Temple Bar, Dublin 2 CBRE are guiding €25 million for the Paramount Hotel in Dublin’s Temple Bar district. The 66 bedroom Paramount Hotel and its bar, The Turk’s Head are located on Parliament Street in the heart of Temple Bar. The Paramount Hotel currently operates from 10 interconnecting prominent buildings with frontage to Parliament Street, Essex Gate and Upper Exchange Street. While the hotel is being offered for sale with the benefit of full planning permission to increase its existing room count from 66 to 117 bedrooms, a further planning application is pending to increase that number to 130 suites. The Irish Times, 20th November
Capel St, Dublin 1 A fully let 6,845 sq.ft penthouse office has been brought to the market through Colliers with a guide price of €3.45 million (€504 psf). Numbers 501-506 at the Capel Building are fully let to Storm Technology by way of a 10-year lease from February 2019, with a passing rent of €255,667 per annum (€37 psf). The lease provides for a fixed uplift to €284,075 in years six to 10. The tenant has the benefit of a break option at the end of year five (subject to six months’ notice). There are also two car parking spaces, currently vacant, which present potential for increased income for the purchaser. The Capel Building is located at the corner of Mary’s Abbey and Capel Street, and within a short walk of Jervis Street. The Irish Times, 20th November
The Conrad Hotel, Dublin 2 The hotel, owned by Park Hotels (part of the Hilton group), the Dublin-based Cashel Fund and Aviva has been sold for €116.4 million. The 192-room city-centre hotel off St Stephen’s Green had annual earnings before tax of c.€5 million, according to the announcement confirming its sale. The buyer is believed to be Archer Hotel Capital, which the Irish Times reported earlier this year was close to completing a transaction. The initial guide price was €115 million, although earlier reports had suggested a price of up to €125 million. The Sunday Business Post, 24th November
A Knight Frank/Daft.ie PRS Survey of 1,200 tenants in Dublin has shown up interesting variations in preferences across the various tenant groups (iGens, Nesters, Soloists, etc). €1,200 is the average pro rata share of rent that each respondent expects to pay per month, although this ranges from €929 for iGens to €1,761 for mature families. 38% of their net income is what respondents expect to pay on rent, with there not being a wide variation amongst the different tenant groups. The report also compares the results with a similar KF survey in the UK. Ease of access to work is the most important consideration for Dublin renters compared to affordability for those in the UK, suggesting a greater willingness amongst renters here to pay a premium for location. The advantage of shorter travelling distances in Dublin versus London was evident with 45% living within a 30 minute commute versus 34% in London. Knight Frank Dublin PRS Tenant Survey
Pembroke Place, Dublin 2 A multi-unit residential property at 6 Pembroke Place, Dublin 2, will be among the 20-plus lots which will go under the hammer at I-Am Sold’s Leinster auction in Liffey Valley on December 5th. The Pembroke lot extends to 2,260 sq.ft. over three storeys and contains five one-bedroom flats which generate €63,000 in rental income. The Irish Independent understands that it will be sold with vacant possession for over €990,000. The Irish Independent, 21st November
Eden Quay, Dublin 1 Agent McNally Handy is guiding €1.5 million for No 9 Eden Quay, a mid-terrace, four-storey over-basement commercial premises. The ground floor and basement of the building are fitted out and used as a casino and amusement arcade while the upper floors are laid out as offices. The property is let to Starville Promotions Ltd on a 35-year lease dating from June 1, 2004 at a rent of €108,000 per annum. The lease incorporates upward-only rent reviews every five years, and there is no break option. The Irish Times, 20th November
Dorset Street Lower, Dublin 1 Knight Frank and Citywide Auctioneers are guiding €2.3 million for a substantial 183,000 sq.ft. mixed-use investment property at Numbers 3, 4 and 5 Dorset Street Lower in Dublin 1. The licensed premises (bar, restaurant and off-licence) is currently in use as Wasabi Restaurant and is let on a 15 year IRI lease from March 2018 at a current rent of €55,000 per annum increasing to €110,000 per annum in March 2020. The first floor of Number 3 Dorset Street consists of an own-door office leased to the Mater Private on a five-year lease which expired in August 2015 with a rent of €42,000 per year. The upper floors of Numbers 4 and 5 Dorset Street consist of 3,100 sq.ft. of currently vacant office space. At the rear of the property, accessed off Georges Place, are five apartments currently generating rental income of €102,000 per annum. The Sunday Business Post, 24th November
Ormond Quay, Dublin 1 Agent McNally Handy is guiding €2.25 million for No 21 Ormond Quay and a portion of the adjoining building (No 20). No 21 Ormond Quay is a four-storey over-basement mixed-use extended premises, the majority of which is fitted out as a guesthouse. The first floor is presented as a one-bed apartment, while the basement of the property is used for ancillary services and comes for sale along with the second and third floors of the adjoining building at No 20 Ormond Quay which are in use as guest accommodation. The property extends to a total area of 6,135 sq.ft. The Irish Times, 20th November
Donnybrook, Dublin 4 The Irish Times understands that a new bar and restaurant will form part of the residential-led scheme now being envisioned for the 0.2-acre, Kiely’s of Donnybrook site. It is understood that Westridge Real Estate, who recently purchased the premises for in excess of €5 million has plans for a high-end apartment building of up to six storeys, with a rooftop bar and restaurant offering views over nearby Herbert Park. When it was first brought to market in April 2018, the majority of the Donnybrook site was zoned Objective Z4 under the current Dublin City Development Plan 2016-2022. That allows residential, office, hotel, hostel, restaurant and retail development. A small element of the site to the rear, fronting on to Pembroke cottages, is zoned Objective Z1 – “to protect, provide and improve residential amenities.” The Irish Times, 20th November
Cedar Portfolio US private equity giant Blackstone has notified the Competition and Consumer Protection Commission (CCPC) of its intention to acquire a portfolio of five prime Dublin office assets with an indicative value of €535 million. The CCPC was informed of Blackstone’s bid to acquire the Cedar portfolio from Starwood, in a formal merger notification on Thursday. The Cedar portfolio was offered for sale through CBRE and Eastdil Secured in September. It comprises the Watermarque building, 75 St Stephen’s Green, Iveagh Court, Marsh House, 29-31 Adelaide Road. The properties comprise 600,737 sq.ft. of office accommodation and 45 residential units at 1 and 2 Parkgate Street. The Irish Times, 23rd November
Naas Road Industrial Park Development 8, a Dublin-based developer, has purchased Naas Road Industrial Park for c.€9 million. Agents Quinn Agnew had been quoting €7.5 million for the property which comprises six self-contained units extending to 87,200 sq.ft. on a site of 4.2 acres (€2.142m per acre). Of the six industrial units, four are occupied and producing almost €410,000 in annual rental income. The Irish Independent understands that Development 8 intends to refurbish Unit 6 which extends to 8,855 sq.ft. and to sub-divide Unit 4 which extends to 29,225 sq.ft. in order to offer both separate warehouse space and office suites on a floor-by-floor basis. The Irish Independent, 21st November
Johnstown, Co Kildare Agent Harvey is offering a warehouse and office premises in Johnstown, Co Kildare for sale at a guide price of €6.25 million. There is also the option to let the premises at a rent of €675,000 per annum. The subject property sits on a site of 5.6 acres (€1.116m per acre), which is fully utilised to provide a large yard for loading and truck-parking areas. A total of 88,404 sq.ft. of warehouse space is available and the unit also provides 20,128 sq.ft. of two-storey headquarter offices, which are in turnkey condition. The premises is located within a two-minute drive of the N7 and a 15-minute drive from the M50 motorway. The Irish Times, 20th November
Ringaskiddy, Co. Cork Specialist glass processing company Precision Quality Glass (PQG) has taken a lease on Block A Ringport Business Park in Ringaskiddy, which comprises a detached warehouse of 95,000 sq.ft. The Irish Independent understands that Joint letting agents Lisney Cork and Cohalan Downing negotiated rent in the region of €380,000 per annum (€4 psf) which is subject to a significant capital spend by the tenants. The letting is one of the largest industrial lettings in the Cork area within the past 10 years. The Irish Independent, 21st November
County Meath Cantor Fitzgerald is set to acquire the 140,000 sq.ft. Blackwater Retail Park in County Meath for €21.5 million on behalf of a group of private clients (€153.57 psf). The retail park is being sold by Elliott & Co in an unleveraged debt-free transaction. There are eight units in the retail park generating rental income of €1.75 million per annum. Grafton Group-owned Woodies DIY is the anchor tenant, Currys PC World, Harry Corry, Choice Retail and Ben Dunne Gyms are other tenants at the property, located outside Navan. Cantor is pitching an exit yield for Blackwater in five years of 7.5% to investors on an anticipated sale price of €23.4 million. The Sunday Business Post, 24th November
Dawson St, Dublin 2 The Irish Times understands that the pharmacy-led health and beauty retailer, Boots have signed a new lease for the 3,660 sq.ft. retail unit at a rent of €320,000 per annum (€87.43 psf). The property, which is located immediately adjacent to the Ivy restaurant at 13-17 Dawson Street in Dublin city centre was developed by Green Reit and sold last week as part of the wider disposal of its real estate portfolio to UK-headquartered property investor, Henderson Park. The Irish Times, 20th November
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AIB Loan Sales: AIB is preparing to launch the sale of two loan portfolios which have a par value of c. €783m. Project Forge is a portfolio of primarily UK property loans with a par value of GBP£420m (€600m), with the portfolio linked to over 150 borrowers. The second portfolio is Project Hurst, which has a par value of €183m and is secured by 100 assets. The Sunday Independent, 22nd November
Central Park: Green REIT have agreed to purchase Kennedy Wilson’s 50% stake of the Central Park development in Leopardstown, Dublin 18. The estimated cost involved in assuming 100% ownership of the development is c. €160m, which will be part financed by Green REIT’s €85m credit facility with Barclays. Green REIT will also become responsible for Kennedy Wilson’s portion of the Bank of Ireland debt secured by the development. The transaction will need to be approved by the Competition and Consumer Protection Commission before it can be completed. The Irish Times, 19th November
7 Hanover Quay: Accenture have agreed terms with the Irish property fund IPUT on a 15 year lease for 7 Hanover Quay in Grand Canal Dock, Dublin 2. Accenture will pay a rent of c. €3.65m p.a. for the 66,300 sq. ft. office block, equivalent to €55 psf. The property includes 52 underground car spaces. IPUT purchased the property in May 2014 for €50m and have since spent a further €5m refurbishing the property. The letting is understood to have increased the value of the property to c. €75m.The Irish Times, 24th November
Project Wave: Dublin City Council have granted planning permission for the first phase of Project Wave, a c. 5.4 acre site in Dublin’s north docklands which can accommodate over 538,000 sq. ft. of commercial space and over 250 apartments. Planning was obtained via the fast track planning scheme available for developments within the Docklands Strategic Development Zone. The first phase of Project Wave will see the development of two interlinked office blocks which will be seven and nine storeys tall. The NTMA have identified one of the blocks as the desired location of their new HQ. The Irish Times, 23rd November
Dublin Airport: The Dublin Airport Authority have secured ESB International as the tenant for the former HQ of Aer Lingus in Dublin Airport’s Business Park. ESB are currently occupying an 80,000 sq. ft. property in St. Stephen’s Green in Dublin 2. They will move to their new six storey, 81,000 sq. ft. property in the new year once their existing leases expire and the c. €10m redevelopment of their new offices is complete. ESB will pay rent of c. €27.60 psf on their new lease. The Irish Times, 18th November
Marine House: Joint agents Murphy Mulhall and Lisney are guiding in excess of €23m (€560 psf) for Marine House in Clanwilliam Place, Dublin 2. The six storey, 41,132 sq. ft. office property is fully let and tenants include LeBruin, Origin Capital, Crowe Horwath and WK Nowlan. The property also contains 91 underground car spaces. The current rental income is c. €1.12m p.a. however there is potential to increase rents from upcoming reviews and lease renewals. Based on recent lettings, Lisney project the market rent of the property is in excess of €1.8m. The Irish Times, 18th November
One Earlsfort Terrace: Knight Frank are guiding €16m for One Earlsfort Terrace on the corner of Earlsfort Terrace and Hatch Street in Dublin 2. The six storey, 21,750 sq. ft. property is fully let to the legal firm Eversheds at an annual rent of €630k. There are c. 11 years remaining on the lease, with agreed minimum increases in rent at each five yearly rent review. The next rent review is in 2016, when the rent will increase to €750k (€31.45 psf). There was also planning permission granted in 2011 for two additional floors, which would provide further floor space of 16,328 sq. ft. The Irish Times, 18th November
One Molesworth Street: Green REIT have commenced the demolition of the existing building at One Molesworth Street in Dublin 2 to make way for a new five storey property. The new property will have 23,089 sq. ft. of retail space, 71,159 sq. ft. of office space and 27 car spaces. Green REIT purchased the existing premises for €23m and the development of the new property is expected to cost c. €30m. Green REIT expect to have the property ready for fit out by mid-2017, with rents in excess of €50 psf anticipated for the office space. The Irish Times, 18th November
Jurys Inn: The CEO of Amaris Hospitality, John Brennan, has announced that Jurys Inn on Custom House Quay in Dublin’s IFSC is to be rebranded as a Hilton Garden Inn. In addition to the rebranding, the three star, 239 bed hotel will also undergo a refurbishment, which will see the rooms upgraded in addition to a gym being added. The total cost of the project is estimated at €7m. An expansion of the hotel by up to 85 rooms has been sought, however this has been objected to by the company who own the nearby CHQ building. The Irish Independent, 20th November
Blackrock Units: Murphy Mulhall have set an asking price of €3.5m on five adjoining retail units with offices at 14-22 Main Street in Blackrock, Co. Dublin. One vacant apartment is also included at the rear of 20 Idrone Mews. Tenants include Boylesports, Supermac’s and Eddie Rocket’s. The total floor space of the portfolio is 16,299 sq. ft., with 2,594 sq. ft. of commercial space vacant. The current rental income of the portfolio is c. €294k p.a., however the potential rental income is projected at €360k. Based on the current rent, the portfolio offers a net initial yield of c. 8%. The Irish Times, 18th November
Parkside: Joint agents Hume Auctioneers and Lambert Smith Hampton are handling the sale of the Parkside development in Portlaoise, Co. Laois, which has an asking price of €4.2m. The property commenced trading in 2006 and is a mix of retail and office space. The key tenants are Supervalu and Coillte, who pay €300k and c. €83k p.a. respectively. SuperValu occupy 19,000 sq. ft. of retail space while Coillte rent 6,191 sq. ft. of office space. There are also 16 retail units and 24,809 sq. ft. of office space vacant at present. The annual rental income of the property once two pending retail units are let will be c. €398k. The property is being sold on the instructions of receiver Duff & Phelps, who were appointed by ACC Loan Management. The Irish Times, 18th November
CBRE Research: CBRE’s Q3 2015 report on the Irish retail market demonstrates the continued recovery in the sector. The report compared the vacancy rates of ten counties in Q3 2015 to Q1 2015, and found that only three counties reported increases in vacancy rates. Cork’s high street saw the strongest improvement in vacancy rates, falling by 12.9% to 6.6%. The total level of investment in the Irish CRE retail market, excluding loan sales, was c. €456m for the first nine months of 2015. This represented 21% of the total investment spend in the Irish property market for the period. CBRE Ireland Retail Marketview, Q3 2015
Norabrook: A 1.7 acre site in Dublin 3 with planning permission for 18 houses is understood to have been sold for substantially more than its €5m guide price. Norabrook on 119 Howth Road contained a large derelict house when CBRE put the site on the market in September. Planning permission for the development of 18 four bed houses was obtained in November 2014, with the application valid for five years. The unnamed purchaser of the site has already commenced work on the site. The Irish Independent, 19th November
Student Accommodation: PWC, the NAMA appointed receivers over Wintertide Ltd, sought planning permission in September 2015 for a 970 bed student accommodation complex at the Point Village in Dublin’s north docklands. After reviewing the application, Dublin City Council has informed PWC that a number of amendments will be required before their proposal will be reconsidered. In particular the council identified issues with the quality and design of the living accommodation. PWC’s proposal also included the development of a number of studio apartments, however these are not permissible for off-campus student accommodation under current regulations. The Irish Times, 23rd November
Construction Projects: New data from the Building Information Index, which tracks building related data, states that projects worth €4.25bn were being worked on around the country in the first nine months of 2015. That is an increase of more than €1.7bn (67%) compared to the same time in 2014. Importantly, the report shows that the increase has not been confined to Dublin, with strong performances being seen across the country (Munster has jumped 126%, Connacht and Ulster have seen activity values increase by a third while in Leinster construction is up 39%). The Irish Independent, 19th November
Allsop’s Auction: Allsop’s final auction of 2015 will see over 260 lots go under the hammer, with reserves in excess of €43m. Allsop’s expect to see over €26m of residential assets and €16m worth of commercial assets sold at the December auction. The auction will see five lots with values in excess of €1m being sold, with four of them being commercial / investment sales. The Irish Examiner, 19th November
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Elm Park: Starwood have been chosen as the preferred bidder for NAMA’s Elm Park development on Merrion Road in Dublin 4, which was guiding €185m. The US fund bid close to €200m for the development, which was built at a cost of c. €550m in 2007. A joint bid from Joe O’Reilly’s Chartered Land and Ares Investment Fund was the second highest bid submitted, while Lone Star also bid for the development. Elm Park is a c. 17.3 acre complex featuring over 350,000 sq. ft. of office space and 226 residential units. The Irish Times, 11th November
Ballsbridge Development: D4P Holdings, who are registered in Gibraltar, have sought planning permission for their 0.5 acre site at 10 Pembroke Road in Ballsbridge, Dublin 4. The planning application seeks approval for the development of 30,000 sq. ft. of office space and 43 serviced apartments spread over 22,000 sq. ft. D4P Holdings already have planning permission for a smaller 40,000 sq. ft. office / residential scheme on the site, which was obtained earlier this year on appeal. There is an existing 20,000 sq. ft. office building on the site, which would be demolished should any development proceed. NAMA Wine Lake, 15th November
Windmill Lane: Hibernia REIT is anticipating rental income of €55 psf for a 120,000 sq. ft. office property it is developing in a joint venture with Starwood on Windmill Lane in Dublin 2. The property, which will be known as IWML, is expected to be completed in H2 2017. Hibernia originally purchased the one acre site from Starwood in June 2014, however Starwood retained and have since exercised an option to buy back a 50% stake in the property. JLL and DTZ Sherry Fitzgerald have been appointed as joint letting agents for IWML. The Irish Times, 11th November
Docklands Site: CBRE are guiding €1m for a 0.128 acre site which fronts onto Gloucester Street in Dublin’s south docklands. The site comes with planning permission for an eight storey, 45,456 sq. ft. development for office, residential and retail facilities, which was approved in 2008. As the site is alongside a derelict warehouse owned by Dublin City Council, the site could pave the way for a larger development should an investor acquire the two sites. The Irish Times, 11thNovember
Hotel Supply: Aiden Murphy of Crowe Horwath believes the government needs to look at streamlining the planning process for new hotels as Dublin faces a chronic shortage of hotel beds. Crowe Horwath identify planning and funding as the key issues surrounding hotel development. Currently it takes over three years to develop a hotel, and developers are having difficulties obtaining the funding. With NAMA recently announcing a mandate to deliver 20,000 new homes over the next five years, Crowe Horwath suggest a similar measure should be assessed to enable the development of hotels in the capital. The Irish Times, 11th November
McDonalds Cork: An overseas investor is hoping to make a quick profit from the sale of No 4 and 5 Winthrop Street in Cork, which he bought in 2014 for over €4m. Agents Cohalan Downing are now guiding €5.2m for the 10,000 sq. ft. property, which is occupied by McDonalds on a 35 year lease from 1985. With McDonalds currently paying an annual rent of €372k, the property offers a gross yield of c. 7.15%. The property drew significant interest when it went on the market last year for €3.5m, with 15 tenders submitted. The Irish Times, 14th November
Wellington Place: Two weeks ago a detached Georgian Townhouse owned by Seamus Ross at Number 31, Wellington Place, Dublin 4 went on the open market for sale at €4.65m. It has now been sold for nearly €5m to a Dublin buyer, making it one of the fastest open market sales in the Dublin market in the past few years. The four bed, 5,414 sq. ft. property features a pool, sauna and gym at basement level. It was previously put up for sale under auction in 2008 with a guide price of €12.5m, however it failed to sell. The property was sold by agents Hunters under the instructions of receiver Grant Thornton. The Irish Times, 13th November
D4 Apartment: Knight Frank are guiding €2.5m for a luxury three-bed apartment in Ballsbridge, Dublin 4. 65 Shrewsbury Square was completed in 2008 as part of a 60 apartment scheme and was originally two apartments. The walls between the two apartments have since been knocked, bringing the total floor space to 1,927 sq. ft. The property previously sold for €1.375m in September 2011 and has since undergone an extensive refurbishment. The property has two balconies and two car spaces. The Irish Times, 12th November
Development Land: The price of development land is expected to rise further in the short term as demand for sites increases. John Swarbigg of Savills believes that land values have risen by c. 20% in the Greater Dublin Area this year. Land with planning permission for between 20 and 40 residential units is viewed by Evan Lonergan of Knight Frank as the market segment which is the most sought after, as builders look to either return to development or expand their existing business. The Irish Independent, 12th November
Mortgage Figures: The latest figures released from the Payments and Banking Federation suggest that the introduction of the Central Bank’s mortgage lending criteria is affecting the mortgage lending market. While the volume of new mortgage drawdowns rose 15.6% YoY in Q3 2015, this is distinctly lower than the YoY increases in Q2 2015 (30%) and Q1 2015 (64%). The number of new homes built in 2015 is also expected to fall well short of the required level. According to Davy economist Conall Mac Coille, there will be less than 13,000 new homes built in 2015, with c. 25,000 homes needed to satisfy demand. The Irish Times, 15th November
Hibernia Facility: Hibernia REIT has obtained a €400m credit facility from Bank of Ireland, Ulster Bank and Barclays, which it is expected to use to expand its existing property portfolio. With 83% of Hibernia’s portfolio located in Dublin’s Central Business District, chief executive Kevin Nowlan confirmed that they will continue to focus on assets in this location. Hibernia have also refused to rule out any future loan portfolio purchases. The six month period ending in September 2015 has been very lucrative for Hibernia, with pre-tax profits of €73.7m more than double the €32m achieved in the same period in 2014. The Irish Times, 13th November
Orion Business Campus: An unnamed investor has paid the guide price of €8.5m for a corporate HQ at Orion Business Campus at Ballycoolin, Dublin 17. The 76,454 sq. ft. property had been on the market through joint agents William Harvey and Lisney. WR International, an Irish registered company, occupy the property on a 25 year lease from 2006 at an annual rent of €675k. Upward only rent reviews occur every five years and there is also a tenant only break option in 2027. The rent is guaranteed by the US firm VWR International, who have turnover in excess of USD$4.1bn. The Irish Times, 11th November
JD Wetherspoon: A former church on Lower Abbey Street in Dublin’s city centre recently sold at auction for almost four times its €400k guide price. JD Wetherspoon emerged as the successful bidder at €1.475m, after no less than 77 bids were recorded. JD Wetherspoon also own the former TSB bank alongside the 4,240 sq. ft. property and are reportedly interested in converting the properties into a gastropub. The Irish Times, 11th November
Industrial Market: New figures from Savills highlight the strong recovery in the industrial market in 2015. Market take up for the first nine months of 2015 was over 3,875,000 sq. ft., almost double the level of take up in 2014. Southwest Dublin remains the most sought after area for industrial space, responsible for over 53% of transacted space in Q3 2015. While capital values have risen by c. 17% since the bottom of the market in Q3 2013, demand for units remains strong as the cost of constructing new units remains much more expensive than purchasing completed units. The recovery in the sector has also resulted in a compression of yields from 10% to 7.7% in the 12 months to September 2015. The Irish Times, 11th November
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Hazel Portfolio: A joint venture involving Clarendon Properties and US hedge fund York Capital Management has been chosen as the preferred bidder for NAMA’s Hazel Portfolio. The partnership bid over €120m for the portfolio, which was guiding €115m. The portfolio consists of Wilton Shopping Centre in Cork, Drogheda Retail Park in Meath and Gateway Retail Park in Galway. Wilton is the prized asset in the portfolio, accounting for over €70m of the sales price and over €5m of the c. €9m annual rental income. Clarendon Properties is led by Paddy McKillen and Tony Leonard. The Irish Times, 4th November
One Dockland Central: Hibernia REIT has pre-let 27,500 sq. ft. of the 55,000 sq. ft. One Dockland Central (formerly Commerzbank House) in Dublin’s docklands to Hubspot Ireland. Hubspot Ireland is a subsidiary of the US software firm Hubspot, who has a market capitalisation of c. USD$1.8bn. Hubspot has signed a 20 year lease with an option for the tenant to exercise a break after ten and a half years. The annual rent for the space is €1.3m, with six months’ rent free at the beginning of the lease. The Irish Independent, 9th November
Kennedy Wilson: Kennedy Wilson has purchased two office properties from NAMA for c. €11.8m. The properties are located on Sir John Rogerson’s Quay in Dublin’s docklands and comprise c. 19,000 sq. ft. of office space, equivalent to a purchase price of c. €633 psf. Kennedy Wilson purchased the properties along with two other properties from an unnamed UK bank, with the cumulative yield on the four properties being 5.7%. NAMA Wine Lake, 8th November
NAMA Development: NAMA are to fund the proposed €87m development of a grade A office property on the North Wall Quay in Dublin’s docklands. Receiver’s PWC have sought planning permission for the block, which will consist of seven to nine storeys and over 380,000 sq. ft. of office space. A key feature of the property is the single floor plates of 45,000 sq. ft., making it one of the largest in Dublin. DTZ has been appointed as the letting agent for the property. The Irish Times, 4th November
Dublin 2 Site: Offers in excess of €9.5m are being sought by agents Knight Frank for a c. 0.53 acre site at Charlemont Place in Dublin 2. Of particular interest to developers is the fact that the site comes complete with planning permission for a six storey office block, with a total floor area of 70,100 sq. ft. The property can cater for either a single occupant or multiple tenants due its floor plate design. The Irish Times, 4th November
Merrion Square: Murphy Mulhall is guiding in excess of €2.5m for a Georgian property at 75 Merrion Square in Dublin 2. The four storey, 5,494 sq. ft. property is being sold with vacant possession under the instruction of Duff and Phelps. With its strong location, 13 car spaces and recent refurbishment, the property is expected to attract the interest of both investors and individuals. The Irish Times, 4th November
Ronan Hotels: The Sunday Independent reports that developer Johnny Ronan is planning to build four new hotels in Ireland. The first hotel will be a 70 bed boutique hotel in the Bewley’s Building on Dublin’s Grafton Street. Second will be a four star, 167 bed hotel known as Aquavetro, which will be situated alongside Tara Street Dart Station in a 22 storey waterfront tower. Ronan’s third hotel is to be in Enniskerry, Co. Wicklow. The 200 bed Enniskerry Park Hotel is to be located on a 4.5 acre site opposite The Powerscourt Hotel. The final hotel is to be built in Delgany, Co. Wicklow. Ronan hopes to have all the hotels completed in 2017 and 2018. The Sunday Independent, 9th November
Hilton Kilmainham: Tifco Hotel Group has confirmed the purchase of the Hilton hotel in Kilmainham, Dublin 8. The four star, 120 bed hotel was previously owned by John Lally’s Lalco and Tifco will continue to operate the hotel under the Hilton brand. Tifco owns a number of three, four and five star hotels in Ireland and Germany, including the five star Heritage in Co Laois. The Irish Times, 4th November
Clarion Limerick: Savills are inviting offers of €3.5m for the investment sale of the Clarion Hotel in Limerick. The four star, 158 bed hotel is operated by Choice Hotels Ireland and trades under the Clarion Brand. The hotel is let to Merzolt Limited under three leases with over 15 years until expiry and current rental income of €200k. At 16 storeys high, it is currently Ireland’s tallest hotel. The Irish Independent, 5th November
Hotel Supply: JLL’s latest research report focuses on the significant shortage of hotel rooms in Dublin, suggesting that c. 3,000 rooms are required in the short term to satisfy increasing demand. Occupancy rates in Dublin in YTD 2015 are 84.2%, higher than London (81.5%) and Amsterdam (79.8%). The average cost of a room in Dublin city centre for YTD 2015 is €127, a 17.2% increase on the 2014 figure of €109. While JLL have identified 3,415 rooms in the pipeline over the medium term, they emphasise that only c. 50% of these have planning permission and some speculative schemes may not be developed. JLL Hotels & Hospitality Group, November 2015
Cashel Investment: Joint agents Lisney and Bannon are guiding €6.5m for a shopping centre and adjoining petrol station in Cashel, Co. Tipperary. The current annual rental income of the 70,362 sq. ft. shopping centre is c. €658k. Tesco are the anchor tenant, paying €565k p.a. with over 11 years left until lease expiry. Investors will have the ability to increase the rental income from the centre as there is currently vacant retail space of 26,910 sq. ft. The petrol station is also let to Tesco at an annual rent of c. €164k, with c. 8 years remaining on the lease. Bids for the individual assets will also be considered. The Irish Times, 4th November
Cork Apartments: DTZ have set a price tag of €3.5m on two residential investments in Cork. The first is a block of 11 apartments at Langford Hall in Cork City, which is for sale at €2.25m and generating annual rental income of c. €146k (c. 6.2% net yield). The second opportunity is Mansfield House, a 13 apartment complex located outside the city in Passage West. The property has a guide of €1.25m with annual rental income of c. €127k (c. 9.7% net yield). DTZ have advised that both apartment blocks enjoy excellent occupancy rates. The properties are available to be purchased jointly or separately. The Irish Examiner, 5th November
New Legislation: The government is believed to be close to introducing new legislation for the residential rental market. Under the terms of the legislation, landlords will now only be able to increase rents every two years, as opposed to every year under current legislation. When increasing the rent, landlords will also be required to provide evidence which justifies the increase. A tenant’s deposit will also be held in trust by a third party going forward, a move which is expected to remedy the cause of most landlord-tenant disputes. The Sunday Business Post, 8th November
BOI Branch: A Bank of Ireland branch in Fairview, Dublin 3 is being offered for sale by Knight Frank for €2.1m. BOI currently pay an annual rent of c. €196k to occupy the 6,134 sq. ft., three storey end of terrace property, which is let on a 25 year lease from December 2006. The lease includes a tenant only break option at the end of the 15th year and upward only rent reviews. A sale price of €2.1m would represent an initial yield of c. 9%. The Irish Times, 4th November
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Project Clear: Ulster Bank is believed to have a shortlist of bidders for their Project Clear loan portfolio. With the portfolio split into three tranches, investors could target either the entire portfolio or individual tranches. Bids from Lone Star, Cairn Homes and Michael O’Flynn/Avenue Capital have been shortlisted for the entire portfolio. Centerbridge and a joint bid by Joe O’Reilly and the Abu Dhabi Investment Authority are amongst the bidders for the individual tranches. The portfolio is secured by 1,850 acres of zoned land, which has potential for 20,000 homes. The Sunday Times, 1st November
AIB Bankcentre: Developer Johnny Ronan has completed the purchase of a c. 3.7 acre site which previously formed part of AIB’s HQ in Dublin 4 for c. €50m. Financing for the transaction was provided by Cardinal Capital and Jefferies Loancore. Ronan is shortly expected to seek planning permission to redevelop the site into grade A office buildings in a project which could cost up to c. €330m. The site was sold under the instructions of a receiver appointed by Ulster Bank and NAMA. The Irish Independent, 1st November
55 Percy Place: Savills are guiding in excess of €8.25m for a commercial development in the final stages of completion in Dublin 4. 55 Percy Place consists of a restaurant, café and office space which have all been pre-let and will generate rental income of €450k p.a., a net return of c. 5.25%. The owners of the site are Development Securities and Oakmount. The companies purchased the site for €2.5m after it previously sold for €13m during the boom. The 4,595 sq. ft. office space has been let at c. €50 psf. An initial rental income of €200k p.a. has also been secured for the 3,540 sq. ft. restaurant and 882 sq. ft. café. The Irish Times, 28th October
Grove Court: IPB Insurance have paid c. €13.4m (7.3% yield) for two office properties at Grove Court in Blanchardstown, Dublin 15. The purchase price was €1.4m above CBRE’s initial guide price of €12m. Blocks Three and Four have a combined floor area of 68,200 sq. ft. and were developed in 2007 by Bernard McNamara. 98% of the current rental income of c. €979k p.a. comes from government tenants, including the OPW and the HSE, while the leases have an average of c. 12 years left until expiry. The Irish Times, 28th October
Ballymoss House: Bids of at least €15m are being sought by Savills for the partially let Ballymoss House in Sandyford, Co. Dublin. The four-storey property has a floor area of 65,000 sq. ft. and 164 car spaces. Three of the four floors are vacant, however the new owners should not have any problems finding new tenants given the shortage of office space in Dublin. BMC Software occupy the ground floor and 39 car spaces on a 25 year lease from 2000 at an annual rent of c. €390k. The rental income for the property, when fully let, is estimated at €1.56m. The Irish Times, 31st October
Cavan Properties: Joint agents CBRE and Quadrant Real Estate are guiding €3.8m for two mixed used properties in Cavan Town. The properties, Hillside and Riverside at Connolly Court, are generating annual rental income in excess of €435k. Hillside is a four storey retail and office building with five ground floor retail units and a primary care centre overhead. The HSE are the primary tenant in Hillside, paying c. €269k of the total annual rent of c. €396k. Riverside is also a four storey property with two retail units and twelve apartments overhead. Gamestop occupy one retail unit on a 25 year lease from 2008 at an annual rent of c. €40k, with the other unit vacant. The Irish Times, 28th October
Clarion Hotel Sligo: The Clarion Hotel in Sligo, which cost c. €45m to convert from a hospital, is now being sold through Savills for €7m. The four star, 162 bed hotel is trading profitably and is a popular location for weddings, with two private churches on its grounds. There are also excellent gym and leisure facilities in the hotel, with c. 800 members subscribed. Receivers Crowe Horwath are managing the sale. The Irish Times, 28th October
Arnotts: Selfridges have completed the purchase of Dublin department store Arnotts from Noel Smyth’s Fitzwilliam Finance Partners for an undisclosed amount. Selfridges had previously been part-owner of the store, along with Fitzwilliam Finance Partners, through an investment vehicle called Whittington Investments. In order to secure ownership, Whittington recently paid c. €107m to Ulster Bank and Apollo to purchase loans secured by Arnotts and nearby properties. The c. 267,000 sq. ft. Arnotts will not be rebranded following the purchase. The Irish Times, 3rd November
Phibsboro Shopping Centre: BNP Paribas have set an asking price of €15m on Phibsboro Shopping Centre and two sites in Dublin 7. The property was previously owned by Pascal Conroy’s Albion before NAMA appointed EY as receivers. With the c. 40,000 sq. ft. centre in need of refurbishment, investors will have to decide whether to embark on a complete redevelopment or a refurbishment and extension of the existing centre. The current rent roll of the centre is c. €975k p.a. Feasibility studies from architects suggest that the 2.85 acre site could facilitate c. 236,000 to c. 269,000 sq. ft. of office, restaurant, cafe and residential accommodation. The Irish Times, 28th October
The Park: Offers in excess of €45m are being sought by Savills for a c. 18 acre site in the highly successful business and retail park facility, The Park in Carrickmines, Dublin 18. While the majority of the land is zoned for use as a district centre, Dún Laoghaire-Rathdown County Council has identified the need for a multiplex cinema and neighbourhood centre in the area. Savills are to sell the site in one or more lots, with the largest being 12.63 acres. The Park was developed by Park Developments in two phases in 2004 and 2007, with both phases purchased in 2006 and 2007 by Warren Private for c. €100m each. The Irish Times, 28th October
Michael O’Flynn: Developer Michael O’Flynn plans to build more than 10,000 new homes in Ireland over the next seven to eight years after securing a €400m funding package. The €400m funding package includes senior debt from AIB and his joint venture partner Avenue Capital which will allow O’Flynn to regain control of his business, O’Flynn Construction Group, from Blackstone. O’Flynn Construction reportedly have sites with planning permission to build 500 units, an existing stock of over 200 units, 360 acres of zoned land with potential for 3,500 units and 186 acres of unzoned land. The Irish Times, 29th October
Property Prices: New figures released by the CSO show that residential property prices in Dublin rose by 0.9% in September 2015, reflecting a 6.5% increase over the past twelve months. This is the lowest annual increase since April 2013. The reduction in growth has been attributed to the introduction of the new mortgage lending criteria and the expiration of the CGT waiver on property purchases. Outside of Dublin, prices rose by 1.6% in September and are now 8.9% higher than they were twelve months ago. On a national level, residential property prices are still 34.6% below their peak in 2007. The Irish Times, 29th October
Commercial Property Returns: The latest data published by CBRE shows that prime office yields in Dublin have rebounded by 91% since the crash, representing the strongest recovery in any of the 54 EMEA cities in CBRE’s survey. Prime retail rents in Dublin (Grafton Street Zone A) have also risen by 22% this year, the second fastest rate of growth recorded. Only Barcelona had higher growth at 23%, however its prime rents of €251 psf are less than half of Dublin’s, at c. €511 psf. The Irish Independent, 29th October
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