McDonald’s Mary Street: CBRE is guiding €18.5m for the McDonald’s outlet and office premises located at 14-16 Mary Street in Dublin city centre. The three-storey over-basement building is let in its entirety to McDonald’s at €733k p.a. under a 35-year lease, offering an initial yield of c. 3.79%. The lease began in December 1998, and has c. 16.5 years to run, without any break options. McDonald’s has 5,553 sq. ft. of retail space at basement and ground floor levels, while there are also two floors of office accommodation overhead, extending to 5,694 sq. ft. The high quality offices can be accessed via a separate entrance on Jervis Street. The Irish Times, 3rd May
Blanchardstown Centre: The management company for Blanchardstown Centre, Multi Corporation, has sought planning application from Fingal County Council for a 60,000 sq. ft. expansion to the central mall area. The c. €15m extension is expected to create several large retail units on both the upper and lower levels. In order to facilitate the development, a number of tenants are said to be relocating within the centre. If planning permission is granted it is estimated that 150 jobs will be created in the centre, which currently employs c. 5,500 people. In addition, a further 125 jobs will be created during the construction phase. Multi Corporation is owned by Blackstone Real Estate, who purchased Blanchardstown Shopping Centre in August 2016, and is a manager and redeveloper of shopping centres. The Irish Times, 4th May
Apollo House: NAMA has appointed Knight Frank to sell Apollo House in Dublin city centre as soon as An Bord Pleanála issues its decision on the proposed plans to demolish the 1960s office block and replace it with a newly developed complex ranging from five to 12 storeys in height. It is believed that NAMA has decided against developing the property itself, and that the site could now sell for up to €30m. The revised plans for Apollo House were submitted in collaboration with a redevelopment of nearby Hawkins House, which is owned by the Office of Public Works. An Bord Pleanála is due to make its ruling on the Apollo House application at the end of this month. The Sunday Times, 7th May
Tara House: Developer Johnny Ronan is lodging plans to build what would become the tallest building in Dublin on a site adjoining Tara Street railway station in the city centre. The proposed tower would rise to 88m in height, and consist of a 17-storey tower which would stand upon a five-storey wedge shaped podium containing a 110-bedroom hotel, with an open restaurant / café terrace at the base of the office tower. The tower would be topped by a restaurant and bar which will have panoramic views over the city. In total, the scheme would provide c. 127,000 sq. ft. of floor space, with the top-floor restaurant and bar having an exceptionally-tall floor to ceiling height of 4.6m. The Irish Times, 3rd May
Gateway House: Gateway House, the former Dublin head office for the international hit show Riverdance, has been sold by owners John McColgan and Moya Doherty (who created the show) for close to €5m. The 45,000 sq. ft. property is located on Capel Street, and was acquired by the couple c. 20 years ago. The Irish Independent, 7th May
Fitzwilliam Square: Stokes Property is guiding €3.5m each for numbers 29 and 30 Fitzwilliam Square in Dublin 2, or €6m for both houses. Together the two interconnecting office buildings extend to 8,340 sq. ft., and if refurbished have the potential to generate more than the current market rent of €400k p.a. The new owners will also have the opportunity to build two large four-bed mews houses to the rear of the properties, and the planning permission allows for them to be separated from the front buildings. The properties are currently rented by the EF Language School, however full vacant possession will be available from January 2018. The Irish Times, 2nd May
Fenian Street Aparthotel: Fowlers Public House Ltd has sought planning permission from Dublin City Council to demolish a derelict building at 24-25 Fenian Street in Dublin city centre, and construct a five-storey over-basement aparthotel which will contain 15 units with 22-bedspaces. Fowlers Public House Ltd is an Irish company controlled by Peter and Evelyn Barker. NAMA Wine Lake, 7th May
Merrion Collection: The Unicorn restaurant on Merrion Row in Dublin city centre will form the centrepiece of a redevelopment site which is being offered for sale through agents Lisney for c. €9m. The site contains Unicorn and three adjoining buildings in an area which is known for its attractive business and entertainment facilities. The site was assembled by an investment syndicate known as Ruby Point Ltd, who is believed to have spent over €5m assembling the four properties, which are currently producing a combined rental income of c. €433k p.a. The Irish Times reports that the new owners will inevitably seek planning permission for a four or five storey block with restaurants and retail units on the ground floor and at least 15 apartments on the upper floor. Three of the properties in the ‘Merrion Collection’ have leases that run out next year, while the fourth lease expires in 2020. It is believed that depending on the timescale for the new development, the new owners should be able to extend the present leases until they are ready to commence the redevelopment. The Irish Times, 3rd May
Hanover Lofts Apartments: The Irish Times reports that 12 out of 15 available apartments in the new Hanover Lofts complex located at Grand Canal Quay in Dublin’s docklands were sold over the weekend at the launch of the scheme. The complex is the second development by The Dublin Loft Company, which is led by Andrew and Mark Cosgrave, and contains four one-bed and 11 two-bed apartments. Asking prices started at €415k for a one-bed and €575k for a two-bed apartment, and the sales agent Hooke and Macdonald has advised that a number of parties are interested in the remaining three apartments. The Irish Times, 8th May
North Dublin Site: Knight Frank is guiding €2.8m for a significant land holding at Dubber, which is located between Dublin Airport and the M50 motorway. The 27.99 acre site, which is being sold on the instruction of the receiver, Grant Thornton, comes with a GE (General Employment) zoning and is being sold in a single block holding. Based on the current zoning and subject to planning permission, the site would suit a variety of uses including industrial, logistics, high technology, manufacturing, warehousing and wholesale. The Irish Independent, 8th May
Dún Laoghaire Development Site: Colliers International is guiding €3m for a 0.875-acre residential development site on Auburn Road in Dún Laoghaire. The site has planning permission for 14 homes consisting of 10 three-bedroom semis, one five-bedroom house and three two-bedroom apartments. The Irish Times, 3rd May
Delgany Development Site: Bids of €3m are being sought by Colliers International for a seven-acre site on Priory Road in Delgany, Co. Wicklow, which has planning permission for 12 houses. The sale includes the original house, which is a protected structure, and seven acres of land with permission for 12 two-storey detached houses, many of which will have panoramic sea views. The site is located south of Delgany village between the M11 and Greystones, 14km from the M50 and 28km from Dublin city centre. The Irish Times, 3rd May
Dublin 8 Student Accommodation: Crosslane Student Developments UK Ltd has lodged an application with Dublin City Council to construct a 75,000 sq. ft. student accommodation complex in Spitalfields, Dublin 8. The three-to-six storey development would be constructed on a 0.5-acre site of a former pig abattoir and would provide 232 student bedspaces across 35 ‘clusters’. NAMA Wine Lake, 7th May
Mortgage Approvals & Drawdowns: The latest figures from the Banking & Payments Federation Ireland (BPFI) show that compared to Q1 2016 (1,985), the number of mortgages approved increased by 62% in Q1 2017 (3,218), based on three-month moving averages. The value of the loans approved YoY rose by an even greater 77.5% (from c. €374m to c. €664m) in the quarter. While the number and value of mortgages approved rose by 62% and 77.5% YoY, the number and value of mortgages drawndown in Q1 2017 only rose by 27.4% and 39.5% respectively. BPFI Mortgage Approvals & Mortgage Approvals Reports, Q1 2017
The Maple: IRES is set to launch its newly completed 68 apartment block known as The Maple in Beacon South Quarter, Sandyford, Co. Dublin on July 4th. The block, which was constructed solely for the rental market, consists of four one-beds, 55 two-beds and nine three-beds. The properties are expected to command premium rents, with the one-beds expected to cost from €1,925 p.m., the two-beds will cost from €2,570 p.m. and the three beds will start at €2,750 p.m. The Irish Times, 9th May
Clonskeagh Development: The Irish Independent reports that the 49 properties that went on sale at the Hawthorn development in Clonskeagh, south Dublin, sold out in less than a day. Two-bed apartments were guiding €400k, three-bed duplexes were guiding €500k, while the four-bed houses sold for between €650k and €770k. The sales agent, Hooke & MacDonald, reports that all of the properties were acquired by owner-occupiers, with first-time buyers accounting for c. 60% of the purchasers. The Irish Independent, 9th May
Daft.ie Rent Report: The Daft.ie Q1 2017 report on residential rents shows that in YoY terms, national rents rose by 13.4% in the quarter, which is just shy of the 13.5% YoY growth recorded in Q4 2016, the largest increase on record. In Dublin, rents rose by 13.9% YoY. The number of properties available to rent in the quarter was less than 3,100 nationwide, which matches the record low achieved in May 2016. The report also compares the rental increases faced by tenants who have moved into new properties (“movers”) versus the increases faced by the tenants who have remained in situ (“stayers”). Based on Daft.ie’s analysis of c. 4,000 tenants, they found that since 2013, movers faced increased rents of c. 50%, while the stayers only faced rental increases of c. 27%, which suggests that stayers achieved a discount for remaining in situ. The Daft.ie Rental Price Report, Q1 2017
AIB Branches: Savills is marketing the sale of two properties which are occupied by AIB. The properties, located in Thurles, Co. Tipperary and Kilrush, Co. Clare are fully let to AIB on 20-year FRI (full repairing and insuring) leases dating from 2009, offering the purchaser of each property significant certainty in relation to their investment. The 13,411 sq. ft. property in Thurles is rented for €215k p.a. with upwards only rent reviews, while the 5,651 sq. ft. property in Kilrush is rented for €77.5k p.a. The asking prices for both properties are available on application. The Irish Independent, 8th May
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