Baldonnell Business Park, Dublin 22 Mountpark has sold the second phase of its Dublin logistics park to Spanish investment house Pontegadea for approx. €225m (NIY approx. 5%). Pontegadea, the company that invests on behalf of Spanish billionaire Amancio Ortega, has purchased 1.2m sq. ft of logistics space at Mountpark Baldonnell Business Park. The assets are considered to have significant reversionary potential, with Dublin’s logistics market still maturing and offering future rental growth. The deal represents a successful exit for Affinius Capital-backed Mountpark at Baldonnell, where it has developed over 1.4m sq. ft of grade A logistics space across two phases. React News, 27th November
Birr, Co Offaly Harvey is guiding a price of €3.5m for the former Milne Foods manufacturing facility in Birr. The property is alternatively available to let at an annual rent of €350k. Located in the Syngefield Industrial Estate and 1.5km from Birr town centre, the subject property briefly comprises a high-quality, fully fitted food production facility in walk-in condition and available for immediate occupation. Overall, the property comprises several buildings extending to a total area of 52,603 sq. ft on a 5.25-acre site. The subject property has a freehold title and is being offered for sale with full vacant possession. The Irish Times, 22nd November
Dundalk, Co Louth Irish developer and builder Tanola Ltd has pre-let Tanola Place, Dundalk’s newest industrial complex measuring 120,000 sq. ft to Anord Mardix to facilitate their expansion plans for their existing European headquarters in the town. Letting agent Sherry FitzGerald Carroll Dundalk confirmed the letting but did not comment on the records in the Property Price Register which show 20-year leases at average annual rents of €752.6k for Phase 1 and €542.6k for Phase 2. Those rents equate to approx. €10.50 per sq. ft for the 14-metre-high building. The Irish Independent, 23rd November
Macroom, Co Cork A developer is seeking permission for works at a warehouse in an IDA Industrial Estate in Macroom. Edgefield Property Investments Limited has submitted a planning application to Cork County Council for a proposed warehouse distribution unit, incorporating office accommodation and new site entrances. The works are to be located at the IDA Industrial Estate at Hartnett’s Cross. The Irish Examiner, 22nd November
Nexus Logistics Park, Dublin Iput has submitted plans to Fingal County Council for the proposed expansion of its Nexus Logistics Park. The proposals specify 12 logistics facilities to be built on a 118 acre site North-West of the Cherryhound-Tyrrelstown M2-M3 Link Road that will serve as phase two of Nexus. The units will range in size from 68,238 sq. ft to 457,359 sq. ft, for an overall footprint of 1.72m sq. ft. React News, 22nd November
Dún Laoghaire, South Co Dublin A Dún Laoghaire mixed-use investment with State-backed and educational tenants is being offered for sale with a €6m guide price and a NIY of approx. 6.5%. It comprises two full blocks and sections of two other blocks in Century Court at 100 Upper George’s Street, in Dun Laoghaire town centre. An Post, ABII (Acquired Brain Injury Ireland), St John of God, GEDU Holdings and St Nicholas Montessori pay a combined annual rent totalling €460k. The combined total floor area extends to 17,614 sq. ft. An Post occupies 2,745 sq. ft on the ground floor of Block A paying a total annual rent of €105k on a lease which runs until April 2027. ABII occupies 7,786 sq. ft on the first, second and third floors of the same block at a rent of €201.7k pa on a lease which runs until March 2034. In Block B GEDU Holdings, trading as English Path, occupies 2,143 sq. ft on the first, second and third floors at an annual rent of €40k on a lease which runs until October 2028. In Block C, St Nicholas Montessori occupies 3,606 sq. ft on the second and third floors at an annual rent of €75k on a 10-year lease which runs until June 2028. St John of God occupies 1,334 sq. ft on the second and third floors in Block D at an annual rent of €38.75k on a lease which runs until October 2027. The Irish Independent, 23th November
Ronan Group Real Estate (RGRE) A receiver has been appointed to five more of RGRE’s development properties, bringing the total number of its assets under receivership to 17. RGRE confirmed in a statement that Fortress Investment Group appointed a receiver over a portfolio of five assets. These include a site on Appian Way, a house on Fitzwilliam Square, as well as sites in Enniskerry, Delgany and near Carrickmines, which are earmarked for development. It is understood that PwC was appointed as receiver. This came after RGRE consented to receivers being appointed by BoI and AIB over 12 prized property assets, including the historic Bewley’s Café on Grafton Street, Connaught House on Burlington Road, Percy Place in Dublin 4, and Kingram House in Dublin 2. It is understood that the loans from AIB and BoI to which a receiver has been appointed amount to approx. €130m; when the Fortress debt in both portfolios is included, this rises to approx. €220m. RGRE said the properties affected by the receiverships sit in a group of special purpose vehicles that are financially insulated from the rest of the group. The Business Post, 25th November
Naas, Co Kildare A company associated with Hollybrook Homes, the UK-based builder, is planning a scheme of 941 student beds off Naas Road in Dublin. The firm is looking to build the development at Gowan House, a site previously owned by the Gowan motor group and put on the market for €7.5m in 2021. Malclose Ltd applied to Dublin City Council through the large-scale residential development process. If granted permission, the development would be built in two blocks of up to 15 storeys, containing a combined 871 standard rooms, 47 accessible studio rooms and 23 studios. They would be used for short-term lets during holiday periods. The Sunday Times, 26th November
Social Housing Schemes, Dublin US-headquartered investment giant Franklin Templeton has paid approx. €75m (approx. €480.7k per unit) to secure ownership of a portfolio of 156 apartments in Dublin. Developed by Kouchin Holdings, the units are distributed across five new social-housing schemes in Deansgrange, Dun Laoghaire, Donnybrook and Clondalkin. The Joinery is the largest of the five developments and comprises of 78 apartments over six floors along with two retail units extending to a total area of 6,500 sq. ft at ground-floor level. Franklin Templeton stands to secure a blended NIY of just under 3.45% on its investment with rent reviews every three years. The Irish Times, 22nd November
Dalkey, South Dublin Irish Life’s Irish Residential Property Fund has completed the purchase of 94 luxury apartments Winterbrook has developed at Dalkey in South Dublin. While the value of the off-market deal has not been disclosed, The Irish Times understands Irish Life has paid approx. €50m (approx. €521.2k per unit) to secure ownership of The Lookout on Harbour Road. The development comprises a mix of one-, two- and three-bedroom apartments distributed across two parallel blocks overlooking Dalkey Island. The Harbour Road scheme was developed on the grounds of Charleville, a large building occupying a 1.77-acre site which Winterbrook acquired for €5.5m in 2017. The Irish Times, 22nd November
Naas, Co Kildare Coonan Property has sold the Leinster Mills, perhaps better known as the former Odlums flour mills, at Oberstown in Naas. The property, which encompasses approx. 2.4 acres of land, was sold to a local businessman for an undisclosed sum. The site was previously for sale with another agent in 2020, when it was given a guide price of €2m. The buildings extend to more than 30,000 sq. ft and include a five-storey corn mill, a three-storey refurbished annex – which includes a refurbished mews in use as an office. The lands are zoned under the Naas Local Area Plan 2021-2027 as Objective F which is “to protect and provide for open space, amenity and recreation provision.” The Business Post, 25th November
Dublin Airport, Co Dublin Colliers is selling an investment site near Dublin Airport at a guide price of €2.75m. The site is situated approx. 400 metres from Dublin airport lands and totals an area of approx. 1.8 acres and is currently zoned GE – General Employment. The site further benefits from two tenancies. One of these is Emo Oil Limited, which occupies a portion of the site under a 10-year lease, which expires on March 31st, 2026 and is subject to a passing rent of €65k pa. The remainder of the land is leased to Value Van Rentals Limited under a 10-year lease expiring on December 31st, 2029 with a current passing rent of €86k pa, increasing to €92k pa on January 1st, 2024. The current combined passing rent is €151k, which is subject to an increase to €157k in 2024. The Business Post, 24th November
Peter McVerry Trust Darragh O’Brien, the minister for housing, is expected to seek cabinet approval for a €15m bailout of the Peter McVerry Trust, the housing and homeless charity, in the coming days. A memo is to be brought to cabinet next week seeking emergency funding for the organisation to allow it to continue providing services. It is understood that the organisation has given assurances to the Department of Housing and the Dublin Region Homeless Executive (DRHE) that improved budgetary and management process are being put in place. Under the proposal to go before ministers, the Department would provide a bailout of €15m with funding to be provided on a phased basis between December and March 2024. The Business Post, 24th November
The Peter McVerry Trust under-reported how much the homelessness charity spent on the running costs of property it owned by €1.3m, while overvaluing its assets by more than €3m, according to revised financial accounts. The trust has filed a revised set of accounts detailing several amendments to previously published figures. The revised accounts show the charity had overstated the size of its financial surplus over the last two years by €1.49m. The total value of properties owned by the charity had been overstated by €3.2m, with updated accounts revising the worth of property assets down from €165.5m to €162.3m. The new documents show the charity previously under-reported how much it had spent running its portfolio of more than 600 properties by €418k last year and €932k in 2021. The organisation took in €15m in donations last year, which included a €4.7m donation from the Capuchin Day Centre to be spent on social housing for homeless people. The trust received €43m in State funding, with nearly half that coming from the Dublin Region Homeless Executive, which paid the charity €19.5m to run homeless services. The Irish Times, 28th November
Foxrock, South Co Dublin An Bord Pleanála has upheld a decision to reject planning permission for 99 apartments in blocks of up to six storeys in Foxrock, Dublin, saying the development would be “too tall”. The scheme was proposed by Macro Properties North West Limited. The proposal to build 99 apartments would have involved demolishing two homes located on the site to the south of Westminster Road, near Foxrock village. The development would have been in three apartment blocks, which would have ranged between three and six storeys tall. It also would have included 145 car-parking spaces, 216 bike-parking spaces and a gym and cinema located on the ground floor of one of the apartment blocks. The Irish Independent, 25th November
Gannon Homes Accounts New accounts for Gannon Homes Ltd show the company’s turnover was stable during 2022 at €55.9m. This is up slightly compared with the €55.2m recorded in 2021. However, the company managed to reduce its running costs from €48.2m to €45.6m. This helped the firm record an operating profit of €8.3m, up from €4.8m in 2021, and a full-year profit of €5.5m. In turn, this allowed Gannon Homes to reduce its liabilities, which dropped from €104.7m to €99.2m. The Irish Independent, 25th November
Ballincollig, Cork Colman New Homes (Blarney) Limited has unveiled plans seeking permission to develop approx. 162 residential units in Ballincollig. The company has applied for permission for the Large Scale Residential Development, which would be located off Maglin Road. The proposed development would consist of 84 two-storey dwellings including 26 four-bedroom semi-detached homes, 28 3-bed semi-detached dwellings, 20 3-bed terraced dwellings and 10 2-bed terraced dwellings. It also contains 56 duplex units provided in six two- to three- storey buildings comprising 23 two-bed units and 33 one-bed units, and one four- to five-storey apartment building consisting of 22 no. apartments. The Irish Examiner, 23rd November
Residential Development Pipeline, Cork Plans have been unveiled for a large residential development in East Cork. Castle Rock Homes (Midleton) Ltd has submitted a planning application for approx. 272 new homes at Broomfield West in Midleton. The plan, which also includes a creche, includes a range of site development works. There are plans from Ingram Homes Limited to build 400 homes in Water Rock, while Glenveagh Homes has proposed 125 homes in Maple Woods, Ballincurra, Midleton. Havenfalls Limited has also proposed 330 homes at Knockgriffin, and there is another plan from Glenveagh for 270 homes in Castleredmond. All these schemes are unrelated and are at various stages of the planning process. The Irish Examiner, 23rd November
Housing Assistance Payment (HAP) Approx. two-thirds of households in receipt of the HAP last year were in employment of some kind, official figures show. This is a significant rise in the proportion of those in employment compared to the first year the scheme was introduced, with representatives in the sector saying it represents a recognition among those under financial pressure of their entitlements. Under the HAP scheme, tenants who qualify for social housing source their own private rental accommodation but have most of their rent paid directly to their landlord by their Local Authority. According to data from the CSO, there were a total of 68,180 households in receipt of HAP last year. Of those, 42,749 were in employment of some kind, representing 62.7%. By comparison in 2017, the first year in which it fully operated nationally, 42% of households were in employment. The median income for those on HAP has also increased to €19.3k last year, up from €14k in 2017. Figures from the Department of Housing show that last year a record €515.2m was paid to landlords by the State through the scheme. The Irish Times, 27th November
Mortgage Approvals First-time buyer mortgage approvals reached new highs in the year to the end of October despite a wider market slowdown, according to the latest figures from the Banking & Payments Federation Ireland (BPFI). The total number of mortgages approved fell by 20.1% YoY, while the value dropped by 16.9%, with the trend driven mainly by lower switching levels, the industry body said. Meanwhile, the average value of a first-time buyer mortgage reached €295k in October this year, up €27k on October 2022, reflecting higher house prices. The Irish Times, 24th November
Housing Construction Commencements The construction of 2,624 homes commenced this October, which was 42.5% higher than the number of commencements in the same month last year, new figures from the Department of Housing, Local Government and Heritage show. The strong uptick in commencement notices seen throughout this year continued last month, it said. The construction of 26,547 homes got underway in the first ten months of 2023. This represents a 16.6% increase on the same period last year, when the figure stood at 22,760. The Government estimated in its Housing For All plan, published in 2021, that 33,000 new homes would be required each year up to 2030. With two months remaining in 2023, commencement notices in respect of 6,453 homes will need to be received to achieve this target. The Irish Times, 23rd November
New Legislation Landlords selling a property will be obliged to first offer it to the tenant on the basis of an independent valuation under new legislation being proposed by Minister for Housing Darragh O’Brien. The draft Residential Tenancies (Right to Purchase) Bill will give tenants the right to first refusal if the landlord is selling. Under the rules, once a notice termination is served signalling the landlord’s intention to sell, the landlord must simultaneously invite their tenant to make a bid to purchase the property. The tenant will then have a period of 90 days to make one or more bids. After the 90-day period, the landlord will be obliged to invite a further bid from the tenant if the sales prices agreed with a third party on the open market “is lower than or equal to the tenant’s highest unsuccessful bid made during the initial 90-day period”. If the tenant is not in a position to buy and is at risk of being made homeless by the sale, the Bill allows for the relevant local authority (for tenants in receipt of social housing support) or the Housing Agency (for private tenants) buy the rented property “to continue renting it to the sitting tenant”. The Irish Times, 22nd November
Vacant Homes Just 3,000 homes across the State have been found liable for Vacant Homes Tax (VHT), a fraction of the 25,000 homes that were initially identified as potentially liable by Revenue. Introduced in the Finance Act 2022, the VHT was set at three times a property’s Local Property Tax (LPT) charge and applies to residential properties that have been lived in for less than 30 days in a year. After the first chargeable year of the tax, running from 1st November 2022 to 31st October 2023, the rate of VHT was increased to five times a property’s base LPT charge in Budget 2024, which applies to the current period running from 1st November 2023 to 31st October 2024. An update published by the Department of Finance has shown that as of 20th November, more than 50,000 properties have been reported through Revenue’s Vacant Home Tax portal. Approx. 5,000 properties were declared as vacant, while 45,000 were declared as occupied. Approx. 2,000 of these vacant properties have availed of a number of exemptions, this leaves a total of approx. 3,000 properties that are liable to pay the tax. The Irish Times, 21st November
An Bord Pleanála New evidence has come to light on the board breakdown at An Bord Pleanála in the fallout from the governance scandal at the body, delaying major housing projects. Internal files show how board decision-making on big housing and infrastructure cases came to a halt amid the turmoil. The backlog of planning cases is one of the biggest legacies of the affair, which prompted Government moves to overhaul An Bord Pleanála. The restructured institution will work under a new name, An Coimisiún Pleanála. Records point to a collapse in the processing of fast-track housing schemes by the board at that time, undermining efforts to tackle the worsening housing crisis. The board was supposed to be examining a large number of fast-track cases under Strategic Housing Development (SHD) laws because applications had surged before the legislation expired in early 2022. With An Bord Pleanála taking no SHD determinations for more than two months, the internal files show how a special board division was established for three weeks in a bid to revive decision-making. That move came alongside steps to expand the board, which now comprises 15 members, 11 more than at the height of the crisis. The Irish Times, 27th November
Planning System Overhaul Key stakeholders have broadly welcomed a new Bill designed to overhaul the Irish planning system, which they say will limit spurious objections, speed up processes, and address the infrastructure deficits facing the country. The Planning and Development Bill 2023, which runs to more than 700 pages, has been published in full by the Government, and is the result of a 15-month review by the Office of the Attorney General of the Planning and Development Bill 2000. Among the key aspects of the Bill is the introduction of new restrictions on parties that are eligible to seek judicial reviews of decisions by An Bord Pleanála. Applicants must have “a sufficient interest in the matter” and must be “directly or indirectly materially affected”. There is also closer scrutiny of complaints surrounding “significant effects on the environment”, as the Bill demands that organisations mounting challenges on these grounds must be in existence for a minimum of a year. New measures in the Bill will also involve a scheme which could curtail winning parties from facing excessive legal costs. The Bill will now be reviewed by the Oireachtas and is expected to be enacted next year. The Irish Times, 22nd November
Ballincollig, Cork The largest land deal of the year in the greater Cork area at €15m at Maglin, Ballincollig, will bring the total amount invested in development land around the city to approx. €50m by year’s end, approx. twice what was spent in 2022, which was put at €26m. The 2023 spend now approaching €50m is across 15 separate deals, and spanning 160 acres, putting average values for residential development land at €300k based on a €48m spend to date in 2023. The site was first brought to market in the latter half of 2021 when the guide price was €20m. In the event, the value was down by 25%, and it took two additional years to finally get over the line. Vendors in the €15m sale were a local business/farming family and the buyers included developers/builders Murnane & O’Shea. Separately, 2023 is coming to an end with approx. €100m worth of land in the metropolitan Cork area still on offer, most of it off-market, and including at the Ford/docks site for €30m for Glenveagh; approx. €22m at Ballyvolane; approx. €15m at Fernhill, Carrigaline; at the city’s Good Shepherd Convent close to the LDA’s site at St Kevin’s; and at Waterfall, the Grafton Group’s site, with 16 acres on offer for approx. €6m. The Irish Examiner, 23rd November
Coom Green Energy Park, Co Cork An Bord Pleanála has given the green light for a massive wind farm in County Cork, called Coom Green Energy Park. ESB Ireland, Coillte and Ørsted received planning permission for their 121 MW project which will consist of up to 22 wind turbines. According to Ørsted, the wind farm will be able to power up to 80,000 homes and displace 150k tonnes of carbon emissions. Ørsted holds 50% of the project while the other 50% are held by ESB Ireland’s and Collite’s joint venture FuturEnergy Ireland. With the permission granted the companies now have 10 years to finalise the project, however according to Ørsted, the park could already be operational in 2027. The Business Post, 22nd November
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Kenmare, Co Kerry The Park Hotel in Kenmare has been purchased by Irish businessman Bryan Meehan, co-founder of the Nude skincare brand, for an undisclosed sum. Brothers Francis and John Brennan had advertised the 46-bedroom hotel and its sister hotel, the four star Lansdowne, for sale with a combined price of €20.5m. It is understood that the agreed sale does not include the Lansdowne. During the pandemic the hotel’s revenue dropped from €5m to €2m, but the brothers have managed to lead it back to profitability. In 2022, revenue rose to €5.5m, resulting in a profit of €1.15m. The Business Post, 16th November
Dawson Street, Dublin 2 A group of private Irish investors is closing in on the purchase of the Dawson Hotel in Dublin City Centre. The consortium is understood to have agreed a deal to acquire the property at 35/36 Dawson Street for approx. €16m. The figure represents a 9% discount on the €17.5m price CBRE had been guiding when the property was brought to the market on behalf of its current owner, Tetrarch Capital, last January. The Irish Times, 15th November
Center Parcs Brookfield has put a halt to its attempt to sell leisure business Center Parcs. Although a strategic review is still officially ongoing, tools have been downed on the process, in which Brookfield had been aiming to achieve a £5bn exit. The top bid for Center Parcs is understood to have been registered at approx. £3.7bn, along with further add-ons subject to performance. Center Parcs currently operates at an occupancy level of approx. 98%, with approx. 60% of its visitors being repeat customers. Center Parcs has approx. £2.5bn of debt secured against it, with Brookfield having undertaken a partial £648m refinance in April in two separate bond issuances priced at 5.9% and 6.1%. Brookfield bought Center Parcs from Blackstone in 2015 for £2.4bn. It owns six giant parks of which five are in the UK and one in Longford, which was developed under Brookfield’s ownership. React News, 16th November
Sandyford, Dublin 18 Sigmoid has signed a 10-year lease for 3,194 sq. ft fronting on to Beacon South Quarter Square for Dublin’s first indoor golf centre, which will be known as Sigmoid HQ. The development of the facility comes on foot of the approval by Dún Laoghaire Rathdown County Council of a planning application for a change of use of the unit from retail to leisure. Sigmoid HQ operates an indoor golf centre that features a number of bespoke indoor golf simulators equipped with TrackMan technology. The space also includes an indoor putting green delivered to golf-course standards and coffee bar. Sigmoid, which works with a number of professional golfers on the LPGA and Ladies European tours, will offer customers a range of services including golf simulators for personal use, golf classes and custom golf club fittings for golfers of all levels. The Irish Times, 15th November
Grafton Street, Dublin 2 Colliers has launched the sale of No. 55 Grafton Street in Dublin, comprising a ground floor and basement commercial building. The unit was recently let to Claddagh Jewellers, an Irish-owned family business operating since 1967. No. 55 is located at the St Stephen’s Green end of Grafton Street, close to the Disney store, Lifestyle Sports and Benetton. The store extends to 690 sq. ft over two levels and is let under a ten-year lease from July 2023. It is subject to a reserved rent of €150k pa exclusive. Colliers is seeking offers in excess of €2.5m (NIY 5.46%). The Business Post, 18th November
St Patrick Street, Cork Penneys has confirmed that it was “never tempted to look at Debenhams” when planning a €60m redevelopment of its flagship store on Cork City’s main street, which has just been cleared by planners. By the time Debenhams, formerly Roches Stores, became vacant in April 2020, Penneys had already spent the bones of 10 years and tens of millions of euros assembling almost an entire block on St Patrick Street. Having completed the site assembly, with the help of O’Flynn Construction, it lodged plans to expand its retail space by approx. 50% in August 2021. Cork City Council consented to the plan, but it was subsequently appealed to An Bord Pleanála by the owner of a premises on Cook Street, who objected to the inclusion of Elbow Lane in the redevelopment. The Lane traverses the site and had been used for servicing of commercial units and refuse storage. The board ruled in Penneys favour, a move business leaders have hailed as “excellent news for the city”. The Irish Examiner, 18th November
Hibernia Real Estate Refinance Brookfield has refinanced part of the Hibernia Real Estate portfolio it bought last year in a €1.1bn deal to take the former stock market-listed REIT private. The refinancing of €411m of the Hibernia debt comes amid a significant downturn in the commercial property market, but it is understood will support further development projects. Hibernia said the transaction included the transfer for certain assets within the group. Brookfield’s 2022 takeover was backed by €930m of debt raised from global banks Goldman Sachs, JP Morgan and Société Générale. The deal struck by Brookfield represented a near 36% premium to the closing price of Hibernia’s shares. Shares in the Irish group had traded at a discount to net tangible assets for six years before the sale. The Irish Independent, 21st November
Carrickmines Park, South Dublin The penthouse on the third floor of the Iveagh Building at Carrickmines Park is guiding at a price of €2.9m (€223 psf) through Colliers. The property comprises 12,994 sq. ft of fully fitted open-plan office space, meeting rooms and a boardroom. The floor is complemented by two large outdoor terraces and 27 designated car-parking spaces at basement level. The Irish Times, 15th November
Britain Quay, Dublin 2 Following on from the recent letting of the entire 11,217 sq. ft first floor at Central Quay in Dublin South Docklands to Millenium Capital Partners, Hibernia Real Estate Group has now secured Peninsula Petroleum as tenants for part of the building’s second floor. The company has agreed to take 3,845 sq. ft of space at the building. Both tenants are understood to have committed to a rent of approx. €54 per sq. ft. CBRE is now marketing the remaining part of the second floor extending to 7,347 sq. ft which is fully fitted to a CAT A specification and is available immediately. The Irish Times, 15th November
Northumberland Road, Dublin 4 No. 80 Northumberland Road, the headquarters of MS Ireland, is being offered to the market with the benefit of vacant possession by CBRE at a guide price of €2.1m. The subject property comprises a three-storey over-basement period building of 4,399 sq. ft (€477 psf). While the property is in office use at present, it offers the potential for conversion to residential use subject to planning permission being obtained. The property comes with 10 car-parking spaces and is accessed from both Northumberland Road and from an entrance to the rear of Lansdowne Park. The Irish Times, 15th November
Logistics Hubs, North Dublin Irish property investor and developer Iput could invest in excess of €250m in two new huge Dublin logistics hubs. Iput, already the largest owner of modern logistics assets in Dublin, recently submitted plans to Fingal County Council for its Nexus 2 logistics development, which would consist of 12 logistics and warehousing buildings at a 118-acre site at Killamonan near the Cherryhound Interchange of the M2 in North Dublin. It has already received planning permission for its Nexus 1 project nearby, which would consist of five separate logistics facilities across a 64-acre site. The Irish Independent, 19th November
Malahide Road Industrial Park, North Dublin Pan-European investor and asset manager, M7 Real Estate, is seeking an occupier for the former Bunzl premises at Malahide Road Industrial Park. Now known as Newtown Hub, the 74,540 sq. ft warehouse facility is being offered to the market following the completion of a comprehensive repositioning and upgrade programme by Savills at a quoting rent of €895k pa (€12 per sq. ft). M7 acquired the property in near-derelict condition from Hibernia Real Estate Group in 2022 for €6.25m. The Irish Times, 15th November
Old Airport Road, Co Dublin Colliers is guiding a price of €2.75m for a 1.8-acre site zoned for employment use immediately adjacent to Dublin Airport. Located on the Old Airport Road and to the west of the Swords Road, the subject property is occupied by two tenants and generating an overall rental income of €151k pa. Emo Oil Limited occupies a portion of the site under a 10-year lease, which expires on March 31st, 2026 and is subject to a passing rent of €65k pa. The site is an unmanned filling station operated by Certa and covers a portion of roadside to the front of the property. The remainder of the land is leased to Value Van Rentals Limited under a 10-year lease expiring on December 31st 2029 with a current passing rent of €86k pa, increasing to €92k pa from January 1st, 2024. The current combined passing rent is €151k, which is subject to an increase to €157k in 2024. The Irish Times, 15th November
Irish Student Accommodation Report According to Cushman & Wakefield, for the 2022/23 academic year, there were approx. 199,000 full-time students, reflecting a 13.5% increase since 2017. Dublin leads in bed space supply with 19,500 beds, followed by Cork (7,600), Limerick (6,200), and Galway (5,300). 66% of beds are in private ownership with the remaining beds being University owned.
Since 2016, the number of beds in Dublin has almost doubled from just under 10,000 to 19,500, however the rate of growth in new beds has fallen from a high of 20% in 2018 to just 1%, as the pace of new deliveries has slowed significantly amidst headwinds of rising development costs and issues around debt funding. There are just under 1,900 bed spaces currently under construction across six developments In Ireland. Cork accounts for 702 bed spaces over 2 developments, with 513 bed spaces under construction in Dublin spread across 3 developments, and 345 bed spaces in Galway in 1 development. A further 189 and 115 beds are under construction in Dundalk and Maynooth, respectively. Cushman & Wakefield Report, 16th November
Blackrock, South Co Dublin Oval Target, a company controlled by Patrick McKillen Jr and Matt Ryan, is in talks to sell lands at Temple Hill in Blackrock, Co Dublin, at a sum substantially below its purchase price. Oval Target paid €30m for the 9.86-acre holding, formerly owned by the Daughters of Charity of St Vincent de Paul, in 2017. It is understood that Greystar, a US investment fund, will pay approx. €25m for the site, which has planning permission for the development of 291 one, two and three-bedroom apartments. The last filed accounts for Oval Target, to the end of 2019, put amounts owed to senior lender Greenoak Real Estate at €22.4m, with a further €14.3m due on shareholder and “other loans.” Oval sought to increase its planning to 446 units but the plan is subject to judicial review proceedings. The company put the lands on the market for €45m in early 2020 only for any sale to be derailed by the pandemic. The Sunday Times, 19th November
Montrose, Dublin 4 The current value of RTÉ’s Montrose campus is approx. €100m, significantly below the value per acre in 2017 when the broadcaster last sold part of its south Dublin headquarters. In its new strategic vision, the broadcaster has confirmed that Savills have commenced a high-level assessment of the site, which it said will take some time to conclude. However, the commercial real estate market faces several challenges at the moment and any sale of the Donnybrook site is further complicated due to a number of protected buildings on the campus, the broadcaster said. In 2017, RTÉ sold just under nine acres of land at Montrose to Cairn Homes for €107.5m. The Business Post, 14th November
Lone Star, the US private equity fund, is examining options for its substantial investment in Quintain Ireland as the housebuilder looks to double its ¬construction output by 2026. The Sunday Times understands that Lone Star, which set up Quintain Ireland in 2019, could bring in another equity ¬or funding partner or sell part of its existing interest to another entity. The Sunday Times, 19th November
Start Mortgages, owned by private equity giant Lone Star, is to quit the Irish market. Start manages over 11,000 mortgages with an estimated value of approx. €2.2bn. Lone Star has reached an agreement to transfer the servicing rights of Start’s mortgage book to Mars Capital. The value of the deal between Mars and Start has not been disclosed. Lone Star acquired Start in 2014 as part of a bigger portfolio of assets. The Business Post, 15th November
The Peter McVerry Trust has been provided with a sum of emergency funds by the Dublin Region Homeless Executive (DRHE). Following revelations in August that the Peter McVerry Trust had encountered “potential financial issues”, the charity sought more than €5m in emergency funding. The Business Post understands a small portion of this amount has been released to the homelessness services and housing charity. Discussions surrounding a wider bailout for the organisation are still underway, with the matter being reviewed by an oversight group established by the Department of Housing. A spokesperson for the DRHE has said that the charity has now been provided with a sum of funding to allow for the continuity of services. They said the trust has been provided with “sufficient funding” to ensure that services will not be interrupted. The DRHE did confirm how much funding has been released. The Business Post, 13th November
Croí Cónaithe Scheme The state has agreed a deal with Glenveagh Homes to part-fund construction of 274 private market apartments in Cork city, the largest scheme of its kind in the city for more than a decade. Further deals have been struck with Cairn Homes and Park Developments, the development firms, to subsidise construction of further apartments for the private market in Cork and Dublin. The three apartment schemes, which contain 395 units in total, will be the first projects to be funded through the Croí Cónaithe Cities scheme, which is being managed by the Housing Agency. The largest project being part-funded by the state will be Blackrock Villas, Blackrock, Co. Cork. Glenveagh secured planning permission for the 274 apartments on the site in 2019, but construction did not commence. Upon completion, there will be a mix of studio, one-, two- and three-bed apartments for sale in Blackrock Villas on the open market at subsidised prices. A further 68 owner-occupier apartments being developed by Cairn Homes on Carr’s Hill Carrigaline Road in Douglas, Co. Cork, will also be subsidised through Croí Cónaithe Cities. In Dublin, the Housing Agency has also agreed to subsidise the delivery of 53 owner-occupier apartments being developed by Park Developments at Woodward Court, Glencairn, Murphystown Way, Dublin 18. The Business Post, 17th November
Residential Sector House prices across the State rose at an annual rate of 1.4% in September, marginally up on the previous month, but still anchored near a three-year low as higher interest rates dampened buying activity. The latest residential property price index, compiled by the CSO, shows that prices in Dublin continued to decline, however. Values in the capital fell at an annual rate of 1.9%, the sharpest rate of drop since 2012 when the market was still mired in the financial crisis. Prices outside Dublin rose at an annual rate of 4%. The State’s property market has slowed significantly since a pandemic-driven surge in 2020 and 2021. The softening is perhaps best illustrated by a slowdown in transactions. The latest CSO data indicates 4,255 house purchases were filed with Revenue in September. This represents a 7.2% decrease compared with the 4,583 purchases in September 2022 and an 8.3% decline compared with the 4,640 purchases in August this year. The total value of transactions filed in September was €1.6bn. The Irish Times, 15th November
Dangan Castle, Co Meath Having only recently agreed an €11m deal to acquire the nearby Dowth Hall and its vast 552-acre estate for use as a new national park, the State may well be among the parties to run the rule over the sale of Dangan Castle in Co Meath. Nestling in the midst of 236 acres of lands comprising tillage, grassland and forestry, Dangan Castle is being offered to the market by Knight Frank at a guide price of €3.1m. The castle stands on an elevated site overlooking the estate, which is laid out currently in three sections, with 50 acres of grassland, 115 acres of tillage and 70 acres of forestry. The Irish Times, 15th November
Vacant Site Levy An Bord Pleanála has refused an appeal to have the former Smurfit paper mill in Clonskeagh owned by Bain Capital removed from Dublin City Council’s vacant site levy list. The appeal was brought by Harley Issuer DAC, whose only shareholder is SMT Trustees (Ireland) Limited. SMT Trustees act for and on behalf of Bain Capital Credit Global ICAV, in turn acting for and on behalf of its Sub Fund Bain Capital Credit CCC Fund. The annual levy is charged at 7% of the market valuation of the property. According to the council’s latest register, it values the site in question at €10m. This would put the estimated annual levy take at €700k. The 3.21-acre former Smurfit paper mill site was acquired in 2005 by developer Gerry Gannon who then sold it on to the American private investment firm in early 2021 with planning permission in place for 126 apartments in multiple blocks. According to quotes from Knight Frank at the time, the site was valued somewhere between €18 and €20m. An additional planning application was submitted in October 2021 by Harley Issuer for an aparthotel in addition to the apartments. This was subsequently withdrawn in September 2022. The Currency, 20th November
Kilternan, Co Dublin The Comer Group has objected to a demand from Dún Laoghaire-Rathdown Co Council for a public road to be installed through its land near the Kilternan hotel development. The company acquired the property in 2014 for €7m. The Comers secured planning permission to develop an equine training facility on the lands in 2016. Dún Laoghaire-Rathdown Co Council has warned Nijinsky Property Company Limited, a firm owned by the Comer brothers, about unauthorised construction at its planned ‘equine centre of excellence’ on the lands. Planners at Dún Laoghaire-Rathdown Co Council have told the Comer Group it has “responsibility in relation to the public right of way” in the area and “it appears that accessibility is compromised” following the construction by the company in the area. The Comer Group has lodged an appeal with An Bord Pleanála in a bid to get the public route requirement struck out. A decision is expected in March 2024. The Business Post, 19th November
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Shopping Centres, Blanchardstown and Tallaght AIB faces a haircut of up to 20% on the sale of loans advanced to two of Dublin’s largest shopping centres. According to the Sunday Times, the debt sale went to second-round bids, with four credible bids received in the first round. Offers were said to be at 80c on the euro. Blanchardstown shopping centre, which is controlled by Goldman Sachs, was put on the market for €700m, €50m less than Goldman paid for it in late 2020. The AIB loan on the centre has a face value of €175m and is part of a total syndicated senior debt package of €570m. AIB is the main senior lender to OCM Luxembourg Square Retail, a vehicle owned by Oaktree Capital Management which owns the Tallaght mall. It owed the bank €191m at the end of 2021. The Tallaght shopping centre is being sold for approx. €160m. The Sunday Times, 12th November
Retail Sector The latest research from MSCI and SCSI, the indexes for Irish commercial property investment, reveal that retail rents continued to increase in the third quarter of the year at rates of between 2% for shopping centres and 1.2% for those in Grafton Street. Consequently, over the 12 months to September, rents have increased across the sector by strong single digits ranging from 5% in Grafton Street to 7.1% in retail warehouse and 7.4% in shopping centres. Despite rental recovery the capital values of such properties continued to fall and this is attracting private Irish investors. According to MSCI, shopping centres and retail warehouses saw their values drop 1.2% and 2.1% respectively in the quarter while Grafton and Henry/Mary Street values fell 5.8% and 8.2% respectively. The Business Post, 11th November
Earlsfort Terrace, Dublin 2 Having already agreed a deal earlier this year to sublet just under 50,000 sq. ft of the office space at its new headquarters on Dublin’s Earlsfort Terrace to KKR, Intercom has decided to delay its own move into the property. The high costs associated with fitting out the Cadenza building are understood to have informed the company’s decision to seek out alternative, fully fitted accommodation at numbers 124-127 St Stephen’s Green instead. According to market sources, Intercom intends to rent approx. 40,000 sq. ft at the St Stephen’s Green building from its main tenant, Indeed, on a short to medium-term basis. The space being taken by Intercom became available in 2021 following Indeed’s move to consolidate its own Dublin-based operations into its other office at Capital Dock in the city’s south docklands. Intercom agreed to pre-let the entire Cadenza building (110,868 sq. ft) on an 18-year lease prior to the arrival of Covid-19 in December 2019. KKR occupies the top three floors of the property following the agreement of a deal that saw Intercom assigning part of its lease with the building’s owner, Irish Life, to the global investment firm. The Irish Times, 8th November
Adelaide Road, Dublin 2 Joint letting agents BNP Paribas Real Estate and CBRE have managed to secure occupiers for the entire of 57 Adelaide Road on a floor-by-floor basis. The recently refurbished grade-A building, which extends to 15,663 sq. ft is now home to BNP Paribas Real Estate Ireland, Murgitroyd, Acacium Group and VMO Aircraft Leasing. BNP Paribas Real Estate Ireland were the first tenant to move into the property and agreed to lease the entire ground floor extending to 4,854 sq. ft, while European patent and trademark lawyers, Murgitroyd took a lease on the second floor extending to 3,730 sq. ft on a 10-year term. Acacium Group, which specialises in recruitment, agreed to lease the penthouse floor extending to 2,549 sq. ft on a 10-year term while the final letting to VMO Aircraft leasing was for the first-floor suite extending to 4,530 sq. ft on a 10-year term. Rental levels across all four lettings are understood to have been approx. €50 per sq. ft and €3.5k per car space pa. BNP Paribas Real Estate and CBRE are also seeking tenants for the adjoining Corrib House, an end-of-terrace self-contained Georgian office building fronting onto Lower Leeson Street. The subject property extends to a net internal area of 4,270 sq. ft and is available for immediate occupation. The quoting rent has been set at €32.50 per sq. ft. The Irish Times, 8th November
Chancery Lane, Dublin 8 Sretaw PE is understood to be closing in on the acquisition of the Chancery building in Dublin City Centre for approx. €19m. Should a deal proceed at that level, it would equate to a discount of 23% on the €24.75m price that had been guided by Knight Frank. The proposed price is approx. 20% lower than the €23.8m Credit Suisse paid Hibernia Reit to secure ownership of the property in 2017. The Chancery building, built in 2005, comprises a six-storey over-basement office and residential development on Chancery Lane in Dublin 8. The office element of the scheme extends to 34,283 sq. ft with secure basement car parking for 19 cars. There are also four two-bedroom units that extend to 818 sq. ft each. The offices are fully let to three tenants and are producing total rental income of €1.4m pa, 69% is being generated by State tenants. The ground floor is let to Wella Studio. The first to fourth floors are let to the OPW. The penthouse floor is occupied by Analytic Partners. The four apartments are fully let to private residential tenants. The rent roll of the residential units equates to €99k pa. The Chancery building comes with planning permission to extend the floor area of the office accommodation by 9,838 sq. ft. The Irish Times, 8th November
Tifco Hotel Group Apollo Global Management is working on the sale of its €500m+ Irish hotel platform. Eastdil Secured has been mandated to explore various disposal options for the Tifco Hotel Group business, Ireland’s second-largest hotel chain. Tifco operates 25 hotel properties across Ireland, with approx. 3,000 rooms in total, although the number of assets it owns is understood to be 16. The portfolio includes 11 Travelodge hotels across Ireland and Northern Ireland, with the majority in Dublin. The five Dublin assets include Townsend Street in the city centre; Rathmines; Dublin Airport South; Dublin Airport North Swords; and Phoenix Park. Apollo acquired the hotels when it bought the Tifco hotel business from Goldman Sachs in 2018. The US group is understood to have paid approx. €320m for the standing hotel assets and committed a further €80m to €100m to fund the development schemes. React News, 9th November
Morrison’s Quay, Cork Cork City’s newest hotel, the €45m Premier Inn, is set to be handed over to its operators, the Whitbread Group, in less than two weeks time. The group is hoping to open the 187-bed Morrison’s Island hotel by the end of January next year. The development includes ground floor offices in one section of the hotel, as well as refurbished offices in Nos. 11,12 and 13 Morrison’s Quay. The Irish Examiner, 9th November
Killarney, Co. Kerry The Aghadoe Heights Hotel in Killarney has been granted permission by Kerry County Council for the provision of a new four-storey extension to its rear. Comprising approx. 22,173 sq. ft, it will allow for the provision of 30 additional hotel bedrooms and ancillary spa storage and plant space. The development at the five-star hotel will increase its total number of bedrooms from 74 to 104. Under the development, the overall hotel size will increase from 87,133 sq. ft to 110,276 sq. ft. The Irish Examiner, 8th November
Griffin Group Hotels, which operates the Monart Destination Spa and the Ferrycarrig Hotel in Co Wexford, as well as the nearby Hotel Kilkenny, saw its profits drop by more than a third last year. The business said it was “significantly impacted” by the rise in interest rates, as well as in the cost of food and energy. It reported a profit of €1.8m for the year, which was down from €2.9m in 2021 and €2.2m in pre-pandemic 2019. On the brighter side, turnover recovered to €25m as public health restrictions were lifted. Turnover in 2021 amounted to €12.8m, while the group generated a turnover of €25.2m in 2019. The group continued to invest in its properties with €2.1m capital spent throughout 2022. It invested in the significant refurbishment of all bedrooms at Monart Destination Spa, a major renovation of Hotel Kilkenny’s Rosehill 1831 bar and continued refurbishment of the Ferrycarrig Hotel bedrooms and public areas. The group’s director of sustainability said it would invest a further €1.2m in sustainability measures in 2024. The Irish Times, 14th November
North Quays, Dublin City Centre Ronan Group Real Estate (RGRE) will be allowed to build Dublin’s tallest building — 25 storeys — at the Waterfront South Central site on the North Quays, bringing an end to a years-long battle with authorities over height restrictions. RGRE confirmed that the site would be for a “signature apartment block” with 25 floors, up from the ten-storey cap in the North Lotts and Grand Canal Dock planning scheme. The decision to more than double the height of buildings allowed in the area was made by Dublin City Council and An Bord Pleanála. The approval marks a concession for both sides given they applied in 2019 for a 44-storey block with 1,005 apartments across the site. A second residential block at the rear of the Waterfront site can now consist of 12 floors, up from the previous seven storeys. The project will be built by Libra Living, RGRE’s residential brand and the developer behind the nearby Spencer Place apartments. The Sunday Times, 12th November
South Circular Road, Dublin 8 A three-year legal battle against the construction of two build-to-rent and co-living schemes on the sites of the former Bailey Gibson and Player Wills factories in Dublin 8 has been brought to an end, paving the way for apartment blocks up to 19 storeys tall. US property group Hines bought the former Player Wills cigarette factory and Bailey Gibson packaging plant sites on the South Circular Road, which had been in the control of Nama, in 2018. Hines was granted permission in 2020 by An Bord Pleanála for 416 homes with a 16-storey apartment block on the Bailey Gibson site. In 2022, the board granted the developer permission for the construction of 732 apartments across four blocks with one building rising to a height of 19 storeys on the Player Wills lands. In 2021, the High Court referred aspects of the Bailey Gibson case to the European Court of Justice. Earlier this year the case was determined in Hines’ favour but this was then appealed to the Supreme Court. It is understood that talks with the residents’ association have been ongoing for some months in an attempt to reach an agreement which would allow construction to begin on site. It is expected Hines will now work with the Land Development Agency. The Irish Times, 8th November
Residential Zoned Land Tax (RZLT) The owner of Independent House, the former headquarters of Independent Newspapers on Abbey Street in Dublin, has failed in its bid to have the 1920s protected structure excluded from the new land-hoarding tax. Retailer Primark bought the old newspaper building 10 years ago, and was expected to expand the clothing and homewares shop. However, the building remains vacant, its windows covered by metal panels. In its submission the retailer said it should not have to pay the new RZLT because the building was not suitable for conversion to residential use. Separately the board has upheld the decision by Dún Laoghaire-Rathdown County Council to include two sites owned by the Carmelite order of nuns in South Dublin on the register. The order had appealed the inclusion of the Carmelite Monastery of the Immaculate Conception, Roebuck Road, Clonskeagh, close to UCD, and St Joseph’s Monastery on Kilmacud Road Upper, Blackrock, on the RZLT maps. The Irish Times, 13th November
Dublin Port A plan to provide berths for houseboats on the river Liffey and develop a residential marina at Pigeon House Harbour, has been presented to Minister of State at the Department of Housing. The plan would see the reopening of the existing Pigeon House Harbour beside the decommissioned power station on the Poolbeg peninsula, to provide a marina for long-stay and visiting boats. Proposed by the Dublin branch of the Inland Waterways Association of Ireland (IWAI), the plan also repeats a 2018 Dublin City Council recommendation for berths for residential, commercial and leisure use, at various locations along the river between Matt Talbot Bridge and the 3Arena. The Irish Times, 13th November
Schoolhouse Lane, Dublin 2 CBRE is guiding €4.5m for a block of 12 self-catering apartments and penthouses in Dublin’s Central Business District. Known as Molesworth Court Suites, they are located on Schoolhouse Lane, which connects Kildare Street to Molesworth and Dawson streets. Ranging in size from 441 to 1,377 sq. ft, the units include two split-level penthouses and the building comprises four floors over a reception entrance hall. Seven car-parking spaces are located at ground floor. CBRE declined to comment to the Irish Independent on the annual income from the short-stay units but the Molesworth Suites website recently quoted rates starting at €230 per night. The Irish Independent, 9th November
Housing Agency Acquisitions (HAA) Fund Just over 900 properties had been acquired by the Government’s HAA fund as of May this year, against a 2021 target of 1,600, according to Department of Housing. The €70m fund was established in 2017 with the aim of acquiring vacant property portfolios from banks and financial institutions that could then be used for social housing. The target for the HAA fund was to acquire 1,600 units over a four-year period to 2020. However, this target was subsequently extended out to 2021. According to data provided by Minister for Housing Darragh O’Brien, 904 properties had been acquired under the HAA fund as of May of this year. Mr. O’Brien said a further 52 properties were delivered under the HAA fund programme but bought directly by local authorities using capital funding through the Social Housing Capital Investment Programme. The Minister also noted that the Housing Agency also completed the acquisition of 606 properties while acting on behalf of local authorities. Mr. O’Brien said his department had conducted a review of the HAA in 2022, which identified a number of challenges faced by the fund, “the most significant of which is the reduced availability of suitable units from banks and equity funds.” The Irish Times, 9th November
Vacant Houses Dublin Council homes will be left derelict or boarded up in Dublin city next year unless the Department of Housing reverses funding cuts for refurbishment, a senior Dublin City Council official has said. The council’s 2024 budget, which will be presented to councillors next week, includes €10m for “voids” – houses or flats which have been vacated by tenants but are not in a fit condition to be relet, a drop of €15m on 2023’s funding. The council had restored 843 homes this year, an increase of 22% on 2022 and 642 units “became void” to date in 2023. There are approx. 500 council homes in Dublin city waiting to be refurbished, a figure which fluctuates as homes are vacated or refurbishment work completed. “Voids in 2023 are costing us on average about €45,000. Before 2023 it was an average cost of €32,000 and this is to do with materials and labour costs,” the official said. The Irish Times, 9th November
Killarney, Co. Kerry A prime piece of land near Killarney town centre with a guide price of €2.5m and residential zoning is attracting “very strong interest” according to the auctioneer. The 4.5-acre site had the potential for 15 homes per acre, but potentially more if a developer was allowed to build upwards. It is within walking distance of Killarney town centre and national park and has handy access to the Tralee Road/Cork Road and the Ring of Kerry Road. The Irish Examiner, 9th November
Killarney, Co. Kerry Planning permission has been granted for a major housing development in Killarney. KPH Construction has been granted permission by Kerry County Council for the construction of 249 new homes in Upper Park Road, Killarney. The development includes a range of house type, including 117 three-bed houses, six four-bed houses, and two five-bed houses. There are approx. 68 two-bed apartments, 38 one- bed apartments, and 18 two-bed houses. All are two-storeys. The developer has also included provision for a two-storey creche of approx. 4,488 sq. ft in gross floor space, approx. 529 car parking spaces, as well as 352 bicycle spaces. The Irish Examiner, 8th November
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Ballsbridge, Dublin 4 Blackstone has started a process to bring debt finance into its €400m Facebook campus in Dublin. The private equity house is understood to be searching for up to €250m of debt, sources said, with JLL instructed to scout out potential lenders. Blackstone bought Facebook’s new European headquarters in Ballsbridge, Dublin 4, for one of its core-plus vehicles at the end of 2021. The four blocks, totalling close to 350,000 sq. ft, are fully let to Facebook owner Meta for 15 years. The properties were sold to Blackstone by the Serpentine consortium, a syndicate of private individuals and companies assembled by AIB Private Banking and Goodbody Stockbrokers. React News, 2nd November
WeWork has filed for bankruptcy as the SoftBank Group-backed company struggles with a massive debt pile and hefty losses. Shares of the flexible workspace provider have fallen approx. 96% this year. The company had net long-term debt of $2.9bn at the end of June and more than $13bn in long-term leases, at a time when rising borrowing costs are hurting the commercial property sector. WeWork is one of the biggest office tenants in Dublin, occupies space at the 2 Dublin Landings building in the docklands as well as on Harcourt Road and the Charlemont Exchange near the Grand Canal. As recently as September, the company said it remained on course to occupy most of the former Central Bank of Ireland building in Dublin, even as it was seeking to renegotiate nearly all of its leases around the world and leave some buildings it currently occupies. The Irish Times, 7th November
St Stephen’s Green, Dublin 2 Abbey Capital is making the move from its base next to Dublin’s Rotunda Hospital to a new statement headquarters on the south side of the city. With its long-standing offices at Cavendish Row now on the market at a guide price of €4.2m, the company is relocating to no. 8 St Stephen’s Green after acquiring the property in September. Abbey Capital bought the home of the former Hibernian United Services Club for €16m. The price paid represented a discount of just over 25% on the €20m Cushman & Wakefield had been guiding when it first offered the property for sale last year. The Irish Times, 1st November
Lower Bridge Street, Dublin 8 Finnegan Menton is quoting a price of €3.2m for No. 1 City Gate on Lower Bridge Street in Dublin 8. The property, immediately adjacent to The Brazen Head, briefly comprises a four-storey office building extending to a net internal area of 8,960 sq. ft along with eight car-parking spaces. With the current occupier, Abbey Travel, in the process of moving to new premises nearby, 1 City Gate is being offered for sale with the benefit of vacant possession. The Irish Times, 1st November
St Stephen’s Green, Dublin 2 The average daily rate for a room in the Shelbourne Hotel in Dublin jumped to €426 at the end of September from €410 last year, driving revenues at the five-star up by approx. one-fifth, according to its US owner. Kennedy Wilson, the property investment group that spent €138m in 2014 to take control of the 265-bedroom hotel from Irish Bank Resolution Corp, formerly Anglo Irish Bank, said in US filings that revenues from its hotel operations in the first nine months of 2023 are already approaching the full-year total for 2022. The Shelbourne was the only fully operational hotel in the Kennedy Wilson portfolio in the three months to the end of September, although it recently opened a resort in Hawaii after a refurbishment. According to the unaudited financial statements filed with the Securities and Exchange Commission, Kennedy Wilson’s hotel revenues jumped by more than 18%, from $14m in the third quarter of 2022 to $16.4m between June and September this year. The property investment company has also seen an increase in its cost base at the Shelbourne, with expenses from its hotel operations rising to $27m in the first nine months of the year compared with $20m over the same period last year. Kennedy Wilson’s annual report last year suggested the hotel’s valuation has increased by a quarter to €236m. It has spent approx. €36m on refurbishment works since it acquired the property. The Irish Times, 2nd November
IFSC, Dublin 1 UK-based investor Attestor Capital is selling its Lagoona Bar & Restaurant on Mayor Square and CBRE is inviting final offers in excess of €1m to be submitted by noon on 29th November. Attestor bought Lagoona as part of a group of five pubs from the family of TP Smith in a deal which valued the group at more than €35m in 2021. The five included the Auld Dubliner and The Norseman in Temple Bar, The Forty Four in Swords as well as TP Smiths on the corner of Jervis and Upper Abbey streets. The Lagoona itself is a modern contemporary venue, extending over two levels with a total floor area of 9,192 sq. ft. The ground floor includes a bar and lounge together with fully equipped catering kitchen. A first-floor mezzanine provides a dining atmosphere as well as the option to hold private gatherings. A small outdoor seating area is located at the front of the property. The Irish Independent, 2nd November
Kildare Town The former Boland’s pub on a 0.581-acre site in Kildare Town was sold for €1.26m. Located on a corner with frontage on Market Square and Bride Street, the property was sold in two lots by Jordan Auctioneers to the same bidder. Lot One including the former pub, a three-bedroom residence, two own door apartments, three commercial units, outhouses and garden on 0.304 acres achieved €860k which was over its €700k guide. An adjoining yard accessible off Bride Street on 0.277 acres sold for €400k or double its €200k guide price. Although the publican’s license was sold approx. 10 years ago, it is believed the purchaser may consider including hospitality in a new development. The Irish Independent, 2nd November
The Doyle Collection hotel group recorded a strong bounce back last year with its turnover and profits almost trebling following “steady growth” in tourism and leisure activity, and corporate business. Latest accounts for Doyle Hotels (Holdings) Ltd show that turnover rose to €147.7m last year compared with €53.2m in 2021, when many Covid-19 public health restrictions were still in place. The hotel group posted a pretax profit of approx. €28m last year compared with a surplus of just under €8m in 2021. Its trading Ebitda was €20.9m, an improvement of €28.6m on the previous year. The Doyle Collection operates eight hotels in Dublin, Cork, Bristol, London and Washington DC, including the five-star Westbury Hotel off Grafton Street in Dublin. Its Irish hotels achieved revenue of €59.7m during the year, up from €21.4m in 2021. The Irish Times, 6th November
O’Connell Street, Dublin 1 The HSE is to spend €45m on buying a building in the redeveloped area around Clerys department store in Dublin and fitting it out with an outpatient maternity ward. The Earl building, which is at the back of the new Clerys Quarter on O’Connell Street, will provide a range of outpatient services for the Rotunda Hospital by the end of next year. The works on the building will start in spring and are due to be finished by the end of next year. The HSE bought the property from OCES Property Holdings Limited, the company behind the redevelopment of the former department store. Other planned facilities in Clerys Quarter include offices, tea rooms, a rooftop bar, a Premier Inn hotel and a H&M store. The Irish Independent, 2nd November
Beaming Counting House, Cork The first tenant at the €30m Beamish Counting House development in Cork City will be a new mini-supermarket, Tesco Express, due to open in a fortnight. It is a significant breakthrough for owners BAM whose 150,000 sq. ft mixed-use development has remained vacant since it was completed two years ago, at the former Beamish & Crawford Brewery site on South Main Street. It has emerged also that a party is interested in buying the entire building from BAM. In addition, joint agents Behan Irwin & Gosling and CBRE confirmed that the office element of the scheme is “currently shortlisted for a 20,000 sq. ft occupier” and that there are two “strong enquiries” for 10,000 sq. ft. Grade ‘A’ offices, spread over five floors, account for 70,000 sq. ft of the development. Tesco Express is set to occupy a 5,710 sq. ft corner unit on the ground floor of the neighbouring 420-bed purpose-build student accommodation scheme, Lee Point, which forms part of the Brewery Quarter. The Irish Examiner, 1st November
Mount Merrion, Co Dublin Press Up hospitality group has closed its Union Cafe premises in Mount Merrion to make way for the development of a mixed-use scheme for which the Oakmount property vehicle received planning permission in 2018. The cafe, on the site of the former Kennedy’s pub, is at the corner of Deerpark Road and North Avenue in the south Dublin suburb. It was permanently shuttered on October 30th, a sign posted in the window of the premises stated. Dún Laoghaire-Rathdown County Council at the time gave the green light for the demolition of the existing four-storey structure on the Union Cafe site and its replacement by a three-storey pub and restaurant to be operated by Press Up group as well 50 apartments. The Irish Times, 6th November
CBRE Industrial and Logistics Report Investment in Dublin’s industrial and logistics sectors reached €86m in the third quarter of the year, according to CBRE Ireland’s latest report. Data reveals that the total accounted for 20% of overall Irish investment spend for the period. In the YTD, the amount has grown to €259m, equating to 18% of the overall investment market and on track to be the highest-ever proportion of annual Irish investment in 2023. Approx. 28 transactions were signed over the past three months, with 19 comprising lettings and nine for sales. The figures show a slight increase from the 26 in the previous period, but below the average in 2022, which was at 30 deals per quarter. Take-up for the third quarter remained solid, reaching 646,416 sq. ft. However, even with total take-up in the YTD now at 2.3m sq. ft, the figure remains 40% below the level recorded in the same period last year. Take-up for 2023 is now expected to fall below the 10-year average. The research also noted that no deals for 100,000 sq. ft were completed. Prime rents in the capital also rose for the third successive quarter, by 2% to €12.75 per sq. ft – 11% higher YoY, with further increases expected over the next 12 months. React News, 1st November
Apartment Remediation Scheme The government’s €2.5bn scheme to fix Celtic Tiger era apartment blocks may not be rolled out before the next general election. Cabinet approval for the scheme had been secured by Darragh O’Brien, the Minister for Housing, in January. He said in March that he planned to introduce legislation in 2023. However, these plans have now been delayed. The latest a new election can be called is spring of 2025, leaving the government in a race against time to implement the scheme. The scheme, approved in January, will primarily focus on defects related to fire safety, water ingress and structural issues. The Business Post, 2nd November
Ballycullen, Dublin 16 Sherry FitzGerald Commercial is guiding €16m for 25.72 acres of a greenfield site in Ballycullen. Located immediately adjacent to several existing residential schemes and within a short distance of the M50 motorway, the site at Stocking Avenue has the capacity for up to 340 own-door homes, according to the feasibility study prepared by MCORM in advance of the sale. The delivery will be dependent on the recently published Draft Sustainable and Compact Settlement Guidelines being adopted as expected. The Irish Times, 1st November
Swords, North Co Dublin Knight Frank is guiding a price of €2.5m for a 12.8-acre greenfield holding at Forest Little Road in Swords. The site benefits from 175 metres of frontage to Forest Road and is bounded by the existing Ridgewood residential state to the north and agricultural lands to the west and south. The lands fall under the terms of Fingal Development Plan 2023-2029 with 5 acres zoned for residential use and the balance of the lands, approx. 8 acres zoned as green belt. The Irish Times, 1st November
BTR Apartment Regulation A ban on the construction of rental-only apartments that do not meet minimum size standards is to come into force in Dublin, with the quashing of BTR regulations. Regulations introduced in 2018 meant apartment blocks built for the rental market did not have to comply with the minimum size standards of apartments for sale, and had significantly reduced requirements for other amenities such as storage and outdoor space. Late last year, Minister for Housing Darragh O’Brien indicated he intended to scrap the separate standards for rental-only developments, requiring new BTR blocks to meet the same specifications as apartments in the general market. In recent months, new guidelines, the Sustainable Urban Housing: Design Standards for New Apartments 2023, have been issued to local authorities, stating the “standard for BTR development is now the same as those for all other permitted apartment developments”. The guidelines include “transitional arrangements” to allow BTR applications that were already in the planning system by December 21st, 2022, to be processed. The Irish Times, 5th November
Property Prices More people are buying homes in rural areas, driving “strong and robust” price growth in those regions, while prices in urban areas are in decline, according to a new report on housing. Irish property tech firm Geowox has published its latest quarterly housing market report, which includes analysis of each single entry in the Irish property price register. The report focuses on actual sales rather than asking prices. It suggests homebuyers are increasingly looking to more rural areas to buy, after sales in those places experienced an increase of 4.6% compared to the same period a year ago. The report also found rural homes experienced “strong and robust” price growth YoY in the third quarter, with an increase of 11.1%. In contrast, urban prices declined by 0.7%. However, even with prices in rural and urban areas on different trajectories, the cost of buying in urban areas is still significantly greater. A total of 15,157 units were sold in the quarter, down 4.1% versus the same period last year. The Irish Times, 4th November
Landlord Exodus Approx. two-thirds of notices of termination served on tenants in the third quarter of this year were as a result of a landlord intending to sell the property, amid concerns the private rental sector will continue to shrink this year. According to the latest data from the Residential Tenancies Board there were a total of 4,518 notices to quit served to tenants between July and September 2023. This is a decrease on the number served in the second quarter of the year, during which 5,735 notices were served. Of those 4,518, a total of 2,863 were because the landlord intends to sell the property. In Dublin, where pressure in the rental sector is particularly acute, 1,863 notices of termination were issued during the third quarter, a reduction on the 2,298 notices issued in the second quarter of the year. Two-thirds of notices in the capital (1,210) were issued on the grounds of intended sale. The Irish Times, 2nd November
Clonburris, West Dublin South Dublin County Council has given the green light to Cairn Homes for a €240m apartment scheme for Clonburris after not receiving a single objection against the proposal. This follows the planning authority granting planning permission to Cairn Homes to construct 607 apartments for Clonburris. The initial scheme comprised 255 one-bedroom apartments, 307 two-bedroom apartments and 32 three-bedroom apartments across eight blocks including two rising to seven storeys tall and the applicants added a further 13 units in revised plans lodged with the council. The mixed-use scheme also includes offices, six retail units, a creche and an urban square. Cairn Homes is to sell 60 apartments to the council for social housing to comply with its Part V obligations under the Planning and Development Act. The Irish Times, 1st November
Ballyvolane, Cork A 28-acre land piece at Arderrow in Ballyvolane comes to market this week, between two other developments where site and ground works are advancing on provision of over 1,000 new homes. The land comes with mixed zonings and is guiding at €2.6m by Lisney. Alongside the local Lidl, and the longer-established Dunnes Stores at Ballyvolane, it adjoins a site just to the north where planning was granted for 753 homes by Cork-based company Longview Estates. The Irish Examiner, 2nd November
National Capital Budget A black hole of at least €19bn in the government’s capital budget will force national flagship projects to be delayed or dropped, the Irish Fiscal Advisory Council (IFAC) is warning. Major infrastructure projects – including Metro North, Dart and national road, rail and cycle projects – are all under threat due to major inflationary pressures, the government has been warned. A continued shortfall in corporation tax receipts, as confirmed in the exchequer returns, has sparked “alarm and concern” within government over the state of the public finances, with spending allocations to come under pressure before the end of the year. Ministers had been warned by way of a cabinet memorandum in September of a deficit of up to €14bn, but IFAC is now warning the figure is more likely to be €19bn by 2030. There is now a growing consensus that ministers will have to prioritise some projects and shelve others unless the government decides to plug the expanding deficit. The Business Post, 5th November
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Dundalk, Co Louth A fund managed by Davy Real Estate is closing in on the purchase of the Marshes Shopping Centre in Dundalk. According to market sources, the Davy investors are on track to secure ownership of the scheme for c. €30m, or €3.5m less than the €33.5m Kennedy Wilson had been guiding when it offered the centre to the market through joint agents Bannon and CBRE in June. While the proposed purchase price equates to a c. 10% discount on that guide, it represents an even steeper discount of 33% on the €44.5m the US-headquartered real estate firm paid for the Marshes in 2014. The Marshes Shopping Centre is anchored by a 71,600 sq. ft. Penneys and a 116,500 sq. ft. Dunnes Stores (grocery and drapery) and is approaching a 100% occupancy rate. Outside of its anchor tenants, the centre is generating a NOI of c. €3.4m from a number of major retailers including Boots, H&M, Eason and JD Sports. The scheme’s car park generates c. €400k income. The Irish Times, 23rd November
Lower Mount Street, Dublin 2 Ireland’s only not-for-profit fertility clinic, Merrion Fertility, has signed up as a tenant at Behan House on Lower Mount Street in Dublin 2. The company is expanding its office operations, and has agreed to lease the third floor of Behan House comprising 2,214 sq. ft. for a 10-year term commencing this month. Merrion Fertility will join tenants KSI Faulkner Orr Ltd, Cora Engineering, Irish Universities Quality Board, Ecovis DCA and Quality Qualifications Ireland in the fully-let building. A rent of €41.58 per sq. ft. is believed to have been agreed between the parties. The Irish Times, 23rd November
Glasthule, South Dublin An office investment property with development potential in Glasthule, south Dublin will be auctioned by QRE Real Estate Advisers on the Offr auction platform in early December. The office investment at 1-4 Adelaide Road, Glasthule, comprises a three-storey standalone building extending to 10,750 sq. ft. and it has a €1.95m guide price (NIY 5.5%) for auction. Fully let to Houlihan Cushnahan & Co at a contracted rent of €107.25k pa, its 20-year lease dates from September 2007, with expiry due in August 2027. There are tenant-only break options in 2024 and 2026 and an outstanding rent review dated 2022. The Irish Independent, 24th November
Ballsbridge, Dublin 4 Amancio Ortega, the Spanish billionaire founder of the clothing chain Zara, has yet to decide whether to buy the €550m Fibonacci Square development in Ballsbridge from the US private equity giant Fortress Investment Group. Ortega’s family office, Pontegadea Inversiones, has been in talks to buy the landmark site, which has been leased to Meta, the owner of Facebook, for some time. The continuing negotiations over the property, weakening global economy and technology sector slowdown have prompted speculation about the strength of Ortega’s appetite for this slice of commercial real estate. Although the Ballsbridge campus is earmarked as the headquarters of Meta’s EMEA operations, it is not clear whether Meta intends to occupy the entire site. The US giant has accepted a lease with a 15-year break term. The Sunday Times, 27th November
Grafton Street, Dublin 2 The Bewley’s cafe on Grafton Street made a loss of €1.7m last year, new accounts show, due to the impact of Covid-19 lockdown restrictions and a failure to secure a rent reduction from its landlord, Ronan Group Real Estate. The cafe posted turnover of just under €1.2m last year, up from €990k in 2020, when the pandemic first impacted on the economy. However, costs of c. €2.7m, including rental costs to Mr. Ronan’s company of just under €1.5m, and an interest charge of €202k pushed the company into the red. The accounts also show that an agreement with its parent entity on “sufficient discretionary financial support” for it to continue to operate as a going concern has yet to be “formalised”. The Irish Times, 28th November
West Clare The Donald Trump-owned Doonbeg golf resort in west Clare recorded operating profits of €509.8k last year. Accounts show that the former president’s TIGL Ireland Enterprises Ltd made the profit after operating losses of €1.98m in 2020 — a swing of €2.49m. Revenues rose by 90% or €3.4m from €3.76m to €7.17m. The business was boosted by “staycationers” last summer as many people opted to holiday in Ireland due to Covid-19 restrictions. Government grants worth €1.84m were a key factor. The group recorded a pre-tax loss of €1.55m but only after taking into account hefty non-cash depreciation and amortisation charges of €2.05m. Numbers employed at the resort last year rebounded from 112 to 137 and staff costs last year increased from €3.54m to €4.82m. The Trump Organisation has ploughed more than €40m, including the purchase price, into the resort since its purchase in February 2014. The company recorded a gross profit of €6.1m last year and administrative expenses of €7.47m offset by “other operating income” of €1.84m, which resulted in the operating profit of €509.8k. The Sunday Times, 27th November
Hospitality Outlook Hotel room occupancy rates over the first ten months of the year remain down on the same period in the year before the Covid-19 pandemic struck, despite the recovery in tourism this year. Average occupancy rates between January and October stood at 71% nationally and 75% in Dublin, a new survey of Irish Hotels Federation (IHF) members has found. That compares to 80% and 84% respectively over the same ten months in 2019. IHF members are also concerned about the outlook for next year, the data shows, due to the economic downturn and low consumer confidence. 60% of hotels reported that their bookings for Great Britain for next year are down compared to 2019, while 38% said reservations from the rest of Europe are lower. However, hoteliers said the US market was looking more balanced. Despite the Government helping hoteliers with rising energy costs through the Temporary Business Energy Support Scheme, the IHF says qualification criteria is too restrictive, with the cost of food, linen and laundry, beverages and insurance all rising by as much as a third. RTÉ, 28th November
Glenageary, Co Dublin The recent sale of a fully let mixed-use investment in south Co Dublin saw strong interest from a range of parties. Having been offered to the market by Lisney at a guide price €1.4m, no. 62-63 Mounttown Road Lower in Glenageary was sold for €2.185m (NIY 5.54%) following a highly competitive process involving 45 inquiries, which resulted in 19 bids from eight parties. The subject property briefly comprises a two-storey mixed-use building extending to 5,400 sq. ft. The part ground floor of the building’s front consists of a retail unit currently trading as Allcare Pharmacy. The remaining ground floor space and the entirety of the first floor, meanwhile, comprises 4,747 sq. ft. of office space let to three tenants. The entire property is 100% occupied and was generating a passing rent of €133k pa at the time of sale. The Irish Times, 23rd November
Student Accommodation Hundreds of rooms on college campuses will be let to students at reduced rates in exchange for State funding under plans due to be approved by Cabinet on Tuesday. Minister for Higher Education Simon Harris will seek Government approval to significantly increase the supply of student accommodation in a move which could see 700 beds made available in Maynooth, Limerick and Galway in the first instance. Ministers will also agree to continue negotiations with two other colleges with planning permissions on providing State support in return for ring-fencing rooms at a reduced rate. There will also be funding available to Technological Universities to prepare business cases for on-site accommodation. The Irish Times, 29th November
Fairview Avenue Lower, Dublin 3 Landlords looking for immediate rental income in a strong location will be interested in the sale of no. 10 Fairview Avenue Lower in Dublin 3. The investment, which comprises 10 residential rental units, is being offered to the market by Cushman & Wakefield at a guide price of €2.75m (NIY 5.2%). Built in 1993, the property briefly comprises one bedsit, three one-bed and two two-bed apartments, and four two-bed duplexes. The portfolio is fully occupied and is producing total rental income of €143k pa. The Irish Times, 23rd November
Cherrywood, South Dublin The funding and delivery of thousands of new homes in south Dublin remains at risk over a failure to reach agreement around the supply of electricity, roads, and other common infrastructure, the Department of Housing has warned. The Cherrywood Strategic Development Zone project in south Dublin aims to deliver more than 8,700 new homes which will accommodate a population of 25k people but has been beset by legal complications and infrastructural delays. Hines had developed c. €57m of public infrastructure as part of the project and claimed there was no lawful basis to demand the €31.5m in contributions as a result. The case was settled in March this year. The cost of delivering these works is estimated at €200m. The council has identified a €76m funding gap to deliver the remainder, which it said is the responsibility of the landowners. The Business Post, 24th November
Housing Delivery, Ireland It has emerged that 11 local authorities, including three in Dublin, failed to deliver a single new-build house in the first six months of this year, with just 647 homes directly built as the State’s housing emergency worsened. New figures released by Housing Minister Darragh O’Brien’s own department reveal that just 251 homes were directly built in the first quarter of 2022. During that time period, 18 of the 31 local authorities delivered no new homes. In the second quarter, 396 homes were delivered but still 12 counties failed to produce a single new home. Wicklow County Council had produced the most new homes, with 113 units coming on stream. According to the department, the new-build category since 2017 includes those homes delivered through its rapid build programme, so-called traditional construction, turnkey homes bought from developers, regenerated properties, and those built through public-private partnerships (PPPs). The Irish Examiner, 28th November
Raheny, Dublin 5 Marlet Group has lodged an appeal with An Bord Pleanála against Dublin City Council’s decision to refuse planning permission for 580 apartments on a site near St Anne’s Park in Raheny in north Dublin. Last month City Council concerns over the light-bellied Brent goose put paid to the contentious residential plan for the 16.5-acre site on lands to the east of St Paul’s College at Sybil Hill. The appeal is the latest twist in the long-running planning saga for the site since it was purchased in 2015. The Irish Times, 25th November
Kimmage, Dublin 12 A residents’ group has initiated High Court proceedings aiming to quash planning permission for a €106m apartment scheme in Kimmage, Dublin 12. The Kimmage Dublin Residents Alliance says An Bord Pleanála’s fast-track approval for the 208-unit, six-storey development was invalid. More than 75 objections were lodged, including from local TDs and councillors, against the proposals by Lioncor Developments subsidiary 1 Terenure Land Ltd for the five blocks on an L-shaped site next to a large gym. The project comprises 104 one-bed apartments and 104 two-bed apartments, with 21 to be sold to Dublin City Council for social housing. The Irish Times, 25th November
Blackrock, South Co Dublin Residents of Blackrock, south Co Dublin, have initiated their second High Court challenge to planning permission for hundreds of apartments in Temple Hill granted to the co-owners of the Press Up Hospitality Group. An Bord Pleanála conceded last month in the residents’ judicial review over an April 2022 approval for 493 apartments in a €182m development at the site of St Teresa’s House. The Irish Times, 28th November
Metrolink, Dublin Consultation on the Metrolink rail line, which will connect Dublin Airport with the city, has been extended into next year due to a missing document in the planning application. State transport agency Transport Infrastructure Ireland (TII) submitted a planning permission two months ago to An Bord Pleanála for the line, which will run from Swords and serve Dublin Airport and the city centre, terminating at Charlemont near Ranelagh. The deadline for submissions on the mostly underground line was due to expire on Friday but will be extended to January 16th next year. The missing document was an appendix to the traffic and transport assessment of the St Stephen’s Green Station. A spokesman for TII said it was not expected that the additional consultation time would cause “any significant delay” to the project. Construction is expected to start in 2025, with the building phase taking c. nine years. The Irish Times, 25th November
Ukranian Refugee Housing, Ireland CIE, the state’s transport authority, is not considering making any of its property available to Ukrainian refugees for accommodation, it has emerged. It comes as the government struggles to develop enough suitable housing for Ukrainian refugees amid an ongoing shortage of supply. The government has said the number of Ukrainians seeking accommodation here will exceed 70,000 by the end of the year. Roderic O’Gorman, the Minister for Integration, on Tuesday confirmed that the government would stop using tents to house refugees as it expands on a strategy of refurbishing vacant properties around the country. The Business Post, 24th November
Offshore Wind Projects, Ireland Bord na Móna, the semi-state energy company, has announced plans to develop multiple offshore wind projects off the east coast of Ireland over the coming decade as part of a joint venture with Spanish developer Ocean Winds. These offshore wind projects will deliver a combined 2,300 MW of energy capacity – equivalent to one third of the country’s entire power demand or enough to power up to 2.1m homes. The first project planned by the new joint venture between Bord na Móna and Ocean Winds comprises the Réalt na Mara offshore wind project, which will have an overall capacity of 1,600 MW and be located 12km off the coast of south Dublin and north Wicklow. The second project the companies plan to deliver is the Celtic Horizon offshore development, which will see a 700 MW capacity fixed bottom wind farm constructed c. 14km off the Wexford and Waterford coastline. The Business Post, 23rd November
Rent Levels, Ireland The average rent in new tenancies in Dublin has increased to above €2k a month amid a general rise in prices. The latest rent index from the Residential Tenancies Board (RTB) found the average monthly rent for new tenancies registered between April and June was c. €1.4k. This was up from c. €1.3k during the same period in 2021, an 8.2% increase. Newly listed rents in the capital rose by a similar amount, jumping from c. €1.8k a month in the second quarter of 2021, to c. €2k. This represented an annual change of 8.8%, slightly above the national average. There were 12,701 new tenancy registrations during the second quarter of 2022, which was a significant decrease of 16% compared to the number of new tenancies registered during the same period in 2021, when the figure stood at just over 15,000. The county with the lowest monthly rents were in Donegal, where the standardised average rent in new tenancies stood at €783 per month. The county with the fastest growing standardised average rent in new tenancies during the quarter was Leitrim, which reported 20% YoY growth. Fourteen counties had an annual growth rate in new tenancy rents above 10% during the second quarter of 2022. The Business Post, 24th November
Planning System Overhaul, Ireland The government is proposing a “radical” overhaul of the planning system under new legislation currently being drafted. It is understood that the government is considering reforms to An Bord Pleanála, including changing the body’s name to the Planning Commission. According to market sources, judicial review reforms will be designed to make it more difficult for individuals or groups to object to big infrastructural projects and will include a new materiality test, where an individual will have to prove the material impact of a project on him or her before being allowed to appeal the development. Additionally, individuals and organisations will be allowed to take judicial review proceedings against a project only after they have exhausted all other avenues for participation in the regular planning process. Over the last five years, the number of judicial review challenges listing An Bord Pleanála as a notice party has more than doubled. Between 2016 and 2021, c. 350 judicial review challenges have been taken against An Bord Pleanála decisions, with c. 100 challenges brought this year alone. The new Consolidated Planning bill also introduces mandatory timelines for An Bord Pleanála to complete planning applications and provide final decisions within a statutory timeframe. Finally, the new planning bill is expected to introduce changes to the length of time planning permissions last for, as well as extending the duration of county development plans from six years to ten years. The Business Post, 26th November
Social Housing, Ireland Local authorities will be offered €100m to pay off debts on condition they develop modular homes for accelerated social housing in the next two years. In a letter to local authorities on Monday the Department of Housing outlined that lands where debts will be covered have to be suitable for the “immediate development” of social housing with construction in 2023 or “no later than 2024″ with “use of accelerated delivery models, principally off-site construction [and] modern methods of construction”. The initiative by Darragh O’Brien, the Minister for Housing, comes against the backdrop of record numbers in emergency homeless accommodation, with 11,397 people now registered, 3,480 of whom are children. Government sources believe 3,000-5,000 modular-built social houses can be delivered next year using this scheme. Participating councils will be given access to two funding pots totalling hundreds of millions of euros to cover legacy debts. Local authorities carry more than €300m in land legacy debt. €100m is being made available to deal with these debts, with another €125m set aside for purchasing more land for housing. The Irish Times, 25th November
Refugee Accommodation Hundreds of Ukrainian refugees based for months in a Clondalkin hotel have been moved to new accommodation in Cork, Dublin, Limerick and Donegal. 220 residents of the Ibis hotel near the west Dublin village learned in mid-November they would be moved elsewhere to make way for international protection applicants. Most of the other people moved on Monday to Trabolgan holiday centre in Co Cork, while others were taken to a former convent in Bruff, Co Limerick, and a small number were taken to Co Donegal. The Irish Times, 28th November
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Savills Quarterly Report Take up totalled 1.3m sq. ft in Q3, more than double the level witnessed in Q3 last year and 45% above the five-year average for a third quarter. Furthermore, the year to date take up of 2.6m sq. ft.] is 27% higher than the five year average. Deals for big-box units (50,000 sq. ft and greater) are the explanation behind the massive take-up in Q3, accounting for 79% of total take-up this quarter. The largest deal of the quarter and the year to date, was the pre-letting of 206,000 sq. ft at Quantum Logistics Park to DHL.
Take-up of stock built this decade accounted for 74% of take-up in Q3, a significant increase compared to the prior four-quarter average of 45%. Legacy stock, on the other hand, continues to account for only a small portion of take-up, with firms citing corporate ESG requirements, size specifications, as well as refitting and energy costs as the main causes behind the weak demand for legacy units.
Q3 witnessed a rise in the vacancy rate to 1.4% from 1.0% in Q2, largely attributed to the big box unit in Belgard Square North of 105,050 sq. ft and the addition of 11 smaller, legacy units of less than 50,000 sq. ft. The increase in the number of vacant legacy units attests to the industry’s demand for modern stock. In total, there are currently 37 vacant units, of which only six were built after 2000.
Savills Dublin Industrial & Logistics Q3 Market Report
Cookstown Industrial Estate, Dublin 24 Industrial property specialist Harvey has secured the sale of a warehouse unit with future residential redevelopment potential at Cookstown Industrial Estate in Tallaght, Dublin 24 for more than €990k. Unit 73 briefly comprises a detached building extending to 17,233 sq. ft on a self-contained and gated 0.7-acre site. While the property is zoned “objective regen” under the draft South Dublin County Council Development Plan, planning permission for 64 apartments on the subject site was refused in April 2021 as it was deemed to be premature. The Irish Times, 16th November
Ranelagh Road, Dublin 6 Nos. 49 and 50 Ranelagh Road, which comprises 16 vacant en-suite guest rooms and studios along with a commercial premises, is being offered to the market by QRE at a guide price of €3.75m. The subject property extends to a total gross floor area of 9,900 sq. ft and occupies a site area of 0.235 acres. An established physiotherapy clinic practises from the hall and first floor of the front section of the property and has recently agreed terms, albeit subject to signing, for a new long-term lease. To the rear of the property there is a large, double-storey extension to the original building along with a spacious rear yard with surface car parking for up to 10 vehicles. The Irish Times, 16th November
Fitzwilliam Street, Dublin 2 One of the world’s leading global aircraft leasing companies has agreed terms to lease close to 140,000 sq. ft of space in a prime Dublin office building. SMBC Aviation Capital is set to conclude a subleasing space at Fitzwilliam 28, a 137,000 sq. ft office development in Dublin’s CBD that is owned by French investor Amundi Real Estate.
The building had been entirely prelet to Slack, the workplace collaboration specialist, in 2020. However, after the firm’s acquisition by Salesforce in 2021, it never took up occupation. Slack is relocating its entire operations to Salesforce’s new European headquarters in the Docklands.
Amundi Real Estate paid ESB, Ireland’s largest utilities company, €180m for Fitzwilliam 28. The acquisition represented a net initial yield of close to 4%. Savills is advising SMBC Aviation Capital. Cushman & Wakefield is representing Slack on the subletting deal. ReactNews, 17th November
Grand Canal Dock, Dublin 2 BidX1 is guiding a price of €2.95m for a fully let office investment at Grand Canal Dock. The subject property comprises a modern office space located on the ground floor of a residential apartment block. The own-door property extends to 5,941 sq. ft and comes with the benefit of four dedicated basement car-parking spaces. While the office was let initially to MCA Architects on a 10-year lease starting in June 2015, the terms of that agreement have since been renegotiated, extending the lease to May 2027. The property generates €209.9k from the office and €11k from the car-parking spaces. The Irish Times, 16th November
Grand Canal Square, Dublin 2 Meta, the parent company behind Facebook, Whatsapp and Instagram, is vacating its European headquarters in 4-5 Grand Canal Square four years before its agreed break date. Meta signed a lease agreement for 250,000 sq. ft. of the prime Dublin Docklands real estate in 2015 and had an agreed break date of early 2027. The estimated rent on the buildings is €54 per sq. ft, working out at €13.5m pa. According to market sources, employees currently based in the Grand Canal office will move to its new campus in Ballsbridge in early 2023, once the next phase of the development is completed. Union Investment Real Estate, who owns 4-5 Grand Canal Square and is the investment arm of DZ Bank, purchased the Grand Canal Square buildings in 2015 for €232m from Nama. The Currency, 16th November
Citywest Business Campus, South-West Dublin Henley Bartra, the joint venture between UK investor firm Henley Investment Management and Bartra Capital, has secured two new lettings and a lease extension in the Riverwalk Office Park at the Citywest Business Campus in Dublin. Digital services and consulting specialist Infosys, and Parker Hannifin, a leader in motion and control technologies, have both agreed new 10-year leases for a total of 11,800 sq. ft of space at the scheme. In addition, long-standing tenants Clanwilliam Healthcare, a developer of software for healthcare professionals, has agreed to extend its lease term on the 11,000 sq. ft floor it currently occupies until June 2036. The Citywest Business campus comprises a total of 369,000 sq. ft of modern office space, with lands capable of accommodating a further 100,000 sq. ft The Irish Times, 16th November
Albert Quay, Cork Docklands French investor Corum Asset Management is offering the final two floors at Navigation Square 1 (NSQ1) in Cork city’s docklands to the letting market. Located on Albert Quay, the first and second floors of the building comprise 33,364 sq. ft of grade A office space with floor plates ranging from 14,851 sq. ft-18,513 sq. ft along with 30 on-site secure car-parking spaces. The offices are expected to quote a rent of c. €35 per sq. ft. The subject property is a seven-storey over double-basement carpark building extending to 120,000 sq. ft. The ground floor and third to sixth floors are occupied by Deutsche Börse Group through its post-trade services arm, Clearstream. The building, which was developed in 2018 by O’Callaghan Properties as part of its wider Navigation Square scheme, was acquired by Corum for €60m in 2021 on behalf of its fund, Corum XL. The Irish Times, 16th November
Douglas, Cork KC’s takeaway in Douglas is quietly up for sale seeking €2m. With a constant queue outside its door, the well-branded business (1,076 sq. ft) is dwarfed size wise by its neighbour — the Douglas Village Shopping Centre to its rear. KC’s turnover is not disclosed in the sale prospectus, issued by selling agent Gerard O’Callaghan of ERA Downey McCarthy but well-placed sources familiar with the offer confirm a price expectation of c€2m, and say the turnover is on a similar scale, over €2m pa, or c€40,000 a week. Described as “exceptionally valuable and exceptionally profitable,” it is understood that the Crawford family is interested in a sale, or in a possible partnership. The family has not commented publicly on their sale plans.
Among those who have so far shown an interest are takeaway/food operators well outside of Cork, including from Dublin, attracted both by the turnover and the chances of opening other outlets with the same menu and immense brand loyalty. The Examiner, 16th November
Churchtown, South Dublin Distributed across three buildings – namely Ely Hall, Ardavon Hall and Newtown Hall – the Hazelbrook Square scheme at Churchtown in South Dublin comprises 54 units and is being offered for sale by TWM at a guide price of €20m (NIY 5.11% and c. €370k per unit). The investment consists of 23 one-bedroom apartments, 28 two-bedroom apartments and three three-bedroom apartments ranging in size from 519 sq. ft to 1,335 sq. ft. The subject units form part of a development of 97 apartments and 96 houses within the wider Hazelbrook Square development. While the portfolio’s current overall rent roll of €1.067m pa is 19% higher than the €896k the investment had been generating when the current owner acquired it from Nama-appointed receivers Mazars for €18.25m in 2019, the rents are once again generally below market level. The Irish Times, 16th November
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Waterford Portfolio BidX1 is guiding €2.5 million for a multi-unit residential portfolio in Co Waterford comprising eight houses and five apartments, all of which are let to Waterford City and County Council on 25-year leases. In total, the properties generate €150,210 in rental income per annum, with the guide price reflecting a gross yield of 6%, or 5.4% based on Net Operating Income of €140,455. The leases are HICP-linked (Harmonised Index of Consumer Prices), with three-yearly rent reviews.
All but two of the units are located in Waterford City or its suburbs, along with a three-bedroom house in Dungarvan and a four-bedroom house in the village of Aglish, near Cappoquin. The properties are in good condition, having been fully refurbished prior to lease commencement in November and December 2021. Business Post 20th November
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Wilton, Cork A residents’ association has complained that an affordable housing body is “locking out” individual private home buyers by buying an entire housing estate. Respond, a housing association, received state funding to purchase all 69 homes in the Sarsfield Heights estate, which is currently under construction in the Cork city suburb of Wilton, for social housing.
The Eagle Valley Association told the Business Post that Respond’s purchase of the entire estate was “locking out” first time buyers, such as long-term renters with families growing up in the area. The group has also warned that with over 70 per cent of the 301 houses in the Eagle Valley area already in the rental sector, the opportunity to rebalance the area with more owner occupiers is “significantly undermined”. It has also warned that having a “mono social housing estate” in the area is contrary to the government’s own policy of having a housing mix of owner occupiers, renters and social housing. However, it said that its members were not objecting to social housing.
A spokeswoman for Respond said it had purchased the Sarsfield Heights site and funded the construction of the entire 69 homes through a fixed-price agreement with O’Brien O’Flynn, the construction firm. “The scheme would not be built without this partnership, and the participation of Respond,” she said. Business Post, 20th November
Construction New housing construction in Ireland slowed again in October, with 1,841 units commenced last month. This was down 31pc year-on-year. The total of annual commencements to October stands at 26,608, down from a peak of 35,000 recorded earlier this year. According to Goodbody Analytics, recent trends suggest that housing output may now stall around the mid 20,000 mark over the next 18 months.
Apartment construction has been impacted by increased construction costs and yields. Housing construction has been strongly impacted by other factors, such as land availability. “With a change in positions at the top of government imminent, reports at the weekend suggests that there will be a renewed effort by the government to address the large supply issues in the market in the final two years of its term,” according to Goodbody Stockbrokers chief economist Dermot O’Leary. Irish Independent, 21st November
Hooke & MacDonald Report According to Hooke & MacDonald, a total of €1.25bn was spent by investors across 22 main PRS transactions in the first three quarters of this year. €232m was invested in the first quarter while the second and third quarters saw sums of €437m and €597m being spent respectively. The PRS sector continued to be the top investment asset class in Dublin and the Greater Dublin Area (GDA) in the first three quarters of 2022, capturing 37% of the total €3.5bn investment spend, followed by offices at 30% and industrial at 12.5%. However, in the third quarter of the year, this order was reversed – with offices taking the lead with 43% of the total €1.7bn spend, driven to a large extent by the €500m paid by Blackstone for Salesforce’s newly developed European headquarters. As a result, the PRS’s market share fell to 36% during this period while the industrial and logistics sector fell back to 4%. Investment in retail fell to 1% in the first three quarters of 2022, compared with 47% in the whole of 2016.
The report also notes that according to Eurostat, Ireland has the lowest level of apartments in Europe. Only 9% of housing in Ireland are apartments. Croatia is the second lowest with 21.7% living in apartments. The highest is Spain with 66.1%. The average for Europe is 46.3%.
The report further notes that the National Planning Framework’s (NPF) population projection provided for a net in-migration of just 8,000 per annum for the first five years and 12,500 per annum thereafter. For the first six years of the NPF to April 2022, this would equate to 52,500. The preliminary 2022 census confirms that for this period the State had a net in migration of 190,333. Accordingly, the NPF’s in-migration is just 27.58% of what has occurred – a six year deficit of 137,833. Hooke & MacDonald Residential Investment Bulletin, November 2022
Daft.ie Report The company’s latest quarterly rent report indicated that market rents nationally were on average 14.1% higher in the third quarter of this year than they were in the same period of 2021.
This was the highest level of annual rent inflation recorded by Daft since it started reporting on the market here in 2006. Daft said there were just 1,087 homes available to rent on its website on November 1st, down about 25 per cent on the same date last year. In Dublin, the shortage of available rentals was even starker with just 345 homes listed for rent at the beginning of November.
“Over the past 20 years, the best predictor of future changes in rents is the number of homes available at any particular point in time,” the report’s author and Trinity College Dublin academic Ronan Lyons said. Since the introduction of Rent Pressure Zones in 2016, rents of sitting tenants have increased by 17 per cent on average, compared to an average increase in open-market rents of nearly 75 per cent over the same period.
Mr Lyons also queried Government plans to scrap the current build-to-rent (BTR) planning classification, noting the BTR system had “helped generate a pipeline of tens of thousands of new rental homes that are now coming on stream and represent the best hope for alleviating the chronic shortages in the rental market. If the BTR system is to go, policymakers must have a clear plan on how tens of thousands of new rental homes will be delivered this decade in all major towns and cities.” Irish Times, 22nd November
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Fibonacci Square, Dublin 4 The family firm of Zara founder Amancio Ortega remains on course to acquire Fibonacci Square, the 375,000 sq. ft. office space Johnny Ronan’s RGRE is developing as part of Meta’s new European headquarters in Ballsbridge. Ortega is prepared to pay the €550m valuation ascribed to the scheme in the early stages of negotiations. Should the deal proceed as expected, Ortega’s family office will begin collecting rental income of €22.6m from Meta in 2024 following the expiry of an agreed rent-free period of c. 18 months. The company signed a 25-year lease with Fibonacci Property ICAV, a joint venture between RGRE and its then funding partners Colony Capital, for Fibonacci Square in 2018. The Irish Times, 9th November
Clanwilliam Place, Dublin 2 Google’s landlords have sought to block the redevelopment of a central Dublin office block on Clanwilliam Place, with the building owner arguing that the new block would jeopardise the tech giant’s privacy. Hibernia Real Estate Group, the property firm, has filed plans to demolish a row of office buildings along Clanwilliam Place in Dublin 2 and construct a new eight-storey commercial development. The company has been given the all-clear by Dublin City Council, but last-minute complaints about the project have stalled development of the site. Two appeals, which have sought to block the project from progressing, have been lodged by Irish Life and Aviva’s pensions arm. The appeals against the project were lodged with An Bord Pleanála, which is expected to make a ruling on whether Hibernia can proceed with its planned office block by March 2023. The Business Post, 12th November
New Street South, Dublin 8 QRE Real Estate Advisers has been appointed to sell the second and third floors of 35 Cathedral Court, New Street South in Dublin 8, at a guide price of €2.25m. Cathedral Court is a mixed-use residential and commercial development surrounded by the Maldron, Hyatt Centric and Loft hotels. The sale provides for two new leases to Currie and Brown and Cuckoo Events Limited (Ireland). Both tenants have signed c. ten-year leases, with term certain income of c. five years. The second and third floors of Cathedral Court extend to c. 2,669 sq. ft. each. The Business Post, 11th November
Docklands, Dublin City Centre Ventaway, a company run by developer David Kennan and Winthrop engineering group founder Barry English, has lodged an appeal against Dublin City Council’s refusal of its plans to build the tallest tower in Irish capital. The proposed building at the site of the former City Arts Centre at City Quay would have 24 storeys standing 108m. The office-led scheme includes 243,100 sq. ft. office space and 15,112 sq. ft. artist studios and exhibition space. React News, 9th November
East Wall, Dublin 3 The East Wharf hotel, which is being developed as part of the wider East Wharf mixed-use scheme at the junction of Alfie Byrne Road and East Wall Road, will comprise 183 bedrooms distributed across 15 floors. Construction has commenced on site with practical completion expected in the final quarter of 2023. The hotel will be ready for fit-out and to begin operating in early 2024. Given that timing, CBRE is seeking proposals now from hoteliers for lease, management agreements or forward-purchase/commitment proposals. Upon completion, the hotel will form the centrepiece of the East Wharf scheme. The MKN Property Group is understood to have paid c. €6m to secure ownership of the East Wharf site in 2019. The sale of the 0.85-acre holding followed the move by its long-standing occupier, Canavan Ford and Seat, to a new car showroom on the North Circular Road. The Irish Times, 9th November
D’Olier Street, Dublin 2 The D’Olier Chambers building in Dublin city centre has secured a new lease with Church & Chambers, a sister restaurant to the Michelin Guide-recommended Mr. Fox on Parnell Square. It is to open for business following the agreement of a 20-year letting for the property. The annual reserved rent is €120k with reviews at five-year intervals. The restaurant will extend to 3,100 sq. ft. and will be laid out to provide a seating area at ground level with kitchens and patron facilities in the basement. The Irish Times, 9th November
Ballyfin, Co Laois One of the most exclusive hotels in the State, Ballyfin in Co Laois, returned to profit last year as revenues increased more than threefold. New accounts show that Ballyfin Demesne Ltd recorded a pretax profit of €786.9k, a turnaround from a €1.86m loss in 2020. Revenue at the five-star country house hotel jumped to €3.73m from €1.12m. Accommodation income showed the greatest improvement in 2021, rising to €2.23m from €624.3k. Food and beverage income trebled to €1.27m from €422.5k and other income amounted to €225.7k from €75k the previous year. Numbers employed by the business increased by a third to 48 from 36 last year, as staff costs went up more than 50% to €1.85m. Key management personnel were paid €387k. Advertised online rates at the hotel across November and December range from €620 per room per night to €2.31k per room per night. The Irish Times, 11th November
Rathmines, Dublin 6 Dublin City Council has refused planning permission for a planned 111-bedroom hotel for the Swan Centre in Rathmines. The council has rejected the application from the owners of the centre, Sawbridge Ltd, for the six-storey hotel after local opposition to the scheme. The Irish Times, 11th November
Dundrum, Dublin 16 Dunnes Stores has agreed a deal to open a new store in Dundrum Town Centre. In a move that will be watched closely by the scheme’s existing grocery anchor Tesco, as well as by Marks & Spencer which also has a grocery outlet in the centre, the Irish retail giant will occupy the unit due to be freed up by Penneys’ planned move from the second level of the centre to two floors of the former House of Fraser department store. According to market sources, Dunnes Stores has signed a 12-year lease and will pay a rent of €2.07m pa following the expiry of an agreed rent-free period of 24 months. The new store comprises 40,000 sq. ft. of retail space and a further 14,000 sq. ft. of back-of-house space. The Irish Times, 10th November
South William Street and Chatham Row, Dublin 2 Colliers is guiding a price of €2.35m for a fully let, mixed-use investment in Dublin’s south city centre. Located at 43 South William Street and 1 Chatham Row, the subject property comprises a four-storey over-basement building of 3,041 sq. ft. Metro Cafe occupies the ground floor and basement and pays a rent of €87.5k pa, under two separate leases, expiring in 2030, with upwards-only rent review provisions. There is 800 sq. ft. on the ground floor and a further 380 sq. ft. at basement level. There are three two-bedroom apartments overhead, which together, are producing €74.9k in annual rental income under separate residential tenancy agreements. All told, the investment is generating €162.4k pa. The Irish Times, 9th November
College Green, Dublin 2 The Bank of Ireland at College Green, one of Dublin’s most important historic buildings, is to undergo a €36m restoration, repair, and upgrade programme in what will be the largest investment in the building in more than 200 years. Built to house the Irish parliament in the 18th century, the building has been home to the bank since 1803. The renovation programme, expected to take five years, subject to planning permission, will involve the repair and upgrade of 280 windows, 45 staircases and 20 km of electrical cabling. Work will also be undertaken on the building’s 54 roofs, 80 roof lights and a combined 2.5 km of roof walkways. The Irish Times, 11th November
University College Dublin has shelved plans to build more than 1,200 student apartments on its campus, as the development was no longer “viable” due to inflation in construction costs, according to correspondence. A spokeswoman for UCD said that the expected cost of construction for the accommodation had “doubled”, and as such “the university could not afford to go ahead with the project”. The Irish Times, 14th November
Blanchardstown Centre, Dublin 15 A site with full planning permission for the delivery of 40 homes, which is located just north of the Blanchardstown Centre in Hollystown, Dublin 15, is being offered to the market by joint agents CBRE and Kelly Walsh at a guide price of €3m. The subject holding extends to 3.26 acres. The approved scheme is made up predominately of two and three-bedroom units ranging in size from 506 sq. ft. to 1,453 sq. ft. The Irish Times, 9th November
Midleton, Co Cork A substantial landholding in Midleton, where planning permission was previously granted for 400 homes, is on the market for €2.75m – with strong interest expected from Cork-based developers. The 30-acre site (c. €91k per acre), previously owned by Castlelands Construction, is being sold on behalf of Nama-appointed receivers, who took control of the lands in 2012, after the developer went bust. The Midleton land that is now for sale, on behalf of the receiver includes c. 25 acres zoned for residential use and five acres, near Gaelscoil Mhainstir na Corann, zoned for community use. The land is being sold by Tender with a date of December 15th, 2022 for submissions. The Irish Examiner, 10th November
Terenure, Dublin 12 Builder Lioncor has lodged plans with Dublin City Council for a 208-unit “social and affordable” apartment scheme for Terenure in Dublin 12. The builder earlier this year secured permission for a €106m apartment scheme, which also contained 208 units, for the same Carlisle site at Kimmage Road West, Terenure under An Bord Pleanála’s fast-track process. That plan attracted strong local opposition. However, if Lioncor gets permission for the social and affordable scheme located to the north and east of the Ben Dunne Gym, it looks set to build that instead of the permitted 208-unit Strategic Housing Development (SHD) scheme as there is a proposal to sell the new scheme to Co-operative Housing Ireland (CHI) for social housing. The new scheme to be built across four blocks is comprised of 104 one-bed and 104 two-bed apartments. The Irish Times, 9th November
Santry, Dublin 9 Plans for more than 850 State-subsidised homes on one of Dublin City Council’s largest sites will be lodged next month, c. eight years after the redevelopment scheme was first proposed. Developer Glenveagh will seek permission from the council for the 853 homes at Oscar Traynor Road in Santry under a deal approved by city councillors last November. Under the agreement, 40% of the homes will be used for social housing, 40% for cost-rental homes, and 20% sold to low- and middle-income workers qualifying for the affordable purchase scheme. The deal was approved one year after councillors rejected an earlier agreement with Glenveagh which would have resulted in 30% social housing, 20% affordable housing and 50% of the homes sold privately by the developer. An indicative time-line presented to councillors envisages a grant of permission in mid-2023 with work starting on site by the end of next year. The scheme will include 240 houses, and 613 apartments and duplex units up to six storeys tall. The Irish Times, 9th November
Donabate, North Dublin An Bord Pleanála has given the green light to contentious plans for a €360m housing development near Donabate in north Dublin. The appeals board has granted a 10-year planning permission to Aledo Donabate Ltd for the 1,323-unit scheme on a site close to the Dublin to Belfast rail-line. The Corballis East Strategic Housing Development (SHD) is thought to be the second biggest such scheme in the State, second only to the 1,600-unit Holy Cross development in Drumcondra. Aledo Donabate initially lodged plans in August 2021 for 1,365 units for a site 250m south of Donabate town centre. The permitted scheme comprises 625 apartments, 352 duplex apartments and 346 houses on a 108-acre site. The scheme will provide 132 social and affordable homes at an estimated cost of €35.8m with the average estimated cost of each home at €271.6k. The Irish Times, 14th November
Monkstown, South Dublin Plans are to be lodged in the coming days for 491 residential units for lands surrounding Dalguise House at Monkstown in south Dublin. Most of the scheme, 488 units, by GEDV Monkstown Owner Ltd is to be based on the build-to-rent model. The apartments are to be accommodated across 10 blocks on the 8.84-acre site at Dalguise House with one block reaching nine storeys and six seven-storey blocks. The build-to-rent units will include 288 one-bed units, 185 two-bed units, 13 three-bed units and two studios. The scheme will also provide residential units in the repurposed Dalguise House, its gate lodge and coach house. The unit number of the new Large-scale Residential Development (LRD) scheme is 64% larger than the 300-unit scheme that was previously proposed for the site. The Irish Times, 14th November
Non-Performing Loans, Bank of Ireland Bank of Ireland has agreed on deals for the disposal of two non-performing loan (NPL) portfolios comprising bad Irish and UK loans. The non-performing portfolios consist of mortgage loans and are valued at a discounted rate of €1.4bn. The sales of the two portfolios will allow the bank to lower its NPL ratio from its current 5.4% to 3.7%, close to the EU banking average. Both portfolios are currently generating c. €30m of gross interest income a year, according to the bank. Valued at c. €800m, the first deal is an Irish portfolio comprising owner-occupier and buy-to-let mortgages which is to be sold to funds managed by US distressed debt group AB CarVal. The transaction is expected to close by the end of the year. The €600m UK portfolio consists of mortgages and will be sold via securitisation on the international bond markets. React News, 9th November
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Westmoreland Street, Dublin 2 The former AIB premises at no. 41 Westmoreland Street is expected to attract significant interest from both domestic and international restaurateurs seeking a flagship presence in the capital. The building is being offered to the lettings market by CBRE on behalf of the MHL Hotel Collection, the owners of the adjacent five-star Westin Hotel. The property briefly comprises a total floor area of 7,542 sq. ft. with 4,339 sq. ft. of this at ground-floor level and the remaining space at the basement floor with planning permission in place for restaurant use. The Irish Times, 2nd November
College Green, Dublin 2 A deal that will see the landmark building at 34 College Green, in Dublin 2, become an upmarket steak restaurant in the spring of next year is being billed as “the biggest flagship food and beverage international letting in the country” by CBRE. Hawksmoor, which was founded in the UK in 2006 by Will Beckett and Huw Gott, has taken a 20-year lease on the Clarendon Properties-owned building, which was previously occupied by the US clothing retailer Abercrombie & Fitch. The project will focus on restoration rather than renovation of the building; the fit-out of the 14,176 sq. ft. ground floor is expected to cost c. €4m. The Irish Times, 2nd November
The Shelbourne hotel in Dublin registered “record months” of business in July and September this year, as its revenues and room rates bounced back to pre-pandemic levels. New financial results for the hotel released last week showed that it made €14.1m in sales in the third quarter of this year, up from €6.3m during the same period of 2021. Revenues dramatically declined at the St Stephen’s Green hotel when pandemic-related restrictions came into effect during 2020 and 2021. Between 2019 and 2020, sales declined from €42m to €12.2m and the hotel registered a loss of €7.9m. The decline in revenues and room rates caused the value of the hotel to fall from €213.9m to €202.5m. The average daily room rate at the hotel rebounded to €386 between July and September of this year, which is well ahead of the €311 average room rate it charged in the immediate period before the pandemic began in 2020. The Business Post, 5th November
Temple Bar, Dublin 2 The company behind The Temple Bar will return to profit this year after two years of Covid-19 related losses. New accounts for Temple Inns Ltd state that after the lifting of all Covid-19 restrictions, the company “has experienced a strong trading activity in the licensed premises and a slow return to trading in the retail shops”. Accounts show that the business recorded post-tax losses of €115.6k for the 12 months to the end of October 2021, which was a dramatic improvement on the post-tax losses of €3.4m in the prior year. Revenues had plummeted by 71% from €23.1m to €6.72m in 2020. The 2020 loss arose chiefly from a €2.85m investment property write-down. The Covid-19 grants and subsidies allowed the firm to retain its staffing at 81. Dividends amounted to €100k in 2021, the same as in 2020. At the end of October 2021, the company had accumulated profits of €19.6m. The Irish Independent, 2nd November
Enniskerry, Co Wicklow The company behind Powerscourt Estate in Enniskerry, Co Wicklow, has reported pre-tax profits of over €3.4m in 2021 – up 69% on the previous year. The figure was shared in the latest accounts for Powerscourt Estates Limited, the tourism and leisure company behind the famous Enniskerry attraction. According to the 2021 financial year accounts, turnover at Powerscourt Estates hit over €6.2m, up from €4.5m the previous year. The figure helped the company to improve its pre-tax profit to €3.4m. The Irish Independent, 6th November
Mahon Point Shopping Centre, Cork British luxury brand retailer Frasers has opened at Mahon Point Shopping Centre filling the void left by anchor tenant Debenhams who pulled out more than two years ago. Frasers is occupying the lower mall beneath Sports Direct, also owned by the Frasers Group and long associated with British businessman Mike Ashley, with the two stores spread across 75,000 sq. ft., c. 37,500 sq. ft. per floor. The Irish Examiner, 3rd November
Glasnevin, Dublin 9 Harvey has secured the letting of two industrial and office units at Dublin Industrial Estate in Glasnevin, Dublin. Having sold the properties earlier this year to pan European investor M7 Real Estate, the agent has now inked a deal with Howdens Joinery for units 107A and 107B on Lagan Road. Units 107A and 107B briefly comprise modern, semi-detached industrial and office properties extending to a total area of 10,000 sq. ft., which are located on a self-contained and gated site of c. 0.42 acres. The Irish Times, 2nd November
Donnybrook, Dublin 4 Having paid sums ranging from €330k to €724k in 2020 to secure ownership of the 43 residential units at Woodbine House in Dublin 4, the owner, a private Irish investor, has instructed Cushman & Wakefield to offer them for sale. The portfolio, which is being sold with the benefit of full vacant possession, is being brought to the market at a guide price of €24m (NIY 4.83%). Should Woodbine House be disposed of at that level, the current owner would stand to secure c. 8.6% uplift on their original €21m outlay. Built in 2002, Woodbine House has 43 residential units comprising 35 apartments (two one-beds, 31 two-beds and two three-beds) distributed across five floors, with terraced garden areas and eight terraced townhouses (two two-beds and six three-beds). There is a shared basement car park with 57 spaces. The Irish Times, 2nd November
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Docklands, Galway Niland House in Galway city’s docklands, which comprises 27 residential units and three retail units, is being offered to the market by Cushman & Wakefield at a guide price of €8.5m (NIY 5.6%). The accommodation, which is 100% occupied briefly consists of 21 two-bedroom apartments, five one-bedroom apartments, and one three-bedroom duplex. The overall development is distributed across two interconnecting buildings connected by a raised courtyard. One element faces on to Merchants’ Road and comprises a five-storey building housing 24 apartments and two retail units. The second element, which faces on to Dock Road, comprises of a ground-floor restaurant and three overhead apartments. Niland House is currently producing a gross overall income of €528.2k pa. The Irish Times, 2nd November
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Residential Construction, Ireland The number of new homes being built has fallen significantly over the last year as soaring construction costs and a lack of finance hit developers. The number of new home starts has declined to 26,396 in the year to October from a record high of 34,850 in March. On an annual basis, the number of new starts fell 14% from 30,947 in the year to October 2021 to 26,396 at the same point this year. The department published commencement figures for the months of July to October last week that showed a steady decline in the number of homes being started. In July, the figure stood at 2,438, but fell to 2,121 and 2,211 in August and September respectively. An analysis of data published by the Building Control Management System (BCMS), upon which the department relies to calculate its commencement figures, has shown that the figure fell further last month with developers starting just 1,600 new homes in October. The information from the BCMS is based on real-time data. Notice of new commencements is supposed to be filed at least a fortnight before works begin. The Business Post, 5th November
Residential Market, Ireland Kennedy Wilson, one of the biggest landlords in Ireland, has told investors that the ongoing shortage of rental homes in Ireland “bodes well” for the company. Last week, the US investment fund, which has a large portfolio of residential property across the US and Ireland, released its financial results for the third quarter of 2022. Kennedy Wilson’s portfolio of residential assets includes Capital Dock and Clancy Quay. The reassurance to investors by Kennedy Wilson has come as rents in its Irish portfolio have stagnated across the past four quarters at €2.3K on average a month. After expenses were accounted for, the firm recorded an income of €27.8m from its Irish residential operation. The Business Post, 5th November
Raheny, Dublin 5 Dublin City Council is facing legal action over its decision to “dezone” housing development lands earmarked for c. 600 apartments in north Dublin. Marlet Property Group is expected to initiate judicial review proceedings in a bid to overturn the council’s decision to zone lands beside St Anne’s Park in Raheny for open space in the new city development plan. The 16.5-acre site to the east of St Paul’s College at Sybil Hill between Raheny and Clontarf has been the subject of multiple housing applications and court actions since it was bought in 2015. The High Court last year overturned the latest permission granted by An Bord Pleanála for a SHD of 657 apartments on the site. In recent months, Marlet applied to Dublin City Council under the new large-scale residential development (LSRD) system for 580 apartments and a 100-bed nursing home on the site. The city council last month refused permission for the scheme. The Irish Times, 4th November
Housing Planning Permission, Ireland A property developer has complained that local authorities’ planning rules were acting as an “impediment” to large housing projects being built, in a recent letter to Minister for Housing Darragh O’Brien. Bartra criticised planning policy in South Dublin County Council, where it said the local authority was holding up significant residential housing developments. The letter said while Bartra was highlighting problems it faced in South Dublin County Council, “other local authorities are equally culpable”. In a November 1st response, Mr. O’Brien said he was planning to introduce “a significant programme of planning reform”. The Minister said the reforms would be aimed at providing more certainty when it came to planning applications. The Irish Times, 4th November
Social Housing, Ireland Dublin City Council paid out €40m to private developers since the start of 2021 to secure 139 residential units for social housing under Part V agreements. The spend of €15.16m on 71 homes to date for 2022 follows a €24.96m outlay on 68 Part V homes in 2021. The average spend per home by the council is €213.5k this year and €367k last year. The highest amount paid out in 2022 was €450k in the Part V system for a two-bed apartment at St Clare’s Park, Harold’s Cross, Dublin 6W. The spending details come as Cairn Homes put an indicative price tag of €39.14m on the sale of 69 units from its planned Montrose mixed-use scheme for social housing. The home builder has put an indicative price tag of €683.1k on four three-bed apartments it plans to sell for social housing to the council. The Irish Times, 3rd November
Vacant and Derelict Homes, Ireland Waterford City and County Council has led the way in bringing vacant and derelict homes back into use for social housing by creating a special unit which identified suitable properties, an Oireachtas Committee will be told on Tuesday. The council will appear before the all-party Committee on Housing to outline its progress in supplying social, affordable, and cost rental properties in Waterford. The committee will also hear from Limerick City and County Council. It is part of a series of committee hearings to evaluate how local authorities are implementing the Government’s Housing for All strategy. The council has made 85 units available on the Repair and Lease Scheme alone since 2019, by far the highest number pro rata in the State. The council provided a total of 664 units for social housing in the three years from 2019 to 2021. It has a target of delivering 1,216 units (or c. 250 annually) between 2022 and 2026. The Irish Times, 8th November
Housing, Dalkey and Killiney Hill An effective ban on new housing in Dalkey and Killiney Hill, one of Dublin’s wealthiest suburbs, has been overturned. For over a decade, Dún Laoghaire-Rathdown County Council had large parts of land around Dalkey and Killiney Hill designated as a ‘0/0 zone’, meaning that “no increase in the number of residential buildings will normally be permitted”. Councillors had planned to maintain the 0/0 zoning in the council’s new development plan covering the six years from 2022 – 2028. However, the housing minister has now issued a directive overturning this measure, saying it is “disproportionate”. The Business Post, 8th November
The Applegreen Service Station on Sallins Road, Naas, Co Kildare, is to go for auction on December 15th with a €1.9m+ guide price (NIY 7%). Let to Petrogas Group Ltd on a 21-year lease from 2016, it generates €145k in annual rent. The lease also offers a rent review in 2026 based on the Consumer Price Index. Set on a one-acre site, the property comprises a forecourt with four double-sided pump terminals under a canopy, a double bay car wash and valeting system, a parcel motel, laundromat, a 2,906 sq. ft. convenience store with toilets and a workshop. The Irish Independent, 3rd November
Phibsborough, Dublin 7 Dublin City Council has announced its design plan for the redevelopment of Dalymount Park in Phibsborough at a cost of c. €40m. The option recommended by the architect-led design team would include the full demolition of the existing stadium, the building of a four-sided stadium with a capacity of 7,880 (5,880 seats and 2,000 terracing), and the inclusion of upgraded club facilities and all relevant match-day accommodation to meet League of Ireland criteria. Relevant stakeholders and the local community will be consulted while the preliminary design is completed and the council prepares for the planning process. If planning is approved, the construction phase would be completed by March 2026, the council said. The Irish Times, 3rd November
Social Housing Vacancy, Ireland Figures published by the National Oversight and Audit Commission (NOAC) show that 4,448 local authority dwellings were unoccupied last December out of a total housing stock of 141,483 owned by councils – a vacancy rate of 3.2% which was effectively unchanged from the previous year. The annual review by the NOAC of the performance of the country’s 31 local authorities showed the number of homeless adults living in emergency accommodation rose by more than 9% over the same period. The organisation also revealed that the average time taken to re-let council homes has been increasing steadily since 2018 and averaged c. eight months in 2021. The report showed vacancy rates in council housing exceeded 7% in Longford and Galway County – over twice the national rate. In Dublin where the country’s housing crisis is most acute, the vacancy rate ranged from 1% in South Dublin to 2.8% in the administrative area covered by Dublin City Council. The latest figures show the total stock of council housing rose by c. 2% last year through the net addition of c. 2,600 properties including 392 in Dublin city (+1.6%), 387 in Cork county (+5.3%) and 154 in Kildare (+3.2%). The average amount spent on getting a council dwelling ready for a new tenant, meanwhile, ranged from c. €7.4k in Tipperary to c. €50k in Offaly with an average of €19.6k. The Irish Times, 6th November
Sherry Fitzgerald Irish Residential Market Review The Irish Residential market continues to perform robustly through the third quarter of the year, though there has been some moderation in the pace of price inflation in the second-hand market. The imbedded imbalance between supply and demand continues to underpin the market, but there are undoubtedly challenges ahead. Transaction activity has now surpassed its pre-pandemic levels, with a 5% increase in the number of second-hand sales when compared to H1 2021, and 10% on H1 2019. New home sales have also exceeded 2019, recording a 3.4% increase on the number of transactions completed in the first six months of 2019. There has been a moderation in the pace of price inflation in the nine months to the end of September. The average value of second-hand homes in Ireland increased by 1.1% in the third quarter of this year, with values rising 5.5% over the first nine months of 2022. This compares to growth of 7.1% in the same period in 2021. Sherry Fitzgerald Irish Residential Market Review, 7th November
Longford Objections made to a €100m planned expansion to the Center Parcs Longford Forest resort are based on a lack of proper infrastructure in the local area, according to those who have appealed Longford County Council’s decision to grant planning permission. Plans for 198 new lodges, external saunas and pods, a new lakeside restaurant and coffee shop and extension of existing facilities were put on hold in recent weeks following a number of appeals to An Bord Pleanála. A decision is due to be made by An Bord Pleanála on March 2nd, 2023. Center Parcs has stressed that its holiday villages have a track record of using increased deciduous woodland cover and well-informed management plans and practices to ensure an improvement to the natural environment within its forest resorts. The Irish Times, 8th November
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South Docklands, Dublin Singapore-headquartered real-estate investment trust Mapletree Investments is understood to be weighing plans to sell the Sorting Office, the 202,000 sq. ft. home of TikTok in Dublin’s south docklands. Should the sale proceed, the property is expected to command a guide price of c. €320m – or c. €80m more than the €240m Mapletree paid when it purchased the office scheme from Marlet Property Group and its finance partners, M&G Investments, in 2019. The rental level agreed for the office scheme is understood to have been between €55 and €60 per sq. ft. The Irish Times, 26th October
Mount Street Upper, Dublin 2 HDI Global SE, HDI Reinsurance and Natural Forces have chosen Hampton House on Mount Street Lower as the location for their respective Dublin headquarter operations. All three companies have committed to long-term leases and have agreed to pay rents of c. €49.75 per sq. ft. Murphy Mulhall had been quoting when it offered the property to the letting market. HDI Global SE and HDI Reinsurance have taken a lease of the fourth and fifth floors while Natural Forces will occupy the third floor of the building. The remaining office accommodation, ranging from 850 sq. ft. to 1,298 sq. ft., is available on a floor-by-floor basis or altogether. The Irish Times, 26th October
Park West Business Campus, Dublin A UK cosmetics firm has acquired Block 7 at Dublin’s Park West Business Campus for €2.7m (NIY 9.11%) as part of its plans to expand its operations into the Irish market. The property briefly comprises a standalone three-storey office block of 24,282 sq. ft. (GIA) together with 31 car parking spaces. The ground floor is let to Trilogy Technologies on a 10-year lease from August 2018 at an annual rent of €130.5k, with a break option in August 2023. The first floor is let to Paragon 28 based on a five-year lease from December 2019 at an annual rent of €140k. The second floor, which is vacant, has scope to achieve c. €115k a year once fully let. Colliers was guiding €2.7m for the property. The Irish Times, 26th October
Maynooth, Co Kildare Montane, a property company headed by developer Ray Grehan, is offering a pre-letting deal for two new office blocks at Maynooth Business Campus in Co Kildare. Known as The Plaza, the two blocks offer a combined 136,000 sq. ft. of Grade A accommodation. Sherry FitzGerald Brady O’Flaherty is guiding negotiable rents of between €25 and €27.50 per sq. ft. for the space depending on the specification requirements of the tenants. Each of the blocks rises to four storeys with one extending to 65,000 sq. ft. and the other to 71,000 sq. ft. Flexible floor plates will range in size from 14,000 to 18,000 sq. ft. There will be parking for 375 cars and 250 bike spaces. The Irish Independent, 27th October
Grafton Street, Dublin 2 While Dublin city centre was hugely affected by the pandemic, top international names such as Lululemon, Canada Goose and Lego have taken pitches on Grafton Street in recent times. However, rents are lower and shorter lets are becoming more common. Estate agents say the new entrants have come in on rents that are 15-20% lower than 2019 levels. Tommy Hilfiger, for example, decided to pay to get out of its lease of €1.7m a year. Skechers came in on a €900k-a-year lease on the same 9,500 sq. ft. at 13-14 Grafton Street in July. Recently, New Dimensions Active has signed a new one year lease for €500k-€600k with the hope of renewing next year. The number of vacancies has now dropped from 23 at the height of the pandemic to six. The Sunday Times, 30th October
Blanchardstown, Dublin 15 Nike is to open its latest retail concept at Blanchardstown Centre in Dublin. The first “Nike Unite” in Ireland will cover 10,300 sq. ft. and will occupy a prime position on Level One of the centre, close to British luxury fashion retailer Flannels, which is set to open a new 43,000 sq. ft. department store in December. Nike Unite will open in spring 2023. React News, 1st November
Baggot Street, Dublin 4 Veteran publican Liam O’Dwyer is understood to have acquired the former AIB bank building at 52-54 Upper Baggot Street. According to market sources, the Dublin 4 landmark has secured in excess of the €3.2m which had been guided when it was offered to the market in June of this year. 52-54 Upper Baggot Street famously served as AIB and Ireland’s first drive-in bank. The owner will likely explore the possibility of converting the former bank branch for use as a bar and restaurant or boutique hotel. The Irish Times, 26th October
Baggot Street, Dublin 4 No. 20A Upper Baggot Street has been let to Tula Mexican Grill for its second location in Dublin. The ground floor was occupied previously by Insomnia Coffee. The ground floor of 20A Baggot Street is a 900 sq. ft. unit with full planning permission for a restaurant takeaway. The off-market letting was agreed at €70k a year for a 10-year term. The Irish Times, 26th October
Vicar Street, Dublin 8 Having failed to secure a buyer at a guide price of €12m in October of last year, a site with full planning permission for a boutique hotel next to the famous Vicar Street venue is being offered to the market once more for the lesser figure of €10m. The planning permission covers a 185-bedroom hotel with a rooftop bar and restaurant with outdoor terrace in Dublin 8. The Irish Times, 26th October
Kilkenny The owners of the Flynn Hotel Group have lost an appeal against paying a vacant site levy of €210k on land adjoining the Newpark Hotel in Kilkenny. An Bord Pleanála upheld a decision by Kilkenny County Council to demand payment of the levy from Newpark Hotel Limited. The levy is charged at 7% of the value of the site, estimated to be worth €1.5m. The Irish Times, 27th October
Ballymount, Dublin 12 Harvey has secured the lettings of two older-style industrial facilities, totalling an area of more than 27,000 sq. ft. in Ballymount, Dublin 12, in quick succession. A part of the Smurfit Packaging facility, units 2A and 2B have been let to separate companies, both of which are involved in the building-supply business, on 10-year leases respectively. Unit 2A comprises 14,202 sq. ft. of detached industrial and office space. There is a parking provision to the front of the facility. Unit 2B is located directly behind and consists of 13,552 sq. ft. of warehouse accommodation with ancillary ground-floor offices and staff facilities. The rent achieved for both properties was in excess of €8 per sq. ft. The Irish Times, 26th October
Enfield, Co Meath An industrial development site in Enfield, Co Meath has come to the market with a €2.25m guide price. Extending to 15 acres, the site is zoned E1/E3 ‘Strategic Employment Zones (High Technology Uses)/Warehousing & Distribution’ under the Meath County Development Plan 2021-2027. The Irish Independent, 27th October
Edward Square, Galway The 106-bed Radical Student Living scheme is being offered to the market on behalf of the current owner by CBRE at a guide price of €13.75m (NIY 6.5%). The gross passing rent includes estimated summer revenue of €1.39m pa. The property is fully occupied for the 2022/23 academic year. It also offers excellent summer revenue potential thanks to Galway city’s long-established status as a proven tourist destination. The Irish Times, 26th October
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Donnybrook, Dublin 4 Cairn, a listed Irish housebuilder, has flagged its intention to apply to Dublin City Council for permission for a scheme involving 688 apartments and a 192-bedroom hotel on the 8.6-acre former RTE lands at Montrose in Donnybrook. One of the apartment blocks would rise to 16 storeys in height and the scheme would include 416 build-to-rent units with the balance being sold to buyers. The scheme is being lodged through the recently introduced Large Scale Residential Development (LRD) system. Cairn originally sought SHD permission from An Bord Pleanála for 611 apartments, three townhouses and other elements. It was to have included nine apartment blocks ranging in height from four to 10 storeys. In March 2021, An Bord Pleanála consented to a High Court order quashing its permission, forcing Cairn back to the drawing board. The Irish Times, 27th October
Ashbourne, Co Meath Joint agents REA Grimes and DNG Tormey Lee expect strong interest in the sale of a site located on the outskirts of the commuter town of Ashbourne, Co Meath. The property, which extends to 5.365 acres and is zoned for residential use, is being offered to the market at a guide price of €3.5m (€652.3k per acre). While the site doesn’t have planning permission, its potential for the delivery of housing is evidenced by its proximity to the town’s existing residential developments. The site is occupied by a five-bedroom farmhouse, along with six stables and associated outbuildings. These are included in the sale with the lands which have been used previously for agricultural purposes. The Irish Times, 26th October
Cherrywood, South Dublin Some of the developers involved in projects at Cherrywood in south Dublin have identified potential to increase the housing capacity of this Strategic Development Zone (SDZ). This follows a public consultation process by Dun Laoghaire Rathdown County Council (DLRCC) which also saw lots of submissions from the public. Under its proposed amendment to the SDZ parameters, the council proposes to increase the densities from an average of 33 units per acre to an average of more than 40 per acre. It also proposes to increase heights and densities primarily in the Res 3 and Res 4 sites which would increase the number of housing units from 8,700 to 10,500 homes to cater for 20,000 people. One of the largest developers, Hines-King Street, estimates that it could add a further 700 to 750 units to its town centre site adjacent to the site where a separate joint venture Hines-APG (HAPG) is currently in the process of delivering 1,269 units by 2023, 600 of which will be occupied by this December. The Business Post, 28th October
O’Connell Street, Dublin 1 UK property giant Hammerson has submitted further planning applications for its Dublin Central development as part of its proposed regeneration of Dublin’s north inner city. The primary application comprises lands from no. 43 to no. 60 O’Connell Street Upper and includes a proposal for high-quality offices, retail and restaurant space as well as enabling works for a future MetroLink station. An additional application has been submitted in parallel for no. 61 O’Connell Street Upper proposing retail and residential uses. Hammerson’s overall Dublin Central site covers 5.5 acres around O’Connell Street. The developer is proposing 97 new homes, 100,104 sq. ft. of restaurants, cafes and shops, 467,153 sq. ft. of workspace, up to 210 hotel rooms and a new public gallery and cafe. The Irish Times, 26th October
Park West, Dublin 12 A Dublin office complex, vacant for 20 years, will next month become home to more than 200 people following its conversion into social housing apartments under a €26m redevelopment scheme. The 86 apartments in two blocks at the Plaza in Park West, close to Cherry Orchard, were bought from Harcourt Developments by housing association Tuath and will provide homes for people on Dublin City Council’s housing waiting list. The buildings are located in the 230-acre Park West business and technology campus. Harcourt secured planning permission in 2018 to convert the two blocks into apartments. Two years later Tuath entered into a deal to acquire and fund the conversion of the offices into homes. The two-year conversion project, which was undertaken by Harcourt on behalf of Tuath, has cost c. €309k per apartment. The Park West blocks, which will house 220 people, are a mix of one- and two-bed apartments. The Irish Times, 1st November
Wicklow Cairn Homes and Glenveagh Properties are challenging Wicklow County Council over its development plan. The builders say the plan obliges the council to cut the number of new homes built in the county by 45% to 8,467 between now and 2028 compared with the previous six years. Cairn and Glenveagh argued that the development plan seriously underestimated Wicklow’s population growth as it uses out-of-date figures from Census 2016. The Irish Times, 27th October
Raheny, North Dublin Marlet Group’s plans to build 580 apartments in Raheny, north Dublin have been rejected over concerns for Brent geese migrating to the area. Proposals for the 16.5-acre site near St Anne’s Park, east of St Paul’s College at Sybil Hill, includes a 100-bed nursing home. Over 230 objections had been filed against the scheme. Marlet has the option to appeal against the decision. React News, 31st October
Greater Dublin Area Mason Estates has brought to market a portfolio of 21 fully let residential units in the Greater Dublin Area for €6.5m (NIY 5.5%). The portfolio contains a mix of one-, two- and three- bedroom apartments producing rental income of c. €361k pa. The Irish Times, 26th October
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Commercial Property Values, Ireland Published by the MSCI which monitors over €9bn of direct Irish property assets, the IPD/SCSI Ireland Quarterly Property Index shows that Irish capital values contracted again with a decline of 1.8% in the quarter. According to Goodbody stockbrokers, it is the sharpest quarterly move since Covid-19 impacted Q2-2020. Office assets saw the sharpest fall, down 2.5% in the quarter and 3.1% over 12 months, followed by retail, down 1.3% in the quarter and 3.3% over 12 months. Shopping centre values fell by only 0.2% in the quarter and the pace of decline continued to slow on Dublin’s high streets as Grafton Street values dipped 2.2% in the quarter and 5.7% over 12 months. Henry St values fell 2.9% in the quarter and 11.1% over 12 months. Central Dublin office values fell 2.5% in the quarter but Dublin 4 offices were weaker – down 4.2% in the quarter and 7.1% over 12 months. The Irish Independent, 27th October
Newbridge, Co Kildare Diageo will on Friday lodge plans with Kildare County Council for a new €200m brewery for a greenfield site at Littleconnell in Newbridge. The new facility will brew lagers and ales including Rockshore, Harp, Hop House 13, Smithwick’s, Kilkenny and Carlsberg. When fully operational with a capacity of two million hectolitres, the brewery will be the second largest brewing operation in Ireland after Diageo’s operation at St. James’s Gate and support the future growth of Diageo Ireland’s beer brands. A planning notice published on Thursday confirmed that Diageo Ireland’s carbon-neutral brewery will be built on a 52.8-acre site at the IDA Newbridge Business and Technology Park. The Irish Times, 27th October
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The Novelty Portfolio, Dublin and Galway Agent Harvey expects to see strong interest in the sale of the “Novelty Portfolio”, a mix of industrial and office properties distributed across three locations in Dublin and Galway. The investment is being offered to the market individually or as one lot at a guide price of €48m. The portfolio comprises three assets, located in Cloverhill Industrial Estate, Clondalkin, Dublin 22 (guide price €17m), Mervue Business & technology Park, Galway (guide price €19.5m) and Swords Enterprise Park (guide price €11.5m). Taken together, the offering makes up c. 447,000 sq. ft. of accommodation and generates income of c. €3.15m, representing an overall net initial yield of 6%. Cloverhill Industrial Estate comprises c. 210,000 sq. ft. of industrial and warehousing accommodation. 85% of the property is occupied by Primeline VNE Ltd until April 2022. The remaining 15% of the scheme is occupied by Broderick Bros Limited on a lease that offers a rent review in November 2023 and a mutual break option in November 2025. Mervue Business & Technology Park occupies a prime location in Galway. Units 20-29 comprise one manufacturing unit and one office unit, which are leased to HID Global Ireland Teoranta and Avaya International Sales Ltd respectively. Swords Enterprise Park is a modern development comprising 61 units, 33 of which are light industrial units and the remaining 28 own-door office properties. The occupancy levels at the scheme are c. 93% and the selling agent notes that there is potential to increase rental income as vacancies and rent reviews arise. The Irish Times, 24th November
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Bishop’s Quay, Limerick Construction work has commenced on a new €80m office and residential development on Limerick’s Bishop’s Quay. The nine-storey riverside block, which has been officially named 1BQ, will be built on the site of the old ESB building and is led by the development company, Kirkland Investments. It is due for completion in the autumn of 2023. 1BQ will comprise 110,000 sq. ft. of office space and 34 luxury apartments, retail space for hospitality businesses and more than 100 underground car parking spaces. Cushman & Wakefield and Savills are the joint commercial agents on the development. The Irish Examiner, 24th November
Kennedy Quay, Cork O’Callaghan Properties has submitted a planning application for a €350m project that would see office and residential units constructed on Cork’s South Docks. The proposal involves a 1,000,000 sq. ft. development on a 4.2 acre site at Kennedy Quay, with a 122,000 sq. ft. 130-bed private rehab hospital run by the Orpea Group, 450,000 sq. ft. of office space and 80,000 sq. ft. of residential development. The plans also include the renovation and re-purposing of the Odlums Mills grain storage silo on the site. The main office complex will be spread over three buildings ranging in height from nine to 12 storeys, and the new apartment development with 80 build-to-sell apartments will be within an 11 storey tower block. React News, 24th November
Santry, Dublin 9 Agent Lisney is guiding a price of €3.5m for a parcel of prime industrial/enterprise land next to Dublin Airport. Located on the Swords Road in Santry, the subject site extends to 5.13 acres and is zoned GE (general employment) under the Fingal Development Plan 2017-2023. This allows for a range of uses including enterprise centre, high technology manufacturing, warehousing and logistics. The lands are situated 1km south of Dublin Airport and 8km north of Dublin city centre. The Irish Times, 24th November
Naas, Co Kildare Located immediately adjacent to Globe Retail park, a site on the outskirts of Naas, Co Kildare extending to 11.26 acres has been brought to the market by agent Lisney guiding €3m. The site has 145m of frontage on to the Monread Road and is zoned for industry and warehousing under the draft Naas Local Area Plan (LAP). Uses permitted in principle under this zoning include industry, motor sales, service station and warehousing. The Irish Times, 24th November
Hanover Quay, Dublin 2 Deka Immobilien is closing in on the purchase of the European headquarters of Airbnb in Dublin’s south docklands. While the sale of 8 Hanover Quay has yet to be completed, it is understood that Deka has agreed to pay in excess of the €41.5m joint agents BNP Paribas Real Estate and Savills had been guiding. The German headquartered investor entered the Dublin office market in late 2019 with the purchase of the Reflector office building on Hanover Quay for c. €155m. No. 8 is let in its entirety to Airbnb Ireland Limited under a full repairing and insuring lease, with a full parent company guarantee in place from Airbnb Inc. The next break option in AirBnb’s lease is in March 2030, giving 8 Hanover Quay an attractive term certain of 8½ years, and a weighted average unexpired lease term of 14½ years with the expiry in 2036. The Irish Times, 24th November
Office Letting, Ireland The final three months of 2020 saw the lowest levels of reserved space (in legals but not signed) in the last ten years, while the country was in lockdown. 12 months on, however, there is a significant increase in reserved space. The figure sits currently at 1,001,044 sq. ft., a level that has not been seen since Q2 2019. It is likely that it will take c. six months for this reserved space to convert into signed leases. With further demand expected, however, 2022 will see the first real signs of post Covid-19 recovery. 2023 could see activity rise to that of 2019 with take up getting back to the ten-year average of c. 3,014,000 sq. ft. per annum and single-digit vacancy rates. One of the main trends that has emerged this year has been the demand for “grey space”, or space that is being offered by tenants. Grey space take-up for year-to-date in 2021 now exceeds the total take-up of grey space in all of 2019, before the coronavirus pandemic. The most dominant sector experiencing this trend is technology, accounting for 32% of all grey space take-up in first three quarters. LinkedIn has reserved c. 75,347 sq. ft. in Park Place for signing in Q4, forming part of Wilton Park, a 600,626 sq. ft. campus being developed by Iput. There are significant deals in train relating to more than 39,826 sq. ft. at 124/127 St Stephen’s Green and a further 75,347 sq. ft. at One Park Place. These are due to be signed in Q4, which will continue the momentum of grey space activity. Demand is expected to continue in 2022. However, the availability of good quality grey space is diminishing, with the average size availability at less than 10,010 sq. ft. The Business Post, 28th November
Herbert Lane, Dublin 2 Quinn Agnew has launched 20 Herbert Place and 15 Herbert Lane, a Georgian refurbishment opportunity and mews in Dublin 2, for sale by private treaty seeking offers in excess of €1.35m. No. 20 Herbert Place is located on the west side of Herbert Place between Baggot Street Bridge and Mount Street Crescent overlooking the Grand Canal. No. 15 Herbert Lane is located to the rear of 20 Herbert Place which is accessed via Mount Street Crescent. No. 20 Herbert Place comprises a large, four-storey over basement Georgian building which will facilitate a bright office or home subject to planning permission. It has an overall floor area of 2,578 sq. ft. and requires refurbishment internally. No. 15 Herbert Lane comprises a two-storey mid-terraced mews in good condition and benefiting from two open-plan offices, kitchen and bathroom. It extends to 547 sq. ft. The mews is currently occupied by Fifty-Fifty Post on a term of ten years from May 2015 producing €15k per annum expiring in May 2025. The tenant has signed a Deed of Renunciation relinquishing renewal rights and is not affected by the sale. Externally, there is a railed garden to the front as well as a large garden between the main building and the mews. The property offers excellent potential for either residential or commercial use. The Business Post, 28th November
Usher’s Quay, Dublin 8 A hotel site with full planning permission to develop a 100-bedroom hotel has come to the market seeking €7m. The Usher’s Quay hotel site in Dublin 8 will extend to c. 43,550 sq. ft., with restaurant and bar facilities of c. 1,614 sq. ft. Warren Private and Greenleaf is reported to have acquired the Usher’s Quay site for €3.3m in 2019. The price paid represented a premium of 16.67% on the property’s €2.75m guide price. Despite the impact of the pandemic, the market for new hotels remains strong with c. 24 hotels, comprising 4,500 rooms, expected to be delivered in Dublin by the end of 2023. The Irish Times, 24th November
Smithfield, Dublin 7 A proposed hotel development at the Cobblestone pub in Dublin has been refused planning permission by Dublin City Council. Marron Estates Ltd had applied to the Council for planning permission for a nine-storey hotel at 77-80 King Street North in Smithfield. The proposal included the demolition of 78 and 79, and the retention and alteration of 77 and 80. Under the proposed plans, the pub would have been retained, however concerns were expressed over the scale of the development and the removal of an area beside the traditional Irish music pub. Over 700 observations were received by the Council’s planning department which ruled that the “development would be overbearing and significantly out of scale and character with the prevailing architectural context and would represent substantial over-development of this highly sensitive site”. In October, more than 400 people protested in the city centre over the proposed development while an online petition, Save the Cobblestone, has more than 34,000 signatures. Marron Estates Ltd has four weeks to appeal the planning decision. The Business Post, 29th November
South Docks, Cork The only hospital dedicated to rehabilitation outside of Dublin is earmarked for Cork City, as part of a €350m plan to develop the South Docks. The 122,000 sq. ft. 130-bed rehabilitation hospital will provide rehab for patients with stroke and acquired brain injury, as well as general neurological rehabilitation, and will be among the most modern in Europe, according to developers O’Callaghan Properties (OCP). A dedicated outpatient day hospital and restaurant and café services are also part of the plan. OCP is hoping to begin construction work on the hospital in the first quarter of 2023, subject to planning approval. The development is a significant one for the city, which had in the past been earmarked for a southern rehabilitation centre, to offset the pressures on the National Rehabilitation Hospital in Dun Laoghaire, in Dublin. The new hospital will be operated by French care giant the Orpea Group, which entered the Irish market in 2020 and now has c. 2,000 beds in Ireland. The Irish Examiner, 23rd November
Student Accommodation, Cork Planning permission has been granted for a c. €30m+, 243-bed student accommodation complex at Cork city’s Victoria Cross, on a former garage site which has been sold for €4.1m. It features several blocks, including one of ten storeys, facing UCC’s own ongoing Crow’s Nest 255-bed facility. It marks further high-density concentration of purpose-built student apartments and beds just west of the main UCC campus. This latest student accommodation site, at Victoria Cross, is to be delivered by Bellmount Developments’ Séamus and Pádraig Kelleher. The Kelleher brothers also have an adjacent site on the other side of Orchard Road on Victoria Cross Road with planning in place for a 137-bed development, in three blocks of up to five storeys tall. Combined, they now have scope to add 380 student beds to the immediate area. More recent large-scale player arrivals (excluding UCC itself) include the likes of Uninest with three sites (Brewery Quarter/Lee Point, Melbourn Point by the MTU, and the completed Amnis House on Western Road) as well as Round Hill Capital and NBK Capital Funds. The Irish Examiner, 24th November
Appian Way, Dublin 6 Dublin City Council has refused developer Johnny Ronan planning permission for a 10-storey-over-basement, 44-unit scheme of build-to-rent apartments on Appian Way in Dublin 4. The council said the scheme’s excessive height, scale and density on a small, visually prominent site would constitute overdevelopment. It found the plan for the site at the junction of Leeson Street Upper and Appian Way would have an unreasonably overbearing, visually dominant effect on adjoining sites. The authority also concluded that the proposed scheme, “with its unjustifiable height and density, fails to integrate or be compatible with the streetscape along both Appian Way and Leeson Street Upper”. The Irish Times, 24th November
Athy, Co Kildare A residential development site in Athy, Co Kildare with potential for 133 dwellings has been brought to the market by joint agents Lavelle Commercial Property and Corr Property Consultants guiding €2m. Located at Blackparks, it is within walking distance of the town centre and fronts a planned new distributor road. Extending to 9.4 acres with frontage to Fortbarrington Road, the site is zoned Objective C: “New Residential” which indicates an estimated residential capacity of 133 units for the site, equating to 14 units per acre. The Irish Independent, 25th November
Phoenix Park, Dublin 7 A small apartment block with development potential near the Phoenix Park in Dublin 7 has been earmarked for auction by agent Olivia Needham Property in partnership with IAM Sold Property Auctions with a €1.45m guide price. Known as 6-11 Villa Springs, Nephin Road, the two-storey block B extends to 3,010 sq. ft. and comprises six one-bedroom apartments. It is part of a small development with Block A comprising 1-5 Villa Springs at the entrance to the development not included in the sale. Block B, which is for sale at the rear of the development, is owned by one owner and sits on its own site of c. 0.15 acre. Block B will be sold with the benefit of vacant possession and the market rent for the six apartments is estimated to be €122k per annum giving a return of 8.4% with further uplift possible. Five of the apartments have not been rented over the past two years and therefore market rent can be changed. The sixth apartment is currently rented at €20.4k per annum. A €7.3k annual management fee applies for the entire block. The Irish Independent, 25th November
Residential Property Prices, Ireland Residential property prices in central Dublin will soar by a quarter to a median €476k by 2028, a comprehensive analysis of the housing market for Dublin City Council has found. The housing need and demand assessment (HNDA) by KPMG’s research consultancy said the average price of a home will increase from €437,868 to €575,251 between 2021 and 2028. KPMG said that the median home price would rise from €378,403 to €476,760 in the same period. It also showed that 75% of the homes in central Dublin will be priced above €367,252 in 2028, compared to €291,487 in 2021. In addition to a sharp rise in home prices, the HNDA has also forecast the median weekly rent in the council’s locality will surge from €411 a week to €603 a week by 2028, which will mean the median rental unit will cost c. €2,412 a month. Recent data released by the Department of Housing suggests there has been an increased rate of homebuilding following new state initiatives and forecasts that 27,000 homes could be completed next year. The government’s Housing for All plan has aimed to boost housing delivery up to an average of 33,000 homes a year between now and 2030. Despite the positive trends in the housing market, the KPMG analysis has forecast a rise in home prices of 4.27% in 2021. Its report said there will be continued inflation up to 2030, by which time it will have eased to 2%. The Business Post, 28th November
Build-To-Rent Scheme, Dublin Developers would be blocked from building new apartment complexes solely made up of rental units under new rules being drafted by Dublin City Council. Last week, the local authority entered the second stage of drafting its new development plan for the 2022-2028 period. The new version includes specific policies aimed at preventing over-concentration of build-to-rent accommodation in pockets of the city and increasing for-purchase homes. The measures, if adopted, would require developers to demonstrate that there is not an over-concentration of rental accommodation in an area when applying for planning permission. Large-scale apartment developments of more than 100 homes would also need to include a minimum of 40% of build-to-sell apartments. Furthermore, the council would like to “discourage” rental accommodation schemes of fewer than 100 units because it has found smaller build-to-rent schemes cannot provide “meaningful” communal facilities and services. The draft added that any rental accommodation should be concentrated in “prime inner city areas and also in areas of high intensity employment use such as within 500m walking distance of a high employment area”. A high employment area is classified as a zone with 203 employees per acre and within 500m of major public transport interchanges, such as Connolly Station, Tara Street Station and Heuston Station. The public and interest groups now have a final three-month window to request amendments to the development plan. The Business Post, 28th November
Clonskeagh, South Dublin US-owned Bain Capital is understood to have secured c. €40m from the sale of 72 high-end homes in the south Dublin suburb of Clonskeagh to a fund controlled by German investor Real IS. The deal, which was completed in recent days, sees the fund secure ownership of 63 two to four-bedroom apartments and nine penthouses developed by Bain and its partners Regency Homes at the exclusive Knockrabo scheme on Mount Anville Road. Completed in September 2020, the portfolio is distributed across four apartment blocks ranging in height from four to five storeys. The scheme, which is almost fully let has 93 parking spaces. The €40m price paid by Real IS represents an average of €555,555 per unit. The Irish Times, 29th November
Irish Commercial Property Outlook Improved outlooks across all sectors of the Irish commercial property market are expected by the Society of Chartered Surveyors Ireland (SCSI) according to the third quarter Ireland Commercial Property Monitor. The key factor driving the improvement was an acceleration in tenant demand for industrial space, rents for prime industrials are expected to rise by 6% in the year to come while secondary industrial rents could increase by c. 3.5%. Office demand appears to have stabilised. In the retail market, occupier demand continues to fall but its pace of decline has eased significantly compared with earlier in the year, according to the survey which is part of a global monitor conducted by the Royal Institute of Chartered Surveyors (RICS). Respondents foresee industrials strengthening from a 5% growth prediction in Q2 to 6% growth over the next 12 months. Prime office values are expected to rise by 1% in contrast to falls predicted in the previous quarter. However, secondary office values remain under a bit of pressure with expectations of a fall of c. 50bps. Nevertheless, this is still an improvement on Q2 expectations for a 400bps fall. The Irish Independent, 25th November
Property Funds, Ireland The Central Bank of Ireland has outlined proposals for the introduction of leverage limits for property funds and new guidance to prevent liquidity mismatch. The central bank is consulting on a 50% limit to prevent a build-up of excessive levels of debt in Ireland’s commercial property market. This would not be a fixed limit. The bank noted that in the event of adverse market shocks, it may temporarily remove the limit. Equally, it may be tightened if there is evidence of “growing exuberance”. A three-year transition period is proposed to give funds time to adjust. The plans have been drawn up amid concerns that some funds are carrying too much debt. Irish property funds currently have an average LTV of 46%, which is almost double the EU average of 25%, it added. In addition to limits on leverage, the CBI is also proposing new guidance for property funds on redemption terms to prevent liquidity mismatch. It will advocate a longer timeframe from the point when a redemption request is submitted and when funds would need to pay investors. The consultation will run until 18th February. React News, 25th November
Banking and Payments Federation Ireland Report Mortgage approvals fell in number and value in October but remained higher than pre-pandemic levels. Figures from the Banking and Payments Federation Ireland (BPFI) show a total of 4,568 mortgages were approved last month, down 4% on the previous month and 12% on the same month last year. 55% (c. 2,533) were for first-time buyers while mover purchasers accounted for 23.6% (c. 1,076). The value of mortgage approvals in October was just under €1.2bn, down 5% on last year. The Irish Times, 30th November
Rent Control Legislation, Ireland Landlords will be able to hike rents by multiples of new rent control caps if they have not increased rents in several years. New rent control legislation will allow landlords of homes in rent pressure zones (RPZs) to compound the cap from previous years. Housing Minister Darragh O’Brien will pass legislation through the Oireachtas in the coming weeks which will link annual rent increases in RPZs to 2% or to the Harmonised Indices of Consumer Prices (HICP), whichever is lower. However, landlords who have not upped the rent in previous years will be able to combine the rent increase cap, as it will be legislated for on a per annum basis. The legislation last week passed its Seanad stage and will soon be considered by the Dáil. It is part of two pieces of legislation brought by the Housing Minister to Government in recent months, with Mr. O’Brien also seeking to put in place tenancies of indefinite duration. According to the latest Daft.ie rent report, rents are now rising at an annual rate of 6.8%. The rent increases faced by tenants are linked to an “unprecedented” shortage of rental property in the Irish market. As of the beginning of the month, the report said that there were just 1,460 homes to rent on its property website, the lowest number since its quarterly series began in 2006. The Irish Independent, 30th November
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