Vicar Street, Dublin 8 Dublin City Council has given permission to businessman Harry Crosbie to construct a four-star 182-bedroom Vicar Street ‘rock and room’ concept hotel in the Liberties district. The council granted planning permission to Vicar Street Hotel Ltd for the eight-storey building despite receiving 40 objections. One of the 16 conditions attached to the permission states that the applicant pay a development contribution of €769.6k to the council towards public infrastructure. The Irish Independent, 25th October
Garrettstown, West Cork Planning has been granted for the completion of an aparthotel overlooking a Cork beach. An application by Tulsan Limited for works at Garrettstown strand in West Cork, close to Kinsale, was referred to An Bord Pleanála. It had applied to Cork County Council for permission for retention and modification works at the site, which comprises of a four-storey unfinished hotel structure and a greenfield site. It was to include 20 hotel bedrooms, a bar, restaurant, and 24 apartments, as well as upgrades to a wastewater treatment system. The council had approved the development, which was subsequently appealed. The Irish Examiner, 23rd October
Grafton Street, Dublin 2 The company operating the Bewley’s cafe on Dublin’s Grafton Street says it is entitled to a €1m refund after overpaying on rent. The case is the latest twist in a longstanding row between the cafe and RGRE Grafton Limited, which owns the building. Bewley’s Grafton Street managing director, Cól Campbell, said the firm had secured a 50% rent reduction under judgment from the Circuit Court. The new rent for the building will be just under €740k pa. The Irish Independent, 25th October
Cork City A planning application to build Cork City’s second Premier Inn at the Leisureplex complex, formerly the Coliseum Cinema, has been lodged with Cork City Council. Applicants Whitbread PLC acquired the site, on the corner of MacCurtain St and Brian Boru St, in February 2024, a month after it opened the doors to its first Cork hotel: A €30m, 187-bedroom inn at Morrison’s Quay. Their second site benefits from an extant planning permission for a 171-bedroom hotel which sets the precedent to redevelop the site. The Whitbread proposal for a 173-bed inn contains several changes to the original proposal. A key change is the proposal that the building be set back significantly, compared to the existing planning grant, in recognition of nearby residential uses. Whitbread’s proposed hotel is similar to the previously permitted development in terms of building height, scale, and character. It is proposing a one, five, and seven-storey (with setbacks) building, with an ancillary licensed restaurant and public bar and reception area on the ground floor. The Irish Examiner, 24th October
South William Street, Dublin 2 61A South William Street has just come to the rental market following a full refurbishment and upgrade. Available to let either as a single HQ opportunity or multi-let, the building, which was previously home to AA Ireland, provides 8,270 sq. ft over five floors. A typical floor is 2,260 sq. ft. The Irish Times, 23rd October
Strand Street, Dublin 1 66/67 Strand Street, a four-storey property, is on the market for €4m through Colliers. The property comes with full vacant possession. The building extends to a gross internal floor area of approx. 10,800 sq. ft and currently offers office accommodation. The Irish Times, 23rd October
Irishtown, Dublin 4 The Glass Bottle development in Dublin 4 has secured planning permission for the first commercial blocks in the scheme. The site is being developed by Pembroke Beach DAC, a joint venture of Lioncor, Oaktree Capital Management and Ronan Group Real Estate. Work is currently underway on the first 884 homes in the scheme with full planning secured for the next 500 homes. The decision permits the construction of Commercial Phase A of the Glass Bottle development, three blocks of five, seven and 12 storeys totalling 496,227 sq. ft. The Business Post, 22nd October
Sandwith Street Upper, Dublin 2 Sandwith Property has sought the permission from Dublin City Council to turn the former head office of KBC Bank in Dublin into emergency accommodation. The old KBC building on the corner of Sandwith Street and Fenian Street had been owned by Sherborough Enterprises. The Sunday Times previously reported that the building was quietly put on the market in 2021 for €70m. The Sunday Times, 27th October
Adelaide Road, Dublin 2 Professional services firm Deloitte Ireland has signed a lease for a new headquarters building, 1 Adelaide Road, in a move that will consolidate its operations in Dublin under one roof. The Irish Life site was selected from a shortlist of three properties for the new HQ. The 10-storey over-basement property at Adelaide Road was formerly used by AIB and is located on the green Luas line close to the Harcourt stop. It will offer c.160,000 sq. ft of space to Deloitte. Demolition of existing property began earlier this year. The Irish Times, 28th October
Mespil Road, Dublin 4 A self-contained office investment in Dublin 4 which is generating annual rental income of €90k has come to the market with a €1.1m guide price (NIY 7.44%) through selling agent Artis. Known as The Stone Building, Fleming Place, it is located off Mespil Road and Baggot St Upper. Extending to 3,024 sq. ft, it is let to Yondr Tech Ireland Ltd on a lease which has been newly extended by four years and nine months from August 2024. The Irish Independent, 24th October
Citywest Business Campus, Dublin 24 Delivered by Sandymark, Bianconi Avenue at Citywest Business Campus is a warehouse and office headquarters with approx. 98,576 sq. ft of space on a substantial 5.34-acre site. Sandymark is finalising construction tenders at present, with an anticipated completion date of the fourth quarter of 2025. Joint letting agents Harvey and JLL are quoting annual rent of €1.42m. The Irish Times, 23rd October
Mount Merrion, South Dublin The family-owned retail giant Dunnes Stores is set to close the acquisition of the site of the former Union Cafe in the south Dublin suburb of Mount Merrion. It was on the market in July for €5.75m. The underlying property has been owned by Tomose Ltd, a company forming part of the Oakmount group. Tomose booked a site value of €8.1m on its latest available balance sheet at the end of 2018. It owed €4.7m at 6.5% interest to Finance Ireland, which is still secured on the property according to company filings. The Currency, 23rd October
Carrigaline, Co Cork A development has been proposed for the centre of Carrigaline. Boar’s Head Limited is seeking permission for the construction of a mixed-use development at Carrigalinee town centre, on a 4.54-acre site. It will include 88 residential units, and five ground-floor retail units, including a gym, cafe, hair salon, daycare centre and a newsagent. The Irish Examiner, 23rd October
Bolton Street, Dublin 1 A 0.27-acre site near Bolton Street TUD zoned Key Urban Villages and Urban Villages Z4 is coming to the market with an asking price of approx. €3.5m through Eoin O’Neill Property Advisors. The plot comprises of the former Kings Stationers building, at 53-55 Bolton Street, which is a three-storey building and has total accommodation of approx. 13,454 sq. ft; 55 Bolton Street, a vacant plot of approx. 2,163 sq. ft; and 2-3 Yarnhall Street. The Irish Times, 23rd October
Lucan, Co Dublin The Red House in Lucan is coming to the market along with a substantial site of residential zoned land. Launched by North’s Estate Agents, the period house has an asking price of €2.5m. Sitting on a 1.5-acre plot, it offers more than 2,830 sq. ft of accommodation. The Irish Times, 23rd October
Fairview, Dublin 3 As many as 42 age-friendly apartments are to be built on a property in Fairview. Last week a developer purchased the 0.66-acre property at 80 Philipsburgh Avenue for approx. €3m and is understood to have done a deal with Cabhrú Housing Association to build 42 one-bedroom apartments, a communal room, kitchen and office in two four-storey blocks on the site. The purchase includes a two-storey clubhouse building extending to 10,828 sq. ft which will be demolished and parking for 50 cars. The Irish Independent, 24th October
Portmarnock, Co Dublin Fingal County Council has spent €16m buying a housing estate in Portmarnock that’s being developed by Ballymore. It works out at an average of €500k for each house that has been acquired. The council has so far bought 32 homes at the Station Walk development in the town. But the final bill will be higher as the council acquires an additional 18 apartments that are nearing completion at the estate. That will leave the entire estate in the ownership of the council. The Irish Independent, 28th October
Mortgage Activity According to new figures from the BPFI, over 7,000 first-time buyer (FTB) mortgages were drawn down in Q3, with a value of approx. €2.1bn. Drawdowns for mortgage switching increased both in volume, by 26%, and in value, by 28%, for the first time since Q1 of last year. Overall, a total of 11,774 new mortgages to the value of €3.4bn were drawn down by borrowers in the third quarter. This was up 1.4% in volume, and up 7.4% in value, on the same time period last year. First-time buyers remained the single largest segment both by volume, at approx. 60%, and by value, at 61.4%. The Irish Independent, 25th October
Housing Construction Affordable housing provider Respond has forecast it will have 4,000 social and affordable homes under construction by the end of this year. The Approved Housing Body (AHB) said the expected rate of construction will represent a threefold increase in its home building programme over the past year. The charity has 2,925 social and cost rental housing units under construction across 21 sites in Ireland at the moment. The AHB delivered 666 new social and cost-rental homes last year and commenced a further 669 new homes in the period. The Business Post, 23rd October
Housing completions are down on an annual basis, with 21,600 new homes built in the first nine months of the year, new data from the CSO has shown. Taoiseach Simon Harris said in recent weeks that approx. 40,000 new homes would be completed this year. Darragh O’Brien, the housing minister, has also repeatedly claimed that 40,000 new homes will be built this year. Last month, a forecast released by the Central Bank said completions in 2024 are expected to be around the 32,000 mark. In the first nine months of this year, construction was finished on 21,664. The Business Post, 24th October
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Oaktree Capital Management is weighing up the sale of its huge portfolio of retail parks in Ireland. The company owns eight retail parks around the nation through its subsidiary Targeted Investment Opportunities (TIO). Green Street News reported last week that the parks were “being touted to a small group of potential buyers”, and Sigma Retail Partners, which manages the retail parks on behalf of TIO, was handling the sale. The Sunday Times understands that no sales process has been initiated for the portfolio, which is thought to be worth in excess of €200m. The Sunday Times, 20th October
Ballyconnell, Co Cavan The Slieve Russell hotel and golf resort in Co Cavan has been sold for €30m. Irish Bank Resolution Corporation liquidators have completed the sale to the Australian-based Brady group for less than the €35m being guided by CBRE. It opened for business in 1990, comprises 224 bedrooms and extensive banqueting and leisure facilities on the outskirts of Ballyconnell. Its buildings extend across a total area of 296,007 sq. ft. The Business Post, 20th October
South Terrace, Cork CBRE is offering a site which comes with full planning permission to develop a 103-bedroom hotel at the rear of No. 31-33 South Terrace. The agent is seeking offers in excess of €3m (€29.13k per key) for the hotel site. Planning permission for the 103-bedroom hotel was received in December 2022 and includes a lobby, restaurant and bar facilities of 3,013 sq. ft. The Business Post, 18th October
Connemara, Co Galway The Denis O’Brien-owned Ballynahinch Castle hotel in Co Galway reported a loss of €288.4k last year to bring its accumulated losses to €5.7m at the end of December 2023, latest accounts show. The deficit for last year was more than three times the loss (€78.3k) recorded by the hotel in 2022. Turnover rose by 1% to just under €8.5m, while the hotel posted an operating profit of €440.4k, down 23% on the previous year. It was dragged into the red by interest costs and the amortisation of finance expenses amounting to €727.4k. The Irish Times, 22nd October
Headford Road, Galway A 1.06-acre site within walking distance of the University of Galway, and with full planning permission for a PBSA scheme, is coming to the market guiding €7.2m. The development opportunity, on the Headford Road, is being brought to the market by Cushman & Wakefield, with full planning for a student accommodation and retail scheme. The approval provides for 272 bed spaces designed over two blocks, along with ancillary student-support facilities. The development also includes four retail units extending to an overall size of 40,214 sq. ft. The Irish Times, 16th October
Parliament Street, Dublin 2 No. 1 Wellington Quay on Parliament Street is guiding €950k. The building is currently let to The Music Cafe, which occupies the basement and ground floor. The next two floors are currently let to a firm of solicitors. The top floor has recently become vacant. In all, the building offers a floor area of 2,066 sq. ft. The property is generating rental income of €55.5k pa. The Music Cafe holds a 10-year lease from May 2019 at a passing rent of €31.5k pa. First- and second-floor offices are let on a 10-year lease from November 2017 at a passing rent of €24k pa. The Irish Times, 16th October
Office Portfolio An investment portfolio from Starwood Capital Group has taken a 50% impairment, equivalent to approx. €13m on its Irish office portfolio due to the “challenging local office market”. Starwood European Real Estate committed a €35.2m loan secured against a portfolio of 12 properties in Central Dublin in early 2020. The company began selling some of the assets in 2021, which continued in 2022, with the balance of the loan dropping to €25.9m secured against 7 properties by the end of September this year. The Irish Times, 21st October
Ballsbridge, Dublin 4 Meta Platforms has brought part of its European headquarters in Dublin to the market as a sublet. Approx. 193,750 sq. ft of space will be available at the development, known as Fibonacci Square. Cushman & Wakefield, Meta’s letting agent, stated on its website last week that the social media company was seeking a headline rent of €59.50 psf for Block 1. The company signed a 25-year lease for Fibonacci Square in 2018, agreeing to pay an annual rent of €22.5m for 360,000 sq. ft, or €62.50 psf. The Sunday Times, 20th October
Dublin and Galway A fund managed by French real estate investor Arkéa REIM has acquired two office investment properties in Citywest, Dublin and Parkmore East, Galway. While the value of the deal was undisclosed, it is understood to be in excess of €20m (NIY approx. 7.5% – 8%) for the combined properties. The properties, Block 5, Parkmore East Business Campus in Galway and Block 5, Waterside Innovation Campus, Citywest, were sold by Fine Grain Property. The properties are the third and fourth acquisitions for the French fund, SCPI Transitions Europe. Both assets are fully let, to two tenants in Dublin and three in Galway. The Irish Times, 16th October
South William Street, Dublin 2 Following a full refurbishment and upgrade, No. 61A South William Street has come to market and is available to let through Colliers as either a single headquarter opportunity or as a multi-let. The building provides 8,266 sq. ft over five floors and a typical floor of approx. 2,249 sq. ft. The agent is quoting a rent of €45 psf and it is a new lease agreement. The Business Post, 19th October
Clonskeagh, South Dublin Knight Frank is offering two three-storey, semi-detached office blocks extending to 32,300 sq. ft, along with 89 surface-level car-parking spaces. Trimleston House, part of the Beech Hill Office Campus in Clonskeagh is guiding €4.6m, offering a discount of approx. 36%, on the amount sought in October 2021, when the buildings were last brought to the market seeking €7.25m. Block 1A is let to Mars Capital until January 15th, 2026. The office block extends to approx. 19,300 sq. ft over three floors. The passing rent roll is €400k pa (€18 psf and €1,000 per car space), with Knight Frank commenting that the building is “significantly under rented”. Block 1B extends to approx. 13,000 sq. ft and is vacant. The Irish Times, 16th October
Hampton Square, Dublin 7 A multi-family investment comprising 26 apartments in Dublin 7 has sold for close to the guide price of €7m (GIY 6.5%; approx. €269.2k per apartment). The 26 apartments, built by the Cosgrave Group, were sold as a single lot in a self-contained block within Hampton Square on the Navan Road. The 26 apartments at Hampton Square generate an annual rental income of €458k. The investment consists of four one-bedroom apartments, 18 one-bedroom + study apartments, two two-bedroom apartments, and two two-bedroom + study penthouse apartments. The Irish Times, 16th October
Ratoath, Co Meath Coonan Property has brought a 21.2-acre land holding in Ratoath to the market for sale by private treaty and with a guide of approx. €5.3m (€250k per acre). The lands at Fairyhouse Road are zoned E2 (General Enterprise and Employment) in the 2021 to 2027 Meath County Development Plan which allows a range of uses on the lands. The zoning provides for an opportunity for commercial and industrial development on the outskirts of the expanding town of Ratoath. The Business Post, 19th October
Construction Costs New research presented to the Department of Housing, which was carried out by Mitchell McDermott, the building consultancy, has provided definitive costs of building apartments in Ireland. It said total development cost of a standard 979 sq. ft two-bed city centre apartment costs €591.8k, with €266.1k of that related to construction costs and €105.5k connected to soft costs. Based on the development costs a household would require an income of at least €168k to secure a mortgage for the apartment. The same sized two-bed apartment unit in the suburbs costs €549k to build, made up of €257.9k in construction costs and €103.8k of soft costs. The Business Post, 21st October
Terenure, Dublin 6 A Dublin developer has applied for planning permission to build 66 apartments on the site of an Orthodox Jewish synagogue in Terenure and demolish the existing structure, more than a year after the property was put up for sale with a guide price of €7.5m. Granbrind Terenure Ltd submitted an application to Dublin City Council on September 20th to demolish the existing synagogue structure and build 66 apartments across three blocks, ranging from three to six storeys over basement. The Irish Times, 15th October
Approved Housing Bodies (AHB) An analysis by the Business Post of the most recent financial records for Clúid, Respond, Tuath, Oaklee Housing, Circle Voluntary Housing Association and Co-operative Housing Ireland, has shown these AHBs now have more than €7bn worth of residential property on their balance sheets. The overall AHB sector controls approx. €8.3bn worth of property, data from the Approved Housing Bodies Regulatory Authority (AHBRA) has said. In 2019, the six AHBs controlled approx. 20,000 homes nationwide. The most recent data showed the overall sector controlled approx. 61,000 dwellings as of September 2023. The Business Post, 22nd October
Vacant Land Tax Since the beginning of August, 80 appeals by landowners against the incoming Residential Zoned Land Tax (RZLT) have been rejected by An Bord Pleanála – only 15 appeals have been successful. The RZLT will involve landowners being charged a 3% levy on the market value of vacant sites from February 2025. In recent weeks, large development firms, including Cairn Homes, Glenveagh, Castlethorn, Hines and Esprit Investments have failed in their attempts to avoid the tax. Other landowners such as Dunnes Stores, Dublin City University, CIE, St James’s Hospital and the Central Bank of Ireland also failed to convince An Bord Pleanála. The Business Post, 18th October
Leeson Street Lower, Dublin 2 The Institute of Education has warned it may be forced to leave its Dublin city centre location unless a new development project is approved. Last week, the Dublin grinds and secondary school was granted permission to refurbish its properties on Leeson Street Lower and build nine new classrooms. A new application to the local authority has now sought permission to convert a residential property at 78 Leeson Street Lower into office space to be used for school administration purposes, with one residential apartment in the basement. Records show the building, which the school has described as a “derelict site”, was recently acquired in 2022 for €1.65m. The Business Post, 21st October
Rathmines, South Dublin A group of South Dublin residents has taken a legal case against Dublin City Council after St Mary’s College was granted a key planning exemption to develop an all-weather sports pitch. The private boys’ school, which owns the site, wants to convert three existing pitches into two full-sized pitches, including an artificial 4G surface for year-round play. The Business Post, 16th October
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Clarendon Street, Dublin 2 BDM Property is handling the sale of Bar Rua at 32 Clarendon Street in Dublin 2, which is guiding in excess of €3.25m. The asset comprises a purpose-built four-storey over basement building together with an adjoining two-storey building fronting Chatham Row. The entire property extends to approx. 6,243 sq. ft. Title to the property is freehold with the section fronting Chatham Row held by way of a long lease at €130k pa. The Business Post, 12th October
Sandyford, South Dublin The Irish subsidiary of hotel brand Premier Inn, PI Hotels & Restaurants Ireland, submitted a planning application for the development to Dún Laoghaire-Rathdown County Council earlier this month. The proposed hotel would be a five- to eight-storey building and be located in Sandyford Business Park. The Irish Independent, 13th October
Montague Street, Dublin 2 Montague Court is being brought to market by HWBC at a guide price of €13m. Completed in 1973, and home to the DCEDIY, Montague Court extends to approx. 27,000 sq. ft. The offices are laid out over three floors with car parking at ground level. There is also a small mews building within the grounds of the property. The property’s other tenants include the Legal Aid Board and Romeril Forensic Engineers. Fully let and occupied, the property currently produces annual income of approx. €1.25m. All leases are set to expire on May 31st, 2025. The Irish Times, 9th October
Sandyford, South Dublin Colliers has completed the sale of three leased suburban offices, including 15 designated car parking spaces, at a price of €1.75m (NIY 11.79%; €216 psf). The properties are located within The Apex Business Centre, in the Sandyford Business District in South Dublin. The suites are leased to Allied Pension Trustees Ltd, ARMD Ltd, and Ethos Engineering and are generating a combined rent of €226.9k pa. There is an average WAULT to expiry of approx. two years. The price reflects a 24% discount to the €2.3m guide listed in October 2023. The Business Post, 12th October
Dooradoyle, Limerick A Bank of Ireland branch in Limerick city is being offered for sale and Colliers is guiding €1.7m (NIY 6.45%; €468.9 psf) for it. Located in Dooradoyle on the fringe of Limerick city, the property is held on a FYI lease to Bank of Ireland, which commenced in March 2014, and expires in March 2039, with no break options, providing a long unexpired term of 15.5 years. The passing rent is €120.7k pa with the next rent review in March 2029. A modern, single-storey, detached property, it comprises 3,625 sq. ft net internal floor area. The Irish Independent, 10th October
Post Office Portfolio An Post is offering four post offices in Cork, at Skibbereen, Bantry, Kinsale and Macroom; three in Galway, at Athenry, Loughrea, and Tuam; two in Mayo at Ballyhaunis and Westport, two in Tipperary at Roscrea, and Thurles and one in Boyle, Roscommon. All but two will offer new owners rental income via postmaster services and key, well-located properties for other uses. The 12 post offices, plus a site in Bantry, West Cork, are expected to yield over €3m, with very varied individual values but many priced in the €200k to €350k range. The Irish Examiner, 9th October
Ashbourne Business Park, Co Meath German fund manager Deka Immobilien has made its Irish logistics debut after it exchanged contracts to purchase PrimeLine’s new distribution headquarters in Ashbourne Business Park. Constructed at the beginning of the year, the two properties comprise a total area of approx. 360,000 sq. ft, and although the purchase price was not disclosed, it is understood to have been approx. €70m (NIY 5.5%) in what represents one of the biggest single-tenant logistics investment deals completed in recent years. As part of the sale-leaseback, PrimeLine has agreed to a 20-year lease on the industrial space. Bisnow, 14th October
Cork Road, Waterford Joint agents Lisney and CBRE are bringing the former Cartamundi production facility in Waterford city back to market at a significantly reduced guide price of €11m (previously guiding €17.85m). The building, in the IDA Industrial Estate on the Cork Road, extends to a total floor area of 246,646 sq. ft (€44.6 psf) and includes ancillary office accommodation of approx. 11,010 sq. ft. The facility also benefits from a secure, self-contained site of approx. 14 acres, with approx. three acres undeveloped. The Irish Times, 9th October
Thomas Street, Dublin 8 Lisney has been instructed to offer 110 Thomas Street for sale with a guide price of €3.7m (€495.3 psf). The mixed-use building is located opposite the junction to Meath Street and comprises a four-storey end-of-terrace redbrick building. It includes a ground-floor pub and six apartments comprising three one-bedroom units and three two-bedroom units on the upper floors. The entire building extends to approx. 7,470 sq. ft and generates a combined passing rent of €261.1k pa. The retail unit is let to neighbourhood bar “Love Tempo” producing an income of €110k pa. The Business Post, 12th October
Temple Bar, Dublin 2 Colliers is marketing an investment opportunity in Dublin’s Temple Bar district at No. 48 Fleet Street. The ground and basement floors are leased to Carrolls Irish Gifts Unlimited. That lease expires in 2033, with no breaks and is generating €60k pa. The upper floors are approx. 30% occupied by two licensee’s with 2025 expiry dates. Together they generate a combined income of €59.8k pa. As an alternative, a lease up of the vacant office accommodation would generate a significant reversion. For the entire building, there is an initial combined income of €119.8k pa. The Business Post, 11th October
Merrion Row, Dublin 2 An Bord Pleanála has overturned a Dublin City Council planning refusal for a mixed-use scheme on the site of the former Unicorn restaurant on Dublin’s Merrion Row. The appeals board decision now gives the go-ahead to Aviva Life & Pensions Ireland DAC to demolish buildings at 13 and 13a Merrion Row and 12 and 5 Merrion Court and in their place construct a part four and five storey mixed-use scheme that would include mainly office use along with retail and restaurant use and three residential town houses. The Irish Times, 11th October
Herberton Road, Dublin 12 A 1.89-acre site in Herberton Road is coming to the market with full planning permission for the construction of 113 apartments, as well as commercial space. The site is guiding €8.25m. The scheme comprises a mix of 57 one-bed and 56 two-beds, varying in size from an average floor area of 484 sq. ft for the one-beds to 915 sq. ft for the two-beds. In addition, planning permission also allows for 60 parking spaces, five motorcycle spaces and 166 bicycle spaces, all at basement level. The Irish Times, 9th October
Dundalk, Co Louth Grandspect Developments has acquired a land bank of approx. 98 acres at Mount Avenue in Dundalk, paying in excess of the guide price of €12m for the site, which has the potential for the construction of as many as 1,000 homes. The sale was conducted on the instruction of receiver Myles Kirby. Grandspect, a joint venture between the Maplewood Group and Lydon Group, acquired the site in the face of “significant interest” from parties both in Ireland and Northern Ireland. The Irish Times, 9th October
Harrington Street, Dublin 8 Brought to market by Colliers, at a guide price of €2.5m (€235.50 psf), 36-37 Harrington Street (10,616 sq. ft) and Archbishop Byrne Hall (5,400 sq. ft) are being sold on behalf of the Catholic Guides of Ireland Eastern Region. The property comprises a substantial four-storey-over-basement, end-of-terrace building, together with an additional building on leafy Synge Street, known as Archbishop Byrne Hall. The properties are being sold with vacant possession. The Irish Times, 9th October
Kilmainham, Dublin 8 A High Court judge has found An Bord Pleanála granted an unlawful permission for a five block BTR apartment scheme, including one block 18-storeys high, near the Royal Hospital building in Kilmainham. Ms Justice Emily Farrell said the board failed to consider the proposed development in Heuston South Quarter was a material contravention of the Dublin City Development Plan 2022-28. She will issue her full judgment on November 4th after which final orders in the case will be made. The developer, HPREF HSQ Investments Limited, was a notice party to the proceedings. The Irish Times, 15th October
Liffey Valley Shopping Centre, Dublin Hines has revived its plans to build a €700m, 1,400-apartment complex beside the Liffey Valley shopping centre. BVK, the German pension fund that owns the shopping centre, has refinanced the property. Hines, which is the asset manager of Liffey Valley, wrote to South Dublin County Council last month, asking it to “consider rezoning” nine hectares of land beside the centre, which are owned by BVK and Hines. BVK renewed the debt facility for the centre with Pimco/Allianz. It has refused to divulge the facility’s value. The Sunday Times, 13th October
BNP Paribas Real Estate Ireland’s construction industry latest PMI for September points to an ongoing easing of inflationary pressures within the sector in September. Overall, the September headline index dropped below the neutral 50 threshold, which separates growth in activity from contraction, to 49 from exactly 50 in August, indicating a decline in activity. Total activity in the Republic’s construction sector has now declined in four of the past five months. Housing activity returned to growth in September following a minor decline in August. But commercial activity remains challenged, dipping back into contraction territory after growth in August. The Irish Times, 14th October
Dundrum, Dublin 14 The owners of the Dundrum Town Centre have finished the structural phase on a 122-unit BTR development, the Ironworks, on a site on the Sandyford Road in advance of its launch to market next year. UK property group Hammerson and Pimco Prime Real Estate said the scheme on an infill site adjacent to the town centre has now been “topped out”, meaning structural work has concluded. Once completed in autumn 2025, the scheme will comprise 107 new apartments spread across studios, one and two bedroom apartments alongside 15 social homes. The Irish Times, 11th October
Forestry Portfolio A portfolio of more than 1,300 acres of forestry land has come to market for sale with Lisney with offers of approx. €10m being sought for the entire. The agent has been instructed to oversee the sale of a substantial forestry portfolio, spanning approx. 1,385 acres. The portfolio consists of 27 plots spread across the counties of Tipperary, Wicklow, Offaly, Laois, Wexford, Limerick, and Kilkenny. Tipperary accounts for 50% of the portfolio. The portfolio on offer comprises a productive area of approx. 1,160 acres. The remaining 225.40 acres is attributable to open space, setbacks, biodiversity, and unplanted land. The Business Post, 12th October
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Dalkey, South Dublin Just over three years on from its acquisition for €3.5m by hoteliers Ray Byrne and Eoin Doyle, the Queens pub in Dalkey has returned to the market. The venue has planning permission for a 30-bedroom boutique guest house to the rear of the property. With that planning consent now in place, the Queens is being offered to the market as a going concern through joint agents JLL and Lisney at a guide price of €3.95m. The Irish Times, 2nd October
Ennis, Co Clare Kelvin Hotels Ltd is expanding its business with the purchase of Temple Gate Hotel in the centre of Ennis. No price was disclosed in this off-market transaction but industry sources suggest the price could have exceeded €7m. The 70-bedroom hotel, bar and restaurant will continue to operate through a transition. Temple Gate was operated by the Madden family. The Irish Independent, 3rd October
Lough Eske Castle, Co Donegal Harcourt Developments is set to unveil an upgrade of its five-star Lough Eske Castle hotel in Co Donegal after investing €5m to grow its room count by 28%. Comprising 25 new luxury suites and two double bedrooms, the revamp brings the total number of keys at the castle hotel to 124. Harcourt said the investment in Lough Eske Castle is part of a €20m upgrade of its hotel portfolio. The Irish Times, 7th October
Liffey Street, Dublin 1 The Grand Social has been acquired by experienced night-time operators Eoin Pardy and Rory Keogh. The property was sold by Frank Gleeson. Located on Liffey Street, it overlooks the River Liffey at the Ha’penny Bridge and extends to over 9,520 sq. ft. The pub and music venue was previously known as Pravda, one of the city’s first superpubs. The Irish Independent, 3rd October
Henry Street, Dublin 1 An Irish private investor has acquired 45/47 Henry Street in Dublin city centre from Irish Life Investment Managers (ILIM) for €10.25m (6.45% NIY) in an off-market deal. The property is fully let to Spanish fashion retailer Mango at a passing rent of €728k pa. The unit extends to 19,542 sq. ft over four floors with 11,291 sq. ft of trading space distributed across its ground- and first-floor levels. Mango has occupied the property since 2014 and has 11.2 years remaining on its lease, with 6.2 years of that term certain. The Irish Times, 2nd October
Santry, Co Dublin Arachas has expanded its office operations and signed a new five-year lease for the first and second floors at Block B in Dublin Airport Business Park in Santry. The company’s new office space extends to a total area of 6,674 sq. ft. Ocean Network Express, a global container shipping company with headquarters in Singapore, has agreed to occupy the ground floor of the property (3,000 sq. ft) on a five-year lease. Both Arachas and Ocean Express are understood to have agreed a rent of approx. €26 psf. Block B briefly comprises a total of 10,000 sq. ft of grade-A office accommodation over three floors. The Irish Times, 2nd October
CBRE Report A rebound in Dublin office-leasing ¬activity has been seen during the nine months to the end of September, with occupiers signing up for as much as 600,088 sq. ft of space. According to the latest figures from estate agent CBRE, take-up in the first three-quarters of 2024 is higher than the whole of last year. A further 917,085 sq. ft of Dublin ¬office stock is “reserved” and the agent is now forecasting that total take-up for 2024 will exceed 1,991,323 sq. ft. Professional services and financial occupiers continue to actively pursue modern, sustainable Dublin office space. The Irish Independent, 5th October
Nursing Home Portfolio The receiver to five provincial nursing homes is hoping to generate more than €9m from their sale and some of the proceeds are expected to go to investors who invested through the Blackbee group. The Belgooly home (Co Cork) extends to 28,026 sq. ft and accommodates 61 bedrooms. Bantry (Co Cork) extends to 15,654 sq. ft and includes 46 bedrooms and two apartments. Conna (Co Cork) extends to 23,041 sq. ft with 47 bedrooms and it also has a four-bedroom staff house. Ballinasloe (Co Galway) extends to 28,081 sq. ft with 55 bedrooms. Callan (Co Kilkenny) extends to 25,990 sq. ft accommodating 59 bedrooms. The Irish Independent, 2nd October
Swords, Co Dublin EOS IT Solutions has acquired Gamestop’s former headquarters at Swords Business Park. While the value of the deal has not been disclosed EOS is understood to have paid over €5m to secure ownership of Estuary House. Estuary House comprises a high-specification industrial unit of 41,290 sq. ft. The building includes two-storey office accommodation extending to 14,235 sq. ft. The Irish Times, 2nd October
Ennis, Co Clare An Bord Pleanála no longer stands over planning permission it granted for a new €1.2bn data centre campus in Co Clare, the High Court heard. Three local environmentalists and two NGOs brought a legal challenge over the approval of the controversial project set for the outskirts of Ennis. Ms Justice Emily Farrell was told the planning body’s concession relates to its acknowledgement of a failure to properly consider the development’s effects on the environment, specifically in relation to bats. The planning, strategic assessment and zoning processes took six years, before An Bord Pleanála granted permission last April. The Irish Independent, 7th October
Donnybrook, Dublin 4 A group of Dublin 4 residents have won their battle to prevent a 10-storey 225 bed-space student accommodation for Donnybrook getting the green light. An Bord Pleanála has overturned Dublin City Council’s grant of planning permission to Red Rock Donnybrook Ltd for a Large-Scale Residential Development at the Circle K Petrol Station at the junction of Donnybrook Road and Brookvale Road. The council had granted planning permission after omitting two storeys from the 10-storey block scheme. The Irish Times, 4th October
Rathmines Road Lower, Dublin 6 Quantum Property Consultants has brought to market an institutional grade mixed-use investment guiding €11m. The subject asset is located at Rathmines Road Lower and comprises 17 apartments along with three commercial units generating €757k pa in rental income (GIY 6.9%). Quantum Property Consultants Press Release, 7th October
Ormond Quay Lower, Dublin 1 23 Ormond Quay Lower, which consists of three spacious one-bedroom-plus-study apartments, each approx. 700 sq. ft, and a ground-floor office suite of approx. 430 sq. ft, comes to the market with a guide price of €1.275m. With one apartment currently vacant, once it is re-let at its previous rent the estimated annual rental income for the building comes to €93.6k (GIY 7.35%). The Irish Times, 2nd October
Clonee, Co Meath Joint commercial agents Lisney and Colliers have brought a development site to market on Clonee’s Main Street in Co Meath, which has full planning permission for 45 residential units over retail spaces and which is guiding €1.85m. The regular shaped development site extends to approx. one acre and was formerly run as McDonald’s pub. The residential units include five one-bedroom units, 32 two-bedroom units and eight three-bedroom apartments. The Business Post, 5th October
Howth, Co Dublin A residential development site located within Howth has been launched to market with Cushman & Wakefield guiding €4.75m. The 3.71-acre site on Kitestown Road is split into two different sections. The larger is zoned ‘RS-Residential’ and extends to approx. 2.87 acres, while the balance is zoned ‘OS – Open Space’ and extends to approx. 0.84 acres. The Business Post, 5th October
Cork The LDA is set to partner in the development of a second large-scale apartment scheme in Cork city docklands by year end, with speculation centred on Glenveagh Properties’ plans for more than 1,000 homes near the Marina. It is also progressing plans for 900 homes in the Marina Quarter, including 600 at the former ESB Marina generating station site on Centre Park Road, and 300 at a Bord na Móna site on nearby Monahan Road. The Irish Examiner, 3rd October
Eden Quay, Dublin 1 Lefroy House in Dublin city centre is being offered to the market by Salvation Army at a guide price of €3.75m (€419.2 psf). Lefroy House comprises a distinctive three-storey over-basement building of 8,945 sq. ft. Located at the junction of Eden Quay and Marlborough Street and facing the river Liffey, the property consists of a mix of refurbished self-contained apartments and bedrooms, recreational spaces, dining area and offices. The building has 36 rooms plus 11 shower rooms and toilet facilities for ladies and gents. The Irish Times, 2nd October
Bray, Co Wicklow A Johnny Ronan development site in Wicklow has seen its asking price reduced from €2.75m to €2m. Last April, CBRE offered a larger site to the market extending to 12.4 acres, whereas the site currently for sale is 11.5 acres, after it emerged during the sales process that 0.9 acres was not for inclusion. The receivers and agents who are undertaking its sale have also submitted it for auction on the BidX1 platform on October 24. Known as St Valery’s, the site overlooks the M11, with access from Enniskerry Road, near Bray. Three different types of zoning apply, with 4.6 acres available for residential development, 4.4 acres for open space and 2.5 acres for tourism. The Irish Independent, 8th October
Sherry FitzGerald Report According to an analysis by Sherry FitzGerald, Ireland now requires 62,000 new homes to be built annually in the coming years. The government is set to miss its target of 33,450 homes built in 2024, the analysis concluded, with the state likely to fall short of the 32,700 new homes completed last year. In the first six months of this year, according to Sherry FitzGerald, 12,730 residential units were completed in total, 8.6% lower than the first half of 2023. The Business Post, 7th October
Ballymadun, Co Dublin Joint agents Grimes and DNG Royal County are guiding a price of €8.5m (€44.8k per acre) for a 189.5-acre land bank in Ballymadun, adjacent to Ashbourne Business Park in Meath. The property comprises a mix of 180.6 acres of rural-use lands and 8.9 acres of rural-village lands under the Fingal Development Plan 2023-2029. The Irish Times, 2nd October
EY Survey According to a survey carried out by EY, an improving macro-economic environment and the ECB’s rate cuts are paving the way to a more supportive growth environment for the real estate market. Residential development is the most attractive asset in the real estate financing market with strong fundamentals and potentially big opportunities likely to arise for supportive equity investors. The notable drop in apartment development is unlikely to recover, from a financing perspective, until Institutional Equity re-emerges in the market. EY Real Estate Borrower Outlook Survey 2024, 1st October
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Tallaght, Dublin 24 The Square shopping centre has been sold for €130m. Eagle Street Partners has partnered with Arrow Capital in the acquisition of the facility. The Square’s outgoing owner, Oaktree Capital, had been in exclusive talks earlier this year to sell the centre to Hines for up to €129m. That deal encountered a roadblock however following an objection from one of the lenders to the extent of the proposed discount to be applied to the scheme’s already heavily discounted guide price. The Square has over 130 retail units and a 13-screen cinema distributed across 570,486 sq. ft of space. The Irish Times, 25th September
Lucan, Co Dublin Having sold for €43m to Savills IM in 2017, Lucan Shopping Centre has returned to the market through Cushman & Wakefield at the reduced price of €38m. The shopping centre comprises 24 retail units with a combined floor area of 129,252 sq. ft, on a 9.5-acre site. The scheme is anchored by SuperValu. The centre’s other main anchor, Dunnes Stores, owns its own premises. There are 702 free car-parking spaces. The passing rent of the centre is approx. €2.7m, with SuperValu accounting for approx. 60% of the income. The WAULT to expiry is approx. 12.5 years. The Irish Times, 25th September
Opera Lane, Cork Cushman & Wakefield is guiding a price of €22m (NIY 9.10%) for the Opera Lane retail portfolio in Cork City (previously guiding €26.75m in March 2023). Developed originally in 2009, the investment occupies a prime location just off St Patrick’s Street. The units within the subject portfolio extend across a total area of 107,251 sq. ft, are set out over lower-ground, ground, first and mezzanine levels, and have the benefit of 25m frontage to St Patrick’s Street. The investment comes for sale with a strong tenant line-up. The Irish Times, 25th September
Grafton Street, Dublin 2 Ted Baker’s former premises at 42 Grafton Street is now available under a new lease through Colliers at a guide rent of €500k pa. The subject property comprises 4,360 sq. ft of retail accommodation spread across a ground floor of 2,476 sq. ft and first floor of 1,884 sq. ft. Ancillary accommodation is available at basement, second and third floor levels. The Irish Times, 25th September
Co Kildare and Co Meath TWM, acting on behalf of An Post, has brought two post offices to the market for sale in counties Kildare and Meath. The first is the Naas Post Office building on South Main Street in Naas, Co Kildare for which the agent is guiding €1.05m. Naas Post Office will remain in situ in a lease-back agreement following the sale. The second post office is on Kennedy Road in Navan for which the agent is guiding €1m. Navan Post Office will also continue to operate from part of the building on a lease-back agreement following the sale. The Business Post, 28th September
Drogheda, Co Meath Drogheda’s Southgate Shopping Centre has been sold in two lots for a total of €22.475m (29% discount to guide price). StarStone Property Group has paid €13.2m for all of the centre’s retail units apart from its anchor store, which is owned by Dunnes Stores, along with its offices and 11 apartments. The remaining 53 apartments were sold by Colliers to a private investor for €9.275m (avg €175k per unit). The retail portion of Southgate Shopping Centre accounts for just 17% of the overall annual rental income of €2.47m pa with offices accounting for 44.5% and residential units for 38%. The Irish Times, 25th September
Kevin Street, Dublin 2 New York-based investors lost €90m on the Camden Yard, a big office and residential development in Dublin. Construction on the site, formerly the DIT campus on Kevin Street in Dublin city centre, has ground to a halt as Westridge Real Estate and Oaktree Capital Management scramble to secure finance to bail out the scheme and stop its senior lender, BGO, appointing a receiver. Approx. 409,028 sq. ft of office space in four office blocks, alongside 325 apartments and retail and restaurant units are planned for the 3.6-acre site near St Stephen’s Green. The Sunday Times, 29th September
Co Wicklow JLL has been appointed to find a buyer for the four-star BrookLodge & Macreddin Village resort. The venue is being offered for sale as a going concern with freehold title and carries a guide price of €17.5m. Located in Co Wicklow, the asset comprises an 85,000 sq. ft complex set within a 16-acre site. The BrookLodge Hotel forms the centrepiece of the resort and of the sale. It has 54 guestrooms, including 20 suites and junior suites, a lounge bar, the flagship Strawberry Tree Restaurant and The Waterside Lounge. The Irish Times, 25th September
Carrickmacross, Co Monaghan Having ceased trading almost immediately after its acquisition in 2023 by Nubility Capital, the former four-star Nuremore Hotel in Monaghan is being offered to the market once more at a guide price of €6m. The sale on this occasion is being handled by CBRE on behalf of the liquidator of Nubility Capital. The Nuremore Hotel briefly comprises 70 bedrooms with facilities that include a restaurant, bar, leisure centre and a large function room. The hotel sits on 160 acres of parkland with a championship golf course as its centrepiece. The Irish Times, 25th September
Martin’s Terrace, Dublin 2 Dublin City Council has given planning permission to convert a seven-storey office development in Dublin’s docklands into a 496-bed tourist hostel. The planning authority has given the green light to Marlet Group for the planned scheme at Martin’s Terrace and adjoining lands at the corner of Macken Street and the newly realigned Hanover Street East despite local concerns that the scheme would result in an over-concentration of tourist accommodation in the area. The decision now paves the way for the Berlin headquartered a&o, to establish its first hostel in the Irish market. The Irish Times, 30th September
Malahide, North Co Dublin FBD Hotels & Resorts is understood to have been named preferred bidder for the Grand Hotel in Malahide. The group has entered into exclusive negotiations to buy the hotel from its current owners, the Ryan family, according to sources. While a deal is not guaranteed, buying the Grand would expand the company’s portfolio to seven properties. The 203-bedroom Grand went on the market during the summer with an asking price of €60m. The Irish Times, 1st October
Grand Canal Dock, Dublin 2 Dublin City Council has invalidated Harry Crosbie’s planning application to construct a two-storey “glass box” in Dublin’s docklands to house a new four-star, 35-bedroom Misery Hill hotel. The council has invalidated the application after the public notices stated that the hotel would have 34 bedrooms but the plans showed that 35 bedrooms were planned. The planning authority has told the applicant firm, Misery Hill Entertainment, that it is “the applicant’s responsibility to ensure the notices adequately describe the works proposed in the drawings submitted with the application”. The Irish Times, 27th September
Grange Castle West, South Dublin Industrial and logistics property development specialist Mountpark has commenced construction of the first phase of a €325m+ logistics campus in south Dublin. The 78-acre site at Grange Castle West can accommodate up to 1.24m sq. ft of logistics space. Mountpark has planning permission for Phase 1 of Grange Castle West, which upon completion will comprise five buildings totalling 626,234 sq. ft. These units will range in size from 70,000 sq. ft to 197,000 sq. ft. The Irish Times, 25th September
Online Auction, Galway A portfolio of residential investment properties comprising six buildings with 24 residential units in Galway city are being offered for auction on 24th October next with combined guide prices totalling €4.96m. BidX1 plans to auction them in six lots but is willing to accept bids for the overall portfolio. Together they produce €414k in annual income from one tenant, a private Galway professional landlord who is leasing them on leases of up to 30 years. The most valuable of the lots is Apartments 1- 10, Salt Lake Apartments, Lough Atalia Road, a five-storey detached, purpose-built residential block with a €1.35m guide price. The Business Post, 27th September
Stillorgan, South Dublin A 0.34-acre site in Stillorgan with full planning permission for the development of 15 apartments (€90k per unit) is for sale. The Stillorgan Gate site, which includes surface car parking for 14 cars, is being offered to the market on behalf of Eir by Hooke & MacDonald at a guide price of €1.35m. The planning permission comprises a mix of six one-bedroom units, eight two-bedroom units and one three-bedroom penthouse with a wraparound terrace of 1,292 sq. ft. The Irish Times, 25th September
Cabra, Dublin 7 An Bord Pleanála has refused permission for 64 apartments in north Dublin due to concerns the development “would endanger public safety”. Patrick Goslin and Sons Ltd sought planning permission from Dublin City Council for the demolition of all the buildings at 52 and 54 Quarry Road and the redevelopment of the site to provide 64 apartments across three separate apartment blocks. There would also be a commercial premises. The planning application said there would only be five car-parking spaces and 138 places for bikes. The Irish Independent, 30th September
BPFI Report A total of 30,583 first-time buyer mortgages valued at €9.2bn were approved in the 12 months to August 2024, according to the (BPFI). According to figures from the BPFI Mortgage Approvals Report for August 2024, first-time buyers made up 61.5% of mortgages approved in the month. In total, 4,650 mortgages were approved in August, with first-time buyers accounting for 2,862 approvals while mover purchases accounted for 991, accounting for 21.3% of the total volume. The number of mortgages approved fell by 12.5% MoM and rose by 2.6% compared with the same period last year. The Business Post, 27th September
Bank of Ireland Report Ireland has a significantly lower home to population ratio compared to other European countries, according to the latest data from the Bank of Ireland. With a housing stock of approx. 2.18m, Ireland has just over 400 homes for every 1,000 people, the bank found. This places it close to the bottom of a range of European countries led by France and Norway. To close the gap with the UK, the bank said in its latest economic outlook that Ireland would require an additional 200,000 homes. The Business Post, 29th September
Dunsoghly, North Dublin Knight Frank has brought a strategic land holding in North Dublin to the market for which it is seeking offers of €4.5m. The land, located between the M2 Motorway and Dublin Airport in Dunsoghly, St Margaret’s, extends to approx. 129 acres and comprises prime agricultural land currently laid out in tillage. The entire is zoned objective Green Belt ‘to protect and provide for a greenbelt’ under the Fingal Development Plan 2023 – 2029. The Business Post, 28th September
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IFSC, Dublin 1 Having paid €65.3m to acquire New Century House in Dublin’s IFSC from Hibernia Reit in 2018, Credit Suisse has secured 96% occupancy at the fully refurbished and now-renamed Dockline building. The 80,000 sq. ft. property commands rents predominantly in the range of €53.50 to €54 per sq. ft. Workday is the largest tenant with 54,000 sq. ft. of office accommodation across the first, second, third and fifth floors of the building. The company signed a 10-year lease in July and is currently in the process of fitting out its new space. Swedish multinational Sandvik is the second-largest occupier, after signing a 15-year lease in April for 13,335 sq. ft. of space on the fourth floor, while Swiss asset manager GAM Funds agreed in July to occupy 5,572 sq. ft. on the ground floor on a new 10-year lease. Bank of Ireland occupies part of the ground floor accommodation. The remaining 3,000 sq. ft. at the Dockline is available to let through joint agents JLL and CBRE at a quoting rent of €54 per sq. ft. The Irish Times, 19th October
Mount Street Upper, Dublin 2 Colliers is guiding a price of €2.5m for a Georgian building primed for either office or residential use in the heart of Dublin’s political beltway. No. 32 Mount Street Upper comprises an own-door, end-of-terrace, four-storey over-basement property with a two-storey mews at the rear of the site, extending in its entirety to 5,253 sq. ft. The main building measures 4,366 sq. ft. Planning permission was granted in August 2018 for the replacement of its “existing 323 sq. ft. substandard, single-storey prefabricated structure at basement level”. The rear mews meanwhile extends to 887 sq. ft. and has full planning permission for change of use from office to dwelling house. The Irish Times, 19th October
Kildare Street, Dublin 2 US real-estate firm Kennedy Wilson has signed three new leases covering a total area of 49,253 sq. ft. of office space at 20 Kildare Street in Dublin city centre. The newly refurbished property is now 76% occupied by law firm Dentons (19,175 sq. ft.), aviation lessor Aircastle (15,861 sq. ft.), and US investor Davidson Kempner (14,217 sq. ft.). The redevelopment is expected to generate a yield on cost in excess of 7% once the remaining 16,000 sq. ft. is leased and the project is fully occupied. The Irish Times, 19th October
Wilton Place, Dublin 2 LinkedIn has confirmed it is scaling back plans to expand its Dublin offices, as remote working reduces demand for space. The company had planned to open a European headquarters campus at Wilton Park, confirming in January 2020 it had signed a long-term lease with property company Iput for c. 430,556 sq. ft. of office space at the Dublin 2 scheme. That included Two and Three Wilton Park, which are located immediately beside LinkedIn’s existing European headquarter offices at Wilton Place, along with Four Wilton Park. The buildings are due to be completed in 18 months. The company will still move into One Wilton Park, a 150,694 sq. ft. building that was fully let to LinkedIn in 2018 but plans to expand beyond that have been curtailed. Although LinkedIn has not commented on future plans, it is understood the company will still occupy Four Wilton Park when it is completed, estimated to be 2025. The Irish Times, 21st October
Abbey Street Upper, Dublin 1 Fast-growing fashion retailer Tessuti is to open its first Irish store at the Jervis Shopping Centre in Dublin. The company, a subsidiary of the JD Group, has agreed a deal for the 21,500 sq. ft. space formerly occupied by Topshop. The new store, which is set to open for business in early 2023, will stock a range of designer brands for men, women and children including Polo Ralph Lauren, Emporio Armani, Billionaire Boys Club, Mallet, Moose Knuckles and Versace Jeans Couture. The Irish Times, 19th October
Rising Costs One of the country’s largest hotel chains is adding €10 per room per night to cover the cost of its soaring energy bills and about the same again to cover wage inflation and increased food and beverage costs. Sean O’Driscoll, co-founder and a director of Cliste Hospitality, said its energy bill would double this year to €4.2m when compared with 2019, its last full year of trading before the pandemic. Mr O’Driscoll said the group had also experienced increases of 15-20% in its food and beverage costs and “substantial” wage inflation. “For a hotel to stand still, it probably needs to add at least €20 in rate [per night] just to cover the inflation environment at the moment.” The Irish Times, 19th October
Clondalkin, Dublin 22 KKR and Palm Capital have purchased Cloverhill Industrial Estate in Clondalkin, Dublin 22 for €17m. The sale represents the third and final disposal of the assets offered for sale last November as part of the €48m “Novelty Portfolio”, a mix of industrial and office properties distributed across three locations in Dublin and Galway. KKR and Palm Capital have secured ownership of c. 210,000 sq. ft. of industrial and warehousing accommodation. At the time of being offered for sale by Harvey, c. 85% of the facility was occupied by Primeline VNE while the remaining 15% was occupied by Broderick Bros Limited on a lease that offers a rent review in November 2023 and a mutual break option in November 2025. The Irish Times, 19th October
Industrial Land Zoning Not enough land is being zoned for Irish logistics and warehousing, worsening a supply crunch and pushing up prices, a report has found. Data centres and foreign multinationals are crowding out indigenous industrial firms, particularly in south Dublin, consultants Octavian Economics said in a report. Despite massive population growth and record high exports, imports and jobs, there has been no growth in land zoned for “enterprise and employment” by local authorities. “With a third of a million more people since 2017, an economy that is 70% bigger and a rise in trade volumes equivalent to the preceding 40 years, a massive surge in economic activity is happening that is not being accommodated by zoning of new lands for enterprise and employment,” said Marc Coleman, founder of Octavian Economics. The population has grown by 361,671 since 2016, according to the census, twice the rate of the previous five years. Employment is now at a record 2.5m people. Goods exports amounted to more than €165bn last year, CSO figures show – a new high. The Irish Independent, 24th October
Parkgate Street, Dublin 8 Chartered Land is understood to be in talks with the Royalton Group, the UK-headquartered property investor and developer, in relation to the potential sale of the “Hickeys site” on Dublin’s Parkgate Street. News of the negotiations comes just weeks after it emerged that the German-headquartered investor Commerz Real had pulled back from its plan to provide c. €200m in forward funding for the construction of a 30-storey 322.83 ft. residential tower on the 1.65-acre holding. While a potential sale price for the Parkgate site remains unclear, Chartered Land paid in excess of €30m — or just under €18.2m per acre — to secure ownership of the property in 2018. The figure represented a premium of 50% on the €20m price agent Finnegan Menton had been guiding at the time. The Irish Times, 19th October
St Stephen’s Green, Dublin 2 A company owned by father-and-son property developers Charles and Max O’Reilly Hyland is planning to build a 130-bedroom hotel on St Stephen’s Green in Dublin. The developers bought Nos. 92 and 93, a pair of interconnecting Georgian properties backing on to Iveagh Gardens, for c. €18m last year. ORHRE SSG, the company controlled by the O’Reilly Hylands, has applied to Dublin City Council for permission to turn No. 92 into five apartments and to change the use of No. 93 from offices to a hotel, while also building a part-six-storey, part-eight-storey-over-basement hotel to the rear. If permitted, the hotel will include a spa and restaurant. The Sunday Times, 23rd October
Housing Construction More than 17,000 homes, which are connected to projects delayed for more than two years, would be available to the government if it pursues plans to buy up dormant housing projects, new analysis has shown. Since the beginning of 2018, 18,952 houses and 65,597 apartments – in large residential developments of at least 100 units – have been granted planning permission. During that same period, 17,813 student beds have been approved. The Dublin Democratic Planning Alliance’s (DDPA) research found that a significant proportion of those projects had not been commenced. Despite the legal obstacles faced by many housing developers who have proposed to build new residential developments, plans for a total of 60,213 homes are currently unaffected by judicial reviews. More than 17,000 of these 60,213 homes have been dormant for more than two and a half years. The DDPA research showed that developers had been granted planning permission for 28,504 houses and apartments between the beginning of 2018 and March 2020 but had only commenced 38% of them. In the same period, permission was granted for 10,437 student beds, but only 35% of the units proceeded to the development stage. The Business Post, 22nd October
Vacant Homes, Ireland Homeowners will have to show the Revenue Commissioners their electricity, gas and waste bills to avoid paying the vacant home tax on properties they own. Revenue has put in stringent requirements for householders who want to claim the available exemptions, such as a house being lived in for at least 30 days a year, being for sale or rent, or undergoing repairs. The vacant home tax, which will be three times the local property tax bill, is aimed at pushing owners to either renovate or sell their empty properties. The Business Post, 22nd October
Crumlin, Dublin 12 An Bord Pleanála has given the green light to a fast-track,145-unit residential scheme in Crumlin in south Dublin despite local opposition. The scheme, to the southwest of St Agnes Road in Dublin 12 is being developed by Seabren Developments which is led by Michael Moran of Moran’s Red Cow hotel. It consists of two apartment blocks ranging in height from four to six storeys containing 145 apartments. The Irish Times, 21st October
Malahide, Co Dublin A ready-to-go residential site in Malahide, Co Dublin has come to the market with planning permission for 47 houses. Located in Streamstown to the south-west of Malahide village, the green-field site extends to 6.55 acres. CBRE is guiding over €8.75m (€186k per house) for it. The Irish Independent, 20th October
Dundrum, Dublin 16 The Hammerson and Allianz Real Estate joint venture, Dundrum Retail Limited Partnership (DRLP), has commenced construction work on 122 apartments along with other facilities on a site at Sandyford Road next to Dundrum Town Centre. To be known as The Ironworks, it will also include co-working space, a residents’ lounge, gym, panoramic terrace and a new coffee shop. The development is due to be completed by 2025. The Ironworks apartments will include only one studio. The others will include 50 one-bedroom units and 56 two-bedroom units at the Ironworks site while the remaining 15 will be one-beds located in Dundrum Town Centre. In addition, c. 2,000 sq. ft. will be devoted to co-working space, 4,000 sq. ft. to a residents’ amenity and lounge space and 2,000 sq. ft. to a terrace. The Irish Independent, 20th October
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Lord Edward Street, Dublin 2 JLL is guiding a price of €8.8m (NIY 6.1%) for No. 14-16 Lord Edward Street, an attractive property comprising nine office suites in the heart of Dublin City Centre. The proposed sale of the property comes seven years on from its acquisition for €7.1m by its current owner, an American investor. The price paid on that occasion represented a 16% premium on the building’s then guide price of €6.1m. At the time the investment had a WAULT of 2.09 years and total rental income of €458k pa. Presently, the WAULT is 5.17 years and the annual rental income is €589k pa. Local authority/State-backed bodies account for c. 68% of the overall rent roll. The subject property comprises a period building converted into contemporary offices in 2007. The accommodation extends to a total floor area of 14,156 sq. ft. across nine office suites and has a lift serving all floors. The office suites range in size from 845 sq. ft. to 3,067 sq. ft. The current tenant line-up includes the Irish Film Board, Dublin City Council, Grad Ireland, and Heneghan Peng Architects. The Irish Times, 12th October
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IFSC, Dublin 1 With the final phase of a staged refurbishment due for completion shortly, State Street subsidiary New Ireland Assurance is seeking tenants for the remaining office space at 5 George’s Dock in Dublin’s IFSC. Joint agents Savills and Quinn Agnew are quoting €55 per sq. ft. for the accommodation which is capable of catering for companies seeking between 2,800 sq. ft. and 30,000 sq. ft. No. 5 was acquired by State Street for just under €40m in late 2014. The Irish Times, 12th October
Sandyford, Dublin 18 FJ Frisby & Associates has brought the Private Office Collection to market with an overall guide of €4.1m, however, the lots can be acquired individually. The properties include three suites within the Apex Business Centre. Suite B is currently vacant and has a guide price of €900k. Suite C is occupied by Mediterranean Shipping Company Ireland Ltd. It has a current passing rent of €85k pa and a guide price of €1.2m. Suite D is tenanted by P J Carroll & Co. The current passing rent is €60.1k pa and the guide price is €850k. The next office is located in the Beacon South Quarter. Known as Suite 22 The Cubes Offices, it has a guide price of €350k. The final unit is let to Brazilia Salon Ltd and comes with a guide price of €750k. The Business Post, 15th October
City Quay, Dublin 2 Dublin City Council has rejected plans to build a 24-storey, office-led tower on the site of the former City Arts Centre. Ventaway, a company run by developer David Kennan and Winthrop engineering group founder Barry English, proposed the development at City Quay, Dublin 2, which could have delivered the tallest building in the Irish capital. The 243,124 sq. ft. project included office space, artist studios/workshops and exhibition space, as well as 11 parking spaces and 424 bicycle spaces. David Kennan’s KC Capital bought the site in July 2021 for €40m. Ventaway has one month to file an appeal against the decision. React News, 13th October
Government Office Energy Rating Figures released by the Office of Public Works show that just one of 238 office buildings occupied by Government Departments and agencies has achieved an A rating for energy efficiency. The building with an A rating being the Revenue Warehouse in Limerick which scores an A2. Just 38 of the 238 buildings have a B rating and, of those, only two have a B1 rating. In contrast, 14 offices and buildings have energy ratings of E or less. Of those, six have an energy rating of G. The OPW said the standard used to measure energy efficiency in its buildings was the more exacting Display Energy Certificate (DEC) which measured “actual” consumption over a 12-month period. In a statement the OPW said that as of January 2022, 58% of its buildings were C3 or better, compared to 60% of OPW buildings being D1 or worse when the energy efficiency campaign was first introduced in 2008. The OPW said 120 energy retrofits have been completed in its buildings since 2008, mainly involving upgrades of lighting, heating and control systems. Average energy savings of over 25% have been achieved through this initiative, it said. The Irish Times, 17th October
Gorey, Co Wexford A private pension syndicate has paid €9.35m (NIY 8.95%) for Gorey Shopping Centre. Built originally in 2007, the Wexford scheme is generating NOI of €920k pa. The sale is understood to have been brokered in an off-market transaction on behalf of US investment group Davidson Kempner by Bannon. Davidson Kempner acquired Gorey Shopping Centre for its part in 2015 as part of its wider €118m purchase of the Cornerstone Portfolio – a collection of six provincial shopping centres distributed across six counties. Gorey Shopping Centre briefly comprises a single internal mall and is anchored by one of the largest Dunnes Stores in the southeast (61,209 sq. ft.) offering grocery, clothing and homeware products. The shopping centre has 22 retail units in total with three of these at first-floor level and one at basement level. The Irish Times, 12th October
Ashbourne, Co Meath Ashbourne Retail Park in Co Meath has signed up 10 deals in the last 18 months, the latest of which is Burger King which has opened a new drive thru restaurant which will be operated by Applegreen. Another restaurant and take away, Camille, is currently fitting out. Leisure Dome, a new state-of-the-art 32,291 sq. ft. family entertainment centre, opened in June beside Go Gym and Vue Cinema. Asset manager Wilson Wright says the 10 deals bring occupancy to 91%. Two units, suitable for a variety of uses, are available, ranging from 4,994 sq. ft. to 7,997 sq. ft., quoting a rent of €14 per sq. ft. The Irish Independent, 13th October
Dublin and Cork The offers for Debenhams’ former flagship premises in Dublin and Cork are understood to have come close to meeting the guide prices of €55m and €20m set by Cushman & Wakefield. In the case of the Henry Street store, Frasers Group and Swedish furniture giant Ikea are understood to be among several parties in the mix for the property. As part of this sale there is an existing licence with Zara which has traded on the site since 2003. It occupies c. 19,999 sq. ft. at ground and second floor level with additional storage on the third floor. The sale of Debenhams’ former site in Cork city, meanwhile, still has at least five parties in the mix. The Irish Times, 12th October
Merchant’s Quay Shopping Centre, Cork A dispute about Dunnes Stores’s alleged failure to reopen one of its anchor shops after the repeal of Covid-19 rules directing the closure of non-essential retail outlets may be resolved later this month, the Commercial Court heard on Monday. The owner of Merchant’s Quay Shopping Centre in Cork, Phyluma Ltd, has sued Dunnes Stores (Georges Street) Unlimited Co claiming it is in breach of a “keep-open” clause in its anchor tenancy for a Dunnes clothing outlet at the centre. Dunnes denies it is in breach of the agreement. Phyluma claims that notwithstanding the permanent lifting in May 2021 of the Covid era prohibitions on non-essential outlets, Dunnes has “failed without meaningful explanation” to reopen Merchant’s Quay. It also says Dunnes removed all of its stock from the unit and this has left it in “an obviously vacant state which is unattractive” for customers and the smaller tenants in the centre. The Irish Times, 17th October
Hotel Sector, Ireland Aiden Murphy, a corporate recovery expert with the accountancy firm Crowe Ireland, expects 30 to 40 hotels to become insolvent in 2023. Higher operating costs, falling profits, mounting liabilities and the withdrawal of government support measures introduced during the Covid era leave smaller businesses without protection and unable to pay down debt. Tax debt warehoused during the pandemic is due for repayment from next May. Since these establishments lack scale, they must choose either to give over all their rooms to the government-funded accommodation scheme, which provides housing for Ukrainians and other refugees, or operate the establishment solely on commercial lines. Top-end and five-star establishments remain in robust health, according to Murphy, boosted by a “punchy increase in room rates”. The Sunday Times, 16th October
Exchequer Street, Dublin 2 Pan-European investor Deutsche Finance International and real estate manager BCP Capital have joined forces to open Ireland’s first Hoxton in Dublin City Centre. The duo inked a long-term agreement with lifestyle hospitality firm Ennismore to operate the Central Hotel under the Hoxton brand. Acquired by DFI and BCP in 2019, the Central Hotel is located on Exchequer Street. Redevelopment of the hotel has begun in the second quarter of the year, financed with a loan from a fund managed by an affiliate of Apollo Global Management. The Hoxton in Dublin is targeting a 2024 opening, which will unveil the expanded bar, night venue and restaurant space. React News, 17th October
Thomas Street, Dublin 8 Oakmount, headed by Paddy McKillen Jr, has sold a fully let, mixed-use building in Dublin city for c. €13.4m. That’s a discount of c. €1.3m on its €14.75m asking price. Press-Up Group, operates John’s Bar & Haberdashery on the ground floor of the property, Sixty One Thomas Street, Dublin 8. The 16,614 sq. ft. property also includes four fully-let floors of grade-A office accommodation and is generating total annual rent of €810.2k. Tenants include Lumen Technologies, Digitize New Media and McCann Advertising and the WAULT averages c. seven years. The Irish Independent, 12th October
Ranelagh, Dublin 6 The Northbrook Clinic in Ranelagh, which is fully let and producing rental income of c. €330k pa, is being offered to the market by joint agents Knight Frank and North’s Property for €5m (NIY 6%). It is understood that VAT is not applicable to the freehold sale of the asset. The subject property comprises a three-storey detached Gothic Revival-style building and extends to 10,005 sq. ft. The Irish Times, 12th October
Planning System, Ireland A number of property developers are taking legal advice on whether to initiate High Court cases against An Bord Pleanála over failures in the planning system. If they proceed with the actions, they will be seeking, among other things, compensation to cover planning fees and the accumulating finance costs associated with delayed planning permissions. The property developer Pat Crean is thought to be among those taking legal advice after the board last week conceded a judicial review of permission it had granted to his company Atlas GP for 255 apartments in Killiney. An Bord Pleanála has faced a growing number of actions over the past three years. Of the 95 cases taken against it in 2021, 47 were associated with strategic housing development approvals. According to market sources, the board has paid out €1.05m this year in fines to developers over the backlog in processing applications. The board was liable to pay €10k to developers if it took more than 16 weeks to make a decision on fast-track applications. It made 105 payments to 84 developers. The Sunday Times, 16th October
Thomas Street, Dublin 8 Ireland’s Land Development Agency (LDA) has revealed its masterplan for the redevelopment of the Digital Hub complex in Dublin 8. The proposal outlines the construction of more than 500 social and affordable homes on the 9.2-acre site off Thomas Street in the Liberties. The development, to be called Pear Tree Crossing, will include the renovation and reuse of several protected and historic buildings on the site. The Digital Hub lands are among the 5.6 acres of land identified to be transferred to the LDA from the Digital Hub Development Agency (DHDA). The site has been divided into four plots – School Street, Watling plot, the St Patrick’s Tower site and the Vat House 7 plot. The LDA has launched an online public consultation on the masterplan and intends to submit an initial planning application in 2023, with phased completions of the project to begin in 2024. Construction of the apartments will begin after 2025. React News, 17th October
Housing Construction, Ireland To meet its climate targets the State may need to limit the construction of new homes to just 21,000 units a year, significantly below the current construction rate (expected to be 25,000-28,000 this year) and significantly below the 33,000 units envisaged under the Government’s Housing for All strategy, a new report has indicated. The study by the Irish Green Building Council (IGBC) considers how Ireland’s construction and built environment sector might reduce emissions by 51% by 2030, the target set out in the State’s Climate Action Plan. Currently the sector accounts for 37% of the State’s carbon emissions, the same as agriculture. 23% are generated from operational emissions associated with the energy households and businesses use to heat, cool, and light their buildings, with the remaining 14% coming from what the report describes as embodied carbon, the emissions associated with the construction of the building in the first place. The Irish Times, 13th October
Finglas, Co Dublin Dublin City Council has initiated High Court action against An Bord Pleanála over its decision to grant a large-scale build-to-rent scheme in a regeneration area, against the council’s strong opposition. The council is seeking a judicial review of the board’s approval of 314 build-to-rent apartments at former industrial lands in Finglas, in an area designated for more than 2,000 new homes. The board last August granted permission to Jamestown Village Ltd for the build-to-rent scheme of five apartment blocks rising to six storeys at Jamestown Road industrial estate in Finglas, Co Dublin. The Jamestown industrial estate was in June 2021 rezoned to facilitate its “rejuvenation” as a residential and enterprise zone and its designation as a Strategic Development and Regeneration Area. The Irish Times, 14th October
Planning and Building Process Taoiseach Micheál Martin has expressed frustration at the slow pace of the planning and building process and the failure of the system to respond swiftly to innovation. The Taoiseach acknowledged that the system was too slow given the nature of the current crises in housing and refugees, adding that the system for accommodating students could also be improved. The Irish Times, 13th October
Housing Assistance Payment (HAP) Scheme Just 35 properties were available to rent by people reliant on the HAP scheme in September, according to a report from the Simon Communities of Ireland. This represents the lowest number ever recorded in the “Locked Out of the Market” quarterly reports by the Simon Communities. More than 60,000 tenancies were subsidised through HAP in 2021, according to the CSO. For the first time, the report found no properties available to rent within a standard HAP rate. The 35 properties available under a discretionary limit in at least one of the four categories is two less than the 37 HAP properties available in the June 2022 study and 81.7% less than the 192 which were available one year previously, in September 2021. The 35 properties within HAP limits were predominantly available in Dublin (23) while outside of Dublin, nine of the 16 study areas had no properties available to rent in any household category within standard or discretionary HAP limits. The Irish Times, 17th October
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Liberties, Dublin 8 German investor Patrizia has paid €60m for the Eight Building, a newly developed office and retail building at Newmarket Square in Dublin’s Liberties. The purchase brings the overall value of the fund’s Dublin portfolio to €830m in assets under management. Completed in 2021, the building which fronts on to Newmarket Square, has a total of 75,000 sq. ft. of grade-A office accommodation, along with several artists’ studios, and 6,500 sq. ft. of food market space. The Irish Times, 7th October
North Docklands, Dublin City Centre Ronan Group Real Estate (RGRE), UK-headquartered private equity property manager Henderson Park, and Westridge Real Estate are the three parties left in the running to acquire Citigroup’s existing European headquarters. While the offices at 1 North Wall Quay were brought to the market by Knight Frank at a guide price of €120m last March, the selection of a preferred bidder is understood to have been delayed until the global banking giant had identified and secured a location for its new headquarters. That process is now close to being concluded following Citigroup’s recent decision to acquire a site for a reported €100m at RGRE’s Waterfront South Central scheme. Citi is expected to pay up to a further €200m to the Ronan Group to build out the 300,000 sq. ft. of office space it requires for its Dublin-based workforce. No. 1 North Wall Quay currently comprises a six-storey over-basement office building of c. 230,000 sq. ft. with 139 car-parking spaces. The Irish Times, 5th October
Mespil Road, Dublin 4 Knight Frank is seeking an occupier for the offices on the third and last remaining floor at no. 45 Mespil Road in Dublin 4. Located in a prime position overlooking the Grand Canal, no. 45 is a newly developed standalone building comprising 48,000 sq. ft. of grade-A office accommodation distributed across six floors. The ground floor is occupied by global financial services provider JTC while the first and second floors are occupied respectively by Amryt Pharma Plc and higher education technology specialist Ellucian. The fourth floor is tenanted by US-headquartered private investment firm, Bain Capital, while the fifth and sixth floors are occupied by publicly listed housebuilder Cairn Homes. All floors, apart from the ground floor, are understood to have been let on a minimum term-certain lease of 10 years with no break options with rents ranging from €57.50 to €60 per sq. ft. In the case of the third and final floor, the prospective occupier will have the use of c. 8,114 sq. ft. of office space along with two basement car-parking spaces and 15 bicycle spaces. The Irish Times, 5th October
Office Market Activity, Dublin The office market in Dublin recorded 815,000 sq. ft. of take-up in the third quarter of 2022, more than double the volume achieved in the same period last year based on new data from Savills Ireland. The latest figure was also 78% higher than the 10-year third quarter average. Occupiers continued to prefer city centre stock with 80% of total space taken in the city centre. All the top five deals were transacted in Dublin 1 and Dublin 2. The remaining 20% were signed in suburban properties and no take-up recorded in the fringe market. A&L Goodbody’s prelet of 155,000 sq. ft. at 25 North Wall Quay was the largest letting of the quarter. The firm also signed up for 63,000 sq. ft. in 3 Dublin Landings for decanting of its operations while the North Wall Quay redevelopment is ongoing. Professional services firms accounted for the largest share (33%) of total take-up among all sectors for the quarter, followed by technology firms. The quarter also highlighted occupiers’ preference for energy-efficient offices and high ESG ratings. The difference between old and new city centre stock has increased from €10 per sq. ft. to €15 sq. ft. in the past year. React News, 10th October
Aungier Street, Dublin 2 Developer Paddy McKillen jnr and Matt Ryan’s Oakmount are seeking a buyer for The Lucky Duck on Dublin’s Aungier Street. The property is being offered for sale by CBRE at a guide price of €2.5m. Having paid €831k to secure ownership of the former Aungier House premises, Oakmount engaged in an extensive refurbishment of the property in advance of its opening for business in late 2018. The Lucky Duck comprises a fully refurbished Victorian bar at ground-floor level, a cocktail bar and event space at first and second-floor levels, and a fully equipped catering kitchen on the third floor. The Irish Times, 5th October
Refugee Housing, Ireland As the conflict in Ukraine enters its eighth month, so does the Irish government’s scramble to source accommodation for 40,190 of more than 54,000 Ukrainians who have arrived here. A total of 10,713 asylum seekers from other countries who are in the direct provision system have also sought accommodation from the state over the past nine months. Newly released figures show that c. one in four hotel, guesthouse and B&B rooms have been booked by the Department of Children to house displaced people. A record 15,581 rooms in tourist accommodation are being used, which equates to 23% of the c. 68,000 hotel, guesthouse and B&B rooms registered with Failte Ireland. Officials said that as well as managing the current challenge of accommodating so many people, they were also working on solutions to shelter refugees from Ukraine and applicants for international protection in the future. The Irish Refugee Council (IRC) claims that a failure by successive governments to prioritise and resource the international protection system has contributed to the “enormous strain” now being experienced. The Sunday Times, 9th October
Oranmore, Co Galway TWM has brought to market an opportunity for an anchor grocery tenant to occupy a busy shopping centre in Oranmore in Co Galway, which is known as OranTown Centre. The property, together with the supermarket business, will be sold by way of a share purchase agreement and will be offered for sale by tender. The agent is guiding in excess of €2.2m for the property. The centre comprises over 20 retail units and 15 office suites. The anchor store extends to a total of 16,465 sq. ft. GIA and benefits from the additional occupiers in the centre, including Costa Coffee, An Post, Walsh’s Pharmacy, together with 238 car parking spaces. The property is held in part under a 9,999 year lease from January 1, 2000 extending to c. 9,576 sq. ft. while the remainder is held under two occupational leases subject to a total annual rent of €150k pa and a WAULT of 7.75 years. The Business Post, 8th October
St Patricks Street, Cork Upwards of five contenders are vying to buy the former Debenhams flagship store in Cork City centre, with the preferred bidder due for selection before the weekend. Names that have been suggested in connection with a shortlist of bidders include the Fraser Group, John Cleary Developments, O’Callaghan Properties and the O’Flynn Group. Clarendon Properties, who own the adjoining Merchants Quay shopping mall, may see it as an opportunity for a natural extension, although it’s understood they consider the €20m price tag to be too high. Bank of Ireland is due to select the preferred bidder on Friday following a process involving receivers Grant Thornton, who appointed estate agents Cushman & Wakefield to oversee the sale. The iconic 151,000 sq. ft. property, once home to Roches Stores, was put on the market in August with a guide price of €20m. The Irish Examiner, 6th October
Brownsbarn Drive, Dublin 24 Located in a high-profile position at 302 Brownsbarn Drive and overlooking the N7 (Naas Road), Universal Honda’s showroom is being offered to the market with the benefit of vacant possession by Knight Frank at a guide price of €4.5m or to rent at excess €300k annually. The subject property extends to a total area of 26,666 sq. ft. and a basement extending to 12,842 sq. ft. There are 62 on-site parking spaces comprising a mix of surface spaces and spaces at basement level. The property is zoned ‘Objective EE’, which provides for enterprise and employment-related uses. The Irish Times, 5th October
Airways Industrial Estate, North Dublin Irish Life has secured €14m from the sale of three industrial units at Airways Industrial Estate in north Dublin. Units 1, 2 and 3, which were forward funded by Irish Life more than 40 years ago, were offered to the market last March at a guide price of €11m. The units have been acquired by a private Irish investor. Units 1, 2 and 3 Airways Industrial Estate are fully let with 62% of the rental income coming from State agencies. The third unit is let to FedEx. The sale provides the new owner with annual rental income of €671.2k from April 2022, along with the added benefit of upwards-only rent reviews that promise a reversionary yield of c. 8.1%. Taken together, the three units extend to 127,000 sq. ft. that could accommodate an occupier with a growing team and a WAULT of c. 2.6 years. The Irish Times, 4th October
Santry, North Dublin Industrial property specialist Harvey has secured the pre-letting of a 46,000 sq. ft. warehouse unit in the long-established Airways Industrial Estate at Santry in north Dublin. Clinigen Ireland, one of the leading manufacturers of unlicensed medicines in Ireland, has agreed to occupy unit 12 at the scheme on a new long-term lease. The subject property comprises 45,984 sq. ft. including 6,663 sq. ft. of two-storey office accommodation. The Irish Times, 5th October
Churchtown Business Park, Dublin 14 Pan-European investor and asset manager M7 Real Estate has paid just over €7m (NIY 5.2%) for Churchtown Business Park in Dublin 14. The completion of the deal brings M7′s holdings in the Republic to 27 assets, extending to c. 1,282,260 sq. ft., primarily in industrial and logistics space. M7 will have the benefit of €408k in annual rental income from a strong tenant line-up that includes Senator Windows, Tipperary Crystal, Skön, Danish Kitchen Design, Avista Medical, and Webshirts Ltd, trading as Louis Copeland. Unit 21 is currently vacant and once it is let, the total rent is expected to increase to more than €500k a year. The leases at the scheme have between three and 10 years remaining to expiry. Located in south Dublin, Churchtown Business Park extends to 41,260 sq. ft. on a site of two acres, with unit sizes of 1,400 sq. ft.-2,500 sq. ft. with one unit of 7,645 sq. ft. The Irish Times, 5th October
Enfield, Co Meath Joint agents Knight Frank and Edward Carey Property have launched to the market an industrial development site in Enfield, Co Meath at a guide price of €2.25m. Extending to c. 15 acres, the site is ideally positioned 1.3km to the east of Enfield’s town centre. The entire site is zoned E1/E3 ‘Strategic Employment Zones (High Technology Uses)/ Warehousing & Distribution’ under the Meath County Development Plan 2021-2027. The Business Post, 8th October
Steevens’ Lane, Dublin 8 Having failed to attract a buyer when it was put up for sale at a guide price of €8m at the height of the Covid-19 pandemic, a 0.6-acre site in Dublin 8 with scope for c. 110 apartments is being offered to the market once more at a reduced price of €5.25m. The subject property is located on the corner of Steevens’ Lane and James Street, and adjacent to the “Guinness Quarter”. The Steevens’ Lane site for its part is Zoned Z4 “District Centre” under the Dublin City Development Plan 2016-2022, and this designation is proposed to be maintained in the upcoming plan. The Irish Times, 5th October
The build-to-rent-sector in Dublin has suffered a heavy blow as €400m worth of deals on two landmark apartment projects have unravelled in recent months. The German property behemoth Commerz Real has shelved a €200m investment in the Chartered Land Group’s 30-storey apartment building at Parkgate Street on the north side of the Liffey. Ruirside Developments, which is owned by Chartered Land Group, secured planning permission for the tower last year but construction has yet to start. Separately, Ires Reit has shied away from a potential €200m acquisition of Bain Capital’s 413 apartment scheme at Newmarket Square in Dublin 8. Bain is now expected to fund the completion of the scheme, retain it as an investment or seek a new buyer once investor sentiment recovers. The Sunday Times, 9th October
Social Housing, Dublin Estate agents and property investment funds have been advised that certain housing estates in north Dublin will not be considered for further social home leases due to the high concentration already found in the developments. Fingal County Council issued a document last year which said that 33 private estates were deemed to be “areas socially satisfied” due to the high number of state-supported tenancies in place, and so would not be considered for future social housing leases. Property investment funds spent c. €1bn buying second-hand homes in 2021, with many acquired with the intention of being leased to local authorities for use as social housing. The list of estates shared by Fingal County Council with agents in August 2021 include developments in Malahide, Portmarnock, Swords, Skerries, Santry and Kinsealy. The Business Post, 8th October
Blanchardstown, Dublin 15 Fingal County Council has given the go-ahead for a 348-unit apartment scheme as part of a mixed-use development in Blanchardstown. The scheme by the BNY Mellon-owned Blanche Retail Nominees Ltd includes six apartment blocks ranging up to 13 storeys in height on a site that is currently used for car parking beside Blanchardstown library. The scheme also includes five commercial units and community facilities, along with the extension of an existing multi-storey car park from four to six levels to facilitate the development. The original apartment scheme was made up of 44 studios, 132 one-bed apartments, 155 two-bed apartments and 21 three-bed apartments before the council ordered the omission of four units. The Irish Times, 6th October
House Prices, Ireland Irish house prices are overvalued by at least 7%, the Economic and Social Research Institute (ESRI) has said. In its latest quarterly bulletin, the think tank warned the State’s property market was likely to experience a sharp slowdown in the coming months as wider inflationary pressures and higher interest rates weigh on demand. However, it stopped short of saying whether this would result in a house price correction or a period of falling prices, suggesting it was too early to tell. It found that prices were c. 7% above their expected trend values as of the end of last year. Unlike the pre-2008 period, when the overvaluation of property was driven by excess credit, this time around prices have been inflated by pandemic-related factors such as increased savings and curtailed supply combined with “the increasing share” of institutional investors in the market, it said. The rate of house price growth in the State fell to 13% in July, down from 14% in June, extending a pattern of deceleration seen in recent months, according to the CSO. The Irish Times, 6th October
Planning Approval, Ireland Planning approval for more than 1,400 new homes in south Dublin is set to be quashed after An Bord Pleanála conceded three court cases linked to the work of its former deputy chairman, Paul Hyde. The planning authority is no longer contesting judicial review cases that were taken against fast-track approval it gave for large apartment schemes in Killiney, Blackrock and Milltown. ABP’s move to concede the Killiney and Blackrock cases emerged in court on Monday but the planning authority had told case participants of its decisions last week. The participants in the Milltown action were also notified last week. The Killiney application was for 248 apartments and seven houses. The Blackrock application was for 493 apartments at Temple Hill, Monkstown. The Milltown application was for 671 build-to-rent apartments at Milltown Park, Sandford Road, Dublin 6. The Irish Times, 11th October
Social Housing, Dublin A Dublin City Council plan to partner with developers to build public housing on sites with unused planning permission only received one application from a developer, which council officials said was “disappointing”. Earlier this year the council sought developers who had land with planning permission to build housing and to develop sites for affordable or social housing. The council received an initial 44 expressions of interest for the scheme where the council would partner with developers or small builders, but in the end only one application was received, the council said. The Irish Times, 11th October
Grand Canal Docks, Dublin 2 Located directly underneath the Bord Gáis Energy Theatre, the Grand Canal Square Car Park is being offered to the market by Colliers at a guide price of €18m. While Crownway Investments may well be interested in securing control of the facility given their existing ownership of the theatre, the combination of the car park’s forecasted net income of €900k for 2023 and Dublin City Council’s restrictions on future car parking provision in the city’s south docklands should see strong competition from a number of parties. Built in 2009 as part of Chartered Land’s wider development of the Grand Canal Dock area, it extends to c. 107,639 sq. ft. and features fully automated barriers, payment machines and floor-to-ceiling heights of 2 metres. The car park, which operates on 24/7 basis, comprises 161 marked car-parking spaces and is currently operated by Q-Park by way of a management agreement. The Irish Times, 5th October
Planning System Delays Irish Water’s “minor projects” will take twice as long to complete due to planning system delays, according to the semi-state’s chief executive, Niall Gleeson. “We’re saying five to seven years even on relatively minor projects for delivery. We should be saying two to three years,” he said. The organisation has been criticised by commercial and residential property developers for causing delays to projects due to its inability to deliver connections in a timely manner. In August, the group behind the project to develop the Glass Bottle site in Dublin, which includes Ronan Group and Lioncor, the US developer, said the delivery of thousands of homes on the site, including most of the 3,800 apartments, are at risk due to undefined timelines for water infrastructure. The Business Post, 8th October
Housing Crisis, Ireland The National Asset Management Agency (NAMA) asked if it could be used to help with the housing crisis to avoid losing the “valuable expertise and experience” it had built up during its years of operation. The State bad bank, which is in the process of being wound down, said it could play an important role in dealing with the country’s “housing problem”. Much of its “expertise and delivery know-how” was going to depart Nama over the next two or three years it warned, according to a briefing paper prepared for the Department of Finance. The paper said that Nama had experience in helping deliver the process from undeveloped land to sale of built homes in the space of 36 months. It added it had extensive know-how in resolving legal and title issues that could slow development of land, as well as getting through the planning process. Most new homes it was involved with – c. 80% – had been sold to individual buyers or to approved housing bodies and local authorities. The Irish Times, 9th October
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St Stephens Green, Dublin 2 Having served as the Dublin base of Axa subsidiary, the XL Group, since 2013, No. 8 St Stephens Green is being offered to the market with the benefit of vacant possession by Cushman & Wakefield at a guide price of €20m. The subject property comprises a substantial four-storey over-basement Georgian townhouse. The property was then sold for €7.8m to its current owners, the XL Group, in 2012 by receivers acting on behalf of the former Anglo Irish Bank. Presently the property extends to a total of 28,418 sq. ft. of lift-serviced space. No. 8 St Stephen’s Green is zoned Z5 under the Dublin City Development Plan 2016-2022, which provides for a wide range of uses subject to planning permission. The Irish Times, 28th September
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Swords Road, North Dublin Having secured a commitment from Laya Healthcare to lease all 20,000 sq. ft. of the office accommodation at the newly developed Corballis Hall on Dublin’s Swords Road, QRE Real Estate Advisers is seeking a new occupier for the property following Fingal County Council’s rejection of an application for the building to be converted into a minor injury and wellness clinic. QRE is quoting a rent of €35 per sq. ft. Completed in 2020, the subject property briefly comprises 20,000 sq. ft. of modern, sustainable grade A office accommodation. There are 32 underground car-parking spaces coupled with secure bike-parking spaces. Corballis Hall is available in its entirety or on a floor-by-floor basis. The Irish Times, 28th September
North Docklands, Dublin Ronan Group Real Estate (RGRE) has secured full ownership and control of the Waterfront South Central site in Dublin’s north docklands. The agreement between RGRE and its partner, Fortress, clears the way for the developer to commence the construction of a new European headquarters for global banking giant Citigroup on the site. According to market sources, work on Citi’s new offices is expected to get under way within the next month. While the price paid by RGRE for the 70% stake held by Fortress is not known, the figure will have been significant. Ronan acquired the Waterfront site with RGRE’s then funding partners, Colony Capital, for €180m in 2018. Fortress inherited Colony’s interest in the 4.6-acre site last year as part of its wider $2.7bn buyout of Colony’s international real estate assets. The Irish Times, 28th September
Hollyhill, Cork Cork City Council has granted permission to Apple Operations Europe Limited for the construction of a four-storey office block on lands a the Hollyhill Industrial Estate, adjacent to its existing premises. The new four-storey building could accommodate c. 1,300 extra workers. Apple has operated on the north side of Cork city since the 1980s and currently employs 6k people at offices in Hollyhill, Lavitt’s Quay and Horgan’s Quay. The proposed office building will be constructed within the existing car park and will connect to an existing office building known as ‘HH4’. The Irish Examiner, 3rd October
Rathmines, Dublin 6 Developer Paddy McKillen jnr and Matt Ryan’s Oakmount is offering the Stella Cinema in Rathmines to the market at a guide price of €9.5m (NIY 5.26%). The Stella is being sold with the benefit of Press Up Entertainment Group in place as tenant with an unexpired lease term of 20 years and an annual rent of €550k. Presently, the property comprises c. 13,954 sq. ft. of accommodation and can seat up to 216 people. The Irish Times, 28th September
Ballymahon, Co Longford Center Parcs Ireland Limited received permission for a major expansion of its existing holiday village in Ballymahon, Co Longford, which currently sits on a 395-acre site. The new development will include 198 new lodges, a treetop sauna and pool, an expansion of its restaurants, cafes and shops, and the installation of solar panels. The expansion is expected to cost €85m. The company has also reduced its share capital to create a cash pile of €142.2m. The Business Post, 1st October
Cobh, Co Cork Agent Johanna Murphy & Sons has brought to market a waterfront restaurant and bar for sale in the seaside village of Cobh in Cork with a guide of €5m. The Quays Bar and Restaurant is a well-established indoor and outdoor venue which underwent a full renovation in 2020, estimated to cost c. €1m. The restaurant extends to 1,162 sq. ft. and has an indoor seating capacity for 200 people. The Quays at 17 Westbourne Place boasts the only premises in Cork to have a private pontoon (which extends to c. 355 sq. ft.). The venue is well laid out with a bar area at the rear and a large waterfront seating/dining area at the front. Offices and ancillary laundry space and staff facilities are above, with separate access from Westbourne Place. The Business Post, 1st October
Castlemartyr Resort, Co Cork A sum of €8m has been pumped into upgrading the 5-star Castlemartyr resort by its new Singaporean owners who bought it for c. €20m little more than a year ago. Investors Dr. Stanley Quek, a graduate of Dublin’s Trinity College and current pro-chancellor, and Irish-born Peng Loh have invested heavily in refurbishing the Castlemartyr hotel’s 108 bedrooms and guest suites, as well as carrying out substantial improvements to the grounds. The Irish Examiner, 29th September
Chancery Lane, Dublin 8 The Chancery building is being offered to the market by Knight Frank at a guide price of €24.75m (NIY 5.5%). The price being sought represents an increase of €950k on the €23.8m Credit Suisse paid Hibernia Reit to secure ownership of the property in 2017. The Chancery comprises a modern six-storey over-basement office and residential development on Chancery Lane in Dublin 8. The office element of the scheme extends to 34,283 sq. ft. with secure basement car parking for 19 cars and further parking for bicycles. The apartment block is four storeys in height with one unit per floor. All four apartments are two-bedroom units and extend to 818 sq. ft. each. The offices are fully let to three tenants and are producing total rental income of c.€1.4m pa with 69% of it being generated by State tenants. The ground floor is let to Wella Studio, a hairdressing-training company. The first to fourth floors are let to the Office of Public Works and are occupied by the Chief State’s Solicitors Office (CSSO). The penthouse floor is occupied by Analytic Partners. The four apartments are fully let to private residential tenants and equates to rent of c. €99k pa. The subject property also comes with full planning permission to extend the floor area of the office accommodation by 9,838 sq. ft. The Irish Times, 28th September
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Phibsborough, Dublin 7 CBRE is guiding an overall price of €12m for a portfolio comprising two sites with residential development. The first property, on North King Street, carries a guide price of €8m, while the second property, on nearby Phibsborough Road, is guiding at €4m. The North King Street property extends to c. 0.83 acres and is occupied by tenants using the building for retail and industrial purposes. The tenancies provide c. €145k in rental income per year. The site, which is less than 1km from TUD’s Grangegorman campus, is zoned “Z5 City Centre”, allowing for varied development options. The Phibsborough Road property, meanwhile, comprises retail units, an office, storage facilities and a single residential dwelling, and produces rental income of c. €258k pa. Its current tenants include Camile Thai, Four Star Pizza, Rua Woodfire Pizza, Thunders Bakery and Avista. A vacant lot at 141-142 Phibsborough Road has potential to add to the rent roll. This land holding is currently zoned “Z4 District Centre” with a proposal for this to be amended to “Z4 Key Urban Village” under the Dublin City Draft Development Plan 2022-2028. The Irish Times, 28th September
Greenogue Business Park, Dublin Palm Capital and KKR have fired the starting pistol on a c. €110m Irish logistics sale. The two-building hub – forward funded by KKR and speculatively developed by Palm Capital – is located at Greenogue Business Park, one of Dublin’s premier logistics destinations. CBRE and Savills have been instructed to manage the sale, which is to be marketed off a NIY of c. 4.25%. The sale comes after KKR and Palm successfully leased the site to three occupiers, most recently adding a supply chain giant to the tenant roster. The firm has agreed to lease building two, a 285,000 sq. ft. warehouse. US group Tosca, a firm that specialises in packaging and pooling solutions, and another occupier leased the first warehouse. React News, 27th September
Bandon Road, Cork Off-site construction was a key measure in the delivery of Cork city’s single largest student accommodation development to date, the €53m, 554-bed Ashlin House, on Bandon Road. The scheme is managed by Nido Student with room rates quoted online at €240-€289 per week. Planning was first granted for 324 beds, and a subsequent application achieved planning for 554 beds, with work starting in May 2020, during the pandemic period. The Ashlin House complex is made up of five blocks each with shared apartments (up to eight c. 150 sq. ft. en suite bedrooms beds in some), studio rooms, and a three-bed townhouse. The Irish Examiner, 29th September
Clongriffin, Dublin 13 Ballymore has pulled out of a €45m deal to buy a 27-acre site in Clongriffin, Dublin, as developers anticipate a dramatic slowdown of the private rented sector (PRS) in Ireland. PRS, which involves the sale of large developments to institutional funds, has been the main driver of apartment construction in recent years. Ballymore was chosen as the preferred bidder in March for the land, which is owned by Gannon Properties. The site has planning permission for 1,937 apartments, the majority of which — 1,130 — are for the PRS market. Property sources say with costs up by as much as 15% and capitalisation values down, the developer could not make the transaction work. The Sunday Times, 2nd October
Dundalk, Co Louth A strategically located residential development site in Dundalk, Co Louth, is being offered for sale with a €5m guide price. Extending to 15.2 acres, the Mount Avenue site is situated 1.5km north-west of Dundalk town centre and fronts on to the N53 road which links the M1 motorway with Dundalk town centre. According to Knight Frank, the Louth County Development Plan 2021-2027 shows the majority of the site as zoned objective A2 New Residential and a small element as zoned objective H1 Open Space. The Irish Independent, 29th September
Ballyfermot, West Dublin A proposal by healthcare firm Uniphar to build a housing development at a site it owns in Dublin has sparked claims by a neighbouring business that the 16-storey development would be “completely unsuitable and unsafe”. Publicly listed Uniphar is backing a Dublin City Council plan to rezone a 4.5-acre site it owns next to the N4 between Chapelizod and Ballyfermot – a move it hopes would pave the way for a major apartment and mixed-use development. The city council previously backed away from rezoning the land following a High Court challenge. Should the latest application prove unsuccessful, Uniphar is understood to be considering using the site as a warehouse facility for its growing consumer health division. The Irish Independent, 2nd October
Social Housing, Ireland Ikea store parent, Ingka Investments, has committed €100m to fund the development of more than 250 social housing units across the Greater Dublin Area, with at least 150 of them ready for occupation over the next three years. Upon completion, the new homes will be leased on a long-term basis to the relevant local authority. In a fresh departure from the practice of other institutional investors involved in the supply of social housing, the Ingka Group says it will treat the rental payments it collects as mortgage repayments. This will allow the transfer of all 150 homes to the local authorities in question at the end of the lease term at an estimated zero additional cost. The Irish Times, 3rd October
Lower Grand Canal Street, Dublin 2 The High Court has granted a temporary injunction preventing local residents from blockading the site where an eight-story building is being constructed in central Dublin. The interim injunction was granted on an ex-parte basis in favour of RGRE Dev Co No. 5, which is currently developing the Treasury Annex Building at Lower Grand Canal Street in Dublin 2. RGRE said it was not prepared to meet the residents’ payment demand, and that the blockade amounts to an unlawful interference with its right to access the public road from the site. The injunction prevents the residents and anyone acting in conjunction with them from blockading the construction site until further order of the court. The Irish Times, 30th September
Vacant Homes Tax, Ireland An estimated 22k derelict properties will be exempt from the government’s new vacant homes tax (VHT), which was introduced in last week’s budget to help raise the supply of residential properties to buy or rent. Several exceptions to the tax have been announced by the Department of Finance that include properties that were recently sold; that are listed for sale or rent; that are vacant because of an occupier’s illness or long-term care; that are vacant because of significant refurbishment work or are derelict. In the GeoDirectory Residential Buildings Report for the second quarter of this year, prepared by EY, 21,897 addresses were classified as “derelict” last June. The report noted that the number of vacant residential properties fell by 5.9% in the year to June, with 86,708 dwellings classed as vacant nationally. Preliminary figures from the 2022 census show there are 166,752 vacant homes. A property will be considered vacant for the purposes of the tax if it is occupied for less than 30 days a year. The Sunday Times, 2nd October
Social Housing, Ireland The plan to completely phase out leasing homes for social housing is still under review, despite a commitment from Micheál Martin to end the practice by 2025. The latest report from the Dublin Housing Delivery Group, published by the Department of Housing, said “a review of the impacts of any change” from the proposed plan to phase out leasing social homes “is currently under way and will inform final policy decisions in this area”. Under Part V rules, developers of new-build housing are obliged to sell 10% of new homes to the state, at a break-even price, for use as social housing. If the council cannot afford the price set by the developer or the cost exceeds state imposed spending limits on social housing, a council can opt to lease the homes instead. Details of the review come following the creation of a new €450m state fund to lease 1,000 new-build homes, a further move by the government that has raised questions over its commitment to phasing out leasing. The review into completely phasing out leasing social homes under Part V rules, tendered for by the Housing Agency and awarded to EY Ireland, is due for completion this month. The Business Post, 28th September
East Clare An Bord Pleanála has given the green light to Coillte for contentious plans for a large scale 19 turbine wind farm in east Clare. The 110MW project on the northern western slopes of Slieve Bernagh is located on a 1,853-acre site 4km northeast of Broadford, close to Killaloe and Bodyke. The turbines on the Carrownagowan wind farm have a tip height of 555 ft. Documents lodged with the planning application state the wind farm will displace 2.8m tonnes of CO2 over its lifetime. The windfarm would produce enough electricity to power 66,500 homes per year. The Irish Times, 30th September
MetroLink, Dublin A planning application for Dublin’s MetroLink, which has an estimated cost of €9.5bn, has been lodged by State transport provider Transport Infrastructure Ireland. MetroLink is to be the State’s first mostly underground railway running between the Swords area and Charlemont in south central Dublin. The route will serve Dublin Airport and residential communities in Swords, Ballymun and Glasnevin, the city centre, as well as linking major employment and education facilities. The route is 18.8km, and it is proposed to have 15 stations on opening with more later. Should Bord Pleanála give the project the green light construction is earmarked to get under way in 2025, and the line would be operational in the early 2030s. The Government has acknowledged a wide variation in estimates for the project. At the lower end the target cost is €7.16bn, with the central estimate at €9.5bn and an upper estimate allowing for high inflation and contingencies at €12.25bn. The Irish Times, 30th September
Maynooth University has “terminated” construction of a new student centre project due to rising costs, the third level institution has announced. The decision has been criticised by students and their union, as the project was being funded through a €150 annual student levy since 2015. Construction on the 39,826 sq. ft. building was due to be completed by July 2023, but it was terminated on Monday following a decision by Maynooth University (MU)’s governing authority. In a statement, the university said the project has been “adversely impacted by rapidly escalating costs, linked to technical construction issues as well as hyperinflation”. The Irish Times, 28th September
Savills Report Assumptions that underpin the Government’s National Planning Framework (NPF) about how population growth will be spread out across the country are “unrealistic” and will mean “we are structurally under-provisioning housing supply in the Dublin region for the next 20 years”, Savills has said. According to Savills, the NPF’s focus on increasing residential density within urban areas to prevent urban sprawl means that less land has been made available in county development plans for the Greater Dublin Area than in previous times. This amounts to “a large reduction” in zoned residential land, which they estimate would have had the capacity to accommodate more than 100k units in Dublin, Meath, Kildare and Wicklow, the equivalent of around a decade’s worth of supply. Residential Land Supply Study 2022, Savills, 4th October
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Rathfarnham, Dublin 14 Am Alpha, the Munich-based investor, has bought Nutgrove Retail Park in Rathfarnham, Dublin 14, for a sum believed to be more than €64m. It was sold by Davidson Kempner, which had bought it as part of a wider portfolio of retail assets for €170m. Facing Nutgrove Shopping Centre, the retail park is fully let and tenants include Harvey Norman, Homebase, Harry Corry, Costa Coffee and Aldi. Extending to 197,800 sq. ft., its space includes 168,000 sq. ft. of retail and 29,800 sq. ft. of offices. The Health Service Executive holds the office lease. CBRE advised the vendor and TWM the purchaser. The Irish Independent, 21st October
Patrick Street, Cork Aviva is selling a retail investment on Cork’s main shopping boulevard at 43/44 Patrick Street, with a €3m price tag. Extending to 7,000 sq. ft., it is currently let to health-food chain store Holland & Barrett, at €215k p.a. That suggests a gross initial yield of 7.17%. The premises is adjacent to the English Market with its world famous food stalls. Double-fronted, the unit has a ground-floor footprint of over 3,000 sq. ft. The lease to Holland & Barrett covers the entire three to four-storey property and is due to expire in 2025. Agent Savills is handling the sale. The Irish Independent, 21st October
Townsend Street, Dublin 2 The asking price on a mixed-use investment on Dublin’s Townsend Street has been cut to €2.75m, from the previous guide of €3m. According to selling agent TWM, the new price provides the purchaser with an initial net yield of 7.5% off an income of €227k a year. The property occupies a prime corner site with elevations to Townsend and Creighton streets, just opposite the Westland Square apartment development. Number 88-92 Townsend Street is currently fully let to Darmody Architecture, City Break Apartments and the offices of the Irish National Organisation of the Unemployed. The Irish Times, 20th October
Capel Street, Dublin 1 37/38 Capel Street, a mixed-use investment property in Dublin 1 has been brought to the market by joint agents JLL Ireland and Dillon Marshall guiding €6.5m in a private treaty sale. It consists of two retail units with 11 overhead apartments. The agents say the building has the potential to generate a gross annual rent of €428k and this could generate an initial yield of c. 5.5%. It was previously offered for sale in 2017 when it had a €2.95m guide price, and the group of private investors who purchased it undertook refurbishments. The Irish Independent, 21st October
Capel Street, Dublin 1 Agent Knight Frank is bringing 119 and 120 Capel Street to auction with a €1m guide price. Extending to 4,998 sq. ft., the building’s ground floor and part basement is let to a Korean restaurant, and most of the upstairs offices are let to The Simon Community. Current annual contracted rent is €69k. The Irish Independent, 21st October
Healthcare, Ireland A planning application has been submitted by Valley Healthcare Fund Infrastructure Investment Fund ICAV to build a new primary care centre in Claregalway, Co Galway. The three-storey centre will measure 36,651 sq. ft. while the estimated cost of the proposed development is €8.3m. Meanwhile, works are now under way on the construction of a new €18.2m primary care centre of 70,148 sq. ft. in Clondalkin, Co Dublin. Works are expected to take in the region of 22 months to complete. The Business Post, 24th October
Drogheda, Co Louth A Bank of Ireland branch has come to the market in Drogheda, Co Louth. The building is fully let to Bank of Ireland on a FRI lease until 2031 with no break option and is seeking €3.9m. The sale of the branch comes as the bank readies a portfolio sale of some 82 closed branches across the State. The building at 14 St. Laurence Street extends to c. 6,943 sq. ft. and is being brought to market by way of private treaty by CBRE. The property benefits from an excellent location, covenant and lease term at a sustainable rental level, which is insulated by upward only review. The guide price of €3.9m, reflects a net initial yield of 7.22%, and a capital value per square foot of €562. The building is situated on the northern side of the street in the heart of Drogheda and benefits from excellent frontage of 14m to one of Drogheda’s busiest shopping streets. The Irish Times, 20thOctober
Lancaster Gate, Cork A portfolio of 10 apartments at Lancaster Gate in Cork is being brought to the market by agents O’Connor Murphy for €4.2m. Constructed in 2007, it is laid out in three separate blocks, The Fastnet, The Sherkin and The Garnish. Pitched as a PRS investment, the 10 apartments, which have been refurbished to “like-new” standards, come with an estimated annual rent roll of €238k. The yield is of the order of 5.5%. There may be potential for an uplift however, given that the apartments are currently let at €1.9k-€2.1k a month. They are all two-bedroom units, varying in size from 710 sq. ft. – 1,019 sq. ft. and come with one designated car parking space per apartment within a secure basement car park. The portfolio is being sold with the benefit of vacant possession and all apartments are furnished and available for immediate lease. Accommodation in the area is in high demand, given the central location occupying a prominent position overlooking the river Lee. Lancaster Gate is c. 3.1km from Hollyhill Industrial Estate, home to Apple. The Irish Times, 20th October
Ranelagh, Dublin 6 A portfolio of three period houses and two additional mews, called the “Ranelagh Collection”, has been brought to the market in the heart of Ranelagh village for €4.285m by joint agents Cushman & Wakefield and Sherry Fitzgerald. This offers potential for a developer to bring the properties back into residential use. The houses at 122, 126 and 128 Ranelagh comprise three prime two-storey over garden level Victorian homes. They form part of a terrace of four houses which are set back from Ranelagh Road, with pedestrian gates fronting directly on to Ranelagh and vehicular access to the rear via Cullenswood Place. All properties are being sold with vacant possession, having been in commercial use. Recently refurbished, the accommodation currently provides 9,354 sq. ft. of office space, split across 38 rooms. There are 27 private car spaces in total, all located to the rear of the properties. Given the residential zoning of the properties, all could be converted to residential use, either as individual dwellings or multi-unit dwellings. The Irish Times, 20th October
Brennanstown, South Dublin A substantial residential development site of c. 29.4 acres, with the capacity to build c. 400 homes in one of Dublin’s premier postal addresses, close to the villages of Cabinteely and Foxrock, has come to the market seeking what is understood to be in excess of €23m. The land at Brennanstown is being brought to the market by CBRE, on the instruction of Declan McDonald of PwC, acting as receiver on behalf of NAMA. The land is for sale in one or more lots. Lot 1, known as “Druid’s Glen”, comprises c. 8.8 acres of residential development land and 11.1 acres of forestry land, while Lot 2, “Lehaunstown”, consists of c. 9.5 acres of residential development land, with a small portion zoned for town centre use under the Cherrywood SDZ. The third lot comprises the entire 29.4 acres, with development potential for more than 370 residential units and c. 6,458 sq. ft. of commercial space. The Irish Times, 20th October
Ashford, Co Wicklow An Bord Pleanála has given the go-ahead for a €35m housing development in the Co Wicklow village of Ashford. The appeals board granted planning permission for the 117 unit development in the face of local opposition and a recommendation by Wicklow County Council that the scheme be refused planning permission. The scheme comprises 99 houses and 18 duplexes in the townland of Ballinalea, Ashford. However, the board has inserted a condition in the permission banning corporate entities purchasing the houses and duplexes en masse and restricting the sale to individual purchasers. The board said it included the condition to ensure an adequate choice and supply of housing in the common good. The Irish Times, 20th October
Finglas, North West Dublin The appeals board has granted planning permission at Ruirside Developments for 191 apartments in blocks ranging from five to six storeys just outside Finglas in Dublin despite strong local opposition. The appeals board granted planning permission for the scheme at the former Premier Dairies site on Finglas Road after concluding that the proposal would not seriously injure the residential or visual amenities of the area or of property in the vicinity. The Irish Times, 20th October
Blackrock, Co Dublin A Strategic Housing Development application has been submitted to An Bord Pleanála by Clonkeen Investments DAC for the construction of 299 apartment units on lands adjoining Clonkeen College on Clonkeen Road in Blackrock, Co Dublin. The development includes 111 one-bed, 150 two-bed and 38 three-bed units. The total gross floor area of the proposed development is 364,369 sq. ft. A full design team has been engaged to work on the €67m development, with a decision expected in early January 2022. The Business Post, 24th October
Sandford Road, Dublin 6 A Strategic Housing Development application has been lodged for the construction of a €115m build-to-rent apartment development on Sandford Road in Dublin 6. Sandford Living Limited has submitted an application to build 671 BTR apartment units comprising 370 one-bed, 274 two-bed and 27 three-bed units, a creche and gym. A decision is expected in early 2022. The Business Post, 24th October
Baldoyle, Dublin 13 An Bord Pleanála has approved an SHD application lodged by Shoreline Partnership/Redmond Homes for the €170m ‘Shoreline 2’ Development at lands at Stapolin and Baldoyle, also known as “the Coast” in Baldoyle, Dublin 13. The extensive development will measure over 904,168 sq. ft and will include 1,221 apartment units in 11 blocks ranging in height from two to 15 storeys with a café, restaurant and a creche facility. The Business Post, 24th October
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