Project Jewel: A 50:50 JV between Hammerson and Allianz Real Estate has been chosen as the preferred bidder for NAMA’s Project Jewel loan portfolio. Hammerson and Allianz will pay c. €1.85bn for the loan portfolio which has gross liabilities of €2.57bn, reflecting a discount of c. 28%. As part of the JV agreement, each entity will acquire a 50% stake in Dundrum Town Centre. Hammerson have separately acquired the 50% stakes in The Ilac Centre and Pavilions shopping centre which were included in the portfolio. Underbidders for the portfolio include Colony Capital and a joint bid from Hines and the Kuwait Investment Authority. CoStar Finance, 29th September
Elmpark Complex: Joint agents DTZ and Savills are guiding in excess of €185m for the Elmpark Complex in Dublin 4, which is being sold by NAMA. The current income of the asset of c. €9.5m p.a. is generated from c. 400,000 sq. ft. of commercial accommodation, 218 multi-family units and eight luxury houses. Of the €9.5m, c. €5.36m comes from office space let to Allianz and Novartis. The 218 apartments are fully let and generating annual income of c. €3.8m. There is potential to increase the income by a further c. €5m in the short term from the letting of the 175,000 sq. ft. Pioneer building, which can be let for office use. The Irish Times, 23rd September
The One Building: Following a €7m redevelopment, The One Building on Grand Canal Street, Dublin 2 is now being offered to rent from €49.50 psf. The One Building has been extended to 45,000 sq. ft. over seven floors, with 44 underground car spaces. The car spaces are available to rent at €3,500 per space. The owner of the building is Jones Investments Ltd, who also developed Dock Mill last year which was subsequently purchased by Google. The Irish Independent, September 24th
Blackstone Properties: Lisney are guiding c. €130m for the sale of the Bloodstone Building and Central Quay in Dublin’s Docklands. The properties, along with Hume House in Ballsbridge, were bought by Blackstone in January 2014 for c. €100m. Hume House is expected to be put up for sale before the end of the year for c. €40m, offering Blackstone a potential gross return of 70% on their investment. The Bloodstone Building is c. 83,000 sq. ft., Central Quay c. 59,000 sq. ft. and Hume House is a c. 80,000 sq. ft. property. The properties are believed to be yielding 6% in annual rental income. NAMA Wine Lake, 27th September
2 Custom House Plaza: Lisney are launching the sale of 2 Custom House Plaza, IFSC for €14.35m. The five storey office block, which is fully let, has a floor area of 29,430 sq. ft. and 29 car spaces. The current rental income of c. €991k p.a. offers a net initial yield of 6.6%, however there is potential to increase the rental income in the short term. There are 14 car spaces which are unlet with potential to increase the annual rental income by c. €40k. In addition the office space offers an average rent of c. €32 psf, significantly below the top rents in the IFSC of c. €45 psf. The property has a weighted average unexpired lease term of c. 5.19 years. The Irish Times, 23rd September
Block R: The Central Bank have completed the purchase of the Block R office building on Spencer Dock in Dublin 1 for c. €104m. The bank already occupy nearly 50% of the 127,000 sq. ft. property, which is located close to their proposed new headquarters on North Wall Quay. The current rent roll for the property is c. €4.9m p.a., with the bank paying c. €3m (€46 psf). Of the remaining office space in the property, Nationwide occupy half the top floor and the balance is being fitted out for state bodies. The Irish Times, 23rd September
Castlemartyr Hotel: The Castlemartyr hotel in Cork is believed to have been bought by the owners of the Old Thorns hotel and estate in Surrey. The 103 bed Castlemartyr hotel went on the market for €13m in June having originally been developed at a cost of c. €70m by building group John F Supple. According to details filed by Old Thorns, its owners include Chinese businessman Zhang Zhenxin and Singaporean Phang Yew Kiat. The Sunday Times, 27th September
Maritime Hotel: Savills are guiding €1.5m for the Maritime Hotel, a four star, 110 bed hotel located in Bantry, Co. Cork. Included in the sale are 80 underground car spaces, a medical centre occupied by the HSE and a Doctor’s surgery which is under a lease agreement for the next three years. The hotel is being operated under a management agreement and benefits from its location along Ireland’s Wild Atlantic Way. The Irish Independent, 24th September
Premier Inn: The Limerick based Kirkland Investments have purchased the three-star, 155 bed Premier Inn hotel in Airside Business Park in Dublin. Kirkland paid c. €11m for the hotel, which was €1.4m above CBRE’s guide price. The acquisition is Kirkland’s second in the Irish market in the past twelve months, with the firm having acquired the Savoy Hotel, 84 apartments and six shops in Limerick last October for c. €18.54m. The Irish Times, 23rd September
23A Mary Street: A private investor has paid €4.95m for 23A Mary Street, which is alongside Jervis Shopping Centre in Dublin City Centre. The property offers 1,032 sq. ft. of retail space at ground floor level with an additional 998 sq. ft. in the basement. The current tenant is Peter Mark, who were originally on a 35 year lease from 1985. Peter Mark have since signed a Deed of Variation extending the lease until 2025 with the current rent of €250k p.a. reviewable in 2020. The Irish Times, 23rd September
NAMA Residential Development: Receivers acting on behalf of Capel Developments Limited have sought planning permission for 318 homes on a 12 acre site in Pelletstown in west Dublin city. The application contains proposals for the development of 176 apartments and 142 houses on the site. Capel Developments was previously controlled by Edward Keegan, Liam Kelly and John O’Connor before NAMA had receivers appointed over the company’s assets in April 2011. NAMA Wine Lake, 27th September
NAMA Student Accommodation: Receivers acting for Wintertide Limited have applied for planning permission to construct 970 student bed spaces in north Dublin city centre. The proposed 350,000 sq. ft. of student accommodation is to be on the corner of Sheriff Street and Upper Mayor Street. Wintertide Limited was previously part of the Treasury Holdings group before NAMA had receivers appointed in 2012. NAMA Wine Lake, 27th September
Social Housing Project: New Generation have sought planning permission for Ireland’s first major social housing project since the property crash. The developer intends to build 27 houses and 142 apartments on their 41 acre site in Finglas, Dublin 11. Planning permission has also been sought for a primary care centre and nursing home on the site. The gross value of the project upon completion has been estimated at c. €18m. The Sunday Business Post, 27th September
Parkside Development: Cairn Homes have launched the initial phase of their Parkside development in Malahide, north Co. Dublin. The phase consists of 25 three and four bed houses priced between €299k and €385k. The 50 acre Parkside site has zoning for 433 homes and Cairn hope to have the first 200 completed by the end of 2016. The launch represents the first housing development by Cairn. The Irish Times, 24th September
Lad Lane: IPUT has paid over €10m for a 30 year old block of apartments on Lad Lane in Dublin 2. The apartments are currently generating rental income of €390,000 p.a. with further income of €70,800 p.a. from 37 car spaces. There is significant redevelopment potential from the asset, with the possibility of replacing the apartments with a 40,000 – 50,000 sq. ft. office block. IPUT already owns Fitzwilton House and has a major stake in Wilton Park House, two office properties located nearby. The Irish Times, 23rd September
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National Portfolio: The Irish Times understands that Davidson Kempner, alongside minority partner Alanis Capital, is in pole position in the race to acquire Bank of Ireland’s National Portfolio. Davidson Kempner is believed to have bid in excess of €170m for the portfolio, for which JLL and Savills were inviting offers above €162m. The portfolio is producing gross income of €12.2m p.a. and consists of five retail parks – Nutgrove Retail Park, Letterkenny Retail Park, Sligo Retail Park, Tullamore Retail Park and Deerpark Shopping Centre. The Irish Times, 16th September
Project Arrow: The Sunday Times reports that a second bidder from a shortlist of just three is considering pulling out of Project Arrow. There are fears that Apollo Global Management may not submit a final round bid for the €7.2bn portfolio. Two weeks ago, a joint bid between Goldman Sachs and CarVal pulled out of the bidding process. If Apollo exits the process, then just one firm, Cerberus Capital Management, will be left in the auction. The Sunday Times, 20th September 2015
Project Jewel: The Sunday Times also understands that Davidson Kempner, one of five bidders for NAMA’s Project Jewel (which includes loans secured on Dundrum Town Centre), may withdraw from the bidding process. Bids for Project Jewel, which are expected to exceed €1.5bn, are due to be submitted by the end of this month, and competition for the prized assets is expected to be keen. The Sunday Times, 20th September 2015
Michael O’Flynn: Michael O’Flynn is in the process of finalising a deal with a multibillion dollar US private equity house that will end his relationship with Blackstone. The SBP reports that O’Flynn is in negotiations with Manhattan based Avenue Capital, a US fund which controls almost $14 billion in assets worldwide. AIB is understood to be providing the senior debt for the deal. Blackstone bought €1.8 billion of O’Flynn’s debt from NAMA for c. €1.1 billion in 2014. As part of the deal, O’Flynn and his backers will purchase the undeveloped pipeline of Irish assets from Blackstone subsidiary Carbon Finance. The Sunday Business Post, 20th September
The Exo: Receivers from Grant Thornton have submitted a planning application to construct a 73m tall office block (known as The Exo) at the Point Village in Dublin 1. The Exo is to be 17 storeys tall with the capacity to accommodate 2,000 workers. The €80m project would be taller than any office block in the Docklands at present, including Google’s Montevetro building which stands at 67m. NAMA are to finance the development, while CBRE and Savills have been appointed as joint letting agents. The Irish Times, 15th September
Jefferson House, Donnybrook: A 33 year old office building in Donnybrook is likely to undergo a major refurbishment after it is sold on behalf of a private investor. The five-storey over basement building extends to 19,374 sq. ft. and has 21 car parking spaces. It has been rented since it was built to Smurfit Services Ltd, now trading as Smurfit Kappa, under a lease which is due to expire in May 2017. Selling agent BNP Paribas are inviting offers of more than €7 million for the property. The Irish Times, 16th September
The Gresham Hotel: The Sunday Independent understands that the Gresham Hotel is expected to be put up for sale by NAMA next month. Windward Investments, which is led by Patrick Coyle (the general manager of the hotel), is set to partner with US hotel management company Pyramid to make a bid for the property. Pyramid purchased the Temple Bar Hotel earlier this year. Dalata, Kennedy Wilson and Tokyo Inn are other likely bidders for the hotel. The Sunday Independent, 20th September
Residential Planning Applications: New figures from the CSO show that when compared to Q2 2014, the number of planning applications approved in Q2 2015 increased by 87% (3,010 vs. 1,606 in Q2 2014). The number of applications approved for apartments rose by c. 227% in the same period (373 vs. 114 in Q2 2014). The increase in the number of apartments would indicate that there is to be a renewed focus on apartment building in the capital. The Irish Times, 17th September
IRES: One of Dublin’s biggest apartment owners, IRES, is planning further rent hikes. Rents increased by 10% – 15% in the first half of 2015 across IRES REIT’s 1,566 Dublin apartment portfolio. The company’s portfolio of apartments is spread across the city at high profile developments including Beacon South Quarter, Rockbrook, The Marker and Charlestown. The Sunday Business Post, 20th September
Adamstown: Ulster Bank is in the process of examining the sale of one of the largest areas of residential development land in Dublin. The bank is reviewing its position in relation to a massive land bank in Adamstown in west Dublin, with the potential market value understood to be in the region of €500m if brought to market. The bank has major exposure to the area through lending to Maplewood Development and Castlethorn Developments, and is examining whether it will be able to sell the loans and land as a single sale. The site is seen as a source of unlocking extra supply in the capital as it has Strategic Development Zone status allowing for the development of 8,000 units. The Sunday Business Post, 20th September
Baggot Street Hospital: The HSE have appointed Savills to handle the sale of Baggot Street Hospital in Dublin 4. Although Savills have not quoted a guide price, it is believed that the hospital is valued at c. €14m. The hospital has a floor area in excess of 60,277 sq. ft., and the overall site measures c. 0.71 acres. Given the size and location of the asset, the buyer will likely seek to redevelop the property into either a hotel, residential units and/or office space. One of the conditions of the sale is that the buyer of the property must provide a new primary care centre for the area, either on the property or nearby. For the new care centre the HSE have offered to enter into a new long-term lease agreement at c. €18 psf. The Irish Times, 16th September
M1 Business Park: DTZ are guiding €6.15m for 157 acres of undeveloped land and 22.56 acres of an industrial development at the M1 Business Park near Balbriggan in Co. Dublin. Of the 157 acres of undeveloped land, only 16 acres do not carry any zoning. The 141 acres which contain zoning carry a mixture of commercial zonings, including high technology and research and development. The asset is in a strong location as it is only a short drive from Dublin airport and also has direct access to the Docklands through the port tunnel. The Irish Times, 17th September
The Comer Brothers: The Sunday Independent reports that Galway builders Luke and Brian Comer have purchased two development sites located north of Wembley Stadium in London. The sites span across 1,200 acres, and if rezoned could be worth between €8.4bn and €15bn. UK property prices are forecast to rise by up to 30pc in the next four years due to an acute shortage in London and Southern England, according to BNP Paribas. The Sunday Independent, 20th September
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National Portfolio: Bank of Ireland’s National Portfolio is expected to trade for above €162m as four second round bids were received on September 9th. The portfolio consists of five retail parks with the prized asset being Nutgrove Retail Park in Rathfarnham, South Dublin, which has an asking price of over €62m. The bidders are a JV between Tristan Capital Partners and Pradera, Oaktree Capital Management, Benson Elliott and Davidson Kempner alongside minority partner Alanis Capital. The portfolio generates gross income of c. €12.2m and has a weighted average unexpired lease term of c. 10 years. A sales price in excess of €162m would offer a net initial yield below 7.2%. CoStar Finance, 10th September
Project Arrow: Goldman Sachs and CarVal are believed to have withdrawn their interest in NAMA’s €7.2bn par value Project Arrow, leaving Cerberus and Apollo as the remaining bidders. The reason for their withdrawal is unclear. NAMA chose the three finalists for the portfolio a little over two weeks ago. Lone Star may request to re-enter the bidding process. CoStar Finance, 10th September
Hazel Portfolio: DTZ and Bannon have been retained by NAMA to manage the sale of the Hazel portfolio, with offers in excess of €115m being sought. The portfolio consists of Wilton Shopping Centre in Cork, Drogheda Retail Park in Meath and the Gateway Retail Park in Galway. Wilton is valued at c. €70m, Drogheda at c. €30m and Gateway is worth in excess of €15m. Based on a net operating income of c. €8.97m, a sale at €115m offers a net initial yield of 8.97%. The portfolio also boasts a low vacancy rate of 2.1% and a weighted average unexpired lease term of 9.11 years. First round bids are reportedly due in the third week of October. CoStar Finance, 9th September
Millennium Park: The Irish Times has learned that Tetrarch Capital is to seek planning permission for a substantial residential and commercial development at Millennium Park in Co Kildare. Tetrarch purchased 336 acres of the park from NAMA earlier this year for c. €36m. It is believed that Tetrarch will initially seek permission to construct c. 50,000 sq. ft. of office space, followed by an application early next year to construct over 400 houses. Tetrarch are currently receiving income of c. €1.62m p.a. from the site, which has a vacancy rate of c. 6%. The Irish Times, 14th September
IPUT Office Space: Investment fund IPUT intends to supply Dublin with c. 400,000 sq. ft. of office space over the next three years. The news comes at a time when some analysts predict that prime rents could rise up to €70 psf over the next twelve months. The office space is to come from the newly refurbished 7 Hanover Quay in Dublin 2, which contains 68,000 sq. ft. of office space, as well as five other properties which IPUT are currently developing or refurbishing. These properties are located at St Stephens Green, Dawson Street, 10 Molesworth Street and Citywest. 7 Hanover Quay was previously the European headquarters of Facebook. The Irish Independent, 11th September
Lower Baggot Street: Knight Frank are set to launch an international marketing campaign later this month seeking tenants for Bank of Ireland’s former headquarters on Lower Baggot Street, Dublin 2. The property has undergone a significant redevelopment in recent years at a cost of c. €100m since it was purchased by Larry Goodman’s Parma Developments for c. €40m in 2013. Once the project has been completed there will be c. 219,000 sq. ft. of lettable space along with 125 underground car spaces. Market sources estimate that the rent for property will be c. €60 psf given the €100m redevelopment spend. The Irish Times, 9th September
Dalata Gresham Hotel: The chief executive of Dalata, Pat McCann, advised that his firm would be interested in purchasing the Gresham hotel should it fit their investment criteria. McCann believes the hotel, which was built in 1817 and has in excess of 300 rooms, will be on the market for a price “somewhere north of €60m”. Dalata are also expected to bid for the Pillo Hotel in Meath and the Clarion in Sligo should they be for sale this year, as they currently manage the hotels on behalf of receivers. Dalata spent nearly €524m on hotel acquisitions in H1 2015. Irish Independent, 10th September
Hotel Sales: With 50 hotels sold for a combined value of €795m in the first eight months of 2015, it is believed that hotel sales may exceed €1bn in 2015. The most expensive sale was the combined purchase of the Ballsbridge and Clyde Court hotels for c. €175m by Chartered Land / ADAI. While this transaction would be categorised as a development deal, the fact that average room rates in Dublin are €174 a night this month (per Trivago) could make the existing 600 bedrooms more remunerative in the short to medium term. Although rates have risen in the past few months, it is believed that they are only now starting to reach levels which would justify the construction of a new hotel. The Sunday Business Post, 13th September
Wexford Portfolio: Offers in excess of €6.75m are being sought by DTZ Sherry Fitzgerald and Sherry Fitzgerald Haythornwaite for a substantial mixed use portfolio in Wexford town. The property includes a six storey building which contains 73 apartments and three retail units. The main retail tenant is TK Maxx, who are paying 5% of turnover as rent for 28,148 sq. ft. of retail space, believed to be worth c. €250k per annum. Other assets of note in the portfolio include a 314 space multi storey car park and a 28,000 sq. ft. former grain store which has undergone significant refurbishment in recent years. The Irish Times, 9th September
Capital Dock Project: Kennedy Wilson have sought planning permission for a 23 storey apartment tower on Sir John Rogerson’s Quay in Dublin 2, which would make it the tallest building in Ireland. The tower is part of their €200m Capital Dock project, which is a joint venture with NAMA. Kennedy Wilson previously sought planning permission for a 19 storey tower on the site however this was rejected by Dublin City Council. The revised planning application comprises seven blocks, 204 apartments, 313,000 sq. ft. of office space and retail units. The Sunday Times, 13th September
Dublin Student Accommodation: Global Student Accommodation and The Creedon Group have been granted planning permission for a €41m student housing complex on a 2.5 acre site in Mill Street, Dublin 8. The complex is to consist of five blocks containing study bedrooms and student community spaces. GSA is to both finance and develop the complex, which is expected to open in September 2017. Although this will be GSA’s first development in Dublin, the firm intends to invest up to €250m here over the next five years given the acute shortage of student accommodation in the capital. The Irish Times, 11th September
Malahide Apartments: Knight Frank are guiding c. €7.5m for 27 apartments at the Robswall development in Malahide, Co. Dublin. The property consists of one, two and three bed penthouse units which range from 603 sq. ft. to 1,313 sq. ft. in size. There is scope to increase the current rental income of c. €400k p.a. to c. €460k p.a. once all the units have been fully rented and rents are increased to market rent. The €7.5m guide price equates to a cost per sq. ft. of €325. The Irish Independent, 10th September
Mount Merrion Site: DTZ Sherry Fitzgerald are guiding €23m for an 18.4 acre site known as Knockrabo in Mount Merrion in Dublin 14, which should accommodate up to 170 houses and apartments. Over 5 acres of the site have been reserved for a future extension of the Eastern Bypass, leaving c. 13.3 acres of residentially zoned land. There is already planning permission for 47 houses and 41 apartments on the site. DTZ anticipate significant demand given the size and location of the site. The Irish Times, 9th September
Events Centre: Work is expected to commence shortly on a new €50m events centre at the site of the old Beamish and Crawford Brewery in Cork City. A consortium consisting of Heineken and BAM were awarded the contract to undertake the project in 2014. The 6,000 seater events centre is to be the crown jewel of the €150m Brewery Quarter project. The state is to provide funding of €20m towards the project, which will support 900 direct jobs upon completion. The Irish Times, 14th September
Shannon Free Zone: The first phase of a major redevelopment project has commenced at Shannon Free Zone in Co. Clare. The phase is valued at €21m and will take approximately two years to complete. A planning application is expected to be lodged shortly to develop a 40,000 sq. ft. Grade A office block and a 30,000 sq. ft. advanced technology manufacturing unit on a 12 acre site. There is another 67,000 sq. ft. advanced technology manufacturing unit included in the first phase at Shannon Free Zone East. The project is being run by the Shannon Group, an entity formed last year with the objective of growing traffic through Shannon Airport. The Irish Times, 9th September
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Dublin Airport Central: The Dublin Airport Authority is formulating a €1bn plan to construct a 3.2 million sq. ft. airport city in north Dublin, according to documents seen by the Sunday Business Post. The project, which will be approximately three times the size of Dundrum Town Centre, is to primarily consist of offices but will also contain hotels, cafes and recreational facilities. In March of this year the DAA purchased the former Aer Lingus headquarters in the airport for c. €10m, representing the first step towards the development of the airport city. It is believed that the DAA already have appointed a team to work on four 100,000 sq. ft. buildings as part of the project. The Sunday Business Post, 6th September
One Spencer Dock: NAMA is expected to bring One Spencer Dock to the market in the immediate future, with an anticipated guide price in excess of €100m. The eight storey property contains five blocks, with 350,000 sq. ft. of lettable space and 143 car spaces. The primary tenant is PWC, who occupy 220,000 sq. ft. of space. Other tenants include ABN Amro and Ecclesiastical Insurance. The property was constructed in 2007 by a consortium led by Treasury Holdings. Hines act as asset manager for the property. The Sunday Times, 6th September
CBRE Report: CBRE’s latest research report estimates that there will be €400m of retail and €400m of office investment opportunities on the market over the next few months, following a summer which saw no let-up in activity in the investment market. The report also assesses the current shortage of prime office opportunities in Dublin. CBRE believe that it will be 2017 before there is a substantial improvement in supply, with rents expected to continue to rise in the meantime. CBRE Bi-Monthly Research Report, September 2015
Allianz Participation: Allianz have made their first investment in the Irish market, by taking a €150m participation in a €300m Morgan Stanley loan which was provided to Starwood Capital earlier this year. Starwood used the loan to purchase 11 office buildings and one residential property in Dublin from Lone Star for €350m, with the assets now securing the facility. Properties in the portfolio include Iveagh Court, the Watermarque Building, Hogan Place and Marsh House. Real Estate Capital News, 3rd September
Nassau House: The European real estate investment fund Meyer Bergman, together with Navan developer Eamonn Duignan, is believed to have acquired Nassau House in Dublin 2 for c. €90m. The c. 100,000 sq. ft. property is a five storey office and retail block with an annual rent roll of c. €3.5m. The previous owners Aviva had the property sold through JLL on an off-market basis. The new owners are expected to be viewing the property as a redevelopment opportunity and a planning application to extend the building to eight stories and up to 200,000 sq. ft. should be forthcoming. The Irish Times, 2nd September
Heron House: JLL are guiding c. €4m for Heron House, a partially let office block in Sandyford, Dublin 18. The 19,215 sq. ft. property is currently occupied by the Grafton Group and Computershare, achieving annual rental income of €231,756. Both these leases run until the end of 2018. There are also 50 car spaces with the property, with the rented car spaces generating annual rental income of €900 each. The vacant first floor of the property is available to rent for €20 per sq. ft., having recently been refurbished. The Irish Times, 2nd September
Sandyford Development: Ardstone Capital have sought planning permission to develop 450,000 sq. ft. of office space in Sandyford, Dublin 18. The project, known as Eden Plaza, will be developed on a c. 5.06 acre site which Ardstone bought from NAMA for €6.5m. The site previously sold for in excess of €70m in October 2007 to Reg Tuthill and Derek O’Leary. The project proposes the development of a number of high specification office buildings, ranging from 35,000 sq. ft. to 150,000 sq. ft. in size. The Irish Times, 2nd September
Stauntons on the Green: JLL are guiding in excess of €12m for the boutique townhouse Stauntons on the Green in Dublin 2. The four star, 51 bed townhouse has an average room rate of €90 and is owned by Jim Staunton, however it is being sold with vacant possession. The property, which comprises three Georgian houses, has a total floor area in excess of 20,000 sq. ft. after an extension at the rear of the asset was installed in recent years. It is believed that both hotel and property investors will be interested in the property as investors may seek to convert the Georgian properties into either residential or office space. The Irish Times, 2nd September
Hotel Rates: The average room rate for hotels in Ireland rose to €116 at the end of June, marking the fifth year in a row in which hotel rates have increased. The latest figures from Hotels.com show that rates in Ireland rose by 15% in H1 2015, whereas rates globally remained relatively flat over the period. Dublin has the highest room rates with an average room rate of €128. Average room rates in Belfast were €123 at the end of H1 2015, an increase of 25% when compared to H1 2014. The Irish Independent, 2nd September
Dalata Capital Raise: The Sunday Independent understands that Dalata are to raise €150m from the issuance of new shares. The funds are to be used to increase their portfolio, with a number of hotel assets expected to be brought to market in the coming months as NAMA and Ulster Bank continue their disposal of loan portfolios. Dalata has raised €500m since floating on the ISE last year, and its share price has risen by 40% since listing. Dalata were recently outbid by developer Joe O’Reilly who bid €170m for Project Trinity. The Sunday Independent, 6th September
Terenure Apartments: DNG are guiding €11.75m for 40 apartments spread across two blocks in Terenure, Dublin 6. The apartments, which were built in 2008, are fully let and generating annual rental income of €635k. However due to the shortage of rental accommodation in south Dublin and the prime location of the apartments, DNG believe the annual rental income could rise to €750k. The apartments are being sold on the instruction of the receiver, Jim Hamilton of BDO. The Irish Times, 2nd September
Beulah, Dalkey: Sherry Fitzgerald are advertising the sale of Beulah, a c. 5,010 sq. ft. residential property sitting on c. 1.7 acres on Harbour Road, Dalkey. Valued at €6.5m, the property is of Victorian design, having been built in 1844. The six bedroom property also comes with access to the nearby private harbour, Rocklands. The current owners of the property are the O’Sullivan family (former owners of Irish Express Cargo), who bought the property in the late in 1980s from Ted Rogers of Golden Discs. The Irish Times, 3rd September
Fairbrook Development: Gannon Homes have launched their latest tranche of homes in Swords, Co. Dublin, where they hope to develop up to 1,000 homes. Fairbrook is an 85 home scheme of three and four bed properties and follows on from last year’s successful 100 home scheme under Miller’s Glen. Prices start at €264,950 for a three bed townhouse of 1,216 sq. ft. while the detached houses of 1,582 sq. ft. range from €404,950 to €439,950. The Miller’s Glen scheme was launched in September 2014 and all homes had been sold by November. The Irish Times, 3rd September
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Project Arrow: NAMA is thought to have shortlisted three bidders for the €7.2bn Project Arrow; Cerberus, Apollo and a joint bid from Goldman Sachs and CarVal. Project Arrow consists of loans to 370 borrowers which have an average par value of €19.5m. Final bids are due in the first week of October. The portfolio is expected to sell for c. €1.5bn (a c. 79%. discount). NAMA Wine Lake, 30th August
DTZ Report: DTZ’s report on the Irish office market for Q2 2015 notes that Dublin continues to face a supply shortage, particularly for grade A office space. The vacancy rate for grade A space in Dublin’s Central Business District stood at just 4% at the end of June, significantly lower than the overall vacancy rate for Dublin of 14.9%. Construction is however beginning to respond to this supply shortage, with c. 1.4m sq. ft. of office space under construction at the end of Q2 2015, 64% of which is located in Dublin’s Central Business District. At the end of Q1 2015 there was only c. 682k sq. ft. of office space under construction. DTZ Irish Office Market Review, Q2 2015
Iveagh Building: Savills are guiding c. €15m for The Iveagh Building, a mixed use commercial building which is located alongside The Park, Carrickmines, Dublin 18. The property, which has a floor area of 42,200 sq. ft. and 148 car spaces, consists of seven ground floor retail units with three floors of office space overhead. The current annual rent roll is c. €978k. Vodafone and a Vodafone subsidiary (Netshare) occupy the first two floors of office space, paying a combined €564k. BB’s coffee house pay the highest retail rent at €109k. The Irish Times, 26th August
Arnotts: The Weston Family, through their investment vehicle Wittington Investments, are believed to have reached an agreement in principle with Noel Smyth to own and operate Arnotts. Wittington already own Brown Thomas in Dublin and Selfridges in London. While Arnotts produced a trading profit of €2.5m on sales of €120m for the year ended January 2014, its balance sheet is heavily indebted. Any restructuring should see the debt reduced to a sustainable level. The Sunday Times, 30th August
Dublin SuperValu: Jim Treacy, the previous owner of the Lough Erne Resort in Northern Ireland, is believed to be in talks with Musgrave to acquire his former SuperValu store in Churchtown, Dublin 14. With annual sales estimated at over €25m it is one of the busiest SuperValu stores in the country. Treacy lost the asset in 2011 when BOSI appointed a receiver, with Musgraves purchasing the trading business and property for over €12m. Treacy has continued to run the store on behalf of Musgraves since it was sold. The Irish Independent, 29th August
Finglas Site: Developer Greg Kavanagh has sought planning permission for 108 residential units, 160,000 sq. ft. of office space and a 70,000 sq. ft. distribution centre on a 12 acre site in Finglas, Dublin 11. The application, which has been submitted through CreKav Landbank Investments Limited, proposes for the demolition of the existing industrial buildings on the site. M&G Investments are believed to be backing Kavanagh on the development, which is one of the largest applications in Dublin this year. NAMA Wine Lake, 30th August
Cairn Homes: Shares in Cairn Homes rose 2.1% on August 27th after the company revealed that they were carrying out detailed due diligence on 11 sites. These sites have a projected cost of c. €120m with potential for 1,600 units. Per Cairn’s results to June 30th 2015, the company had acquired nine development sites at a cost of €130m. After raising €440m from the company’s IPO on the LSE, Cairn had cash resources of €388m at the end of June. The Irish Independent, 28th August
Inniscorrig: With an asking price of €10.5m, Inniscorrig in Dalkey is now Ireland’s most expensive home. The property, which is on the market through joint agents BK Earley and Sherry Fitzgerald, was built in 1847 and maintains a Gothic Revival style. The 6 bed, 5,773 sq. ft. property is built on a c. 0.75 acre site with its own private harbour. The current owner of the property is Linda Ryan. The Irish Times, 27th August
Howth Site: Grant Thornton, acting as receivers for Ray Grehan’s Glenkerrin Homes, has submitted a planning application to develop Glenkerrin’s site in Howth, Dublin 13. The planning application is for a mixed use scheme of 196 residential units and six commercial units on c. 10.87 acres. Grehan acquired 6.58 acres of land in 2007 when he paid c. €62m for two adjoining sites. The remainder of the 10.87 acre site comes from land which Fingal County Council has allowed Grant Thornton to include in the application. The Irish Times, 27th August
House Sales: Research by Geodirectory has shown that 13,062 homes were added to the Republic’s supply in the year ending July 2015. At the end of July the total number of homes stood at 2,008,568. In addition there were 45,138 homes sold during the period, with c. 90% of them being second hand homes. However the chief executive of Geodirectory, Dan Keogh, believes that the level of supply is too low to satisfy demand, putting increased price pressure on the market as a result. The Irish Times, 26th August
Ashton House: CBRE are guiding €2.8m for a period house on c. 28 acres in Ashtown, Dublin 15, for which Grant Thornton are handling the sale. In addition to the main 12 bed, 6,458 sq. ft. property, there is also a four bed lodge, four bed bungalow, stables and a barn. The asset was previously sold for €26m in 2006 to Depton Ltd, a company linked to Liam Maye. It is believed the asset will be next used as either a nursing home / village or a hotel. The Irish Times, 26th August
Rathfarnham Site: Homebuilders Regency has been granted planning permission by An Bord Pleanála to construct 314 residential units and a crèche on a €38m site in Rathfarnham, Dublin 16. The company, which is run by Aodan Bourke and Patricia Hinch, sought permission for three, four and five bed family homes as well as high end apartments on the site. Regency has also begun constructing 455 homes in Hollystown, Dublin 15. The Irish Times, 26th August
Liffey Bridge: Dublin City Council is to seeking bids to design a new €12m pedestrian and cyclist bridge on the river Liffey. The bridge, which will link Sir John Rogerson’s Quay on the south side of the river to North Wall Quay, is to be located less than 250m from Samuel Beckett Bridge. Levies collected from construction in the Strategic Development Zone will be used to fund the bridge. The bridge is expected to open in approximately three years. The Irish Times, 27th August
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