Grafton Street, Dublin 2 New Balance Athletics has secured a 10-year lease at No. 104 Grafton Street for an annual rent estimated at €350k. The new store is housed in a five-storey, mid-terraced Georgian building with a basement, extending to approx. 6,880 sq. ft, including a 2,150 sq. ft ground floor retail space. The deal was handled by CBRE and Bannon on behalf of asset manager Macquarie Asset Management. Savills Ireland represented New Balance in the transaction. The Business Post, 23rd November
Celbridge, Co Kildare Coonan Property are seeking offers of €1.05m for an investment opportunity on Celbridge’s Main Street. The property comprises a two-storey building extending to approx. 3,197sq. ft with a rear car park. The property is under a long-term secure 20-year lease to AIB (expiring February 2030). The annual rent is €87,000 per annum with rent reviews every 5 years. The Business Post, 22nd November
Applegreen has said it plans to invest €1bn over the next five years to expand its operations in Ireland, America and Britain, and to expand its charging network for electrical vehicles. Earlier this year Applegreen opened a €10m service area at Clondrinagh in Limerick and invested €3m in an upgrade of its Midway service area in Portlaoise. It is due to open a new motorway services area off the M3 in Dunshaughlin, Co Meath next year. The Irish Independent, 25th November
Blanchardstown Morgan Stanley has financed Strategic Value Partners’ approx. €560m purchase of Blanchardstown Centre with an approx. €400m loan. Morgan Stanley originally financed the 1.2m sq. ft shopping centre with a €767m whole loan for Blackstone, which paid €930m for the Centre in 2016. The US investment firm handed back the keys to the lenders in 2020 as rent collections slowed during the COVID-19 pandemic. CoStar News, 21st November
Western Industrial Estate, Dublin 12 The largest industrial property letting in the third quarter of the year saw Danish furniture retailer Jysk occupy Building One at M50 Logistics Hub in Western Industrial Estate. Joint agents Harvey and Savills had been quoting €12.50 per sq. ft and are believed to have got close to that rent. Extending to 98,364 sq. ft, Building One warehouse area offers a clear internal height of 49 feet and loading is accessed via 18 dock levellers and four grade level doors including a cross-docking area. Its accommodation also includes 12,327 sq. ft of office space. The Irish Independent, 21st November
Ballymount, Dublin 12 C1 & C2 Ballymount Cross Industrial Estate has come to the letting market quoting an annual rent of €250k through letting agent Harvey. It comprises 23,024 sq. ft across a detached warehouse and office facility. The property has loading access via three full-height automated doors, 5.5m clear internal height, a forecourt/marshalling area to the front and car parking to the rear, as well as two-storey offices and staff facilities. The Irish Times, 20th November
Lisney Report According to the latest report from Lisney, activity in the industrial market was slow in Q3. For large new-build units, most landlords continue to secure 10 to 15-year leases with break options at years five or 10, rent-free periods of three or four months and headline rents at €12.50-€13.00 psf. Rents for smaller enterprise units of sub 16,000 sq. ft have also remained stable with a number of deals being done in excess of €16.50 psf. Lisney’s index of rents for industrial buildings across all of Dublin grew by 1.05% in 12 months to the end of September. The Irish Independent, 21st November
St. Stephen’s Green, Dublin 2 No 2, formally home to a branch of Permanent TSB, has come to the market with a guide price of €2.5m through Lisney. The property is being sold with full vacant possession and comprises approx. 3,565 sq. ft net internal area (NIA), with a generous open-plan ground floor area of approx. 1,900 sq. ft NIA. The property is zoned Z5 City Centre in the Dublin City Development Plan 2022-2028, which encourages mixed-use development, adding potential for a variety of uses. The Irish Times, 20th November
Temple Bar, Dublin 2 Thomas Röggla, an Austrian Investor, is preparing to buy The Fleet, a four-star hotel on Westmoreland Street which contains 100 rooms. The property has been on the market since June for €45m. The Investor already owns 15 four and five-star hotels around Ireland, including the Farnham Estate in Co Cavan, Dunboyne Castle hotel in Co Meath, Mount Wolseley in Co Carlow and the Aghadoe Heights hotel in Co Kerry. Although his portfolio, known as the TMR Hotel Collection, includes three hotels in Dublin, this will be his first in the city centre. David Goddard’s Davy Real Estate, now known as Lanthorn, looks set to buy the hotel on behalf of TMR. The Sunday Times, 24th November
Sandyford, Dublin 18 Agar Commercial Property Consultants are handling the sale of Suite 3 at The Mall in Sandyford, comprising of approx. 3,360sq. ft. The guide is €1.275m plus Vat. The property is located immediately adjoining the Beacon Hospital and Beacon Consultants Clinic. The ground floor suite is let to Beacon Hospital which pays a rent of €25k per annum, with a rent review due in October 2025 which could see the rent level rise. The upper three floors offer self-contained access with vacant possession. There are five dedicated car spaces attached to the property in the basement car park. The Business Post, 23rd November
Killiney, Co Dublin German asset management company DWS has bought Hayfield, a recently developed private apartment scheme in Killiney from Irish developer Park Developments for €97.5m in an off-market transaction. The acquisition has been made on behalf of two of DWS’s German institutional real estate funds and was structured as a forward purchase. The scheme will comprise 207 professionally managed rental apartments in courtyards, open space, along with car parking. CoStar News, 25th November
Cork City A tower apartment site 500 metres from Cork City Hall has been put up for sale where An Bord Pleanála approved a 118-unit development with 17 storey tower in 2019. However, the planning for the tall and dense development on a 0.8-acre Railway Gardens site – achieved under the Strategic Housing Development process – is set to expire in coming months, says selling agent ERA Downey McCarthy who guides at €4.75m (€40k per site). The Irish Examiner, 20th November
Approved Housing Bodies (“AHB’s”) The Republic’s main AHB’s are weighing a fresh bid to have their borrowings removed from the State’s balance sheet, as they seek to ease constraints on future financing and growth. The wider AHB sector, the most active bulk buyers of homes in the State had €7bn of borrowings at the end of 2023 on €8.3bn of housing stock, according to the AHB Regulatory Authority’s latest annual report, published last week. It either owned or managed more than 61,000 dwellings as of last December, compared with fewer than 37,000 four years earlier. The Housing Alliance, a representative body for the seven largest AHBs, including Clúid Housing, Oaklee and the Iveagh Trust, has begun a search for researchers to assess the benefits and drawbacks by the sector’s liabilities remaining on the Government’s balance sheet, which is subject to EU fiscal debt and budget restrictions. The Irish Times, 26th November
Adamstown Co Dublin, Oaklee, an approved housing body, has launched a 154-unit cost rental development in Adamstown, Co Dublin. It is made up of 71 one-bed, 81 two-bed and 2 three-bed apartments. Monthly rents for the Adamstown cost rental development, ranging from €1,525 to €1,800 a month, are at least 25% below market value, according to Oaklee and Quintain. To be eligible for cost rental housing, applicants’ net household income must be below €66,000 a year for Dublin developments, and €59,000 for elsewhere in the country. The Business Post, 25th November
Ires Reit, Ireland’s largest private sector landlord with around 4,000 units, has completed the disposal of 37 units in total as part of the previously announced target of 315 units over three to five years. It sold 20 assets in line with book value in a bulk sale and 17 units to individual purchasers achieving sales premiums of around 25%. The company expects to complete the disposal of at least a further 50 units in 2025, at an average sales premium of between 15% and 20%. Ires also said it has now completed a strategic exit from the Cork market, which will help improve cost structures and margins by focusing on the Greater Dublin Area to maximise efficiencies. The Irish Independent, 22nd November
Convention Centre, Dublin The company that operates the Convention Centre Dublin last year enjoyed record pretax profits of €18.23m. Accounts filed by the facility’s operator, Spencer Dock Convention Centre Dublin DAC, show that pretax profits increased by 20% from €15.24m to €18.23m as revenues rose by 37% from €23.9m to €32.65m in 2023. In 2023 the venue welcomed 159,396 people across 131 events, compared to the 95,002 people who attended 109 events during 2022. The Office of Public Works owns the convention centre building on North Wall Quay while the operating company will continue to run the facility until 2035. The Irish Times, 25th November
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Blanchardstown, Dublin 15 The American investor Strategic Value Partners (SVP) has confirmed it is buying the Blanchardstown shopping centre in north-west Dublin. SVP did not disclose how much it is paying, but media reports have suggested it could be approx. €600m. The US investment bank Goldman Sachs put the centre up for sale last year, with an asking price of €650m. The largest shopping mall in the country, Blanchardstown Centre covers 1.2m sq. ft and has over 180 shops and restaurants. The acquisition of Blanchardstown is expected to complete prior to year-end, subject to regulatory approvals. The Irish Independent, 18th November
Lucan, Co Dublin Extending to 2,541.46 sq. ft with seven basement car parking spaces, a two storey retail bank premises in Lucan is being brought to market by Murphy Mulhall at an asking price of €1.275m. The property is let to Permanent TSB on a 35-year FRI lease with an expiry in March 2031. The current passing rent is €120k a year. The Irish Times, 13th November
Tralee, Kerry The Manor West Retail Park is set for expansion. At 349,403 sq. ft, the park sits on a site area of 29 acres, with over 1,000 surface car parking spaces. The park is split across two sections (retail park/shopping centre). Expansion of the retail park will comprise a total of 88,000 sq. ft. The anchor unit is to cover 40,000 sq. ft, plus a garden centre. The unit can be offered in two, smaller units of 20,000 sq. ft each. There will be three further warehouses of 10,000 sq. ft each. The Irish Times, 13th November
South Strand Street, Dublin 1 Colliers has launched 66-67 Great Strand Street building for sale and is seeking offers of approx. €4m. The asset comprises a four-storey building in excellent condition extending to a gross internal floor area of approx. 11,194.47 sq. ft. The freehold property is being sold with full vacant possession and would suit a variety of other uses subject to planning. The Business Post, 16th November
Relm Finance has appointed receivers to a number of assets within Goldstein Property Icav, an investment vehicle managed by Quanta Capital. The Sunday Times understands that receivers have been appointed to 27 properties, which include a range of types but many of which are second-generation offices. A large number of the properties within the Goldstein vehicle are unaffected. Interpath Advisory were appointed as receivers to various subfunds that were used to buy the properties. The Sunday Times, 17th November
Lisney Office Market Report Office market activity continued to recover in Q3 2024. The number of transactions went up to 52, the take-up fell to 565,105 sq. ft along with average lot size falling to 10,763.9 sq. ft. The busiest region was Dublin city centre and professional services claimed the busiest sector. The largest transaction of the quarter was EY’s take up of 129,166.93 sq. ft at Two Wilton Park, Dublin 2. Dublin city centre had a prime headline rent of €63 per sq. ft and a vacancy rate of 16.9%. Lisney, 13th November
Wexford Irish hotel operator Dalata has announced it sold the Clayton White Hotel in Wexford Town to Neville Hotels in a deal worth €21m. The deal becomes the second hotel in Wexford Dalata sold to the Neville Group this month, following the sale of the Maldron Hotel Wexford. The deal is expected to be completed in January 2025. Real estate firm Savills advised Dalata on the transaction. The Business Post, 19th November
Rosses Point, Sligo The Yeats Country Hotel is being offered for sale by Savills with vacant possession at €7m. The property comes to market with 98 bedrooms, several dining options, including the Elsinore Restaurant, the Eros Spa, a leisure centre with an 18m swimming pool, and a large car park. The Irish Times, 13th November
Wexford Harbour Wexford County Council is looking for investors and developers to take on the development of a mixed-use urban quarter at Trinity Wharf in Wexford Harbour. Plans for the more than €150m development include a hotel, conference centre, artist studios, apartments, marina, offices and a public plaza. The council launched a preliminary market consultation process for the planned project at Trinity Wharf, a 13.5-acre site. Planning permission for the brownfield site, which was acquired by the council, has already been secured. The Irish Times, 13th November
Poolbeg, Dublin Johnny Ronan has received the go-ahead from Dublin city council to build an innovation hub for tech start-ups on the former Irish Glass Bottle site near Poolbeg. The six-storey building will span 135,260 sq. ft and will accommodate hotspots for new businesses as well as community spaces, while over a sixth of the space will be set aside for leisure, cultural, artistic, café, educational and library uses. The Sunday Times, 17th November
Ballycoolin, Dublin 15 Unit 1, at the Stadium Business Park, is being brought to market at a guide price of €12.8m (NIY 5.5%; €163.18 psf) by Harvey. The industrial/warehouse and office facility, extends to 78,441 sq. ft, and sits on a site of 3.95 acres. The property is currently let to Dunnes Stores at a passing annual rent of €775k. The lease incorporates a tenant break option in March 2032, therefore offering seven years plus certain income. The first rent review is in March 2027. The Irish Times, 13th November
Forge Hill, Co Cork Agent Cohalan Downing is offering a unit to let on Forge Hill just off the Kinsale Road, 4km south of Cork city centre. The agent is quoting a guide rent of approx. €130k pa for it. The property comprises a detached warehouse/light industrial unit with a two-storey office/service block incorporated at the front and a part mezzanine floor storage area. It is on a large site of approx. 1.2 acres with frontage and access onto Forge Hill. The Business Post, 16th November
Lisney Industrial Report Activity in the industrial market remained slow in Q3. This was particularly the case for mid to larger warehouses (greater than 32,291.73 sq. ft). Deals went up to 23, with an overall jump in activity to 383,195.21 sq. ft. Lettings dipped to 67%, with the largest letting being the sale of Building 1, Damastown Industrial Park at 99,781.45 sq. ft. The average lot size dipped to 16,684.06 sq. ft and vacancy also dropped to 1.7%. The prime headline rent was €13 per sq. ft and the Southwest was the busiest region. Lisney, 13th November
North Docklands, Dublin 1 The owners of Spencer Place are readying the property for sale. The Sunday Times understands that Fortress Investment Group, which controls the development, has hired the property agent Eastdil Secured to handle the sale. It will have a guide price of €200m. The scheme, which consists of 329 build-to-rent apartments and 64 co-living units, is also owned by Ronan Group Real Estate as part of the wider Spencer Place development. Spencer Place is in two blocks, spreading over 135,625 sq. ft. Construction was completed in November 2022 at a cost of approx. €153m. The Sunday Times, 17th November
Lisney Commercial Real Estate Report The Irish commercial real estate market continued its cautious recovery path in Q3. Investor sentiment improved further, supported by reducing global interest rates. The market transactions rose to 24 deals, amounting to a total of €596.55m with the largest deal being the sale of The Square in Tallaght for €130m. The average deal size grew to €24.85m. The retail sector amounted for 33% of all deals with a net yield of 5.15%. Additionally, 79% of all deals for Q3 occurred in Dublin. Lisney, 13th November
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Lapps Quay, Cork Joint agents Sherry FitzGerald Commercial and H Property are guiding €6m for an office and retail/restaurant investment opportunity located on Lapps Quay. The property comprises a ground floor and third floor extending to 26,586 sq. ft, which forms part of a larger multi-storey building known as City Quarter. The ground floor comprises a vacant fully fitted own door office suite, a self-contained fitted restaurant unit and coffee dock situated on the boardwalk adjacent to the scheme, occupied by Café Gusto. The third floor comprises five office suites laid out around a central service core. The third floor of the property is fully occupied under various leases and the total passing income is €431k pa. The Business Post, 9th November
Camden Yard, Dublin 2 Oaktree Capital Management is preparing to take control of Camden Yard, an office and residential development. Oaktree, which was a junior lender on the scheme, is in advanced talks to buy out the interest of BGO, a Florida-based property investment firm and senior lender on the project. Construction on the site on Kevin Street, which was formerly a DIT campus, ground to a halt in June. Approx. 409,028 sq. ft of office space, 325 apartments and retail and restaurant units are planned for the 3.6-acre Camden Yard site. The Sunday Times, 10th November
Henry Street, Dublin 1 Mike Ashley’s Sports Direct has secured the green light to open a large gym at the former Debenhams department store on Henry Street. The 27,544 sq. ft gym will be the first opened by the group in the Republic and the permission follows two years on after Mr. Ashley’s Frasers Group bought the former Debenhams outlet in Henry Street. As part of the revamp, Heatons Ltd, which trades as Sports Direct in Ireland, is to open a new Sports Direct store from ground floor to the second floor mezzanine, with the gym on the third floor. The Irish Times, 6th November
Ashbourne, Co Meath The Fox’s Den in Ashbourne has been launched to the market by BDM Property guiding €1.5m. A large two-storey licensed premises, the property extends to 7,014 sq. ft and its accommodation briefly comprises a ground-floor lounge bar to the front with the public bar located to the rear. On the first floor there is a self-contained function room. Outside and to the rear there is a smoking area with parking for 25 cars. The Irish Independent, 7th November
Enniskerry, Co Wicklow Pre-tax profits at the firm that operates the five-star Powerscourt Hotel resort near Enniskerry almost doubled to €2m last year. New accounts at hotel firm Sugarloaf Ventures Ltd show that the company recorded the 90% increase in pre-tax profits after revenues rose by 14% from €23.16m to €26.42m. The resort is part of the MHL Collection. The company’s gross profit increased from €12.19m to €14.2m after cost of sales rose from €10.96m to €12.18m. The firm recorded post-tax profits of €1.84m after incurring a corporation tax charge of €167k. The Irish Independent, 8th November
Bray Central, Co Wicklow A UK-based loan servicing group has appointed receivers to a company co-owned by Paddy McKillen jnr that controls the Bray Central shopping and town centre site. In 2018, Wicklow County Council agreed to sell the property, formerly known as the Florentine site, to Navybrook Ltd for a reported €2.6m, pending its redevelopment into a modern retail park by Oakmount. Kroll was appointed by BCMGlobal, a UK loan-servicing firm, to Navybrook on foot of loans secured against the property. CRO filings indicate that BCMGlobal secured three charges against the assets of Navybrook in 2019 and 2022. The Irish Times, 7th November
O’Connell Street, Dublin 1 Real estate investor and developer Firethorn Trust has acquired a development site in central Dublin to construct a 588-bed hostel. The off-market purchase of Sackville Place, located near O’Connell Street, includes planning permission for a purpose-built hostel with a combination of dormitory-style rooms and private double rooms spread across six storeys. Upon completion, Firethorn will retain operational management of the hostel, working in partnership with real estate investment managers SW3 Capital. Work is expected to start on site in March 2025, with practical completion due in January 2027. The Business Post, 11th November
Ashford, Co Wicklow A 28-acre land holding in Ashford has been placed on the market by Savills with a guide price of €2.95m (approx. €105.3k per acre). The land is currently unzoned and lies just outside the boundary of the Ashford Town Plan 2022–2028. The lands are situated in a residential location on the eastern side of the village, between the R772 road and the M11 motorway, approx. 44km south of Dublin city centre and 6km north-west of Wicklow town. The Irish Independent, 7th November
Youghal, East Cork Brian Gleeson Property is handling the sale of a property that comprises three parcels of adjacent land in Youghal in East Cork. The price is available on application from the agent. The first parcel comprises of approx. 5 acres and contains a storage building measuring 21,527 sq. ft with an upper level comprising of office space, kitchen and WC. The second parcel comprises approx. 1 acre and contains a storage building measuring 44,526 sq. ft. The third parcel comprises the quay at Green’s Quay, which extends to approx. 0.5 acres. This site is held under lease from Cork County Council. The Business Post, 9th November
Phibsborough Road, Dublin 7 Royal Canal House, on Phibsborough Road, spans across four floors of approx. 5,436 sq. ft on a gross internal area. The property, which is being sold with vacant possession by Finnegan Menton, is guiding €1.6m. It features spacious accommodation throughout, with high ceilings, decorative cornices and an elegant front entrance doorway. The Irish Times, 6th November
BNP Paribas Real Estate Ireland Report Levels of total activity in the construction sector fell in October, in spite of a “surge” in residential building. According to new figures from BNP Paribas Real Estate Ireland, overall activity in construction fell marginally last month for the second month in a row. The real estate firm’s October index rose to 49.4 in October from 49.0 in September, remaining below the 50-mark that denotes growth in construction activity. Residential construction activity, however, surged from 51.0 in September to 56.4. Commercial construction levels lagged behind at 47.0. The Business Post, 11th November
Housing Targets Developer Michael O’Flynn has accused the government of a lack of ambition in its housing targets. Last week, a new target of 303,000 new homes in the six-year period between 2025 and 2030 was set, up from the 225,700 target for the period. Earlier this year, research provided to government by the Housing Commission policy group, of which O’Flynn was a member, suggested 488,400 homes could be needed to the end of 2030 based on high migration and low household size scenarios. The Housing Commission report estimated the required delivery between 33,400 and 81,400 new homes would be required annually depending on population growth and household sizes. The Business Post, 10th November
Davy Analysis The vast majority of the finance required to deliver the government’s new target of 303,000 homes will need to come from the private sector, new analysis by Davy has said. Last month, the Department of Finance published the findings of a state group tasked with reviewing different aspects of the funds industry in Ireland. The report, called Funds Sector 2030, said €20bn will be needed to build 50,000 homes pa. The state’s ceiling for investment into housing is estimated to be approx. €5bn. The Business Post, 6th November
Co Kildare Plans have been lodged for a €141m 118MW solar farm on a 428-acre site in the townlands of Cadamstown, Ballina, Clonuff and Garrisker in Co Kildare. New plans by Cadamstown Solar Ltd are seeking planning permission from Kildare County Council for the solar farm across 39 fields of agricultural land on a site just over 9km from Kinnegad in Co Westmeath. The site is currently being used for a mix of arable and pasture farming. The Irish Independent, 12th November
Ronan Group Real Estate (RGRE) has resolved numerous High Court actions with Fortress Investments Group which centred on the repayment of loans worth over €100m. As reported by the Business Post, Ronan settled a €3.3m row with a Fortress entity over allegations he was owed the sum from an insurance award regarding their joint Fibonacci Square development in Ballsbridge. The High Court heard that the property developer had also settled separate proceedings in which it alleged that Fortress had threatened to “wipe out” the wider firm as part of a “conspiracy” to cause it damage. The lawsuit related to what RGRE alleged was a failure to engage with refinancing arrangements on loans in 2022. The Business Post, 11th November
Davy Group The property investment management arm of Davy Group is set to be sold to the unit’s chief executive for an undisclosed sum along with its €1.6bn portfolio of assets, including Dublin’s St Stephen’s Green Shopping Centre. The transaction will see David Goddard, chief executive of Davy Real Estate, acquire the unit and operate it as a separate entity, trading as Lanthorn. The deal is expected to conclude in November. The Irish Times, 5th November
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Camden Street, Dublin 2 Attestor Capital, a private equity firm based in London, has bought Devitt’s pub on Camden Street in a purchase and leaseback deal with the Mangan Group. It is believed the pub investor has paid approx. €15m for the property. Attestor Capital has now spent approx. €100m on pubs and hotels since it entered the market in 2021. It bought the Brazen Head in Dublin and the former TP Smith portfolio of pubs, including the Auld Dubliner and the Norseman. The Sunday Times, 3rd November
Celbridge, Co Kildare BDM Property has brought the Riverside pub for a guide of more than €1.75m. The pub overlooks the river Liffey and the main bridge in Celbridge. The property occupies a total site area of approx. 0.75 acres. The large rear car park, accessed via an archway from Main Street, provides parking for approx. 65 cars and an additional valuable income stream for the pub. The Business Post, 2nd November 2024
Baggot Street Lower, Dublin 2 A hotel firm owned by Eamon Waters has offered to reduce the scale of a planned hotel in Dublin city centre from 66-bedrooms to 62-bedrooms in order to secure planning permission. The revised plans have been drawn up as part of an appeal by Waters’s firm, Peachbeach UC to An Bord Pleanála against the city council’s refusal of planning permission for a 66-bedroom hotel and 23 apartments over six storeys at 15-16 Baggot Street Lower. The planning appeal has been received by Dublin City Council and is due to be decided by March 4. The Business Post, 31st October
Opera Lane, Cork City Opera Lane is set to be fully occupied for the first time in five years as a deal has just been inked for a large unit to be taken over by Mountain Warehouse. The four-level Unit 14 at Opera Lane will retail out of 15,000 sq. ft of the substantial 20,000 sq. ft store. They have taken on a ten-year lease, at a rent of approx. €400k pa. The Irish Examiner, 31st October 2024
Grand Canal Harbour, Dublin 8 Marlet property development company is seeking a tenant for a creche at its Grand Canal Harbour development, next to the Guinness Storehouse and close to St James’s Hospital campus. The unit is being quoted for €40k pa, which spans 2,465 sq. ft and includes a fully enclosed outdoor play area of approx. 1,722 sq. ft. Irish Independent, 30th October 2024
BNP Paribas Real Estate Ireland Report Take-up of Dublin office space by tech companies shrank to 7.1% in the third quarter, according to a report by BNP Paribas Real Estate Ireland. Approx. 47 transactions were completed, slightly up on the 44 that were completed in the same quarter in 2023. Dublin still has one of the highest office vacancy rates among European cities. The vacancy rate edged up from 15.2% as of the end of June to 15.7% at the end of the third quarter, while the tech sector remained relatively inactive. The Irish Times, 4th November 2024
North Docklands, Dublin 1 Savills have put the 100,000 sq. ft office block known as 2 Dublin Landings up for sale at a guide price of €60m on the instructions of receiver Deloitte, which was appointed by the lender Helaba. The move comes weeks after a restructuring of the lease held by the building’s sole tenant, WeWork, was finalised. According to sources close to the transaction, the new lease signed for 2 Dublin Landings commands an annual rent of €4m. By contrast, WeWork’s initial 20-year lease agreed in 2018 was for €4.9m pa. The Currency, 1st November
Lower Baggot Street, Dublin 2 Astogo Holding has acquired the former Ulster Bank premises at 130 Lower Baggot Street. The premises of approx. 8,500 sq. ft had been on the market with a guide price of more than €2.25m. The three adjoining properties on Lower Pembroke have also been acquired. These two-storey buildings benefit from an existing planning permission for demolition and redevelopment of a ground floor commercial space, with apartments overhead. The Irish Times, 30th October 2024
Tallaght, Dublin 24 An investment opportunity in Tallaght is being offered for sale by Savills with a €3.35m (NIY 6.8%) guide price. Unit 13/B1 Cookstown Industrial Estate, Dublin 24, is a semi-detached warehouse which extends to 26,210 sq. ft. It is let to Reward Catering Ltd. under a 10-year FRI lease, which commenced in March 2024, at an annual rent of €250k. Irish Independent, 31st October 2024
Clondalkin, Co Dublin Urbeo has acquired a Dublin logistics facility with ICG Real Estate. It’s understood that the duo paid approx. €27m for the facility in Kilcarbery Distribution Park. The 215,000 sq. ft facility is in southwest Dublin, between the N7 and N4 motorways. The building is currently multi-tenanted, with PRL Group and JMC Van Trans occupying the approx. 185,000 sq. ft of logistics space. The Irish Times, 30th October 2024
Ratoath, Co Meath A site for development of 57 apartments and 3 retail units has come to the market in Ratoath at a guide price of €1.5m. The development site, brought to market by Knight Frank, is in the town centre and is approx. 2.57 acres. The first block comprises the commercial accommodation, while the second block comprises the residential accommodation. The Irish Times, 30th October 2024
Santry, North Dublin A proposed construction of more than 300 apartments in Santry has been granted permission with revised conditions by An Bord Pleanála despite objections from Chadwicks, Ireland’s largest building materials provider. Dwyer Nolan Developments applied for permission to build the €120m, 13-storey residential project at the junction of Santry Avenue and Swords Road in April. Dublin City Council then granted the development firm permission for the project in June. The Business Post, 30th October
Housing Commencements There were 11,385 homes commenced in September 2024, more than four times the number from September last year when 2,607 units were commenced, according to the latest figures. For the first three-quarters of 2024, there were 49,007 units commenced, which is up 105% from 23,923 in the same period last year. In the last 12 months, there have been 57,885 units commenced, up 93% from 29,961 in the prior 12 months. Of the 11,385 homes commenced in September 2024, 43% are scheme dwellings and 53% are apartments, while only 4% are for one-off homes. The Business Post, 31st October
Housing Targets The Coalition is to agree new housing targets averaging 50,500 new homes per year during the lifetime of the next government. The full Cabinet is expected to agree to the targets outlined in the updated draft plan on Tuesday, which envisages 303,000 homes being built from 2025-2030. Coalition leaders agreed to a 41,000 home target for next year, rising to 43,000 homes in 2026, 48,000 in 2027, 53,000 in 2028, 58,000 in 2029 and 60,000 in 2030. The Irish Times, 4th November
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Dublin 2 Hibernia Reit has secured US real estate group Hines as tenants for the entire third floor of its Central Quay office building in Dublin’s south docklands. Extending to 11,250 sq.ft, the third floor has the capacity to accommodate more than 100 workers. The ground floor has been reserved by another occupier and CBRE is now offering the fully-fitted first floor which extends to 11,041 sq.ft. to the lettings market. The property is available for immediate occupation. The Irish Times, 17th November
Dublin 2 US-headquartered Pimco Global Advisors has agreed to sublease the third floor of the Harcourt Building on Harcourt Street for a term of eight years. The floor space extends to a net internal area of 11,300 sq.ft. and the rent is understood to be in the region of €57 psf and €4,000 for each of the basement car parking spaces. The property will become Pimco’s new Irish headquarters and will give it the capacity to grow its Dublin-based workforce to more than 100 people. The Irish Times, 18th November
Dublin 2 Browne Corrigan Chartered Surveyors are guiding €55-€58 psf for the remaining office space at Pepper Canister House on Mount Street Crescent in Dublin 2. The property comprises a five-storey office block extending to 10,000 sq.ft. and 10 car parking spaces. The second, third and fourth floors of the building are available to let. All three floors (5,600 sq.ft) are available for occupancy by a single tenant or on a floor-by-floor basis along with an allocation of car parking per floor. The Irish Times, 18th November
Dublin 1 Developer TIO has reached practical completion of North Dock Two and the wider North Dock scheme. Located next to the 3 Arena, the scheme extends to 202,000 sq.ft. in total distributed between North Dock One (95,000 sq.ft.) and North Dock Two (107,000 sq.ft.). While Gilead Sciences have agreed to occupy more than 30,000 sq.ft. at North Dock Two, The Irish Times understands that heads of terms have been agreed on the letting of a further 15,000 sq.ft. and the remaining 62,000 sq.ft. of space is being offered by joint agents JLL and Savills at a rent of between €52.50 and €55 psf. The Irish Times, 18th November
Dublin Office Market Total office take-up in Dublin reached c.229,500 sq.ft. during Q3 2020. While this is an improvement on Q2 take-up, it is still very low compared to pre-pandemic levels of market activity. This brings total take-up for the first nine months of the year to c.1.45 million sq.ft. which is a decline of 32% relative to the same period in 2019. There were 29 lettings completed during Q3, up from just 13 in Q2, while the average deal size was less than 8,000 sq.ft. BNP Paribas Dublin Office Market Q3 2020
Dawson St, Dublin 2 The Irish Times understands that AM Alpha are set to acquire Royal Hibernian Way on Dawson Street for c.€75 million. Joint agents JLL and TWM had been guiding €80 million when they brought the scheme to the market on behalf of Aviva in September. Royal Hibernian Way is a mixed-use development extending to 92,888 sq.ft. The bulk of the scheme (72,000 sq.ft) comprises office accommodation while some 21,000 sq.ft. is dedicated to retail and hospitality. The majority of the office space (66,000 sq.ft.) serves as the headquarters for Davy Stockbrokers, while the remaining offices, located at 12 Duke Lane, have been left vacant intentionally by Aviva as planning permission has already been achieved to double the size of the building. The Irish Times, 18th November
Leixlip, Co Kildare Geneva based Stoneweg are understood to have emerged as the preferred bidder on the sale of the former Hewlett Packard (HP) campus in Leixlip, Co Kildare. The 195 acre scheme, now known as Liffey Park Business Campus, was purchased by developer Michael O’Flynn and BlackRock Real Estate Assets in September 2018 for €51 million. The scheme’s current occupiers include Hewlett Packard Enterprise, Celestica, MGS and Global Entserv Solutions. The Irish Times understands that the purchase price agreed is c.€100 million. The Irish Times, 24th November
Rathcoole, Co. Dublin Harvey is guiding €2.2 million for a well-maintained warehouse and office facility at Greenogue Business Park in Rathcoole, Co Dublin. Unit 400 Grants Road is on a self-contained and gated 1.1 acre site. It extends to c.20,000 sq.ft. (€110 psf) and comes equipped with four automated level access doors, a loading yard to the rear and 27 car-parking spaces to the front and side of the property. The warehouse space extends to 16,103 sq.ft. while the offices are situated to the front of the unit and comprise 3,896 sq.ft. of fully fitted accommodation in turn-key condition. The Irish Times, 18th November
Cork City Cork City Council have granted planning permission to International Investment ICAV to construct a five to seven-storey hotel on MacCurtain St and Brian Boru St in Cork City. The site formerly housed the Coliseum cinema and is currently a bowling alley and arcade. Plans for the hotel include a bar and restaurant at ground floor level in addition to 171 bedrooms. The project can still be appealed to An Bord Pleanála and 23 conditions have been attached to the construction. Some of the conditions include provision for bicycle parking and conservation compliance with regards to the former postal sorting offices, which is a protected structure. The Irish Examiner, 20th November
Tyrellstown, Dublin 15 Hooke & MacDonald is guiding €9 million for the Tyrrellstown retail centre in Dublin 15. The 66,219 sq.ft. (€135 psf) commercial lot currently produces a net rental income of €1,012,112 per annum (€15.28 psf) from the existing tenancies, which have an average WAULT of c.7 years to expiry. The tenants include SuperValu, Hickey’s Pharmacy, Permanent TSB, Carry Out Off Licence and Paddy Power, with about 50% of the income secured against these five leading national covenants, which on average have approximately 10 years left to run on their leases. The projected estimated rental value is c.€1,153,000 per annum (€17.41 psf) once the vacant units have been let. The vacant units comprise a fully fitted and licensed pub and restaurant unit (9,666 sq.ft.), which has a high quality fit-out and is readily lettable. In addition, there are also three fully-fitted office suites that could be re-let or alternatively could (subject to planning permission) be converted to residential use. The Business Post, 22nd November
If you are interested in purchasing this asset and require financing, please contact Origin Capital as we can arrange senior debt facilities of up to €6m for the purchase of this Asset.
Blanchardstown Shopping Centre Goldman Sachs is seeking to take control of the Blanchardstown Shopping Centre from US investment giant Blackstone. The shopping complex has c.1.2 miilion sq.ft. of retail space, 180 stores and anchor tenants including Marks & Spencer and Penneys, as well as restaurants and a cinema. Blackstone bought the shopping complex from Green Property for €950 million in 2016. The planned deal will include the centre itself, two adjacent retail parks and external retail units, as well as a five-storey office block. The Irish Independent, 18th November
Grand Canal Dock Trinity College Dublin have appointed Savills to provide financial management and advice for the Trinity East project. The project involves the potential development of an estimated 1,076,391 sq.ft. innovation campus at Trinity’s current site at Grand Canal Dock. Upon completion, the 5.5 acre site is expected to comprise c.430,556 sq.ft of academic space, c.430,556 sq.ft of commercial space and c.215,278 sq.ft. of cultural and supporting uses, with an estimated gross development value of €1 billion. The Irish Independent, 19th November
Irish Investment Market Irish investment turnover reached just under €700 million during the third quarter of the year, representing an increase of 63% relative to Q2. This brings total investment for the first nine months of the year to just over €1.8 billion, which is a decline of more than 40% relative to the same period in 2019. The top performer in Q3 was the residential investment sector which saw €470 million invested across 1,016 residential units. The office sector saw €216 million invested across 8 transactions. While total turnover for the year is unlikely to come close to last year’s record €7.3 billion, there was €1.8 billion worth of property assets on the market moving into Q4 with just under a quarter of this at sale agreed. BNP Paribas Irish Investment Market Q3 2020
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Dublin 2 Amundi Real Estate has acquired the newly-developed Fitzwilliam 28 office scheme in Dublin city centre for c.€180 million. Fitzwilliam 28 was brought to the market in January by joint agents Savills Ireland and Bannon at a guide price of €168 million. Knight Frank advised Amundi Real Estate on its acquisition of the property. The building’s owners, the ESB, had agreed to lease the property in its entirety to Slack Technologies prior to offering it for sale. The Irish Times understands that Slack Technologies is set to pay in excess of €7.7 million in rent per annum for the building. The building in its entirety comprises 135,617 sq.ft.(€1,327 price psf and €56.78 rent psf) and gives Slack the capacity to add as many as 1,100 jobs in Dublin. The Irish Times, 12th November
Dublin Office Market The take up in the Dublin office market in Q3 2020 was almost 217,000 sq.ft, however many of the deals were agreed earlier in the year. While this is a significant increase on the c.74,000 sq.ft. completed in Q2 it is still a relatively modest quarterly activity figure. The vacancy reate was 9.5% at the end of September 2020. At the end of September 2020, there was just over 4 million sq.ft. of modern office accommodation vacant across Dublin. This means that supply levels are now back to where they stood 12 months ago. Construction activity continued with c.473,000 sq.ft. of accommodation finished in Q3 and with 4.46 million sq.ft. ongoing at the end of September 2020. Lisney Office Report Q3 2020
Spencer Dock, Dublin 1 Lisney, on behalf of the Central Bank of Ireland, is guiding €110 million for Block R in Spencer Dock. The property extends to a total area of 128,229 sq.ft. (€858 psf) and comprises seven floors of office accommodation, three ground-floor retail units and 46 basement car-parking spaces. The building was designed to be split into two self-contained wings (east and west). The majority of one wing (53,173 sq.ft. and 18 car spaces) is let to the Office of Public Works (OPW) under a 20-year lease from May 2015, at a passing rent of €1,582,719 per annum (€29 psf and €3,500 p.a. per car space). There is an outstanding rent review from May 2020 and the OPW lease contains a break option which is effective in May 2027. The remainder of the office space (64,835 sq.ft. and 25 car spaces) will be leased by the Central Bank on a short-term basis until April 30th, 2022, at an annual rent of €3,341,750 (€50 psf and €4,000 per car space). The three retail units are vacant. The Irish Times, 11th November
Santry, Dublin 9 The Cosgrave Property Group has sold 297 apartments it is developing in Santry in north Dublin to a joint venture between Round Hill Capital and QuadReal Property Group for €123.5 million (€415,825 per unit). Located at the centre of Northwood in Santry, Blackwood Square will, upon completion, comprise 297 apartments distributed across four eight-storey buildings over a basement car park. The scheme will have a concierge area and residents’ gym along with five commercial units and a creche at ground-floor level. The homes will comprise a mix of 4 one-bedroom units, 243 two-bedroom units and 25 three-bedroom apartments along with two one-bedroom penthouses, 15 two-bedroom penthouses and eight three-bedroom penthouses. The Irish Times, 13th November
Ires Reit Portfolio Ireland’s biggest private landlord Ires Reit has sold 151 apartments to a fund managed by Dutch property investment company Orange Capital Partners for €48 million (€317,880 per unit). The disposal included leased apartments in a number of locations in Dublin, including Dublin 8, the IFSC, Sandyford and Tallaght, as well as three small commercial units. Ires Reit took delivery of 95 new-build apartments in Hansfield Wood, Dublin 15, in August. At present, 81 out of the 95 apartments are leased and income-producing, with letting agreements in place for a further 10 homes. The Irish Independent, 11th November
Coolock, Dublin 17 Cushman & Wakefield is inviting offers in excess of €170 million for the 471 apartments set to be delivered on the site of the former Chivers factory in Coolock (€360,934 per unit). The sale of the portfolio is by way of a forward funding opportunity. Upon completion, the development will comprise 471 build-to-rent (BTR) units distributed across four blocks ranging in height from four to nine storeys. The scheme will include a mix of 61 studios, 138 one-bedroom units, 166 two-bedroom units and 106 three-bedroom units with 394 basement and surface car parking spaces and 650 bicycle spaces. Platinum Land is currently awaiting a decision on a further planning application for an additional 79 units to be added to the current proposed scheme. A decision is expected to be made early in December. The total projected stabilised gross income of the entire development is €10 million per annum. The Irish Times, 11th November
Dublin City Councillors voted against plans to build more than 850 homes on one of the largest sites owned by Dublin City Council on site at Oscar Traynor Road in Santry. The deal would have seen 853 homes built on the site, 428 of which would have been sold privately by Glenveagh. A total of 253 would be bought by the council for social housing and 172 would be sold to low and middle income workers qualifying for the upcoming affordable purchase scheme. The Irish Times, 16th November
Dublin 8 A strategic planning application has been awarded by An Bord Pleanála for a large housing development at the former Bailey Gibson Site in Dublin 8, which will consist of the demolition of all buildings and structures on the site, including nine buildings and an ESB substation to make way for development of the construction of 416 residential units in five blocks. The Business Post, 15th November
Dún Laoghaire, South Dublin Townmore Construction has started the main works on a €45 million shared living accommodation development for Bartra Capital on Eblana Avenue in Dún Laoghaire in south Co Dublin. The 208 bed-space, six-storey development will have “the provision of communal kitchen/dining/living and library spaces at each floor level to serve the residents of each floor”. The Business Post, 15th November
Athlone, Co Westmeath Planning permission has been granted to Castlestar (Athlone) for a development on a site which extends to c.38.6 acres of land located near Athlone, Co Westmeath. The development will comprise the construction of 426 residential units comprising 237 housing units and 189 apartment units as well as open spaces, a creche, outdoor play areas and parking. The Business Post, 15th November
Residential Completions Figures from the Central Statistics Office (CSO) show there were 5,118 new dwellings completed between July and the end of September, compared to 5,652 in July-September 2019, a reduction of 9.4%. The year-on-year reduction, however, was less pronounced than in the second quarter where 3,247 units were completed. Goodbody is forecasting 19,500 home completions in 2020, which is sharply down on pre-Covid estimates but better than expected given the severity of the lockdown in Ireland. The Irish Times, 12th November
Development Land Market In Q3 2020, the development land market in the Greater Dublin Area was significantly busier than the previous quarter with market turnover exceeding €60 million, bringing the total for the first nine months of 2020 to almost €180 million. There was only one transaction in Q3 in excess of €10m; the 52.6 acre site at Harbour Point in Bray, where Ballymore purchased the two lots for a price reportedly in excess of the €27.5m guide. In terms of supply, c.€270 million worth of lands remained either sale agreed (but not yet closed) or on the market available for sale at the end of September 2020. In terms of sale agreed sites, the combined asking prices were close to €180 million, including €125 million for the glass bottle site, while there was a further €90 million available for sale. Lisney, Development Land Report Q3 2020
Baldoyle, Dublin 13 Harvey have completed the sale of 67 Grange Close, a detached warehouse and office facility
Naas, Co Kildare Roche Group has taken the first steps to redeveloping Naas Shopping Centre in the Co Kildare town after Nama recently sold the building to the business. The Irish Times understands that Roche Group intends to spend €10 million redeveloping the complex as a shopping and commercial centre, and will seek permission for the work from Kildare County Council in early 2021, with the centre opening in 2022. The building lay unused from 2008 and Nama appointed Duff & Phelps as receiver to the property in 2017. It put the building on the market with a guide price of €4.5 million, a fraction of the original construction cost. The Irish Times, 16th November
Dublin Industrial Market Take-up in the Dublin industrial market reached c.600,000 sq.ft. in Q3 2020, 25% higher than in Q2 and 29% higher than the same period of 2019. This brought the total take up for the first nine months of 2020 to c.2 million sq.ft. Supply remains at a very low level with limited availability of quality second-hand stock. Supply fell to a historic low in Q2 2020 but did improve slightly in Q3. At the end of September the amount of stock available stood at approximately 3.62 million sq.ft. and the vacancy rate across Dublin was close to 5%. More than 764,000 sq.ft. of accommodation was under construction at the end of September, 80% of which was available. Lisney, Q3 2020 Dublin Industrial Report
OTHER
Dublin 8 QRE is guiding €1.5 million for 134 James’ St in Dublin 8. The property comprises a two-bay, four-storey over-basement building that had up until recently been in use as a music rehearsal studio. The site, in a prominent end-of-terrace position, extends to c.0.066 acres. The existing building (incorporating rear extension) extends to 5,220 sq.ft. and benefits from a right of way to the rear of the return over the adjoining site and on to Steeven’s Lane. Plans lodged by the vendor with Dublin City Council are seeking permission for the conservation, refurbishment, redevelopment and change of use of the building to provide a 20-bedroom hotel. The Irish Times, 11th November
Irish Investment Market Almost €700m worth of investment property transacted in Q3 across 15 deals. In Q3, PRS was the most dominant sector, accounting for 67.6% of market turnover. Offices was also active at 30.7% of the market with retail and mixed-use making up the remaining 1.7%. This brought the total transacted for the first nine months of 2020 to €1.8 billion. Up to €1.9bn worth of assets were on the market at the end of September 2020. These were at various stages of the sales process but with c.80% still available for sale and the remainder agreed or in advanced negotiations. Lisney, Q3 2020 Investment Report
Hibernia REIT Update The value of Hibernia Real Estate Investment Trust’s (Reit) assets fell 3.8% to €1.421 billion in the six months to September 30th 2020. Hibernia’s annual contracted rent rose 1% to €66.5 million, with its top 10 tenants accounting for €36.5 million of this. Hibernia Reit said it’s rent collection rates are running at 99% for commercial tenants and 98% for residential tenants. RTE.ie, 17th November
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Ballsbridge, Dublin 4 Colliers is guiding €2.5 million for 58 Northumberland Road in Ballsbridge, Dublin 4. The property comprises a two-storey over garden level end-of-terrace Victorian building of 5,040 sq.ft (€496 psf), with parking for up to six cars, and a large east-facing rear garden. The garden level and hall floor, comprising 3,325 sq.ft. are held under a lease to Dental Care Ireland Management, trading as Northumberland Dental Care for a term of 25 years from August 31st, 2015, at a rent of €130,000 per annum. There are fixed uplifts to €142,500 per annum on September 1st, 2025, and to €155,000 per annum on September 1st, 2030. There is a tenant break option on March 1st, 2028, providing 6.5 years of guaranteed income to the break option and 20 years to the expiration of the lease. The upper floors of the property extend to a total area of 1,715 sq.ft. and are vacant currently. The Irish Times, 4th November
Killester, Dublin 3 Mason Owen Lyons is guiding €1.4 million for a branch property let to Bank of Ireland in Killester, Dublin 3. Located at 189 Howth Road, the two storey property extends to 2,564 sq.ft (€546 psf). Four parking spaces are included to the front and a small yard to the rear has pedestrian access from a laneway. The property generates an annual passing rent of €91,762 (€35.79 psf) with upward only rent reviews every five years. The 25-year FRI lease dates from September 2007 and there are no break options. The Irish Independent, 5th November
Wicklow St, Dublin 2 The Irish Times are reporting that 12 Wicklow St has been acquired in an off-market transaction for just over €2 million by a premium Irish retailer. The property had lain vacant since the pre-pandemic departure of UK retailer Joules. The entire building extends to 3,272 sq.ft (c.€611 psf), and the upper floors are currently occupied by two service occupiers. The Irish Times, 4th November
Cork City The Irish Examiner are reporting that Amazon is seeking up to 100,000 sq.ft. of office space in Cork city. However, it remains uncertain if the retail giant is seeking the office space in addition to the c.90,000 sq.ft. it currently occupies in Cork Airport Business Park across three separate buildings employing approximately 800 (its Cork Customer Care centre alone occupies 47,000 sq.ft). The company is also seeking a Cork logistics building of 60,000-80,000 sq.ft. for ‘final mile’ delivery as its online sale presence ramps up nationally. The Irish Examiner, 4th November
Cork Office Market A total of 80,000 sq.ft. of office accommodation was occupied in Q3 2020, with key occupations including Sophos and Grant Thornton at the newly completed Penrose Dock development. Year-to-date take up now totals 135,625 sq.ft. across 18 deals which remains below the levels of take up witnessed at the same point in 2019. At the end of September, availability in the Cork office market stood at c.848,000 sq.ft, up significantly on the previous quarter. The increase in available space stems from both the release of c.119,000 sq.ft. of second-hand stock back to the market, and the completion of new office space at Penrose Dock. Correspondingly, the vacancy rate rose to 12.2%. However, when signed and reserved space is considered, the net vacancy rate stands at 8.4%. Cushman & Wakefield, Cork Office Market Q3 2020
Galway Office Market In the nine months to the end of September office take up totalled almost 26,000 sq.ft, across just 8 deals. Supply remains low in the Galway office market. At the end of September, availability stood at just 163,000 sq.ft, down 6% from the previous quarter. Correspondingly, the vacancy rate fell to 4.9%. At the end of September, construction continued on approximately 255,000 sq.ft. of space across two schemes. Approximately 129,000sq.ft. of this is located in the city centre, at the Bonham Quay development. Cushman & Wakefield, Galway Office Market Q3 2020
Limerick Office Market Almost 37,000 sq.ft. was taken up in the three months in the Limerick office market, largely led by deals from earlier in 2020 or 2019. Positively, the volume of space signed/reserved rose in the three-month period. In the nine months to the end of September 2020, take up totalled 95,260 sq.ft. At the end of September, availability in the Limerick office market stood at 421,407 sq.ft, down 29% from the same point in 2019. The corresponding vacancy rate stood at 9.9%. There is currently no office space under construction in the Limerick office market. However, demolition works are continuing at Bishopsgate development in the city centre. Once under construction, this scheme will aim to deliver approximately 79,653 sq.ft. of Grade A office space to the Limerick market. Cushman & Wakefield, Limerick Office Market Q3 2020
Dundrum, Dublin 14 Marlet Property Group has selected BAM Ireland as the main contractor for its latest residential development in Dublin. Green Acre Grange in Dundrum will, upon completion in the second quarter of 2022, comprise 253 one-, two- and three-bedroom apartments distributed across three blocks, along with a 2,100 sq.ft. creche facility. Some 43,000 sq.ft. at the south Dublin scheme will be given over to landscaped communal areas with 5,400 sq.ft. allocated to amenity spaces including a concierge service, gym, cinema, lounges and meeting rooms as well as play and outdoor recreation areas. Green Acre Grange is Marlet’s second residential development in the Dundrum area, with the Walled Garden, a 142-apartment scheme, due to be completed in the final quarter of 2021. The Irish Times, 4th November
Irish Residential Transaction Activity Excluding block sales and new homes acquired for social housing, the Property Price Register (PPR) shows that approximately 7,600 new dwellings transacted in Q2 2020. This represented a 42% fall on Q2 2019 and the smallest quarterly total in six years. For the first half of 2020, c.18,700 dwellings transacted, down 22% on the same period in 2019. Dublin noted the largest decline in sales, 28% year-on-year, with c.2,100 fewer transactions recorded. The decline in transactions was largely consistent across both the new and second-hand sectors. Comparing the first half of 2020 against the equivalent period in 2019, shows that new home sales fell 26%, with c.1,000 fewer sales year-on-year. A total of 2,800 new homes sales were recorded in 2020 so far. Sherry Fitzgerald, Irish Residential Market Review Autumn 2020
Baldoyle, Dublin 13 Harvey have completed the sale of 67 Grange Close, a detached warehouse and office facility at Baldoyle Industrial Estate in Dublin 13. The Irish Times understands that the purchaser was a neighbouring occupier who is understood to have paid slightly more than the €2.1 million asking price to secure ownership of the property. Some 26,130 sq.ft. of the building was available for owner occupation at the time of the sale. A self-contained unit within the property comprising 4,894 sq.ft. was let to New Ireland Motors, with a new lease signed by the tenant prior to the sale at an annual rent of €30,000 in year one, rising by €1,000 each year until year five. The Irish Times, 4th November
Cork Industrial Market Take up in the Cork industrial market reached c.589,000 sq.ft. in the nine months to the end of September 2020. The Cork industrial market looks poised to have its strongest year of take up since 2005. There have been a number of large occupations in the year, with 4 deals over 53,000 sq.ft. in size. Availability in the Cork industrial market stood at c.470,000 sq.ft. at the end of September, with a vacancy rate of just 3.5%. Cushman & Wakefield, Cork Industrial Market Q3 2020
Galway Industrial Market In the nine months to the end of September 2020, take up in the Galway market totalled 41,000 sq.ft. across just 5 deals. The third quarter of the year saw c. 5,000 sq.ft. occupied. The lack of available industrial space continues to hamper take up levels in the market. Large floorplates also remain in short supply in the Galway market, with just one unit in excess of 54,000 sq.ft. available. The third quarter of 2020 saw the completion of c.35,000 sq.ft. at Parkmore East Business Park. Cushman & Wakefield, Galway Industrial Market Q3 2020
Limerick Industrial Market The nine months to the end of September 2020 saw take up activity in the Limerick industrial market total 633,000 sq.ft. Take up in the year to date sits well above the long run-average of c.436,000 sq.ft. The nine months to September saw twenty deals in excess of 10,000 sq.ft. transact, with the average size deal standing at c.18,000 sq.ft. availability in the Limerick industrial market fell to 57,800 sq m. The corresponding vacancy rate declined to 6.5% in Q3. There are just two units in excess of 100,000 sq.ft. available, both of which are reserved. Of the available space in the Limerick market, c.289,000 sq.ft. of this is reserved. Cushman & Wakefield, Limerick Industrial Market Q3 2020
Aungier St, Dublin 2 Knight Frank is guiding €1.5 million for 16 Aungier Street in Dublin 2. The mixed-use property comprises a newly-fitted ground floor restaurant and six residential apartments overhead. It extends to a net internal floor area of c.3,552 sq.ft. The passing rent is in the order of €127,820 per annum on the assumption of re-letting one of the vacant residential units, held vacant for the purpose of the sale. The restaurant is let on a 35 FRI year lease from July 11, 2005 at a rent of €50,000 per annum, offering an unexpired term of 19.7 years and further scope for reversionary potential in the medium to long term. The Business Post, 8th November
Cork City The Irish Examiner understands that Camden Place on Camden Quay in Cork City has been sold to a UK/Irish group for €3.5 million. The high-profile Camden Quay site has a full planning grant for c.70,000 sq.ft. of offices but it is thought that the new purchaser will look at developing a hotel rather than offices. Cushman & Wakefield had been guiding €4 million when it was launched to the market in February of this year. The Irish Examiner, 4th November
O’Donnellan & Joyce enjoyed an 83% sale success rate at its live stream property auction where 25 lots were sold for €3.1 million. 4,000 viewers saw 30 properties be put under the hammer. The Business Post are reporting that some 150 people registered to bid on October 30 via internet, proxy and telephone bidding and auctioneer Colm O’Donnellan accepted a total of 408 bids worth €42,347,000 cumulatively into his digital auction room over a four-hour period. The next and final (live stream) auction of 2020, will take place on Friday, December 11. The Business Post, 8th November
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Baggot St, Dublin 2 Kennedy Wilson has sold the Baggot Plaza office block in Dublin for c.€141m to Deka Group. Kennedy Wilson acquired the 92,000 sq.ft. building on Upper Baggot Street as part of the Project Opera non-performing loan portfolio in 2013. Once it had vacant possession, the group added 37,700 sq.ft. to the building and transformed the site into a Grade A corporate headquarters. In 2015, Bank of Ireland signed a 25-year lease agreement for occupation the following year. The sale reflects a net initial yield of 4%. The Irish Independent, 31st October
Dublin 1 Insurance technology company, Companjon, have committed to a lease assignment from digital platform company WeTrade for offices at the IFSC in Dublin city centre. The agreement will see Companjon relocate to the fifth floor of Custom House Plaza 2. The company has agreed to a six year lease assignment from head tenant, WeTrade, at a rent of c.€43 psf. Located immediately adjacent to Connolly Station, Custom House Plaza 2 is a five-storey over basement office building extending to 29,430 sq.ft. built in the late 1990s. The fifth floor extends to 4,800 sq.ft. The Irish Times, 28th October
Dublin’s North Docklands The Irish Times understands that US real estate investor Cortland has withdrawn from a planned €315 million investment in hundreds of apartments being developed by Ronan Group Real Estate (RGRE) in Dublin’s north docklands. Cortland had been prepared since its selection as preferred bidder last year to purchase all 550 apartments and co-living spaces but that plan was put on hold and ultimately abandoned following repeated legal challenges from Dublin City Council in relation to the scheme’s height. In the past number of weeks the High Court overturned a fresh grant of planning permission from An Bord Pleanála to increase the height of two blocks within the development from seven to 11 and 13 storeys respectively. The Irish Times, 28th October
Youbid.ie saw 16 of the 18 (88%) lots sold at its latest auction, at an average of 13% above reserve prices, with the remaining two properties under negotiation. One property, a large, unfinished detached house at Moydriston near Kilnaleck in Cavan sold for €102,000 – an increase of two thirds on its reserve of €60,000. Two houses sold for c.50% more than their reserve – a detached two-bed Co Tipperary cottage with a reserve of €40,000 sold for €61,000 and a three-bed semi-detached house in Newtownforbes, Co Longford, sold for €119,000 from a reserve of €80,000. Youbid.ie’s next auctions take place on Thursday, November 19, and Wednesday, December 16. The Business Post, 1st November
Dunshaughlin, Co Meath Agent Lydon Farrell Property is offering a 31.5 acre landbank in Dunshaughlin, Co Meath for sale. The lands are located adjacent to the Gem Group’s newly-developed housing scheme, The Willows, and comes with the benefit of frontage on to the N3 (Old Dublin Road). The landbank is being offered for sale in one or more lots at a guide price in the region of €40,000 per acre, with the exact price per acre depending on the lot size. The site is predominantly Zoned E2 – General Enterprise and Employment which allows for industrial, manufacturing, distribution, warehousing and other general employment or enterprise. The Irish Times, 28th October
The Sunday Times understands that a subsidiary of a quoted Singaporean pawnbroker and second-hand jewellery retailer has emerged as the financial backer of a number of proposed co-living and apartment projects in Dublin. Maxi-Cash Capital Management Pte has registered a charge over lands owned by Asia Atlantic Investments (AAI). AAI is managed by Trinity House Investments (THI). The lands secured include a former Kenilworth Motors site in Terenure. Plans have been lodged to redevelop the former motor showrooms into a shared living space. The planned five-storey building would have 147 single bedrooms and 27 double rooms, providing accommodation for up to 201 people. AAI has also acquired sites in Finglas, Mulhuddart and Walkinstown. It plans to develop 1,500 new units comprising 1,000 private rental scheme units and 500 co-living apartments at the sites, pending planning permission. The Sunday Times, 1st November
Newcastle, Co Dublin A 2.1 acre site on the main street in Newcastle, Co Dublin has come available for sale through agent Knight Frank. The site is laid out in one block and enjoys c.100 metres of frontage to Main Street and Hazelhatch Road. The site also benefits from being identified as a Housing Capacity Site in the SDCC development plan 2016 – 2022. In the settlement strategy, Newcastle is designated as a “Small town within the Metropolitan Green Belt”. The front portion of the site is c.0.7 acres and is Zoned RES: “to protect and /or improve residential amenity”. The rear portion of the site is Zoned RU: “To protect and improve rural amenity and to provide for the development of agriculture.” Knight Frank Press Release, 2nd November
Dunboyne, Co Meath Knight Frank are inviting interested purchasers to submit best bids on a 27.3 acre site in Dunboyne, Co Meath. The site includes a detached 4 bedroom house which is currently occupied, on c.0.51 acres with the balance of the site currently in tillage. Under the Meath County Development Plan 2013-2019 approx. 13.34 acres are zoned residential. Under the Draft Meath County Development Plan 2021-2027 the residential zoning is to be increased to approx. 15.14 acres. Situated on the Navan Road in Dunboyne Town, the site is within a 1km walk of the Dunboyne Train Station. Knight Frank Press Release, 29thOctober
Galway TWM is guiding €3.75 million for 19 Mervue Business & Technology Park in Galway. Unit 19 comprises a mid-terrace industrial manufacturing property extending to 19,266 sqft (€194.64 psf) in one of the top IDA industrial park locations within Galway city. The property is fully let realising an annual rent of €187,209 (€9.72 psf) per annum to August 2021, after which a new ten-year fully repairing and insuring lease has been executed which will increase the annual rent to €298,871 (€15.51 psf). This ten-year lease incorporates a CPI-linked rent review in 2026. The Business Post, 1st November
Limerick City Cushman & Wakefield is guiding €9 million for the landmark former Debenhams building at 134-135 O’Connell Street, Limerick. The subject property comprises a four-storey over-basement commercial premises with dual frontage on to O’Connell Street and Sarsfield Street. The entire property extends to 72,113 sq.ft. (€124.80 psf) with the ground floor specifically extending to 21,590 sq.ft. and is within a short walking distance of Cruises Street, the proposed new city campus of the University of Limerick at Sarsfield Bridge, and Arthur’s Quay Shopping Centre. The Irish Times, 28th October
Grafton St, Dublin 2 Bagnall Doyle MacMahon are offering the ground floor (753 sq.ft.) and basement (492 sq.ft.) of 118 Grafton St for lease at a rent of €140,000 per annum (€112 psf). The retail premises occupies a prime location on Dublin’s main shopping street. The upper floor offices are also available to lease either separately or in conjunction with the retail unit. The office accommodation extends to 2,758 sq.ft. and is quoting a rent of €100,000 per annum (€36 psf). The Irish Times, 28th October
Fast Track Planning The head of the Office of the Planning Regulator has called on Developers with planning permission to build a combined total of more than 40,000 homes through the fast-track scheme to focus on delivering them instead of asking for further planning policy changes. Since 2018, a fast-track housing scheme has allowed developers to bypass local authorities’ planning systems, while new planning guidelines have also been put in place to encourage the development of apartments. Despite the new policies to speed up housing delivery, only a small fraction of homes approved under the fast-track scheme have started construction. The Business Post, 1st November
Supply of Housing The industry body, Irish Institutional Property (IIP), which represents large property developers has warned in a report that the supply of new homes is grossly out-of-kilter with demand and that this mismatch is “intrinsically linked” to affordability. As many as 47,000 homes will have to be built each year for the next five years just to meet demand, it says, while noting that the Government’s target in Project Ireland 2040 is just 25,000. The report estimates that Dublin alone needs an additional 125,000 apartments to meet demand. In its report, IIP estimates the typical development costs of a number of different housing types, noting delivery costs and affordability vary significantly by location and type. It puts the cost of a two-bed apartment in a semi-urban area at €455,000, rising to the €615,000 in city centre locations. The cost of a two-bed town house is put at €306,000. The Irish Times, 27th October
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
79 – 80 Talbot St, Dublin 1 JLL is guiding €4.25 million for the former premises of Guineys department store at 79-80 Talbot Street in Dublin city centre. The property is being offered for sale with the benefit of full planning permission for a 44-bedroom hotel, incorporating a public bar, restaurant and retail unit. While the permitted hotel scheme extends to a gross area of over 20,000 sq.ft. across seven floors, it also comes with reconfiguration potential, which would afford the purchaser the opportunity to increase the total guestroom count. The property is located just 350 metres from O’Connell Street. The Irish Times, 13th November
Dundrum, Dublin 14 UTC Developments have purchased the Uncle Tom’s Cabin pub and large adjacent car park for c.€3 million. The site, located in Dundrum is already zoned for residential development. The Irish Times understands that the new owners intend to keep Uncle Tom’s Cabin open and trading until a final decision is made on the type of scheme for which planning permission will be sought. The pub came on the market earlier in the year seeking offers of €3.75 million. The Irish Times, 13th November
The K Club, Co. Kildare The Sunday Business Post understands that a deal has been agreed to sell the K Club to nursing home operator TLC for c.€55 million. However, The Irish Times are reporting that the five-star hotel and golf resort will be sold for a price closer to €70 million. It is thought that TLC Nursing Homes has ambitions to include a retirement village in its plans for the site, close to the current conference centre facilities, adding to its existing five facilities, four in Dublin and one in Maynooth, Co Kildare. The property was marketed with an asking price in the region of €80 million and it was valued in 2018 at €65 million. The club, which is situated on a 550 acre estate in Straffan, contains two 18-hole championship golf courses and 134-bedroom hotel complex. The Sunday Business Post, 17th November and The Irish Times, 18th November
Vert Portfolio Irish real estate investor Avestus Capital Partners is set to pay c.€214 million for a portfolio of 382 rental apartments distributed across two high-end developments in south Dublin (€560k per unit). CBRE offered the Vert portfolio, an established and fully-operational private rented sector (PRS) portfolio comprising 197 units at Honeypark in Dún Laoghaire, and 185 units at the Elmfield scheme in Leopardstown for sale last September at a guide price of €200 million. The Irish Times understands that the €214 million being paid by Avestus represents a premium of €73 million, or just under 52%, on the €141 million Tristan Capital Partners spent in assembling the portfolio. The Irish Times, 13th November
Castleknock, Dublin 15 Joint agents Knight Frank and Citywide Auctioneers are guiding prices of €8.5 million and €1.5 million respectively for the Fawn Lodge portfolio and the adjoining Deerpark House. The properties are also available for sale in one lot at a guide price of €10 million. The 27 apartments are made up of one entire block of 23 apartments and four additional units distributed across the second block within the wider 52-apartment Fawn Lodge scheme. The four one-bedroom apartment units within the Fawn Lodge portfolio average 678 sq.ft. while the 20 two-bedroom units average 861 sq.ft. The portfolio’s three three-bedroom apartments average 1,927 sq.ft. The 27 apartments together with 32 basement car spaces are generating a current passing income of €451,200. Deerpark House comprises a substantial detached residence of 5,198 sq.ft. on a site of 0.3 acres and is currently in use as a B&B. The Irish Times, 13th November
Phibsborough, Dublin 7 Hooke & MacDonald is guiding €1.4 million for an investment property comprising seven self-contained residential units in a fully-renovated and modernised building in Phibsborough village in Dublin 7. The property is located just 250 metres from Phibsborough Luas station whilst Phibsborough Shopping Centre and the Mater Hospital are located just 300 metres and 500 metres away respectively. The portfolio consists of six studio units and a one-bedroom apartment and is producing a current rental income of €114,540 per annum. There is also a detached workshop/garage unit located to the rear of the property that comes with its own separate access which offers development potential for a mews development subject to planning permission. An architect’s feasibility study indicates that it could accommodate four apartments. The Sunday Business Post, 17th November
North Docklands, Dublin 1 Kennedy Wilson has submitted a planning application for over 390,000 sq.ft. of office space in Dublin’s north docklands. The proposed office accommodation forms part of a wider mixed-use campus to be known as Coopers Cross, which Kennedy Wilson intends to develop on a 5.9-acre site to the rear of the Central Bank’s headquarters on North Wall Quay. Kennedy Wilson and its joint venture partners, AXA Investment Managers – Real Assets and Cain International, acquired the lands for €113 million last year. The new campus is set to comprise two six-storey office blocks alongside 449 private rented sector (PRS) apartments, and a new public park and square. The Irish Times, 16th November
County Limerick The Irish Independent understands that the Shannon Group, an umbrella organisation focused on delivering economic benefits to the Shannon and Limerick areas, is set to sell 227 acres of land that could potentially be worth €10 million, in county Limerick (€44k per acre). Earlier this month, Shannon Commercial Properties issued a request for tender, seeking a commercial real estate partner. The tender documents state that commercial real estate companies interested in partnering with Shannon should have recent international experience of large industrial projects. The company said it was proposing to go to market in the first quarter of next year with the main objective of “providing for large-scale industrial investment”. The Irish Independent, 17th November
Tallaght, Dublin 24 QRE are guiding €5.75 million for a portfolio of 18 retail units at Belgard Square West in Tallaght, Dublin 24. All 18 are own door units and are all located on the ground floor, the units range in floor area from 775 sq.ft. to 15,000 sq.ft. and extend to c.49,000 sq.ft. in total. The portfolio currently generates €672,096 in rental income per annum and if the 5 vacant units were occupied, an additional €195,000 of rental income could be generated. The Irish Independent, 14th November
Paul St, Cork City Savills is guiding €3.65 million for the Paul Street Shopping Centre in Cork City. The shopping centre extends to 13,841 sq.ft, and generates €367,000 in annual rent and is occupied by 19 independent retail units. Its weighted average unexpired lease term (WAULT) is three years and eight months. The centre provides the pedestrian entrance to the Paul Street Car Park, which is Cork’s largest multi-storey car park and thus the centre enjoys high footfall. The car park is in a separate building owned by Cork City Council and does not form part of the sale. The Irish Independent, 14th November
Golden Island Shopping Centre, Athlone The Irish Times understands that a fund managed by Davy Real Estate is closing in on a deal to acquire Athlone’s Golden Island shopping centre for c. €35 million. Agent Cushman & Wakefield had been seeking offers in excess of €41 million for Golden Island when it brought the scheme to the market on behalf of current owners Credit Suisse in May of this year. Credit Suisse bought the property from Tesco for €43.5 million in 2016. The centre is currently generating rental income of €3.25 million per annum. Excluding the cinema, the retail element of the scheme extends to an overall area of more than 160,000 sq.ft. There is also a substantial car park with 1,000 spaces. The Irish Times, 13th November
North Docks, Cork City An Bórd Pleanála has approved plans for the first apartment complex on Cork’s north docks as part of a wider €160m regeneration scheme. It is understood that building work could start early next year on the 302-unit scheme facing Horgan’s Quay and Railway Street, which will be delivered as part of the HQ Horgan’s Quay joint-venture project involving BAM and Clarendon Properties, which includes a 136-bed hotel and c.400,000 sq.ft. of office space. The complex will comprise 108 one-bedroom apartments and 194 two-bedroom apartments, in apartment blocks ranging in height from seven to 11 storeys, around an open courtyard where the former Station Master’s building will be restored to become an amenity centre for apartment residents. The Irish Examiner, 16th November
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Stamp Duty: A late change to the Finance Bill has been introduced to combat the loophole whereby commercial property sales are avoiding the new 6% stamp duty rate by making the transfer via a company sale, which has a much lower rate of 1%. The new measure is designed to stop people setting up artificial transactions involving the placing of property assets into companies, with the intention of making the transfer via a share sale. The scale and speed of the stamp duty increase faced criticism from the property industry, with claims the targeted revenue of €376m was unlikely to be achieved. The Irish Times, 6th December
Mars Capital Securitisation: Mars Capital has completed the securitisation of €517m of mortgages, in its second securitisation of 2017. The portfolio consisted of 2,315 mortgages where the average mortgage balance was €223k, although the individual mortgage balances ranged from €146 to €5.3m. The majority of the mortgages are non-performing, with more than 83% of the mortgages at some stage of the litigation process. Variable rate mortgages account for 62% of the portfolio, with 35% being trackers and 3% being fixed rate. The mortgages securitised were previously acquired by Mars Capital from IBRC and Springboard. The Sunday Business Post, 10th December
Shanahan’s on the Green: One of Dublin’s finest Georgian period houses on St. Stephen’s Green is to be sold on behalf of a receiver for in excess of its €4.5m asking price. No. 19 has been trading as Shanahan’s on the Green since 2000 and is a four-storey over basement building close to St. Stephen’s Green Shopping Centre with an overall floor area of 6,458 sq. ft. The basement, ground and first floors are in restaurant use, the second floor is in office use and the third floor consists of an apartment. The current rent paid by Shanahan’s is €240k p.a., although this is due to rise to €290k p.a. in 2019, under the lease which has c. seven years remaining. The sale attracted significant interest, mainly from wealthy private investors. The Irish Times, 6th December
26 Wicklow Street: A private investor has paid over €2m to acquire a retail unit occupied by JD Sports at 26 Wicklow Street in Dublin city centre. JD Sports is paying a rent of €112k p.a. to occupy 1,915 sq. ft. across three levels, including 527 sq. ft. at street level. The property had been guiding €1.75m when it was initially brought to the market by Savills. The Irish Times, 6th December
Dublin Offices: The Dublin Office sector is undergoing considerable transformation with 26 office blocks being demolished and replaced since 2014. The average age of demolished blocks is c. 40 years compared to an average of 22 years for all office buildings in the capital. One key characteristic of replacement buildings is that they are on average 36% bigger, the demolished blocks average 39,213 sq. ft. compared to replacements averaging 53,475 sq. ft. The redevelopments have been almost exclusively based in the city centre, with 21 projects in Dublin 2 and four in Dublin 4. The vacancy rate for Dublin offices stands at 9.3%, with rents increasing by c. 5% YoY. The Irish Times, 11th December
Knightsbrook Hotel and Golf Resort: Cushman and Wakefield has sold the Knightsbrook Hotel and Golf Resort, a four-star hotel consisting of 131 guest bedrooms, 28 three-bedroom self-catering units and a Christy O’ Connor Jnr designed golf course, located in Trim Co. Meath for €19.5m, €1.5m above guide price. The Irish Times, 4th December
Irish Hotel Update: The Irish Times contains a review of the Irish hotel market, highlighting that Dublin hotels are currently enjoying occupancy rates of 82% and average room rates of €129 per night. According to the chief executive of the Irish Hotels Federation, Tim Fenn, there are now 820 hotels in Ireland, with a total of 57,000 bedrooms. The only new hotel to open in Dublin this year was the Address, a 200-bed four star hotel on Amiens Street, which forms part of the McGettigan Hotel Group. The recent reopening of the Adare Manor resort in Limerick is expected to bring significant tourism to the county. Some of the largest hotel sales in 2017 were; the 261-bed Radisson Galway which sold for €50m, the Mount Wolseley Golf Hotel in Carlow which sold for €14.25m and the Carton House Hotel which recently sold for €57m. It is also anticipated that the Gibson Hotel sale for €87m will complete before year end. The Irish Times, 6th December
Dame Street Hotel: Bridlegrand Shamrock Chambers Ltd has registered a planning application with Dublin City Council which seeks to redevelop an existing building on Dame Street in Dublin city centre into a 39 bedroom, 23,000 sq. ft., six-storey hotel. Bridlegrand is an Irish entity controlled by Gerald Conlan, Jeffrey Carter and Paul Esajan. NAMA Wine Lake, 10th December
Dublin Tourist Facility: Canbe Ltd has registered a planning application with Dublin City Council which seeks permission to convert an office building into a 21-unit “short stay tourist accommodation facility” in Inchicore, west Dublin. Canbe is an Irish entity controlled by the Garry family. NAMA Wine Lake, 10th December
Lansdowne Place Apartment: An unbuilt apartment at the new Lansdowne Place luxury apartment complex in Ballsbridge, Dublin 4 has set a record for the highest price ever paid for an apartment in Ireland. The 3,800 sq. ft. penthouse on the site of the former Berkeley Court Hotel recently sold for €6.5m off plans, representing a sales price of c. €1,700 psf. The penthouse features three double bedroom suites, a private terrace facing onto Lansdowne Road, and a large rooftop garden which adds a further 1,900 sq. ft. of open space. The apartment complex will also offer a 24-hour concierge service, for which the annual service charge for penthouse owners will likely exceed €5k. The Irish Times, 7th December
Thornhill House Development: David Doyle, the son of the hotelier PV Doyle, has appealed Dún Laoghaire-Rathdown County Council’s decision to reject his planning application to An Bord Pleanála. Doyle’s application sought to develop 33 apartments and 14 houses on the grounds of Thornhill House, which is located in Mount Merrion in south Dublin. Over 100 objections had been made to the council, with the objections being made by local residents, local TDs and An Taisce. The Sunday Business Post, 10th December
IRES North Circular Road: IRES REIT is seeking to add to its portfolio of c. 2,500 apartments by developing another 61 apartments on North Circular Road in Dublin city centre. To facilitate the development of the six-storey block, a vacant car showroom on the site would be demolished. The Sunday Times, 10th December
CSO Property Prices: The latest figures from the CSO show that Irish residential property prices rose by 0.5% in the month of October 2017, and prices are now up 12.1% YoY. The latest figures show price growth of 11.6% YoY in Dublin, with prices outside of Dublin up 12.8% YoY. On a national basis, prices remain 23.7% below their 2007 peak, despite having risen by 70.2% since the bottom of the market was reached in early 2013. Central Statistics Office, 12th December
Mortgage Arrears: New figures from the Central Bank show that c. 200,000 private dwelling home (PDH) mortgage borrowers sought forbearance from their banks between 2009 and 2016, a figure which is substantially above the previous estimate of c. 120,000. The 200,000 number appears to be relatively evenly split between those who sought short-term and long-term forbearance, with c. 100,000 borrowers seeking each type, although an economist for the Central Bank has advised that there may be some double-counting in the figures. The previous figure of 120,000 appears to have been based on mortgages which have been classified as restructured, with previously elapsed short-term arrangements being excluded. The Irish Independent, 7th December
Lyrath Retirement Village: The owners of the Lyrath Estate Hotel in Co. Kilkenny are planning to build a €60m retirement village on the 170-acre estate on which the hotel is situated. The village would consist of 150 two and three-bedroom homes for which the target market would be empty nesters looking to downsize. Xavier McAuliffe and a group of investors paid c. €25m to buy back the estate after he was originally involved in the development of the estate’s hotel over ten years ago. Receivers appointed by Bank of Scotland took control of Lyrath estate in 2012. The Irish Independent, 10th December
Auction Sales: The total value of properties sold at auctions in 2017 could exceed €500m, with 370 lots to be sold across seven auctions before the end of the year. Should all these lots be sold, the total number of properties sold at auctions this year would exceed 2,600. BidX1 has already sold 1,083 lots for a cumulative amount of €218m this year, and the team hope that its December auctions will see total proceeds eclipse the €250m mark. The Irish Independent, 7th December
Iveagh Sports Ground: Trinity College has completed the acquisition of the Iveagh Grounds sports facility in Crumlin, Dublin 12, from Diageo, the owners of Guinness, for €2m. The 17-acre site which includes GAA, rugby, bowls, tennis and hockey pitches, is one of the largest sporting grounds close to Dublin city centre. The relatively low acquisition price is believed to be a fraction of its development value, due to the fact that conditions of the sale restrict its future use to sport. Trinity is likely to spend significant additional funds developing new facilities on the site. The sale is understood to have included a write-off of a loan connected with the facility’s clubhouse and bar. The Irish Times, 6th December
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie