add 92 bedrooms to the existing 51-bed hotel. The Business Post, 7th March
Dundalk, Co. Louth Property developer Tanola has done deals for seven of its eight sites in the 22-acre Dundalk Business Park. Sherry FitzGerald Carroll is quoting €13.50 psf for a lease on an industrial or logistics unit available to be built on the last of the sites. The most recent deal was for the pre-let of Greenpark House, a 153,000 sq. ft new manufacturing facility on a 6.5-acre site. Hanley Energy Ltd took a 20-year lease to facilitate its expansion plans and to service the new Equinix contract. This will be the third building on the site. The first, a 48,000 sq. ft steelworks building, is nearing completion and will be occupied by Dundalk Fabrication, a sister company of Tanola. Construction work is also underway on a third building. The Irish Independent, 5th March
Airport Business Park, Co. Dublin Palm Logistics has secured EVRi, one of the UK’s largest parcel delivery companies, as tenant for Unit D1 at Airport Business Park. EVRi has signed a new long-term lease on the property and agreed a headline rent of €13.25 psf. The facility will serve as the company’s new Irish distribution hub. Unit D1 extends to 92,563 sq. ft and features 30 dock levellers and two grade-level roller-shutter doors, providing direct access to a 34-metre-deep service yard. The warehouse has a clear internal height of 9 metres and is equipped with high-bay LED lighting. Palm Logistics was represented by joint agents Cushman & Wakefield and Savills, while EVRi was advised by Lambert Smith Hampton. The Irish Times, 4th March
McDonald’s Restaurants, Nationwide Fast-food giant McDonald’s said it will open 25 new restaurants across Ireland in the next five years as part of a €150m investment that will create 1,750 jobs. The first of the new locations opened in New Ross, Co Wexford last month, with plans for four more this year. It has not yet revealed where the remaining locations will be but said it will open an average of five new locations each year. McDonald’s currently has 96 restaurants throughout Ireland, independently owned and operated by 18 Irish franchisees and employing more than 7,000 people. The company said it will also invest in its existing restaurants in Ireland, with the programme already kicking off with the €3m refurbishment of its Cork Douglas restaurant late last year. The Irish Times, 3rd March
Dawson Street, Dublin 2 Danish sandwich and health food chain Joe and the Juice is to open its first Irish shop on Dawson Street in May. The venue, which will be situated on Grafton Place near Trinity College, will be 2,200 sq. ft and will create about 30 new jobs in the city. The group is understood to be spending in the region of €600,000-€800,000 on the facility. Founded in Copenhagen in 2002, the chain has grown to over 450 locations worldwide including New York, Dubai, and London. The company’s target is to open another three or four outlets in Dublin this year. The Irish Times, 5th March
Merrion Road, Dublin 4 Avison Young is guiding €40m for the 13.47-acre site of the former St Mary’s nursing home. Located adjacent to St Vincent’s University Hospital on Merrion Road, a majority of the 13.47-acre property is currently zoned for community and social infrastructure, while about 1.3-acres is earmarked for employment or enterprise. Reddy Architecture + Urbanism has drawn up a masterplan comprising c.360 apartments across a range of tenures, 315 single-bed student accommodation units primarily intended for medical students, a 250 single-bed step-down/care home facility, a 239-bedroom hotel, and c.210,144 sq. ft of private hospital accommodation. The Business Post, 4th March
Ireland Development Land Report 2025 Spending on development land in Ireland dropped by more than €300m in the second half of 2025 compared to the year before, dropping from €702m to €401m, new data from Knight Frank shows. The total amount spent in development land stood at €685m, down from the €939m spent in 2024 but ahead of the five-year average of €630m. Residential developments sales accounted for 88% or €352m of total spend. The average deal size also reduced from €14.6m in the second half of 2024 to €9.3m in the second half of 2025. New home completions exceeded expectations in 2025 with 36,284 units delivered, ahead of the majority of commentator forecasts of between 33,000 to 34,000 units. The Business Post, 6th March
Maynooth, Co. Kildare Entrepreneur Tommy Kelly has paid €16m for a 97-acre plot of land in Maynooth which he plans to develop in a joint venture with Cairn. The site is located on Newtown Road, across from Maynooth University’s south campus. Land Registry filings show that Baggotcove, a company associated with Kelly and Cairn, bought the 97 acres on Newtown Road at the end of last year. Cairn provided €6.97m in loan notes and took a 50% stake. The plot, currently farmland, had an asking price of €10m. It is not zoned as residential but was designated “strategic reserve” under the Maynooth local plan for 2025-31, which means it has potential for future expansion of the town. Cairn hopes to take the site through zoning, planning and eventually development. The Sunday Times, 8th March
Dundrum, Dublin 14 A legal challenge by a developer to a 900-home development in south Dublin has been dropped. The High Court has been told that legal action taken by Mark Leonard against An Coimisiún Pleanála over Land Development Agency (LDA) plans for 934 homes at the site of the former Central Mental Hospital in Dundrum has been withdrawn. Leonard, the property developer behind Centurion Homes, launched judicial review proceedings in February after the planning commission approved the affordable purchase, cost rental and social homes project in December. Leonard previously took a case in 2023 against LDA plans for a 852-home development on the site, which he argued contravened the Dún Laoghaire-Rathdown County Council’s development plan. The planning body conceded the previous challenge in 2024, before the LDA applied for permission for the updated plans. The Business Post, 9th March
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
New Origin Kvika Deal Under Origin Capital’s strategic relationship with Kvika banki hf, Origin Capital recently arranged a two year, €6m, interest only facility, secured on a residential investment in Dublin. If you have a funding request for €2m+, please contact Ross Metcalfe at rossmetcalfe@origincapital.ie Origin Capital, 3rd March
Ballsbridge, Dublin 4 A group of private Irish investors is closing in on the purchase of Shelbourne House in Ballsbridge. The consortium is set to pay approx. €20m for the building. Should a deal proceed at that level, it would represent a 50% discount on the €40m paid by Quanta Capital in 2019. Located on a 0.7-acre site on Shelbourne Road between the Number One Ballsbridge office scheme and the high-end Lansdowne Place apartment development, Shelbourne House currently comprises a seven-storey office and apartment building extending to a total area of 76,079 sq. ft. Most of the offices are let and tenants include the Malaysian embassy, An Post and the OPW. The Irish Times, 25th February
Mount Street, Dublin 2 Finnegan Menton is guiding €2.75m for 44 Upper Mount Street together with a three-storey mews in office use at 44 James Place East. The property is being sold with the benefit of vacant possession. 44 Upper Mount Street extends to 6,665 sq. ft in total, with 5,035 sq. ft of this contained within the original Georgian building which includes a substantial single-storey extension. The mews building to the rear extends to a further 1,560 sq. ft, providing additional office accommodation over three floors. The rear mews and the modern single-storey extension comprises a site area of approximately 4,575 sq. ft. Planning permission to extend and redevelop the mews obtained in 2004, has lapsed, but points to alternative residential or mixed use. The Irish Times, 25th February
Ring Road, Co. Kilkenny Glanbia House on Kilkenny’s Ring Road is being offered for sale or to let by joint agents Bannon and FitzGerald Auctioneers. The guide price for the property, which is due to be vacated by Glanbia in the coming months, is €2.95m, while the quoting rent is €360,000 pa. Located 2.5km from Kilkenny’s city centre, the subject property comprises a two-storey building extending to a gross internal floor area of 23,864 sq. ft along with 88 surface car-parking spaces on a 3.3-acre site. The building, which dates from the mid-1990s, comprises a mix of open-plan and cellular offices together with nine meeting rooms and features a double-height glazed atrium reception space. The building underwent an extensive refurbishment both internally and externally between 2014 and 2017 and has a C2 BER rating. The Irish Times, 25th February
New Office HQ Requirement McCann FitzGerald has initiated a search for a new Dublin office in advance of the expiration of its lease in early 2032, on its current headquarters at Riverside One on Sir John Rogerson’s Quay. It is understood that the firm has engaged Cushman & Wakefield to secure between 140,000 and 160,000 sq. ft of office space. A formal request for proposals (RFP) is expected to be circulated to agents, developers and other interested parties in the coming weeks. Its current headquarters at Riverside One is a 110,000 sq. ft, seven-storey property which was purpose built on behalf of the firm in 2006. Riverside One is owned in its entirety by IPUT who originally purchased a 70.8% stake in the property for €80.5m from Harcourt Life Assurance in 2015 followed by the remaining 29.2% in 2020 from Aviva for c.€37.5m. The Irish Times, 25th February
Dublin Office Rents Mason Hayes & Curran, which hired Savills to source c. 100,000 sq. ft of office space, has been told it will be required to pay up to 30% ahead of the market rate if it wants to relocate to a brand-new office block in Dublin city centre. Rates of up to €85 psf quoted to the law firm suggest that the revival of office construction in Dublin hinges on tenants being willing to pay premium rents significantly ahead of the current market rate. Last month CBRE said prime headline office rents were €65 psf while HWBC said €60 to €65 psf. Both agencies forecast that rents for high-grade office space in the city centre would reach €70 psf this year, while HWBC said rents need to rise to €75 to €80 psf to make shovel-ready new office blocks viable to build financially. The Business Post 25th February
Albert Quay, Cork South Docklands A US multinational is in advanced talks to lease the entire first floor of Navigation Square One (NSQ1), a landmark office building on Albert Quay, in Cork’s South Docklands. The building is already host to Jacobs Engineering. The Irish-based multinational engineering company has almost the entire second floor, apart from a 4,360 sq. ft suite, which is currently available to let through Lisney for €145,000 pa. NSQ1 is the largest of four blocks in Navigation Square, which it sold to French investors Corum for €60m in 2021. Financial services company Clearstream, part of the Deutsche Börse Group, is the other substantial tenant in the Corum-owned building. The Irish Examiner, 26th February
Trim, Co Meath Joint agents Savills and Jones Lang LaSalle are guiding €20m – €30m for Knightsbrook hotel in Co Meath. The property has 134 bedrooms and a spa, and is located on a 185-acre site which includes a golf course designed by Christy O’Connor Jr. The Sunday Times, 28th February
Cork City Centre Planners have approved the Starstone Property Group build a €50m, 180-bedroom hotel at the junction of Lower Oliver Plunkett St and Connell St, opposite the site once earmarked for the now-shelved Prism office block. Construction work is due to begin in Q3 2026 on the 0.17-acre site to the rear of the former Eircom building, No 5 Lapps Quay. The five to 10-storey hotel will be run by the Ruby Hotel Group, a Munich-based hospitality company and hotel brand, acquired last year by the InterContinental Hotels Group . The group’s Cork project will involve the demolition of a vacant, two-storey commercial building, in an area described by planners as “underutilised”. The site adjoins seven-storey No 5 Lapps Quay which is directly across the river from City Hall. The Irish Examiner, 25th February
Lapps Quay, Cork City Lisney is guiding €1.45m for Tequila Jacks, a popular Mexican restaurant and tequila bar on the waterfront on Lapps Quay. The property, which forms part of a five-storey mixed-use development, is being sold as a going concern and includes a substantial floor area of 8,224 sq. ft over a single floor. Accommodation is laid out to include a public bar area to the front of the premises with a large function area /dining area to the rear and outdoor seating overlooking the quays. It also includes a fully equipped commercial kitchen, along with ancillary accommodation including customer toilet facilities, staff areas, cold rooms, storage, and service accommodation. The Irish Examiner, 26th February
Old Blackrock Road, Co. Cork Lisney is guiding €1.9m for Paddy the Farmers, a licenced premises, along with nine self-contained overhead apartments. The property occupies a high-profile corner site at the junction of Summerhill South and the Old Blackrock Rd. Paddy the Farmers can be bought as Lot 1 for €600,000. Lot 2, the nine apartments, can be bought for €1.3m or Lot 3 is both Lot 1 and Lot 2 combined for €1.9m. The apartments currently generate around €140,000 in annual rental income. The Irish Examiner, 26th February
Kevin Street, Dublin 2 Completing the redevelopment of Camden Yard as a new headquarters for Dublin City Council and along with 299 apartments will cost c. €670m. The partially built office block will cost €90m to purchase, while €581m is expected to be spent on construction. Citing confidential council documents, the Irish Times is reporting the deal to buy the site on the former Dublin Institute of Technology building on Kevin Street is expected to be completed within the coming weeks. In 2021, developer Westridge Real Estate paid c.€145m for the site. Work on the development started in 2022 but stalled two years later. Receivers were appointed and in 2024, real estate firm BentallGreenOak took on the project. CBRE was appointed in 2025 guiding €80m for the property which will deliver 407,005 sq. ft of office space on the 3.57-acre site. The Business Post, 27th February
Mary Street, Dublin 1 Savills is guiding €2.95m for a retail investment property at No 39 Mary Street. Fully let to established Irish bookstore chain Dubray Books Ltd, it currently produces a total annual rent of €225,000 (6.94% NIY) and has seven years to lease expiry in March 2033. The 4,241 sq. ft property is adjacent to the Ilac Shopping Centre, opposite Jervis Shopping Centre and close to the Henry Street section of the high street. The property comprises plenty of retail trading space across both ground and first-floor levels to the front of the building, with goods and passenger lift access provided. There is ancillary storage, offices, bathrooms and a kitchenette located to the rear of the building. The Irish Independent, 26th February
Sandymount, Dublin 4 Gallagher Quigley is guiding €3.95m for a former nursing home in Sandymount. Previously known as Ailesbury Nursing Home, located at 58 Park Avenue, the 9,850 sq. ft property is currently laid out with 26 bedrooms and 18 bathrooms, five reception rooms, staff offices, break rooms and a commercial kitchen. Beyond the main residence, a separate single-story annex, to the rear, houses a modern plant room, along with additional storage and utility and staff-room space. It also benefits from both off-street and on-street parking. The Irish Independent, 26th February
Gardiner Street, Dublin 1 Colliers is guiding €5.25m for 38-39 Gardiner Street. Sold as a hostel for €1.8m in 2016, the property has returned to the market as a fully upgraded and operational serviced apartment business. Dublin Central Suites, as it is now known, comprises 22 modern, self-contained units; 14 studios and eight one-bedroom apartments, distributed across a pair of restored mid-terrace Georgian buildings. The property, which traded under the Sonder brand until last year, is being sold by its owner, as a going concern or with vacant possession. Each unit features a fully equipped kitchenette, ensuite bathroom, and dining and seating areas suited to both leisure and corporate stays. The guest accommodation is complemented by integrated workspaces and a reception area, along with laundry facilities, secure luggage storage, an office space and a rear yard with parking access. The Irish Times, 25th February
Quayside Quarter, Dublin North Docklands Greystar has selected a prospective purchaser, understood to be German investor Quantum Immobilien, for a deal to sell Quayside Quarter in Dublin’s north docklands for c.€180m. Greystar bought Quayside Quarter, which accommodates 268 apartments, in 2019 for c.€175m. In 2023 when it was brought to market, it was reported that the guide price then being sought was in the region of €200m. The fact that this is being bought by a new entrant to the Irish market is also seen as significant, as it is a further sign of the return of international investors to the Irish residential market following the Government’s rental reform legislation which is due to take effect in March. That will allow landlords to benefit from both the 2% per annum cap on rents and reset rents to market levels every six years. The Irish Independent 26th February
Avenue Capital, an American investment fund, paid €27.5m for a minority stake in DRes Holdings, the Irish construction firm. Recent filings with the companies show that Avenue has pumped fresh capital into DRes through a Luxembourg-based subsidiary. The Competition and Consumer Protection Commission approved the investment late last month. The precise size of the stake acquired by Avenue has not been disclosed, but The Sunday Times understands that it is close to 20%, which could value the homebuilder at more than €80m. The most recent accounts for DRes show that in 2024 the company had revenue of €92m, up from €51.1m YoY. Avenue is in the middle of ramping up its activities in Ireland. As well as the purchase of DRes, it recently announced it would be backing at least €600m in fresh property lending. The Sunday Times, 28th February
Dundalk, Co. Louth Data centre builder and operator Equinix is to create 200 jobs with an investment of up to €594m in Dundalk. The investment will be used to construct a 150,000 sq. ft advanced manufacturing facility, which will be built by local company Hanley Energy. The facility will serve as Equinix’s global hub for manufacturing specialised power equipment for data centres and AI-driven workloads. The facility will manufacture low-voltage switchgear, power distribution units, and remote power panels, all of which are critical components for power distribution in data centres. It will feature a temperature-controlled testing laboratory, the only one of its kind in Ireland or the UK. The company operates data centres in Dublin at Northwest Business Park, Citywest, Blanchardstown and Kilcarbery Park. Globally, its parent company, Equinix Inc, owns and operates 270 data centres in 75 locations. The Irish Times, 25th February
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Clonskeagh, Baggot Street and Lucan, Dublin Oakmount has instructed CBRE to find a buyer for three of their best-known Dublin pubs. The sale of Ashton’s in Clonskeagh, Thomas Rody Maher’s on Baggot Street and The Foxhunter in Lucan is expected to see strong interest from both publicans and investors. The portfolio is being offered to the market at an overall guide price of €13.5m. The venues are also being made available for sale individually at guide prices of €4.75m for Ashton’s, €3.5m for Thomas Rody Maher’s, and €5.25m for the Foxhunter (including an adjacent development site). Ashton’s was acquired by Oakmount from a group of private investors for €3m in 2022. It paid approx. €1.7m to secure ownership of the then Larry Murphy’s pub in the midst of the Covid-19 pandemic in 2021, and set about transforming the Baggot Street landmark into Thomas Rody Maher’s. It acquired the Foxhunter and its adjoining site for €3m in 2019. The Irish Times, 20th March
Ashtown and Dame Street, Dublin Examiners of Mulligan & Haines Hospitality Ltd, the company behind the Lock Keeper gastropub in Ashtown, have succeeded in rescuing the business. The business was owned by Dublin-based Chinese businessman Colm Wu but, under the terms of the deal agreed, new investor ATM Hospitality Services Limited will invest fresh capital in the company and take it over. However, an agreement could not be reached to rescue a separate company called Castor Ventures Ltd, which is behind the city-centre Mulligan & Haines bar and restaurant on Dame Street in Dublin. A €1m investment proposal in this pub, which was also previously controlled by Wu, was sourced by the examiners but a restructuring of the property arrangements with the charge holder on the premises could not be agreed so this business has now gone into liquidation. ATM Hospitality Services will put up €150k to discharge an initial dividend to creditors in the Lock Keeper gastropub, form a new board and provide additional funds for working capital purposes. The Currency, 19th March
Parkgate Street, Dublin 8 14-16 Parkgate Street is being offered for sale fully let by Finnegan Menton at a guide price of €7.5m (NIY approx. 7.2%). Situated immediately next door to the Ashling Hotel, 14-16 Parkgate Street briefly comprises a four-storey office building of 16,253 sq. ft. Extended in 2017, the property is let in its entirety to First Ireland Risk Management. The building is occupied on a 25-year FRI lease from July 2022. This agreement is a renewal of previous leases with the tenant in occupation for approx. 20 years. The current passing rent is €599k pa and the lease is subject to five-yearly mutual-break options. The Irish Times, 20th March
Molesworth Street, Dublin 2 Deka Immobilien has agreed terms to buy a prime office Dublin building for approx. €40m (NIY approx. 5.25%). In a positive move at the core end of the market, the German fund manager is pushing on with a deal to buy 40 Molesworth Street, a 30,000 sq. ft office owned by the State Street-managed WindWise Property Fund. The office element is leased in its entirety to law firm DLA Piper, while Specsavers occupies the retail space. Offering a WAULT of approx. 12 years to expiry and 5.25 to break, 40 Molesworth Street generates a rent roll of €2.175m a year. React News, 19th March
St Stephen’s Green, Dublin 2 With insurer Royal London Ireland having recently moved all of its employees over to its main offices at 47-49 St Stephen’s Green, the firm’s space at 4 Earlsfort Terrace has become available to let by way of assignment until August 2028. Located on the ground floor of the building, the accommodation, which extends to 2,097 sq. ft, is being offered to the market by Cushman & Wakefield at a rent of €62.50 per sq. ft. The offices are plug-and-play and fully fitted with seating for 26 people. The Irish Times, 20th March
Citywest Business Campus, Dublin Lisney is guiding a price of €4.5m for a standalone office building at Dublin’s Citywest Business Campus. 3008 Lake Drive comes to the market with the benefit of full vacant possession and an attractive capital value of €197 per sq. ft. The subject property comprises an L-shaped building of 22,862 sq. ft distributed over two floors. The Irish Times, 20th March
Mahon, Cork The first proper office space used by Voxpro, the call centre firm, is up for rent for €92k pa. The asset is up for rent via ERA Downey McCarthy. Accommodation at Unit 6 includes a 301 sq. ft ground floor, with a private lobby and lift access; a 5,608 sq. ft first floor; and 1,055 sq. ft second floor. The overall area of the building is 6,964 sq. ft. The Irish Examiner, 22nd March
Blanchardstown Centre Northwood Investors, a US real estate company, is believed to be making an aggressive bid to acquire Blanchardstown Centre, tabling a first-round offer in the region of €580m. The investment group M&G, the waste tycoon Eamon Waters and the US property investor Hines are still in the running for the mall despite pitching materially lower offers. Northwood is working on a bid that would deliver a modest return for the owner, Goldman Sachs, and this would require a bid over and above the €560m owed to the shopping centre’s syndicate of senior lenders led by Morgan Stanley. AIB sold €175m senior debt secured on the centre at 83c on the euro to Hayfin, a UK lender, last year. A return for Goldman Sachs, which acquired the property at a valuation of €750m in December 2020, would pave the way for a consensual sale. The centre spans 1,205,557 sq. ft and has 180 stores. The Sunday Times, 24th March
Clondalkin, Dublin 22 With more than 1,000 homes scheduled for completion and occupation by next year at Kilcarbery Grange in Clondalkin, the sale of the scheme’s new, purpose-built creche facility should prove attractive to both investors and childcare operators. The building, which is to be completed to shell-and-core condition, is being offered to the market by DNG’s new-homes division at a guide price of €1.5m. The creche at Kilcarbery Grange comprises 9,785 sq. ft of accommodation laid out over two floors. The facility also includes an external play space of 1,335 sq. ft with scope to increase. The Irish Times, 20th March
Little Island, Co Cork Deals on two of the largest Munster region industrial lettings in recent years, totalling over 250,000 sq. ft, have been scored by rival business parks in Cork’s Little Island. The lettings include one to Munters, which specialises in cooling equipment for data centres, while the other is to logistics and freight firm Crane Worldwide. Munters is set to move into the 129,077 sq. ft Unit 7A/7B, Anchor Business Park, Little Island. The major Munters deal brings the Anchor Business Park close to full occupation. The building being taken on by Munters, No. 7A/7B is expected to be handed over by the end of this year. It’s practically the same size as another just concluded 128,000 sq. ft letting, via Lisney, of Unit 1 at Harbour Gate Business Park,also in Little Island. On an 8.4-acre site, it was just taken over by logistics firm Crane Worldwide which closes out the entire 200,000 sq. ft Harbour Gate Business Park. The Irish Examiner, 21st March
Little Island, Co Cork Global transport and logistics company Kuehne+Nagel, which is headquartered in Switzerland, has leased Unit 4 at the Anchor Park, which extends to 75,600 sq. ft. Separately, there is a letting agreed on the 33,600 sq. ft Unit 6, which is currently under construction. The contracts are due to be exchanged in the coming weeks, with an expected completion date in early Q4 2024. The Irish Examiner, 21st March
Moran Group has secured a €70m loan from Värde Partners to refinance several commercial real estate assets in Dublin. The loan is backed by the newly developed Rockpoint apartment complex in South Dublin, as well as the Red Cow Moran hotel and adjacent Red Cow Inn pub in southwest Dublin. The Moran Group, run by the Moran family, has owned and operated the Red Cow complex for more than 30 years. Rockpoint was completed in January 2024. The Irish Times previously reported that the Rockpoint development had been offered for sale in its entirety to institutional investors back in February 2023, with a guide price of €59m. It was also reported that, despite receiving several offers of €54m, the owners decided to hang onto the assets. The 1.24 acre Rockpoint site was acquired from Marlet Property Group in 2020 for around €7.5m. React News, 21st March
An Bord Pleanála will stop dealing with planning cases in a chronological order, in a fresh bid to address the board’s backlog of cases. “There are different types of cases before the board for determination” and it “will be applying different prioritisation to those cases and will therefore not deal with cases in chronological order”, An Bord Pleanála said in a statement published on its website. An Bord Pleanála has faced heavy criticism in recent years for the apparent slow pace in making decisions on planning applications. Delays have been magnified by the housing shortage especially in Dublin. A spokeswoman said there were 2,258 cases on hand, a decrease of 11% from the beginning of 2024. She said this was down from 3,613 cases on hand in May 2023 which included approx. 600 Residential Zoned Land Tax cases. The spokeswoman said the cases on hand included 56 Strategic Housing Developments applications. The Irish Times, 22nd March
House Prices Property prices have accelerated again with a jump of over 5% recorded nationally for the 12 months to the end of January. The latest residential property price index, compiled by the CSO, showed prices rose by 5.4% on an annual basis in January. This was the fifth month in a row that headline inflation in the property market has increased. Prices in Dublin rose at an annual rate of 4.5% while prices outside the capital rose by 6.1%, the CSO said. The latest pickup in prices comes amid expectations that the ECB will begin a cycle of rate reductions this year. Prices have also been buoyed by the various Government affordability schemes which have fuelled activity with first-time buyers. The latest figures indicate that prices increased by 0.7% month-on-month in January. Buyers paid a median or middle price of €330k for a home in the 12 months to January, the latest figures show. The Irish Times, 20th March
Housing Fund AIB has partnered with Activate Capital, which is backed by KKR, to launch a €500m fund to deliver 1,000 homes per year. The Irish apartment development fund will provide debt capital for new developments in Dublin, Cork, Galway and Limerick. The fund, which will be managed by Activate, already has several new development projects under “active consideration”. AIB previously allocated €800m in funding to support social housing by the end of this year. The fund will focus on mixed-tenure development, including for owner-occupiers, private sector rental, cost rental and social housing. All developments will have an “A” Energy Rating. The Business Post, 24th March
Housing Construction Construction work began on more than 3,600 new homes in February, the third highest number in a month since 2014. New data released by the Department of Housing showed 3,699 new homes were commenced last month. The number of homes started during the month was up 85% on the number started in February 2023, when 1,997 units were commenced. In 2024, more than 7,000 new homes have been started in the first two months of the year, an increase of 72% on the same period last year. On a 12-month rolling basis, work has now started on 35,750 new homes. The data released by the Department of Housing, which is based on figures from the Building Control Management System, showed that of the 3,699 units commenced in February, 29% were apartments and 11% were one-off units. The remainder that were commenced were homes as part of housing estate projects. The Business Post, 21st March
Chapelizod, West Dublin A 5.3-acre site on the banks of the Liffey in Chapelizod is being offered for sale by Savills with a €2.75m guide price. Known as Willow Vale, it is just 3km from the Criminal Courts of Justice and 5.5km from O’Connell Bridge in Dublin city. In addition, the sale includes two houses: Willow Vale, a four-bedroom detached house located within the site, and 5 Hibernian Terrace, a three-bedroom semi-detached property located on Chapelizod Road. The Irish Independent, 21st March
Gorey, Co Wexford Joint agents Knight Frank and Sherry FitzGerald O’Leary Kinsella are guiding a price of €3m for a 38-acre land holding in Gorey, Co Wexford, with the outcome of a planning application pending for the development of 421 new homes. The subject holding has frontage to both the Gorey-Carnew Road and Kilnahue Road. The lands are zoned under the Gorey Town & Environs Local Area Plan 2017-2023. Approx. 31 acres of the holding are zoned residential while the remaining seven acres are zoned as open space and amenity. The Irish Times, 20th March
Ires Reit US investment giant Starwood Capital has topped up its stake in Ireland’s biggest private landlord, Ires Reit, after first buying into the firm last month. A regulatory filing yesterday confirms that Starwood has lifted its holding in Ires to 2.1%. It initially notified the market last month that it had accumulated a 1.5% share of the Irish property investment firm. That sparked speculation about Starwood’s intentions at Ires, as the Irish firm emerged bruised from a battle with Canadian activist shareholder Vision Capital. The Irish Independent, 21st March
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Kilkenny Retail Park, Kilkenny Iroko Zen is closing in on the purchase of Kilkenny Retail Park from Aviva’s Irish Commercial Property Fund. The deal, which is understood to carry a value of just over €23m, will represent the French-headquartered investor’s ninth acquisition in the Irish investment market. TWM had been seeking €22m for the scheme.
Aviva secured ownership of Kilkenny Retail Park in 2018 as part of its takeover of Irish insurer Friends First, who had purchased the park for €25m in 2016. Located in the Springhill area on the outskirts of Kilkenny City, Kilkenny Retail Park is fully occupied at present and generating overall rental income of approx. €2.2m pa from a strong tenant line-up led by DIY retail giant Woodie’s. Other occupiers at the scheme include EZ Living, DID Electrical, Harry Corry, Jysk, Costa Coffee, Petmania and KFC. The WAULT to expiry is seven years. The Irish Times, 13th March
O’Connell Street, Dublin 1 Swedish fashion retailer H&M is in the final stages of fitting out its new 30,000 sq. ft store at Clerys Quarter and began trading last Friday from the ground and first floors of the scheme following a formal ribbon-cutting ceremony. Decathlon meanwhile is expected to open for business at Clerys Quarter this July. The French-headquartered sports clothing and equipment specialist agreed a deal to occupy the other half of the development’s 60,000 sq. ft of retail space in January. The overall development will comprise 92,600 sq. ft of new grade-A office space across two buildings, 60,000 sq. ft of retail, a 18,000 sq. ft panoramic rooftop restaurant, bar and events venue, five new food-and-beverage units, including the newly refurbished tea rooms, Pret A Manger which is already trading, and a new 213-bedroom Premier Inn hotel. The Irish Times, 12th March
Ballyconnell, Co Cavan The Slieve Russell hotel in Co Cavan is to come to the market in the next fortnight. CBRE, the property agent, has been appointed by liquidators for the Irish Bank Resolution Corporation to sell the four-star Slieve Russell. Market sources say the hotel will have an asking price of approx. €30m. The Sunday Times, 17th March
Cork The Sunday Times has learnt that Attestor Capital, a private equity firm based in London, is in talks to invest in Reardens Group, one of the biggest pub chains in Cork. The deal is expected to value it at approx. €27m. Margaret Kenneally, the group’s current owner, will stay involved in the chain, which includes Reardens and Le Cabaret on Washington Street and the Secret Garden and Hidden Attic on Hanover Street. The Sunday Times, 17th March
Talbot Place, Dublin 1 Azora, a Spanish fund manager, has emerged as the buyer of Jacobs Inn, one of Dublin’s largest hostels, which was sold in an off-market deal. BlackRock, the American investment giant, which had owned the 412-bed hostel since 2020, is thought to have sold the Talbot Place business for more than €30m. It is the firm’s first transaction in the hotel sector in Ireland. The Sunday Times, 17th March
Dublin Hotel Transactions The sale of the Dean Hotel Group by Paddy McKillen Jr and Matt Ryan to Life¬style Hospitality Capital was completed over the past couple of weeks, while Kennedy Wilson’s sale of the five-star Shelbourne in Dublin to Archer Hotel Capital, revealed by The Sunday Times in January, is also nearing completion. It is understood that the Cosgrave family’s Radisson St Helens hotel in South Dublin is likely to sell for more than its €45m asking price after attracting interest from at least ten bidders. The Sunday Times, 17th March
Charlemont Square, Dublin 2 The Irish restaurant group Krewe have agreed a deal to occupy Charlemont Square’s flagship 4,000 sq. ft dining space. News of Krewe’s arrival follows the recent opening of Tesco’s new 7,500 sq. ft store at the scheme. Charlemont Square comprises 355,000 sq. ft of office accommodation across two buildings with 30,000 sq. ft of dining and retail space and 194 private rental apartments. The Irish Times, 13th March
iNua Trading Newly filed accounts for iNua Hospitality Plc, a holding company in the group that operates some eight of iNua’s 20 venues dotted across the Republic, show the five-star Muckross Park Hotel & Spa operator enjoyed a 60 per cent bounce in turnover across its portfolio in 2022. After plunging to €22 million in 2020 when the sector was effectively shuttered by the pandemic, revenues approached €68.3 million in 2022, above pre-Covid levels and up from close to €42.7 million in 2021.
However, the group – founded by Paul Fitzgerald and Sean O’Driscoll through a management buyout of iNua in early 2020 – lost some €3.9 million in 2022, down from €5.9 million in 2021, mostly due to a sharp rise in operating and administrative expenses in the year. In particular, iNua beefed up staffing in the year, adding more than 250 jobs to bring its headcount to 1,359 for the full year, leading to a 40 per cent jump in its wage bill to €23.4 million. The Irish Times, 19th March
Parkmore West Business & Technology Park, Galway Harvey is guiding a price of €7.2m (NIY 6.25%) for a prime industrial investment at Parkmore West Business & Technology Park. Building 4 comes for sale fully let to Medtronic and is producing rental income of approx. €495.2k pa (€9.14 per sq. ft). The subject property comprises a modern, purpose-built detached industrial and office facility on a high-profile 2.73-acre site in Parkmore West Business & Technology Park. Parkmore was developed by and is actively managed by the IDA. Building 4 extends to a total gross external floor area of 54,165 sq. ft constructed in 2003. An extension was added to the property in 2006. Medtronic occupy the building under two leases, which are co-terminus in September 2043. The leases are FRI, with tenant-break options in September 2033, offering 9.5 years term-certain to a strong tenant covenant. Rent reviews are five-yearly and on an upwards-only basis. The Irish Times, 13th March
Shannon, Co Clare The ongoing growth of the Shannon Campus business park continues apace with two newly developed industrial buildings comprising a total of 100,000 sq. ft being offered to the lettings market. The first of these, Block R, comprises a 40,000 sq. ft manufacturing facility, along with a 6,000 sq. ft two-storey office block, circulation and meeting spaces. The second building, Block S, comprises a 60,000 sq. ft high-grade and multi-use industrial space, with the option for division into three separate units of 20,000sq ft each. The Irish Times, 13th March
Earlsfort Terrace, Dublin 2 The owner of Core Capital, Derek McGrath, is seeking a buyer for The Victorians, a complete and historically intact terrace of four Victorian buildings on Earlsfort Terrace in the heart of Dublin’s central business district. Nos. 15-18 Earlsfort Terrace – flanked on either side by the headquarters of leading law firm Arthur Cox and the newly completed Cadenza Building – are being offered for sale by agent Bannon on an off-market basis at a guide price of €8.75m (NIY 5.5%) with a rental income of approx. €523.5k pa. The four buildings are occupied by the serviced-office operator Iconic Offices under three separate co-terminus leases. The Irish Times, 13th March
Charlemont Square, Dublin 2 US-headquartered SEI, a provider of technology and investment solutions to the global financial services sector, has agreed a deal to occupy 25,000 sq. ft of office space at One Charlemont Square in Dublin City Centre. The company has entered into a new 10-year lease, and is understood to be paying a rent of approx. €57 per sq. ft. SEI’s new offices will be capable of accommodating over 200 workers. The Irish Times, 13th March
Lower Leeson Street, Dublin 2 18 Lower Leeson Street in Dublin 2 has secured its first two high-profile tenants since its major revamp by landlord Aviva Life and Pensions Ireland. The first companies occupying space in the refurbished, Grade A period offices are Falko Regional Aircraft Limited and Lockton Ireland. 18 Lower Leeson Street (formerly Ossory House) comprises 24,455 sq. ft of office space. The property is now 40% occupied and the floor plates are approx. 4,790 sq. ft per floor. The Business Post, 16th March
Quintain Sale Lone Star is weighing up the sale of Quintain Ireland, its €300m residential development business. According to React News, the private equity firm has instructed investment bank Rothschild & Co and Savills to explore various exit options, although the preferred avenue is understood to be a recapitalisation of Quintain’s Irish business. The strategic review being carried out by the advisers could also scope out potential site and/or asset sales. Quintain’s land bank has scope for over 9,000 residential units, equating to a gross development value north of £3bn. The developer is currently onsite in Adamstown, Clonburris, Portmarnock and Cherrywood.
Accounts for Quintain Developments Ireland Ltd show turnover of €13.8m and profit of €1.2m for 2022. The housebuilder is currently pushing on to sell 1,300 new homes at Cherrywood Village by 2025, while it has already built over 1,000 homes at its Adamstown and Portmarnock sites. ReactNews, 18th March
Peter McVerry Trust The Department of Housing has been criticised for refusing to release details around the restructuring of the Peter McVerry Trust following an unprecedented €15m government bailout for the housing and homeless charity. The Oireachtas housing committee is seeking to compel both the department and the trust to provide details of the plan to reform the organisation, however it has so far refused to engage on the matter. The trust has so far claimed over €9m in emergency funding as part of a bailout package approved by cabinet in December. A final payment of €5.6m is expected to be paid to the charity this month, however this will be dependent on the homeless charity meeting a number of conditions set out by Darragh O’Brien, the housing minister. It was reported last year that the charity owed €8.3m to Revenue arising from the Covid-era debt warehousing scheme. It also emerged that the charity had understated how much it spent on the running costs of property it owned by €1.3m, while overvaluing its assets by more than €3m in 2022. The Business Post, 13th March
Coolock, North Dublin Dublin City Council has refused planning permission to OTR Development Company for 330 apartments, 60 assisted-living units and retail space at the site of the former Cadbury’s pitch-and-putt course on the Oscar Traynor Road in North Dublin. The proposed scheme includes five retail units totalling 3,303sq m, including a neighbourhood store of 2,538sq m. The Large Scale Residential Development comprises six blocks rising from two to nine storeys. Planning permission was refused across three headings including one relating to the light-bellied Brent goose. The council said the applicant had failed to demonstrate to its satisfaction that the integrity of North Bull Island, South Dublin Bay and Baldoyle Special Protection Areas (SPAs) will not be adversely affected, particularly when considering the combined effects of other projects. The Irish Times, 14th March
Goatstown, Dublin 14 Ireland’s High Court has overturned planning permission issued by An Bord Pleanála (“ABP”), citing the lack of public transport available. The planning board had approved developer Knockrabo Investments DAC’s proposals for 227 apartments but the decision was challenged via judicial review. Justice David Holland’s decision said that he was not convinced that ABP’s planners are entitled to take a “build and public transport will come” approach when assessing a proposed project that does not meet the local development plan criteria. The board had to ensure the site at Knockrabo on Mount Anville Road “is well served by public transport with high capacity, frequent service and good links to other modes of public transport,” said the judge.
The planning inspector had said that there were buses and a Luas stop which was 1.7km away, pointing to planning policies, including the Draft Greater Dublin Area Transport Strategy 2016-2035 which proposes upgrading passenger capacity on the existing Luas Green Line “as required to meet demand”.
However the existing line has also been said to be operating close to its maximum theoretical capacity at peak times, with the judge pointing out that the inadequacy had already been anticipated in 2016.
He said that the developer had failed to demonstrate that the site will be served by public transport as required while the board failed to consider and conclude per law the issue of current capacity. The judge has also dismissed all other grounds of challenge.
The Goatstown site spans 6.8 acres of land and is owned by Bain Capital. The site has extant planning permission for 81 homes and apartments although ABP had granted a Strategic Housing Development planning consent for 227 residential units in March 2022. ReactNews, 14th March
Ires Reit, the state’s biggest landlord, has announced that former Quintain boss Eddie Byrne will succeed Margaret Sweeney as chief executive of the company. Last year, the company announced that Sweeney would step down from her role next year after six years at the helm. In a stock market update, Ires Reit said that Byrne will join the company on April 8 before taking over as chief executive at the beginning of May. The Business Post, 13th March
Housing Commission Report Blockages to critical infrastructure like electricity and water now represent a serious long-term threat to the country’s housing targets, the government’s Housing Commission will warn. As part of a milestone report on the country’s future housing policy, the expert group is set to tell the government that delays to key services provided by Uisce Éireann and ESB are a major obstacle for developers. The commission, which includes industry, legal, and academic experts, is worried about the prospect of major water shortages in the greater Dublin area within six years. It is understood that developers have also told the commission the cost of getting water and electricity connections is a key issue when it comes to delivering housing, along with the length of time involved. The Housing Commission, a heavyweight group of 12 experts, is the latest in a long line of stakeholders to warn the Department of Housing that infrastructure blockages are a substantial risk. The Business Post, 17th March
Planning Permissions The number of planning permissions granted for new homes last year jumped by more than a fifth, with apartment units accounting for more than half the total. CSO figures show the number of dwelling units granted planning in 2023 rose by 21% to 41,225 units. The number of houses granted planning permission increased by 13% to 19,738 while apartment permissions rose by 28.5% to 21,487 units. Dublin accounted for 64% of all apartments approved in 2023, followed by Cork at 14% and Meath at 3%. In terms of house units granted planning permission in 2023, Dublin accounted for the largest number of houses with 24% followed by Cork with 14% and Meath with 7%. The Irish Times, 14th March
Planning System More than two-thirds of the 147,000 housing units applied for under the Government’s now-defunct Strategic Housing Development system remain undeveloped, according to figures sourced from the industry. It was scrapped last year after SHD projects resulted in 48 judicial review cases in the High Court. Industry figures show that of the 147,000 units applied for under the scheme between 2017 and 2023, 98,736 were granted planning while 29,690 were refused by An Bord Pleanála. A third of the units that were granted planning permission (31,474) were either quashed or remain stalled by legal action, the figures show. A further 19,192 units remain in the pipeline, on hold because of the decision-making logjam at An Bord Pleanála. The average period they have been pending is 95 weeks. Planning determinations were meant to take 16 weeks.
Of the 67,262 units that were granted permission and did not end up in legal action, the figures show 42,197 are either commenced, under construction or completed, while a further 25,065 units are available for commencement. The SHD system has now been replaced by the Large-Scale Residential Development system which restores the local authority as the primary planning decision maker. The Irish Times, 18th March
Kerry Tourism The State is to be the new owner of a Kerry river and lake fishery at the famed Connor Pass previously owned by a British peer, a Luxembourg-based steel industrialist, and several private Irish citizens. The approximately €1.5m acquisition of the ‘source to sea’ Owenmore Fishery on 480 acres, to include 180 acres of water in nine lakes, is very close to concluding, sources confirm.
It will be added to the 1,400 acres the State has also been negotiating on since 2023, widely expected to create a new National Park and visitor attraction starting at close to 2,000 wild acres and Special Area of Conservation at the Dingle Peninsula’s magnificent 1,500ft high Connor Pass.
Once both are secured, the adjacent tracts of land and lakes on the northern side of Dingle’s Connor Pass could enable Ireland’s eighth national park, and just the second of the 21st century after the Boyne Valley opened in 2023. The Examiner, 17th March
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College Green, Dublin 2 Ulster Bank’s premises at No. 33 College Green looks set to be transformed into a new boutique hotel following its purchase by one of the city’s leading hoteliers. The Irish Times understands that Donegal couple Brian and Sally McGill have agreed a deal to acquire the former bank-branch building for approx. €17m, approx. €3.5m more than Cushman & Wakefield had been guiding when it offered the property to the market last September. The McGills are understood to have secured the building in the face of competition from a number of parties. The McGill family already owns and operates the Harcourt Hotel, Harrington Hall and the four-star Iveagh Garden Hotel on nearby Harcourt Street. The property briefly comprises a six-storey over-basement office building, the majority of which was built in 1975. The Irish Times, 6th March
Tallaght, Dublin 24 Hines is in exclusive talks to buy the Square shopping centre in Tallaght. The Sunday Times understands that heads of terms have been sent to the developer. If the sale is completed, it will make Hines one of the biggest shopping centre operators in Dublin. The company already runs Liffey Valley, in Lucan and has plans to construct a €500m town centre in Cherrywood in South Dublin. It has also been reported that Hines has bid for the €650m Blanchardstown shopping centre. In addition, the Texas-based company owns the Chatham & King retail complex in Dublin city centre, where tenants include Zara and the jeweller Paul Sheeran, as well as retail properties on Grafton Street and at Central Plaza. The Square was put on the market last year by its owner Oaktree Capital with an asking price of between €160m and €170m. However, news reports have suggested that the bids could be as low as €125m. The Sunday Times, 10th March
Wexford Street, Dublin 2 Nos. 17-19 Wexford Street are being offered to the market by DNG Commercial fully let and generating total rental income of €402.5k pa for €5.5m (GIY approx. 7.3%). The subject property briefly comprises a four-storey, mixed-use building. The ground floor is occupied by fast-food restaurant chains – Eddie Rockets and Wow Burger. Both units are fully self-contained and are occupied on long-term FRI leases. The first, second and third floors comprise 10 fully let apartments. The WAULT is 7.37 years to break and 13.87 years to expiry. Eddie Rockets (Ireland) Limited occupies 19/19A Wexford Street on a 35-year lease from March 1st, 1998, and is paying an annual rent of €110k. Svetac Limited trading as Wowburger occupies 17/18 Wexford Street on a 20-year lease from October 2022, and is paying an annual rent of €110k. There is a tenant-only break option on the expiry of year seven, subject to six months written notice. The 10 apartments are fully let on annual rolling lease agreements and are generating total rental income of €182.5k pa. The Irish Times, 6th March
Westmoreland Street, Dublin 2 A fully let investment property, 26 Westmoreland Street with a €2.3m guide price, will be auctioned by Keane Thompson estate agents via the Iamsold online platform on 18th April, unless sold in the meantime. Located next to the Wax Museum in the city centre, the 6,350 sq. ft property is fully let to two tenants generating an income of €190k pa. An Asian restaurant, Good World, occupies the ground floor and basement. An English language school occupies the four upper floors which are laid out with a mix of open plan and smaller office rooms. The Irish Independent, 7th March
Molesworth Street, Dublin 2 Australian-headquartered Macquarie Asset Management, and three German investors, namely Deka Immobilien, HIH Real Estate, and MEAG, are said by market sources to have submitted offers earlier this week at levels approx. €40m that Savills had been guiding for 40 Molesworth Street. State Street purchased 40 Molesworth Street in 2018 as part of a multimillion-euro asset swap in which it ceded ownership of Deloitte House on Earlsfort Terrace to Iput. Iput had acquired the building for its part, in March 2013 for €8.4m and spent €13m transforming it into a modern grade office building. Today, the former home of the European Commission comprises 29,820 sq. ft of office space over six floors, along with a ground and basement retail unit extending to over 3,649 sq. ft. The offices are occupied in their entirety by global law firm, DLA Piper who took an assignment in 2021 of the 20-year lease which had been entered into originally by US online retailer Jet.com in 2017. The lease which is due to expire in 2037 has a term certain of 12 years and has a headline rent of approx. €60 per sq. ft. Specsavers occupy the retail element of the building, and the property is generating overall rental income of €2.175m pa. The Irish Times, 7th March
Sir John Rogerson’s Quay, Dublin 2 BNY Mellon is understood to have selected the Shipping Office in Dublin’s South Docklands as the new location for its Irish headquarters. The US-headquartered firm is said by market sources to be in the advanced stages of discussions on a deal for between 80,000 sq. ft and 90,000 sq. ft of space at the scheme. Built by Marlet Property Group on the site formerly occupied by the British and Irish Steam Packet Company, the Shipping Office comprises 177,000 sq. ft of office accommodation over eight storeys, a 12,755 sq. ft roof garden, five terraces, 27 showers, changing facilities, 16 basement car-parking spaces with two electric-vehicle (EV) charging points and 234 bike spaces. The Irish Times, 5th March
North Dock, Dublin 1 CBRE has been mandated to sell North Dock, a recently developed 200,000 sq. ft office on North Wall Quay, by receivers Interpath Advisory. Restructuring firm Interpath Advisory was parachuted in earlier this month by loan servicer CBRE, after sponsor Targeted Investment Opportunities – a joint venture led by Oaktree that includes Nama and Irish construction firm Bennett as minority partners – defaulted on a €120m loan from lender Pimco. The sale through CBRE is expected to launch in the coming weeks. Although there is yet no formal guide price, sources expect the asset will come to market at approx. €130m. Approx. half of the North Dock development is now let. Current tenants include Blueface, a cloud-based telecommunications company that leased 15,000 sq. ft, and Gilead Sciences. Pimco’s €120m facility was issued at the start of 2021, and structured to allow the sponsor to meet its business plan with incentives in terms of margin reduction as further leasing at the asset takes place. The scheme was Dublin’s first nearly zero-energy building office development. React News, 6th March
Parnell Square, Dublin 1 Finnegan Menton is guiding a price of €1.6m for No. 43 Parnell Square in Dublin City Centre. Located on the west side of the square and directly opposite the entrance to the Garden of Remembrance and the Rotunda Hospital, the property, which has been in office use, is being offered for sale with the benefit of both vacant possession and with freehold title. No. 43 Parnell Square comprises a four-storey, over-basement Georgian building extending to a net internal floor area of 4,115 sq. ft. The property was refurbished in 2010 to include a new roof and is in excellent condition throughout, according to the selling agent. The Irish Times, 6th March
Foxrock, Dublin 18 O’Flynn Group has paid just over €10m for a prime development site with planning in place for 57 homes in the South Dublin suburb of Foxrock. The price paid by the Cork-based developer represents a 13% discount on the €11.5m Lisney Commercial Real Estate had been seeking when it brought the site to the market on behalf of Richmond Homes. Located on Brighton Road, the 3.13-acre site, which is occupied currently by a large five-bedroom detached residence known as Craughwell, has full planning permission for the development of 57 new homes. The approved scheme comprises 21 three- and four-bedroom semidetached houses along with 36 apartments consisting of a mix of one-, two- and three-bedroom units. The subject site is located off Brighton Road and sits behind existing two-storey houses and has its own private access road. The Irish Times, 6th March
The Land Development Agency (LDA) is inviting private landowners and developers to submit expressions of interest for sites which can deliver mainly cost rental housing. Its preference is to purchase lands with planning permission for at least 200 units in higher density development in the five main cities of Dublin, Cork, Limerick, Galway and Waterford as well as the Greater Dublin commuter belt. Its largest market acquisition was two adjoining sites in Clongriffin in North Dublin. One of these sites had permission for over 1,800 units and the overall site probably has capacity for between 2,300 and 2,500 additional units. The LDA achieved a 24% reduction on the asking price for 27.4 of the acres at Clongriffin. The state agency Nama had been asking €50m for that lot but the LDA bought it for €38m (€1.39m per acre) after an Irish developer pulled out of a €45m deal. The Irish Independent, 7th March
Harold’s Cross, Dublin 6 Dublin City Council has refused planning permission for a 181-unit apartment development in Harold’s Cross that has been dubbed a “Silicon Docks”-style scheme. The council refused planning permission to Adroit Company Ltd’s Large-Scale Residential Development scheme, consisting of four apartment blocks rising between four and seven storeys at Harold’s Cross Road, after the scheme encountered strong local opposition. The council also refused planning permission due to flooding concerns and access issues. Planning permission was previously refused for a Strategic Housing Development scheme, and in response to the reasons for refusal, the applicants proposed a reduction in the building heights, bulk and massing of Blocks A, B and C. The Irish Times, 5th March
Tralee, Co Kerry Plans for more than 50 homes in Tralee are now free to proceed after An Bord Pleanála greenlit the plans. A number of third-party appeals had been lodged against an earlier decision by Kerry County Council to approve the scheme, which had been proposed by Homeland Projects for Ballyard Road, Cloghers, Tralee. The appeals claimed the new development would be “incompatible” with the pattern of surrounding development. The density of the new scheme is 10.72 units per acre, in comparison to existing developments, which are 3.28 units per acre. It noted the scale, layout and profile of the new development is in line with national housing guidelines. The Irish Examiner, 7th March
Kilkishen, Co Clare A developer is seeking permission to build 61 new homes in Co Clare. Sanford Properties Ltd was refused permission to build the homes on Tulla Road in Kilkishen in south-east Clare by the local council. However, it has appealed this to An Bord Pleanála. The Irish Examiner, 7th March
Skehard Road, Cork Plans for 90 new homes on Skehard Road are set to be delayed due to an appeal. In January, Lyonshall Ltd was granted permission for the works on a site named Villa Maria and its adjacent lands. The plan includes 26 one-bed units, 48 two-bed homes, and 12 two-storey townhouses, all on a site that was previously refused permission for a mixed-use development which was to include an Aldi supermarket. Cork City Council signed off on the proposal but imposed conditions which would limit the size of the scheme, omitting 18 of the proposed units. The Irish Examiner, 6th March
Blackrock, Cork A plan to build nine new homes has been unveiled in Blackrock. Boxline Developments has applied for planning permission to construct nine new homes in the former rear gardens of Nos. 19 and 20 Donlocha Cottages in the Cork City suburb. It wants to build four one-bed apartments, two two-bed apartments, and three two-bed houses, with all buildings a maximum of two storeys. The Irish Examiner, 6th March
Shandon Street and Farrens Quay, Cork Plans for new city centre apartments in Cork have been lodged with the city council. The planning department is now assessing the proposal from Bellmount Developments, which wants to build nine apartments in the city’s historic core. Located at 60/61 Shandon Street and Farrens Quay, eight units would be studio apartments, with the remaining unit a one-bed apartment. The proposal also includes the change of use for a ground floor unit, which is currently licensed for commercial use but would change to residential use. An existing pub at the lower ground floor level would remain unchanged. The Irish Examiner, 6th March
Passage West, Cork Cork County Council planners have rejected an application by Kindis Property Development, which had sought permission to build 11 homes in two buildings on a site bound by Beach Road and Bay View in Passage West. In rejecting the application, the council noted the “layout, design, scale, massing and material finish” of the proposal failed to “respect the character, pattern and tradition of the surround site”. The Irish Examiner, 6th March
House prices and rental costs are set to continue to rise over the coming years, the Economic and Social Research Institute (ESRI) will tell an Oireachtas committee on Wednesday evening. The body is forecasting that housing demand will continue to exceed supply into the medium-term, as previous predictions of a demand for 35,000 homes annually did not account for increased immigration. On top of this, the ESRI will tell the Budgetary Oversight committee that Ireland was ranked near the bottom of the table in terms of EU investment in housing, only ahead of Greece, Poland and Bosnia & Herzegovina in 2022. The overall Irish economic picture is fraught with potential pitfalls, according to the body, with the small and open nature of our economy noted as being particularly vulnerable to global economic headwinds. The Business Post, 6th March
BNP Paribas Real Estate Construction Purchasing Managers’ Index (PMI) Report Housing output is likely to fall in 2024, with the government’s 33,450 delivery target at risk. According to BNP Paribas’s latest PMI, overall construction activity in Ireland dropped in February. The seasonally adjusted PMI for total activity was 47.4 in February, up from 45.9 in January and below the 50 mark denoting contraction rather than growth from the month before. Although continuing to signal falling construction output, the rate of decline was the slowest posted in five months. Residential activity contracted for the 17th month in succession, in spite of a “strong upward trend” in housing commencements and completions. The number of dwellings under construction in Dublin in February was approx. a fifth (19%) lower than 18 months previously. According to the report, while housing targets for 2024 were likely to be missed, this would be a “hiccup”, and that the gradual upward trend in commencements suggested a return to rising output in 2025 and beyond. The 12-month outlook for construction activity showed a jump in confidence in the sector to its highest point in two years, BNP Paribas’ analysis shows, with 40% of respondents predicting an increase in activity. The Business Post, 11th March
Central Bank of Ireland Report New home completions in Ireland are forecast to rise to 37,000 by 2026, exceeding the Government’s target, as a contraction in commercial real estate facilitates further expansion in residential housing, according to the Central Bank of Ireland. The additional manpower combined with a pickup in housing commencements would see new home completions rise to 35,000 this year, up from just under 33,000 last year, and to 36,500 and 37,000 in 2025 and 2026 respectively. The Government’s Housing for All strategy targets 34,600 completions this year, 36,100 in 2025 and 36,900 in 2026. While good news for the Government, the Central Bank’s forecasts appear to clash with BNP Paribas’s latest data for the construction sector here, which pointed to a slump in residential activity in February. In its report, the Central Bank said the best guide to housing completions was commencements and these were running at an annual rate of over 34,000 units in January this year. The Irish Times, 12th March
Banking and Payments Federation Ireland (BPFI) Report There was continued growth in the supply of housing last year, with 32,695 completions in 2023, which amounted to a 55% increase on pre-pandemic 2019 levels, according to the BPFI Q4 2023 report. It showed apartment completions, which rose by 28% to more than 11,600 units in 2023, accounted for most of the 10% increase in housing supply last year. The number of completed housing units in 2023 was higher than the total housing supply in the five years between 2011 and 2015. The report said it was also likely that the share of apartments would increase further in the coming years as nearly half of all planning permissions approved in the period 2019-2023 were for apartments (101,883 units). Apartments accounted for more than 81% of the 15,385 housing units under construction in Dublin by the end of the third quarter. The report also showed that housing commencements increased by 59% in January compared to the same period last year. This equated to 3,357 housing units started during the month. The Irish Times, 12th March
Apartment Purchase Statistics Homebuyers only purchased 523 of the 9,100 apartments built in Dublin last year, a new analysis has shown. The analysis by the BPFI said the majority of apartments in the city are being acquired by private rental sector investors and state bodies, who acquire homes to provide social and affordable housing. Last year, apartment building dominated housebuilding activity in Dublin, with more than seven in ten new homes apartments. On a nationwide basis, apartments have also become an increasingly larger share of newly-built housing stock each year. Since 2019, the proportion of apartments being built has risen from 16% of all completions in 2019 to more than 35% last year. The Business Post, 12th March
Killeshandra, Co Cavan A Cavan GAA club has received the go ahead to carry out a major expansion of its home grounds. Killeshandra GFC tabled plans in January to demolish the club’s existing single storey clubhouse and dressing room and replace it with a two-storey facility at its headquarters at Portaliffe, Killeshandra. Cavan County Council planning bosses approved the plans subject to nine conditions. That development, subject to planning, is expected to cost approx. €1m to complete. The Irish Independent, 8th March
Dún Laoghaire, South Co Dublin Dún Laoghaire’s Living Streets plan to create more pedestrian and cycle-friendly spaces in Dún Laoghaire town centre are due to be decided on by councillors. The Dún Laoghaire Living Streets programme proposes “modal filters” at Tivoli Road, Cross Avenue and Clarinda Park West to deter vehicular traffic. In addition, parts of George’s Street Lower, Sussex Street and Convent Road would be pedestrianised. The council says the plan would create a safer walking environment through reduced traffic, footpaths would be widened and there would be more facilities for cyclists and additional tree planting and seating areas. The Irish Times, 10th March
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Temple Bar, Dublin 2 Tifco is preparing to sell the Hard Rock hotel in Dublin after the hotel group put plans on ice to sell its entire €400m portfolio. The Hard Rock, which opened in 2020, is located in Temple Bar at the corner of Parliament Street. It has 120 bedrooms, the Zampas restaurant and a Rock Shop attached. The property was developed with a €35m loan from AIB. Tifco owns or operates 25 hotels around Ireland including 11 Travelodges and the Crown Plaza at Dublin airport, the Holiday Inn Express at Dublin airport, Hotel Killarney and the Clontarf Castle hotel. It is thought to be Ireland’s second-largest hotel chain. The Sunday Times, 3rd March
Howth, Co Dublin Conor McGregor-owned Waterside Bar in Howth has sought permission to build a hotel on top of the pub, according to a site notice. According to the notice, the Waterside, which is a four-storey building on one side and two-storey on the other side, would be demolished. In its place there would be a part five-storey and part-four storey terraced building extending its space from 14,262 sq. ft to 23,691 sq. ft. A pub would remain on the ground floor with a restaurant on the first floor. On the second, third and fourth floors there would be boutique hotel bedrooms and a residents terrace area with access from the street behind Church street. Permission was sought by G Boppers Limited. The Business Post, 4th March
North Dock, Dublin 1 An office block in Dublin let entirely to WeWork that was purchased for close to €105m has lapsed into receivership. Deloitte has been mandated as receivers to 2 Dublin Landings, a 100,000 sq. ft office block fully let to WeWork. The site’s South Korean owner, JR AMC, defaulted on a loan of approx. €60m advanced by German bank Helaba. Helaba has also appointed receivers on the Beckett Building in Dublin, which is leased to Meta. The owner of the building, KB Securities, had attempted to sell the property for €75m earlier in the year. The owners of 2 Dublin Landings had previously considered selling the asset in 2022. At the time, it carried a €120m asking price. The building was bought by KanAm Grund, on behalf of Hana Financial Investment and JR AMC for close to €105m in 2018. Attempts were made to refinance 2 Dublin Landings, which has been let to WeWork since 2018, in the third quarter of 2023. It is understood that the refinancing was progressing well until WeWork filed for insolvency, sources said. React News, 28th February
St Stephen’s Green, Dublin 2 Cushman & Wakefield is guiding a rent of €62.50 per sq. ft and €4.5k per car parking space pa for the third-floor offices at No. 75 St Stephen’s Green in Dublin’s City Centre. Extensively refurbished in 2018, the accommodation is third-generation plug-and-play and is being made available to let by way of assignment from July 2024 to April 2032. The offices have become available following the decision of their existing tenant, US-headquartered investor KKR, to expand and relocate its operations to the newly developed Cadenza Building on nearby Earlsfort Terrace. The offices at No. 75 St Stephen’s Green, meanwhile, are fully fitted, extend across a total area of 15,749 sq. ft and are comprised for the most part of open-plan accommodation capable of seating up to 141 people. The Irish Times, 28th February
North Wall Quay, Dublin 1 Ronan Group Real Estate (RGRE) has proposed the creation of a public viewing gallery to be known as the “Liffey Experience” as part of its proposed redevelopment of global banking giant Citi’s current European headquarters at 1 North Wall Quay in Dublin’s docklands. RGRE has sought permission to demolish the bank’s existing six-storey office building and to replace it with a new net-zero structure. Should it get the go-ahead the proposed development would comprise 508,325 sq. ft of office, cultural and public space distributed across several blocks ranging in height from nine to 17 storeys along 125m of river frontage. The Irish Times, 28th February
Fitzwilliam Square, Dublin 2 Savills, on the instructions of receivers PwC, is seeking a buyer for 65 Fitzwilliam Square, a Georgian office building located in Dublin’s traditional central business district. The property is being offered for sale with the benefit of vacant possession at a guide price of €2.85m. No. 65 Fitzwilliam Square briefly comprises a four-storey over-basement building extending to 7,100 sq. ft. The Irish Times, 28th February
Parnell Square, Dublin 1 Finnegan Menton is handling the sale of No. 43 Parnell Square in Dublin 1 with a price tag of €1.6m. The property, once the Leinster Football Association headquarters, is in office use and is being offered for sale with vacant possession. It is located on the west side of Parnell Square, directly opposite the Garden of Remembrance and the Rotunda Hospital. No. 43 is a four-storey over-basement Georgian property which extends to a net internal floor area of approx. 4,114 sq. ft. The Business Post, 2nd March
The Bishop’s Quay, Limerick Verizon has secured a 15 year lease for the 84,335 sq. ft 1BQ office building in Limerick. 1BQ is an €80m development built on the site of the old ESB building in the heart of Limerick City. The development also includes ground-floor commercial units (which are still available to let), approx. 34 luxury apartment suites and 124 parking spaces. 1BQ was built by Kirkland Investments, which is led by Rudi Butler. The Business Post, 2nd March
Hammerson’s Irish Portfolio UK property group Hammerson, which has a half stake in Dundrum Town Centre in Dublin, wrote down the value of its Irish properties by a further 5.5% last year against the backdrop of rising interest rates. The value of the Irish portfolio, which also includes 50% stakes in the Ilac Centre in the city and Pavilions shopping complex in Swords, North Co Dublin, declined by £37.5m to £630m, Hammerson said on Thursday as it reported results for 2023. The group had booked a total of £239m of revaluation losses against the Irish flagship portfolio over the previous three years, driven mainly by the effects of the Covid-19 pandemic on shopping habits globally. Hammerson also reduced the value of assets in its so-called developments and other portfolio across the UK and the Republic by 10.5% to £280m. This portfolio includes a 50% interest in residential schemes in Dundrum, a mixed-use scheme planned for its landmark O’Connell Street site, and land in Swords. The Irish Times, 29th February
Tallaght, Dublin 24 The sale by Oaktree of The Square is understood to have been held up following an objection from one of the US private equity giant’s lenders to the further substantial discount now set to be applied to the scheme’s already heavily discounted guide price. Having paid €250m to acquire the Tallaght shopping centre from Nama in 2019, Oaktree put it on the market last June for €170m. The Irish Times understands that bids for the scheme have come in between €120m and €125m, or just half of the US investor’s original outlay. Eagle Street Partners is understood to be vying with Hines to secure ownership of The Square, with Ardstone Capital also still in the running out of the five parties who tabled bids originally. While Oaktree and the main lender on the scheme, AIB, are said by sources to be prepared to dispose of The Square at around the levels being proposed by the three remaining bidders, London-headquartered M&G Investments is understood to have voiced its objections as a sale of the centre at such a heavy discount would see the mezzanine or junior debt it provided for The Square’s purchase being wiped out. The Irish Times, 28th February
Grafton Street, Dublin 2 New Balance is planning to open a new shop on Grafton Street according to a planning application. The application, which was filed with Dublin City Council on February 23, said New Balance Athletic shoes is seeking to open the shop at 104 Grafton Street. The unit was previously occupied by Cath Kidston but is now vacant. The Business Post, 3rd March
Eyre Square, Galway Citypoint is being sold by joint agents TWM and Savills at a guide price of €21.5m (NIY 7.91%). The property was originally developed in 2007 and extends to 80,000 sq. ft across six floors over a three-level basement car park. Citypoint comes for sale fully occupied with a WAULT of 6.6 years to the nearest break option and approx. 8.7 years to lease expiry. TK Maxx occupies 40,000 sq. ft of retail space, while the office accommodation of 21,000 sq. ft is home to the European headquarters of US tech company Mathworks, which has been in occupation since late 2016 and expanded into the remainder of the office space in 2022. The investment also includes a gym operator trading as Snap Fitness at part ground floor and basement levels, while the upper floors from the third to fifth floor level is operated by the Western Hotel as an aparthotel, with a total of 17 self-catering units. Citypoint is generating total passing rent of approx. €1.87m annually. 61% of this income is secured by upwards-only or index-linked leases. The investment’s €21.5m guide price reflects an underlying capital value of €265 per sq. ft. The Irish Times, 28th February
Swords, North Co Dublin Swords Collection, a mixed-use portfolio, which is fully let and occupied by tenants that include McDonald’s and aviation-leasing specialist ASL Airlines Ltd, is being offered for sale by Cushman & Wakefield at a guide price of €6.8m. The WAULT is 11.1 years while the WAULT to the break option is 7.6 years. McDonald’s occupies the northern portion of the block, which faces Swords Main Street. McDonald’s comprises the ground, first and second floor, extending to 4,134 sq. ft. The passing rent is €160k pa expiring in 2033 with no breaks. Aviation House faces the Malahide Road and comprises a modern four-storey office, extending to 23,156 sq. ft. ASL occupies the property on a 25-year lease expiring in 2035, at an economical rent of €17.63 per sq. ft, which equates to a total passing rent of €408.25k. ASL has recently agreed to remove its break option in 2025 and postpone it to 2030. The €6.8m guide price represents a NIY of 7.6% based on the total current income of €568.25k pa. The Irish Times, 28th February
Ronan Group Real Estate (RGRE) The receivership sale of a distressed €150m collection of assets owned by Irish developer Johnny Ronan is moving closer after agents were instructed to manage the disposal. Cushman & Wakefield and JLL have been mandated by Grant Thornton – the appointed receivers to the portfolio of 10 properties – to sell off the assets individually or as a collection. The appointment of Grant Thornton came in November last year after RGRE entered a “consensual restructuring process” with the portfolio’s lenders: Bank of Ireland and AIB. The two Irish banks are understood to be owed €130m. The retail and office portfolio includes Connaught House on Burlington Road, AIB Investment House on Percy Place in Dublin 4, Kingram House in Dublin 2, Kilmore House in Spencer Dock and Bewley’s Cafe on Grafton Street. React News, 1st March
Primary Health Properties, a London-based investor in primary healthcare facilities, is in advanced stages of discussions to deploy €50m to build two properties in Ireland. Harry Hyman, chief executive, said the firm hopes to complete the projects in 2024. However, he warned negotiations hinge on the HSE re-tendering the projects with increased rents to take into account inflation. The Business Post, 28th February
Student Accommodation Lease Tenure Proposals to change planning laws to ensure the mandatory lease period for student accommodation is confined to the academic year are set to be brought to Cabinet within weeks. The Government has been considering possible actions that could be taken in the wake of recent instances of student housing operators offering students only 51-week tenancies for the 2024-2025 academic year. Minister for Higher Education Simon Harris has now said the Government intends to amend planning laws to ensure leases for the academic year of approx. 40 weeks are available to students. The Irish Times, 29th February
Harold’s Cross, Dublin 6 Cushman & Wakefield has completed the sale of a prime residential development site located at 146-156 Harold’s Cross Road to Greg Kavanagh for €2.1m. After a competitive bidding process with multiple parties interested in the property, the sale closed for a premium on its original €2m asking price. Fronting onto Harold’s Cross Park, the dual frontage site positioned north of the Mount Argus and Harold’s Cross Road intersection. It currently comprises a terraced block of mixed-use derelict properties and extends to approx. 0.2 acres. A scheme was granted planning in 2022 for a development comprising 20 residential units including 13 one-bedroom apartments, three two-bedroom apartments and four two-bedroom duplexes. The scheme also provides for 70 bicycle spaces and a communal garden at ground floor level. The Business Post, 29th February
Banking and Payments Federation Ireland (BPFI) Report Mortgage approvals were down 11.8% in January 2024 compared to a year previously, new figures from the BPFI have shown. A total of 3,262 mortgages were approved in the first month of the year, representing a 16.8% increase compared to one month previous, but a fall from January 2023. The number of mover purchase mortgages approved fell to its lowest January-level since 2016, as the supply of second-hand homes declined. 61% of mortgages approved in January were for first-time buyers – an annual increase of 4.7% – while mover purchasers accounted for just over a fifth. The total value of approved mortgages for the month was €919m. First-time buyers accounted for €577m of this figure – a 10.2% increase on January 2023 – with €227m reported for mover purchases. The number of remortgages or switches negotiated fell by 49.6% between January 2023 and 2024, and by 56% in terms of value for the same period. The Business Post, 1st March
Cairn Homes Revenue at listed builder Cairn Homes hit €666.8m, up 8%, last year as the firm highlighted “significant momentum” resulting in 1,741 sales. Construction on more than 2,100 new homes started in the year, a 21% rise on 2022. The Michael Stanley-led company’s annual results showed an operating profit of €113.4m, a 10% rise. Cairn said that the average sale price for its homes was €383k before Vat. The results said that Cairn remains committed to returning surplus cash to shareholders and that it has returned over €315m since 2019, representing 30% of its current market capitalisation. The Business Post, 29th February
Glenveagh, the listed homebuilding company, recorded a double-digit fall in pre-tax profits last year due to a fall in revenues and a surge in finance costs on the back of higher interest rates. Announcing full year results for 2023 on Wednesday, Glenveagh reported pre-tax profits of just over €55m, which was down 13% on the previous year. Glenveagh’s urban division, which comprises apartments built for institutional investors in Dublin and Cork, contracted sharply last year, with revenues falling approx. 40% to €120m. However, the group’s sub-urban business unit, which delivers homes in the Greater Dublin Area, recorded a 4% increase in revenues during 2023 to €471m. Glenveagh’s newest division is its partnerships unit, which comprises housing developments delivered on behalf of state agencies such as the Land Development Agency (LDA). From a standing start in 2023, the group’s newest division generated revenues of €17m and the company is forecasting revenues will exceed €100m this year. Overall, operating profits at Glenveagh increased marginally last year to just under €71m, while operating profit margins expanded to approx. 12%. Earnings per share increased 5% to 8 cent. The Business Post, 28th February
Drogheda, Co Meath REA O’Brien Collins is bringing strategically located lands on the southside of Drogheda for sale in an online auction on Thursday, March 14. The lands with extensive frontage to the Colpe Road – which connect the Dublin Road at Southgate Shopping Centre and Donacarney/Bettystown, comprise approx. 35.71 acres. The strategically located lands are laid out in two large field divisions and have an advised minimum value of €1.6m. The auction will take place on BidNow.ie from 11am to 12pm. The Business Post, 1st March
Bluebell, Dublin 12 A landmark property for the Irish farming community, Ifac House on the Old Naas Road in Bluebell, Dublin 12, sold for €3.283m or more than double its €1.5m guide price at a BidX1’s Leap Day auction on Thursday. That guide price itself was half what had been quoted two years ago for a private treaty sale when it did not sell. At that time the property appeared to be more valuable as an investment as approx. half the property was let to two tenants and generated €106k in rental income. The remainder of the four-storey building was owner-occupied. Extending to a total of 17,437 sq. ft, Ifac House has a ground floor extending to 4,456 sq. ft while each of the other three floors stretch to 4,327 sq. ft. The detached building comes with 37 surface car parking spaces. The Business Post, 1st March
An Bord Pleanála An already delayed report on the external investigation into An Bord Pleanála by a senior barrister has missed another deadline and is not expected until the beginning of April, according to the planning authority. The notice, which was published on the An Bord Pleanála website on March 1, said the final interview with “the last substantive witness” had been completed and Lorna Lynch SC expects to “furnish her report to the chairperson at the beginning of April”. The report – which was commissioned at the beginning of 2023 and aims to investigate a series of matters at An Bord Pleanála – has faced continuous delays. The Business Post, 4th March
Dún Laoghaire, South Co Dublin Starz Real Estate has provided a €26m senior loan to Bartra to refinance a co-living property with 204 guest studios in Dublin. Opened in the second quarter of 2023, Niche Living Dún Laoghaire features communal kitchens, living rooms and dining space on seven floors. There is also a lounge on the ground floor, co-working spaces with private meeting rooms, a games room, private cinema and a gym. Starz’s loan refinanced the construction facility and will support the scheme’s first years of operation. React News, 1st March
Foxrock, Dublin 18 A valuable Foxrock development site with planning permission for a mix of 57 houses and apartments has been sold by Richmond Homes, the residential development division of investment firm Avestus Capital Partners, which had been seeking €11.5m through Lisney Commercial Real Estate. Located on 3.13-acres surrounding Craughwell, a large five-bedroom detached house, it is accessed by way of a private road linking it to Brighton Road, one of the main roads traversing Foxrock and its village centre which is located less than 500m away. The Foxrock site came with planning permission for 21 three-and four-bedroom semi-detached houses along with 36 apartments consisting of a mix of one-, two- and three-bedroom units. The Irish Independent, 29th February
Dunmore Road, Waterford and Clare A development of 89 homes in Waterford is now free to proceed after the conclusion of an appeals process. Suirbay Ltd had been granted permission for the works at Dunmore Road, approx. 5km south-east of Waterford city, by Waterford City & County Council, but a third-party appeal saw the matter referred to An Bord Pleanála. The proposal from Suirbay included 74 two-storey houses and 16 mews dwellings, as well as a creche. The initial planning permitted the development of 89 of the proposed 90 homes. A third-party appeal raised concerns about site access, water supplies, and further site services. However, An Bord Pleanála has upheld the decision of the local authority and approved the development of 89 homes on the site. The Irish Examiner, 28th February
Ennis, Clare A proposal to build 13 homes in Ennis has been refused by An Bord Pleanála. Clare County Council had granted permission to Padraig Howard for the plans, to be located at Knockanean in Ennis. The application related to the construction of 13 detached houses in a low-density scheme on lands where development was already underway in relation to services and infrastructure. However, an appeal raised concern that the site in question is a floodplain. The Irish Examiner, 28th February
Cork Construction of more than 1,000 homes on the former Live at the Marquee site in Cork is due to begin in the second half of this year, property developer Glenveagh has said. Planners were given the go-ahead for the site back in 2021 but minor works on the site only began in October last year. The development is located at the former Ford Distribution site on an approx. 12.3-acre parcel of land, bordered by Centre Park Road, the Marquee link road and Monahan Road. The development involves the construction of 12 apartment blocks, some will be 14 storeys high, and are targeted at the build-to-rent sector. Glenveagh purchased the land for the development in 2018 for a reported €15m. The Irish Examiner, 28th February
Tralee, Co Kerry Plans for more than 230 new homes in Tralee, Co Kerry have been put on hold. Ned O’Shea & Sons (Rock) Ltd had been granted permission by Kerry County Council to construct a residential development at Lisloose, Tralee. The development would be located on a site of approx. 22.7 acres and consist of a residential element of approx. 235 homes, a creche, a retail unit, car parking, shared open spaces, landscaping and associated site works. The proposal would see 129 two-storey homes and 92 apartments delivered in three phases of work. However, a series of appeals now means the development will be reviewed by An Bord Pleanála. A decision is expected to be communicated by mid-April. The Irish Examiner, 28th February
Cloyne and Kinsale, Co Cork A development of 96 new homes in Cloyne has been held up by an appeal. Cork County Council planners had greenlit proposals by Palmira Ltd to develop the new homes at Commons West, but a third-party appeal means the matter will be reviewed by An Bord Pleanála, with a decision due in mid-June. Elsewhere, a proposed housing development in Kinsale, which involves the demolition of a former school, will now be subject to an appeal. Rafden Limited was granted permission by Cork County Council for the demolition and removal of the former St Joseph’s National School, located at Blind Gate Street and Rampart Lane in Kinsale. In its place, 18 residential units, consisting of two five-bed houses, ten four-bed houses, three three-bed duplex units, and three two-bed simplex units. A third-party appeal has resulted in the matter being referred to An Bord Pleanála, with a decision due by mid-June. The Irish Examiner, 28th February
Donabate and Balbriggan, North Dublin Fingal County Council granted planning permission to Aledo Donabate Ltd to construct 1,020 homes at Corballis East, Donabate. However, in a separate decision, it refused permission to Dean Swift Property Holdings UC to construct 564 dwellings at lands off Flemington Lane, Balbriggan. The Donabate scheme is located just behind Smyths House pub and includes a 32-acre nature park. It consists of 529 houses, 356 duplex/triplex units, 84 apartments, and 51 sheltered units. In addition, the proposed development will provide two childcare facilities with capacity for 237 children; three retail units; two café units and a medical centre. The site has permission for a Strategic Housing Development (SHD) for 1,323 dwellings and LRD planning documentation states that the SHD decision is currently the subject of a judicial review. As part of the proposal, Aledo Donabate intends to sell 102 dwellings for an indicative €39.88m to Fingal council for social and affordable housing under Part V requirements. The Dean Swift Property Holdings UC proposal was made up of 378 houses, 84 duplex units and 102 apartments across 10 apartment blocks. The scheme faced “a significant number” of third-party objections and the council has now refused planning permission for the scheme on three grounds. The Irish Times, 4th March
North Docklands, Dublin 1 The Teachers Insurance and Annuity Association of America, Australian superannuation fund HESTA and asset manager Eagle Street Partners have started above-groundwork on their build-to-rent development at Castleforbes Business Park in Dublin’s North Docklands, with the joint venture advised by Nuveen Real Estate. The first phase of the development is due for practical completion in the third quarter of 2025, the companies said, and will consist of 508 studios and one-bed apartments, 179 two-bed apartments and 15 three-bed apartments. The approx. 495,000 sq. ft development is set to include new homes for rent across eight blocks, an 18-storey residential tower, plus an adjacent hospitality offer. Eagle Street is acting as developer and operator of the 702 rental apartments under its Resident Space operating platform, while the residential block will be built by John Paul Construction and financed by Apollo Global Management. Bisnow, 4th March
Youghal, Co Cork James Dyson is behind the recent off-market purchase of Ballynatray House, the Business Post has learned. The mansion sits on 850 acres along the banks of the Blackwater River on the Cork-West Waterford border and was bought for approx. €35m. The sale would make it the second highest private house sale in Ireland after Sean Dunne’s €59m purchase of Walford on Shrewsbury Road in Dublin 4 in 2005. The Business Post, 28th February
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IFSC, Dublin No. 1 North Wall Quay is being offered to the market by Knight Frank at a guide price of €120m. It currently comprises a six-storey, over-basement office building of c. 230,000 sq. ft. with 139 car-parking spaces. The subject property occupies a two-acre site with 125 metres of river frontage in the city’s north docklands. The site is zoned Objective Z5 under both the current Dublin City Development Plan 2016-2022 and the Draft Dublin City Development Plan 2022-2028. With the proposed changes to car-parking provision in the upcoming Draft Dublin City Council Development Plan 2022-2028, the presence of 139 existing basement car spaces will be seen by the purchaser as a significant asset to the site. Citi intends to remain in occupation of No. 1 North Wall Quay for a period of time post-sale while it completes the purchase and fit-out of its new HQ, and this search has already commenced. The Irish Times, 23rd March
Albert Quay, Cork Progressive Commercial Construction Limited has received planning approval for the demolition of an existing two-storey Carey Tool Hire building and the construction of a €59m office development on Albert Quay in Cork city. The 16-storey development extends to 248,151 sq. ft. and comprises offices, meeting space at level 15, external terraces on four floors of the building and two levels of basement car, bicycle and motorbike parking. There are plans for a ground floor cafe/deli with outdoor seating, the refurbishment and reuse of two protected structures which will be refurbished for office use and as a public bar/restaurant use with outdoor seating. The Business Post, 27th March
Parliament Street, Cork Joint agents Cohalan Downing and Colliers last week confirmed the off-market sale of 32 South Mall in Cork city, for an undisclosed sum. The building had been on the market guiding €13.5m and houses Bank of Ireland’s Munster head office until 2032. Spanning c. 226,909 sq. ft., No. 32 occupies a prime corner position with frontage onto the South Mall and Parliament Street. The entire property is let to the Governor & Company of the Bank of Ireland on a FRI lease that commenced on February 6, 2007 and will expire on February 5, 2032. The current passing rent is €864.88k pa and benefits from five-yearly upward-only rent review provisions. The Business Post, 27th March
Office Portfolio, Dublin Blackstone is closing in on a deal to secure Facebook’s Fibonacci Square and Salesforce’s new Docklands tower from Fortress Investment Group and developer Johnny Ronan in Dublin for c. €1bn, in one of the largest deals in Europe this year. The purchase price equates to a NIY of c. 4%, although the deal has not yet concluded. Fibonacci Square is situated at Merrion Road on part of the former AIB Bank centre in Ballsbridge. In 2018, Facebook signed a 25-year pre-let on the entire 350,000 sq. ft. office block being developed by RGRE as part of its new campus. The asset is valued at c. €450m.
Should the deal with Fortress conclude, Blackstone will own c. 700,000 sq. ft. of Facebook’s 900,000 sq. ft. European campus.
Salesforce’s new tower is located at the North Wall Quay in Dublin 1. RGRE and Colony secured the US giant on a 420,000 sq. ft. pre-let in 2019. The Spencer Place asset is valued at c. €550m-€600m. React News, 28th March
Temple Bar, Dublin 2 The Paramount Hotel is being offered at a new guide price of €20m, or €5m less than the €25m agent CBRE had been seeking when it first put the property up for sale in November 2019. Located in the capital’s Temple Bar district, the Paramount Hotel currently comprises 66 bedrooms, with full planning permission in place to increase this number to 122 bedrooms. The hotel and its bar, the Turk’s Head, occupy a pivotal location on Parliament Street. The Paramount Hotel currently operates from 10 interconnecting prominent buildings with frontage to Parliament Street, together with frontages to Essex Gate and Upper Exchange Street. The Irish Times ,23rd March
Castletownbere, West Cork Situated at the heart of Castletownbere in west Cork, the boutique four-star Beara Hotel is being marketed by Colliers at a guide price of €1.5m. The Beara Hotel briefly includes 16 bedroom suites, six of which have balconies overlooking the harbour, a function room with capacity for 300 attendees, a bar with casual-dining facilities, a library/conference room, fully-fitted commercial kitchens, and a spacious reception area. The hotel underwent a full upgrade in 2016. The works carried out at the time included the refitting of all bathrooms, upgrading of the bars, restaurant and ballroom, and the full equipping of its kitchen facilities. The Irish Times, 23rd March
Smithfield, Dublin 7 TPG, a private equity company, has agreed to buy the Hendrick Smithfield hotel in Dublin for more than €35m. It is the first acquisition of an Irish hotel by TPG. The purchase comes two months after the Hendrick was put on the market by the Dublin Loft Company, a business run by Mark, Andrew and Kelly Cosgrave of the Cosgrave family of builders. The 147-bedroom hotel was built in 2018 and has been operated under a management agreement with Tifco Hotel Group since 2019. The Sunday Times, 27th March
St James Street, Dublin 8 An Bord Pleanála has given the green light to a seven-storey, 148-bedroom budget hotel for St James Street in Dublin. The decision by the appeals board to grant planning permission to James St. Hotel Ltd overturns a decision by Dublin City Council that refused planning permission for the scheme in November 2020. Planning documentation lodged with the application said that the firm’s business model was focused on providing “high quality compact rooms” and an absence of a food and beverage operation “given the abundance of city centre alternatives”. The site already had planning permission for an aparthotel. The Irish Times, 25th March
Airways Industrial Estate, Dublin Three logistics units at Dublin’s Airways Industrial Estate are being offered to the market by JLL at a guide price of €11m. The units are fully let with 62% of the rental income coming from State agencies, namely the Department of Justice and Equality and the Office of Public Works. The third unit is let to FedEx. The sale offers annual rental income of €671.27k from April 2022 along with the added benefit of upwards-only rent reviews that promise a reversionary yield of c. 8.1%. Taken together, the three units extend to 127,000 sq. ft. and a WAULT of c. 2.6 years. The current zoning objective under the Fingal Development Plan 2017-2023 is GE (general employment), which aims to provide opportunities for general enterprise and employment in the area. The Irish Times, 23rd March
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Ballycoolin, Dublin 15 Harvey is guiding €11m for Unit 200 at Northwest Business Park in Ballycoolin, Dublin 15. The subject property briefly comprises two separate warehouse and office buildings, extending to a total area of 70,267 sq. ft. on a self-contained and gated site of 5.34 acres, representing a very low site density of just 30%. Building 1 extends to 58,329 sq. ft. and Building 2 accounts for the remainder of the overall floor area. The sale of the property offers short-term secured income of €600k pa (exclusive) until the end of October 2022 from GLS (not affected). The company has an option to extend its tenancy from November 2022 to the end of January 2023. Should it choose to exercise this option, it must do so prior to May 1st, 2022. In that event, the rent payable steps to €750k pa (exclusive) for the extended period. There are no rights in favour of the tenant to occupy the property after January 2023. The Irish Times, 23rd March
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Blanchardstown, West Dublin Iput Real Estate is closing in on the purchase for more than €50m of a major landholding near Blanchardstown in Dublin. The company’s acquisition of the 118.40 acre Killamonan Business Park will bring its overall holding in the area surrounding the Cherryhound Interchange on the M2 to 182.44 acres. The developer has agreed to pay €15m (43%) above the €35m joint agents Cushman & Wakefield and Savills had been guiding. The holding is currently undeveloped and is mainly in agricultural use. There is an existing dwelling on part of the lands known as Killamonan House and Gardens, which extends to c. 1.5 acres and also formed part of the sale. The Killamonan site is zoned entirely for general employment use under the Fingal County Development Plan 2017-2023. The lands also have the benefit of the Cherryhound Local Area Plan (2017-2022) which provides a framework to facilitate their development. The Irish Times, 24th March
Tolka Industrial Estate, Dublin 11 Dublin City Council has refused planning permission to Bartra to construct 71 apartments and office accommodation at Tolka Industrial Estate, Dublin 11. Earlier this year Bartra Property (Broombridge) Ltd lodged plans with the council for a mixed-use development comprising 79,147 sq. ft. of office accommodation and 71 apartments made up of 24 one-bed units, 40 two-bed and seven three-bed units for the site on Ballyboggan Rd. The scheme is across two blocks with one six-storey block over basement reserved for office accommodation with the residential component occupying a nine-storey block. The application by Bartra was the second attempt by the firm in the past year to develop the site. Last June, Bartra lodged fast-track plans for 142 apartments under the SHD system for the site with An Bord Pleanála. The appeals board refused planning permission in October. Bartra has the option of appealing the most recent decision to An Bord Pleanála. The Irish Times, 28th March
Douglas, Cork Lidl’s €550m Irish expansion plans have received a boost after securing the green light for contentious plans for a new outlet at Douglas outside Cork City. In granting planning permission to Lidl Ireland GmbH for a new store for a site on the Douglas Relief Road roundabout, An Bord Pleanála has overturned a decision by Cork City Council to refuse planning permission for the outlet last August. Tesco Ireland raised concerns over Lidl’s plan when it was before Cork City Council. The four-storey scheme also includes apartments on the top two levels. The Irish Examiner, 22nd March
Tallaght, Dublin 24 Works are expected to commence shortly on the construction of the €10m Tallaght Innovation Centre, which will span 32,290 sq. ft. in a new four-storey building on South Dublin County Council lands adjoining Belgard Square North in Dublin 24. The scheme will accommodate a town hall, reception and café at street level; three levels of flexible office accommodation, bicycle parking, and 11 new car parking spaces. The Business Post, 27th March
East Road, Dublin 1 Development 8, a Dublin-based real estate management and development company, has been given the go ahead for a 106-bedroom hotel in Alexandra Place on East Road in Dublin 1. Permission has also been granted for the refurbishment and extension of the adjoining apartment block, also on East Road with the addition of 58 apartments. The final development will comprise a mix of 131 studio, one, two and three-bedroom apartments. The boutique hotel incorporates a ground floor bar, restaurant and conference suite including external terraced restaurant area. The building spans four stories to its rear and eight to the front. Work is expected to begin on site mid 2023 with an anticipated completion date of the end 2024. The Business Post, 27th March
Donnybrook, Dublin 4 Cairn Homes has revealed details of its fresh proposal to develop the 8.65-acre site at Montrose with 690 apartments (416 BTR, 274 for sale) across 10 blocks up to 16 storeys in height. They also provide for a 202-bedroom hotel and restaurant, creche, artisan food shop and restaurant/café. The development firm bought the large site located off the Stillorgan Road from RTÉ for €107.5m in 2017. An order granting planning permission for the original plans by Cairn Homes to build 614 residential units on the site was quashed by the High Court in March 2021 and An Bord Pleanála consented to the High Court order. Cairn Homes has also sought permission for a change of use of Mount Errol House – a protected structure – from commercial offices and studios to a restaurant and coffee shop. Underground car parks will provide spaces for 453 vehicles with 33 surface car park spaces as well as parking facilities for 1,160 bicycles. Cairn Homes has applied for planning permission for its latest plans under the new system for large scale residential developments. It requires Dublin City Council to issue a ruling on the company’s planning application within eight weeks following which an appeal can be made to An Bord Pleanála which must issue its decision within a 16-week deadline. The Irish Independent, 28th March
Fairview, Dublin 3 Dublin City Council has refused planning permission for a 120-bed student accommodation development for Convent Avenue in Dublin 3. Earlier this year, Kilcarne Estates Ltd lodged plans for the two six-storey apartment blocks to house the accommodation. The scheme consists of 18 student apartments; eight six-bed units, eight seven-bed units and two eight-bed units. The site is currently occupied by a vacant warehouse. The developers have the option of appealing the decision to An Bord Pleanála. The Irish Times, 28th March
Rathmines, Dublin 6 A site with full approval for 26 apartments in Rathmines is being offered to the market by Knight Frank at a guide price of €3m (€115k per unit). The site itself extends to 0.32 acres and is occupied currently by two vacant dwellings. No. 189 has been extended to the rear and divided into five self-contained flats while No. 190 consists of a single residential unit. There is full planning permission in place for the demolition of all existing buildings and the construction of a new three to five-storey apartment building comprising 26 apartments (two studios, 13 one-bed and 11 two-bed units) with communal roof garden amenity space at third-floor level. The subject site falls under the Dublin city development plan 2016-2022 and is zoned Objective Z1: Sustainable Residential Neighbours “To protect, provide and improve residential amenities.” The Irish Times, 23rd March
Kilbarry, Cork Cork County Board is planning to lodge fast-track plans to An Bord Pleanála for 309 residential units on GAA lands in Kilbarry. The Cork County Board completed a nine-week long pre-planning consultation with the appeals board that also involved input from Cork City Council planners. The county board is proposing the construction of 197 houses, 112 apartments, a creche and associated works on land on Old Whitechurch Road in the city. It is now open to the Cork County Board to take into account the views expressed by An Bord Pleanála before lodging an SHD application to the board. The Irish Times, 23rd March
SHD Applications, Cork and Dublin An Bord Pleanála has told Hibernia Star Ltd that its plans for 498 apartments for Jacob’s Island, Ballinure, Mahon, Co Cork require further consideration or amendment.
In a Dublin SHD case, the appeals board has told The Arden Team DAC that their planned 620 residential unit scheme for “The Foothills” in the townlands of Killinarden and Kiltalown, Tallaght, Dublin 24 also requires further consideration or amendment. The Irish Times, 23rd March
SHD Applications, Dublin Steeplefield is to lodge fast-track plans in the coming days for a 633-unit BTR apartment scheme for Walkinstown for four blocks ranging in height from five to 12 storeys on the site of the former Chadwicks Builders Merchants south of Greenhills Road in Dublin 12. The scheme is made up of 292 one-bed, 280 two-bed and 61 three-bed apartments and is to include 10 commercial units and a childcare facility.
In another SHD scheme, Kelland Homes and Durkan Estates Ireland are to lodge plans for 655 residential units at Boherboy, Saggart made up of 257 houses, 152 duplex units and 246 one-, two- and three-bed apartments across nine blocks ranging in height from two to five storeys in height.
Finally, Lioncor Developments firm, Terenure Land Ltd has lodged fast-track plans for 208 units for a site located to the north and east of Ben Dunne’s Carlisle gym at Kimmage Road West in Dublin 12. The scheme is made up of 104 one-bed and 104 two-bed apartments across five blocks up to six storeys in height. The Irish Times, 24th March
Dunshaughlin, Co Meath Works are under way on a €7.5m residential scheme in Co Meath. Entitled Lagore Lawn, the development comprises the construction of 42 residential units in a mix of 16 one-bedroom apartments and 26 two, three and four-bedroom housing units and all associated ancillary site works on Lagore Road in Dunshaughlin. The Business Post, 27th March
Enniscorthy, Co Wexford An application for the €14m Enniscorthy flood defence scheme along the river Slaney has been reportedly rejected by Michael McGrath, the Minister for Public Expenditure, based on the design’s environmental impact. The funding for the scheme remains in place and a proposal with the recommended modifications to meet the environmental criteria can be resubmitted to An Bord Pleanála by the OPW and Wexford County Council. The Business Post, 27th March
Shankill, Co Dublin Developer Joe O’Reilly’s Aeval Unlimited is set to begin works on site building the first 133 houses at Woodbrook in Shankill, Co Dublin, where 685 new homes are planned for the €150m residential scheme on completion. Woodbrook will comprise 207 houses, 430 apartments and 48 duplexes, a crèche, two linear parks which connect the development to Shanganagh Public Park, car parking and bicycle parking. The Business Post, 27th March
Dundrum, Dublin 14 Eircom has lodged a SHD Application with An Bord Pleanála to build 111 apartment units at Sommerville House on Dundrum Road in Dublin 14. The development consists of 54 one-bedroom and 57 two-bedroom units, on a total floor area of 110,760 sq. ft. The Business Post, 27th March
Killarney, Co Kerry Sheahan & Collins Construction Limited has been appointed as the main contractor for a €6.3m residential development on Monsignor O’Flaherty Road in Killarney. Works will begin next month on developer IPH Killarney Holdings’s scheme, which comprises 22 two-bedroom apartments and 11 one-bedroom apartments in a six-storey apartment building and all ancillary site development works. It will have communal bicycle parking, car parking, bin stores and a landscaped courtyard/amenity area. The Business Post, 27th March
Dublin, Ireland Dublin City Council has approved plans for the first phase of construction at the former Irish Glass Bottle site in Poolbeg. A consortium of RGRE, Lioncor Developments and Oaktree Capital Management lodged planning permission for 570 units at the site in July last year, kick-starting the redevelopment of more than 84 acres of land near the city centre. In its decision, the council attached several conditions to the planning permission. Developer Johnny Ronan and Oaktree Capital bought an 80% stake in the lands in 2020 for c. €200m with Nama retaining a 20% stake. The site consists of the 26.4-acre IGB lands, 11.4 acres on the adjoining Fabrizia lands and 45 acres of land owned by Dublin Port. The Business Post, 25th March
Clongriffin, Dublin 13 Sean Mulryan’s Ballymore has beaten rival bidders to buy a 27-acre site with planning permission for more than 1,800 homes in Clongriffin in Dublin. Property sources say the developer has agreed to pay more than €40m – less than the €50m asking price – for the land, which was owned by Gannon Properties. The site comes with planning permission for 1,823 homes, a 209-bedroom hotel and c. 247,570 sq. ft. of commercial space. Nearly 2,000 homes have already been built in the area. An attraction for bidders was the hefty investment that has already gone into road and water infrastructure surrounding the land. The Sunday Times, 27th March
Hibernia Reit has received a takeover offer that values it at more than €1bn from Benedict Real Estate Bidco. Bidco is a subsidiary of one of Canadian giant Brookfield Asset Management’s real estate private funds. Brookfield is one of the world’s largest owners and operators of property with more than €227bn of property assets globally, and an office portfolio of c. 200m sq. ft. worldwide. Bidco is a newly incorporated Irish company established for the purpose of undertaking the acquisition. The offer has been unanimously recommended by the Hibernia Reit board, pursuant to which Bidco will acquire the entire issued and to be issued share capital of Hibernia Reit. Under the terms of the acquisition, Hibernia Reit shareholders would be entitled to receive €1.60 per share and a dividend of 3.4 cent per share. The acquisition, including the dividend, values the entire issued and to be issued share capital of Hibernia Reit at c. €1.089bn on a fully diluted basis. The company is currently valued at c. €781m in the market. The offer, excluding the dividend, represents a 35.6% premium to Hibernia Reit’s closing price of €1.180 on Thursday. The acquisition, including the dividend, represents a 33.9% premium to Hibernia Reit’s volume weighted average share price of c. €1.221 over the three month period ending on Thursday. The Irish Times, 25th March
Mortgage Rules, Ireland The Central Bank of Ireland told the European Commission that a common EU rulebook could threaten “the effectiveness or legitimacy” of efforts by member states such as Ireland to protect their banks and homeowners from taking on too much debt. The Central Bank is undertaking a review of the mortgage rules it introduced in 2015, which prevent most homeowners from borrowing more than 3.5 times their gross incomes. It urged the commission, however, to ensure that alternative lenders are included in any EU-wide mortgage rulebook in the same way as banks. It said that non-bank lenders’ share of lending had risen from just 1% in 2017 to more than 12% by last year. The Sunday Times, 27th March
MyHome and Daft Quarterly Reports Two quarterly reports, one each from MyHome.ie and Daft.ie, suggest asking prices accelerated again in the first quarter of 2022 as the stock of homes available for sale slumped to a new record low. MyHome said annual asking-price inflation was now running at 12.3%. This put the median or typical asking price for a home nationally at €295k, and at €385k in Dublin. MyHome said the number of available properties for sale on its website fell to a record low of 11,200 in March, down from a pre-pandemic level of 19,000. It said impaired supply and robust demand meant double-digit inflation is likely until at least mid-2022.
Daft, meanwhile, said house asking prices indicated the average listed price nationwide in the first quarter of 2022 was €299.1k, up 8.4% on the same period in 2021 and just 19% below the Celtic Tiger peak, while noting increases remain smaller in urban areas, compared to rural. Just 10,000 homes were listed for sale on its website as of March 1st, an all-time low. The Irish Times, 28th March
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