Henry Street, Dublin 1 ILIM is seeking €2.7m through Bannon for 5 GPO Buildings on Henry Street. The sale offers the prospective buyer an initial yield of 13.5%. Acquired by ILIM in 2015 as part of its wider €154m purchase of a collection of eight retail units and five office blocks known as the Sovereign portfolio, 5 GPO Buildings comprises a ground floor and basement “lock-up” retail unit extending to a total area of 1,774 sq. ft. Located within the historic GPO building, the entire property is let to Three Ireland. There are three years remaining on the existing lease and the current rental income is €410,000 pa. However, Three Ireland has vacated the property, and it is sublet under licence to Lovisa Ireland Limited at an annual rent of €175,000, expiring one month before the Three Ireland lease. Should Lovisa decide to sign a new lease agreement at that point, the purchaser of the property could reasonably expect to secure at least the same annual rent, according to the selling agent. The Irish Times, 22nd October
Foley Street, Dublin 1 Gas Networks Ireland has engaged Avison Young to find a buyer for the former headquarter offices of Bord Gais Energy on Foley Street. The building, located at the junction with Buckingham Street Lower and just off Amiens Street, is being offered to the market with full vacant possession at a guide price of €9.5m. The figure is nearly €4m less than the €13.83m the then Bord Gais paid for the property in 2021. The property served as the company’s headquarters until it relocated to One Warrington Place in 2012. The building was occupied subsequently by Irish Water under a lease from Gas Networks Ireland, which has now expired. Extending to a net internal area of 35,860 sq. ft distributed across five floors over basement level, the property comes for sale fully fitted and with the benefit of 20 secure basement car parking spaces. The building also includes a separate retail/storage unit fronting Beaver Street. The office accommodation comprises a mix of open-plan and private office space, meeting rooms, a 50-seat auditorium, a canteen and locker rooms. The building features a wrap-around terrace at fourth-floor level. The Irish Times, 22nd October
O’Connell Street, Dublin 1 The owners of the Clerys Quarter expect to bring the property to market in 2027 once the retail, office and hospitality venue is fully occupied, new financial filings reveal. The Clerys building is owned by OCES Property Holdings Limited, a firm controlled by Europa Capital, a UK real estate firm. Derek McGrath of Core Capital and Paddy McKillen Jnr also own a share in the investment vehicle. Decathlon, the sports retailer, and H&M, the clothing store, leased large retail units in the property in 2024. A note in the directors’ report said the lease up of the remaining units in the property is ongoing. The owners acquired the property in 2018 for a fee in the region of €63m. The deal included a warehouse on Earl Place and 94 – 97 Marlborough Street. Prior to the sale of some assets in 2023 to the HSE, the Clerys Quarter assets were valued at close to €87.4m. At the end of 2023, the company recorded €59.3m worth of property in its accounts following the sale of part of 30,700 sq. ft of office space in the Earl Building on North Earl Street to the HSE for €19.1m and a €15.3m impairment of its remaining assets. The new financial results for OCES show it booked a loss of €15.2m, compared to €18.9m in 2023. Following a €5.5m impairment in 2024, the company has €54.1m worth of investment property. The Business Post, 21st October
Dublin Irwin Druker, the commercial property agent who looked after the Dunnes Stores property portfolio for decades, is preparing to sell a portfolio of his own. The Sunday Times understands that Druker has appointed Savills to sell a range of properties, which include Nos 2 and 37 Dawson Street. Savills declined to comment. However, the Sunday Times understands the portfolio has a sale price of approx. €24m. Now based in the UK, Druker, 78, owns a range of buildings in Dublin city centre and the suburbs through the entity Regal Estates. They include 3 South Great George’s Street, which is let to Bear Market Coffee, and No. 37 Dawson Street which is let to the NolaClan Group on a 29-year and nine-month lease since 2012, with an average annual rent of €300,000, according to the property price register. The Sunday Times, 26th October
Dublin/Galway Greystar is in exclusive talks to buy a 724-bed student portfolio in Dublin and Galway. Property sources say that the company has agreed to pay €105m for the Project Galaxy portfolio, which is being sold by another American investor, EQT Real Estate. This is €10m below the asking price of €115m. The portfolio was put on the market in May through Cushman & Wakefield. Greystar declined to comment. One of the complexes is located at Mayor Square in the IFSC in Dublin, beside the National College of Ireland. It comprises 290 bed spaces. The second scheme, Cuirt Na Coiribe in Galway, has 434 bed spaces and sits on a large, 3.5-acre site and has full planning permission for an additional 515 beds. That is due to expire in January. The Sunday Times, 26th October
Ballsbridge, Dublin 4 Fibonacci Square, the 386,704 sq. ft office scheme, is on course to secure a number of occupiers. Both Griffin Aviation and Orix Aviation are understood to be looking to sublet space from Meta for up to 300 workers between them over two floors in Block 2, which is now known as Fibonacci Place. Griffin is said to be in talks for the sixth floor, which extends to 12,731 sq. ft, while Orix is seeking in excess of 20,000 sq. ft on another of the building’s floors. News of the negotiations comes just one week after National Bank of Canada (“NBC”) signed a deal to sublet the fifth floor at Block 2 from Meta. NBC has taken up the remaining 12 years of Meta’s lease and has committed to paying the original passing rent of €59.50 psf. The fifth floor extends to 20,926 sq. ft and comes with the benefit of a 5,000 sq. ft balcony overlooking the RDS and 10 car-parking spaces. Cushman & Wakefield brokered the deal on behalf of Meta while Bannon represented NBC. While the arrival of three tenants at Fibonacci Place will be welcomed by the market, coming nearly three years on from Meta’s decision not to occupy the scheme itself, the vast majority of its space remains to be let. The Irish Times, 22nd October
Foley Street, Dublin 1 The prospect of a 7.25% NIY is expected to see interest from private investors and others in the sale of the penthouse floor at Ulysses House on Foley Street. The property is being offered to the market by CBRE, with a newly signed lease in place to a strong tenant, at a guide price of €2.55m. The penthouse floor extends to 7,387 sq. ft and is fully leased to a well-established French business school on a seven-year lease from September 2025, with a tenant break option in September 2030. The tenant is currently paying an annual rent of €202,500 and the investment comes with two secure car-parking spaces located to the rear of the property. Ulysses House is about a five-minute walk from Connolly Station, providing a range of commuter rail and Dart services. The Irish Times, 22nd October
Hatch Street, Dublin 2 Iput has secured two new occupiers for the second floor of Styne House. The approx. 14,000 sq. ft second floor of the landmark six-storey building has been leased on multi-year agreements to ION Trading and NTT DATA, both relocating from Ballsbridge. ION Trading will occupy approx. 9,000 sq. ft, while NTT DATA has taken approx. 5,000 sq. ft. The dual letting represents another step towards Iput’s goal of leasing more than 130,000 sq. ft of premium office space in 2025. Styne House, a 70,000 sq. ft multi-let office building overlooking Iveagh Gardens, has recently undergone an extensive refurbishment which has earned the building an A3 BER. The Business Post, 25th October
Camden Street, Dublin 2 Planning files lodged with Dublin City Council (“DCC”) this week show that Balrath Investments Unlimited has applied to change the use of 1-4 Camden Street Lower, which currently houses a gym and a Fresh supermarket, to a 463-bed tourist hostel. Balrath Investments is one of dozens of property vehicles run by Eamonn Waters through his Sretaw family office. The building was put on the market for sale through Lisney in May 2016 and again at the end of May 2018, then guided at €4.3m through CBRE. Prominently located at the corner of Camden Street Lower and Montague Street, the 1930s building is a protected structure and was originally built as a department store. Balrath Investments now plans to add two extra floors to bring the building to six floors, with a courtyard, retail options, and a cafe on the ground floor, as well as a communal space in the basement area. DCC is due to make its decision in mid-December. The Currency, 24th October
Ballycoolin, Dublin 15 Construction is under way on five logistics units at Stadium Business Park, which are being developed by Dunquin Capital in partnership with Bridges Fund Management. The units will extend to a total of 96,000 sq. ft upon completion, and range in size from 15,873 sq. ft to 22,799 sq. ft. The units are being made available to let through CBRE and JLL at a rent of €18.50 psf. The development is one of a small number of speculatively built multi-let industrial schemes in Dublin in nearly two decades. With much of the capital’s existing stock now outdated and unsuited to the needs of today’s occupiers, the Stadium Business Park units are expected to be the subject of strong demand. The scheme is being built to LEED Gold sustainability standards and will have an A BER rating. Stadium Business Park is located within easy reach of Dublin city centre, Dublin Airport and Dublin Port Tunnel and has road frontage on to Ballycoolin Road. The Irish Times, 22nd October
Stepaside, Dublin 18 Xestra Asset Management has paid €10m for a portfolio of 34 apartments at the Parkview development at Stepaside in south Dublin. The 34 units are distributed throughout the scheme and consist of a mix of five one-bedroom, 20 two-bedroom apartments and nine three-bedroom apartments, along with 96 car-parking spaces. It is understood that 30 of the units are vacant at present. While a spokesman for Xestra declined to comment on the transaction, The Irish Times understands the company intends to refurbish the apartments before offering them for sale on an individual basis on the open market. Developed originally by Fleming Construction in 2007, Parkview occupies an elevated site off the Enniskerry Road next to the Belarmine and Aiken’s Village residential schemes. The Irish Times, 22nd October
Dublin Airport Des and Ulick McEvaddy’s DA Terminal 3 Ltd is in active negotiations with five farmers to buy land for a new €80m motorway western access route from the west of Dublin Airport. The company, which already controls a 262-acre site west of the airport that sits between its three runways, has long pursued an ambition to develop the land. The McEvaddy led group could seek to build the €80m dual carriageway itself as part of its long-held ambitions to open up the landbank to its full potential, said a source. But the group has also made no secret of its desire to sell the strategic site, potentially to DAA. The group also expects to lodge a full planning application for a major pharma related logistics hub on part of the strategic landbank by the end of this month. That plan could proceed without the new road access but any further development, including the aspiration to build an independent third terminal on the site, would require a new airport access road to be built to connect to the M2 motorway 4km to the west. Fingal County Council’s masterplan for the area already includes the proposed new road link, which would run 4km from the Cherryhound interchange on the M2, just west of St Margaret’s across an area of open farmland and into the airport campus between its two main parallel runways. The Sunday Independent, 27th October
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Middle Abbey Street, Dublin 1 Having failed to secure a buyer when it was offered to the market for €3.75m in 2023, number 94-96 Middle Abbey Street is back for sale at a discounted price of €3.4m through Colliers. The property comprises a four-bay, five-storey-over-basement mixed-use building and is located next to Arnotts and adjoins Independent House. Both of these buildings are set to play a significant role in the regeneration of Middle Abbey Street with planning permission granted recently for the development of a student-accommodation scheme at Independent House and a new 245-bedroom hotel above Arnotts. 94-96 Middle Abbey Street extends to a total area of 9,348 sq. ft with retail accommodation at ground floor and basement levels, six apartments on the upper floors and a first-floor office. The ground floor and basement are let to City Electrical Factors, an international electrical wholesaler, at an annual rent of €100,000. The upper floors are generating €140,832 from six apartments, comprising a mix of two and three-bedroom units. The first-floor office space, which extends to 1,143 sq. ft, is vacant. The property is generating overall rental income of €240,832 a year. The Irish Times, 15th October.
Dunshaughlin, Co. Meath U Value Insulation, a distributor of insulation and building products, is selling a brand new logistics facility which it is developing in Dunshaughlin MMC Park. Savills is guiding €7.95m for Unit 3 which extends to approx. 42,022 sq. ft and offers modern, energy-efficient accommodation with a clear internal height of 12 metres. It has two dock levellers, two grade-level access doors and a 35-metre-deep secure yard to facilitate plenty space for large vehicles to turn. It also has 35 on-site parking spaces and two-storey open-plan offices. The unit is targeting a BER rating of A3 and completion is due in the first quarter of next year. Occupiers already within the park include Pod Factory, Thermotech and CPAC, while the wider area is home to major employers such as MSD, Facebook, IBM and An Post. The Park is located within close proximity to the R147 and junction 5 of the M3 motorway. The Irish Independent, 16th October.
Bracetown, Co. Meath A 15-acre landholding at Bracetown is being offered to the market by Harvey and Coonan Property at a guide price of €5.25m. The subject property is zoned ‘Objective E2/E3 – General Enterprise and Employment/Warehousing and Distribution’ under the 2021–2027 Meath County Development Plan, permitting a wide range of commercial and industrial uses, subject to planning permission. The site occupies a strong location next to junction 5 and the park & ride facility of the M3 motorway and is positioned just seven minutes’ drive from junction 6 of the M50 motorway. The lands are located equidistant from Dunboyne and Damastown at the Dublin/Meath border. The Irish Times, 15th October.
Drumcondra, Dublin 9 Cushman & Wakefield is guiding €1.8m for a property which is leased to Flyefit. Should a sale proceed at that level, the new owner would be in line for a NIY of 6% after standard purchaser’s costs of 9.96%. The property, just off Upper Drumcondra Road, comprises three interconnected units extending to a total floor area of 17,222 sq. ft. The property is leased to Flyefit Eight Ltd with Flyefit Group Ltd acting as the guarantor, on a 20-year lease from March 2017 at an annual rent of €120,000. The lease includes stepped rent reviews, increasing to €160,000 a year in 2027 and €210,000 a year in 2032. Flyefit has operated in Ireland for more than 14 years and has 21 gyms across the country. The Irish Times, 15th October.
Nationwide Bookmaker Paddy Power is to close 28 shops in Ireland, putting 119 jobs at risk. Parent company Flutter UKI has announced that a total of 57 outlets will close across Ireland and the UK following a review of its high street estate. A Flutter UKI spokesperson said that in light of increasing cost pressures and challenging market conditions, it will be closing 28 shops across Ireland within the next month. Rte.ie, 15th October.
Bonham Quay, Galway City Having secured a strong line-up of tenants that includes Genesys, Liberty IT and CVS, Edward Capital is seeking a buyer for Alcantara, a newly developed and fully let office block at Bonham Quay in Galway city’s docklands. Offers in excess of €33.5m are being sought for the property by Cushman & Wakefield. The subject property, which comprises a total area of 70,977 sq. ft across eight storeys, comes for sale with an A3 Ber rating. The building is fully let and generating €2.4m in annual rental income. The Irish Times, 15th October.
Sir John Rogerson’s Quay, Dublin 2 Three Ireland is closing in on a deal to relocate its headquarters to the newly developed Tropical Fruit Warehouse in the city’s south docklands. The mobile operator is understood to be in advanced stage of negotiations to take the building’s entire 85,000 sq. ft of office space from TikTok. The social media platform pulled back from its own plan to occupy the property in September 2024 having signed a long-term lease with its developer Iput in August 2022. TikTok decided instead to bring all its Dublin-based workers together under one roof at its European headquarters in the Sorting Office on nearby Cardiff Lane. Should an agreement be concluded between Three Ireland and TikTok, the mobile operator’s employees would see minimal disruption to their office commute as the company’s current headquarters are located immediately adjacent to the Tropical Fruit Warehouse on Sir John Rogerson’s Quay. The Irish Times, 16th October.
Northern Cross, Dublin 17 A 191-unit scheme, which was developed by ESR Europe and its local partner, Lugus Capital, is being offered to the market by Knight Frank at a guide price of €71.8m (4.25% NIY). The price equates to an average of €376k per apartment, a level which is below replacement cost. Completed in 2023, Burnell Place comes for sale fully let to Tuath Housing Association on a 25-year lease from September 2023 with uncapped index-linked rent reviews and low operations costs due to the nature of the lease structure. ESR Europe, a wholly owned subsidiary of global real estate investor ESR Group, have an established track record in the area of social and affordable housing, having completed the sale of Airton Plaza, a scheme of 328 units to Clúid Housing in January 2025. The Irish Times, 15th October.
Cashel, Co. Tipperary The Spiritan Order has engaged Sherry FitzGerald to find a buyer for Rockwell Farm. Located in the heart of the Golden Vale, the lands, which extend to 805 acres, are being offered for sale in one or more lots at an overall guide price of €21m. While the lands were in use as an agricultural college up until 2001, today, Rockwell Farm is a fully operational dairy farm. The property is being offered for sale in three lots: Lot 1 – Carrigeen: Extending to 268 acres, this land includes two residences and a farmyard and is situated across the road from the lands at Rockwell Farm. The guide price is €6m. Lot 2 – Rockwell Farm and Dogstown: Extending to 537 acres, this portion of the lands includes the farm’s milking parlour and full farmyard with modern facilities. The guide price is €15m. Lot 3 – The entire extending to 805 acres. The Irish Times, 15th October.
M2 Interchange, Co. Dublin A strategic large land bank extending to 116 acres has come to the market on the Dublin side of Ashbourne and the Dublin/Meath border. CBRE and JPM Doyle are guiding €18.5m for the holding which equates to just under €160,000 per acre. Located inside the county boundary of Dublin, the acreage is just 23km from Dublin city and 19km from the airport. The lands are currently zoned General Employment, which provides for logistics, warehousing and light industrial uses. The strategic positioning of the site ensures that the property also holds significant long-term potential for rezoning or alternative uses under future county and regional development plans. The Irish Independent, 16th October.
Tralee, Co. Kerry A 32.8 acre site in Ballybeggan, directly adjacent to the entrance to Munster Technological University in Kerry Technology Park, is seeking offers in excess of €4.5m through McQuinn Property Services. The entire holding is fully zoned under the recently amended Tralee development plan and is available in one or multiple lots. The land is located less than 1km from were Astellas Pharma is building a new €330m state-of-the-art facility. A feasibility study by Kane Williams Architects indicates that the C7-zoned lands could support a student village for up to 900 students, while the R1 lands could accommodate around 140 homes, subject to planning permission. The commercial yard comprises seven units and a four-bedroom detached house. Six units are currently let, generating a combined rental income of €66,800 pa, with potential to increase by approximately €3,000 pa when the remaining unit is occupied. The N69 Tralee Bypass is just 1km away, while Tralee town centre lies about 2.5km to the south. The Examiner, 16th October.
Clonskeagh, Dublin 14 Harley Issuer DAC has filed an appeal with Dublin City Council in a bid to have the site of the former Smurfit paper mill in Clonskeagh removed from the vacant site levy net for 2024. Following site inspections in August 2021, the local authority took the view that work had stopped and the site had become idle, putting it forward for inclusion on its vacant site register. The annual levy is charged at 7% of the market valuation of the property. According to the council’s latest register, last updated in August 2025, it values the site at €10m. The company failed in a previous appeal against the levy in 2022. The site had planning permission in place for 126 apartments in multiple blocks. According to quotes from sales agents Knight Frank, the site was valued somewhere between €18m and €20m at the time. In July, the company was granted planning permission for a 439-bed student accommodation complex across five blocks at the site. The case is now before An Coimisiún Pleanála, however, with two appeals lodged by two locals and separately by a residents’ group. The appeal case is due for decision in mid-November. The Currency, 20th October.
Glanmire, Cork City A 1.85 acre site located on New Line Rd, which comes with a waste recycling licence permitting the handling of up to 12,000 tonnes pa, has come to the market seeking in the region of €2.2m through Dominic J Daly & Co. Originally developed in the early 1990s for can recycling, the property comprises of two warehouse-style units constructed by the current owner. Unit 1 is approx. 7,000 sq. ft with Unit 2 approx. 5,500 sq. ft. The property, which has a private water supply, is immediately available. The Examiner, 16th October.
Killowen, Co. Waterford Waterford City and County Council approved a landmark investment proposal that will secure the future of Waterford Airport and deliver a transformative €30m redevelopment project, fully funded through private investment. The proposal, which was brought forward by the Bolster Group and is being advanced through a new company, Waterford Airport Ltd, will deliver the full airport development works set out in the existing business plan. This includes a major runway extension and infrastructure upgrades that will enable the return of commercial passenger services to the airport. The works will commence early next year and will take approx. 12 months to complete. They include extending the existing runway to 2,287 metres and widening it to 45 metres so that it can land large jet planes, expanding car parking facilities and Terminal and ground equipment upgrades. The Irish Independent, 20th October.
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Baggot Street, Dublin 4 The Baggot Street Hospital has been brought to the market by Knight Frank on behalf of the HSE, which is hoping to generate more than €5.5m from its sale. It is likely to attract bidding competition from hotel and residential property developers because of its attractive facade and location close to the Aviva Stadium and Dublin’s central business district. It extends from three to five storeys over basement and has an impressive Victorian facade and high ceilings and some impressive views over the city. An additional period two-storey granite building, the Drummond Wing, is situated in the courtyard at the rear of the site fronting on to Eastmoreland Lane. Zoned as Objective Z4, it means that a developer could get planning permission for a hotel, residential complex or embassy office project. Student accommodation or many other high-value uses are also possible. The Irish Independent, 9th October
Park West, Dublin 12 ICG has taken ownership of a significant portion of Dublin’s Park West Business Park. ICG is understood to have paid Harcourt Developments over €62m in an off-market deal for a large portfolio. The units included in the deal are said by market sources to comprise a total area of 445,000 sq. ft distributed across several blocks. That price equates to a capital value of €140 psf. The majority of the portfolio was developed originally by Harcourt on the site of the former Semperit tyre manufacturing plant which it acquired for £16m in 1999. Prior to its redevelopment, the Semperit facility comprised more than 550,000 sq. ft of buildings. The buildings acquired by ICG are occupied by a number of tenants including Silent-Aire and Nissan Ireland. Silent Aire expanded its footprint at the scheme in September 2023, when it entered into two new long-term leases on two blocks measuring 40,000 sq. ft and 67,000 sq. ft respectively. The Irish Times, 8th October
Clondra, Co. Longford Harvey has been instructed to re-launch the sale of the former Atlantic Mills facility in Co Longford by way of public tender on Tuesday, November 4th. While the property had originally been offered for sale by private treaty in June, the vendor has opted now to go the public-tender route to secure certainty on the timing of the property’s disposal. The guide price has also been reduced from its original level of €7.25m to €4.95m. The new price equates to just €13.75 psf after allowing €10,000 per acre on the 60 acres that would be surplus to standard site densities. In addition, the property is now being offered with the benefit of a lease to Flamers (Ireland) Sales & Distribution Ltd. in a 83,000 sq. ft section of the building for another 7.8 years and paying a rent of €247,000 pa rising to €300,000 pa in 2028. The building, originally a jeans factory, has an overall floor area of 360,000 sq. ft, with clear internal height of 7.7m-10.5m. Those heights lend themselves to a wide variety of industrial uses and warehousing, with planning permission in place for both. The Irish Times, 8th October
Santry, Co. Dublin A South African investor has paid €1.325m for a fully let industrial investment at Airways Industrial Estate. While the figure represents a 13% premium on the €1.15m which had been guided by Colliers, the new owner is in line for a NIY of 6.52% after standard purchaser’s costs of 9.96%. Unit 23 comprises a purpose-built industrial facility extending to a gross external area of 10,950 sq. ft, with two-storey office accommodation to the front and warehouse space to the rear. The property is fully let to Global Entserv Solutions Ireland Limited, a subsidiary of DXC Technology. The tenant has been in occupation for nearly 40 years and in May 2023 committed to a new lease at €95,000 pa. The Irish Times, 8th October
Fitzwilliam Square, Dublin 2 Number 16, a four-storey over-basement Georgian building and rear mews located in the heart of Dublin’s traditional central business district is guiding €2.6m. The main building extends to 3,960 sq. ft and is let in its entirety on a new 20-year lease with a stepped annual rent of €125,000 increasing to €140,000 in year 3. The mews, which extends to 770 sq. ft, is let on a two-year licence at an annual rent of €27,000. BDM are guiding €2m for the main building, offering the prospective purchaser a NIY of 6.36% or €2.6m for the entire, which equates to a NIY of 5.84%. The Irish Times, 8th October
Dún Laoghaire, Co. Dublin Alderan has made its second investment in the Irish market, paying €11.5m for Blocks 1 and 2 at The Pavilion. The investment comprises a portfolio of 12 retail units let to a variety of tenants that include Eason, O’Briens and Eddie Rockets. The deal represents Alderan’s first acquisition in Ireland on behalf of its real estate fund SCPI Comète. The two blocks acquired by Alderan form part of the wider Pavilion mixed-use scheme that includes the Pavilion Theatre and apartments. The investment comprises approximately 50,000 sq. ft of retail accommodation, all of which is fully let, with an average lease length of more than eight years. Alderan stands to secure a NIY of approx. 7.5% from this latest investment. The Irish Times, 8th October
Raheny, Dublin 5 A former car showroom premises is guiding €1.95m through Cushman & Wakefield. It is the former premises of Harmonstown Motors, a Ford dealership which also serviced the Porsche car market. Located at 146 Harmonstown Road, the main building has a gross internal area of 9,718 sq. ft and is located on a 0.7 acre plot. The property is zoned Inner Suburban and Inner City Sustainable Mixed-Use. This detached, self-contained property currently comprises a car service centre and showroom, first-floor office space, canteen facilities and a small external storage warehouse. The property enjoys frontage onto Harmonstown Road to the north and is bordered to the south by the Dublin-Howth commuter rail line, with Harmonstown Dart Station just 200 metres away. The Irish Independent, 2nd October
Mullingar, Co. Westmeath JD Sports is set to join the line-up at Fairgreen shopping centre in early 2026. The European sportswear fashion retailer has agreed a deal to occupy a new 7,400 sq. ft store at the scheme. The opening of JD Sports is expected to add considerably to Fairgreen’s appeal to its estimated catchment of 88,000. The centre, which has an annual footfall of more than 1m visitors is anchored by Penneys and TK Maxx. Fairgreen opened for business in 2005 and while the centre traded well, the loans underpinning it were sold in the aftermath of the crash to Car Val Investors. In 2017, the scheme came close to being sold to US-headquartered investor Oaktree for about €11m. The centre was acquired by its current owner, a fund managed by Davy Real Estate, after it was offered to the market a year later at a reduced guide price of €8.6m. Fairgreen is now asset managed by Lanthorn. The Irish Times, 8th October
Mulgrave Road, Cork City 18 apartments at Knapps Square, across the bridge from Cork Opera House, are for sale in one lot through Sherry Fitzgerald. The €4.6m price equates to an average of €255,000 per unit. The Property Price Register shows good growth in Knapps Square sale prices this year, with one two-bed selling for €288,000. The units are fully occupied and generate a gross annual rental income of €291,168. All of the apartments, owned by a local investor, are in the same block, and include 17 two-bed units and a single one-bed, with sizes varying from 592 sq. ft to 733 sq. ft. The Examiner, 9th October
Castleknock, Dublin 15 The former Dublin home of Ben Dunne is set to be demolished after it was sold for close to €11m with planning permission granted for a large residential development to replace it. Winterwood is an eight-bedroom house and measures approx. 12,000 sq. ft on a four-acre site on the Carpenterstown Road. According to the Property Price Register (“PPR”), Winterwood was sold for €2.4m on September 1st. However, the PPR doesn’t include the surrounding lands. Sources told the Irish Independent that the house and 4.4-acre site went for just over €10.5m. It is understood it has been sold to Winterwood Developments Ltd. The company had applied for planning permission to knock down the house and build 175 properties and a childcare facility in its place. The sale closed more than two weeks before An Coimisiún Pleanála (“ACP”) granted permission following an appeal. Fingal County Council approved the development plans earlier this year, but it was met with staunch opposition from locals. There were 125 submissions made from residents living nearby. ACP granted permission for the demolition of Winterwood and the construction of 30 houses, 145 apartments and a creche. The Irish Independent, 11th October
Ballincollig, Co. Cork O’Flynn Group has lodged plans for 1,150 homes in Ballincollig under the large-scale residential development (LRD) application process. The 67 acre site, which is located in the Maglin area of Ballincollig, will also feature a childcare facility and a retail area, with the units comprising a mix of houses, duplexes and apartments. The Business Post, 13th October
Ballsbridge, Dublin 4 Badlands Property has appealed Dublin City Council’s (“DCC”) refusal of its plans to build a new six-storey hotel at the former Ulster Bank branch in Ballsbridge. A planning application lodged with the council said the proposed boutique hotel would include 24 bedrooms and a roof terrace with a swimming pool. The application for the Shelbourne Road site was refused by DCC on 2nd September, based on the scale of the structure and the negative impact it would have on traffic in the area. The Business Post, 10th October
Churchtown, Co. Cork. The sale has completed of the ex-Padre Pio nursing home on 5.4 acres in Churchtown. It has 50 beds across 47 bedrooms and had planning permission granted in 2021 for a further 31 bedrooms, with further possible development scope on some of the lands. Previously operated by the Aperee group, the nursing home sold for over €2.1m. It has been acquired by an operator with another nursing home in the same village and aims to reopen by December of this year. Windmill Healthcare has six other Irish nursing homes. The former Aperee home was for sale as part of a portfolio for four ex-Aperee owned homes with a combined €8m guide via Cohalan Downing, with other sales in that bundle also progressing. The Examiner, 9th October
Purchasing Managers Index Construction activity retracted for a fifth month running amid falling orders and employment, with the headline index falling at its fastest pace since December 2022, according to AIB’s Ireland construction PMI for September. Ireland’s figure for September came in at 43.7, a sharp fall on the 45.9 recorded in August and remaining below the 50.0 “no change” mark. Work on housing projects also decreased for the fifth consecutive month, albeit at a softer rate than the decline seen in August. Meanwhile, civil engineering activity had the sharpest decline, notching its fastest drop since October 2022. The civil engineering sector recorded a level of 38.1, by far the lowest sector rating. Commercial construction had its most pronounced drop since December of 2023, ending the month with a 43.1 score, while housing came in with a 45.3 rating. The Business Post, 14th October
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Nationwide Sales The HSE has achieved more than double the expected prices for eight properties that it has sold in separate lots around the country at recent auctions. In all, it generated €2.368m from the properties, which compares to the €1.075m that the auctioneers had been guiding to attract buyers. Located across Wicklow, Galway, Mayo, Sligo, Leitrim and Cavan, most of the buildings required revamps, but the strong prices indicate that bidders were likely encouraged by availability of government grants to refurbish or convert them for residential usage. The highest price was achieved for an approx. 4,000 sq. ft building in Castlebar which sold for €515,000, more than double its €225,000 guide price. The Irish Independent, 2nd October
Newlands Cross, Dublin 22 The owners of the Green Isle hotel have quietly put the property on the market for €40m. The Sunday Times understands that the Moran family, owners of the nearby Red Cow Moran hotel, had been in discussions to buy the property. However, talks have stalled. It is understood that discussions are taking place with other potential buyers. The selling agent is Lisney. The 273-bedroom Green Isle has a bar and restaurant, conference rooms and 400 parking spaces. The four-star hotel has more than trebled in size since it was built in 1967 and is now owned by Kilmore Ventures, which is owned by Kilmore Trust. The company, which has a principal activity of operating the Green Isle hotel, had a turnover of €10.4m last year and a pre-tax profit of €3m. It employed 100 people. The Sunday Times, 5th October
Airside Business Park, Co. Dublin Having paid €11m in 2015 to acquire the Premier Inn Dublin Airport Hotel from Nama, Kirkland Investments has instructed Savills and Cushman & Wakefield to sell the property, guiding €33m. Since purchasing the hotel, Kirkland has increased its capacity from 155 rooms to 213 rooms through the construction of a new extension. The figure equates to a NIY of 5.35% and a price per key of €155k. The Hotel is let under a 25-year lease from January 2018 to PI Hotels and Restaurants Ireland Ltd, guaranteed by Whitbread Group plc. The WAULT is approx. 12 years to break. The current passing rent is €1.823m a year and the lease incorporates five-yearly rent reviews linked to the CPI, subject to a 4% annual cap and a 0% collar. The adjoining cafe is let to Esquires Restaurant on a 25-year lease from 2004 and generates a passing rent of €100,000 a year, which is guaranteed by Whitbread Group plc. The hotel generates additional revenue from roof masts, which brings the total rental income for the property to €1.95m a year. The Irish Times, 1st October
Hook Peninsula, Co. Wexford Loftus Hall is in the process of being bought by StarStone Property Group. The property was put on the market by Oakmount in April for €4m, with the asking price cut to €3m in June. Oakmount bought the property for €1.75m in 2022, spending millions on preparatory works to convert the period property into a high-end 22-bedroom boutique hotel. The country house is located on 68 acres. StarStone is controlled by Patrick McDermott, an Irish property developer, and Ben Keith, the owner of betting firm Star Sports. The Business Post, 30th September
Galway City The Victoria Hotel has been granted permission to build a nine-storey extension after an appeal to An Coimisiún Pleanála. The development was originally rejected by Galway City Council out of concern for its environmental impact on the Galway Bay protected area. It is owned by the Byrne Hotel Group, which also owns the Salthill and Eyre Square hotels in Galway, as well as the Albany House Hotel on Harcourt Street in Dublin. Planning permission was first requested for a building with a maximum height of 11 storeys, but the application was amended in November 2023 to include a reduction in the maximum height of the building to nine storeys. Under the amended plans, the number of new bedrooms was also reduced from 109 to 91, leading to a new total of 162 rooms. The Irish Times, 6th October
Churchtown, Dublin 14 Clarendon Properties secured €11.9m from the sale of Nutgrove Retail Centre. While the price paid by Atland Voisin represents only a slight premium on the €11.8m Cushman & Wakefield had been guiding in May, Clarendon had acquired the centre in 2015 along with the mixed-use Beacon South Quarter in nearby Sandyford for a total of €12.8m. The centre extends to 43,659 sq. ft of retail warehouse accommodation along with 200 surface customer car-parking spaces. The total current rent achievable is €842,934 inclusive of top-ups, and the WAULB is six years to break options. The scheme, which is fully occupied, comprises four interconnected retail warehouse units and is anchored by Home Store & More. Each unit comprises open-plan retail warehouse accommodation and ranges in size from 4,179 sq. ft to 28,766 sq. ft. The Irish Times, 1st October
Dundalk, Co Louth Building E in Xerox Technology Park, 4km south of Dundalk town centre is to let. Directly accessible from the M1 motorway and extending to 156,658 sq. ft, Building E is expected to be particularly attractive to energy-intensive users across data, technology and advanced manufacturing sectors owing to its direct connection to the nearby Eirgrid Mullagharlin 110kV substation. Lisney and Savills are guiding €9 psf for Building E which comprises a high specification, detached industrial facility designed for large-scale production and logistics operations. The property has six dock levellers, three grade-level doors, a secure 35m-deep service yard, and warehouse clearance heights of up to 9.5m. The Irish Times, 1st October
Citywest Business Campus, Dublin 24 Harvey and JLL are quoting €17.50 psf for 7 Brownsbarn Drive, a newly developed logistics facility at Citywest Business Campus. Situated just off the N7, the building is available for immediate occupation. The property, which extends to 46,613 sq. ft on a site of 2.54 acres, features three dock levellers, one level-access door, a clear internal height of 12m and a 38m-deep service yard. The property has LEED Gold accreditation and an A2 Ber rating. Citywest Business Campus is located 6.5km from Junction 9 on the M50. In terms of public transport, the campus is served by the Luas Red Line and several Dublin Bus routes. The Irish Times, 1st October
St Stephen’s Green, Dublin 2 IPUT has acquired two office buildings on St Stephen’s Green, adding a combined 43,000 sq. ft to its Dublin city portfolio, for an undisclosed sum. The acquisitions, at 44-45 and 90-91 St. Stephen’s Green, increase IPUT’s portfolio on the square to 100,000 sq. ft across five buildings and bring its total office holdings in Dublin’s central business district to 2.15m sq. ft. Formerly the offices of Ivor Fitzpatrick Solicitors, 44-45 St Stephen’s Green comprises 16,400 sq. ft and occupies a prime corner location on St Stephen’s Green and Hume Street, adjacent to existing IPUT buildings. IPUT has acquired the building with vacant possession and intends to invest in an extensive refurbishment which will deliver five workspaces for its ‘Studio’ workspace brand. Meanwhile, 90-91 St. Stephen’s Green is a four storey over lower ground floor modern second-generation office building with a mid-terrace Georgian façade comprising 26,600 sq. ft. The building, currently occupied by Standard Life, is a dual aspect building with views into both St Stephen’s Green and Iveagh Gardens. In time, 90-91 St. Stephen’s Green will also be used to expand the ‘Studio’ portfolio. Having failed to find a buyer when it was offered for sale for €27m in October 2020, the building returned to the market in 2023 at a lower guide price of €18m. The Business Post, 6th October
Harcourt Street, Dublin 2 HWBC are guiding €13.2m for Montague Court, an office building situated on Montague Street just off Harcourt Street. Refurbished in 1999/2000, it extends to approx. 27,000 sq. ft. The offices are laid out over 3 floors over double height reception with car parking at ground level. There’s also a small mews building within the grounds of the property. The property is fully let and occupied producing a rental income of approximately €1.1245m pa from a strong tenant line up comprising (i) Department of Justice, Home Affairs and Migration, (ii) Romeril Forensic Engineers who occupy the mews building. The Department of Justice leases expire on the 31st May 2030 while the Remeril lease expires 31st May 2028. HWBC Press Release, 3rd October
Dame St, Dublin 2 WeWork has reached 100% occupancy at its flagship Dublin location at Central Plaza, where there are 1,500 desks. A majority of the Central Plaza members are from companies which are expanding and only about 10% came from WeWork’s other Dublin locations. As many as 82% of the desks were taken by businesses taking offices to accommodate more than 50 people. Only 2% of the demand was for offices of less than nine people. WeWork anticipates reaching 70% occupancy across its portfolio by year-end. The Irish Independent, 2nd October
Ballsbridge, Dublin 4 Japanese aviation lessor, Jackson Square Aviation (JSA), has signed a new long-term lease for the second floor of the newly developed Glencar House. The company will occupy 12,000 sq. ft on a 15-year lease term. The company has agreed to pay a rent of €62.50 psf. BNP Paribas Real Estate acted for JSA on the transaction while Cushman & Wakefield acted for the landlord, Killeen Properties. News of the deal comes just three months after BlackRock Asset Management took up occupancy of its new offices in the building at a blended rent of just over €65 psf. Glencar House comprises a total of 75,000 sq. ft of grade-A office accommodation. The Irish Times, 1st October
IFSC, Dublin 1 The planned move by Workday to its new headquarters at College Square has brought space for up to 400 workers to the letting market in the IFSC. Cushman & Wakefield is guiding €53.50 psf for the first, second, third and fifth floors of Dockline, which has served as tenant Workday’s EMEA office since 2022. The Mayor Street office space extends to a total area of 53,085 sq. ft and is being made available to let by way of flexible sublease/assignment from December 2025 to May 2032, with a tenant break option in May 2027. The accommodation is fully fitted plug-and-play, with seating for approximately 400 people. There are 22 basement car parking spaces and these are available for €4,000 per space annually. Known originally as New Century House, the renamed Dockline saw some €22m invested in its refurbishment following Credit Suisse’s €65.3m acquisition of the building from Hibernia Reit in 2018. The Irish Times, 1st October
Enniskerry, Co. Wicklow A 55-acre land bank with potential for residential development is guiding €13m. The land at Kilgarron Hill comprises a greenfield site adjacent to the residential development at Kilgarron Park. The site is on the edge of Enniskerry village, with access onto Glencree Road (L1011) and the R117. Under the Local Area Plan 2018-2024, the site is located in an area that benefits from several zoning objectives for a mix of uses including residential, community, employment and passive open space. Wicklow County Council is preparing the upcoming LAP 2025 and a draft is expected to be issued before the end of the year. The council’s vision is for this area to be developed as a residential, open space, employment and community zone and must comply with a number of criteria. The Irish Independent, 2nd October
Balbriggan, Co. Dublin A 17-acre tract of land at Folkstown Lane, which has planning permission for a whiskey distillery and seven light industrial warehouse units, will be offered for sale by tender, with Coonan Property guiding about €350,000 per acre, or almost €6m for it. The vendor achieved the permissions two years ago, well before US tariffs disrupted European exports. Its permit would allow a 60,890 sq. ft distillery and an ancillary visitor centre as well as light industrial warehouse units measuring 84,918 sq. ft or an average of about 12,000 sq. ft each containing associated offices and showrooms. The lands are zoned General Employment in the local development plan and are well located just off the M1 at Junction 6, and adjacent to Stephenstown Industrial Park. The Irish Independent, 2nd October
Clontarf, Dublin 3 Cairn Homes has offered members of Clontarf Golf & Bowling Club a package worth €75m to relocate the club to a course in Kinsealy, north Dublin. Under the terms of the offer, Cairn Homes would pay €15m in cash to the club and provide a budget of €60m to cover the costs of constructing a golf course, clubhouse, practice ground, bowling green and associated facilities at a 185-acre Abbeyville site. If it secures the land, Cairn, which has partnered with Green Land Capital on the proposal, hopes to build “thousands of homes” on the 72-acre site used by the club. Cairn has indicated that they would engage with Dublin City Council, CIE (which owns two acres at the site) and the club to secure rezoning and planning permission for the land. The Clontarf club owns about 10 acres of the land, operating under a sporting lease from DCC for another 62 acres. The proposal is subject to the Clontarf lands being rezoned for residential development and a “satisfactory” planning grant for new homes, along with the granting of permission for a new golf course in Kinsealy. The Irish Times, 3rd October
Investment Market Up to €693.6m worth of investment properties changed hands across all sectors in the third quarter, which brings the value of deals over the first nine months of 2025 to €1.6bn. Savills said the €693.6m figure represents a 16% increase compared to the same period last year. However, deal volumes remain 21% below the five-year Q3 average and have yet to recover to the highs of 2021 and 2022. Nevertheless, Savills said that 2025 is well poised to surpass the €2.5bn transacted in 2024. After a period when investors shied away from buying apartment complexes, they tended to return to the market this year and three deals helped the sector. Institutional/REIT was the leading buyer type, accounting for 67% of acquisitions. Irish and European buyers were active, accounting for 47% and 35% of transaction volumes, respectively. The Irish Independent, 3rd October
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Merrion Road, Dublin 4 Having paid €190m in 2016 to acquire Elmpark Green, US property giant Starwood has engaged CBRE to find a buyer for its remaining interests at the Dublin 4 campus. The portfolio comprises eight commercial assets, including the Seamark and Vista buildings and is guiding at a price of €55m. While Starwood’s February 2016 purchase of the Elm Park scheme from Nama-appointed receivers Duff & Phelps gave it ownership of 10 buildings extending to approx. 750,000 sq. ft of commercial and residential space in total on a 17.3-acre site, it moved within months to dispose of two of the portfolio’s assets. In the first instance, the US-headquartered investor turned a profit of approx. €7.1m from the sale for €59m of 201 apartments at the scheme to Ires Reit. The second deal saw it secure an estimated €5m profit from the sale for €58m of the Irish headquarters of global financial services provider Allianz to Standard Life. The price paid for Allianz House reflected a capital value of just over €672 per sq. ft based on the eight-storey over-basement office building’s 86,272 sq. ft footprint. With approx. 319,000 sq. ft of space distributed across the portfolio now for sale, the capital value on this occasion is just €170 per sq. ft, which is considerably below replacement cost. The most significant of the assets being offered for sale at Elmpark Green is the Seamark building, extending to 184,000 sq. ft. The remaining assets include the 91,000 sq. ft Vista Building, which is leased to global healthcare company Novartis, producing an annual income of €1.8m, and six ancillary commercial units extending to a combined 44,000 sq. ft, which comprise a leisure centre, two coffee shops, a creche, a management suite and a conference centre. The Irish Times, 25th October
Cushman & Wakefield Quarterly Report Galway’s office market sector performance is more positive than that of Dublin and rents have been rising in Galway’s office market according to the latest quarterly report from Cushman & Wakefield. By relative standards Galway’s office market performed strongly in the first nine months of 2023 with more than 197,000 sq. ft of space taken-up in 17 deals. The report shows that Galway office availability has remained close to 247,570 sq. ft over the last number of quarters as its vacancy rate reduced from 10.2% in September last year to stand at 6.9%. That’s about half the vacancy rate in Dublin. Meanwhile, Galway office rents increased to €27.96 per sq. ft in Q3, up from €26.94 for prime existing stock since the first quarter of 2022 and are now up from €34.84 per sq. ft to €40.04 per sq. ft for new build. The Business Post, 28th October
The Dean Hotel Group, the owner of a prime collection of hotels in Ireland, has agreed to sell a majority stake in its business to an investment vehicle led by former directors of Ennismore and backed by US investor Elliott. A dedicated investment vehicle fronted by Lifestyle Hospitality Capital (LHC) Group and supported by funds advised by Elliott Investment Management is buying a majority position in the lifestyle hotel platform built up by Paddy McKillen Jnr. Financial details have not been disclosed. However, market sources said the enterprise value of the deal is believed to be approx. €400m and it contains a significant capital expenditure component to aid with future expansion plans. Dean Hotel Group founder Paddy McKillen Jnr and the McKillen Company will retain a minority stake and remain involved in the business, with the deal expected to close in the final quarter. The hotels portfolio – which will continue to be managed and operated by The Dean Hotel Group under its own brands – includes three of the fashionable Dean branded hotels, the Clarence, the Mayson, the Devlin, the Leinster and Glasson Lakehouse. React News, 31st October
Bolton Street, Dublin 1 Cork-based property investor and developer Clopen Capital has secured planning permission from Dublin City Council for a new 90-bedroom hotel in Dublin City Centre. Located on the site of a former garage at no. 21-24 Bolton Street, the new hotel will range in height from four to seven storeys over basement level and extend across a total area of 30,623 sq. ft. The hotel’s guest accommodation will be located from ground- to sixth-floor level. The Irish Times, 25th October
Milltown, Co Kildare Agent Coonan Property is inviting best bids by November 30th for The Hanged Man’s pub and restaurant in Milltown, Co Kildare which is guiding at a price of €1.1m. Positioned on a high-profile roadside site of 2.5 acres on the banks of the Grand Canal, the subject property briefly comprises a fully licensed bar and restaurant with capacity for 100 customers along with a fully fitted kitchen, a function room and a two-bedroom apartment at first-floor level. An additional two-bedroom, two-bathroom cut-stone apartment adjoins the main building. The existing property comes for sale with the benefit of full planning permission for a 20-bedroom boutique hotel and all associated works. The Irish Times, 25th October
Dame Street, Dublin 2 Cheyne has provided €80m of debt for a Dublin office which is home to WeWork, as the flex giant fights to solve its precarious financial position. WeWork, which occupies the majority of the asset’s floorspace, announced that it would be completing its fit-out of the asset in the first half of 2024. Located in the centre of Dublin, Central Plaza offers 100,000 sq. ft of floorspace, of which 73,000 sq. ft is leased to WeWork. JLL had been mandated to replace an existing construction facility with a longer-term loan of €90m-€100m. The site was initially purchased for approx. €70m and Hines is understood to have invested more than €100m in renovating the asset. Formerly home to Central Bank of Ireland, the asset also has 65,000 sq. ft of food & beverage and retail space. Spread across five buildings, it is currently let to 13 tenants. React News, 31st October
Duke Street, Dublin 2 17 Duke Street has come up for sale at a guide price of €2m with Finnegan Menton. The four-storey-over-basement period building is located just off Grafton Street, across the street from Marks and Spencer and the Duke Public House. The building extends to a net internal area of 2,673 sq. ft and a gross internal area of 3,550 sq. ft. No. 17 is in commercial use as an art gallery on the hall and first floors, with ancillary storage on the second floor, a partially refurbished but currently unused third floor and a former wine bar at basement level, which has separate street access and a small rear yard. The title is freehold and it is being offered with vacant possession of the entire. The Business Post, 29th October
Grafton Street, Dublin 2 Private investors looking to gain a foothold on Dublin city centre’s most sought-after shopping street along with a secure return on their investment will be interested in the sale of no. 55 Grafton Street. The subject property’s ground floor and basement level extend across a total area of 685 sq. ft and are being offered to the market by agent Colliers at a guide price of €2.5m (NIY 5.46%). The investment comes for sale following its recent letting to Claddagh Jewellers on a new, 10-year lease from July 2023 and is subject to a reserved rent of €150k pa. The Irish Times, 25th October
North City Business Park, North Dublin Industrial and logistics specialist Rohan Holdings has commenced construction of a new facility for Dublin Fire Brigade at its North City Business Park development. Upon completion in autumn 2024, the 50,000 sq. ft high-bay warehouse and office building will provide Dublin Fire Brigade with accommodation for the management and maintenance of its vehicle fleet. The main contractor, Costello Construction, began work on site earlier this month. Dublin Fire Brigade will join a number of recent arrivals at North City Business Park. These include Ammega Group, which is currently fitting out its new facility; Control Equipment Ltd; Creative Technology; Bio-Techne Inc; Harvey Norman; and the Office of Public Works (OPW). The Irish Times, 25th October
Parkway Business Centre, Dublin 24 Parnells is aiming for further growth across Europe and Scandinavia following its acquisition of a new and larger headquarter premises at Parkway Business Centre on Ballymount Road in Dublin 24. HWBC handled the €3.25m purchase of Unit 6A, a 23,000 sq. ft facility from the receiver, PwC. With Parnells planning to move to their new premises in early 2024, their existing premises at units 1 to 4 South City Business Park in Tallaght will be coming to the market with the benefit of vacant possession through HWBC at a guide price of €1.95m. The units extend to a gross external area of 11,300 sq. ft with 24 car spaces and are capable of being divided if required. The Irish Times, 25th October
Cushman & Wakefield Quarterly Report Galway’s industrial property has had a quiet year to date with no deals to take up space because of a shortage of supply although over 19,375 sq. ft of additional supply became available in two properties at Briarhill Business Park recently. Industrial vacancy at the end of Q3 2023 stood at 3.1% which was slightly higher compared to the 2.9% a year earlier. This equates to 163,073 sq. ft available but looking at the breakdown of available space, only one unit of more than 54,000 sq. ft was available at the end of Q3. Industrial rents have also risen. They now range between €9.5 per sq. ft for logistics and €10 per sq. ft for advanced manufacturing – an increase from €7.90 to €9.30 per sq. ft in Q1 2022. They also compare with prime Dublin logistics rents of approx. €12.54 per sq. ft. The Business Post, 28th October
Cherrywood, South Dublin Hines is seeking a total of €5m for two development sites at Cherrywood in South Dublin. Located in close proximity to the recently approved town centre element of the wider Cherrywood scheme, the subject holdings – sites M3A and M5 – extend to a total area of 3.09 acres and are zoned for a variety of uses including residential. While neither site has planning permission in place at present, both are situated within the Cherrywood SDZ (Strategic Development Zone), and as such will benefit from a fast-track planning process. Sites M3A and M5 are being offered for sale by Savills at guide prices of €2.25m and €2.75m respectively. The Irish Times, 25th October
Schoolhouse Lane, Dublin 2 CBRE is guiding a price of €4.5m for Molesworth Court Suites, a bespoke scheme of 12 self-catering apartments and penthouses on Schoolhouse Lane in Dublin 2. Purpose built as extended-stay accommodation for business and other longer-term visitors to the capital, the development comprises a stand-alone building consisting of four floors over a reception hall along with dedicated and secure car parking. The Irish Times, 25th October
Stradbrook Road, South Dublin Tetrarch Residential, a development company run by the owners of the Citywest and Mount Juliet hotels, has applied to bring judicial review proceedings against An Bord Pleanála over its refusal of a €50m apartment development in South County Dublin. In August, the planning board refused permission for the 108 build-to-rent apartment scheme on a 1.1-acre site beside Blackrock College rugby club on Stradbrook Road. The development would involve the demolition of an office building and the apartment blocks would range in height from three to seven storeys. The board received 80 observations in relation to the planning application. Tetrarch had intended to build the scheme for senior living use, aimed at people over the age of 65. The Sunday Times, 29th October
Ires Reit Margaret Sweeney, the chief executive of Ires Reit, will step down from her role next year after six years at the helm of the biggest private landlord in the state. In a trading update, the firm said that Sweeney, who also serves as an executive director, will retire from her position in April 2024, but has agreed to continue with the business beyond her six months’ notice period if necessary, to ensure an “orderly transition” in leadership. The search for her successor will commence immediately and will be lead by the nomination committee, the firm said. It comes following a turbulent few months at Ires Reit, with shareholders making a move against management, citing frustration over its direction. The announcement comes as Ires reported 99.6% occupancy rates across its portfolio as of the end of September, with the company on track to deliver a “broadly stable” net revenue interest margin for 2023, “reflecting ongoing initiatives to mitigate cost inflation and leverage the company’s market-leading operating platform”, Ires said. The Business Post, 31st October
Property Prices The price of homes in areas outside Dublin increased by 3.1% in the 12 months to August, according to figures published by the CSO. The Residential Property Price Index (RPPI) also shows prices in Dublin decreased by 1.9% over the same period. It means there was a national increase in the RPPI by 0.9% in the year to August – the lowest increase since December 2020. In August 2023, 4,640 homes were purchased – an 8% increase compared to the same month of 2022. The median price of a home purchased in the year to August 2023 was €320k. The Business Post, 24th October
Housing Policy The government has scrapped plans to strip developers of planning permission to build homes on land that they’ve failed to develop, in a significant reversal of national housing policy. Darragh O’Brien, the housing minister, has frequently touted the landmark ‘use it or lose it’ measure as an integral part of the government’s plans to overhaul the planning system and spur the construction of thousands of new homes in a bid to tackle the country’s chronic housing crisis. The construction industry, however, has mounted staunch opposition to the measure since it was first raised in 2019 with lobbyists for the sector saying it was “questionable” whether it would have any benefit. According to market sources, the Department of Housing has no active plans to introduce a use it or lose it clause in the new Planning and Development Bill, which government expect to be enacted before the end of the year. The Business Post, 29th October
Sandyford, Dublin 18 The Comer Group has appealed a mandate by Dún Laoghaire-Rathdown County Council to include more three-bed apartments in the redevlopment of the landmark Sentinel building in Sandyford. Last month, a company owned by billionaire Galway brothers Luke and Brian Comer was granted planning permission to complete the 14-storey south Dublin building as an apartment block. The approval was given to the Comer Group on the condition it would redraw its plan for the long-derelict building in order to double the number of three-bed units that will be in the block. The Comer Group has now appealed the local authority’s decision to An Bord Pleanála and criticised the strict conditions imposed on the development project. The Business Post, 26th October
Housing Completions Approx. 8,500 new homes were completed in the third quarter of this year, according to the CSO. This was an increase of 14.4% on the same period last year. Apartments recorded the biggest increase with 3,373 completed between July-September, 47% more than the same quarter last year. They represented approx. four in every ten new builds. Housing estates accounted for 3,627 new units, an increase of 1.5% on last year. There was a 4.7% decrease in the number of single homes to 1,439. In total, 22,443 homes have been built in Ireland this year according to the CSO’s New Dwelling Completions figures, excluding student accommodation. The statistics show that the greater Dublin area is driving the vast majority of new builds. More than four in ten homes (3,569) were built in the capital, an increase of 36.6% compared to last year. The Business Post, 25th October
Banking & Payments Federation Ireland (BPFI) Report Figures published by the BPFI showed a total of 11,614 new mortgages with a combined value of over €3bn were drawn down in the third quarter of 2023, a decrease of 21.8% in both volume and value compared to the same quarter 2022. While the overall level of new mortgage drawdowns fell in the period compared to a year earlier, demand among first-time buyers remains robust. The BPFI reports that first time buyers are accounting for approx. 80% of mortgages on new homes and 69% of second-hand properties in Q3 2023. Over the course of 12 months, the number of first-time buyers are on a new high with 30,184 mortgages being drawn down between September 2022 and September 2023. For the first time since 2005, the quarterly value of first time buyer drawdowns on second hand properties exceeded €1.3bn. The Business Post, 27th October
Ballincollig, Cork 70 new houses will be built in Ballincollig under a newly launched affordable housing scheme. The development will take place at Heathfield, Carriginarra, and comprise of 54 three-bedroom and 16 two-bedroom semi-detached houses and townhouses. The A2 BER-rated houses, developed by Cork City Council in partnership with Murnane & O’Shea Limited contractors, will be made available for sale approx. 20% below current market prices under Cork City Council’s Local Authority Purchase Scheme. The two-bedroom houses will be made available from €280k and the three-bedroom houses will be made available from €301k. The scheme’s houses will be available to purchase by those who qualify for the Affordable Housing Scheme, generally first-time buyers who do not already own a property, although exceptions will apply for ‘Fresh Start’ applicants. The Irish Independent, 30th October
Tramore, Co Waterford Plans to build a major solar farm near the seaside town of Tramore have been lodged with the County Council. Tornado Electrical Ltd lodged plans on October 17th for planning permission to construct a Solar Photovoltaic Array at Pickardstown consisting of 769,619 sq. ft of solar panels exporting a maximum of 10 megawatts to the national grid. The plans involve the construction of single storey control buildings including an ESB substation, client-side substation, communications building, storage building, and four Inverters, ancillary equipment, fencing and an access road extension. The submissions deadline in respect of this application is November 20th, and a case decision is due by December 11th this year. The Irish Independent, 30th October
Leopardstown, Dublin 18 Leopardstown Race Course is too ¬valuable to the bloodstock industry to redevelop for housing and provides a significant economic boost to Dublin and its surrounding area, according to the head of Horse Racing Ireland’s (HRI) racecourses division. A new report by economist Tony Foley of Dublin City University (DCU) and commissioned by HRI puts the economic contribution of the racecourse at over €60m a year. The report, entitled “Economic Impact of Leopardstown Racecourse”, was commissioned earlier this year and calculates the annual economic value generated by the track at approx. €37.9m in direct on- and off-course spending and €26.5m of indirect value. The report suggests that total could increase to €80m to €90m by 2025. The LDA is known to have expressed an interest in at least some of the 220-acre Leopardstown site over the past year. The racecourse is now one of the biggest State-owned green field properties inside the M50 motorway. The Irish Independent, 30th October
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Sandyford, Dublin 18 Colliers has launched the investment sale of three fully let suburban offices including 15 designated car parking spaces, with a guide price for the lot of €2.3m (NIY 8.78%; WAULT 2.65 years). Unit A is fully let to Allied Pension Trustees Ltd on a 25-year lease from April 2003, at a passing rent of €112k pa. The expiry is April 2028 and the lease contains five basement car parking spaces. Unit B is occupied by licence agreement to ARMD Ltd, on a two-year agreement to expire in December 2023. The licence fee is €58.97k pa. There are five basement car parking spaces included in the licence agreement. Unit D is fully let to Ethos Engineering by way of a ten-year lease from March 2016 and at a passing rent of €51.13k pa and five designated car parking spaces. The Apex Business Centre is a five-storey, modern office building housing self-contained office suites. The office suites are located on the first, second and third floors of the building and are laid out to provide modern open-plan floor plates which extend to a total (all three) of 8,115 sq. ft. The Business Post, 20th October
Point Depot, Dublin Docklands Property agents for Dublin’s tallest office building, The EXO, say the block is now 80% let. Yahoo is understood to have taken 35,703 sq. ft of offices in the tower across the first and second floors. Yahoo already occupies a headquarters building at the nearby Point Village. The signing is the largest office leasing deal in the second half of this year so far. A Post, which moved its corporate headquarters to the EXO earlier this year, is the biggest tenant and occupies six of the 17 stories. Architecture and design firm, Corgan, has secured 5,575 sq. ft. on the 11th floor, while Ancestry, the digital family history platform, is set to occupy 5,576 sq. ft. on the 10th floor. The EXO is being funded by SW3 and EPISO 4, a fund managed by Tristan Capital Partners, who bought the site in 2018 from Nama appointed receivers. The Irish Independent, 20th October
BNP Paribas Real Estate Ireland Office Report Declining demand among large tech firms and remote working have fuelled further contraction in the Dublin office market, according to BNP Paribas Real Estate, with office vacancy in the capital rising to 12.5% in the three months to September. New research from the global real estate and financial services company has shown that office take-up in the third quarter of this year declined sharply, down two thirds compared with the same period last year. This was driven by a reduction in average deal size, which fell from 16,253 sq. ft to 7,050 sq. ft. The finding comes amid turmoil in Ireland’s €50bn commercial property market, with owners surrendering properties to lenders in a sign of acute stresses that have emerged in the market over recent months. A growing shift in demand away from tech firms in Q3 fed the trend towards small deals, according to BNP, with tech firms accounting for just 8.4% of take-up between July and September – its lowest share since quarterly records began. The Business Post, 23rd October
Pembroke Row, Dublin 2 Principal Global Investors has agreed a deal to occupy the ground floor (2,392 sq. ft) of Kildress House on Pembroke Row on a new 10-year lease and at a rent of €53.50 per sq. ft. Developed originally by MRP approx. 35 years ago as a three-storey office block, Kildress House has undergone a full redevelopment and been transformed into a six-storey grade-A office scheme of 22,200 sq. ft. The Irish Times, 18th October
South Docklands, Dublin TikTok has told its Dublin-based employees that they will begin working from the company’s new offices at the Sorting Office in the city’s south docklands from December. While the Sorting Office has the capacity to accommodate 2,000 people, market sources believe that the move to occupy the 202,000 sq. ft building will be a gradual process with individual teams taking their places there over a number of months. The news of TikTok’s arrival to the Sorting Office comes just under two years on from its agreement of a new long-term lease of 15 years on the property. The Irish Times, 19th October
JD Wetherspoon, the UK pub chain, has placed its regional portfolio on the market in a move that will halve its Irish presence. The hospitality giant, which has eight trading pubs in Ireland, is seeking in excess of €10m for pubs in Waterford, Cork, Carlow and Galway. Savills and CBRE have been jointly appointed to look after the sale. Three of the properties – An Geata Arundel, Arundel Square, Waterford, The Linen Weaver, Paul Street, Cork and The Tullow Gate, Tullow Street, Carlow – are trading and in “turnkey condition”. The fourth premises – the former Carbon Night Club, 19-21 Eglington Street, Galway – is not currently in business, but has recently been granted planning permission to permit licensed premises and restaurant use. It is understood the group will continue to operate in Dublin, where it currently operates out of five premises. The Business Post, 18th October
Baggot Street Upper and Dundrum, South Dublin Two southside Dublin pubs have come to the market in recent days through Lisney. The most valuable of them is Bar Eile on the corner of Baggot Street Upper and Mespil Road in Dublin 4, which has a price guide in excess of €2m. Formerly known as The Wellington, in 2021 it was bought for approx. €2.3m by investment group Dunmore which also owns Walters pub in Dún Laoghaire and is believed to be refocusing its business. The property extends to over 3,444 sq. ft and has bars at ground, basement and first floor levels. Further south, Ryan’s Arbour House in Dundrum has a €1.75m-plus guide price. It stands on a 0.37-acre site with ‘neighbourhood centre’ zoning. It is being sold by the Ryan family who also own Ryan’s pub in Dundrum village. The property is currently laid out with public bar and lounge bar to ground floor level, former residence to first floor and stores to basement level complemented by on-site car parking. The Irish Independent, 19th October
Smithfield, Dublin 7 The operators of the Hampton by Hilton in Dublin’s Smithfield have said they will be “forced to close” their on-site café due to a six-figure loss since it opened in 2022. The JMK Group, which has proposed replacing the café with four additional hotel rooms, said it could boost the hotel’s after-tax profits by €86k and avoid the café space becoming vacant. The three-star Hampton by Hilton hotel in Smithfield opened in July 2022. The development on Chancery Street contains 249 rooms spread across seven floors. A subsidiary of the JMK Group, which runs the hotel, has now applied for permission to convert its Guud Day Café on the ground floor of the hotel into four extra hotel rooms and two meeting rooms. Dublin City Council will now rule in the coming weeks over whether the hotel operator can convert the café into extra meeting rooms and hotel bedrooms. The Business Post, 19th October
North Dublin CBRE, on behalf of Dublin City Council, has brought five light industrial units to the market in North Dublin on a leasehold basis by way of assignment. Three of the properties are located within the established North Ring Business Park, which benefits from easy access to both the M50 motorway and Dublin Airport. Unit N4 is a modern end of terrace unit extending to a total gross external area of 3,520 sq. ft. Units M4 and M5 are adjoining units of 5,715 sq. ft and 5,790 sq. ft respectively. Unit F2 Eklad Park, Malahide Road Industrial Estate is a mid-terraced unit extending to a total GEA of 4,510 sq. ft. Unit E1-5 Carton Way, Ballymun Industrial Estate extends to 6,253 sq. ft and includes two-storey office space of 2,680 sq. ft. Dublin City Council has recently completed its new build-to-suit HQ facility in North Dublin and will be offering each of the subject properties to the market on a leasehold basis by way of assignment. The remaining unexpired lease terms on each range from three to six years. The Business Post, 21st October
Trim, Co Meath Plans have been lodged for a €17.5m mixed-use development in Trim. The project for Marina Quarter Limited calls for the construction of 102 residential units, a two-storey commercial building, crèche and medical centre. The development is expected to have a planning decision made in late November. The Business Post, 21st October
Dooradoyle, Co Limerick Planning permission has been sought from Limerick Council for a €27m mixed-use development in Dooradoyle. The project for Can2 Investments will see the construction of 104 apartments, in a mix of one, two and three-bedroom units, a childcare facility, gym, library and retail units. The scheme proposes a link to the existing South Court Hotel. A decision is expected in November. The Business Post, 21st October
Dublin and Waterford An Bord Pleanála has decided not to contest two High Court challenges to its planning permissions for 749 homes in counties Dublin and Waterford. The board told the court it is no longer defending its approval for the development of 531 build-to-rent apartments in Dundrum, south Dublin, and 218 dwellings in Dungarvan. The proposed €316m development at Marmalade Lane, Wyckham Avenue, Dundrum, includes a 10-storey block, an outdoor cinema, a yoga studio and a rooftop garden allotment. The April 2022 decision to approve the five-block scheme came before the High Court by way of a judicial review challenge by a local group, Residents WBC CLG. The board is understood to have conceded on the ground that it failed to publish an environmental impact assessment on its website. This is the second time permission granted to developer 1 Wyckham Land Ltd for a large residential scheme on the site has been challenged in the High Court. The previous approval, for 446 apartments, fell after the board consented to an order quashing its decision. The Irish Times, 23rd October
Monkstown, South Dublin Greystar is contesting Dún Laoghaire-Rathdown County Council’s decision to refuse planning for a 488-unit scheme on grounds around Dalguise House on Monkstown Road in south Dublin. Greystar subsidiary GEDV Monkstown Owner Limited has appealed the council’s planning refusal to An Bord Pleanála. The refusal came after more than 70 objections were lodged against the scheme. It would comprise 488 new-build units and three two-storey, three-bed terraced units across ten blocks. One of the blocks would reach to nine storeys. The Irish Times, 18th October
Residential Zoned Land Tax (RZLT) Several landowners, including a university, have brought legal challenges against findings that their properties are eligible for RZLT. The High Court judicial review actions all centre around An Bord Pleanála’s decisions to uphold earlier findings by local authorities that properties should be included on maps of sites where the ‘land-hoarding tax’ applies. One of the parties taking the actions, property developer Kinwest Ltd which owns land in Malahide, Dublin, claims that the sections of the Taxes Consolidation Act that underpins the RZLT is unconstitutional and is also contrary to the European Convention on Human Rights. The tax, introduced last year and is due to come into being in 2025, is set at 3% of the properties’ market value. Dublin City University (DCU) obtained permission from Ms Justice Niamh Hyland to challenge the board’s decision to include two sites, one at Griffith Avenue, Glasnevin in Dublin 9 and the other at Albert College Park, close to DCU’s campus at Glasnevin. The Irish Independent, 24th October
Housing Assistance Payment (HAP) The median income of working households dependent on HAP last year was less than €20k, with single parents with one child the most common household type to enter a HAP tenancy. The latest HAP data from the CSO also shows the growing concentration of HAP properties in the ownership of large landlords and decreasing among smaller ones. In its analysis of the HAP scheme for 2022, the CSO finds there were 68,180 “unique HAP households” – up from 65,590 in 2020. The CSO reports the median gross household earned income for working HAP households was €19,341 last year – up slightly from €18,867 in 2021. The proportion of HAP properties owned by landlords with 50 or more properties has increased every year from 1.3% in 2015 to 19% in 2022. The increase in the number of HAP properties owned by these larger landlords is mirrored by a decrease in the proportion of landlords with just one or two properties, with this decreasing from close to three-quarters (74%) in 2015 to just under a half (48.7%) in 2022. The Irish Times, 20th October
Foxrock, South Dublin Knight Frank is guiding a price of €1.695m for a residential development opportunity in the South Dublin suburb of Foxrock. Located within the existing Knocksinna residential scheme, the subject property currently comprises a detached house known as Windrush. The house sits on a 0.55-acre site. Windrush is zoned “Objective A” under the terms of the Dún Laoghaire-Rathdown County Development Plan 2022-2028. This designation allows for residential development and for the improvement of residential amenity while protecting the existing residential amenities of the area. The Irish Times, 18th October
Tralee, Co Kerry Plans are in the pipeline for a €41m residential development in Lisloose, Tralee. The development, for Ned O’Shea and Sons Construction, proposes more than 250 residential units in a mix of apartments and houses. A decision is expected in late 2023/early 2024. The Business Post, 21st October
Tullamore, Co Offaly An Bord Pleanála has upheld Offaly County Council’s decision to grant planning permission to Daingean Road Residential Limited for a €20.4m large residential development application in Tullamore. The project will see the construction of 102 residential units in a mix of apartments and houses. The Business Post, 21st October
Adamstown, South Dublin Plans have been approved by South Dublin County Council for a new phase of Quintain Developments’ Adamstown project. This new phase will see the construction of 205 residential units in a mix of houses, apartments and duplexes. The Business Post, 21st October
Tullamore, Co Offaly Works have commenced on a €31m residential development in Arden, Tullamore. The project for Whitebox Property Developments will see the construction of approx. 80 residential units and a 90-bedroom nursing home. This first phase will see the construction of 61 houses. The Business Post, 21st October
Tullow Road, Co Carlow Work is expected to commence imminently on a €16m residential development on the Tullow Road. The project for Nesselside Builders will see the construction of more than 80 residential units in a mix of apartments and houses. The project is estimated to reach completion in the next two-three years. The Business Post, 21st October
Duke Street, Dublin 2 The sale of the last remaining period house on Dublin’s Duke Street is expected to attract interest from a range of parties including high-end retailers, restaurateurs, cafes and boutique hoteliers. No. 17, the current home of the Duke Street Gallery, is being offered to the market by Finnegan Menton with the benefit of vacant possession at a guide price of €2m. The subject property briefly comprises a four-storey over-basement building with a net internal area of 2,675 sq. ft and a gross internal area of 3,550 sq. ft. The Irish Times, 18th October
Bray, Co Wicklow A 16.4-acre site on Bray’s southern fringe has been brought to market. Located off the Vevay Road and immediately adjacent to the existing Giltspur residential scheme, Oldcourt House, its castle and extensive grounds are being offered to the market at a guide price of €5m. The subject property is primed for development, with zoning objectives of new residential, existing residential and open space. The Irish Times, 18th October
Construction Price Inflation The latest House Rebuilding Guide, published by the Society of Chartered Surveyors Ireland (SCSI), shows that national average rebuild costs, which include demolition and site clearance, have increased by an average of 12% over the past 12 months. The SCSI welcomed the figure as moderation on last year’s rate, which showed that home rebuild costs increased by 21% in the 12 months to September 2022. The society estimated that the minimum base cost of rebuilding a three-bed semi is now €303.2k in Dublin, while the minimum base cost of rebuilding a similar house in the northwest is €225.2k – a difference of more than €78k. The Irish Times, 20th October
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Temple Bar, Dublin 2 The Clarence hotel site in Dublin, which was owned by a consortium that includes members of rock band U2, has been purchased by Dean Hotel Group. Specialist lender Leumi UK has supported the acquisition with a €43m loan, facilitating the purchase of the property’s freehold interest by Dean Hotel Group. Leumi’s facility will also provide additional financing to develop another 43 rooms at the site. Press Up Hospitality, who also own Dean Hotel Group, has owned the Clarence’s leasehold since 2019. Dean Hotel Group’s refurbishment will combine the hotel with an adjacent building, which the company is also purchasing. This will boost the hotel’s total rooms to 102. One of the best-performing hotels in Dublin, the site has a typical occupancy rate of more than 90%. React News, 17th October
James Street, Dublin 8 Colliers has been instructed to sell 180-184 James Street, Dublin 8 – a city centre site with planning permission for the development of 145 hotel bedrooms. The price on application sale is augmented by a recent Agreement For Lease (AFL) that has been signed by Radisson Hotels, which has identified their Prizeotel brand as the most appropriate for this location. The site was purchased by the Dublin Loft Company in May 2019 with a view to developing it as an aparthotel and was guiding €6.5m at that time. It is an irregular-shaped site extending to approx. 0.44 acres and has frontage along James’ Street on the southern side. The applicable grant of planning relates to the new-build 145-bedroom hotel development, which will offer a gross floor area of 52,355 sq. ft over six levels above ground on the property which is held under a freehold title. A long-term FRI agreement for lease has been signed and executed. The Business Post, 14th October
Donnybrook, Dublin 4 Six months since the Hampton Hotel in Donnybrook, Dublin 4, closed to the public, the former Sachs Hotel has been put up for sale through Colliers with a guide price of €12.5m. The entire sits on a large site measuring approx. 0.83 acres, with outdoor dining area and parking for 16 cars at the front of the hotel and a large secure service yard with the option of additional residents’ car parking at the rear. The period buildings house 29 en-suite bedrooms, including three large suites; the main hotel reception and a large bar/restaurant. The two-storey extension was constructed in the 1980s and comprises the function room and a former nightclub on the lower ground floor, now converted to six additional bedrooms. The Business Post, 13th October
3-4 South Frederick Street, Dublin 2 With several parties already understood to have expressed an interest in the sale of New Ireland Assurance’s offices at no. 5-9 South Frederick Street, the arrival to the market of the building’s immediate neighbour just one week later opens up a range of possibilities for redevelopment. The properties are being offered for sale individually and in processes managed respectively by agents CBRE and Savills. No. 3-4 South Frederick Street briefly comprises a stand-alone office building dating from the 1940s and extending to 7,118 sq. ft distributed across four storeys over a concealed basement. Occupied for many years by General Investment Trust, a subsidiary of New Ireland Assurance and Bank of Ireland, the property is being offered for sale with the benefit of vacant possession at a guide price of €2.6m. The Irish Times, 11th October
Colliers Report Take-up in the Dublin office market reached 355,000 sq. ft in the third quarter, down from 411,000 sq. ft the previous quarter, although the number of deals remained relatively stable at 52, according to Colliers. The average deal size also remained broadly stable at 6,800 sq. ft but well below the long-term average. Professional services was the top sector, accounting for 37% of Q3 take-up, followed by industrials at 14%. The largest deal of the quarter saw Sisk/Capwell purchase the 35,000 sq. ft 3007 Lake Drive, Citywest, for its own occupation. The overall rate of vacancy increased to 15.8% in Q3, an uptick from 15.4% in Q2 and a jump from 10.4% a year ago. Grey space remains a key feature of the market and accounts for 30% of total availability, Colliers said. Bisnow, 13th October
Sandyford Industrial Estate, Dublin 18 CBRE has brought 25 Corrig Road in the Sandyford Industrial Estate in Dublin 18 to the market by way of assignment/sub-lease. Previously occupied by Hewlett Packard, the two-storey commercial and warehouse space extends to 15,715 sq. ft and comes with 40 secure car parking spaces. The agent is quoting a rent of €15 per sq. ft, which works out at approx. €235k. The property offers an occupier fully fitted/turnkey accommodation in a prime south suburban business district. The Business Post, 14th October
Dundalk North Business Park According to market sources, Dundalk North Business Park is being developed for the Irish-headquartered international retail giant Smyths Toys. The new Dundalk warehouse is one of the largest logistics units (401,375 sq. ft) to have been developed in Ireland over recent years. To put the size of the unit in perspective, Amazon’s recently opened e-fulfilment centre at Baldonnell Business Park in Dublin is, at 654,000 sq. ft, the largest single “build-to-suit” pre-let warehouse ever constructed in the State. The news of Smyths Toys’ arrival at Dundalk Business Park represents a significant coup for the scheme’s promoters, the McWilliams Group, coming as it does almost at the same time as the decision from Louth County Council to grant permission for the development of a further 771,062 sq. ft of industrial and logistics space distributed across 14 units. The approved units will range in size from 20,548 sq. ft to 107,338 sq. ft and can be combined to cater for requirements of up to 250,000 sq. ft. The Irish Times, 11th October
Bray, Co Wicklow Harvey is guiding a price of €4m for a five-acre site with planning in place for two logistics units on Southern Cross Road in Bray, Co Wicklow. Block A will have 60m of frontage to Southern Cross Road and will comprise 34,003 sq. ft of 12m-high warehousing with ancillary offices, loading access via three dock levellers and two level-access doors leading to a 35m-deep gated service yard. Block B comprises 50,149 sq. ft and is to be finished to a similar specification as Block A but with an additional dock leveller reflecting its larger size. The Irish Times, 11th October
Northwest Business Park, Dublin 15 Harvey is now offering Unit 200 Northwest Business Park, Ballycoolin, Dublin 15, with exceptionally large yard space for letting on flexible lease terms. The facility is situated on a 5.34-acre site and comprises a warehouse and office building totalling 70,266 sq. ft. Building 1 extends to 58,329 sq. ft and Building 2 extends to 11,937 sq. ft. Harvey Press Release 16th October
Cherrywood, South Dublin Property developer Quintain Ireland has secured planning permission for what it says will be Cherrywood’s first village centre. The €65m mixed-use scheme will include 148 build-to-rent apartments, a large supermarket, and other retail and commercial units with construction due to begin next year and be completed by late 2026. Called Cherrywood Village Centre, the plan for the South Dublin suburb has been approved by Dún Laoghaire Rathdown County Council. It will be located on a 2.7-acre site and includes a 29,062 sq. ft supermarket, eight retail units, five food and beverage outlets, three business units and 2,152 sq. ft of indoor community space. It also includes 148 one and two-bedroom apartments, and retail and residential car parking. The approval comes with a number of conditions, including financial contributions from the developer of €4.2m for various local services and infrastructure, including a contribution of at least €487k towards the cost of the nearby Luas line. The Irish Times, 16th October
Merrion Row, Dublin 2 Dublin restaurateur Gina Murphy is objecting to new plans for a five-storey, mixed-use development on Dublin’s Merrion Row. The owner of Hugo’s restaurant at 6 Merrion Row, Ms Murphy has told Dublin City Council that the mixed-use plans “would have significant adverse effects on the businesses and neighbouring premises in the surrounding area”. Last month, Aviva Life & Pensions Ireland DAC lodged plans to demolish buildings at 13 and 13a Merrion Row and 12 and 5 Merrion Court and in their place construct a 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 mainly vacant site formerly housed the Unicorn restaurant. A decision is expected next month. The Irish Times, 13th October
North City Centre, Dublin BDM Property is guiding a price of €4.5m for the “Dublin One Collection”, a sizeable “pre-63″ residential investment distributed across three centrally located properties in Dublin’s North City Centre. The properties, which are available for sale in their entirety or in three individual lots, are fully let and generating a rental income of €323.3k pa. The Dublin One Collection comprises 16 residential units and a commercial unit located at no. 3 Lower Ormond Quay, nos. 83/84 Capel Street and no. 2 Gardiner Place, Dublin 1. The breakdown of the units are 10 one-beds, five two-beds and one three-bed apartment, along with one commercial unit. The Irish Times, 11th October
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Charlemont Quarter, Dublin 2 Bannon is marketing an infill site in Charlemont Quarter, Dublin 2 with planning granted for a residential scheme of 19 apartments. The property is for sale by private treaty with a guide price of €1.8m. The site, which is one of the last remaining greenfield sites in the south city centre, is a ‘ready to go’ parcel of land with a full grant of planning permission for 19 apartment units obtained from An Bord Pleanála in May 2023. The proposed development will comprise three studios, ten one-bedroom units and six-two bed units. The Business Post, 13th October
Phibsborough, Dublin 7 The conversion of the old Phibsborough shopping centre in Dublin into a 300 bed co-living development cannot now go ahead. While planning permission granted to MM Capital for the shared accommodation scheme lasts until 2026, the expiration of permission for an earlier development on the site has toppled the co-living plan. The ban was not signed into law until December 22nd, 2020, and in the intervening weeks MM Capital, owner of the Phibsborough shopping centre, submitted an application to An Bord Pleanála for a shared accommodation scheme with 321 single rooms. In April 2021 the board granted permission for the shared accommodation scheme, reducing the number of rooms from 321 to 297, with an expiry date of May 25th, 2026, for construction to start. However, changes to planning legislation meant that as the new permission was for alterations to the permitted student complex, “substantial works” would have to be carried out on the new co-living scheme before the original permission ran out. The legislation, which came into force in 2021, also meant MM Capital couldn’t seek an extension of planning permission unless substantial works were started before the original permission ran out. Permission for the student complex expired at the start of this month, with no work yet commenced on the co-living development.
While applications for more than 2,700 co-living bed spaces were lodged before the ban took effect in Ireland, fewer than half of these secured planning permission, with many still the subject of legal proceedings. Only a few hundred co-living apartments have been completed. MM Capital already had planning permission to redevelop the 1960s complex for student accommodation. This development, granted in 2018, would have provided accommodation for 341 students at the site. The Irish Times, 17th October
Cork The future of the proposed €20m glass Prism building in Cork City is back in the spotlight as the developer has yet to apply to Cork City Council to extend the hoarding licence. The current licence expires on November 14 and until then Deane Street, next to the site, will remain closed. A spokesperson for Roads Operation said the Council is engaging with the developer, Tower Holdings Group (THG), in relation to the licence, which is required to facilitate building works and to ensure public safety. The planned 15-storey block, inspired by New York’s Flat Iron building, was originally due for completion last August. The Irish Examiner, 13th October
Vacant Land Tax Dublin city developers and landowners have lost every appeal against the new land hoarding tax so far determined by An Bord Pleanála, new figures show. Owners of approx. 50 sites in the city have failed in their bids to have lands excluded from the new Residential Zoned Land Tax (RZLT), charged at 3% of the market value of the lands. The tax was due to be levied for the first time next February but was postponed for a year by Minister for Finance Michael McGrath in Budget 2024. Prominent sites which the board determined are liable for the tax include parts of the O’Connell Street/Moore Street redevelopment lands owned by UK property group Hammerson, former RTÉ lands owned by Cairn Homes in Dublin 4, and two sites owned by DCU. Landowners had until September 1st to lodge appeals with the board against local authorities’ decisions to include their sites on the county’s RZLT maps. The Irish Times, 12th October
Clongriffin, Dublin 13 Dublin City Council has approached Nama about buying a building in Clongriffin for the construction of a new library. According to market sources, the council wants to buy the 35,000 sq. ft building beside the Dart station on Station Road, which has been built by the developer Gerry Gannon. Gannon’s loans were transferred to Nama in the property downturn. However, it is thought that the local authority and Nama have clashed over the price being offered for the property, which has lain vacant for nearly a decade. Ultimately the decision is Gannon’s on whether he wants to sell to the council. The Sunday Times, 15th October
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North Park Business Park, Dublin 11 Iroko Zen, a French real estate investment trust, has acquired J5 Plaza in Dublin 11 from Fine Grain Property (FGP) in an off-market transaction. The building in North Park Business Park was sold by FGP for approx. €18m. Comprising 62,211 sq. ft of floorspace and 140 car park spaces, the property was bought by FGP in 2019 and was let to a number of tenants including the HSE. Since its purchase, FGP has undertaken a number of asset management initiatives on the property and has let it entirely to the HSE under a new 15-year lease beginning May 2023. The agreement incorporates five-yearly rent reviews in accordance with CPI and has no break options. React News, 5th October
South Frederick Street, Dublin 2 Just over five years on from the €38m sale of its former Dawson Street headquarters, New Ireland Assurance’s offices on nearby South Frederick Street are being offered to the market. No. 5-9 South Frederick Street, to the rear of the landmark premises acquired in 2018 by Oakmount and Core Capital, is being offered for sale by CBRE at a guide price of €12m. The existing structure consists of five storeys of office space over a basement car park and extends to 38,427 sq. ft. The building has a net area of 22,970 sq. ft. The Irish Times, 4th October
Parkmore East Business and Technology Park, Galway Block 4 Parkmore East at Parkmore East Business and Technology Park in Galway is guiding at a price of €5.5m through Avison Young (NIY 7.77%). Built in 2016, Block 4 comprises a detached three-storey office building of 27,663 sq. ft and comes for sale fully let at a current rent of €470k pa to Business Objects Software Limited, trading as SAP Solutions. The Irish Times, 4th October
O’Connell Street, Dublin 1 Joint sales agents Robert Colleran and Alan Ferris are guiding a combined price of €4.2m for the “Cavenidish Collection”, a portfolio of two Georgian office buildings overlooking the Parnell monument at the top of O’Connell Street in Dublin City Centre. Nos. 1-2 Cavendish Row briefly comprise a four-storey over-basement building facing towards O’Connell Street from its junction with Parnell Street while 5 Cavendish Row comprises a two-bay building facing the entrance to the Gate Theatre. Extending to 11,485 sq. ft and 5,748 sq. ft, the buildings are guiding at prices of €2.7m and €1.5m respectively. The properties briefly comprise a mix of open-plan and individual offices, boardrooms, meeting rooms, breakout areas, kitchen/canteens. The Irish Times, 4th October
Lower Leeson Street, Dublin 2 Colliers is asking €1.9m for 40 Lower Leeson Street, Dublin 2, a vacant Georgian office property which had been guiding at €2.25m. 40 Lower Leeson Street is a vacant four-storey over basement Georgian building recently refurbished to high traditional standards throughout. It provides a mix of impressive reception rooms that can comfortably accommodate open plan configurations, together with smaller rooms, suitable for cellular offices. Extending to 4,295 sq. ft, it also benefits from independent access from the street to the lower ground floor self-contained area. The Irish Independent, 5th October
Ballsbridge, Dublin 4 Iput has secured Ireland’s recently established media commission, Coimisiún na Meán, as a tenant for its offices at One Shelbourne Buildings in Ballsbridge, Dublin 4. The commission, which will be responsible for regulating broadcasters and online media, has agreed to occupy 21,000 sq. ft of space at the building on a five-year lease term at a rent of approx. €50 per sq. ft. The commission’s new self-contained headquarters had been occupied previously and for many years by IBM’s consulting division. IBM relocated recently to WeWork’s serviced office space at Charlemont Exchange. The Irish Times, 4th October
Stripe, the payments company, is looking at more than doubling its footprint in Dublin by either leasing or buying a new office building. According to market sources, the company is in active talks with real estate agents as it recommences hiring after a round of redundancies it announced last year. Stripe’s current European headquarters is the One Building, where it has held a lease for the 45,000 sq. ft property since 2015. It was previously reported that the company paused plans to acquire approx. 400,000 sq. ft of new office space last year due to the weakening global economic environment and changes to working patterns arising from the Covid pandemic. The company has revised its plans and is now sourcing approx. 100,000 sq. ft of property in Dublin. The Business Post, 7th October
South Docklands, Cork Lisney Commercial Real Estate has let an office on its books within Navigation Square 2 in Cork’s South Docklands to professional services firm, Marsh McLennan. The office unit, which comprises a floor area of approx. 6,000 sq. ft is located on the ground floor of the high profile, Grade A office development overlooking the River Lee. Marsh McLennan will join existing occupiers NetApp, Iconic Offices and Clearstream in the riverside office development. According to market sources, the agreed rent was approx. €32.00 psf. The Business Post, 7th October
Blanchardstown Shopping Centre, Dublin 15 Goldman Sachs has instructed CBRE and Eastdil Secured to handle the sale of Ireland’s largest shopping centre, which is expected to be introduced to investors at the industry conference Expo Real. No formal guide price has been released, although vendor expectations are approx. €700m (NIY approx. 7.5%). Goldman Sachs – which had a mezzanine loan position on the mall – took control of it from Blackstone at the end of 2020, when it was valued at approx. €750m in late 2020. The bank is understood to have invested a further €60m into the asset via upgrading works. The asset comprises the main two-level shopping mall, comprising more than 180 retail units and anchored by several large tenants including Primark and Marks & Spencer. It also includes two adjacent retail parks and external retail units, as well as a five-floor office building spanning approx. 72,000 sq. ft. Approx. 60% of the Blanchardstown’s value is held in the shopping centre component, with the park element accounting for approx. 40%. The split between shopping centre and retail parks could lead to bidders clubbing together. React News, 5th October
Opera Lane Collection, Cork City Centre Cushman & Wakefield is guiding a price of €5.5m (NIY 7.74%) for the Opera Lane Collection, a portfolio of three retail units at the Opera Lane scheme just off St Patrick’s Street in Cork City Centre. The collection is available for sale individually or in one lot, with two of the units on St Patrick’s Street and the third on Emmet Place. Lot 1: Unit 16, Opera Lane comprises a retail unit fronting on to St Patrick’s Street. Occupied by the US fashion retailer Tommy Hilfiger, the unit extends to 6,364 sq. ft over ground, first and mezzanine level. The current NOI is the higher of €271.6k pa or 9% of the store’s turnover.
Lot 2: 17a Opera Lane comprises a retail unit fronting on to St Patrick’s Street. Occupied by Select, the unit extends to 817 sq. ft all of which is located on the ground floor. The current NOI is €100k pa. Lot 3: Unit 19 Opera Lane comprises the historic Queen Anne building which is occupied by Starbucks on a long-term lease. The building extends to 3,573 sq. ft over ground, first and mezzanine levels. The current NOI is €96.8k pa. The Irish Times, 4th October
Hospitality Sector Forecast Dublin hotels are forecast to see average room rates increase by a further 10% next year which is stronger growth than London (9%). This is according to the latest Hotel Monitor 2024 survey from American Express Global Business Travel. It says the Dublin rate rises are being driven by high occupancy rates, the persistent supply shortfall in Dublin, particularly at the luxury end, and a lack of alternative providers around the city. The Amex survey also points out that despite an anticipated softening of leisure travel demand, prices are expected to continue to rise in most locations. The Irish Independent, 5th October
Aston Quay, Dublin 2 19 – 21 Aston Quay is being offered by Savills with full vacant possession. The entire property extends to 18,985 sq. ft and comprises a four storey over basement retail/ office property which was formerly occupied by USIT Student Travel as their head office. Each floor is serviced by two separate stairwells and passenger lift, with separate loading and secondary fire escape access available off Price’s Lane located to the side of the property. Savills, 4th October
CBRE Healthcare October 2023 Report A report from CBRE on senior living stated that while Ireland is noted for its young and productive demographic, the national ‘aged population’ is also increasing significantly. The age bracket with the highest increase in population in Census 2022 was the group aged 70 and above, which increased by 26% during the period 2016-2022. Ireland’s population aged 65 and over is now forecast to reach over 1.5m people (25% of the national population) by 2051.
Only a small percentage of this age group (4.5%) will require nursing home care, meaning the vast majority will age within their own homes and communities; living either independently or with some supports in place. It is this population demographic that ‘Senior Living’ schemes aim to attract, as they provide a “right sized” solution in a low maintenance home with security and social company. The concept of Senior Living is hugely successful in many parts of the world already and has gained popularity particularly in the United Kingdom. The CBRE report takes a closer look at the concept in an Irish context and explores the current and future landscape for senior living schemes in Ireland. CBRE Healthcare Report, 9th October
Sandyford, Dubin 18 The Comer Group’s project to complete the landmark Sentinel building in Sandyford is in jeopardy due to conditions imposed on the developer by the local council. Last month, Dún Laoghaire-Rathdown County Council granted the group, headed by billionaire Galway brothers Luke and Brian Comer, planning permission to complete the 14-storey South Dublin building as an apartment block. The most recent approval for development included a condition that ordered the Comer Group to revise the layout of the apartments in order to double the number of three-bed units that will be in the block. According to sources close to the Sentinel project, this requirement severely impacted the viability of the plan. The Comer Group lodged its recent plans for the Sentinel building in July. The firm has proposed developing the shell-and-core block into 110 apartments, which would be made up of 22 one-bed, 60 two-bed and 28 three-bed units. The Business Post, 8th October
CBRE Q3 Development Land Report CBRE Ireland has confirmed that the total spend on development land in the Irish market during the third quarter of 2023 reached approx. €80m across 18 transactions. This was an increase of approx. 30% in the three months to the end of September compared to the previous quarter. According to the agent, the increase reflects some positive signs of developers and investors starting to adjust to new pricing levels that have been the result of higher financing costs. The Business Post, 8th October
Landlord Tax Relief Government leaders are preparing a landlord package in Budget 2024 that will offer up to 20% tax relief on a portion of their rental income on condition that their properties stay on the market for a specified period. The details on the cut-off rate at which landlords will be able to claim their 20% annual tax relief have yet to be decided, but €3k to €4k “would be the range”, a source said. It is understood that landlords will be required to guarantee that their properties will remain on the rental market for a specific period, potentially up to two or three years. It is hoped that relief for small landlords will encourage them to stay in the market. The Sunday Times, 8th October
Residential Property Tax Councillors in Dún Laoghaire-Rathdown and South Dublin County Councils have voted for the maximum discount allowable for Residential Property Tax in 2024. The Local Property Tax, which is based on the value of a property, has a base rate that can be varied by plus or minus 15% by each local authority. The Irish Times, 9th October
Rising labour and material costs are deterring people from buying fixer-uppers, particularly in South Dublin areas, according to property experts. With the cost of building materials having risen 25% since 2019, buyers are postponing projects or deciding not to buy homes in need of attention. Although there was some relief in the cost of timber in August, energy inputs are still high and have resulted in the prices of cement and block continuing to rise, according to the CSO’s wholesale price index. The price of plaster has increased by 20% in the year to August while cement and steel product prices have risen by 14.6%. The price of a cement block cost €1.04 in August 2019; today it costs €1.79. Where it cost €20k to renovate a bathroom in 2019 to a basic finish, home owners are now paying an extra €5k. The Sunday Times, 8th October
Rathmolyon, Co Meath Receivers have been appointed to a property development company that last month asked home buyers to pay an additional €60k each to complete houses they’d previously signed contracts to buy. Interpath Advisory has now been appointed as receiver over the developer behind the scheme, Meathamatic. The homes are at the Ringfort estate in Rathmolyon, Co Meath. They were sold off the plans in 2020 and 2021 with some families and couples agreeing to pay €275k for a three-bed property. The receivers were appointed by Spudmuckers, a creditor of the company, which extended finance to the developer in June this year. The estate consists of 16 three-bed and four-bed houses. Fifteen families entered into contracts, while one house is under offer. Some went sale agreed in 2020 while others entered into contracts at the beginning of 2021. The four-bed properties were being advertised at approx. €300k three years ago. Buyers were initially told the first phase of the construction would be completed in quarter one of 2022, with the second phase due to be finished in quarter two. But the scheme has been subject to delays and financial overruns. The Irish Independent, 4th October
Airbnb has agreed to provide funding for the development, maintenance and restoration of some of Ireland’s most historic homes which could see some previously off-limits properties appearing on the accommodation platform for the first time. In addition to financial aid, the properties will be given “expert guidance and workshops” from Airbnb “to help them understand how to showcase and maximise their properties’ potential on the platform”. Airbnb noted that a large portion of these homes are in rural areas that rely heavily on tourism. The Irish Times, 5th October
Foxrock, South Dublin Having failed to find a buyer at its initial asking price of €3.25m in February last year, the Grove, a late-1960s bungalow on a 1.48-acre site, returned to the market seven months ago with a new, heavily reduced guide of €2.25m (31% discount). An examination of the Property Price Register shows that The Grove changed hands for €2.875m on September 20th. The price paid represents a premium of 28% on the discounted price tag and a far lesser discount of 12% on the sum that had been sought for the property in 2022. The Irish Times, 5th October
BNP Paribas Real Estate Ireland Report The decline of activity in the construction sector slowed in September after two months of sharp contraction, according to new research from BNP Paribas. The headline BNP Paribas Real Estate Ireland Construction Total Activity Index – which tracks changes in the total volume of construction activity compared with one month previously – fell short of the 50.0 mark last month, posting 48.6 and signalling a reduction in activity. The posting marks the third consecutive month of decline in activity. However, it is up on August’s index (44.9), with BNP noting that last month’s “decline was the softest in the current sequence of decreasing activity”. September saw the pace of rising costs slow after input cost inflation picked up in July and August, with firms noticing reductions in the price of steel, sanitary ware and insulation. The Business Post, 9th October
CBRE Commercial Real Estate Investment Report Commercial property investment in the past three months tracked significantly behind long-term averages that have been recorded by the sector, new data from CBRE has shown. Over the past ten years, an average of €1.1bn has been invested in Irish commercial property in the third quarter of each year. New data from CBRE has shown the rate of investment between July and September of this year was €444m, a decrease of more than €650m on the long-term average. Investment in commercial property during the most recent quarter has brought total spend in the sector up to €1.4bn this year. However, over the past ten years, an average of €4.3bn has been invested per annum in commercial property. CBRE has forecast the Irish market will likely record less than half of the typical level of investment recorded over the past decade. The €444m of investment in commercial property in Ireland during the third quarter was spread across 30 transactions. The Business Post, 4th October
Bremore Port, Co Dublin Fresh details of a proposed new Johnny Ronan-backed billion-euro port development north of Balbriggan are set to be formally unveiled. The high-level vision for the new Bremore Port in Co Dublin has been developed by Copenhagen-based architecture firm Henning Larsen and is expected to detail plans to include facilities for offshore wind turbine storage and assembly, as well as green hydrogen facilities. A full consultation process will now begin, with a planning application expected in 2025 or 2026. The capital investment is expected to exceed €1bn. The Irish Independent, 8th October
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St Stephen’s Green, Dublin 2 Having failed to find a buyer when it was offered for sale for €27m during the Covid-19 pandemic in October 2020, no. 90-91 St Stephen’s Green has returned to the market through CBRE at a new and lower guide price of €18m (NIY 5.56%). The sum being sought on this occasion represents a significant discount of 33.3% and reflects a capital value of €677 per sq. ft. The property, in a prime position overlooking St Stephen’s Green to the front and Iveagh Gardens to the rear, comprises a four-storey over-basement office building extending to 26,590 sq. ft and distributed over-average floor plates of 5,307 sq. ft. The building is fully let to Standard Life on a 10-year FRI lease from September 15th, 2011. The tenant extended their lease to September 2024 and the current passing rent is €1.1m annually (€41 per sq. ft). The Irish Times, 27th September
Cardiff Lane, Dublin 2 Hotel group Dalata’s €22m expansion of its Dublin Docklands location has been greenlit to allow for 117 more bedrooms at its site near Sir John Rogerson’s Quay. Dublin City Council approved plans for a 10-storey extension of the existing Clayton Hotel beside the Ferryman pub on the corner of Cardiff Lane to increase the number of hotel rooms to 421. The development involves the demolition of buildings at 3-5 Cardiff Lane, which are currently occupied by Starbucks and Arena Kitchens. As part of these conditions, Dalata must also pay €425k in development fees for the hotel’s expansion, and an additional €163.5k in supplementary fees as part of a contribution scheme towards the Luas Red Line which operates nearby. The Business Post, 26th September
Aungier Street, Dublin 2 The asking price for The Lucky Duck pub on Aungier St, Dublin 2, which is being sold by Oakmount, has been reduced from the €2.5m quoted 12 months ago to €2m. The pub had been closed for a number of years before being acquired in 2017 primarily as a restoration project with the intention to offer it for sale once the business was established. The Irish Independent, 28th September
Hospitality Sector Demand for hotel accommodation in Dublin is likely to remain robust amid a strong forecast in visitor numbers alongside a simultaneous slide in future hotel room supply. Recent development activity for new hotels in Dublin’s North City Centre has failed to temper the strong demand for hotel rooms. According to CBRE, hotel occupancy levels in Dublin averaged 82.5% in Dublin in the first eight months of the year with the daily rate averaging €180 during the year to the end of August. The latter is a drop on the record-breaking €209 per room per night recorded in the period to mid-May. Meanwhile Tom Barrett of Savills welcomes how latest August occupancy levels reveal a bounce back to normal from the 54% seen in 2021 and 29% in 2020. While he acknowledged that STR (which provides market data on the hotel industry worldwide) forecasts only 76.5% for 2024, he believes that is weak “considering the flights and passenger numbers expected at Dublin Airport.” In relation to supply, Barrett says “there is some new supply opening later this year, but that is small compared to previous years, so I think Dublin occupancy will be about 80% next year.” The Business Post, 30th September
Racecourse Road, Roscommon Agent Moore Larkin is seeking offers of €2.1m for the Roscommon Business & Enterprise Park on Racecourse Road in Roscommon, a retail/warehousing/office and yard facility on a 4.74-acre freehold site in Co Roscommon. There are 60 car park spaces with ancillary parking, loading areas and yard space at the side and rear of the property. The property extends to approx. 105,174 sq. ft, including approx. 64,475 sq. ft on the ground floor; another 14,100 sq. ft of space at mezzanine level and just over 27,986 sq. ft of secure yard space. The annual net rental income stands at approx. €214.63k with anticipated rental increases at rent reviews and lease renewals. There is also vacant accommodation to be leased. The tenants include Euro Car Parts, P&G Cards, O’Hara’s Bakery, Circet and Roscommon Windows, among others with individual leases expiring from 2024 up to 2030 in one instance and other leases have expired and are rolling over. The Business Post, 30th September
IDA Industrial Estate, Co Waterford CBRE is guiding a price of €17.85m for the former Cartamundi Ireland production facility in Co Waterford. Located in the IDA Industrial Estate on Cork Road, the property extends to 246,646 sq. ft and incorporates ancillary office accommodation of 11,010 sq. ft. Prior to its recent closure, the property had served for many years as the Irish production facility for board games such as Monopoly, Trivial Pursuit, Connect 4 and Cluedo under three different owners, namely MB Games, Hasbro and most recently, Cartamundi. The Irish Times, 27th September
Ulster Bank Branches Cushman & Wakefield is inviting offers for the third and final tranche of properties in Ulster Bank’s former bank branch network. There are 15 premises available for sale in this phase of the process, which is taking place as part of the bank’s ongoing withdrawal from the Irish market. Thirteen of the properties are freehold/long-leasehold while the remaining two buildings are leasehold. The 13 freehold/long leasehold interests range in value from approx. €100k to more than €850k for the bank’s prominent branch building on Winthrop Street in Cork City Centre. The two leasehold interests meanwhile have passing annual rents of €135k and €85k respectively, with the unexpired term of the leases being just under seven years on one and just under six years on the other asset. The leases will be marketed as available by way of assignment or sublease. The Irish Times, 27th September
Dunboyne, Co Meath JLL is guiding a price of €8.95m for a 72.87-acre residential land bank in Dunboyne, Co Meath. The lands comprise a single-storey derelict house with a number of farm buildings including approx. 26.78 acres zoned A2 New Residential under the Meath County Development Plan 2021-2027. While the balance of the lands extending to 46.09 acres is not zoned, the selling agent is of the view that they will be rezoned in the future owing to their proximity to Dunboyne town centre. The lands are available for sale in two separate lots. Lot 1 comprises the residential holding while lot 2 is made up of the unzoned lands in their entirety. The Irish Times, 27th September
Lombard Street and Townsend Street, Dublin 2 Located at 19/20 Lombard Street and 112/114 Townsend Street, a 0.165-acre brownfield site is being offered to the market by JLL on behalf of a private investor at a guide price of €5.5m. The property is zoned Z5 under the Dublin City Development Plan 2022–2028. A broad range of uses are permissible under this designation including hotel, residential and purpose-built student accommodation. The Irish Times, 27th September
Irish Residential Properties Reit has completed the sale of approx. 200 residential units in West Dublin to Tuath Housing for more than €72m. The sale of the properties, which includes apartments, houses and duplex units, was completed ahead of schedule and brings an “attractive return” on the original acquisition costs for the development. The proceeds will be used to strengthen the company’s balance sheet and retire its higher cost debt under its revolving credit facility. The deal included the sale of 91 units in Hansfield Wood in Dublin 15 for €38.1m, with an additional 103 apartments, including Piper’s Court, and a small eight-unit apartment building in Hansfield Wood raising approx. €34m. Originally announced in August, the deal is part of Ires’s €100m asset disposal programme, which now stands at €96.5m delivered. Ires currently owns 3,734 apartments and houses for private rental in Dublin and Cork. The Irish Times, 3rd October
Residential Zoned Land Tax (RZLT) A large majority of landowners, including some of the state’s biggest developers, have failed in their appeals contesting the government’s new land hoarding tax. An analysis of appeals lodged against the new RZLT has shown that An Bord Pleanála has rejected approx. 80% of appeals to date. The planning authority has received 608 appeals challenging the imposition of the new land hoarding tax, which is due to come into effect in February 2024 and will charge owners of vacant land a 3% levy on the site’s market value. Decisions have been made on 322 of these cases, with An Bord Pleanála rejecting 257 of the appeals. An Bord Pleanála’s decisions have prompted some landowners to explore legal challenges in a bid to overturn the planning body’s decision. The Business Post, 27th September
Respond, the affordable housing association, has signed heads of terms with developers to deliver €2bn worth of residential projects. The deals will involve the charity and its development partners commencing construction on approx. 3,400 new homes in the next year, half of which will be cost rental homes at 25% below regular market rents. According to Declan Dunne, chief executive of Respond, the one-off housing projects will range in size from 200 to 725 units on individual sites and be worth a collective €2bn. The charity has 1,400 homes under construction at present. Dunne said the 3,400 new homes will be additional supply to the market and will not involve Respond competing with private buyers. The Business Post, 1st October
The Peter McVerry Trust (PMVT) is reviewing the delivery of its entire social housing programme as it looks to “minimise” its activity in the wake of revelations of financial problems at the homeless charity. The move raises questions over the delivery of hundreds of homes after PMVT said in 2021 that it aimed to deliver 1,200 social homes by 2025. PMVT currently owns, leases or manages more than 1,110 homes across the country. Following the revelations, the Approved Housing Bodies Regulatory Authority appointed inspectors to conduct a statutory investigation of the charity. It emerged that the trust is currently repaying €8.3m in tax debts to the Revenue. All repayments have been met to date, the spokeswoman for the charity said. The Business Post, 1st October
House Prices The latest property price index from the CSO showed that house prices outside the capital had risen by 3.8%, with the southeast of the county experiencing a 4.8% rise. A report from Daft.ie, the property website, for the third quarter of this year, reached a similar conclusion: house prices are increasing across the country but growth is subdued in Dublin. The Sunday Times, 1st October
Tax on Second-Hand House Sale Developers have called for homeowners to be slapped with a new levy on the sale of second-hand houses in a move that could add more than €5k to the cost of a property in Dublin. The Construction Industry Federation (CIF) is pushing the government to introduce a 1% levy in the upcoming budget which would be used to spread the cost of delivering transport and utility infrastructure more evenly. The policy suggestion comes as house prices continue to climb with the cost of a home outside of Dublin jumping by approx. 4% in July compared to 12 months earlier. The average cost of a second-hand home in Dublin currently stands at more than €525k, according to figures from the CSO. With approx. 38,000 second-hand homes sold in Ireland over the last year at an average price of approx. €320k, the introduction of such a levy would raise more than €120m in new taxes. If this funding was ringfenced for transport and utility infrastructure for new homes, CIF believes it will eventually reduce the cost of new homes by lowering costs for developers. The Business Post, 1st October
Derelict Site Levy Unpaid levies of approx. €6.8m are owed to Dublin City Council from the owners of more than 100 derelict properties, new figures show. More than 400 properties around the city are now under assessment by the city council for inclusion on the derelict sites register. The register currently includes 107 sites and buildings which “give out the impression of an area deteriorating, are a magnet for antisocial behaviour, and take valuable housing stock out of circulation”, the council said. More than 12,000 homes and commercial properties are vacant across Dublin, with 40% empty for more than four years – putting them at significant risk of dereliction, a new analysis revealed. The levy is charged at 7% of the market value of the property, with interest charged on unpaid levies at a rate of 1.25% per month. The council is owed outstanding levies of €6.8m but received a significant boost this year with €920k paid to date, up from €490k for the whole of last year, €417.4k in 2021 and, €402.3k in 2020. The Irish Times, 27th September
Housing Obstacles There are “significant obstacles” to providing the state with sufficient housing to meet demand, according to Brendan McDonagh, chief executive of Nama. McDonagh made the comments in his opening statement to PAC, where he cited these obstacles as causing delays in meeting demand. “One of these is the achievement of the appropriate planning approvals. Planning costs are significant and average approx. €3k per residential unit. Achieving a grant of planning continues to be a significant challenge, with many applications awaiting a decision from An Bord Pleanála (ABP) for almost 2 years,” McDonagh said. “In addition, our debtors and other housebuilders deem a judicial review almost inevitable when a planning approval is granted by ABP.” In figures McDonagh shared with PAC, he said that the cost of building an apartment rose by 18% in 2022 while the price of a three-bed house increased by 6%. The Business Post, 28th September
Docklands, Dublin Nama made a €550m profit from its activities in the Dublin docklands Strategic Development Zone (SDZ), its chief executive told the Dail’s public accounts committee. Brendan McDonagh revealed that the state bad bank made big returns from the sale of developments in the North Lotts and Grand Canal areas of the docklands. Nama entered into a number of joint ventures with international investors to develop vast tracts of land. These sites delivered 4.2m sq. ft of commercial space and 2,183 residential units, accommodating 20k office workers and 5k residents in the area. McDonagh also revealed that Nama made a “loss” of €10m on the sale of its remaining 20% stake in the Poolbeg SDZ to Oaktree Capital and Ronan Group Real Estate. The state sold an initial 80% interest in Poolbeg to Oaktree and RGRE for €200m. It is understood that the total take from the former glass bottle factory site is €240m. The Sunday Times, 1st October
Goatstown, South Dublin Irish property investment group Tetrarch has lodged plans to build 114 residential units for “assisted living” on land owned by the Society of Sacred Heart (Irish/Scottish Province) order of nuns beside Mount Anville girls schools in Goatstown, South Dublin. Tetrarch’s large-scale residential development planning application with Dún Laoghaire Rathdown County Council is seeking permission to build 100 apartments (across seven blocks) and 14 houses on a 2.9-acre site known as the “old farm”, on the grounds of Mount Anville. In addition, there would be 76 car parking and 147 bicycle spaces, a gym area, a small cinema and medical and wellness areas on the site. Subject to planning approval, construction could commence in the fourth quarter of 2024, with the first units available for residents in early 2026. The Irish Times, 30th September
Goatstown, South Dublin An Bord Pleanála has rejected a plea by Charjon Investments Ltd for a site adjacent to the Goat Bar & Grill in Goatstown not to be liable for a new land hoarding tax. The appeals board ruled that the site known as the “Goat Pet Farm” on Lower Kilmacud Road in Goatstown, Dublin 14, be subject to the new Residential Zoned Land Tax (RZLT), which comes into force next year. The company had told the council that the site has previously been the subject of numerous other development attempts, most notably the Goat Strategic Housing Development (SHD) project. This €186m, 299-apartment scheme was refused planning permission in 2021. The Irish Times, 28th September
Housing Agency Audit An audit by the State’s spending watchdog has found a scheme run by the Housing Agency to build social housing on former council-owned land has made little to no progress developing half of the sites in its portfolio. A report by the Comptroller and Auditor General (C&AG) said “no viable development options” had been identified for 39 of the 73 sites the Housing Agency took over to build housing. The report said agency officials had assessed that more than 5,000 social housing units could be built on the land, but progress had been made on only a number of sites. The State body had sought expressions of interest from not-for-profit housing bodies to build homes on 15 of the sites, but the report said “no suitable proposals were received”. At present, 14 of the plots of land are leased to farmers, while one site is leased to a GAA club. To date, 676 social housing units had been built across 14 sites under the scheme, it said. The Irish Times, 29th September
Sandyford, Dublin 18 Dún Laoghaire Rathdown County Council has granted planning permission to the Comer Group to convert the Sentinel tower at Sandyford in South Dublin from its previously proposed office use to 110 apartments. While the group had already secured approval in 2017 to redevelop the Sentinel with 294 “office suites” with small work-live studio facilities, the proposed scheme never went ahead, largely due to access issues to the Sentinel’s basement car park, with the access ramp remaining in the ownership of the neighbouring Rockbrook apartment-scheme’s owner Ires Reit. However, the Comer Group recently bought the adjoining “RB Central” site from Ires giving them a majority share of the basement and allowing the Sentinel apartment scheme to progress. The RB Central site has permission for 428 apartments which are already under construction. 60 of the units at the building are set to be two-beds, while the remaining apartments will comprise a mix of 22 one-beds and 28 three-bed units. The Irish Times, 28th September
Mortgage Approvals The number of borrowers approved for home loans in August fell sharply, according to new figures from the Banking and Payments Federation of Ireland (BPFI). Data released shows that the number of mortgages approved fell by 4.5% MoM and by 18.2% compared with the same period last year. The figures published by the banking lobby group also indicate that first-time buyers (FTBs) remain the dominant cohort within the mortgage market with the number of approvals for the group topping 30,000 in the 12-month period to the end of August, a first since the data series began in 2011. Overall, a total of 4,534 home loans were approved in August, a decline of 4.5% from May, which was the busiest month for FTB approvals since 2011. Of the total, 62.4% or 2,829 of the loans approved were for FTBs. The overall value of mortgages approved in August fell 3.9% to €1.3bn, a 14.2% decline on the same period last year. The Irish Times, 29th September
Kildare Street, Dublin 2 The National Library of Ireland (NLI) has lodged a planning application to substantially redevelop the west wing of its building on Kildare St in Dublin city. The proposed redevelopment would refurbish and adapt the existing structure to create public areas across the six levels of the building. The proposal also includes a six-storey extension in the building’s courtyard. Included in the application is a proposal to create exhibition and event spaces along with a café and retail spaces. Delivery of the project is being led by the NLI and the Office of Public Works. The Business Post, 27th September
Dingle, Co Kerry Interest in 1,000 acres of land and 400 acres of forestry on the Conor Pass in Dingle, Co Kerry, one of Ireland’s most scenic and famous locations, has been expressed by two parties, according to the auctioneer involved in the sale. Taoiseach Leo Varadkar has said the State would like to buy the land at a “reasonable price” but will not pay the €10m asking price. The site includes four lakes – Pedlar’s, Atlea, Beirne and Clogharee – along with a waterfall and mature forest. American owner Michael Noonan bought the land in parcels over the years and he farms it with grazing sheep. The Irish Times, 30th September
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