North Docklands, Dublin 1 The South Korean owners of No. 2 Dublin Landings have instructed joint selling agents CBRE and Savills to hit the pause button on the proposed sale of their investment. Having paid €106.5m to acquire the north docklands building in November 2018, the owners had been preparing to bring the property to the market shortly at a guide of €140m. One of five office blocks built by Ballymore in partnership with Oxley at their wider 1m sq. ft. mixed-use development, No. 2 Dublin Landings extends to 100,000 sq. ft. and is fully let to WeWork. While the global flexible workspace provider has been paying a rent of €4.87m annually since 2018, this figure is set to increase to €5.38m in year five of its lease agreement. The Irish Times, 21st September
Clonskeagh, Dublin 14 Boole House at Beech Hill Office Park in Clonskeagh has been sold to Eagle Street Partners Group for €10.5m. The 42,000 sq. ft. office building was previously owned by Meath-based businessman Eamon Waters who paid the Layden Group c. €9m to secure ownership of the Dublin 14 office block. According to market sources, Eagle Street has secured the HSE as tenants for Boole House on a 12-month temporary lease and is in the process of formulating a plan for the property and its adjacent development site. Boole House itself comprises efficient floor plates of 14,000 sq. ft. that could be further subdivided, if required. There are also 89 car parking spaces available with the building. The Irish Times, 21st September
Fenian Street, Dublin 2 Hibernia Real Estate Group (formerly Hibernia Reit) has achieved full occupancy at 2 Cumberland Place following the agreement of two final leases at the building. In the first instance, Experian plc, an American — Irish multinational credit reporting company, has signed a 10-year lease for the entire second floor extending to c. 8,785 sq. ft. The first floor meanwhile has now been let to Castlelake Aviation Holdings (Ireland) Limited, who are an aircraft leasing and financing company. They have taken c. 8,697 sq. ft. on a 15-year term. Castlelake and Experian join a strong line-up of existing occupiers in the building including Electroroute, BGC, 3M and Invesco. The Irish Times, 21st September
6 Northbrook Road, Dublin 6 is being offered to the market with the benefit of full vacant possession by joint agents MSP Consulting and Savills at a guide price of €5.85m. The Victorian redbrick has been refurbished to provide 9,431 sq. ft. of office accommodation over four floors. 6 Northbrook Road offers the benefit of modern open-plan and cellular office accommodation, and the building has 11 car-parking spaces and bike storage. The Irish Times, 21st September
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Leopardstown, Dublin 18 Maple House in South County Business Park in Leopardstown is being offered to the market by Cushman & Wakefield at a guide price of €7.5m. The subject site extends to 1.512 acres and comprises a two-storey office block which extends to 14,735 sq. ft. with 65 surface car parking spaces. The building is let on a multi-tenancy basis via a number of licence agreements, with all tenants executing deeds of renunciation. The income from the property is c. €200k pa net, and as the property is only 65% occupied, this can be significantly increased in the short term with further licence agreements. In terms of its future potential, the site is zoned “Residential” under the terms of the Sandyford Urban Framework Plan 2022-2028. The Irish Times, 21st September
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Harcourt Road, Dublin 2 The final phase of the Clancourt Group’s Park Place office scheme is nearing completion, with the topping-out ceremony for the property’s 10th floor held on Monday last week. With One, Two and Three Park Place complete and occupied by a range of corporates including Gartner, Bank of America Merrill Lynch, Slack, Aviva, KPMG and IDA Ireland, joint letting agents JLL and Knight Frank are now seeking tenants for the two interconnecting headquarter office buildings at Four and Five Park Place. Due for practical completion in May 2023, this final element of the campus overlooking Adelaide Road and Harcourt Road will extend across a total area of 198,000 sq. ft. distributed across two blocks measuring 124,000 sq. ft. and 74,000 sq. ft. respectively. The office accommodation will be complemented by 48 car parking spaces, 38 clubhouse-standard showers and 274 bicycle parking spaces. The office space is available to let in its entirety or as two independent blocks. The Irish Times, 21st September
Fibonacci Square, Dublin 4 Amancio Ortega, the Spanish billionaire founder of Inditex, the retail group behind the fashion chain Zara, is preparing to enter the Irish property market with the purchase of Johnny Ronan’s Fibonacci Square. Pontegadea, a family office that invests on behalf of Ortega, is in advanced discussions to buy the asset for €550m (NIY 4%). Meta has agreed to lease Fibonacci Square for an initial annual rent of €22m. While it paused its fit-out of the office blocks over the summer, the social media giant is not thought to be looking to sublet them. The US investor Blackstone was lined up to acquire the buildings but pulled out to focus on its purchase of Salesforce Tower Dublin, also developed by Ronan. Pontegadea invested c. €2.06bn in property last year. The Sunday Times, 25th September
South Docklands, Dublin Mapletree Investments, the real estate arm of Singapore’s state investment fund, is considering the sale of its prime €250m+ Dublin office holding. The Temasek-backed investor is reviewing a potential disposal of the Sorting Office, a 210,000 sq. ft. office block that is leased to TikTok. Mapletree forward-purchased the eight-storey block, located in the heart of Dublin’s Silicon Docklands, in the middle of June 2019. It was bought for €240m, with vacant possession. In September 2020, in the midst of the pandemic, US tech giant Google walked away from a 200,000 sq. ft.+ office letting deal at the site. However, TikTok signed a deal at the end of November 2021 to rent the entire building on the basis of a 15-year lease with 10 years’ term certain and a rent-free period of c. 18 months. React News, 27th September
Oranmore, Co Galway The four-star Maldron Hotel in Oranmore, Co Galway is being offered to the market by Savills at a guide price of €13m (NIY 6.3%). The hotel, which opened for business in 1998, comprises 113 bedrooms along with extensive conference facilities, a full leisure club and swimming pool. The investment comes for sale subject to the existing occupational lease with Caruso Limited, guaranteed by Dalata (with more than 11 years remaining) and operated by Dalata Ireland under the four-star Maldron brand. The Maldron Hotel’s current upward-only annual rent is €900k with the next rent review due in January 2023. The Irish Times, 21st September
Little Britain Street, Dublin 7 Kula, the British hotel group, will open its first location in Ireland after reaching an agreement to manage a new site in Dublin city centre acquired by Gold Tree Group, an international real estate investment firm. Kula has said its new Dublin hotel, on the corner of Little Britain Street and Little Green Street in Dublin 7, will open in 2024. The Dublin site will be managed by Kula, but is owned by Gold Tree Group, which bought the disused warehouse from Sam Dennigan & Company, the food wholesaler and distributor. The site on Little Britain Street is currently occupied by a two-storey warehouse building. Several applications to build a hotel on the site have already been granted planning permission by Dublin City Council. Gold Tree Group has lodged new plans with Dublin City Council to significantly alter the plans already approved for the site. The new application by Gold Tree Group said it intended to build a hotel with 132 rooms. The Business Post, 24th September
O’Connell Bridge, Dublin City Centre The Bachelor Inn pub, less than 50 metres from O’Connell Bridge, Dublin, is being sold with planning permission to convert it into a 26-bedroom hotel. Joint selling agents Savills and John P Younge are guiding €2.75m for The Bachelor Inn along with an adjoining premises which together extend to 4,355 sq. ft. That price is less than half the estimated €7m which the current owner reportedly paid for it in 2008. The property has in place planning permission for a three-storey building. Adjoining the pub at 3 Bachelors Way is the former Smallmans Plumbing Centre and it extends the total site to 0.1 acres with frontage to three sides including Lott’s Lane. The Irish Independent, 22nd September
Newbridge, Co Kildare The Athgarvan Inn near Newbridge will be auctioned on September 29th with a €2.5m guide price. The subject property comes with seven bedrooms which have a separate entrance and it sits on a 2.09-acre site. The vendors have also secured planning permission for a village centre with five commercial units and three apartments along with 12 houses. The existing premises includes a 1,273 sq. ft. lounge bar, a 509 sq. ft. public bar, an 1,161 sq. ft. function lounge and a 313 sq. ft. smoking room as well as catering kitchen, stores and other facilities. The Irish Independent, 22nd September
Donnybrook, Dublin 4 Acquired by developer Sean Dunne for €17m at the height of the last boom, the Donnybrook Mall is being offered to the market by Lisney at a guide price of €6.8m. The mall last changed hands in 2014, with its current owner, a private Irish investor, paying €6.6m to secure ownership of the 15,590 sq. ft. property. The sale of Donnybrook Mall offers the prospective purchaser the opportunity to secure immediate rental income of €450.3k pa (NIY 6%) from a strong tenant line-up which includes Tesco, Lloyds Pharmacy, dry cleaners Lyknu, Abrakebabra, and the long-established bridalwear boutique Marian Gale. The Irish Times, 21st September
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South William Street, Dublin 2 HWBC is marketing a new restaurant leasing opportunity at One Coppinger Row and 57 South William Street on behalf of the landlord, Aviva Life and Pensions Ireland DAC (Aviva). The restaurant comprises the ground floor of One Coppinger Row which interconnects with the lower ground floor of 57 South William Street. The property, which is currently being reconfigured and refurbished by Aviva, will offer 1,356 sq. ft. of restaurant/kitchen space on the ground floor. The lower ground floor will provide 1,173 sq. ft. of additional restaurant seating area, ancillary storage and staff accommodation. The agent is guiding a rent of €140k pa. The Business Post, 23rd September
Dundalk, Co Louth Knight Frank is guiding a price of €5m for a 15.2-acre (€329k per acre) residential development site in Dundalk, Co. Louth. The subject site falls under the Louth County Development Plan 2021 – 2027 with the majority zoned objective ‘A2 New Residential’ and a small element zoned objective ‘H1 Open Space’. The Irish Times, 21st September
Rathgar, Dublin 6 Cushman & Wakefield are guiding a price of €1.5m for a 0.28-acre site (€5.3m an acre) on Maxwell Road in Rathgar, Dublin 6. The subject site in this instance comes with full planning permission for the construction of four high-end three-bedroom semi-detached houses, ranging in size from 1,292 sq. ft. to 1,421 sq. ft. The site comprises a garage, an office, 15 lock-up units and three residential units, which include two two-bedroom apartments and a three-bedroom apartment. While the site is being sold with full vacant possession, a number of the units were in occupation up until recently and could provide an estimated rental value of c. €145k pa if re-let. There is also an opportunity to refurbish these units and increase the short-term income potential to in excess of €200k pa. The Irish Times, 21st September
Montenotte, Co Cork Ennismore House and grounds in Montenotte, 3.5km northeast of Cork city, is being offered to the market by Avison Young on behalf of the Dominican Fathers at a guide price of €3.25m. The order bought the property in 1952 and have used it as a retreat and conference centre. The house is a Georgian property extending to 26,024 sq. ft. with 39 bedrooms and on-site parking. There are also walled gardens, coach houses and a gate lodge on the 24.7-acre site. The gate lodge of 595 sq. ft. is at the entrance to the property and the coach houses, consisting of 10 buildings extending to 4,982 sq. ft., are positioned on the northeastern corner of the site. Montenotte has long been acknowledged as one of the most sought-after residential areas of Cork. The Irish Times, 21st September
Ringsend, Dublin 4 Dublin City Council has refused planning permission for a contentious seven-storey senior living build-to-rent scheme in Ringsend, Dublin 4. More than 65 objections were lodged against the 30-unit plan lodged by Glencarra Ringsend Ltd. A planning statement lodged by the applicant’s planning consultants, Tom Phillips & Associates, stated that the scheme would provide accommodation for 30 professionally managed social homes for senior citizens on Dublin City Council’s housing list. The site currently accommodates the two-storey Cambridge House. The Irish Times, 22nd September
Dalkey, South Co Dublin Clós Nua Ltd has lodged an objection with Dún Laoghaire Rathdown County Council, claiming a proposed three-storey, eight-unit apartment scheme next door on Dalkey’s Castle Street will “devalue” the company’s Tramyard site. Clós Nua bought the Tramyard site for a reported €3m to allow the regeneration plans to be lodged. A decision is due on the application next week. The Irish Times, 23rd September
Terenure, Dublin 6W An Bord Pleanála has given the green light to fast-track plans for a €106m apartment scheme in Terenure. Over 75 objections were lodged against the Strategic Housing Development (SHD) scheme by Lioncor Developments subsidiary 1 Terenure Land Ltd for the 208-unit apartment scheme. Dublin City Council planners also found the scheme to be acceptable. The scheme is made up of 104 one-bed apartments and 104 two-bed apartments and the developers have put an indicative price tag of €10.66m on 21 apartments to be sold to Dublin City Council for social housing. The Irish Times, 26th September
Pepper Finance, the mortgage service provider, is imposing a 1.25% point increase on thousands of standard variable rate (SVR) mortgage holders from the end of next month. The rise will bring the average rate on SVR loans serviced by Pepper to c. 5.45% and is a further sign of the recent interest rate rises starting to hit home for Irish mortgage holders. Pepper services a total of 60k mortgages, owned by investment funds such as Carval, Goldman Sachs and Pimco. The mortgages were acquired from deleveraging Irish banks and exiting overseas institutions such as Lloyds and Danske Bank over the past decade. Non-bank lenders Dilosk, Finance Ireland and Avant Money moved to raise their fixed-rate offerings earlier this month, citing the higher cost of funds. The Sunday Times, 25th September
Social Housing, Ireland Fingal County Council signed a deal to lease two dozen homes from the pension fund of a British weapons dealer last year, despite state guidelines banning deals with arms makers. The local authority directly negotiated agreements to lease 13 homes from BAE Systems pension fund, which is linked to the British arms maker, to use as social housing in October 2021. When the agreements to lease the 13 homes were signed, Fingal County Council already had 11 homes owned by BAE Systems in its social housing stock. Based on when Fingal County Council entered lease agreements with BAE Systems, the council paid the company more than €260k in rent for the 24 homes. According to market sources, the 24 properties the council had leased from the pension fund were subsequently sold to a fund controlled by Davy called the Davy Platform ICAV in April 2022. BAE Systems spent €14.4m acquiring the entire portfolio of 43 second-hand properties in 2021 and sold on the properties in April 2022 for €16.8m. The Business Post, 24th September
Non-Household Residential Investment 2021, Ireland Property investors spent c. €1bn buying second-hand homes in Ireland last year. The sales details were outlined in a memo prepared for Paschal Donohoe, the Minister for Finance, as part of the government’s efforts to determine how significant the activity of private investors is in the second-hand housing market. The analysis was based on CSO data that showed 43,950 second-hand homes were sold last year. It found that the state, local authorities, approved housing bodies and public institutions bought 879, or 2%, of every existing units sold including new-builds. The CSO data showed charitable organisations were connected to 495 purchases on existing homes. The data showed 10% of the second-hand homes sold in 2021 were acquired by the rest of the non-household purchasers, which includes real estate firms and the finance and insurance sector. In total, purchases by non-households were €1.2bn in 2021. Last year, non-household entities spent a total of €3.5bn to acquire 11,600 new and existing homes, which represented 20% of total homes purchased – down from 22% in 2020 and 2019. The state spent €807m on new-build homes and €217m on existing stock. The Business Post, 24th September
Askeaton, Co Limerick The Aughinish Alumina refinery has secured a €2m government grant to carry out environmental protection work on its “red mud” waste dump. The Limerick-based company imports c. 4.6m tons of bauxite ore per year and uses it to create 2m tons of alumina, which is shipped to smelting plants in Europe to make aluminium. According to the European Commission’s register of state aid, it received a €2.1m grant from IDA Ireland this year. Aughinish Alumina recently secured planning permission from An Bord Pleanála to expand its red mud waste dump despite the opposition of local farmers and environmental groups. It is going to be allowed to raise the height of the dump by 12 metres so that it can put another 1m cubic metres of red mud waste there annually until 2039. The Business Post, 24th September
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South Leinster Street, Dublin City Centre Trinity Point in Dublin City Centre is being offered to the market by Cushman & Wakefield at a guide price of €57m (NIY 4.14%). The subject property comprises a six-storey over-basement office building extending to 43,696 sq. ft. along with 20 secure basement car-parking spaces. Located at 10/11 South Leinster Street, the property overlooks Trinity College Dublin and sits adjacent to the National Gallery of Ireland. The subject property is majority let to the Office of Public Works (OPW) on two FRI leases expiring in March 2032. With the OPW paying rents of between €55 per sq. ft. and €59 per sq. ft., the investment offers significant reversionary potential with recent deals in the area achieving in excess of €65 per sq. ft. The Irish Times, 14th September
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Eastpoint Business Park, Dublin 3 Iroko Zen has made its third investment in the Irish property market, paying €12.2m (NIY 8.98%) for Block P1 at Dublin’s Eastpoint Business Park. Iroko ZEN’s latest purchase at Eastpoint Business Park, meanwhile, comprises a modern office block comprising 41,979 sq. ft. of space distributed across three storeys, along with 61 car-parking spaces. Developed in 1999, the building is 77% let to three tenants. The tenant line-up currently includes Tedcastles Oil Products, cloud computing and virtualisation technology company Citrix Systems International, and IQVIA, a global provider of advanced analytics and human data science technology. Iroko Zen will also benefit from a two-year rental guarantee for an area of 9,461 sq. ft. which is currently being marketed for rental. The Irish Times, 14th September
Herbert Street, Dublin 2 Knight Frank is guiding a price of €6.8m for Mount Herbert Court. Located on the corner of Upper Mount Street and Herbert Street, Mount Herbert Court briefly comprises two interconnecting period buildings extending to a total of 9,272 sq. ft. along with 20 secure car parking spaces. The buildings — 34/35 Upper Mount Street — are available for sale in one or two lots. No. 34 Upper Mount Street, the larger of the two buildings extends to a NIA of 5,500 sq. ft. No. 35 Upper Mount Street interconnects with no. 34 at basement and third-floor levels and extends to a NIA of 3,722 sq. ft. The properties are being sold with the benefit of vacant possession and Knight Frank is guiding €6.8m exclusive of VAT for the entire. The Irish Times, 14th September
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North Dock, Dublin City Centre Developer TIO (Targeted Investment Opportunities) has secured its latest occupier for its North Dock office scheme in Dublin’s north docklands, with financial services company Virtu Financial committing to a long-term lease for 13,300 sq. ft. at North Dock One. Virtu is understood to have agreed to pay a rent of c. €52 per sq. ft. for its new offices. The completion of the deal comes just three months after Interactive Brokers and HEAnet signed for offices at the development. Other tenants include Gilead Sciences and Blueface. North Dock extends to 202,000 sq. ft. in total, distributed between North Dock One (95,000 sq. ft.) and North Dock Two (107,000 sq. ft.). The Irish Times, 14th September
Dawson Street, Dublin 2 Goodbody Stockbrokers is currently undertaking the fit-out on its new 60,000 sq. ft. of offices at 12 Dawson St, Dublin 2, which has been redeveloped by Oakmount, the property development company headed by Paddy McKillen Jnr. Another McKillen company, the Press-Up hospitality group, is to open a 10,000 sq. ft. restaurant to be known as Hendersons occupying the building’s ground floor and basement next year. Knight Frank is believed to have secured a rent of c. €60 per sq. ft. for the offices. The Irish Independent, 15th September
The Temple Bar Lane, Dublin The owners of the Dublin city pub, The Temple Bar, have expanded their already-extensive interests with the purchase of the adjacent Temple Bar Lane hotel. Temple Inns Ltd, the company headed up by publicans Tom and Jackie Cleary, is understood to have paid slightly more than the €11m price MM Capital had been seeking when they offered the property for sale through JLL last February. Having acquired the then 171-bed Barnacles Hostel from the MHL Hotel Collection for €8m 2018, MM Capital went on to refurbish and reposition it as a 36-key boutique hotel. The property offers its new owners further development potential within its existing envelope, with immediate scope for the addition of eight guest rooms. The sale also included a ground-floor cafe unit on Cecilia Street. The Irish Times, 14th September
Kildare Street, Dublin City Centre Buswells Hotel is being offered to the market by Savills on behalf of the liquidators of the IBRC, KPMG, at a guide price of €22m. The 67-bedroom hotel comes for sale free from both its management agreement and brand, giving the prospective purchaser the opportunity to invest, reposition and extend the property (subject to planning permission). The Irish Times, 14th September
Howth, Co Dublin Fingal County Council has raised “significant concerns” over plans to construct a new road to serve a proposed 142-bedroom ‘destination’ hotel for Howth in north Dublin. In July, the owners of Citywest Hotel, Tetrarch Capital, lodged plans for the new hotel on the site of the former Deer Park hotel in Howth. Under Tetrarch’s plan, the existing Deer Park building is to be demolished and replaced by the new four-storey hotel. However, a Fingal County Council planner’s report has said the scale and need of the new access road for the hotel “appears excessive”. The proposed road is also the focus of objections from the local Church of Ireland, residents and the Social Democrat TD Cian O’Callaghan. The Irish Times, 16th September
Henry Street, Dubin 1 Fitzwilliam Real Estate is to lodge plans for a nine-storey, 245-bedroom hotel at Arnotts in the coming days. The hotel scheme will involve the demolition and decommissioning of the top three open air levels of Arnotts’ multi-storey car park resulting in the removal of 145 car spaces. The lodging of the plans comes 10 months after the firm sought permission for a 12-storey, 159-unit build to rent scheme on the same site at Arnotts. That involved the construction of a 12-storey over-basement element fronting Williams’ Lane; a five-storey element over Arnotts’ multi-storey car park; and a two-storey element over Arnotts’ store. That proposal also involved the removal of the top three floor levels of Arnotts’ car park. The Irish Times, 19th September
Douglas Village, Cork City Having been closed for more than a year during the Covid-19 pandemic after a fire caused an estimated €30m in damage to its car park, the newly-refurbished Douglas Village Shopping Centre is being offered to the market at a guide price of €21m (NIY 10.42%). Located in Douglas village and just 3.5km south of Cork city centre, the scheme, which extends to 230,000 sq. ft. on a 6.1-acre site, is Ireland’s second-oldest shopping centre after Stillorgan Shopping Centre, having first opened for business in 1971. Presently, Douglas Village Shopping Centre is being anchored by Tesco and Marks & Spencer. The total current rental income is €2.4m pa and the WAULT is seven years to break options and 11 years to expiry. Mark & Spencer, TK Maxx, Bank of Ireland, Eurogiant and Cork City Council contribute to 54% of the total income. The letting of the remainder of the centre’s vacant units has the potential to add between €300k and €500k pa to the scheme’s overall income. The Irish Times, 14th September
Carlow, Co Carlow Carlow’s Fairgreen Shopping Centre is on the market at a price of €22.85m. The scheme extends to 248,829 sq. ft. of retail space (including three owner-occupier anchor tenants – Tesco, Heatons and an IMC cinema) and is producing a current net rent roll of €2.36m pa (NIY 9.4%). Fairgreen Shopping Centre comprises 50 retail units including retailers such as New Look, Costa, Eurogiant, Carraig Donn, Elverys, River Island and JD Sports. The centre has 762 surface car-parking spaces offering three-hour free parking. Apart from the existing retail space, the current owners secured planning permission in 2019 for a new two-storey standalone retail unit of more than 40,000 sq. ft. with a view to securing an additional large anchor tenant in place of unit 27. The Irish Times, 14th September
Plassey, Limerick Johnson & Johnson Vision Care is to invest €100m in the expansion of its facility in Plassey, Limerick. The US multinational said that the investment will allow the company to expand the facility’s manufacturing capacity, with the installation of fully automated flexible manufacturing lines. The site in Limerick is one of the largest contact lens manufacturers facilities in the world. Construction is already underway at the site, with production expected to commence in 2024. The Business Post, 16th September
Boyne Mill, Co Louth Silveroak/Greenhills has been granted planning permission by Louth County Council to build a 236,806 sq. ft. mixed-use scheme. The project consists of a four-storey building with a digital innovation hub, co-working space, and a large two-storey restaurant; a two-storey building with five retail units and offices; a two-storey over basement building with a cultural facility and a two-storey car park; a two-storey building with another two-storey restaurant; and two five-storey buildings incorporating 64 apartment units. These are broken down into 27 one-bed units, 27 two-beds and 10 three-bed units. The renovation and adaption of the former Boyne Mill Yarn store to provide a five-storey 120-bedroom hotel with an ancillary restaurant will complete the complex. The Business Post, 17th September
Drumcondra, Dublin 3 Charthouse Business Centre off Richmond Road in Drumcondra, Dublin 3, will be auctioned on BidX1 on 29th September with a €2.5m guide price (NIY 8.19%). The subject property includes warehouse, office and retail units, but it’s better known tenants include Troubadour Rehearsal Studios, which accounts for more than 14% of the total rent. Charthouse comprises 30 units with combined floor areas of only 17,825 sq. ft. 27 units account for annual rents of €225.24k with the other three units being vacant. The Business Post, 16th September
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Drumalee, Co Cavan TWM has launched the sale of Loughtee Business Park in Drumalee, Co Cavan, which is anchored by a HSE primary healthcare centre and a Centra supermarket. The agent is guiding €5.5m for the entirety. Cavan Primary Care Centre represents c. 57% of the business park’s total revenue. The entire property extends to c. 70,568 sq. ft. on a site of c. 3.75 acres. The campus is divided into three blocks. The business park currently produces a passing income of c. €565.1k (with contracted rent of c. €636.6k) representing a NIY of 9.34% increasing to 10.53%. The WAULT on the HSE and Centra income only is 15.5 years to expiry and 13.85 years to break. The Business Post, 16th September
Midleton, Co Cork Dawn Meats’ plans to build at the Water Rock site near Midleton were approved by Cork County Council. Despite the approval, the decision can still be appealed to An Bord Pleánala and is subject to 115 conditions. The meat processor first applied for planning permission to build the mixed-use development last December. According to the application, the residential element of the plan includes a total of 434 residential units. These included apartments/duplex units in eight blocks ranging in height from three to seven storeys. The plans also included terraced and semi-detached houses ranging from two-bed to five-bed. Plans also showed Dawn Meats wants to build a three-storey research and development office and a five-storey neighbourhood centre that includes retail uses. It was also looking to develop a 90-bed nursing home and a childcare facility. The Irish Independent, 18th September
Ennis, Co Clare Glenveagh Homes has submitted an application to build 289 residential units and a crèche in Ennis, Co Clare. The development consists of 265 houses and 24 apartments. The total floor area of the proposed development is 314,284 sq. ft., and the estimated cost €55m. The Business Post, 17th September
Balbriggan, Co Dublin Kinvara Properties has submitted an application for the construction of 127 residential units consisting of 65 houses and 62 apartments at Flemington Lane in Balbriggan, Co Dublin. A crèche is included in the plan. The overall floor area of the development will measure 149,284 sq. ft. The estimated cost is €29m. The Business Post, 17th September
Sandyford, Dublin 18 Developer Zolbury is seeking planning permission to build a new scheme of 360 residential units in Blackglen, Sandyford, Dublin 18. It is planning 123 one-bed, 224 two-bed and 13 three-bed units and a crèche. The overall development would have a combined floor area of 363,206 sq. ft. at an estimated cost of €70m. The Business Post, 17th September
Navan, Co Meath Glenveagh Homes has been granted planning permission to build a €27m residential development in Navan, Co Meath. The development, on lands north of Clonmagaddan Road, will comprise a mix of detached, semi-detached and terraced units, including 24 two-bed, 73 three-bed, three four-bed houses and six one-bed, 16 two-bed and 16 three-bed apartments. A large, landscaped public open space is provided in the proposed development, including a play area for children. The scheme includes 248 car parking spaces and 108 bicycle parking spaces. The Business Post, 17th September
Sandyford, Dublin 18 Developer Atlas GP is seeking permission for a €60m development that will consist of 334 build-to-rent residential apartment units in four apartment blocks at the junction of Carmanhall Road and Blackthorn Road in Sandyford, Dublin 18. The development includes 254 one-bed and 80 two-bed units. The Business Post, 17th September
Parkside, Dublin 13 Cairn Homes has begun construction on a new €131m strategic housing development at Parkside in Dublin 13. The first building will consist of eight single storey units with own-door access beneath eight duplexes accessed via external stepped access routes. The Business Post, 17th September
Vacant Home Revamp Grant, Ireland The €50k grant for the refurbishment of vacant homes is to be extended to help tackle the housing crisis. There are at least 92k vacant buildings around the country according to Geodirectory, a company owned by An Post, but the current vacant property grant is currently only available for properties located in 500 towns and villages which have a population of over 400 people. There is €50m available for the vacant property grant, which aims to bring 2k homes back into use by 2025. Houses must be vacant for two years or more and built before 1993 to qualify. The grant is only available to people who are going to live in the home, not investors or landlords. The standard refurbishment grant will be up to €30k, but this can rise to €50k on structurally unsound and dangerous derelict houses. There is a clawback mechanism if people sell their homes, with the full €50k grant having to be repaid if there is a sale within five years, and three-quarters having to be repaid if there is a sale between five and ten years. After that, there is no clawback charge. The Business Post, 17th September
Blackrock, Co Dublin Glenveagh Homes has sold a forthcoming development in Blackrock, Co Dublin to German investment fund Union Investment. The forward purchase deal for Newtown Gardens, a 140-unit apartment scheme near the wealthy suburb’s village centre, is due to complete in Q3 2024. The type of deal means the one and two-bed apartments will not come onto the open market for owner-occupiers to buy and will instead be rented out by Union. The Irish Independent, 19th September
Douglas Street, Cork Patricks Unity Ltd has lodged plans with Cork City Council proposing the conversion of the site at 18/19 Douglas Street – formerly An Cruiscín Lán pub – into three apartments. The works involve the construction of an open courtyard within the existing building footprint and a new access gate as part of the protected stone archway to the former St John’s Market. In 2020, the council granted permission to Michael Kennefick to transform the pub into a ground-floor cafe/restaurant. Although plans for the restaurant were given the green light, they never came to fruition. The Irish Examiner, 14th September
Glanmire, Co Cork A housing body received more than 900 applications for 32 affordable-rental homes in Co Cork in a period of just two days this week. Respond housing said the “huge volume” of interest in the homes, which will be available at a rate 25% below market rents, underlines the “level of need and demand” for affordable housing. The housing body said it expected the first tenants would move into the homes, located southeast of Glanmire, by November. Applications opened last Wednesday and will close next Wednesday. The Glanmire homes, comprised of eight three-bedroom houses, eight two-bedroom houses, eight two-bedroom duplex apartments and eight one-bedroom apartments, are likely to be priced at between €840 and €1,085 per month. The tenancies will be secure as long as the tenancy agreements are upheld. Property website Daft.ie had just two properties available to rent in Glanmire, both four-bed homes seeking €2.2k and €2.8k pm respectively. The Irish Times, 16th September
Residential Portfolio, Ireland The pension fund of a British weapons dealer has sold its Irish residential portfolio to a Davy investment fund for a 15% profit less than a year after purchasing the homes. BAE Systems spent €14.4m acquiring 43 second-hand properties in Ireland in 2021 through its pension fund. According to market sources, the British weapons manufacturer sold the properties in April for €16.8m to an investment fund controlled by Davy, making a profit of €2.4m. BAE Systems made an average of €50k profit on each unit. An examination of homes purchased by the firm’s pension fund has shown that at least 33 of the 43 were acquired individually on the open market, not as part of a bundle. In many cases, the arms manufacturer paid significantly more than the going rate to secure the homes. BAE Systems originally sought to acquire the properties in order to lease them to Dublin City Council and Fingal County Council for use as social housing. It secured a preliminary agreement to lease some homes to Dublin City Council, but the deal was abandoned after the local authority said “it would not be appropriate to proceed”. The Business Post, 17th September
Goatstown, Dublin 14 Lisney is seeking offers of more than €3m (NIY 6.77%) for the Circle K filling station on Taney Road in Goatstown, Dublin 14. The investment is situated on a 0.4-acre plot and is let to Circle K from 2014. Circle K recently extended its lease to a 12-year unexpired term with no break options. The passing rent is €200k pa. The property also benefits from a roof mast that is leased on a five-year licence from 2021, providing a further €23.4k pa. This brings the overall income to €223.4k pa. The Irish Times, 14th September
Boherbue Wastewater Plant, Co Cork Galway wastewater company Glan Agua is expected to start construction imminently on the €1.5m upgrade at Boherbue Wastewater Plant in Co Cork. The project will allow for village expansion, the supply of water to 1,200 people and the construction of 20 additional housing units in the Laharan West Area. It is expected to be completed in 2024. The Business Post, 17th September
Dundalk, Co Louth Kilcawley Construction has completed the works on the new €6.8m IDA Technology Building in the Dundalk Science & Technology Park at Mullagharlin in Dundalk, Co Louth. The building extends to 34,896 sq. ft. and took c. 24 months to complete. The Business Post, 17th September
Population Projections, Ireland While supply chain and wage inflation are putting significant upward pressure on the cost of housing delivery, the zoning policies being adopted by many councils are contributing to high land values, rising house prices and spiralling rents. This is according to an opinion piece by Michael McElligott, CEO of Tetrarch Homes in the Irish Times. Every development plan in Ireland is informed by the population growth targets in the National Planning Framework (NPF) and a Housing Need and Demand Assessment prepared with guidance from the Department of Housing. According to Mr. McElligott, there is a major flaw in the data used, given that projections informing the current series of development plans are based on the 2016 census, when Ireland had a population of 4.75m people, rather than the evidence from this year’s census with the population now standing at a much larger 5.12m. Immigration in the 12 months to April 2022 was at its highest annual level in 15 years. While 60k people left the State in that period, twice that number came to Ireland. Add to that the 75k+ Ukrainian refugees that are projected to come this year and up to a further 25k refugees from elsewhere. Next year it is quite possible that the population will reach 5.3m people, a growth rate c. 80% more than that assumed under the NPF. Despite the facts on the ground, which the Department of Housing and the Office of the Planning Regulator are fully aware of, they continue with a housing policy that assumes the housing requirement will average 33k new build units for the foreseeable future. The Irish Times, 19th September
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Swords, Co Dublin The Swords Business Campus scheme, which sits on a site of 19 acres, is being offered to the market by TWM at a guide price of €50m. The office buildings on the campus extend to a gross area of 297,000 sq. ft. and the scheme is home to numerous companies and public bodies including CityJet, the CSO, the HSE and Convergys. The offices at Swords Business Campus currently produce total passing income of €3.2m, representing a NIY of 5.81% with a future reversionary yield of 8.3% based on leasing vacant units only. 42% of the current rental income is accounted for by State bodies (the CSO and HSE), while 21% of the income is derived from the healthcare and life sciences sectors. There are 804 surface car-parking spaces with planning permission for an additional 48 spaces. The Irish Times, 7th September
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Barrow Street, Dublin 4 Flexible workspace provider Glandore has selected the Bottleworks on Dublin’s Barrow Street as its latest location in the capital. Located on the site of a former glass factory in the Silicon Docks area, the property comprises 26,199 sq. ft. of fully serviced working spaces and meeting rooms arranged across five floors, a large bike storage room, showers, a wellness suite, leisure space, a cafe and external courtyards. Glandore has agreed a 20-year lease on the property. The Irish Times, 7th September
Prime Office Rents, Dublin Technology companies’ demand for Dublin offices is waning, but a new report shows finance and professional services are poised to plug any gaps that emerge. Rents for prime city centre space in the capital climbed 9% to “as high as €62.50 per sq. ft.” in the first six months of the year, according to HWBC’s Dublin Office Review for the first half of 2022. By the end of June, businesses had agreed to rent 945,000 sq. ft. of space in the capital, with a further 1,000,000 sq. ft. reserved and in various stages of “deal completion”. Despite growing future demand, the overall vacancy rate ticked up slightly to 10.6% as employers got to grips with “hybrid working”. The Irish Times, 7th September
Drogheda, Co Louth Hallscotch Ventures is offering Scotch Hall to the market through Colliers at a guide price of €21m (NIY 10.41%). The sale itself comprises 170,000 sq. ft. of retail space together with the adjoining multi-storey car parks which provide 631 car-parking spaces. The sale also comprises an incomplete block with an expired planning consent and a former distillery building. Scotch Hall Shopping Centre is anchored by an owner occupied Dunnes Stores. The centre is currently producing €2.29m in annual rental income with a WAULT of just over five years and has current average weekly footfall of 42k. The sale also includes potential development opportunities on the 3.3-acre site adjacent to the shopping centre. This land has planning permission for 275 apartments, together with additional retail accommodation and a creche. Separately, an office block located along Marsh Road has the benefit of full planning permission for 21 apartments. The Irish Times, 7th September
Bank of Ireland Branch Portfolio, Ireland French Investor Iroko ZEN has made its second investment in Ireland, paying €8.49m for a portfolio of five buildings let and occupied as branch premises by BOI. The properties are located in Enniscorthy, Longford, Mallow, Roscrea and Loughrea respectively and are generating total annual rental income of €798k. The purchase price provides Iroko ZEN with a NIY of 8.5%. The sale of the portfolio was brokered by BNP Paribas Real Estate Ireland on behalf of joint vendors Signal Capital Partners and Ardú Capital. The portfolio included six assets in total let to The Governor & Company of the BOI and fully occupied on 25-year FRI leases expiring in 2032. Iroko ZEN acquired five of the assets while a private Irish investor purchased a single investment comprising the BOI branch building at Emily Square in Athy, Co Kildare. The Irish Times, 7th September
Grafton Street, Dublin 2 The British fashion retailer Mulberry is opening a standalone store off Grafton Street in Dublin. The company, which is best known for its pricey handbags and accessories, has signed a lease on 24 Duke Street in the capital. The three-storey building has been let to Dr Martens since 2017 but the footwear company is relocating to 83 Grafton Street. It will be Mulberry’s first standalone shop in the capital, though it has a concession at Brown Thomas and a unit at Kildare Village. The Sunday Times, 11th September
Tralee, Co Kerry Agent McQuinn Consulting is selling the Phoenix Building, two-thirds occupied, with c. €100k pa in income from two tenants, Coffee Start on a 15-year lease from 2022 at €38k pa, and CEX on a 10-year lease from 2014 paying €60k pa. There is also a three-storey unit, the largest of the trio, vacated by Elverys, totalling 4,500 sq. ft. and with 1,290 sq. ft. at ground. It is available currently to let, quoting €60k pa. Totalling over 7,000 sq. ft., the property is set on The Mall in the town centre. The Irish Examiner, 8th September
Temple Bar, Dublin 2 The owners of the seafood restaurant Fish Shack have acquired the Bad Ass Cafe in Dublin’s Temple Bar Dublin 2. Situated on the corner of Temple Bar Square and Crown Alley, the property’s leasehold interest was offered for sale by CBRE last December at a guide price of €1.3m on behalf of Benqueues Limited. According to market sources, the cafe’s new owners are understood to have paid c. €2m to secure ownership of the premises. The Irish Times, 7th September
Merrion Hotel, Dublin The five-star Merrion Hotel reported a €649.7k loss in 2021, according to accounts filed with the CRO. Revenues fell to €9.9m in the period, which ended October 31, 2021 – a significant drop on the €17.5m in 2020. The firm earned revenues of €25.6m in 2019 and €44m in 2018. The dramatic decline in turnover was partly explained by the fact that in 2020, Hotel Merrion made €6.3m in apartment sales at the city centre site. Revenues from accommodation fell further in 2021, with accounts showing it has plummeted from €15.8m in 2019 to €4.5m last year. The company made €4.4m in food and beverage sales, with the remainder of its turnover coming from rental income and its leisure centre. At the end of the year, Hotel Merrion was left with accumulated losses of €10.7m, a slightly worse position than at the end of 2020. The business was sitting on a cash pile of €2.2m, a fall on the €2.6m cash reserves it held the previous year. The Business Post, 9th September
Howth, Co Dublin The local Church of Ireland in Howth, Co Dublin, is one of a number of parties to lodge objections against plans for a new 142-bedroom “destination” hotel for the area. In July, Tetrarch Capital lodged plans for the new hotel on the site of the former Deer Park hotel in Howth. Tetrarch already owns the Citywest Hotel in Dublin. The hotel plan includes a rooftop restaurant, bar and terrace, a spa, fitness centre and swimming pool. The existing Deer Park building would be demolished and replaced by the new four-storey hotel. The Irish Times, 7th September
Cobh, Co Cork A bar and restaurant in Cobh is up for sale with a guide price of €5m. The recently extended, newly-refurbished The Quays has the unique advantage of a private commercial pontoon and outdoor seating, built out over the harbour, following an ambitious extension and refurbishment project in 2019, which the owner said cost c. €1m. The property, at 17 Westbourne Place, includes a bar and indoor restaurant, an adjoining canopied seating area with retractable roof and walls, an outdoor seating area and BBQ facilities right over the harbour. The entire property is across 0.02 acres, while the indoor restaurant/bar extends to 1,162 sq. ft. The property was initially bought for €800k 18 years ago. The Irish Examiner, 8th September
Emergency Homeless Acommodation, Ireland Dublin city council has paid one hotel group more than €34m in four years for emergency homeless accommodation. Dalata Hotel Group, Ireland’s largest hotel operator, which owns the Clayton and Maldron hotels, was paid c. €34.5m between 2018 to last year, peaking in 2019 at €12.9m. Homeless accommodation cost the government €270.9m in 2020. Dublin city council said that commercial hotels were “a last resort” and were used only to address shortages in emergency accommodation. Emergency accommodation has been required to meet housing needs partly due to the slow pace of social housing construction. In 2020, 6,387 new social homes were either built or acquired — 34% short of the 8,536 target set by the Department of Housing. The overall target for 2020 was to provide 27,517 “social housing solutions”. Instead, 24,625 were provided, 11% shy of the target. The Sunday Times, 11th September
Swords, Co Dublin M7 Real Estate has purchased Swords Enterprise Park in north Dublin. According to market sources, the price paid is understood to have been slightly less than the €11.5m which had been sought for the scheme when it was offered to the market in November last year by Harvey. M7′s Irish subsidiary M7 Ireland has secured ownership of the 79,000 sq. ft. scheme comprising 61 industrial/office units arranged over eight blocks. At the time of being offered to the market, the occupancy level at Swords Enterprise Park stood at 93% with rents coming in below market levels. Rental income from the asset was sitting at c. €916.5k pa (NIY 8.13%) when it went sale agreed in February. The Irish Times, 7th September
Mountpark Baldonnel Scheme, Dublin 22 Industrial and logistics property development specialists Mountpark has begun construction on the final phase of its Mountpark Baldonnel scheme. The development will provide an additional 169,576 sq. ft. of warehouse and logistics accommodation to the Dublin market. Scheduled for completion in April 2023, units F and G will extend to 72,646 sq. ft. and 96,930 sq. ft. respectively. The development of the units represents a further €47m investment by Mountpark and brings its overall investment in Baldonnel to more than €300m. The Dublin 22 scheme will extend to 1,386,189 sq. ft. across seven units once units F and G are delivered. The largest of these measures 654,000 sq. ft. and was pre-let prior to its construction to online retail giant Amazon for use as its new e-fulfilment centre. The Irish Times, 7th September
Quantum Logistics Park, North Dublin Irish property group IPUT Real Estate has secured a significant coup with global logistics operator Maersk by signing for a total of 252,000 sq. ft. of space at its latest logistics scheme in Dublin. The completion of this deal brings all 549,524 sq. ft. at the north Dublin scheme to full occupancy in advance of its ultimate completion in the second quarter of 2023. In the case of Maersk’s facility in unit 4, IPUT is set to deliver Ireland’s first net-zero carbon logistics building. The Irish Times, 12th September
Greenhills Road, South Dublin Joint agents Colliers and Cushman & Wakefield are guiding a price of €7.5m for the showroom facility of one of Dublin’s main Fiat car dealerships. Located on a corner site on Greenhills Road in Tallaght, the Agnelli Motor Park premises and its site offer the purchaser an opportunity to secure a ready-to-go showroom facility with future potential for redevelopment. The site is zoned “Regen” under the South Dublin County Development Plan which should allow for a residential development in principle. The Greenhills Road property comprises three buildings extending to a total area of 47,143 sq. ft. on a 2.25-acre site. The main car showroom area measures 27,674 sq. ft. There are two separate vacant warehouse areas on the northern elevation of the property. Warehouse one extends to 4,504 sq. ft., while warehouse two extends to 15,227 sq. ft. The Irish Times, 7th September
Cork Street, Dublin 8 Owen Reilly has brought a prime investment opportunity to market for sale in the guise of Saoirse House, a block of five brand new apartments and a ground floor commercial unit on 82/83 Cork Street in Dublin 8. The agent is guiding €2.2m for the entire. However, there is an option to buy the apartments only. The A3-rated scheme comprises two one-bedroom apartments at just under 645 sq. ft. each, a two-bedroom duplex of 780 sq. ft., a three-bedroom apartment offering 1,104 sq. ft., and a two-bedroom penthouse spanning 946 sq. ft. The gross internal floor area of the apartments is 4,122 sq. ft. The agent believes the scheme could generate a rent of €136.2k pa. The commercial unit, which extends to 1,033 sq. ft., has been let on a new 15-year lease at €20k pa. The Business Post, 9th September
Cairn Homes Half-Year Performance Cairn Homes has reported an operating profit of €36m for the first six months of this year, its strongest ever half-year performance. The company reported revenues of €240.4m, up 84% YoY, according to its interim results published last week. During the six-month period to the end of June, Cairn said it closed the sale of 547 new homes. Cairn said it achieved a 21.5% gross margin in the first half of this year, and it expects to maintain that level for the full year having absorbed expected total build cost inflation for this financial year of 7 – 8% (€17.5k – €20k per unit) across infrastructure, labour and building materials. Despite the sharp rise in build-cost inflation, the company said it has maintained its average starter home sales price at €330k, up slightly from €327k in the first half of 2021. The Business Post, 8th September
Naas, Co Kildare The developer DRES Properties is close to signing a €70m deal to buy the landmark Mercedes-Benz site on Naas Road in Dublin, which is owned by the O’Flaherty family. Property sources say if the deal for the 15-acre site goes ahead, c. 2,000 homes could be built in an €800m development. It is thought that Sisk Group, the largest construction company in Ireland, is also involved in the purchase of the land. While the property does not have planning permission for residential homes, a submission on behalf of Motor Distributors to Dublin City Council earlier this year asked the local authority to relax height restrictions on the site. The Sunday Times, 11th September
BNP Paribas Report, Ireland According to the latest BNP Paribas report, c. 28,000 new homes are expected to be built in the Republic this year. This would be the highest level of housing output seen in Ireland since before the financial crash and more than a third up on last year’s total of 20,433 units. The latest BNP Paribas Real Estate Ireland Construction PMI, however, warned that the positive trend in housing output needed to continue to cover “the sharp re-acceleration in population growth”. The bank’s latest barometer indicated that activity in the Irish housing sector declined for a third straight month in August as new orders fell sharply and inflationary pressures remained pronounced. Still, the decline in overall activity “was less marked than in July” with the seasonally adjusted total activity index rising to 46.9 from 41.8 previous month. A reading below 50 signals a contraction in activity. The Irish Times, 12th September
Blackrock, Co Dublin Dun Laoghaire Rathdown County Council has recommended that contentious plans for a new €50m build-to-rent ‘senior living’ apartment scheme for Blackrock, Co Dublin be refused planning permission. In July, Tetrarch Residential — part of the group that owns the Citywest Hotel — lodged fast-track plans with An Bord Pleanála for a new 108-unit build-to-rent seven-storey apartment scheme on lands overlooking Blackrock RFC on Stradbrook Road in south Dublin. The site was sold by the club last year. However, the appeals board has received 80 third-party submissions on the scheme, with the vast bulk of these objections from locals to the scheme. The Irish Times, 9th September
Property Service Providers, Ireland The number of complaints made against property service providers increased by more than a third last year, according to a new report. On Friday, the Property Services Regulatory Authority, which supervises and regulates auctioneers, estate agents, letting agents and management agents, published its 2021 annual report. According to the report, 255 complaints were received by the authority last year, an increase of 36.36% on the 187 lodged in 2020. The Irish Times, 9th September
Planning Permission Statistics, Ireland Planning permission was granted for 11,374 new homes in the second quarter of this year, 2% up on the same period last year, suggesting the pick-up in residential construction is continuing despite the price squeeze. Of the total, 39.8% (4,532) were for houses and 60.2% (6,842) were for apartments. The number of houses granted planning permission grew by c. 17% on an annual basis to 4,532 units, while in contrast, there was a decline of c. 6% in apartment approvals to 6,842 units. Dublin accounted for the majority of apartment planning permission approvals with 69.5% of the total. During the same period, the Border region (Donegal, Sligo, Leitrim, Monaghan and Cavan) recorded the lowest number of apartments granted planning permission at 26. The figures show there was an annual rise of more than 28% in the number of multi-development houses receiving planning permission, compared with a 3% increase in one-off houses. The Irish Times, 9th September
Killarney, Co Kerry Plans for a major housing development in Killarney, Co Kerry have been blocked. An Bord Pleanála has turned down proposals to build 228 residential units (76 houses and 152 apartments) on lands at the Port Road and St Margaret’s Road in Killarney. Portal Asset Holdings Limited had lodged the plans directly to the board under the fast-track planning process. The Irish Examiner, 7th September
Housebuilding Rate, Ireland The Society of Chartered Surveyors Ireland (SCSI) said in a pre-budget submission that new housing supply will need to increase by 8% every year until 2030 if the Government’s previously announced ‘Housing for All’ targets are to be met. That would see the number of houses built each year rise from the estimated 24,500 that will be built this year to 45,000 units pa by the end of the decade. The ‘Housing for All’ target was 33,000 units a year. The survey found that the key reasons landlords were exiting the market were that rental legislation was too complex and restrictive. The emergence of landlords from negative equity and low net rental returns were also pushing them to sell up. It is estimated that 20,000 landlords have exited the market since 2016. This could mean 40,000 rental properties taken off the market. By contrast, research by the Residential Tenancies Board indicated that large landlords with more than 100 tenancies were planning to expand their portfolios. The Irish Independent, 11th September
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Sandyford, Dublin 18 Having only recently secured Cubic Telecom as tenant for c. 40% of the office space at the Hive in Sandyford, Dublin, US investor Colony Capital has placed the property on the market with agent HWBC at a guide price of €34.4m. Located 500m from the Luas Green line stop at Sandyford, the subject property briefly comprises 70,000 sq. ft. of office accommodation distributed across four floors. The Hive’s tenant base currently includes Cubic Telecom who have agreed to occupy 30,000 sq. ft. and NTR Plc which has agreed to occupy 10,000 sq. ft. for use as its new headquarters. Additional space at the Hive is currently under offer to an as-yet unidentified party for use as their respective headquarters. The Irish Times, 31st August
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Citywest Campus, Dublin Having developed and let c. 220,000 sq. ft. of offices at the Waterside in Dublin’s Citywest Business Campus between 2009 and 2016, Iput and Davy Real Estate have decided to cash in on their respective interests in the scheme. The portfolio, which is guiding at a price of €71.5m through Savills, offers the prospective purchaser a NIY of 7.3% along with the opportunity to develop a further 180,100 sq. ft. of grade A office space. The Waterside scheme currently comprises a total of 219,281 sq. ft. of offices arranged across five blocks, with 973 car parking spaces at basement and surface level. The portfolio is currently 92% occupied and has a WAULT to break and expiry of four years and 10 years respectively. The tenant mix, which includes SAP, Fidelity, Glanbia and Astellas Pharma, is producing a rent roll of c. €5.75m pa, with 82% of this annual income coming from SAP and Fidelity. The Irish Times, 31st August
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Dublin City Centre Citigroup is poised to finalise a €100m deal for its new European headquarters in Dublin. The US banking giant has been searching for a 300,000 sq. ft. office in the Dublin Docklands in the past few months, tapping Knight Frank to lead the hunt. Citi has selected a site jointly owned by Ronan Group and Fortress Investment Group for the new headquarters. The bank has the right of first refusal on an additional 130,000 sq. ft. on the same site, should it want to expand. The new site is larger by c. 33% than Citi’s current 230,000 sq. ft. Dublin office at 1 North Wall Quay, which is now on the market for €120m. React News, 6th September
Chancery Lane, Dublin City Centre A prime Dublin city centre office block bought in 2017 for €23.8m from Hibernia Reit has seen its value cut to €22.2m by its current owners. The purchaser – a fund controlled by Credit Suisse – also incurred c. €1m in fees buying the building at 3-10 Chancery Lane in the capital. The acquisition was backed with a €15.4m loan from AIB (2.45% fixed interest rate) which matures in December this year. It features 35,000 sq. ft. of offices and four two-bedroom apartments. The purchase in 2017 reflected a blended initial yield of 5.9% and a capital value of €645 per sq. ft., according to Hibernia Reit at the time. The building’s commercial occupiers include the Office of the Attorney General, tech firm Analytic Partners and others. Accounts published in Luxembourg for the company that bought the building in 2017 show that at the end of 2021, the property was 100% rented and the offices were generating total annual income of €1.4m last year. The apartments are generating rents of just under €72k a year, compared with just over €90k in 2020. The Irish Independent, 6th September
Grafton Street, Dublin City Centre Ecco is to set up shop in the former premises of Carphone Warehouse. The deal will see the retailer occupy the ground floor and basement of No. 30 Grafton Street by way of a sub-lease for the remainder of Carphone Warehouse’s lease agreement which expires in 2028. According to market sources, Ecco has agreed to pay a rent of c. €260k pa for the 1,600 sq. ft. space. The upper floors of No. 30 have been sub-let separately. Although Ecco’s new rent is c. €50k more than the €210k it had been paying for its original Grafton Street shop, its new premises are larger. The payment agreed for No. 30 is also less than the sum Ecco claimed Irish Life had been seeking as part of the rent review for its former premises in 2020. The Irish Times, 31st August
O’Connell Street, Dublin 1 Savills has been instructed to sell a retail/healthcare investment located next door to the Clerys Quarter on O’Connell Street in Dublin 1 for €3.5m. The entire property is leased to Xenon Dental Services trading as Smiles Dental. It is held on a 35-year FRI lease from April 26th, 2006 subject to an upward only passing rent of €160k pa exclusive and no break clause. The entire property extends to 4,666 sq. ft. and comprises a mid-terrace five-storey over basement Edwardian building providing dental service accommodation at ground level with offices and ancillary accommodation overhead and at basement level. The Business Post, 2nd September
Henry Street, Dublin 1 Holland & Barrett, one of Europe’s largest health and wellness retailers, has invested €5m over the past 12 months on new store openings, relocations and refits across Ireland. The retailer is preparing to open a new flagship store on Henry Street. The new Henry Street flagship store will offer a range of health foods, vitamins and supplements, sports nutrition and natural beauty products. The Irish Independent, 4th September
St Patrick Street, Cork The new 5,000 sq. ft. Eason store is due to open next week at 35-36 St Patrick Street. With The North Face and Dune secured, Eason almost ready to go, and building facades restored, an entire block of St Patrick Street — where No. 37 is occupied by jewellery store Pandora — now looks to have a much more secure future, with all the ground-floor units filled or with a commitment to be filled. The North Face deal signed just this week will see retail on the ground and first floors of No. 39, with storage and offices on the second floor, while the third floor will be unused in the short term. Annual rent is at a level less than the €275k pa originally quoted. Meanwhile fashion retailer Flannel, part of the UK-based Fraser Group, is set to move into the old Eason store, a 22,000 sq. ft. property bought in 2020 by Sports Direct International/House of Fraser owner Mike Ashley, for a reported €6.5m. The Irish Examiner, 1st September
Howth, Co Dublin After four generations of being owned and operated by the Tobin family, the landmark Abbey Tavern in the seaside village of Howth, Co Dublin, is being offered to the market at a guide price of €1.75m by Bagnall Doyle MacMahon. The subject property is part two-storey/part three-storey interconnecting traditional stone-clad buildings, extends to a total area of 8,374 sq. ft., and comprises a traditional bar, restaurant and entertainment venue. The Irish Times, 31st August
Dalata, Ireland Dalata has “no interest” in buying older hotels as it continues its expansion plans, the company has said. The firm’s portfolio, which operates under the Maldron and Clayton brands, currently comprises 49 hotels with 10,650 rooms and a pipeline of over 1,400 bedrooms. Announcing interim results last week, the group reported profit before tax of €52m for the first half of 2022, up from €37.8m from the corresponding period in 2019, before the company’s performance was badly affected by the Covid-19 pandemic. Revenue for the first six months to 30th June 2022 was €220.2m, up from €201.9m in the same period in 2019. The company said it was operating at 69.8% occupancy for the first half of this year. The group’s average room rate was €126.90 for the period. The Business Post, 3rd September
O’Connell Street, Dublin 1 Whitbread plc, the owner of the Premier Inn chain of hotels, has purchased the hotel site at the back of Clerys on O’Connell Street in Dublin for €20m. The off-market deal is thought to be one of the most expensive hotel site sales in the capital since before the pandemic. The plot, which is owned by Europa Capital, Derek McGrath’s Core Capital and Paddy McKillen Jr’s Oakmount, has been given planning permission for a 213-bedroom, seven-storey hotel. The Sunday Times, 4th September
Ring of Kerry The Singaporean owners of five-star hotel Sheen Falls Lodge in Co Kerry, Dr. Stanley Quek and Peng Loh, have acquired the Ring of Kerry Golf Club. According to the owners, the price paid was in the single digits, and less than €5m. The course was not placed on the open market, and it is understood it was offered for sale to the Sheen Falls owners, who last year acquired Castlemartyr Resort in Cork for €20m. Located above Kenmare Bay, the Ring of Kerry Golf Club is set in 121.5 acres. The Irish Independent, 4th September
Mervue Business and Technology Park, Galway French investor Corum Asset Management has purchased units 20-29 at Mervue Business & Technology Park in Galway for €19.4m. The Galway property acquired by Corum extends across a total area of 160,000 sq. ft. on a site of 7.09 acres and comprises one manufacturing unit leased to HID Global Ireland Teoranta and one office unit, leased to Avaya International Sales Limited. The HID premises underwent an extensive modification/rebuild programme in 2020/2021, while the Avaya premises saw recent capital expenditure of $1.7m. HID, whose lease commenced in November 2019, took possession of the property in the final quarter of 2021, following practical completion of the first phases of the works. It signed up to a 25-year-lease, with a tenant-break option in 2034, equating to a conservative €8.00 per sq. ft. Avaya’s lease, meanwhile, is set to run for a further four years and four months, with a rent review in December this year. This is expected to see a strong reversionary rent being realised, given the building’s current level of just €11.57 per sq. ft. The Irish Times, 31st August
Newbridge, Co Kildare Jordan Auctioneers has brought to the letting market a large, detached distribution/warehouse facility extending to 25,112 sq. ft. on an exclusive site extending to 2.17 acres on the Athgarvan Road in Newbridge, Co Kildare. The property, formerly Cox’s Cash & Carry unit, occupies a high-profile location adjoining Newbridge town centre. Internally, the property mainly provides open plan warehouse space. A tarmac surfaced yard at the front and rear of the building provides for 50 car parking spaces. The property is to let with Jordan’s, quoting €200k pa. The Business Post, 2nd September
Student Accommodation Supply, Ireland The supply of new student accommodation is slowing down just as an increased number of students wait for college offers this year, according to Cushman & Wakefield. Just 600 bed spaces will be built this year, the estate agents say. That’s less than half the 1,350 built last year and just over a quarter of the rooms made available in 2018 and 2019. The total stock of purpose-built student accommodation in Dublin as of June this year was 18,700 bed spaces. That is expected to rise just 3% this year, 1% next year and 4% in 2024. This compares with increases of 14-20% between 2017 and 2019 the estate agents said. While there are c. 10,000 bed spaces in the pipeline, just 6,700 units have planning permission granted. The Irish Times, 4th September
Ringsend, Dublin 4 A school principal of a primary girls’ school in Ringsend, Dublin 4 has raised child protection concerns over a seven-storey build-to-rent scheme for seniors adjacent to the school. A statement lodged by the applicant’s planning consultants, Tom Phillips & Associates, said that the Glencarra Ringsend Ltd scheme would provide accommodation for 30 professionally managed social homes for senior citizens on Dublin City Council’s housing list. The Irish Times, 1st September
Portlaoise, Co Laois Jordan Auctioneers has just released to the market development land on the Dublin Road in Portlaoise, Co Laois, which is zoned ‘New Residential’ and is likely to draw strong interest from local developers and investors. The plot of land extends to c. 13.25 acres. The auctioneer is quoting a figure of c. €2.85m (€215k per acre). A pre-connection response from Irish Water (June 2021) indicates capacity for the development of the lands. The property is zoned ‘Residential 2’ – New Proposed Residential in the Portlaoise Local Area Plan 2018-2024. Tenders are to be submitted Friday, October 14th. The Business Post, 2nd September
Raheny, Dublin 5 German investor DWS has exchanged contracts to buy a residential scheme in Dublin from Earlsfort Group for one of its institutional real estate funds. The development, dubbed Station Road, is near Raheny Dart Station and Dublin city centre. It will create 105 modern and affordable homes with a total lettable area of c. 75,300 sq. ft., including 51 one-bed flats and 54 two-bed flats, all of which will have balconies. There will also be 55 partially electrified underground parking spaces, which can be fully converted later. Station Road is scheduled to complete by the end of 2024. React News, 1st September
Raheny, Dublin 5 Pat Crean’s Marlet Group is looking to build 580 houses and a nursing home in Raheny, North Dublin. The plans envisage 580 apartments and a 100-bed nursing home on a 16.5-acre site to the east of St Paul’s College at Sybil Hill in Raheny, Dublin 5. The project consists of 272 one-bed units, 15 two-bed, three-person units, 233 two-bed, four-person units and 60 three-bed units. It will also include 520 car-parking spaces and 1,574 bicycle spaces. The 100-bed nursing home will be a four-storey building set against a courtyard, with a further 7.16 acres set aside as open space. Last year the high court rejected Marlet’s plans for 657 homes on the site. The latest proposal would come under the new Large Scale Residential Development (LSRD) scheme. React News, 6th September
Sewage Plant, Greater Dublin Area An Bord Pleanála’s decision on a €500m regional sewage plant, described by Irish Water as “vital” to the development of Dublin, will be delayed into next year, two years after the High Court ordered the board to issue a new ruling on the facility. The board has effectively reopened the case despite being told by the courts that it was due to its planning error, and no fault of Irish Water, that the original planning permission had to be quashed. The board has asked Irish Water to resubmit significant parts of its application for the Clonshaugh wastewater treatment plant by the end of February 2023 due to “the passage of time” since the original application was submitted. The plant, at a site east of Dublin Airport, has been designed to treat the waste of 500k people across the Greater Dublin Area. The Irish Times, 3rd September
Abbotstown, North Co Dublin Sport Ireland is to make the National Indoor Athletics Training Centre at Abbotstown in north Co Dublin available for use as emergency housing for refugees. The Athletics Training Centre, part of the National Indoor Arena, is State-owned and contains permanent shower and recreational facilities. Sport Ireland said the Blanchardstown training centre would be used for six weeks, during which time there would be some disruption to sporting bodies scheduled to use the facility. The decision to hand over the centre came after a request from the Government. The Irish Times, 2nd September
Newbridge and Rathangan, Co Kildare Local residents have raised concerns about plans for two sets of modular homes in Co Kildare for Ukrainians fleeing the war. Locations in Dublin, Cork, Kildare and Cavan were selected in July for an initial tranche of modular homes for housing refugees. A total of 60 emergency housing units have been proposed for Newbridge and Rathangan. Many of the c. 50k arrivals from Ukraine have been housed in hotels or emergency facilities identified by local authorities, and a priority now is to deliver longer-term solutions such as modular homes. 5k beds in student accommodation are due to be returned when third-level institutions need them back. Under existing plans, it is envisaged that up to 200 units will be delivered over November and December this year, with 300 more by the end of February 2023. The Irish Times, 1st September
Tullamore, Co Offaly A project to upgrade the centre of an Irish town is set to go over budget by at least €1.4m. The public enhancement works in Tullamore in Co Offaly included a new 17m long pedestrian footbridge over the Tullamore River, street paving and the undergrounding of telephone and electrical cables. It was due to cost €3.2m but it is now going to cost at least €1.4m more, bringing the final cost to an estimated €4.6m. The work started in November 2019 and was completed in July 2020. The extra costs were caused by an increase in the scope of the project and the cost of dealing with “unforeseen conditions and requirements”, according to a new report by the local government audit service. The Business Post, 3rd September
Forward Funding Model, Ireland In Ireland, investment funds have typically entered “forward purchase” agreements with developers to buy residential developments upon completion. New data from Sherry FitzGerald has shown a different “forward funding” model has become more prevalent, which involves institutional funds bankrolling the construction of housing. In 2021, large property funds invested more than €1.7bn in Ireland’s residential sector, according to Sherry FitzGerald. Of this c. €1.3bn was invested through forward funding agreements to pay for the development of residential schemes. Last year, a memo compiled by Department of Finance officials, said that if institutional investors were “forward funding” residential development, they could avoid stamp duty charges on residential blocks because the property never technically changes hands. To discourage institutional funds from bulk purchasing houses, a new stamp duty rate of 10% was introduced for any fund that bought more than ten houses in a 12-month period. The document added that under a different “forward purchase” agreement, whereby an institutional landlord commits to buying a development but doesn’t fund its construction, stamp duty is charged on that sale. The Business Post, 3rd September
Midleton, Cork The company behind Jameson and Powers has announced a €250m investment in a new distillery on a 55-acre site adjacent to its Midleton, Co Cork, facility. Once fully operational in 2025, the site will distil pot still and grain whiskey with grain intake, incorporating brewing, fermentation, and distillation facilities. The Pernod Ricard-owned drinks-maker said it will submit a planning application to Cork County Council by the end of the year with construction due to start in 2023 subject to approval. The Irish Times, 5th September
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Johnston Court Shopping Centre, Sligo A shopping centre in the heart of Sligo town has been put on the market by agent Cushman & Wakefield guiding €5.7 million. Constructed in 2007, Johnston Court Shopping Centre is a modern shopping centre situated in the heart of Sligo town centre. With average pre-Covid-19 footfall of about 2.2 million, it is home to a host of well-known retailers including Boots, Elverys, Holland & Barrett, EuroGiant and H Samuel. Twenty-two units at the centre have come to market guiding €5.7 million, in a sale that provides majority ownership of one of the primary shopping offerings in Sligo town. The centre produces an annual net operating income of €669,983, with more than 89% of this income secured against a host of well-known national and international retailers, reflecting a net initial yield of 10.7%, assuming standard purchaser costs of 9.96%. The weighted average unexpired lease term is in excess of 8.7 years. The Irish Times, 22nd September
Mount Street, Dublin 2 Property investor Hibernia Reit has acquired famed Dublin pub Scruffy Murphy’s off Mount Street Lower, in a deal understood to be worth about €2 million. It is not clear what plans Hibernia Reit, which also owns several buildings at nearby Clanwilliam Court, may have for the Scruffy Murphy’s site, but it may target a residential build to rent scheme. Before the pub was acquired by Hibernia Reit, owner Tim O’Connor had plans to knock Scruffy Murphy’s down and replace it with a 36-bed aparthotel above a ground-floor restaurant, bar or cafe. However, this was later blocked by An Bord Pleanála for several reasons, including the negative effect it would have on local residents. The market for pubs, despite Covid-19 restrictions which saw pubs open only in a limited capacity over the past 20 months or so, appears to remain strong – at least in sought-after locations. The Irish Times, 22nd September
Baggot Street, Dublin 4 Property specialists Bagnall Doyle MacMahon last week confirmed that the landmark Wellington pub on Baggot Street Bridge in Dublin 4 has been sold in an off-market transaction for a price in the region of €2.3 million. Pivotally located overlooking the Grand Canal at the intersection of Baggot Street Upper and Mespil Road/Haddington Road, the Wellington occupies a prime corner trading position in this busy office and residential area. The property has been sold by John and Monica Gibney for a price in the region of €2.3 million to new pub group Dunmore, led by John Given. Given plans to conduct a modest refurbishment to exploit the prime trading location of the property. The Business Post, 26th September
Ringaskiddy, Co Cork Fresh to market at a €1.2m guide is the Castlewarren Safety Centre, a purpose-built campus with HQ building and training centre on 1.67 acres used by the fire safety training company Cantwell & Keogh situated in Ringaskiddy. Cohalan Downing says the modern property is adaptable, comprising a main HQ-style office block of 4,500 sq. ft, which is two-storey. There is also a 5,000 sq. ft building for fire training, which includes a reproduction three-storey house and ship deck, bulkhead, and ship-to-shore structures. The site, zoned for industry, has further development scope (subject to the necessary approvals), is close to a raft of pharma plants, while the surrounding land is part of the IDA’s strategic land bank, actively marketed to overseas investment. The Irish Examiner, 24th September
Hanover Quay, South Dublin Airbnb’s European headquarters, located at the junction of Hanover Quay and Benson Street in Dublin’s south docklands, will be brought to the market later this week on behalf of a fund managed by BNP Paribas Real Estate Investment Managers (BNP Paribas REIM) at a guide price of €41.5 million. The sale by joint agents BNP Paribas Real Estate and Savills offers the prospective purchaser the opportunity to secure immediate rental income backed by a strong tenant covenant and an attractive net initial yield of 3.73%. The subject property comprises 3,747 sq. m (40,343 sq. ft) of grade-A office accommodation. Number 8 Hanover Quay is let in its entirety to Airbnb Ireland Limited under a full repairing and insuring lease with a full parent company guarantee in place from Airbnb Inc. The next break option in Airbnb’s lease at 8 Hanover Quay is in March 2030, giving the property an attractive term certain of 8½ years, and a weighted average unexpired lease term of 14½ years with the expiry in 2036. The property’s current passing rent of €1.7 million (€454 per sq. m/€42 per sq. ft) offers the buyer a highly reversionary investment proposition within the context of the current Dublin market, where prime offices within the central business district continue to command rents of between €55 and €60 per sq. ft. The next rent review (open market) is due to take place in March 2026. The Irish Times, 22nd September
Molesworth Street, Dublin 2 Agent Mason Owen & Lyons is seeking in excess of €12.5 million for numbers 34 and 35 on Dublin’s Molesworth Street. The two adjoining properties comprise a modern and period building, which extend to almost 14,000 sq. ft with eight surface car-parking spaces. The properties are currently occupied by tenants including the Kingdom of Spain, Miley & Miley Solicitors, and AGFIA Ltd, with an annual rent roll of over €380,000. According to Mason Owen & Lyons, there is scope to enhance the rent by refurbishing and letting the vacant space in number 34. The Norwegian Embassy recently vacated the ground and first floors, and the second floor is also vacant, presenting the chance for a new owner to increase the rent roll to almost €650,000 per annum. Moreover, the property contains the last remaining surface car park on Molesworth Street, which could also be used to extend the existing office footprint. In addition, the two-storey rear section of number 35 could be redeveloped to increase the square footage, subject to obtaining the necessary planning permission. The Irish Times, 22nd September
Merchants Quay, Dublin 8 An office building with a waterside view in Dublin 8 is being brought to the market seeking €23.5 million. Marshalsea, on Merchants Quay, extends to 43,335 sq. ft over ground and four upper floors, and includes 70 car-parking spaces in the adjoining multi-storey car park, accessed from Cook Street. It sits across the River Liffey from the Four Courts and benefits from 27.5m of river frontage. The building is multi-let to nine tenants with over five years weighted unexpired lease term, while the annual rent roll in Marshalsea is €1.45 million, indicating a net initial yield of 5.59%, after standard purchasers’ costs, and a price per square foot of €542. More than half of the income comes from a lease to BDO (sub-let to the HSE) with 6.3 years left to expiry, and subject to an upward only rent review in January 2022. The average passing rent in the building is €31.10 per sq. ft (excluding car parking). The building is now 100% occupied with about 70% of the floor area occupied by State-backed/NGO organisations. The building has potential for further redevelopment with a feasibility study conducted to add two floors to the building bringing the total area to 64,659 sq. ft. The Irish Times, 22nd September
Fitzwilliam Square, Dublin 2 A Georgian townhouse at 43 Fitzwilliam Square is guiding €3.75 million. The redbrick is currently let in its entirety to Iconic Offices on a 15-year lease from 1st July, 2015 at a passing rent of €172,208 per annum. The asking price reflects a gross yield of about 4.5% for an incoming investor. However, there is a mutual landlord and tenant break option on June 30, 2022 which opens the potential for those interested in conversions back to residential use. Also, No. 43 comes with a 125-foot (38-metre) west-facing rear garden, opening itself up to the possibility of development (subject to the relevant planning permission) into a mews house without the limitations of working around a listed coach-house. The Business Post, 26th September
Harcourt Street, Dublin 2 Dublin City Council has given the green light to US property giant, Kennedy Wilson, to construct a new office campus at St Stephen’s Green with capacity for 3,000 office workers. The offices at Stokes Place at the junction of Stephen’s Green South and Harcourt Street are currently the Dublin headquarters of KPMG. Kennedy Wilson initially lodged plans to demolish the existing five to seven storey block and replace it with a four to eight storey building with 32,101 sq. m of office space. However, after neighbouring law firm, Byrne Wallace and others objected and the city council raised concerns, Kennedy Wilson has reduced the height to seven floors and made other revisions to reduce the scale of the scheme. The Irish Times, 24th September
Clongriffin, Dublin 13 Irish property developer Twinlite and its joint venture partner Tristan Capital Partners have hired real estate agent CBRE to sell two build-to-rent apartment schemes in Clongriffin, north Dublin, which have more than 650 units either built and occupied, or under construction. The price tag is expected to be €300 million plus, with strong interest from pension funds and other property investors expected given the strength of the Irish rental market. The two high-end rental schemes comprise One Three North, which has 376 apartments that were delivered in 2020 in three blocks, and which were all leased digitally on Twinlite’s Vesta platform. Two Three North is due for completion in November although Covid-related delays this year could push this deadline back. It will have 282 apartments when finished. Vesta is currently advertising one-bedroom apartments in One Three North for €1,750, two-bedroom units from €2,100 and three-bedroom apartments from €2,499 with the scheme having an occupancy rate of c95%. The Irish Times, 22nd September
Ferrybank, Co Waterford A strategic site of more than 45 acres, close to Waterford city, has been brought to the market by agent Sherry Fitzgerald guiding €9.8 million. The site at Ferrybank is currently zoned mixed use and is located north of the river Suir within a three-minute drive from Waterford city centre. It abuts the new North Quay €350 million residential and commercial development and train station. Lot one is a plot of some 20.8 acres on the market for €4.9 million, with lot two a similar size, of 20.6 acres, also on the market for €4.9 million. The site is about 1.3km from Waterford city centre, just off the Dock Road. There is also an entrance off Rockshire Road just before Waterford Golf Course, a sought-after address on the north side of the river. The Irish Times, 22nd September
Sandyford, Dublin 18 Seventy apartment owners and tenants at the Beacon One apartment complex have lodged an objection against plans by the Denis O’Brien-controlled Beacon Hospital for a 70 care-bed extension at Sandyford, Dublin. Last month, Beacon Hospital lodged plans for the €75 million eight-storey extension for the south Dublin hospital. The planning application involves the substantive demolition of the eight-storey Beacon Hotel, which the hospital purchased late last year from US billionaire, John Malone’s MHL Collection luxury hotel group. In a comprehensive group objection, the owners and tenants of the Beacon One apartment complex say their complex will be negatively impacted by the proposals. The objection – drawn up by BPS Planning Consultants – states that every property owner in the Beacon One Apartment Complex purchased their apartment on the basis that it would permanently retain existing access arrangements. However, outlining the need for the development, consultants for the Beacon Hospital say it has undergone significant exponential growth, particularly in the last seven years due to the increase in demand across all specialities. The Irish Times, 22nd September
Ardmore, Co Waterford A site in Ardmore with scope to add a whole new street quadrant to the thriving coastal and holiday community is up for sale guiding €1.5m. Locally based estate agent Brian Gleeson is offering a 2.5-acre zoned site in Ardmore on behalf of vendor Russell Perks. Central to the village’s bustling tourism season, it is zoned Village Centre, suitable for a medium density residential development, in the current development plan. The size and scale at 2.5 acres might also allow for mixed development, including commercial/retail/tourism uses. The Irish Examiner, 24th September
Blackrock, Cork A 3.26-acre property in the sought-after Blackrock suburb of Cork City has been brought to the market with a €4m plus guide price. Agent Savills say that with its zoning for residential, local services and institutional uses, it has appeal for residential development or a nursing home. In line with its Convent Road address, it comes with a residential complex extending to 8,870 sq. ft, comprised of 16 bedrooms (including 15 en-suites), a communal kitchen and dining area, a community room, laundry room, and office space. Consequently, a developer could generate short-term income from a guest house, Airbnb, or from co-living rental. The Irish Independent, 23rd September
Naul, Co Dublin A development site at Castle Manor on the Swords Road in the Naul, north Co Dublin, is guiding €1.5 million. The 1.8-acre serviced site has full planning permission for a 110 single-bedroom nursing home and is located within the Castle Manor housing development. Planning permission was granted for the nursing home in July 2020. The site has the benefit of roads and services laid up to the edge of it. The Business Post, 26th September
O’Devaney Gardens, Dublin 7 Plans have been approved by An Bord Pleanála for the €400 million redevelopment of the former O’Devaney Gardens site in Dublin 7. The project for Bartra Property will see the construction of 1,047 units. The breakdown of the housing will be 30 per cent social housing, 20% affordable and 50% private housing. The Business Post, 26th September
Clonmel, Co Tipperary Torca Developments Limited has lodged a Strategic Housing Development application with An Bord Pleanála for a €23 million development in Clonmel, Co Tipperary. The development will consist of the construction of 115 residential units comprising five three-storey blocks with 14 one-bed apartments, nine two-bed apartments and 24 three-bed duplexes; and 68 two-storey houses. The development also calls for the creation of a two-storey crèche, 181 car parking spaces, 366 cycle parking spaces, open spaces, bin stores and ESB substations. The proposal includes new vehicular and pedestrian access and upgrades along the Coleville Road (R680), all associated site development works (including site re-profiling), landscaping, boundary treatments and services connections. The Business Post, 26th September
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Ballsbridge, Dublin 4 Burlington Real Estate is closing in on the purchase of Carrisbrook House in Ballsbridge for c€29 million. The company is understood to have secured the property in the face of competing offers from several parties. US real estate firm Hines, Johnny Ronan’s Ronan Group Real Estate, Pat Crean’s Marlet Property Group, David Kennan’s KC Capital, and international property developer Osborne + Co are among those said to have vied for the landmark building. Located at the junction of Pembroke Road and Northumberland Road and across the road from the site of the former Jurys Hotel, Carrisbrook House served as the home of the Israeli embassy in Ireland up until its relocation to nearby Shelbourne Road in 2019. While Carrisbrook’s current owners, Colony Capital, acquired the property in partnership with UK developer U+I for €23.5 million in 2018, or just over half the €46 million developers Bernard McNamara, Jeremiah O’Reilly and the late David Courtney had paid for it in 2007, they struggled to find occupiers for the building. Up until its move to 23 Shelbourne Road, the Israeli embassy was the sole tenant at Carrisbrook House since AIB Fund Managers vacated their offices there in 2008. The Irish Times, 15th September
Park West Business Park, Dublin 12 Colliers is guiding a price of €3 million for a standalone office building located in Park West Business Park. Block 7, Park West Business Park offers c2,255sq m (24,282 sq ft) of flexible office accommodation over three floors, together with 31 car-parking spaces. The subject property is producing annual rental income of €270,500 per annum with a weighted average unexpired lease term of 2.6 years. This equates to a net initial yield of 8.2%, reversionary yield of 11.51% and capital value of €124 per sq ft, after allowing for standard purchaser’s costs of 9.96%. The ground floor is let to Trilogy Technologies on a 10-year lease from August 2018 at an annual rent of €130,500, with a break option in August 2023 subject to six months’ prior written notice. The first floor is let to Paragon 28 Medical Devices, a US medical device company, based on a five-year lease from December 2019 at an annual rent of €140,000. The second floor, which is currently vacant, has scope to achieve in the region of €120,000 a year once fully let. The Irish Times, 15th September
Sandyford, Dublin 18 Two suburban modern office blocks in Sandyford Business District have been brought to the market and agent Quinn Agnew is seeking offers in excess of €5.65m for the pair. Both Elm House and Oak House are detached units extending to 11,200 sq ft and 10,700 sq ft respectively and are laid out over three storeys. Currently four tenants occupy a combined 14,450 sq ft across both blocks. There are also three suites vacant, ranging from 1,975 sq ft to 3,720 sq ft in size, with a total floor area of 7,730 sq ft. One of these suites is in Oak House, the other two are in Elm House. Current annual income totals almost €306,000 which would equate to a 4.9% net initial yield. Manus Agnew says that recent agreed lettings in the blocks range from €22-24.50 per sq ft, indicating reversionary potential to increase rental income to €550,000 following reletting and completion of upcoming rent reviews. This would boost the yield to 7.5%. The weighted average unexpired lease term (WAULT) is 4.65 years. Oak House benefits from 30 parking spaces and Elm from 46, with dual access points allowing maximum flexibility. The Irish Independent, 16th September
Tallaght, Dublin 24 Two office blocks have been launched for sale in Tallght, guiding at a price of €5 million through agent BNP Paribas Real Estate. Blocks A and B at the Cookstown Court office scheme are currently producing a highly reversionary rental income of €396,216 (excluding VAT) across five tenancies with an average passing rent of €115 per sq m (€10.70 per sq ft inclusive of parking). The net initial yield of 7.21% can easily be increased, according to the selling agent, through pro-active asset management involving lettings of the vacant office suite, lease re-gears and rent reviews. With a weighted average unexpired lease term of approximately 4.3 years, an alternative strategy would be to see out the existing tenancies. Blocks A and B comprise two four-storey over double-basement semi-detached office buildings extending to a gross internal area of 3,585sq m (38,594 sq ft) with 124 on-site car parking spaces. The Irish Times, 15th September
City Square Shopping Centre, Waterford Marathon Asset Management has put Waterford’s landmark City Square Shopping Centre on the market for €24.5 million. The move follows the US investment giant’s recent agreement of a deal to sell the Parks Collection to Marlet Group for about €78 million. City Square Shopping Centre enjoys a prime retail pitch in Waterford city. While the scheme is anchored by Dunnes Stores, this unit is not included in the sale. Key tenants include River Island, JD Sports, Peter Mark, GameStop and Holland & Barrett. The sale also includes the former Debenhams department store, which comprises 7,432sq m (80,000sq ft) of prime retail space over two floors. The centre is currently generating total rental income of €1.58 million a year, with expected total market rent of more than €2.6 million a year on the successful letting of the vacant units. The centre’s €24.5 million guide price equates to a capital value of €175 per sq ft, a net initial yield (NIY) of 5.71% and a reversionary yield of 10% on the re-letting of the vacant units. The scheme has a current average weekly footfall of approximately 110,000, and is a prime retail destination in the city, with 34 retail units and kiosks. The Irish Times, 15th September
Grand Canal Dock, Dublin 2 Agent Savills is guiding a price of €1.8 million for a retail investment comprising four ground-floor units in Dublin south docklands. Situated at Hanover Quay at Grand Canal Dock, the “Waterfront” investment comes for sale fully let and is generating a combined rental income of €93,000 per annum with a fixed rental uplift to €109,500 from April 2022. Unit 1 is leased to Pause Cafe subject to a passing rent of €15,000 per annum. The lease for Unit 2 was renewed in April of this year by Realm Concepts/ Bulthaup for a new term of 15 years and is subject to a passing rent of €28,000 with fixed uplifts to a headline rent in year five of €30,000. Similarly, the lease covering both Units 3 and 4 was renewed by long-term occupier Minima Home for a new term of 15 years from April of this year, subject to a passing rent of €50,000 with fixed uplift to €65,000 effective from April 2022. The Irish Times, 15th September
Clonsilla, Dublin 15 Savills has relaunched Applegreen Clonsilla in Dublin 15 to the market with a guide price of €3.4 million. The property offers investors the opportunity to acquire a long term income-producing asset with a weighted average unexpired lease term (Wault) of almost 14 years and the benefit of CPI-linked upward-only rent reviews. The guide price at €3.4 million reflects an attractive net initial yield of 7.43% (after standard purchasers’ costs). The property comprises a modern petrol filling station with four double-sided pumps, a shop, a car wash and service area on a site of c0.5 of an acre. The shop unit extends to a gross internal area of 135 square metres, and the property also benefits from a forecourt and canopy. The retail building provides a general shop area, subway delicatessen counter and staff areas to the rear, as well as providing customer car parking and services area. The filling station is occupied by Petrogas Group Limited, a wholly owned subsidiary of Applegreen plc. It produces a total passing rent of €277,392 annually, which equates to a rent per pump of €34,673. The Business Post, 19th September
East Douglas Village, Cork An entire street, in Cork’s affluent Douglas suburb, has just been sold, for about €11 million. East Douglas Village is a gathering of five buildings combing mixed uses typical of a city street and close to 100% occupied, with rent roll of €760,000 per annum. It had come to market in April of this year with agents Lisney, seeking €9.5 million and reportedly got a surge of investor interest. It’s understood the purchaser is a private investor, not a fund. East Douglas Village made more than 10% over the €9.5m guide, which investment market sources say was closer to €11m after competitive bids. At a sale sum closer to €11m, it shows a return of 6.2%. The distinctive modern development, in brick and cut limestone, in Douglas village with a large and well-heeled residential catchment on its doorstep was delivered in 2000 on the site of a former funfair Pipers. The occupier mix includes 16 apartments, a bar/restaurant with 10-bedroomed hotel, apartments, three restaurants, offices and retail space, all close to 100% occupancy. The Irish Examiner, 16th September
Winthrop Street, Cork Listed with a €950,000 AMV with Savills estate agent Chris O’Callaghan is the four-storey building, by the GPO, opposite the Long Valley Bar and next to Winthrop Arcade. It is on one of Cork’s busiest footfall streets, off Oliver Plunkett Street. No. 14 Winthrop Street is being offered with approved food use by the City Council, and is being sold with its tenant, O’Flynn Food Company, in place. Family-owned O’Flynn Food Company, with a business going back to 1921, are on a 20-year upward-only lease from Feb 2010 at a passing rent of €70,000 pa and do both sit-down and takeaway food at No 14. The investment sale equates to a NIY/return of 6.74%. The Irish Examiner, 16th September
Foxrock, Dublin 18 Guiding at a price of €4.75 million, the sale by Glenveagh Properties of a 0.6 hectare (1.6 acre) residential development site near Foxrock is being offered by Knight Frank with full planning permission (D15A/0839), extended until July 5th, 2025, for the construction of 28 apartments. The entire site is zoned “Objective A Residential” under the terms of the Dún Laoghaire Rathdown County Council Development Plan 2016 – 2022, and Draft 2022 – 2028 Plan, which seeks to “protect and or improve residential amenity”. The site falls outside both the Foxrock Architectural Conservation Area and the Section 49 Development Contribution Scheme – Extension of LUAS Line B1 – Sandyford to Cherrywood. While there is an opportunity to deliver apartment units suited to the upper end of both the owner-occupier and private rented sector markets in the near term, the site offers scope for an alternative scheme. Dermot Bannon Architects have prepared a detailed feasibility study for a revised development of 24 units (10 houses, seven duplex units and seven apartments) incorporating surface car parking. In terms of its location, The Birches is situated just off Torquay Road and within close proximity to Foxrock village itself. The Irish Times, 15th September
Glanmire, Co Cork A residential development site, next to a €15m nursing-home development and the O’Flynn Group’s Ballinglanna scheme of 600 homes, is for sale as a ready-to-go chance to build 26 homes. The site is being sold by private vendors and is located on the edge of Cork’s Glanmire next to a nursing-home being operated by Aperee. It is a 2.3-acre land parcel, with full planning permission (FPP) for 26 homes, primarily townhouses, with some semi-ds, spanning two- to four-beds, of 1,000 sq ft to 1,367 sq ft. Savills price the residential site at €1.25m, equating to €48,000 per stand. It’s zoned as existing built-up area, and the planning grant for the 26 units was in 2019. Prices here, for the 26 townhouses and some semis, will be at the affordable end of the scale, and the sale may catch the eye of AHBs and other bodies, as well as builders. The Irish Examiner, 16th September
Loughrea, Co Galway REA McGreal Burke has just brought a residential development site at Danesfort Court to the market in the town of Loughrea in Co Galway. The lands, understood to extend to c1.62 hectares (4 acres) are located close to the Loughrea outer relief road, which links the town to the M6 motorway and is on the eastern side of the town, within walking distance of the town centre, schools, the IDA Business Park and local amenities. Loughrea is a substantial urban centre and an important commuter town for Galway city via the M6 to Athlone. The Shannon/Limerick regions are also within commuting distance via the M18 motorway. Planning has been granted on this site for 42 homes and includes 32 four-bedroom semi-detached homes, six three-bedroom semi-detached units and four three-bedroom terrace homes. The four-bedroom semi-detached homes extend to about 135 square metres; the three-bedroom semi-detached and terraced homes both offer 118 square metres of living space. The Business Post, 19th September
Donabate, North Co Dublin Joint agents Knight Frank and Dillon Marshall have just launched a development opportunity to the market at Turvey Avenue in Donabate, with a guide price in excess of €8.5 million exclusive. In August 2020, An Bord Pleanála granted planning permission for an SHD development on the subject site, which was subsequently amended to provide for 155 apartment units (including 25 one-beds, 112 two-beds and 18 three-beds) in three apartment blocks, each unit having its own terrace/balcony. It is envisaged to be operated as a rental scheme but, as it has been designed to build-to-sell apartment standards, it provides flexibility for purchasers. The three blocks are arranged around a central courtyard, with a pocket park and surrounding landscaped cycle-friendly grounds and basement-level parking. The site extends to approximately 2.87 acres. The Business Post, 19th September
Colbert Station Quarter, Limerick A plan has been launched by the Land Development Agency (LDA) for a “major urban development” in Limerick City. The LDA has launched a public consultation for the plan of the development in Colbert Station Quarter, which it has said will “transform this part of Limerick City”. It plans to build up to 2,800 homes over time by using State land as part of the Government’s Housing for All plan, along with commercial space, public spaces and transport options. The redevelopment would be the largest-ever transfer of State land for housing and includes major strategic sites in Limerick’s Colbert Station, including lands owned by CIE and the HSE. The Irish Independent, 16th September
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Tralee, Co Kerry A private Irish investor is selling Manor West Neighbourhood Centre in Tralee, Co Kerry, and it is guiding €4.85m. The move comes just weeks after the adjoining and much larger Manor West Shopping Park was offered for sale with a €55.175m guide price. Manor West Neighbourhood Centre sits on 1.6 acres and generates a contracted rental income of €464,957 per annum. Selling agent Savills says its guide price reflects an 8.72% net initial yield with over 9.77 years income certain. The entire scheme extends to 20,593sq ft in two distinct blocks. Block 1 fronts onto the R875 and includes a Circle K filling station, a Fine Wines off-licence and Starbucks, with Kerry Co Council offices on the first floor. Block 2 is located adjacent to Manor West Retail Park and includes Boylesports in addition to several essential neighbourhood services. It has 95% occupancy, with just one vacant first-floor unit. The Irish Independent, 9th September
O’Connell Street, Dublin 1 Clerys landmark premises on O’Connell Street in Dublin looks set to welcome a new set of shoppers when it opens its doors for business next year. Swedish fashion giant H&M has agreed a deal to occupy half of Clerys Quarter’s 5,575sq m (60,000sq ft) of retail accommodation. The remaining 2,787sq m (30,000sq ft) of retail space, meanwhile, is understood to be the subject of negotiations between developer Paddy McKillen junior’s Oakmount, and Flannels. Due for completion in the first quarter of 2022, the overall Clerys scheme, which is being delivered by Oakmount and Derek McGrath’s Core Capital in partnership with Europa Capital, will also comprise 8,600sq m (92,600sq ft) of new grade-A office space across two buildings, a 1,670sq m (18,000sq ft) panoramic rooftop restaurant, bar and events venue, five new food-and-beverage units, including the newly refurbished tea rooms, and a new 213-bedroom four-star hotel. The Irish Times, 10th September
The Parks Collection, Ireland Three of Ireland’s best-known retail parks are to be sold for about €78 million. Pat Crean’s Marlet Property Group is understood to have seen off bids from Hudson Advisors; French asset management company Corum; UK private equity fund Kildare Partners; and Simon Kelly’s RQTwo. The Parks Collection, which is being sold by agent Cushman & Wakefield on behalf of New York-headquartered Marathon Asset Management, comprises Belgard Retail Park in Tallaght, Dublin 24, the M1 Retail Park in Drogheda, Co Louth, and Poppyfield Retail Park in Clonmel, Co Tipperary. Belgard Retail Park is fully occupied, and the scheme also has planning permission for an additional retail warehouse unit of 2,404sq m (25,877sq ft). The total current rent is about €3.13 million per annum. The M1 Retail Park extends to a total of 24,805sq m (267,000sq ft), along with 600 car-parking spaces. The total current rent is €2.44 million per annum. Poppyfield Retail Park extends to 12,821sq m (138,000sq ft) and comprises a mix of 14 retail warehousing units, a neighbourhood centre and 393 car-parking spaces. The park is 99% occupied and the total current rental income is €1.43 million per annum. The Irish Times, 10th September
Cherrywood, Dublin 18 Accenture has signed a 10-year lease to occupy the entire 36,500sq ft first floor in Building 10 at The Campus. The completion of the deal gives Accenture office space to accommodate an additional 300 workers and brings Accenture’s overall footprint in Cherrywood to about 80,000sq ft. Apart from carrying out comprehensive improvement works to the Campus’s existing buildings, Spear Street oversaw the construction of two new blocks: F1 which is now fully let to Elavon, and F2 where a total of 80,000 sq ft is available to lease. Joint letting agents JLL and Cushman & Wakefield are marketing the remaining space at Building F2, which can accommodate occupiers ranging from 8,000 to 80,000sq ft. Last September Spear Street secured €27.7 million from the sale of Block 12 at the scheme to French asset management company, Corum. Block 12 is fully occupied by the global insurance giant Aviva on a 25-year full repairing and insuring (FRI) lease from July 2002 with no break options. The annual rental income is €1.81 million, reflecting a rental rate of €21.50 per square foot. The Irish Times, 8th September
HWBC Report, Dublin The level of “grey market” subletting has risen to 24% of all activity in the central Dublin office rental market, as Covid-19 restrictions continue to ease, according to commercial property firm HWBC. The figure for the first half of the year is up from an estimated 15% before the pandemic struck and is expected to rise further in the first half of next year as companies make decisions on future space requirements, the firm said in a report on activity in the first half of the year. HWBC said that an 81% decline in take-up of new office space in the 12 months to June has seen rent levels soften in the Dublin office market, though the lifting of restrictions and successful vaccine rollout has led to a “marked increase” in tenant activity in recent months. Dublin city-centre grade-A rent levels were being set, on average, at €57.50 per square foot in the first half, down 7% compared with last year and at their lowest level in five years. Just 209,000sq ft of space was let in the first half of the year, according to the report. Assuming no serious Covid variants emerge, HWBC expects that 2022 will see a return to more normalised levels of demand activity with transactions back to the long-term average for the market. This will likely see rents stabilise and then return to growth from 2023 onwards. The Irish Times, 9th September
Santry, Dublin 9 QRE Real Estate Advisers has been appointed to handle the sale of Northwood House, a modern office investment in Northwood Campus, Santry, Dublin 9 for which the agent is quoting a guide price of €10.75 million. The tenant mix includes Enercon, Shell, Mazda, Bluestone Motor Finance, Amdipharm Mercury, Quest Diagnostics, Celtic Anglian Water and the Gaelic Players Association, among others. The property comprises a modern five-storey over basement, third-generation office building providing 24 office suites extending to 4,129 square metres (gross internal area), along with 115 surface and basement car parking spaces. Northwood Campus is strategically situated between Dublin’s central commercial hub and Dublin Airport. QRE’s guide price reflects a net initial yield of 7.46% (allowing for standard purchaser’s costs of 9.96%) based off a contracted rent of €882,112 per annum. The property benefits from 93% occupancy, with an estimated rental income of €950,000 per annum upon letting of the two vacant suites, representing a yield in excess 8%. The Business Post, 12th September
Western Industrial Estate, Dublin 12 Industrial specialist Harvey has been instructed to offer an industrial and office facility in Western Industrial Estate for either sale or to let with an asking price of €1.8 million (exclusive). The premises, which comes with a large yard and future residential redevelopment potential, is located on Knockmitten Lane North. It comes with a 90-metre reverse profile to Nangor Road and was recently rezoned to REGEN, providing for future residential redevelopment, subject to planning. The property has operated as a civil engineering depot for the past 30 years and benefits from a large concrete surfaced yard. There are two buildings on the generous 1.56-acre site; the front building is semi-detached and comprises industrial space with two storey offices and staff facilities, totalling 1,008 square metres. The rear building is detached and comprises 751 square metres of industrial space, including a section used for vehicle maintenance. The yard is gated and fenced and there is a car parking area at the front of the property. The Business Post, 12th September
Blackrock, Co Dublin Located on the corner of Temple road and Carysfort Avenue in the south Dublin village of Blackrock, the Three Tun Tavern is being offered to the market by Savills as a going concern or with full vacant possession at a guide price of €2.5 million. Its proximity (3km) to another of JD Wetherspoon’s southside pubs, the Forty Foot in Dún Laoghaire, is understood to have informed its decision to sell. The Three Tun Tavern was the first of JD Wetherspoon’s venues in the Republic of Ireland. Acquired by UK pub group for €1.5 million in December 2013, the former Tonic Bar underwent a €1.5 million refurbishment before opening for business under its new name in 2014. The Three Tun Tavern comprises a large open-plan bar and restaurant dining area extending to 498sq m at ground-floor level complemented by a beer garden. The first floor of the premises extends to 385sq m and consists of a kitchen, storerooms, office, and customers’ toilet facilities. The pub site area extends to 0.08 acres. The Irish Times, 8th September
Capel Street, Dublin 1 An Bord Pleanála has issued a rebuke to Dublin City Council’s contention that there are too many hotels in the capital’s city centre area. The appeals board has given the green light to Ringline Investments for a nine-storey 142-bedroom hotel for Capel Street in Dublin which overturns a ruling by the council refusing planning permission after expressing concerns about the “existing over-concentration” of hotels in the area. The council said plans for the hotel at the corner of Capel Street and Strand Street Little would “exacerbate” the over concentration of hotels and fundamentally undermine the vision for the provision of a dynamic mix of uses within the city centre area. The council pointed out that around 2,150 hotel rooms had been permitted in recent years within 350m of the proposed hotel site. However, the appeals board has granted planning permission after concluding that the hotel would constitute an acceptable quantum and density of development in the area. The Irish Times, 13th September
Townsend Street, Dublin 2 The Windjammer, on the corner of Townsend Street and Lombard Street East has been brought to the market, and agent Bagnall Doyle MacMahon is seeking offers over €1.6m. One of Dublin’s last early-morning pubs, it is situated in an area that has seen major office developments and where new hotels are currently being developed. Its compact two-storey over basement premises is full of traditional character. Extending to 3,218sq ft, its accommodation includes the ground-floor lounge bar and back bar, and a self-contained two-bedroom apartment on the first floor, with own-door access and a roof garden. The Irish Independent, 9th September
Development Land, Leinster Activity in the Leinster development land market stepped up this week with news of the sale of a Co Kildare site for around €676,000 per acre. Lagan Developments is paying more than €10.5m for the 15.69-acre Earl’s Court site in Kill, Co Kildare. The firm is expected to avail of the planning permission for 164 homes and build the detached, semi-detached, duplex and apartment units permitted under the scheme. Meanwhile two other ready-to-go sites have come to the market in Wicklow and Wexford. Near Wexford town, joint agents Savills and Kehoe & Associates are guiding €4.71m (or €302,500 per acre) for 15.57 acres at Coolcotts Lane which has planning permission for 157 houses comprising a mix of bungalow, terraced, semi-detached and detached units. Phase 1 permits construction of 70 units, with the other 87 units – along with a creche – in Phase 2. Separately, Savills is quoting €2.25m for a 2.3-acre site near Delgany village, Co Wicklow. The site, known as Killincarrig Lodge, has planning permission for 17 three-bedroom terraced houses, the refurbishment of Killincarrig House, and the construction of a 72.3sq m commercial unit. The Irish Independent, 9th September
Compass Hill, Kinsale Land for new homes development at the very top of Kinsale town, with views over the water, has come for sale with a €4.5m guide price, with a previous grant of planning permission for 64 homes, mostly apartments. The elevated site, crowning Compass Hill, by a popular walking route above the thriving town, extends to 5.9 acres, and is being sold for a local family. Location-wise, it’s just to the west of the nearly completed Cumnor Construction Convent Garden development. It is listed as ‘Established Residential’ in the 2009 Kinsale Town Development Plan 2009, and a draft released in May 2021 for the duration 2022-2028 indicates a zoning of ‘Existing Residential/Mixed Residential and Other Uses.’ Auctioneer Josie Dinneen reckons there’ll be very keen developer interest in this listing, with scope for 45-60 units, which could translate at c €90,000 per house ‘stand’ before construction, levies, and other costs. The Irish Examiner, 9th September
Bishopstown, Cork Cork city’s western suburbs are set for expansion after the planning board cleared the way for the construction of 276 new homes on the periphery of Bishopstown. The grant of planning permission on a 9.95ha site in Ardarostig to Dublin-based Ardstone Homes Ltd, with 26 conditions, will see a mix of terraced, semi-detached and detached three-bed and four-bed homes, 137 in total, as well as seven mainly four-storey blocks of apartments and duplexes, built on land between Dunnes Stores Shopping Centre and Marymount Hospice, just south of the N40. The development is of slightly higher density than the range outlined in a local area plan, but the Board said it could be justified, by reason, inter alia, of its potential to increase the delivery of housing as per the Government action plan for homlessness and housing. The Irish Examiner, 8th September
Corballis, Donabate A planning application for a major development of 1,365 residential units, a 32-acre nature park, three creches, including links to the approved Broadmeadow Greenway has been submitted recently to Fingal County Council. The site at Corballis in Donabate is being developed by Aledo Donabate Ltd, part of the Cannon Kirk Group, which has previously developed other highly successful projects in Donabate, including the Links and the Strand. The application was made under the Strategic Housing Development (SHD) planning application system. The application comprises 346 houses, 352 duplex units and 667 apartment units. The development is ideally located in the centre of Donabate with access from the Donabate Distributor Road and access from the existing Balcarrick Road and Smyths Bridge House, opposite Donabate Train Station. If An Bord Pleanála approves the scheme, Cannon Kirk anticipates being on site and starting construction in early 2022. The Business Post, 12th September
Housing, Greater Dublin Area Tetrarch, the Irish property group which owns the Mount Juliet and Citywest hotels, has got private equity backing for its plans to build 1,500 homes over the next five years. The company has secured the backing of Revcap, a London-based private equity firm, for the new €500 million venture, Tetrarch Homes. The company plans to build social, affordable and private housing across several schemes in the Greater Dublin Area, with a strong focus on senior living accommodation for over-65s. Dublin-based Tetrarch is active across the residential, hotel and leisure sectors. It co-owns or manages €600 million in assets at present and has several sites around the Greater Dublin Area, with a large holding in Kildare. In 2019, it bought Howth Castle and demesne on 530 acres in Howth and has plans to develop the land. It is also planning to build a 165-bedroom hotel in Cork city. The Times, 12th September
The Jam Factory Site, Coolock Having originally sought in excess of €170 million in a forward-funding sales process last November, London-based Platinum Land has changed course on its plans to deliver a scheme of 550 rental apartments on the site of the former Chivers factory in Coolock. The Jam Factory site, as it is known, is now being offered to the market by agent Cushman & Wakefield with the benefit of the planning permission secured by the owners at a guide price of €25million. The approved scheme comprises a mix of 67 studios, 205 one-bed units, 221 two-beds and 57 three-bed apartments with 340 car parking spaces and 616 bicycle spaces. The Jam Factory site is about 6km north of Dublin city centre and 3km from the M1/M50 interchange providing access to all arterial routes. The Irish Times, 8th September
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Core Portfolio, Greater Dublin Area Real estate private equity giant Palm Capital is closing in on the purchase for more than €200 million of the Core portfolio, a collection of industrial and logistics assets distributed across Dublin and the Greater Dublin Area. The UK-headquartered investor has been selected as preferred bidder for the portfolio in the face of competing bids from M7 Real Estate, Arrow Capital Partners and Ares Management. The price being paid by Palm Capital represents a significant premium on the €170 million the joint selling agents, CBRE and Eastdil Secured, had been guiding when they offered the portfolio for sale last April. While the Core portfolio includes properties in Rathcoole, Clondalkin and Finglas, its largest single asset is Naas Enterprise Park in Kildare. The 125-acre scheme was acquired in 2015 by Core’s former backers, York Capital, for €17 million. The New York headquartered hedge fund exited from Core Industrial in 2019. The Irish Times, 1st September
Greenogue Business Park, Dublin Industrial property specialist Harvey has been instructed as sole agent to offer Unit 649 Greenogue Business Park in Dublin for sale and is inviting offers in excess of €4.3 million. The detached warehouse and office facility extends to 2,714 square metres on a site of 1.04 acres and is let to Charles River Microbial Solutions International until August 2032. The lease incorporates a break option in 2027. However, the tenant has heavily invested in the property. Significantly under-rented at only €180,000 per annum, the property will have its next rent review in August 2022, with a further rent review in August 2027. This warehouse has a clear internal height of 10.9 metres and loading access is via a dock leveller and a level access door. The Business Post, 5th September
Newbridge, Kildare An industrial development site in Newbridge, Co Kildare, has been brought to the market with joint agents Jordan Auctioneers and Lavelle Commercial Property guiding €6m for it. This equates to €250,000 per acre for the 23.6-acre site, which is fully serviced and zoned Objective H ‘industrial and warehousing’ within the Newbridge Local Area Plan. It is located within Great Connell Business Park, about 1.5km south-east of Newbridge town centre. The surrounding area has a mix of industrial, residential and agricultural uses, with nearby occupiers including Pfizer, KDP Ireland, Lidl and Murphy Ireland. Lands to the east of the area are reported to have been recently acquired by the IDA. The Irish Independent, 2nd September
Newbridge, Co Kildare Penneys has submitted a planning application to Kildare County Council to develop a new, state-of-the-art warehousing and distribution facility at Great Connell in Newbridge. Should it get the go-ahead, the proposed 46,452sq m (500,000sq ft) logistics hub will comprise a distribution centre, warehouse and office space on a 15.3-hectare (38-acre) site. A spokeswoman for Penneys said the international fashion retailer would invest €75 million to develop the facility. As part of its planning application to Kildare County Council, Penneys outlines measures that it intends to take in the new facility to maximise efficiency and reduce its environmental impact, such as rainwater harvesting for water reduction, use of air-source heat pumps to provide heating where required and the use of solar panels to reduce primary electrical energy input. The new Newbridge depot will act as an all-island facility, creating additional capacity and serving its shops in the Republic of Ireland and Northern Ireland. It will take three years to complete, subject to planning permission. The Irish Times, 31st August
Celbridge Pub, Co Kildare Joint agents Bagnall Doyle MacMahon and O’Neill & Co have been instructed to offer Henry Grattan’s Pub on the Maynooth Road in Celbridge, Co Kildare for sale by private treaty, and are seeking offers in excess of €1.7 million. The pub enjoys extensive road frontage onto the busy Celbridge to Maynooth Road (R405) and is situated close to a host of densely populated housing estates on the northern fringe of Celbridge. The single-storey licensed premises extends to some 751 square metres and has been refurbished to a high standard to offer a lounge bar, restaurant, bar and outdoor terrace facilities. There is also a fully fitted and equipped catering kitchen with a rear delivery yard and ample keg and bottle storage areas. Outside, there are extensive car parking facilities. Adjoining the licensed premises are two investment properties: a bookmaker of some 105 square metres and a funeral home of 88 square metres whose tenancies are not affected by the sale and which provide a combined annual rental income of approximately €50,000 along with two phone mast aerials. Importantly, the property occupies a site of about 0.92 hectares (or 2.3 acres) of which some 0.60 hectares (or 1.5 acres) is zoned Neighbourhood Centre under the Celbridge Local Area Plan 2017 – 2023. The remainder of the site is zoned Open Space. The Business Post, 5th September
Kevin Street, Dublin 8 Plans to construct a €475 million redevelopment of DIT’s former Kevin Street Campus in Dublin have secured the green light. An Bord Pleanála granted a 10-year planning permission to Shane Whelan’s Westridge Real Estate for the development of 53,110 sq ft of office accommodation in two 11-storey blocks alongside 299 build-to-rent apartments across three buildings of up to 14 storeys in height. Westridge acquired the 3.57-acre site for €140 million in August 2019 and a report lodged with the plans by EY estimates that the total output that the redevelopment will generate over 10 years is €7.67 billion. Dublin City Council granted planning permission for the scheme last year, but the decision was appealed by eight parties. In its decision, the appeals board ordered the removal of one floor from the proposed five-storey Block C. The board granted planning permission after the inspector in the case said the principle of the mixed-use scheme is acceptable and appropriate for this brownfield city site. The Irish Times, 1st September
Boland’s Mills, Dublin Google Ireland is looking for a marketplace operator and retail tenants for its new Boland’s Mills development, which will bring shops, restaurants, a cultural space and marketplace to the heart of Dublin’s Grand Canal Dock. Google acquired the three landmark buildings, then known as Bolands Quay, in 2018 in a deal worth about €300 million. The redeveloped space, which will have 10 buildings, is due to open in 2023 and will comprise more than 37,000sq m (400,000sq ft) of regenerated mixed-use space, built around the historic 19th century Boland’s flour mills. The development will include about 28,000sq m (301,389sq ft) of office space, 46 apartments, cafes and cultural space. Boland’s Mills will also include 3,700sq m (40,000sq ft) of publicly accessible mixed-use space, with retail, recreation and dining, and a dedicated 465sq m (5,000sq ft) community and cultural space. The redevelopment is to include a market hall on the ground floor of the old mills, offering the opportunity for a marketplace operator to curate a mix of food stalls, traders and producers. The Irish Times, 1st September
Dawson Street, Dublin 2 The founder of the State’s largest waste company, Beauparc Utilities, has agreed a deal which will see him acquire Royal Hibernian Way on Dublin’s Dawson Street for €74 million. Eamon Waters is understood to have exchanged contracts on the transaction with the scheme’s owners, Aviva Investors, earlier this week. While Royal Hibernian Way is arguably best known as the location of the Davy Stockbrokers head office, the 8,630sq m (92,888sq ft) scheme also includes around 1,950sq m (21,000sq ft) of retail and hospitality space. In purchasing the property for €74 million, Mr. Waters is set to secure a discount of 8 per cent on the €80 million Aviva Life and Pensions Ireland DAC had been seeking from its disposal. The Irish Times, 3rd September
Ballsbridge, Dublin 4 The much-anticipated sale of a substantial part of Facebook’s new European headquarters in Ballsbridge, has been formally announced with a guide price in excess of €395 million. The sale of the stake on behalf of the Serpentine consortium, a syndicate of private individuals and companies assembled by AIB private banking and Goodbody Stockbrokers, is expected to attract significant interest from international investors. The investment comprises 31,536 square metres (339,456 sq ft) of office space across four blocks and forms an intrinsic part of the wider 83,612.7 sq m (900,000 sq ft) Facebook campus which is in the process of being delivered on the former AIB Bankcentre site. The four blocks are fully let to Facebook and offer a weighted average unexpired lease term of over 15 years. The leases are held on full repairing and insuring terms and benefit from five-yearly upward-only open market rent reviews, the next of which is due in October 2022. The current passing rent is understood to break back to approximately €538.20 per square metre (€50 per sq ft). That is below recent lettings in the area which have been achieving in excess of €645.83 per square metre (€60 per sq ft), suggesting strong reversionary potential for an incoming purchaser. The properties have recently undergone an extensive refurbishment programme to bring them up to LEED Gold standard. Facebook’s Dublin campus is expected to achieve WELL Platinum certification upon completion. The highest-profile element of the campus will face on to Merrion Road and is being developed by Johnny Ronan’s Ronan Group Real Estate (RGRE). Fibonacci Square, as it will be known, is set to comprise 34,838sq m (375,000sq ft) and has been fully let to Facebook on a 25-year lease commencing in 2022. The Irish Times, 7th September
Herbert Place, Dublin 2 Lisney launched the sale of two interconnecting period buildings last week with vacant possession in Dublin 2. Nos. 27 and 28 Herbert Place are situated in a prominent position on the corner of Mount Street Crescent and Herbert Place, overlooking the canal. Used as offices, the asset offers plenty of potential for investors and the agent is guiding a sale price of €3.4 million. The offices have been owned and occupied by Savvi credit union for more than 20 years and thus the buildings have been very well maintained. It is likely the sale will attract a wide range of potential investors, as an attractive office location with ample amenities in the immediate area or as a conversion opportunity to apartments (subject to planning permission). The Business Post, 5th September
Clonsilla, Dublin 15 Urbeo, the Irish residential investment platform backed by Starwood Capital Group and the Ireland Strategic Investment Fund, continues to move closer to its goal of assembling a €1 billion portfolio of build-to-rent assets. Having spent more than €500 million on 1,500 rental apartments in the 12 months following its establishment in December 2018, the company has returned to the acquisitions trail with the €73 million forward purchase of 211 new homes (€346k per home) from Irish developer Kimpton Vale. Located at the Windmill scheme in Clonsilla, Dublin 15, the units acquired by Urbeo are under construction currently and due for completion at the end of 2022. The portfolio comprises a mix of studio, one, two and three-bedroom apartments incorporating the latest technological features and NZEB (nearly zero energy buildings) ratings. The Windmill scheme is well-located within close proximity to a number of public transport routes. Coolmine railway station is around 550 metres from the property. The scheme is also immediately accessible to the N3 and the M50 and the wider national road and motorway networks. The Irish Times, 1st September
Cork Street, Dublin 8 A site with full planning permission for a major co-living scheme has come to the market in Dublin city centre seeking €25 million. Located midway along Cork Street, the 0.45 hectare (1.1 acre) holding is being offered to the market by joint agents Colliers and Cushman & Wakefield having secured approval from An Bord Pleanála for the construction of a 372-unit development comprising 378 bedspaces ranging in size from 17sq m to 36sq m (183-388sq ft) all within a seven-storey structure. Designed by architect John Fleming, the permitted scheme also includes a reception area, communal lounge/social room, a multi-purpose room, a private function room, cinema, yoga space, a gym and workspace area, all on the ground floor. While Minister for Housing Darragh O’Brien banned co-living schemes last December, the purchaser of the subject site, at the Old Glass Factory in the Liberties area of Dublin, will be free to proceed with it its development as its planning application predated the ban’s formal introduction on December 22 last. The Irish Times, 1st September
Foxrock, South Dublin Developers and investors targeting the upper end of the owner-occupier and private rented sector (PRS) markets will be interested in the sale of a prime residential site at Foxrock in south Dublin. Located at the junction of Kill Lane and the Bray Road (N11) and immediately across the road from the landmark Church of Our Lady of Perpetual Succour, the subject site extends to 0.358 acres (0.885 hectares) and comes for sale at a guide price of €4.5 million with full planning permission for the development of 45 apartments and 41 car parking spaces. The approved scheme (planning references D19A/0006 and ABP PL06D.304979) allows for a total of 45 units comprising a mix of one-, two- and three-bed apartments and 41 car parking spaces. The site is located close to the villages of Foxrock, Deansgrange, Cornelscourt and Cabinteely and their respective amenities which include schools, shops, restaurants, pubs and medical facilities. The Luas green line is accessible at Sandyford which is 2.7km from the site. The Irish Times, 1st September
Social Housing, Ireland The Government has pledged to spend €20 billion on housing over the next five years to deliver an average of 33,000 units a year in an ambitious plan to solve what Taoiseach Micheál Martin said was “a social emergency”. If implemented as planned, the Housing for All strategy will see an additional 300,000 housing units by 2030 and make new housing affordable for tens of thousands of people currently shut out of the housing market. It was welcomed, however, by industry groups and homeless charities. The document anticipates a mixture of public and private investment in housing, with about half of all homes planned under the strategy provided by the State. It pledges that more than 90,000 social homes will be built by the end of the decade, plus almost 54,000 affordable and cost-rental homes. The plan includes two affordable housing schemes with an expectation that there will be 4,000 such homes on average available each year of the plan. The plan also pledges an average of 2,000 cost-rental homes per year or 18,000 over the lifetime of the plan. In the cost-rental system, rents are based on the cost of building, managing and maintaining the homes, and not market rates. Rents are to be at least 25 per cent below the market. The Irish Times, 3rd September
Housing, Ireland The Land Development Agency (“LDA”) is planning a new urban village in Inchicore in Dublin which could accommodate up to 10,000 homes. The government decided to transfer the Iarnród Eireann train works depot in Inchicore to the LDA as part of its Housing for All plan last week. The LDA believes that the Iarnród Eireann site, plus nearby state lands from the ESB and the Office of Public Works, could fit around 5,000 affordable homes on their own. In total, the LDA has been given enough new state land to build 15,000 homes, on top of the 6,000 homes it is already planning. While there were discussions about transferring the Cathal Brugha Barracks in Rathmines to the LDA to develop housing there, this has not been included in a final list. The LDA has been given the Broadstone bus depot in Phibsboro in Dublin, which could fit 1,000 homes, and the Conyngham Road garage opposite the main entrance to the Phoenix Park which could fit 300 homes. The government has promised the LDA a further €1 billion to develop 5,000 homes on vacant private sites with planning permission. That equates to around €200,000 per house, but John Coleman, the LDA chief executive, said this would not be the average price. He said the LDA would be seeking competitive bids from private developers for around 3,000 cost rental homes and 2,000 affordable purchase homes. Coleman said the LDA’s €1 billion fund might be used to develop private sites in Galway, Limerick and Waterford but the main focus would be on Dublin and Cork where the housing need was greatest. The Housing for All plan has given the LDA the role of trying to attract international construction firms into the country to boost competition. The Business Post, 5th September
Private Rented Sector, Ireland The private rented sector (PRS) market continues to see a high level of investment with around €1.5 billion spent across 19 major transactions in the first six months of this year. That’s according to the latest report into the sector by agent Hooke & MacDonald. While the largest sale in the period saw Ardstone Capital commit to the forward purchase of around 900 properties either due to be developed or under development currently in multiple schemes in the greater Dublin area (GDA), several other deals were also completed. The most valuable of these saw Sean Mulryan’s Ballymore secure €200 million from the forward-funded sale to German-headquartered Union Investment of 435 apartments it is developing at 8th Lock, Royal Canal Park in Dublin 15. Other significant deals included Cairn Homes’ sale for €176.5 million of 342 apartments it is developing at its Griffith Wood scheme in Marino to Greystar, and Dwyer Nolan Developments’ €181 million sale of 401 apartments across three north Dublin locations to Ardstone Capital. Another sizeable transaction was the forward sale of 295 apartments which are currently being developed by Michael Cotter’s Park Developments at Clay Farm, Dublin 18, for €127 million to BlackRock/SW3 Capital. Hooke & MacDonald’s analysis shows that PRS accounted for 55 per cent of all investment in the first six months of 2021. The figure represents a notable increase on the 40 per cent recorded for the equivalent period in 2020. Hooke & MacDonald notes that just 2,495 units were completed in Dublin in the first half of 2021. Outside of Dublin, 6,489 new homes completed in the first six months of 2021. The Irish Times, 1st September
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Kilternan, Dublin 18 Joint agents Savills Ireland and Kelly Walsh are guiding €19 million for a 33.32 acre site on the Glenamuck Road in Kilternan in Dublin 18. According to the agents, the sale presents an opportunity to develop in the region of 500 residential units on the site (€38k per stand), taking account of the Kilternan/Glenamuck Local Area Plan. The site benefits from ease of access to all major national routes, Dublin city centre and Dublin Airport. It is also close to the Green Luas line and a choice of Dublin Bus services. The Business Post, 27th September
North Dublin Glenveagh has been chosen as the preferred bidder to construct a mix of private, social and affordable homes on the greenfield site located on the Oscar Traynor Road in north Co Dublin. The development site has an estimated minimum capacity for 640 units (subject to planning permission). The Oscar Traynor Road site is a 17-hectare site situated on the junction of the M1, port tunnel and Oscar Traynor Road. The Business Post, 27th September
Cork City A proposal for 45 apartments in Dennehy’s Cross, west of Cork city has been rejected by Cork City Council. Dennehys Cross Construction Ltd was seeking to demolish an existing disused garage to build 4 three-bed, 29 two-bed and 12 one-bed apartments in two blocks, one five and one six storey. Planners have rejected the project saying that the height, bulk and massing of the scheme meant it would be “visually overbearing” in the Bishopstown and Wilton area. The Irish Examiner, 24thSeptember
Stillorgan, South Dublin Cairn Homes is currently in a consultation phase to alter planning permission for the €44 million residential/student accommodation development at the former Blake’s restaurant and Esmonde Motors Sites on the Stillorgan Road, just off the N11 in south Co Dublin. The consultation application wishes to omit the student accommodation aspect of the planning permission and increase the number of apartments from 103 to 464 units. Cairn Homes is currently in the process of acquiring an adjoining site to this development. The Business Post, 27th September
Balbriggan, Co Dublin Joint agents Cushman & Wakefield and Sherry FitzGerald Cumisky are guiding €10.5 million for a multi-unit residential investment opportunity at the Hampton Gardens scheme in Balbriggan, Co Dublin. The portfolio comprises 40 ground-floor apartments with two-storey duplexes overhead. There are 14 two-bedroom units, 25 three-bedroom units and one four-bedroom unit. 36 of the units are occupied, averaging rents of €1,250 per month for the two-bedroom units, €1,300 for the three-bedroom units while the four- bedroom unit is rented for €1,356 per month. The four most recent lettings have yielded rents of €1,650 for two-bed units. The remaining four duplex units are on the market for €1,850-€1,950 per month. Once fully occupied, the overall investment will produce a total gross income of c.€626,000 per annum. However, the ERV is closer to €880,000 per annum, based upon recent lettings in the scheme. The Irish Times, 23rd September
Palmerstown, Dublin 20 Randelswood Holdings has been granted permission for 250 build to rent apartments on a site located at the Palmerstown Retail Park, Kennelsfort Road Lower, in Palmerstown, Dublin 20. The build to rent (BTR) development will consist of the demolition of all existing structures on site. The development includes 134 one-beds and 116 two-beds in five blocks, with a café and ancillary residential amenity facilities on site. The Business Post, 27th September
Saggart, South West Dublin Marlet Property has submitted a strategic housing development application to An Bord Pleanála for a €49 million apartment development at Garters Lane in Saggart in south-west Dublin. The development will consist of 224 apartment units comprising 82 one-beds, 121 two-bed units and 21 three-bed units arranged in four blocks. A decision is expected to be made by An Bord Pleanála by the start of January 2021. The Business Post, 27th September
Ballycoolin, Dublin 15 REA Grimes is guiding €10 million for a 45.7 acre greenfield site located next to Northwest Business Park in Dublin 15 (€219k per acre). The site at Mooretown is located just off Ratoath Road, south of the N2-N3 link, and is zoned General Employment (GE) making it suitable for industrial uses such as data centres, logistics and warehousing. The sites location is approximately 12km from Dublin Airport, 12km from Dublin city centre and 3.5km from the M50 motorway, providing convenient access to Irish and international transport networks. The Business Post, 27th September
Dunboyne, Co Meath A 27.3 acre site situated on the Navan Road in Dunboyne town has come to the market with a guide price of €6.75 million (€247k per acre). The lands are zoned under the Meath County Development Plan 2013-2019 as follows: A2 Residential –13.34 acres; F1 Open Space – 5.24 acres; and Un-zoned –8.72 acres. Under the Meath County Development Plan 2021-2027, the residential and open space zoning of the subject site is to be increased to 15.14 acres and 12.16 acres respectively. The lands are located within a 1km walk of Dunboyne train station, while the M3 and wider motorway network are readily accessible via exit 5 on the M3 which is located nearby. The Irish Times, 23rd September
Dublin South Docklands JLL is guiding €9.8 million for 16 Sir John Rogersons Quay in Dublin’s south Docklands. The 9,675 sq.ft. property (€1,013 psf) comprises ground and five upper floors and is fully let to Core, Ireland’s largest marketing communications company with c.14 years to expiry. The tenant has recently removed a break option in January 2025 and pushed it out until January 2030. The current rent is €489,319 per annum (€48.25 per sq ft and €3,750 per car space). The Irish Times, 23rdSeptember
Westland Row, Dublin 2 Savills is quoting a rent of €52 psf for 42 Westland Row. The grade A office building extends to 10,900 sq.ft. and comprises a restored period building to the front linked through a feature glazed atrium to a new build extension to the rear and is ready for tenant fitout. The building is situated less than 100m from the entrance to Pearse Street Dart station and is within a short walk of both the Luas green and red lines. The Irish Times, 23rd September
Cherrywood, South Dublin The French asset Management Company Corum has purchased Block 12 at The Campus in Cherrywood in south Dublin for €27.7 million, increasing its overall investment in the Republic and Northern Ireland to just under €257 million. Block 12 is fully occupied by Aviva on a 25-year FRI lease from July 2002 with no break options. The annual rental income is €1.81 million. The building provides 73,810 sq.ft. of flexible office accommodation over three floors (€375 psf), situated on a 2.5 acre site which includes 222 car parking spaces. The Irish Times, 23rd September
Herbert Place, Dublin 2 No 17 and 18 Herbert Place comprises 5,584 sq.ft. of office accommodation and is available for sale or to let through agent Bannon. There is a gated courtyard to the rear of the property providing parking for six cars. There are two modern residential mews buildings here, extending to 514 sq.ft. and 800 sq.ft. respectively (tenants not affected). The mews buildings produce an income of €24,000 per annum. The mews buildings and car parking are accessed via Herbert Lane. Bannon is quoting a rent of € 38 psf for the office accommodation, however consideration will also be given to a sale of the entire (to include the mews buildings) at a guide price of €4.75 million. The Irish Times, 23rd September
Citywest, Dublin 24 Savills is advertising Unit 2024 Bianconi Avenue, Citywest, Dublin 24 to let. The subject property, a 27,900 sq.ft. self-contained warehouse facility is located on the north side of Bianconi Avenue within Citywest Business Campus. The internal area is split into warehouse, two storey offices and concrete and steel frame mezzanine floors. The property benefits from immediate access onto the N7 dual carriageway and is located 13 km west of Dublin city centre, 4 km west of the M50/Red Cow roundabout, and 15 km south west of Dublin Airport. The entire property is available to let for €200k per annum (€7.17 psf). Savills Press Release, 23rd September
Swords, Co Dublin Savills is quoting a rent of €125k per annum for an 11,410 sq.ft. (€10.95 psf) semi-detached warehouse unit with two storey offices to the front elevation at Unit B3A, Airport Business Park, Swords, Co Dublin. Loading facilities are provided to the warehouse via 3 ground level roller shutter doors and there is a clear internal height of approx. 9 metres. Airport Business Park is located on the Swords Road (R132), 3.5km from the M50 motorway and it is within 1.5 km of Dublin Airport. Savills Press Release, 23rd September
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Leixlip, Co Kildare Knight Frank is guiding €5 million for a zoned development site in Collinstown, Leixlip, Co Kildare. The lands extend to 12.95 acres (€386k per acre) and are located immediately adjacent to Intel Ireland’s campus. The site, which has 443 metres of frontage to the R449, is zoned under the Leixlip Local Area Plan 2020–2023 as ‘Objective Q’ – Enterprise & Employment. The plan aims to support the delivery of a high-quality, attractive and sustainable business campus environment on the site. Exit 6 on the M4 motorway is situated just 500m away, providing easy access to the M50 and the wider motorway network. Knight Frank Press Release, 17th September
Ballincollig, Cork O’Flynn Construction has been granted permission by An Bord Pleanála to develop 123 apartments in Ballincollig on the outskirts of Cork city. The project will see a mix of one and two-bed apartments built in three blocks on the Old Fort Road. The three blocks of apartments will range in height from three to six storeys and the development will also provide for a creche, gym and 98 car parking spaces. As part of the development, 12 apartments – six 2-bed and six 1-bed units – will be transferred to Cork City Council for social housing under the Part V proposal. The Irish Examiner, 21st September
Dublin 4 An Bord Pleanála has granted permission to Cairn Homes for its contentious apartment complex plan on former RTÉ lands at Montrose in Dublin 4. The house builder has secured planning permission for 611 apartments in nine blocks ranging from four to 10 storeys in height, along with three townhouses. In total, 19 objections were lodged against the application. The decision comes more than three years after Cairn Homes paid RTÉ €107.5 million for the 8.64 acre site (€12.4m per acre & €176k per unit). The documentation lodged with the application puts a value of €521,377 on the two-bed apartments, and €472,797 on the one bed apartments. The Irish Times, 16th September
Dundrum, South Dublin Lioncor Properties has applied for permission to fast-track the construction of 628 build-to-rent apartments in Dundrum, south Dublin. The site spans nearly 10 acres on zoned residential lands on Wyckham Avenue. The development, if approved, would consist of seven apartment blocks up to nine storeys high. A mix of one-, two- and three-bedroom units would be built. Amenities and residential services would include co-working spaces, a residents’ lounge, games room, cinema/function room, music room and gym. It would also feature a creche, cafe, retail unit, 278 car parking spaces and 1,354 bicycle spaces. The Sunday Times, 20th September
Cabinteely, South Dublin The McGrath Group has pre-sold a development of 101 apartments at Johnstown Road near the N11 and Cabinteely Village in south Dublin. Its Johnstown Road project includes Johnstown Place, located on a property formerly known as New Prague and it will be completed by the end of this year. The project will comprise 25 one-bedroom units and 26 two-bedroom units. The second part, to be known as Elm Wood, will be fully completed in the third quarter of 2021 and it will comprise 21 one-bedroom units and 29 two-bedroom units. The Business Post, 20th September
Dublin 8 Hines has secured planning permission for 416 new homes at the former Bailey Gibson Site in Dublin 8. The development will comprise of 404 new apartments, two duplexes, six triplex apartments and four houses. Hines hopes to start construction on the Bailey Gibson site early next year. The Irish Independent, 15th September
College Square, Dublin 2 Marlet Property Group has been granted permission from An Bord Pleanála to increase the height of the 11-storey office block it is planning to deliver on the site of the former Apollo House in Dublin to 21 storeys. The proposal had already been approved by Dublin City Council last December but its decision was appealed by An Taisce. In upholding the council’s original ruling, the appeals board has cleared the way for Marlet to add a 10-storey tower comprising 54 build-to-rent apartments to the top of the office scheme. The apartments will comprise 45 one-bedroom and 9 two-bedroom units. Upon completion the College Square development will comprise a total of 404,960 sq.ft. of office space distributed across the sites occupied formerly by Apollo House and the neighbouring College House. The Irish Times, 17th September
Tuam, Co Galway DNG John Joyce is guiding €1.25 million for a mixed use building on Shop Street in Tuam, Co Galway. The building comprises two ground floor commercial units, a further two commercial units at first floor level with seven apartments and a bin storage area taking up the remainder of the building. The apartments range in size from 458 sq.ft. to 740 sq.ft. and are being sold with vacant possession. The commercial units span 7,674 sq.ft. in total, and the tenants are unaffected by the sale. The Business Post, 20th September
Harbourmaster Place, Dublin 1 CBRE is guiding €54 million for No 1 Harbourmaster Place in the IFSC. The entire property is let to KPMG under a 35-year lease from February 1991, which expires in 2026. The building extends to a total area of 62,090 sq.ft. and has 53 dedicated car parking spaces. The tenant is currently paying an annual rent of € 3,054,863 (€46 psf and €3,750 per car space). Rent reviews are upwards-only at five-year intervals, leaving one final review to be completed in 2021. Subject to planning permission, CBRE estimate that an additional 37,500 sq.ft. of net floor area could be added to the building. The Irish Times, 16th September
Cork City JCD Group have announced that 75% of the 250,000 sq.ft. Penrose Dock office scheme is now leased. Penrose Dock opened its doors earlier this month with the first four occupiers moving in: Grant Thornton; Sophos; Remitly and Minelab. October meanwhile will see three large publicly-traded US tech companies completing their office fit outs. The Irish Times are reporting that another large US tech company, expected to be announced in the coming weeks, is taking two floors in Penrose One while Matheson will be occupying the fifth floor also in Penrose One from early next year. Penrose Dock is set on a prime 1.8 acre site fronting onto the River Lee and consists of two Grade A office blocks. Penrose One extends to 80,000 sq.ft. over seven floors while Penrose Two is 170,000 sq.ft. over nine floors. The Irish Times, 16th September
Stephens Green, Dublin 2 Savills is seeking in excess of €18 million for Nos 92 and 93 St Stephen’s Green. The properties comprise two interconnected period structures, with an arched alleyway providing access to a rear car park. The four-storey over basement building extends to 19,105 sq.ft. (€942 psf) and is currently occupied under the terms of a series of licence agreements producing an annual income of c.€344,000. (€18 psf). The entire site is 0.3 of an acre, with c.0.2 of an acre available to develop at the rear. RKD Architects has prepared a feasibility study option which shows extensive redevelopment potential to include the existing building connecting to a new modern office extension to the rear comprising c.50,332sq.ft. in total over six floors. The Business Post, 20th September
Dublin 2 Finnegan Menton is guiding €2.25 million for a Georgian office investment at 16 Fitzwilliam Street Upper in Dublin 2. The subject property comprises a mid-terrace, four-storey over-basement period office building extending to 3,540 sq.ft. (€635 psf). The property comes to the market fully let to TAI Consultants, trading as Tax Accounting Ireland, who are in the building under a 10-year FRI lease from July 20th, 2018, with just under eight years unexpired. The property is producing total net income of €130,000 per annum (€36.72 psf). The Irish Times, 16th September
Galway City A retail investment property at 1 Shop Street in Galway City centre sold at an online auction last week for €2.006 million which was €256k over its €1.75m guide price and also over the previous €1.95m guide price quoted for the property earlier this year. It was sold jointly by BidX1 and QRE Property Advisers. The building is let entirely to Three Ireland and Three’s 10 years lease runs from May 2016 at a contracted rent of €160,000 per annum. The Irish Independent, 17th September
Belfast CBRE’s hotel division is seeking offers in the region of €18 million (£16 million) for the four-star Radisson Blu Hotel Belfast and adjoining Lighthouse office building. The hotel comprises 120 guest bedrooms, along with seven meeting rooms which can be combined to accommodate 300 delegates. The adjoining Lighthouse office building comprises 60,000 sq.ft. of office space. The six-floor building has onsite parking and is situated in the campus-style Gasworks development in close proximity to the city centre and a few minutes’ walk from Belfast’s CBD. The Irish Times, 16th September
Cork City Quakeside Ltd has been granted permission for the redevelopment of the Moore’s Hotel in Cork city centre. Permission had previously been granted by Cork City Council but the decision was subsequently appealed to An Bord Pleanála by a third party. The developer has withdrawn that application and resubmitted revised plans to Cork City Council, which have now been approved. What was proposed to be a four to six storey hotel development with 183 bedrooms has now shifted to a four to five storey development with 187 rooms. The Irish Examiner, 16th September
Dublin Airport Logistics Park Rohan Holdings has commenced construction of a further 120,000 sq.ft. of industrial and logistics space at its flagship Dublin Airport Logistics Park. At the park, Rohan has appointed Mannings to deliver a 70,000 sq.ft. unit and a 50,000 sq.ft. unit. Both units will benefit from substantial profile onto the M2 motorway, and will feature air-conditioned offices. Rohan is quoting a rent of €10.45 psf and expects to secure occupiers for both buildings prior to their completion in the final quarter of 2021. The park is located less than a two-minute drive from the M50 and the country’s wider motorway network, 250m from Dublin Airport’s campus, and 2km from the Dublin Port Tunnel. The Irish Times, 16th September
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