Wilton Park, Dublin 2 Stripe has chosen One Wilton Park beside the Grand Canal in Dublin as the location for its new Irish headquarters. The payments giant signed the deal last Friday. The agreement will see Stripe triple the amount of office space it has in Dublin from 47,361 sq. ft to 156,076 sq. ft. It will not move into One Wilton until the second half of next year and will remain in Grand Canal Street until then. The parties would not comment on the length of the lease. The Sunday Times, 30th June
Wilton Park, Dublin 2 LinkedIn is close to subletting a 200,000 sq. ft chunk of its EMEA headquarters in Dublin. EY Ireland’s search for a new 200,000 sq. ft head office in the Irish capital has settled on Wilton Park. EY Ireland, which is targeting occupation in 2026, currently occupies approx. 100,000 sq. ft in a cluster of offices on Dublin’s Harcourt Street, which it leases from the Kenny family’s Clancourt Group. Green Street News, 2nd July
Grange Castle, Dublin 22 Google is planning to extend its data centre operations in Ireland, with an expansion of its existing centre in Dublin. The company wants to build a 779,307 sq. ft data storage facility at its Grange Castle site in Dublin 22. This will bring the number of data centres at the Grange Castle site to three. The Irish Times, 27th June
Leonardo Hotels Accounts Pre-tax profits at the Leonardo chain of hotels, formerly Jury’s Inn, last year increased to €14.7m. New accounts filed by Fattal Leonardo Operation (Ireland) Ltd show the surge in profits coincided with revenues rising by 11% to €53.48m. The sharp increase in profits arose mainly from a €9.5m exceptional gain connected with ‘right of use’ assets held by the company undergoing a rent review last year that resulted in a revaluation. The pre-tax profits of €14.7m last year compared with pre-tax profits of €4.18m in 2022, an increase of 252%. The group recorded a gross profit of €35.5m and administrative expenses of €22.1m, reducing operating profits to €13.45m, down marginally on operating profits of €13.66m in 2022. The Irish Independent, 1st July
Lusk, Co Dublin A mixed-use investment in Lusk is guiding €2.25m. Located at 69 Main Street in Lusk, the property comprises four retail units and four apartments in two blocks with a small car park and service area to the rear. The fully-let properties are let at a contracted annual income of €186.5k (NIY 8.3%). Their established commercial tenants include a pharmacy, a barber and two takeaway restaurants with WAULT averaging 9.5 years. Two retail units are located at ground floor in each block. All of the apartments are located at first-floor level and comprise three one-bedroom units and one two-bedroom apartment. The Irish Independent, 27th June
Savills Report The number of new PRS units completed next year is set to plunge by approx. 70% from recent highs as the withdrawal of institutional investors in recent years works through the system. Analysis by Savills included in its pre-budget submission says the PRS sector had been responsible for 5,000 new homes per year, mostly apartments, in Dublin in 2022 and 2023. However, that is expected to drop to just 1,600 next year, a decline of 68%. Savills blamed rent caps, introduced to curb soaring rents, for turning institutional investors off the Irish market. The Irish Independent, 26th June
Dunboyne Business Park, Co Meath The Walsh family, who developed Dunboyne Business Park, are selling 13 acres of the park and agent Coonan Property is guiding €400k per acre, equating to €5.2m. The lands are zoned Objective E2 General Enterprise and Employment in the 2021-2027 Meath Development Plan. The Irish Independent, 27th June
Cherrywood, South Dublin PGIM Real Estate has agreed a €91.5m loan to a joint venture between Hines and Dutch pension fund manager APG Asset Management. The financing is for a 431-home multi-family BTR scheme in Cherrywood owned by the partnership. Spanning two residential blocks, the property was completed in 2022 and is 99% occupied. Green Street News, 1th July
BPFI Report New figures for the BPFI point to high levels of activity in the first-time buyer (FTB) market despite a decline in the volume and value of mortgages approved for prospective homeowners from May 2023. A total of 4,559 mortgages were approved in May 2024 (7.5% increase YoY). The value of mortgages approved in the month declined 2.2% from May 2023 to €1.37bn. FTBs remained the most active cohort in the market, accounting for more than 62% of total approvals in May despite a 10.3% decline in approval volumes from May last year, the BPFI said. Mover purchase mortgage approvals, meanwhile, continued to decline, dropping 5.1% from May last year to 980 last month. The Irish Times, 28th June
Donnybrook, Dublin 4 RTÉ is set to enter discussions with the LDA with a view to selling part of its Donnybrook campus to the affordable housing developer. The LDA has first refusal to purchase RTÉ’s sites at a price below market rate and is keen to acquire any land put up for sale by the broadcaster. Several property sector experts told the Business Post the land would be worth approx. €120m to €150m if sold on the private market, but that it would likely fetch less than €100m if the valuation was based on affordable housing, as it would be in any sale to the LDA. The Business Post, 27th June
Stillorgan, South Dublin DNG is guiding €4m for a site at Beaufield Mews on Woodlands Avenue in Stillorgan. The site extends to approx. 0.72 acres and has planning in place for 30 luxury apartments. The planned development at Beaufield Mews will consist of 30 one, two and three-bedroom apartments in a four-storey block, with a recessed penthouse level, and 31 surface-level car parking spaces. Planning permission was granted by Dún Laoghaire Rathdown County Council with a 10% Part V requirement. The Business Post, 28th June
Trim, Co Meath Joint agents Loman Dempsey Property Consultants and Lisney Commercial Real Estate have been instructed to place approx. 58.73 acres on Dublin Road in Trim on the market. The lands are situated on the western side of the Dublin Road (R154) just to the south of the town and boast approx. 800 metres of road frontage. The price is on application. The Business Post, 28th June
Cork Road, Waterford Monaco Developments (Tramore) Limited has submitted a planning application proposing the construction of 292 new homes on the former Waterford Crystal site, which is located on the Cork Road in Waterford. It has proposed six four-bed detached and semi-detached houses, and 160 three-bed houses, comprising semi-detached, detached and terraced units. Additionally, there are plans for four three-storey apartment blocks containing 60 duplex units; a five-storey apartment block with 66 age-friendly apartments; and a standalone creche building. The Irish Examiner, 26th June
Planning Permissions The Randles Hotel on Muckross Road in Killarney, Co Kerry, has applied for planning permission to change the use of the leisure centre for use as 10 guest bedrooms. The four-star hotel currently has 77 rooms. Elsewhere, plans for a 90-bed nursing home in Killarney have been approved by Kerry County Council. NKP Limited has been granted permission to build the nursing home, as well as 18 independent living units, on lands at the junction of the N22 and Ballycasheen Road in the bustling Kerry town. Approx. 31 apartment units are also proposed. The Irish Examiner, 26th June
Economic and Social Research Institute (ESRI) Report The country needs between 35,000 and 53,000 new-build homes a year to meet demand, new research by the ESRI has said. Last year, Darragh O’Brien, the housing minister, asked the ESRI to review housing demand in the country ahead of the government’s plans to amend its current housing target this autumn through the National Planning Framework. Last year, 32,695 new homes were built in Ireland. The Business Post, 2nd July
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Galway Tel Aviv-listed Fattal Hotel Group has bought the G Hotel & Spa in Galway for approx. €26m. The three-storey five-star hotel opened in 2005 and comprises 101 bedrooms. Its ground floor spans 18,000 sq. ft, with three separate lounges. Under the terms of the sale to Fattal Group, the hotel will retain its brand and will be part of the Leonard Limited Edition of individually branded hotels. The Galway hotel recently completed a €1m refurbishment. Leonardo is also reportedly buying another hotel in Dublin, which will be its second Nyx hotel in the Irish capital. Green Street News, 24th June
Limavady, Northern Ireland The four-star Roe Park Resort, on the outskirts of Limavady in Northern Ireland, has been listed for sale through CBRE with a guide price of £14m (approx. €16.5m). Roe Park Resort has been independently owned since it opened in 1995. In the last three years, the luxury resort has seen investment of over £3m. The 118-bedroom resort site, on 150 acres on the edge of the Roe Valley Country Park, has an 18-hole parkland golf course, driving range/golf academy, spa, restaurants, bars and health club. The Roe Park Resort has three self-catering properties with planning permission sought for the development of a further 11 detached self-catering units. The Business Post, 22nd June
Press Up Group Cheyne Capital, a London-based alternative investment manager, is set to take a majority equity stake in Press Up. The lender, which agreed an equity swap with Press Up’s current shareholders in a deal that should soon be finalised, is expected to provide further financing to the group upon completion of the deal. The Business Post, 23rd June
Lower Baggot Street, Dublin 2, Plans by the Cork-based Corcoran family to build a hotel of up to seven storeys on Lower Baggot Street in Dublin have run into opposition from neighbours and the Irish Georgian Society. In its application the Corcorans’ Kilcolman Partnership said its proposed “guesthouse” would have 30 bedrooms. It would demolish a side extension, construct an extension that would be partly six and partly seven storeys, and change the use of a detached carriage house to a laundry facility. The Irish Independent, 24th June
Oliver Plunkett Street, Cork Cork City Council has granted permission to Mutual Enterprises to redevelop the former Uneeda Bookshop in a plan that will see it linked to the nearby BarBarossa and Bróg complex. The permission allows the change of use of the bookshop into a licensed premises and will see the ground-floor unit converted into a bar with an office and store on the first floor with a sky-bridge structure on the second-floor crossing Market Avenue to link into the existing complex that also includes the Voodoo Rooms nightclub. The Irish Examiner, 20th June
Tallaght, Dublin 24 Belgard Square West is being offered to the market by Colliers at a guide price of €9.1m. The asset generates rental income of €1.054m pa (10.54% NIY) from 16 of the scheme’s 18 units. The 18 units being offered for sale are all located at ground-floor level and range in size from 775 sq. ft to 15,000 sq. ft, for a total of 49,000 sq. ft of retail space. The scheme has a strong tenant line-up and a WAULT to break of 7.8 years. 74% of the rental income is reserved under upward-only rent review provisions. The Irish Times, 19th June
Killarney, Co Kerry A planning application has been lodged for the 25-year-old Killarney Outlet Centre. The application will see several retail units changed to food outlets, a seated dining zone and a bar created on the upper or first floor of the centre. Plans will also be lodged to upgrade the facade of the building which is blank alongside the Park Road entrance. A decision by Kerry County Council is due in August. The Irish Examiner, 24th June
Old Airport Road, Dublin Having been offered to the market at a guide price of €2.75m last November, a 1.8-acre site, jointly occupied by Emo Oil and Value Van Rentals on the Old Airport Road, has been acquired by a private investor for €3m (€1.67m per acre). The site on the Old Airport Road is jointly occupied by Emo Oil Limited under a 10-year lease expiring on March 31st, 2026, at a passing rent of €65k pa, and by Value Van Rentals Limited under a 10-year lease expiring on December 31st, 2029, at a passing a rent of €92k pa. The combined rent is €157k pa. The Irish Times, 19th June
Swinford, Co Mayo A retail warehouse in Newpark Industrial Estate, Swinford is being offered for sale and agents O’Donnellan & Joyce are guiding €1.9m for it. Located on a 2.14-acre site, the premises extends to 64,239 sq. ft over three floors and basement and has been providing retail, office, warehousing and a fitted-out restaurant area. The Irish Independent, 20th June
Dawson Street, Dublin 2 The Royal Irish Automobile Club (RIAC) is set to appoint an agent to identify an investor who would partner with the club to redevelop its headquarters on Dawson Street. The site comprises 34 Dawson Street and buildings to the rear, facing on to Anne’s Lane. The RIAC’s facilities currently include a restaurant, bar, reading room and library, meeting rooms, offices for the RIAC and Motorsport Ireland and a 61-space car park for members. The site is wholly owned by the RIAC and is debt-free. The property is understood to be valued at approx. €14m. The Irish Times, 25th June
Douglas, Cork Cairn Homes is launching its first ever new home development in Cork at Bayly in Douglas, which is being handled by Savills New Homes. The three- and four-bedroom A2-rated houses are launching within the 193-unit scheme. Most homes will be eligible for Help to Buy and First Homes Scheme and for a green mortgage. The house types include mid and end-of-terrace town houses and semi-detached homes, with three-bed homes priced from €445k and four-bedroom houses costing from €560k. The Business Post, 22nd June
Cabinteely, South Dublin Dún Laoghaire-Rathdown County Council is understood to have agreed a deal to pay Nama approx. €18m for a prime residential development site with scope for up to 370 homes just off Brennanstown Road in the South Dublin suburb of Cabinteely. The price being paid by the local authority represents a significant discount on the €35m which had been sought originally by CBRE when it brought the 29.4-acre site known as the Brennanstown Plot to the market on behalf of Nama-appointed receiver PwC in 2018. The Irish Times, 19th June
Sandyford, South Dublin Developer Sean Reilly is understood to have paid over €8m for the former Siemens building and site at Sandyford Industrial Estate. The off-market purchase of the property from the Dublin-based McCormack family’s investment vehicle Alanis Capital, which is understood to have been agreed in recent weeks, looks set to clear the way for the long-awaited delivery of apartments there. The approval provides for the construction of 190 build-to-rent apartments distributed across two blocks ranging in height up to 15 storeys along with two floors of office accommodation. The Irish Times, 19th June
Planning Applications, Cork A developer is seeking permission to build 16 new apartments in Grange outside the city. Authentic Homes Ltd has lodged an application to build a four-storey residential building including approx. 16 apartments at the former Grange Stores Site. Meanwhile, Esprit Investments Ltd has been granted permission by Cork County Council for the works at the Euro Business Park in Little Island. It includes the construction of 216,892 sq. ft of office space in a building which will range in height from three to 10 storeys. The Irish Examiner, 20th June
Ires Reit’s Canadian founder, Capreit, sold its remaining 9.7% stake in the apartments owner to a number of investors. The placing of shares was carried out by Goodbody Stockbrokers. London-based Asset Value Investors, an activist type of investors that had built up a 4.25% stake has now increased its interest to 6.33%. Other investors include Dutch investment house OVMKV, Barclays and Goodbody. The 50 million shares were sold at a price of 90 cents each, 2 cents below where the stock closed on Wednesday. Ires valued its net assets at the end of last year at €1.32 per share. The Irish Times, 21st June
Cushman & Wakefield Report Ireland is among countries most likely to appeal to international housing investors because of sizeable demand and requirement for residential accommodation for students, senior citizens and the growing population, according to a new report. The report, entitled ‘Unpacking Europe’s Living Revolution’, forecasts that Dublin will see the second-fastest growth of any European city between 2020 and 2040, when it will rise 14.1%, or an extra 210,000 people. The report also recognises that elevated interest rates and construction costs present viability hurdles to rapidly expanding housing output. The Irish Independent, 22nd June
Real Estate Alliance (REA) Report Tenants whose landlords are selling up are paying €30k over guide price to secure properties in Dublin before their leases expire, according to new research from the REA, a countrywide network of estate agents. The latest edition of the REA Average House Price Index, which covers the second quarter of this year, found that the number of sales in the capital due to landlords leaving the market rose six points to 25% in the past three month. The Business Post, 24th June
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Westmoreland Street, Dublin 2 The Fleet hotel, which is located in the former Bewley’s Café on Westmoreland Street, has been put on the market for €45m. The Sunday Times understands that JLL was appointed agent for the hotel last month. The former Bewley’s Café was bought by Windward in 2011 for €10m. The company turned the Bewley’s property into a four-star, 93-room hotel initially. In 2022, it gained planning permission to undertake a refurbishment of the property, adding 11 rooms. The guide price translates into over €430k per key. The Sunday Times, 16th June
North Circular Road, Dublin 1 JLL is guiding approx. €50m for the Dublin One Hotel. The new four-star, 163-guestroom hotel is owned by MM Capital and RoundShield Partners LLP. It is situated in a prime north Dublin city centre location and is almost brand new, having opened only two years ago, in 2022. The property is being offered for sale free of the existing hotel operating agreement, if desired. The Business Post, 14th June
Whitbread Plans The owner of hotel brand Premier Inn, one of the UK’s largest hotel businesses, has upgraded plans for Ireland as it targets 5,000 bedrooms in the country, 30% more than its previous ambition. Whitbread Plc has announced on its website plans to expand its presence in Ireland in response to high demand and an undersupply of branded hotel rooms. The new 5,000 medium-term growth target is up on its current target of 3,500 bedrooms. Whitbread operates a network of six Premier Inn hotels in Dublin and Cork. The Irish Independent, 16th June
Citywest, Dublin A vacant office building with redevelopment potential has come to the market in Citywest and Cushman & Wakefield is guiding €5m for it. The standalone property at 3300 Lake Drive sits on a large site of approx. 2.49 acres. The asset extends to 32,544 sq. ft (€153.6 per sq. ft) and includes surface parking for 96 cars. The Irish Independent, 13th June
North Wall, Dublin 2 The sale of No. 2 Dublin Landings looks set to get under way following the appointment of Savills to handle the disposal on behalf of receivers Deloitte. The asset is expected by property industry sources to be offered to the market for approx. €60m (44% discount), which would barely cover the €60m loan the German bank Helaba extended to the South Korean REIT JR AMC when it partnered with Hana Financial Investment to acquire the property for €106.5m. Helaba engaged Deloitte as receiver to recover the monies owed to it in February of this year. The property remains fully let to WeWork. The Irish Times, 11th June
North Docklands, Dublin The Freight Building, which is located next to Point Square in the north docklands, comprises 104,000 sq. ft of space over 10 floors. The property has secured its first occupier with DanuExp due to open a 13,800 sq. ft serviced-office centre there in September. The Irish Times understands DanuExp is paying approx. €45 per sq. ft and has committed to a term of 10 years with a break option in year five. Glenveagh is fitting out the office space and the profits from its operation will be split between the parties. The Irish Times, 12th June
South Docklands, Dublin BNY is set to relocate its Dublin staff into a new office in the city’s south docklands. The New York-headquartered company has agreed to take four floors at the Shipping Office. Situated within Dublin’s Silicon Docks, the grade A office offers 182,000 sq. ft of office space and a 12,755 sq. ft roof garden, car and bike parking and amenities. The deal with Marlet will see it move all of its Dublin staff into the Shipping Office, where it will have space for up to 800 people. The group is expected to commence relocation in mid-2025. React News, 17th June
Sir John Rogerson’s Quay, Dublin 2 Joint agents Cushman & Wakefield and CBRE are quoting rents of €50 and €55 per sq. ft, respectively, for the office space on the third, fourth and penthouse floors of the Indigo building at Whitaker Square on Sir John Rogerson’s Quay. The accommodation at the block is being offered to the market on behalf of a sub fund of Blackstone subsidiary, Revantage Real Estate. The third and fifth floors, which are available immediately, measure 8,500 sq. ft and 6,500 sq. ft respectively. The fourth floor has recently been refurbished by the landlord. The Irish Times, 12th June
Dublin Apple is actively looking for office space in Dublin that could house hundreds of staff, the Business Post can reveal. The firm has sought a space that would be large enough to house at least 200 staff although it is not clear how many workers the tech giant would ultimately base there. The Business Post, 12th June
Rochestown, Cork The former Rochestown Inn pub is now set to be demolished to clear the way for a mixed-use development, including apartments, a bar, and a cafe. Located on the Rochestown Road in Cork City, the development has been proposed by Niorsesa Ltd. A new mixed-use development ranging in height from two to four storeys will be built. This structure includes plans for a bar and a cafe on its ground floor. Overhead, there will be 12 apartments (six one-bed and six two-bed units) and a private office. The Irish Examiner, 12th June
Naas, Co Kildare Palm Capital has signed a pre-let agreement with Irish transport and logistics operator, Elsatrans, for a new 85,000 sq. ft high-bay warehouse at Momentum Logistics Park in Kildare. Elsatrans already occupies more than 80,000 sq. ft across three buildings at Momentum Logistics Park. Its new facility is scheduled for practical completion in the final quarter of this year. Separately, Palm Capital has also recently been granted planning permission from Kildare County Council for an additional 305,000 sq. ft of space at Momentum Logistics Park. The Irish Times, 12th June
Dublin 2 Hooke & MacDonald is guiding an overall price of €4.6m for a residential investment portfolio of 14 apartments in Dublin 2 on behalf of the Cosgrave family. Lot 1 is located at 17 Hogan Place and comprises six self-contained two-bedroom apartments, five of which are let at present. Overall rental income achievable is €131.4k pa and guide price is €2m (yield 6.57%). Lot 2 is located at 2A Hogan Avenue and comprises eight self-contained apartments with a mix of three one-bedroom units and five two-bedroom units. Six of the apartments are occupied at present. Overall rent achievable is €181.8k pa and the guide price is €2.6m (yield 6.99%). Lot 3 comprises Lot 1 and Lot 2. The Irish Times, 12th June
Ratoath, Co Meath Coonan Property achieved a price of €3.735m for a farmyard and approx. 139 acres of land at Ballymore in Ratoath when the lands went under the hammer earlier this month. The sale price equates to approx. €27k per acre for the 161-acre farmlands on the outskirts of the town. The bidding opened at €2.5m. The Business Post, 14th June
Centre Park Road, Cork It is understood Glenveagh is in ongoing discussions with the LDA to expedite apartments on the former FORD Distribution depot site in Cork. The apartments will be spread across 12 towers with some up to 14 storeys tall. This site has been earmarked for high-density, high-rise development since the mid-2000s. Glenveagh acquired the site from Nama for a reported €15m in 2018. Glenveagh is also on the LDA’s recently announced panel of 15 housebuilders. The Irish Examiner, 13th June
Monkstown, South Co Dublin The High Court has permitted locals of Monkstown to pursue their case alleging a 387-home development could negatively affect waters at the popular Seapoint swimming spot. GEDV Monkstown Owner Limited secured permission last February for 387 mainly rental apartments. The Irish Times, 17th June
Housing Construction The number of new apartments approved for construction has declined in Q1 2024, hitting the second-lowest level in five years. Approvals have significantly decreased in Dublin to 2,003 units, down more than 50% in a year, new data from the CSO has shown. Since 2019, an average of 5,458 apartments have been approved for construction every three months nationwide. Planning permissions for houses also declined by 20%. In total, 8,387 homes were approved by planners in the first three months of 2024, down 28% compared to the previous year. The Business Post, 13th June
Dublin Auction Two Georgian properties, one in Dublin 2 and the other in Dún Laoghaire, are the most valuable lots for sale in BidX1’s auction of 70 lots with combined guide prices totalling €16m. The Dublin 2 property is a period office building (4,295 sq. ft) at 40 Lower Leeson Street guided at €1.6m, which is a 16% discount to the €1.9m price sought earlier this year. In Dún Laoghaire, another mid-terrace Georgian premises, Eblana House (2,174 sq. ft), is guided at €775k. In March this year the asset received full planning permission for change of use from office to residential. The Irish Independent, 13th June
Johnny Ronan’s dispute with a US Fortress Investment Group firm which he claims owes him €3.3m from an insurance award relating to their joint Fibonacci Square office development in Ballsbridge has been admitted to the fast-track Commercial Court. Mr. Ronan is suing Isle of Man registered Aquela Ltd. The dispute arises out of a deal in which Ronan Group Real Estate swapped its stake in Fibonacci Square for the Fortress interest in Waterfront South Central on Dublin’s quays. In separate proceedings currently pending before the Commercial Court, a number of Ronan Group related companies are suing Fortress and related firms claiming the defendants failed to engage with the Ronan firms’ effort to refinance facilities. The Irish Times, 17th June
Dublin Airport State-owned DAA is to lodge plans seeking permission for a 950-space staff car park at Dublin Airport. In the planning application to be lodged with Fingal County Council, DAA is seeking permission for a westwards extension of the existing Blue long term car-park for the additional car parking spaces. A published planning notice for the scheme states that the application site totals 10.5 acres. The Irish Times, 17th June
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Dublin 9 Agents Hooke & MacDonald and Savills are jointly handling the sale of the suburban offices at Swift Square together with two residential sites with the potential for 694 apartments in total at Metro Park within Northwood Demesne, Dublin 9. The agents are guiding €48.5m for the entire collection. The two modern stand-alone office blocks span a total of approx. 157,852 sq. ft. They generate a contracted rent of approx. €4.2m pa between them. Swift Square’s adjoining surface car park has full planning permission for 192 apartments on a site of approx. 2.8 acres. This lot is guiding a price of €38.5m. The second lot comprises the Metro Park development site, an L-shaped greenfield site of approx. 3.6 acres. This is guiding €10m. The Business Post, 8th June
South William Street, Dublin 2 Nos. 4-5 South William Street is being offered to the market by CBRE at a guide price of €3.6m. The subject property is producing an annual income of €241.5k (6.1% NIY) and extends to 6,352 sq. ft. The four-storey property has undergone a comprehensive restoration and will be occupied by Little Pyg at basement and part ground-floor level. The remaining ground-floor space at 4-5 South William Street is occupied by the Casa Craft clothing and gift store. The second, third and fourth floors of the building comprise three fully refurbished two-bedroom apartments, with one apartment located on each level. The Irish Times, 5th June
Drumcondra, Dublin 9 Linsey is selling The Ivy House pub and adjoining properties in Drumcondra in lots with combined guide prices exceeding €3.25m. The more valuable lot is the pub itself and an adjoining retail premises for which Lisney is guiding in excess of €2.85m. It includes the detached three-storey over-basement pub premises. Sitting on a 0.13-acre site, this lot also comes with an expired planning permission for the amalgamation of two adjoining retail units into the licensed premises footprint to provide new bar and lounge areas. To the rear of that property is the second lot comprising a 0.17-acre site containing a disused residence and a semi-detached warehouse property. It has a €400k+ guide price. The Irish Independent, 6th June
Ranelagh, Dublin 6 A consortium of former Irish rugby internationals led by publican Noel Anderson is understood to have agreed to purchase McSorley’s pub in Ranelagh for €5.5m from its long-standing owner, the Murray family. The Irish Times, 5th June
Mulhuddart, Dublin 15 Hospitality entrepreneur Frank Gleeson is selling the former Páidí Ógs public house in Mulhuddart village which has full planning permission for 40 apartment units. Savills is guiding €1.75m for the site that extends to 1.23 acres (€1.42m per acre). The Irish Independent, 6th June
Cherrywood, South Dublin The High Court has granted a development firm permission to serve proceedings at short notice on companies in the Johnny Ronan group in a dispute over the development of a €35m office building in Cherrywood. DLR Properties Ltd has brought proceedings against RGRE Devco 4 Ltd and RGRE Ltd seeking declarations that a development agreement between the parties was validly terminated as a result of breaches by the defendants. The planned office site is 1.3 acres of an overall 13.3-acre site in Cherrywood. The Irish Times, 7th June
Dame Street, Dublin 2 The former headquarters of the Central Bank has opened for business as the new flagship location of WeWork’s Dublin operation. One Central Plaza, as it is now known, comprises 73,000 sq. ft of flexible office space distributed over eight floors in the landmark 1970s block. It will offer the flexible workspace giant’s members the use of 1,500 desks along with office suites, conference rooms, as well as bookable office space and phone booths. The Irish Times, 4th June
Portmarnock, Portlaoise and Kilkenny Emeis has inked a sale-and-leaseback deal for a portfolio of three nursing homes in Ireland with Healthcare Activos for €56m. The homes are recently built and have a combined capacity of 332 beds. They are in Portmarnock, Portlaoise and Kilkenny, with Emeis to operate the facilities. React News, 4th June
Stoneybatter, Dublin 7 Marlet Property Group’s The Residence student accommodation development in Stoneybatter will be ready for the 2024-2025 academic year, the company has confirmed, with 193 student beds available. The project is Marlet’s first venture into student housing. The announcement of new student accommodation provision from Marlet came as JLL warned that in Ireland the shortage of available student beds throughout the academic year is likely to intensify as the decade progresses. Bisnow, 10th June
Howth, North Dublin A unit of Glenveagh Homes has lodged plans for a €60m 135-apartment scheme for a 3.8-acre site adjoining Howth Demesne in Deer Park at Howth. Glenveagh subsidiary, GLL PRS Holdco Limited is seeking to build the apartments in four blocks ranging from three to five storeys in height. The developers are proposing that 14 units be sold to Fingal County Council for social housing. A Part V costings report lodged with the application has put an indicative price tag of €6.17m on the 14 apartments (two-bedroom apartments for €472k and one bedroom apartment for €410k). The Irish Times, 6th June
BNP Paribas Real Estate Ireland Report Total construction activity in Ireland stalled last month, posting fractionally below the 50 mark (49.8) denoting no change, according to the latest construction PMI from BNP Paribas Real Estate Ireland. Increases in new orders, staffing levels and firms’ optimism in May all point to further expansion in the sector. Housing (52.0) and commercial construction (51.4) activity increased at slower rates than in April. While new orders continued to rise in May (52.9) for the third month in a row, as firms took on new business, the rate of increase was slower than that recorded in April (53.9). The Business Post, 10th June
Stillorgan, South Dublin DNG is guiding €4m for a prime residential site with full planning permission for the development of an apartment scheme at Beaufield Mews in Stillorgan. Located on the site of the former Beaufield Mews restaurant and antique shop, the subject site comes for sale with full approval from Dún Laoghaire Rathdown County Council for 30 large apartments in a four-storey block and 31 surface-level car-parking spaces. The Irish Times, 5th June
Pretax profit at Park Developments last year increased by approx. a third to €23.45m as lower costs offset a 12.5% drop in revenue in the 12 months to June 29th. Sharper control of costs saw the business deliver a net profit margin of approx. 10%, up significantly on the 6.4% margin the previous year. A fall-off in business on the commercial contracting side, where revenue slumped by 38% to €44.57m, was largely responsible for the lower turnover with the company reporting overall sales of €222.14m, down from €254.4m. At the end of June 2023 the firm had shareholder funds of €159.48m, including accumulated profit of €151.48m. The Irish Times, 4th June
New Building Inspection Less than 12% of new buildings in some counties are being inspected to see if they comply with regulations, the head of the SCSI has warned. The comments come as estimates for dealing with mica, pyrite and apartment defects are expected to exceed €5bn. Local authorities are required to inspect just 12-15% of new buildings notified to them. However, two local authorities, Mayo and Sligo, inspected only 7 and 11% of new builds respectively. In contrast, 80% of new buildings were inspected in Dublin in 2022. The head of the SCSI said in 2023 local authorities spent just €20m on enforcing building control regulations, a fraction of the sums now needed to pay for defects. The Irish Times, 10th June
Carrick-on-Suir, Co Tipperary A 127.8ac holding at Ballynacloona, Carrick-on-Suir in the southern reaches of the Premier County is coming to auction and is guided by Shelley and Purcell estate agents at between €2.5m and €3m. It includes a two-storey residence and a cut-stone building that contains two self-catering apartments. The farm is 8.5km northwest of Carrick- on-Suir. The land has two and a half years remaining in a lease arrangement that is paying a rental income of €36k pa and it also commands farm entitlements of €12k pa. The property will be sold by auction at Hotel Minella, Clonmel on June 12. The Irish Independent, 10th June
Ballymacarbry, Co Waterford A 94-acre dispersed farm in a range of lots in Co Waterford is being auctioned. The non-residential holding is located at Ballycreggane, Ballymacarbry and is divided by the road into parcels of 28ac and 66ac. It is coming to auction with a guide price of €15k per acre. Separately, a 15-acre parcel of elevated ground at Sillaheen, Ballymacarbry and a 3-acre field with frontage on to two roads at Castlequarter, Ballymacarbry is also being sold at the same auction. The Irish Independent, 10th June
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Cork US-based investor Varde Partners has agreed an off-market deal to sell Blackpool Shopping Centre at approx. €49.5m (57% discount to the purchase price of €115m) to Lugus Capital and Patron Capital. Currently, The Irish Times understands the overall rent roll is closer to €6m. Located on Cork’s northside, Blackpool Shopping Centre comprises approx. 300,000 sq. ft of retail and retail park space, along with 108,513 sq. ft of offices and approx. 1,800 car-parking spaces. The Retail Park element is anchored by Woodies, Aldi, Boots and Maxi Zoo. The Irish Times, 29th May
Dublin Johnny Ronan has secured the backing of an international investor in his bid to win back a portfolio of prized assets. Landfair is backing Ronan’s bid to secure 11 properties which were placed under receivership last year, according to people familiar with the matter. Ronan is believed to be one of a small number of prospective bidders seeking to purchase all 11 properties as a single lot. The portfolio has been brought to market in recent weeks by joint agents JLL and Cushman & Wakefield at an overall guide price of €150m, under the instruction of Grant Thornton as receivers. The Business Post, 2nd June
Merrion Road, Dublin 4 The HSE has paid just more than €50m for Starwood’s remaining interests at Elmpark Green, a vast office and residential scheme developed in 2007 at a cost of €550m. The price paid represents a significant discount on the €190m Starwood paid in 2016 to acquire the current portfolio and two other assets which it later sold. The most significant of the properties acquired by the HSE is the Seamark building, which extends to 184,000 sq. ft. The other remaining assets include the 91,000 sq. ft Vista Building, which is leased to Novartis, producing an annual income of €1.8m, and six ancillary commercial units extending to a combined 44,000 sq. ft. The Irish Times, 31st May
North Docklands, Dublin Initial bids for the North Dock office scheme have fallen short of the €130m being sought by CBRE on behalf of receivers. Senior lender, Pimco, is owed €120m. The Irish Times has learned that first-round offers for the property have come in at between €60m and €95m. North Dock extends to 202,000 sq. ft in total. Tenants at the scheme include Gilead Sciences, Interactive Brokers and Blueface. Oaktree has a 60% equity stake in North Dock while Nama holds the remaining 40%. The Irish Times, 29th May
Cherrywood, South Dublin APC and VLE Therapeutics, two Irish-owned drug-development companies, have signed a long-term lease with DLR Properties, a company wholly owned by Dún Laoghaire-Rathdown Co Council, for a new 60,000 sq. ft building to facilitate the delivery of their planned 130,000 sq. ft Medicine Accelerator campus. APC already occupies more than 60,000 sq. ft in Building 11 at Cherrywood. The rental level has not been disclosed. The Irish Times, 29th May
Aungier Street, Dublin 2 Having failed to secure a buyer at either its original or reduced guide prices of €2.5m and €2m, The Lucky Duck pub on Dublin’s Aungier Street looks set to be acquired for an undisclosed sum by an existing private investor in developer Paddy McKillen jnr and Matt Ryan’s business empire. Oakmount acquired The Lucky Duck for its part for €831k in 2017 and engaged in an extensive refurbishment of the property in advance of its opening for business in late 2018. The Irish Times, 29th May
Merrion Row, Dublin 2 Emerald Investment is believed to be in talks to buy Foley’s bar on Merrion Row. According to market sources, the pub is worth approx. €6m. The pub was bought from receivers BDO in 2014 for €3.3m and is owned by John McEnaney. The Sunday Times, 2nd June
Goatstown, Dublin 14 WKN Real Estate Advisors is guiding €3.5m for the Cedar House Nursing Home at Mount Anville Park in Goatstown. The facility, which operated until its closure in December 2023, is being offered to the market on behalf of the Society of the Sacred Heart, Irish-Scottish Province, with the benefit of immediate vacant possession. The subject property extends to a total area of 18,245 sq. ft and sits on a site of 3 acres. It is single storey with capacity for 24 residents in individual ensuite bedrooms. Planning permission for an additional 28 rooms expired in 2022. The Irish Times, 29th May
Baldoyle, North Dublin The LDA has begun talks with Richmond Homes, a subsidiary of Avestus Capital Partners, in relation to its 125-acre landbank in Baldoyle. Formerly known as the Coast, the land has already undergone construction for approx. 100 homes with a potential for more than 1,900 homes. Richmond Homes acquired the land, also known as Project Shoreline and zoned for both residential and open space, for a reported €36m to €38m in 2019. The site, marketed by Savills, had been placed on the market in June that year by receiver Mazars with an asking price of €42m. The Sunday Times, 2nd June
Stillorgan, South Dublin Bob Etchingham and John Martin, the owners of the Stillorgan Orchard gastro pub, plan to demolish the 100 year old thatch-roof pub and replace it with 41 apartments. The proposed development will comprise two apartment blocks, including a six-storey block containing 33 apartment units at the front, and a four-storey block with the remaining eight homes at the rear. The building at the front, Block A, will also have a restaurant/retail unit at ground floor/street level. Etchingham, a director of Belgrave Capital Ireland, applied for planning permission for the works a week ago. The Business Post, 31st May
Sherry Fitzgerald Report The total value of development land that transacted in the GDA and three regional centres of Cork, Galway and Limerick totalled €204m for the first quarter of 2024, according to the latest report on the development land market from Sherry FitzGerald. While considerably greater than the same period in 2023, this largely reflects a single transaction: the sale of the former Jurys Hotel site in Ballsbridge. This 4.23-acre site was acquired by the US embassy for €152m. Excluding this transaction, the value of turnover was €52m which was the lowest level recorded since the second quarter of 2020 and well below the long-term average. The Irish Independent, 30th May
Cork Savills is guiding €4.25m+ for a 0.48 acre (€8.85m per acre) site at Anderson’s Quay, Clontarf Street and Lower Oliver Plunkett Street. The site is owned by OCP and it has a lapsed planning permission for 150,000 sq. ft of offices over ground floor retail. The Irish Examiner, 30th May
South Circular Road, Dublin 8 The company behind Griffith College is planning a €200m development of its campus in Dublin. Bellerophon is preparing to apply for planning permission to triple the size of the college campus at its main seven-acre site on the city’s South Circular Road. Latest accounts for the company show it had cash reserves of more than €37m. Accounts for Bellerophon show it had a turnover of €29.75m last year, up more than €2m on the year before. The company recorded a pre-tax profit of €2.73m, down from €3.6m. The Sunday Times, 2nd June
Property Portfolio Value The value of the Comer brothers’ Irish property portfolio surged past the €1.2bn mark last year, new financial filings have shown. A Business Post analysis has shown that they now collectively own more than €1.2bn-worth of property after the value of the portfolio rose by more than €56m during the 12-month period to the end of June 2023. Between 2017 and 2021, the value of the assets increased from €540.3m to €1.11bn as the property market continued to recover from the impact of the financial crash. The Comer brothers built up the majority of their portfolio in the aftermath of the recession. The Business Post, 2nd June
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Blanchardstown, Dublin 15 Morgan Stanley, AIG and Hayfin Capital Management, senior lenders to the Blanchardstown Centre in Dublin, have agreed to extend the term of the debt secured on the country’s largest shopping mall, effectively ruling out a quick sale. Goldman Sachs, which is a junior lender, brought the 1.2m sq. ft development to the market earlier this year, appointing Eastdil Secured and CBRE to handle the sale. Northwood Investors tabled the highest opening bid on the centre at an estimated €580m. The Sunday Times, 26th May
Tallaght, Dublin 24 AIB has appointed Interpath Advisory as receiver to The Square Town Centre which is owned by Oaktree. The bank is understood to have more than €140m of loans outstanding against the centre. Oaktree put The Square on the market for €170m last year with Hines selected as the preferred bidder for a price of approx. €125m. The lower price meant AIB was going to take a haircut, while a junior lender, M&G Investments, faced losing its investment. Sources said AIB had grown frustrated by the pace at which the Oaktree process with Hines had been progressing. The Irish Times, 23rd May
Midleton, Co Cork Lisney Commercial Real Estate and Thomas J O’Driscoll Auctioneers are offering a petrol filling station and convenience shop with a forecourt and external canopy, car showroom, a car wash, workshop and vehicle display yard with a guide price of €1.9m. The petrol filling station is leased to Valero Energy (Ireland) Limited on a 20-year lease from July 1, 2009. The rent is €82.5k pa. The motor dealership is leased to Keary Motors Limited on a two-year lease from July 1, 2023 at a rent of €73k pa. The combined rental income is €155.5k pa. The Business Post, 24th May
South William Street, Dublin 2 Irish-owned fashion retailer Folkster is to open for business on South William Street in Dublin city centre. The brand has agreed a deal for the former premises of the famed McCullough Pigott music shop at no. 11 South William Street. The company is understood to be paying a combined initial rent of €103k pa for the property, which extends to 2,999 sq. ft (€52.44 per sq. ft). The Irish Times, 22nd May
Eden Quay, Dublin 1 Investment manager Colm Wu is selling the Clifton Court Hotel at 10 and 11 Eden Quay, Dublin 1 and agent Robert Colleran is seeking offers of over €8m. The investment property is currently generating €854k pa in rents from two tenants. One of those tenants operates the 30-bedroom hotel and pays €620k pa. The other operates the James Connolly bar and Kyodai Izakaya restaurant and pays €234k pa (gross yield 10.04%). The hotel tenant holds a 10-year lease from May 2022 and there is a mutual break option at the end of the fifth year, subject to six months’ notice. The Irish Independent, 23rd May
Ballyconnell, Co Cavan Accounts for Slieve Russell Hotel Property Ltd show that revenues at the hotel last year increased 16% to €19.1m. The hotel was put on the market last month for €35m and CBRE is running the sale of the 224-bedroom hotel on behalf of the liquidator of IBRC, Interpath Advisory. The business recorded operating profits of €1.85m in the 12 months to the end of June last. The Irish Times, 27th May
Merrion Square, Dublin 2 HWBC and Cushman & Wakefield are offering Nos. 28 Merrion Square, 29 Merrion Square and 29 Holles Place for sale by Private Treaty in one lot at a guide price of €4.5m. The assets produce a combined annual income in excess of €300k. No. 28 Merrion Square comprises a four storey over basement, mid-terrace period property of approx. 6,103 sq. ft NIA. No. 29 Merrion Square comprises a four-storey over basement period property of 4,768 sq. ft NIA. 29 Holles Place mews at the rear is accessed off Holles Place and comprises a refurbished self-contained two-storey mews of 1,582 sq. ft NIA. The Business Post, 25th May
Warrington Place, Dublin 2 11 and 12 Warrington Place has come to the market with a €7m guide price. It is generating annual rents totalling €528.5k from five office tenants and one residential tenant (initial yield 7.55%). Its office accommodation extends to 12,593 sq. ft. Two of the office tenants have leases due to expire in 2025 while two others hold their offices on licenses. The fifth is Co-Operative Housing whose lease extends to 2034 with a break clause in 2029. The residential tenant occupies 1,646 sq. ft of the third floor on an annual rent of €22k and notice has been served. The Irish Independent, 23rd May
Wilton Park, Dublin 2 Stripe is understood to be weighing up the possibility of locating its new Dublin headquarter office at Wilton Park, the 580,000 sq. ft office campus being developed by Irish property company, Iput, at Wilton Place in Dublin 2. Should Stripe decide to locate its operations at Wilton Park, it would be taking on a portion of the scheme’s four blocks which are let in their entirety on a 25-year term from January 2020 to LinkedIn. The Irish Times, 22nd May
Upgrading Office Blocks The cost of upgrading older office blocks to modern standards could cost individual landlords from €90 per sq. ft to €300 per sq. ft, the head of sustainability at Savills has warned. Based on the costs per sq. ft, the owner of an office block in the range of 10,000 to 20,000 sq. ft could face a renovation bill of between €900k to €6m. Landlords of offices >50,000 sq. ft are likely facing renovation bills of between €5m and €15m. Analysis of the Irish office market found only 10% of office stock in the city has a B rating, while only 2% has an A-status. The Business Post, 28th May
Mervue, Galway The Crown Square Campus development, which is being built by the Rhatigan Group, has reached a number of milestones including the topping-out ceremony of the Radisson RED Galway hotel and the completion of the first two office blocks, spanning more than 120,017 sq. ft. One of these two completed office blocks will soon be occupied by City Hall, as the new headquarters for Galway City Council. Three additional office buildings and 345 one, two and three-bed apartments will also be landmarks of the development, designed around a series of public plazas on 12.65 acres of landscaped grounds off the Monivea Road in Mervue. The Business Post, 25th May
Kill of the Grange, South Dublin The Baker’s Corner pub in Kill of the Grange is guiding a price of €7m. While the property was last sold as a going concern and has been trading since then under the management of the well-known Loyola Group, it is being offered for sale by CBRE with the benefit of vacant possession and planning permission for a PBSA scheme on its 1.235-acre site. The approval from An Bord Pleanála provides for 276 bed spaces comprising 38 clusters of six, seven and eight-bedrooms units. The Irish Times, 22nd May
Donabate, North Co Dublin Cairn is set to build more than 1,000 homes in Donabate after the housebuilder paid more than €50m for a site there. The Sunday Times understands that Cairn has done an off-market deal with Oaktree-backed Cannon Kirk to purchase the land. At Donabate, the company will likely build 1,020 homes in a €300m+ development. The Sunday Times, 26th May
Home Building Finance Ireland (HBFI), the state-backed housing lender, has provided a €50m debt facility to Cairn Homes. The deal, HBFI’s second transaction with a commercial developer since the launch of its Accelerate lending facility, will see the agency join Cairn’s existing €327.5m banking syndicate, which includes AIB, Bank of Ireland and Barclays. The Business Post, 27th May
Mortgage Approvals Data from the Banking & Payments Federation Ireland (BPFI) indicated that €1.32bn worth of mortgages were approved in April, up 18.4% from the €1.12bn approved overall in April 2023. While the increase in approval volume accounted for much of the overall value increase, the average new mortgage approved in April was worth €297k – a 3.8% increase on the April 2023 average of €286k. On an annualised basis, there were 30,776 FTB approvals in the twelve months to April 2024 – the second highest level recorded since BPFI began tracking mortgage data in 2011. The Business Post, 24th May
Ashbourne, Co Meath Coonan Property has brought a farm holding to market in Ashbourne for which it has advised minimum value of €1.8m and which will go under the hammer next month. Cránn Mór Farm in Painestown extends to 102.42 acres and is being offered by public auction in three lots. Lot 1 consists of 37.36 acres. Lot 2 comprises 30.63 acres. Lot 3 will consist of the entire 102.42 acres with the farmyard. The Business Post, 25th May
Tax Payment Investment funds controlling more than €28bn worth of Irish property have almost halved their tax payments since the government introduced measures aimed at tackling their “aggressive behaviour to avoid tax”. In 2019, the year before measures to clamp down on the funds took effect, tax receipts from Irefs totalled €72.1m. Last year, the figure fell to €37.6m after years of successive declines since the government moved to tackle the funds tax avoidance. When the Department of Finance first moved to clampdown on Irefs in 2020, these entities controlled €4.1bn worth of residential property. At the end of 2022, Irefs owned €8.1bn in residential assets in Ireland. In the same period, Iref’s exposure to commercial assets has grown from €9.2bn to €10.5bn. The Business Post, 26th May
Mullingar, Co Westmeath A development site with full planning permission for 130 residential units has come to the market and agent Coonan Property is guiding more than €4.3m for it. The site is located approx. 1.5 km to the south-east of Mullingar town centre and west of Ballinderry Road. Extending to 9.9 acres (€430k per acre), it received planning permission from Bord Pleanála last July for 94 houses, plus 36 duplexes and apartments (€33k per unit). The Irish Independent, 23rd May
Dundalk, Co Louth A 98.84-acre land bank at Mount Avenue on the outskirts of Dundalk is being offered to the market by Sherry FitzGerald Commercial in conjunction with local agent Sherry FitzGerald Carroll at a guide price of €12m. The sale is being conducted on the instruction of receiver Myles Kirby. The Irish Times, 22nd May
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Blanchardstown, Dublin 15 Blanchardstown Centre’s multiplex cinema is being offered for sale by Colliers on behalf of Davy Real Estate at a guide price of €17m (NIY approx. 7%). The property is leased to United Cinemas International (Ireland) Limited, which is part of Europe’s largest cinema operator the Odeon Cinemas Group. There is a WAULT with no breaks of 9.25 years. The cinema’s nine screens are complemented by a coffee shop, serving counters, office space and back-of-house facilities, and extends across a total area of 45,510 sq. ft. The Irish Times, 15th May
Kildare A private equity fund backed by the luxury goods group LVMH is reported to be close to buying a majority stake in the Kildare Village outlet centre. British property group Hammerson is in talks with L Catterton, which is backed by LVMH and the family office of Bernard Arnault, on a sale of its interests in nine fashion outlets across Europe The Sunday Times, 19th May
O’Connell Street Upper, Dublin 1 JLL has brought 1-2 O’Connell Street Upper to market with a €9m guide price. The property is being sold together with two attached buildings at 29 North Earl Street and 10 Cathedral Street. The corner, six-storey over basement building includes a vacant retail unit at ground and basement along with full planning permission for a 38-bedroom hotel from the first to fifth floors. 10 Cathedral Street has a vacant ground floor retail unit extending to approx. 237 sq. ft along with 10,000 sq. ft of storage from basement to second floor, which is currently occupied by Dunnes Stores which is overholding at a rent of €80k pa. The Business Post, 17th May
Grafton Street, Dublin 2 Dublin City Council has refused planning retention for a souvenir shop on Grafton Street because, the council said, the outlet would set an undesirable precedent for similar type development and would devalue property in the vicinity. In refusing planning permission to Fashionflo Investments Ltd for planning retention for the Seasons of Ireland souvenir shop at 111 Grafton Street, the council also concluded that the retention of the unit would “not achieve an appropriate mix and balance of uses on this part of Grafton Street”. The Irish Times, 20th May
Fitzwilliam Place, Dublin 2 Nos. 12 and 13 Fitzwilliam Place and their mews buildings at nos. 12 and 13 Lad Lane are being offered to the market for €4.4m (32% discount on the original asking price). Nos. 12 and 13 comprise two adjoining four- and five-storey over-basement Georgian buildings extending to 4,737 sq. ft and 4,371 sq. ft respectively. The two-storey mews buildings at nos. 12 and 13 Lad Lane extend to 759 sq. ft and 1,623 sq. ft respectively and come with 14 car parking spaces. The entire investment is generating an annual rental income of €293.8k. The Irish Times, 15th May
Ship Street Little, Dublin 8 Developer Padraic Rhatigan has secured Liberty IT, a part of the Liberty Mutual Group, as tenant for the sixth-floor penthouse offices at One Le Pole Square on a 10-year lease. Other lettings to date include the fifth floor, which has been let to ecommerce company Etsy, on a 10-year lease term and financial services firm Alantra. The Irish Times understands that Liberty have agreed to pay €55.50 per sq. ft for the 8,700 sq. ft penthouse space while Etsy is paying €56.50 per sq. ft for the fifth-floor accommodation, which extends to 16,000 sq. ft. The Irish Times, 15th May
Rutland Place, Dublin 1 TWM is guiding a price of €1.2m for the former An Post delivery service premises at no. 9-11 Rutland Place in Dublin city centre. The subject property comes for sale with full vacant possession. The building comprises a two-storey mid-terrace property with a pitched roof extending to 9,845 sq. ft. The Irish Times, 15th May
Docklands, Dublin Ronan Group Real Estate (RGRE) is contesting Dublin City Council’s rejection of its planned 17-storey mixed-use scheme for Dublin’s Docklands. This follows RGRE lodging an appeal to An Bord Pleanála against last month’s council refusal. RGRE is seeking permission for the redevelopment of Citigroup’s current European headquarters at 1 North Wall Quay in Dublin’s docklands. The Irish Independent, 18th May
Ballymount, South Dublin M7 Real Estate Ireland has engaged CBRE to find an occupier for Ballymount Logistics Hub, a 151,000 sq. ft logistics facility located next to junction 10 of the M50 motorway. The property is undergoing an extensive refurbishment programme at present with a view to having it available for use by this September. The Irish Times, 15th May
Adamstown, West Dublin The LDA has done a deal with the homebuilder Quintain Ireland for approx. 400 apartments in Adamstown. The LDA will buy the 392 apartments when they are completed in 2026 and provide them for cost rental. Construction of the scheme, which is already under way, is being financed by AIB. The Sunday Times, 19th May
Mungret, Co Limerick The LDA is to join with Limerick City & County Council to deliver 183 affordable purchase and social-rental homes in Mungret. The development includes 183 houses and duplexes. Limerick Council has already secured planning permission for 252 homes at the greenfield site, and the LDA is partnering with the local authority to build 181 of the homes for affordable purchase for low-to-middle income earners. The remaining homes, creche and community uses will be delivered by Cluid, an Approved Housing Body, as part of an integrated scheme for older people. The Irish Examiner, 20th May
Middle Abbey Street, Dublin 1 UK-headquartered property developer Summix Capital has acquired the former headquarter offices of Independent Newspapers on Middle Abbey Street. The Irish Times understands the company paid Penneys approx. €8m to secure ownership of the asset. The price represents a premium of approx. 33% on the €6m Penneys’ parent company, Primark, paid when it acquired the building from receivers in 2013. Independent House is a protected structure comprising several buildings extending to an overall floor area of 114,000 sq. ft on a site of 0.72 acres. The Irish Times, 15th May
Ratoath, Co Meath Agent Grimes has brought residentially zoned lands to market on the Fairyhouse Road in Ratoath. The lands are located 700m from the town and have a €3.75m guide price. The lands extend to approx. 5.56 acres (€674.5k per acre). The Business Post, 17th May
Kimmage, Southwest Dublin A developer has failed to prevent the High Court overturning one of two planning permissions it has for 208 apartments on an L-shaped site in Kimmage, southwest Dublin. An Bord Pleanála, as the defendant decision-maker, had conceded it erred in how it applied a section of urban development guidelines in making its decision. It did not contest Kimmage Dublin Residents’ Alliance’s application to quash the approval granted in September 2022 under SHD. Opposing the application was developer 1 Terenure Land Limited, a subsidiary of Lioncor Developments. The Irish Times, 14th May
Abbotstown, Dublin 15 Funding for Dublin’s new international-class velodrome has been included in the €165bn National Development Plan, which looks to have cleared the way for an €87m shared cycling-badminton facility to be built in Abbotstown. The venue will also provide 12 badminton courts with 1,000 permanent seats for spectators, plus room for an additional 2,500 temporary seats for nonsporting events, while a café, changing rooms, offices, training facilities and bicycle storage will be created beneath the track level. Bisnow, 20th May
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East Wall Road, Dublin 1 Colliers is guiding €35m for the Beckett Building on behalf of receiver Grant Thornton. The price represents a reduction of 56% on the €80m guide price when CBRE offered the building for sale in January 2023, and a discount of 65% on the €101m Kookmin Bank paid when they acquired it from Comer Group in 2018. While Meta has now vacated the Beckett, it remains responsible for its annual €5.75m rent (€29.30 per sq. ft; NIY 14.9%) until the break option of its lease on July 31st, 2027. The Beckett Building extends to 188,228 sq. ft. The Irish Times, 8th May
Molesworth Street, Dublin 2 Deka Immobilien has secured ownership of 40 Molesworth Street, having paid State Street Global Advisors approx. €40m (€1,195 per sq. ft) for the property. The asset 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 DLA Piper. The lease which is due to expire 2037 has a term certain of 12 years and has a headline rent of approx. €60 per sq. ft. Specsavers occupies the retail element of the building, and the property is generating overall rental income of €2.175m pa (approx. NIY 5.4%). The Irish Times, 10th May
City Quay, Dublin 2 The developer behind a bid to build Dublin’s tallest building on the site of the former City Arts Centre at City Quay has suffered a further setback after An Bord Pleanála ruled against its appeal of Dublin City Council’s rejection of its plan. Ventaway is seeking to develop a 24-storey structure on the site. The proposed scheme would be office-led with 243,124 sq. ft of office space over 23 of its floors. The Irish Times, 10th May
Dublin Workday is searching for a new EMEA headquarters in Dublin. The buildings under review include Coopers Cross development, where Building Two is a 288,000 sq. ft grade A office block. Meta’s Fibonacci Square, the 375,000 sq. ft office space in Ballsbridge, is another option under review. Workday is also appraising College Square, a 540,000 sq. ft office development by Marlet Group. 325,000 sq. ft of office space is currently being marketed at the Tara Street project. React News, 8th May
IFSC, Dublin 1 A significant area of the 2 Custom House Plaza is now being offered to let by joint agents TWM and Cushman & Wakefield with full planning permission in place for a change of use to medical. Approx. 18,500 sq. ft of the 29,000 sq. ft property is now available for immediate occupation. The quoting rent is €42 per sq. ft and €3.5k per car-parking space. The Irish Times, 8th May
Grafton Street, Dublin 2 JLL has brought No. 6 Grafton Street to the market guiding in excess of €3m. There is a prime retail unit on the ground floor at street level with additional ancillary accommodation above. The mid-terraced building extends to an overall NIA of approx. 2,604 sq. ft (€1,152 per sq. ft). The ground and basement levels are let to Greggs Ltd trading as Bus Stop Newsagents and the upper floors are fully let as a tanning salon and internet café to Reetont Limited. Combined, the two tenants generate rent of €140k pa (approx. 4.67% yield). The Business Post, 11th May
Deloitte Report Approx. 1,650 new hotel rooms opened in 2023 with another 2,850 under construction, according to Deloitte’s latest annual Crane Survey. Over 550 of the rooms came onto the market in the first quarter of 2024, with another 1,080 due for completion by the end of the year. The completions will bring Ruby Hotels, Hoxton and Citizen M into the Irish market. According to the Deloitte report, the ADR charged by hotels in Dublin was €204 last year, the highest since records began. The RevPAR was €164 in Dublin, also a record. The Irish Independent, 13th May
Swords, Co Dublin A large logistics facility in Swords, just off Balheary Road, which is let in its entirety to the OPW, is guiding €21m through joint agents Finnegan Menton and Cushman & Wakefield. The property is occupied by the State on a 20-year lease from September 2010 at a passing rent of €1.3m (NIY approx. 5.8%) pa increasing to €1.35m pa in September 2024 with rent reviews every 5 years. The property extends to 211,034 sq. ft (€6.24 per sq. ft rent) and is situated on a site of 8.56 acres. The Irish Times, 8th May
Swords, Co Dublin A major €50m day-care hospital and primary care centre project in north Dublin is in doubt after a developer told the HSE the project is not viable at the agreed price. The eight-storey development at Airside in Swords, which has full planning permission, is at a standstill due to a standoff over construction costs. Developer Vanguard International originally won the HSE tender for the long-promised new primary care centre. The Irish Independent, 12th May
Naas Road, Southwest Dublin Michael O’Flynn, the Cork housebuilder, is in talks with the LDA about forward-funding part of his planned €625m development on Naas Road. The Sunday Times understands the LDA could forward-fund the construction of approx. 500 homes on the old Nissan site, which was granted planning permission in 2021 to build more than 1,100 apartments and a 15-storey hotel. The Sunday Times, 12th May
Hollystown, Dublin 15 The LDA has launched 57 new A-rated homes in Hollystown. The homes are part of the Wilkinsons Brook development and are being delivered through the agency’s Project Tosaigh initiative. The homes were developed by Glenveagh Properties and include 13 two-bedroom houses, 39 three-beds and five four-bed homes. The Business Post, 10th May
Claregalway, Co Galway BV Real Estate has brought to market a development land in Claregalway Corporate Park. The total area of the site is approx. 4.4 acres. Purchasers have the option to acquire either the entire site or Plot’s A & B respectively (approx. 2.2 acres each) with a guide price of €1.5m each. The Business Post, 11th May
Housing Target Ireland will need to build as many as 80,000 homes a year between now and 2050 in the most extreme scenario, the Housing Commission has warned the government in a report. The heavyweight commission, set up by the government to produce a report on long-term housing policy, submitted its findings to Darragh O’Brien, the housing minister. The Business Post, 12th May
Social Housing The state has agreed approx. 9,000 long-term social housing leases with a combined price tag of more than €3.24bn over their 25-year lifetime. Department of Housing data shows that >70 deals are costing more than €2.5k each month. The rent set for each property leased by the state on a long-term basis is subject to upward-only reviews every three years, with the increases linked to inflation. The Business Post, 12th May
Ires Reit saw total revenue decline by 3.9% in the first quarter of 2024 compared to 2023. Ahead of its AGM, the company said that the fall reflected the impact of “strategic asset disposals” completed in the second half of 2023. Ires Reit reported 99.5% occupancy across its portfolio, compared to 99.4% for the same period last year, as well as 99% rent collection in the first months of the year. Ires Reit’s LTV ratio at the end of March was 44.7%, compared to 44.3% at the end of December. The Business Post, 10th May
Cairn Homes is now building out more than €1bn worth of housing projects in Ireland. In a trading update ahead of its AGM, Michael Stanley, chief executive of Cairn Homes, said the company is on track to increase its annual output by approx. 30% to 2,200 homes this year. The company is now developing 2,750 homes across a range of large projects. The trading update said the company has maintained its operating profit forecast at approx. €145m for the year. The Business Post, 10th May
Construction Activity Activity in the Irish construction sector grew by the fastest rate in more than two years, the latest industry index has shown. The index, carried out by BNP Paribas Real Estate Ireland, shows that headline construction activity rose to 53.6 in April this year. This is also the first consecutive increase in the index for approx. two years, rising from 51.6 in March. These figures are above the 50 no-change mark, indicating expansion. April saw much stronger growth in commercial development (54.6) than housing (53.4). The Business Post, 13th May
Tallaght and Sandyford, South Dublin Lisney Commercial Real Estate is guiding prices of €4.75m and €2.75m respectively for two development sites in Tallaght and Sandyford. The sales are being conducted on the instruction of receivers over certain assets of Ravensbrook Ltd. The Tallaght site is 2.2 acres and comes for sale with a planning history involving a SHD application for a build-to-rent scheme of 310 apartments, retail, creche and associated works. The second site is occupied by an industrial building of 7,718 sq. ft. The Irish Times, 8th May
Dennehy’s Cross, Cork Permission has been granted for the development of a multi-storey residential accommodation and artisan food market at the long-vacant site of the former Dennehy’s Cross Garage in Cork city. The plans were lodged by Galway firm, Dennehys Cross Construction Ltd. The company was also given the green light for the construction of a four-storey residential development comprising 30 apartments. Permission for the development was lodged in May last year after the firm revised the size of its plan following concerns raised in pre-planning meetings with Cork City Council. The Irish Examiner, 7th May
Leopardstown, Dublin 18 An application for permission to build 463 homes at St Joseph’s House, near Brewery Road in Leopardstown will be considered afresh by An Bord Pleanála following successful High Court challenges to the original approval. Sliverpines Limited, a subsidiary of Homeland Group, had secured fast-track permission for its project under the SHD scheme. The proposal is for six apartment blocks of up to 10 storeys and would be a mix of one-, two- and three-bedroom homes. The Irish Times, 13th May
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Stillorgan, South Dublin Gresham House Real Estate has instructed CBRE to find a buyer for The Grange office building at Stillorgan. The property is being offered to the market at a guide price of €8m (approx. €177 per sq. ft). The subject property comprises a five-story, over-basement office extending to a gross internal area of 45,142 sq. ft, along with 82 basement car-parking spaces. The building is producing an income of €552.7k pa and is occupied by Samsung and Bayer, with the remaining accommodation available to lease through letting agents CBRE. The Irish Times, 1st May
Grangegorman, Dublin 7 Dublin City Council is set to miss out on €8m in planning contributions arising from Workday’s decision not to proceed with a new headquarters at Grangegorman. The US financial management software company has secured planning permission for the EMEA headquarters on Dublin’s northside – approx. two weeks after announcing it was not going to proceed with the ambitious project. The fate of the site now rests with its owner, the HSE, and with the Grangegorman Development Agency. The Irish Independent, 6th May
Office Supply A report by BNP Paribas Real Estate Ireland showed approx. 904,170 sq. ft of office space development was completed in Dublin from January to April this year while tenants leased just 175,550 sq. ft of purpose-built offices – the lowest amount in three years. In February it emerged three-fifths of the office space under construction in Dublin had no future tenant lined up. BNP Paribas reported the combination of strong supply and weak demand propelled office vacancy in Dublin from 13.1% in December to 14.5% in March this year and that vacancy rates will peak at 16.5% to 17% by the end of 2025. The Irish Times, 7th May
Morrison’s Island, Cork Nos. 11, 12 and 13 Morrison’s Island are up for sale with individual price tags of €1.5m, €1.55m and €1.7m, according to size. The buildings formed the original Moore’s Hotel and have been remodelled into own-door office blocks. The collective price tag is €4.75m. There is also an option to lease, with quoting rent of €26.50 per sq. ft. The Irish Examiner, 1st May
George’s Quay, Limerick Barrington’s hospital is being offered for sale through Bannon at a guide price of €12.5m. The original structure and one modern extension fronting on to the Shannon river extend to approx. 40,000 sq. ft while a third element of the complex, a connecting 15,000 sq. ft leasehold building, sits to the rear of the property. Having operated under the ownership of Bon Secours Health System since 2017, the hospital is being offered for sale with the benefit of vacant possession. The Irish Times, 1st May
Rush, Co Dublin Joint agents DNG Commercial and Sherry FitzGerald Cumisky Kelly are guiding €6m for a mixed-use investment portfolio on Main Street in Rush. No. 46-52 Main Street comprises a neighbourhood centre incorporating a mix of retail, grocery, residential apartments and offices. The centre, which extends to 30,764 sq. ft along with a large 40-space surface-level car park, is almost fully occupied by a strong tenant line-up. The total rental income is €526.1k pa (gross yield approx. 8.75%). The centre’s current occupiers are: Cedarglade Ltd Supervalu Rush, Bright Beginners Creche, BoyleSports and Boylan Butchers. The Irish Times, 1st May
Baggot Street, Dublin 2 No. 21 Upper Baggot Street (home of Weirs Home, Gift and DIY store) is being put up for sale with the benefit of vacant possession by TWM at a guide price of €2.5m. It comprises a four-storey over-basement mid-terrace Georgian building that extends to 6,133 sq. ft and is currently in retail use on the ground floor with offices located on the floors above. The ground floor retail space extends to 2,346 sq. ft. There is a large basement which extends to 2,206 sq. ft. The Irish Times, 1st May
South Main Street, Cork BAM is selling a new retail investment property let to Tesco Ireland Ltd in Cork city centre. Joint agents CBRE and Behan Irwin & Gosling are guiding €1.73m (NIY 7.5%) for it. Located on the ground floor of Lee Point, the Tesco unit extends to 5,708 sq. ft and is let on a 20-year lease from 2023 at an annual rent of €142.7k (€25 per sq. ft) with CPI-based rent reviews every five years. The Irish Independent, 2nd May
Tallaght, Dublin 24 Harvey is guiding prices of €1.7m and €1.5m respectively for units 1C and 1D at Broomhill Business Complex in Tallaght. The properties, which are currently interlinked via an internal opening, are being offered for sale separately or as one, and come with 48 designated car-parking spaces in total. Unit 1C is a mid-terrace unit comprising 11,833 sq. ft. Unit 1D is a corner-of-block unit comprising 10,891 sq. ft. The Irish Times, 1st May
Stephen Street Upper, Dublin 8 Hines is set to buy a student accommodation building close to St Stephen’s Green. It has agreed to pay close to the asking price of €80m for the scheme, which has 298 bed spaces. The vendor, Scape, put its only Irish scheme on the market in February. It offers an income of more than €5.8m (gross yield 7.25%) after the Royal College of Surgeons Ireland agreed to rent the beds on a 51-week basis for 2024-25. The retailer Lidl is also a tenant. The Sunday Times, 5th May
Fassaroe, Co Wicklow CRH subsidiary Belgard Estates Ltd is selling a zoned landbank next to the M11 motorway on the Wicklow-Dublin border. The holding extends to 161 acres, with 90 acres of this zoned residential. The remaining 71 acres is zoned as open and active space. Market experts expect to see offers of approx. €25.5m, with the residential and open-space portions of the site commanding approx. €250k and €40k per acre respectively. The Irish Times, 1st May
Ballycullen, Dublin 16 Lagan Homes has purchased a large residential land holding in Ballycullen for more than €16m. The 25.72-acre site at Woodtown will give the Belfast-headquartered housebuilder the capacity to deliver over 500 units (approx. €32k per unit). The Irish Times, 1st May
Kells, Co Meath A 33-acre site with development potential has been brought to the market in Kells. Joint agents Savills Ireland and Hugh Morris Alliance Auctioneers are guiding €7m for the “substantial landmark site in Kells town centre”, which is zoned for residential and mixed-use development under the Meath County Development Plan 2021-2027. The Irish Times, 1st May
Kilcock, Co Kildare Avison Young is seeking offers of more than €3.25m for a residential investment opportunity on Church Street in Kilcock. The property comprises a range of residential buildings including a former 39-bed nursing home, four interconnecting townhouses (11 beds) and two semidetached houses (six beds) on a 2.64-acre site. The Irish Times, 1st May
Dundrum, Dublin 14 The LDA has said it will continue to fight a legal challenge to planning permission for 852 homes in Dundrum, despite An Bord Pleanála conceding the case. The LDA said it had been engaging with the council regarding the preparation of a revised planning application for the site, “with the intention of re-submitting in Q3, 2024”. The Business Post, 2nd May
Glenveagh sold more than 300 homes over the past two months, with the developer now expected to deliver up to 1,440 units for homeowners in 2024. The increase in its order book now means Glenveagh has now forecast it will deliver more than 2,700 homes this year. The firm has been granted permission for more than 1,000 units so far in 2024 and plans to apply for permission to build more than 2,000 units this year. The Business Post, 2nd May
Banking and Payments Federation Ireland (BPFI) Report The average mortgage on a second-hand home has now reached its highest level in almost two decades, new data from the BPFI has shown. First-time buyers who purchased a second-hand property drew down on average €274.5k between January and March of this year, while the rate recorded for mover purchasers was €327k. The Business Post, 3rd May
Delgany, Co Wicklow An Bord Pleanála has refused planning permission to a Johnny Ronan firm to construct 141 residential units in Delgany. In two separate decisions, the planning board issued refusals to J&R Stylebawn Ltd for the mix of apartments and houses on the grounds of Stylebawn House. One application consisted of 20 one-bed apartments and 20 two-bed apartments in a five-storey block. The second application comprised 99 residential units composed of eight one-bed apartments, 18 two-bed apartments, 14 three-bed houses and 59 four-bed houses. The Irish Times, 2nd May
Limerick Planning has been approved for the construction of approx. 167 new apartments in five buildings in Limerick. Tribeca Asset Management Limited has been granted permission by Limerick City & County Council for a large-scale residential development at Ardhu House on Ennis Road, Roses Avenue and North Circular Road in Limerick. The plan includes the development of 167 apartments in five new residential buildings, ranging from three to five storeys. The Irish Examiner, 1st May
Cashel, Tipperary Plans for more than 100 new homes in Cashel have been approved. The town is to see 101 dwellings built after a large-scale residential development scheme was greenlit by local planners. Dulla Developments Ltd has been granted permission for the development at Hughes Lot East, Cashel. The Irish Examiner, 1st May
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Park West Business Park, Dublin 12 Lisney is guiding a price of €3.5m (€128 per sq. ft; NIY 10%) for a fully let office investment at Park West Business Park in Dublin 12. The sale of Block 14 on Joyce Way offers the prospective purchaser the opportunity to secure rental income into the medium term of €384.16k, rising to €392.7k in July 2023. The subject property is occupied by a strong tenant line-up that includes ICRLA, Client Solutions (Ernst & Young), and Orchard Fostering. The WAULT is 2.9 years to the break option and 3.50 years to expiry. Block 14 briefly comprises a standalone three-storey building facing on to the main plaza at Park West. The property consists of a modern office building of 27,167 sq. ft together with 36 car-parking spaces. The Irish Times, 31st May
Fitzwilliam Street Lower, Dublin 2 Less than six months after it assumed the lease from Slack Technologies for all 135,000 sq. ft of office space at the newly developed Fitzwilliam 28 in Dublin city centre, SMBC Aviation Capital is looking to sublet a quarter of the building. The accommodation, which extends to 46,000 sq. ft in total, will be fully fitted out and available for occupation at a quoting rent of €59.50 per sq. ft in the final quarter of this year. The news of SMBC Aviation Capital’s move comes after the company’s decision to take on the long-term lease Slack Technologies committed to in early 2020 at a rent of €7.7m a year. The available space on the building’s first and second floor extends to 21,000 sq. ft and 25,000 sq. ft respectively and is bright thanks to the presence of floor-to-ceiling windows and a ceiling height of 2.8 metres. The Irish Times, 31st May
Ballsbridge, Dublin 4 Waystone has instructed CBRE to sublet the first floor of its headquarters at 35 Shelbourne Road in Ballsbridge, Dublin 4. The company currently occupies a total of 52,000 sq. ft across the first to fourth floors and 12 car-parking spaces at the newly developed building, having entered into a 20-year lease on the premises in April of last year. The fifth and sixth floors of the building serve as the Dublin headquarters of online takeaway delivery giant Just Eat. The first floor of the property comes to the market fully fitted with open-plan desk space capable of accommodating up to 160 workers. CBRE is offering the space by way of a flexible sublease at a quoting rent of €60 per sq. ft. The Irish Times, 31st May
City Centre, Cork The target date for completion of a €20m glass prism building has been pushed out until midway through next year. The planned 15-storey block was due for completion in August this year. However, the latest completion date is now Q2 of 2024. The Prism is to provide more than 64,583 sq. ft of office space. The Irish Examiner, 1st June
Lucan, Co Dublin The Griffeen Centre in Lucan, Co Dublin is being offered to the market by joint agents Colliers and Bannon at a guide price of €6.6m (€245 per sq. ft; NIY 9.4%). The subject property comprises a retail-led neighbourhood scheme extending to 26,900 sq. ft. It incorporates a grocery anchor, creche, medical centre, restaurant and five office suites. The centre’s surface level car park is to the front and has 94 car-parking spaces. The centre is more than 95% occupied and is producing overall rental income of approx. €682k pa with a WAULT of just over 5.88 years. The tenant line-up includes Musgraves Ltd (trading as Centra), Giraffe Childcare Ltd, McCabe’s Pharmacy, Boylesports and Pizza Hut. The Irish Times, 31st May
Ballsbridge, Dublin 4 The American Embassy in Dublin is closing in on a deal to purchase the former Jury’s Hotel in Ballsbridge as it prepares to relocate embassy staff over the coming years. According to market sources, officials in the American government are currently carrying out a number of inspections and checks at the site as the embassy finalises a deal with the site’s owner, Chartered Land. Separately, the embassy is close to finalising a deal to purchase a number of premium apartments at the adjacent Lansdowne Place development to house embassy staff and overseas visitors. The latest embassy developments come after Dublin City Council agreed in 2019 to rezone the former Jury’s Hotel, which closed that same year, to facilitate the embassy’s relocation there. In 2021, planning permission was granted to separate the hotel site from the residential Lansdowne Place development with fencing, satisfying a key security concern for embassy officials. The Business Post, 31st May
Magheramore, Co Wicklow Oakmount’s plans for a multimillion-euro resort in Wicklow have been refused planning permission by the local council. Last month, a firm connected to Oakmount applied for permission to develop a tourism and leisure complex in Magheramore, Co. Wicklow. The site was sold to Oakmount in June 2021 following a competitive auction, with Wicklow county council reportedly among those bidding. The proposed facility would include 48 accommodation pods and a two-storey building with a gym, sauna, cinema and outdoor pool at lower ground level. A bar and restaurant would also be on site. It was widely reported Oakmount paid €700K to secure ownership of the wider Magheramore site in an online auction in June 2021. While the amount paid represented a massive premium on the €210k the property had been guiding in advance of its sale, intense competition involving five parties on the day saw bids surpass the €550k mark. The Business Post, 31st May
Tallaght, Dublin 24 After 19 months of being tied up with an application for 334 apartments in the Government’s “fast-track” planning system, the former Dublin headquarters of global technology company ABB on Tallaght’s Belgard Road is being put up for sale. The subject property is being offered to the market by joint agents Colliers and Cushman & Wakefield on the instructions of Myles Kirby as receiver over Landmarque Belgard Development Company Ltd at a guide price of €5.25m. The building briefly comprises a detached warehouse unit along with three-storey office accommodation extending to a total area of 41,254 sq. ft on a 2.2-acre site. The warehouse element of the property extends to 13,392 sq. ft while the office space measures 27,862 sq. ft and is laid out over three floors. The building has a secure yard to the south measuring 0.3 acres and 81 car-parking spaces around its perimeter. The Irish Times, 31st May
Blanchardstown, Dublin 15 Planning permission has been granted to the owners of Blanchardstown Town Centre for a €450m apartment scheme with approx. 1,000 units despite strong opposition by several major retailers with outlets in the shopping centre. The proposed development consists of 971 apartments in seven blocks ranging from one to 16 storeys in height as well as a shop, office, gym, restaurant/cafe, creche, mobility hub, community facility and place of worship. The development on a 16.3-acre site is being proposed by Blanche Retail Nominee, a company linked to the shopping centre’s owners, Goldman Sachs. A total of 97 apartments are due to be sold to Fingal County Council for an estimated cost of €44.9m. The Irish Times, 31st May
Rialto, Dublin 8 Harvey is guiding a price of €3.75m for an investment/development opportunity at Silverdale on Herberton Road in Rialto, Dublin 8. Offers for the property will be considered on a straight-sale basis, or subject to planning permission. The sale comprises two industrial warehouse and dry-storage buildings, measuring a gross external area of 31,022 sq. ft and located on a site of 1.5 acres, which is zoned Z10 under the Dublin City Development Plan 2022-2028. The property was occupied for more than 30 years by G4S Securicor as its cash-counting base, before being vacated in 2018. It is occupied by Dublin Street Parking Services Ltd under two leases and Vodafone Ireland Ltd under a mast licence, generating a total rent of €173k pa. The leases run for seven years from September 13th 2019, and contain mutual break options in September 2024, subject to serving six months’ written notice. Deeds of Renunciation have been signed in relation to both leases. The passing rent of €173k a year is well below market rent. The Irish Times, 31st May
Ballycoolin, Dublin 15 Joint agents Savills and CBRE are seeking an occupier for Unit 736, which is now nearing completion. The subject property will extend to 68,727 sq. ft. Unit 736 Northwest Logistics Park will be available to lease at an annual rent of €12.95 per sq. ft. Park Developments is awaiting a decision on planning permission in the coming weeks for Unit 735, which will extend to 55,240 sq. ft. The Irish Times, 31st May
Donaghmede, Dublin 13 Knight Frank is guiding a price of €700k for a residential site in north Dublin with full planning permission secured by Gannon Homes, owned by developer Gerry Gannon, for the construction of 18 new homes. The 0.84-acre site, at Grattan Lodge, off the Hole in the Wall Road in Donaghmede, has approval in place for 10 four-bedroom houses (1,472 sq. ft), one one-bed duplex (543 sq. ft) and seven two-bed duplexes (921-945 sq. ft). The Irish Times, 31st May
Residential Portfolio, Dublin The Vestry Partnership, a property fund backed by a Singapore sovereign wealth fund, has amassed a portfolio of more than 1,000 separate rental properties in Ireland. The portfolio consists of single or multiple units in different developments, mostly apartments in Dublin. Vestry is believed to be controlled by GIC, a Singaporean state wealth fund, and has received debt financing from DBS, a Singaporean lender. According to its most recent accounts, up to March 2022, the partnership controlled 813 units and had let 99% of the properties. Mortgage charge documents just filed in the Companies Office indicate that it has since added 200 further units to the portfolio. Sources say that the fund has acquired a large number of properties from Cerberus, a vulture fund. The Sunday Times, 4th June
Lucan, Co Dublin Fingal County Council is understood to have bought 60 acres of land next to St Catherine’s Park in Lucan, Co Dublin, for more than €4.5m, which is well over its €3.6m guide price. The local authority had to see off competition from investors, developers and farmers as selling agent Coonans said there was significant interest from other potential buyers. Located at Coldblow with extensive frontage onto the R419 Lucan to Clonee road, the lands are close to residential developments at Rokeby and Laraghacon. The Irish Independent, 1st June
Housing Assistance Payment (HAP) Government spending on a social housing support scheme for people in the rental sector has increased by 45% since 2019, with a record more than half a billion euro being paid to private landlords last year, new figures show. Figures from the Department of Housing show that last year a total of €515.2m was paid to landlords by the State through the scheme, a 45% increase on the €354.6m spent four years earlier in 2019. At the end of last year, there were 59,258 active HAP tenancies, which was a decrease on the 61,907 tenancies in 2021, although still higher than the 52,529 in 2019. Under the scheme, there are official maximum rent limits, which vary across the State, but in almost two-thirds of cases last year the local authority had to break these limits using “discretionary additional payments” to secure tenancies due to the high cost of rent in the State. The average rate of discretion was 25.5% above the limit last year. The Irish Times, 5th June
Coolegad, Wicklow Wicklow County Council has refused planning permission for 98 houses near Greystones on residentially zoned land, on the basis that the town has already reached its population target for 2028. The decision could have far-reaching implications – including an effective ban on new planning permissions in the Greystones–Delgany area for the next five years. Cairn Homes applied to Wicklow County Council in April for permission to construct 89 new homes at Coolegad, on the northern fringe of Greystones, an area close to the local, Temple Carrig School. Cairn Homes currently has an application for 586 new homes covering the same site and adjoining lands, made directly to Bord Pleanála last year, under the State’s former Strategic Housing Development initiative. Sources said a decision has not been made and is not likely to be made until much later this year. The Irish Times, 2nd June
Housing Demand Demand for housing nationally is up by 17% on this time last year while demand in Dublin is up by 34%, according to property website Daft.ie. To assess the demand, the site looks at the growth and change in the number of inquiries related to property listings on its website. The company estimated that demand for new homes specifically rose up by 114% in the 12 months to May this year. Homes with a listed price of €400k-€600k had the largest increase in demand of 38%. New homes within the price bracket of €400k-€500k marked the strongest surge in demand of 1,783%, Daft said. While demand for homes between €200k-€400k have risen 24%, homes listed between €600k-€800k grew by 20% compared with this time last year. Separate figures from the CSO showed the volume of production in construction rose by 7.5% in the first quarter of 2023 compared to the previous quarter and was up 2.8% on an annual basis. However, the CSO noted that compared to pre-pandemic levels the volume of construction activity was still down over 13%. The Irish Times, 2nd June
Fairview, Dublin 3 Dublin City Council has given the green light to plans for 785 apartments on the grounds of St Vincent’s Hospital in Fairview in Dublin 3 despite local opposition. The council granted planning permission for the €300m scheme after reducing the number of units from 811 to 785 by reducing the highest bloc from 13 to 11 storeys. The scheme on the 23.4-acre site is being developed by Royalton Group, a British property development firm, in partnership with the board of St Vincent’s Hospital. Under the terms of the deal, Royalton is to construct a new 73-bedroom mental health facility for the hospital. As part of 39 conditions attached to the permission, the council is requiring that the developer pays €8.7m in planning contributions towards public infrastructure. As part of its Part V social housing obligations, the developers were planning to sell 174 apartments (21% of the total number of units at an indicative price tag of €87.72m (€504k per unit)). With the reduction in the number of units, the number of Part V units will reduce to 164 or 165. The Irish Times, 1st June
Housing Underspend The Department of Housing had to return more than €380m to the exchequer over the last four years amid underspends blamed in part on Covid-19 construction stoppages, the Public Accounts Committee (PAC) will be told. Despite the ongoing housing crisis the department has struggled to spend its full allocated budget. It was previously reported that it failed to spend more than €1bn earmarked for housing over the past three years. The department is able to carry over some of its capital funding allocation to be spent the following year under budgetary rules. However, secretary general Graham Doyle is expected to tell PAC that €382m has been surrendered back to the exchequer. His opening statement says the surrendered amount cumulatively represents 1.8% of the total funds allocated to the department. The Irish Times, 1st June
Ballyboden, South Dublin South Dublin County Council has given the green light to plans for a 402-unit apartment scheme for Taylor’s Lane in Ballyboden despite local opposition. The planning authority has granted planning permission to Shannon Homes Dublin UC for the large-scale residential development (LRD) scheme comprising three blocks rising to five storeys despite the opposition of local residents. The planning permission for the LRD plan follows the High Court in January 2022 quashing an An Bord Pleanála planning permission for a Shannon Homes UC Strategic Housing Development scheme for 486 apartments at the same site. Underlining the scale of the scheme, the council has attached a condition requiring the developer to pay €4.19m in planning contributions towards public infrastructure to the council. The Irish Times, 31st May
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