10th March (Issue 237)
Welcome to the Origin Capital Weekly Irish Property Review. This update is designed to provide you with a full recap of the latest property news from the media over the last seven days.
RESIDENTIAL / LAND
Sandyford, South Dublin The Irish Times understands that Vanguard Global Realty have purchased the 6.5 acres of land attached to the home of the Legionaires of Christ in Sandyford, South Dublin in an off market transaction for c.€23 million (€3.54m per acre). The site acquired by Vanguard is expected to be redeveloped as offices, in line with its zoning for “office and enterprise” use under the Dún Laoghaire Rathdown County Development Plan 2016-2020. The property overlooks the Central Park office campus and has the benefit of direct access to the Central Park Luas green line stop. The Irish Times, 4th March
South Lotts Road, Dublin 4 A 0.25 acre plot and adjoining four bedroom semi-detached house on South Lotts Road which was initially brought to the market for €1.8 million has now sold for €4 million. The price paid is more than double the figure which had been expected when the site was offered for sale last September. An expired planning permission for 21 apartments could possibly be increased under the new planning guidelines subject to the necessary consents being obtained. The Irish Times, 4th March
Foxrock, South Dublin Knight Frank is guiding €2.3 million for a development site on Westminster Road in Foxrock, South Dublin. The subject property is a 1,937 sq.ft. Edwardian Style house on a 0.77 acre site next to Foxrock village. Reddy Architecture + Urbanism have completed a feasibility study which identifies two potential residential schemes for the site (subject to planning permission). The first option would see the development of a townhouse scheme of 12 units, while the alternative would involve the delivery of an apartment/townhouse scheme of 17 units. The site’s potential is supported by Greencroft Construction’s ongoing delivery of eight new townhouses ranging in size from 2,863 sq.ft. to 3,261 sq.ft. on the neighbouring Clonbur site. The Irish Times, 4th March
Cork City Docklands JCD Group has been given the green light by An Bord Pleanála for its proposed large-scale residential scheme in Cork’s docklands at the Carey’s Tool Hire site. The project will deliver 201 rental apartments to the market and will include amenities such as a 25th floor residents’ lounge and dining area; residents’ gym; a public café; co-working space; games room; and a basement with car spaces and a large area for bicycle parking. The Sunday Business Post, 8th March
Portmarnock, North Co Dublin The Irish arm of London development company Quintain has received planning approval to build 153 new homes at an 11-acre site at St Marnock’s Bay in Portmarnock, north Co Dublin. The development will consist of 113 houses, 40 apartments/duplexes, and a local centre for the area containing three units for retail or restaurant/café use. The 153 planned new homes include 78 three-bedroom houses, 35 four-bedroom houses, 27 two-bed duplex/apartments and 13 three-bed duplex/apartments. The site is adjacent to Quintain’s Dún Sí development of 150 homes which was launched for sale last year. Prices there range from €350,000 to €710,000. The Sunday Business Post, 8th March
Irish Development Land Market Approximately €1.2 billion transacted across the Greater Dublin Area (GDA), Cork, Limerick and Galway in 2019. Sites to be used for residential purposes dominated development land activity. Residential development sites accounted for 70% or €810m of total turnover in 2019 and eight of the top ten sales. The number of sites sold declined in the year, falling from 203 in 2018 to 125 in 2019. The outlook for the development land market for 2020 remains positive. At year end 2019, an estimated figure of €380m was sale agreed across the GDA, Cork, Limerick and Galway combined. Cushman & Wakefield, Irish Development Land Market
MIXED USE
Aungier St, Dublin 2 DIT Aungier Street campus is being brought to the market by agent CBRE on behalf of the DIT’s successor – Technological University Dublin – at a guide price of €110 million. Situated just 350m from St Stephen’s Green, the 2.5 acre site is zoned “Z5 City Centre” under the Dublin City Development Plan 2016-2022. A feasibility study undertaken by O’Mahony Pike Architects suggests three potential development options for the Aungier Street campus, outlining the possibility for both a purely commercial development, and a mixed-use scheme comprising offices and apartments catering for the private rented sector market. The proposed office scheme extends to 650,032 sq.ft, while the mixed-use options provide for a range of office space from 415,271 sq.ft. – 450,577 sq.ft. as well as 152 apartment units suited to the PRS market. The Irish Times, 4th March
HOSPITALITY
Abbey Street, Dublin 1 The Flowing Tide pub, located at the corner of Marlborough Street and Abbey Street, and across the road from the Abbey Theatre has come to the market through Bohan & Hyland with a guide price of €2 million. The subject property comprises a four-storey-over-basement building with bar, lounge and 4,000 sq.ft. of office space overhead. Although the property is being sold with vacant possession, the Irish Times understands that the current tenant is open to staying and taking on a new lease. The pub and overhead office units (when fully let) could provide the purchaser with an annual rental income of c.€170,000. The Irish Times, 4th March
Old Kilmainham Road, Dublin 8 A former pub with potential for a seven-storey development near St James’s Hospital in Dublin 8 has come to the market with a guide price in excess of €2.5 million. Known as Carrigan’s pub, the vacant three-storey building at 72-74 Old Kilmainham Road extends to 6,200 sq.ft. (€403 psf) and occupies a high-profile position on the corner with Brookfield Road. Hughes Planning and Development Consultants says new planning guidelines for this area may allow a larger development comprising a seven- or eight-storey hotel of 70 to 80 bedrooms or a residential scheme. The Irish Independent, 5th March
Kilkenny City Joint agents CBRE and Bagnall Doyle MacMahon are guiding in excess of €1 million for a prime hotel development site in Kilkenny city. The 0.66 acre site is centrally located close to Kilkenny Train Station at MacDonagh Junction where the former Ormonde Tourist Hostel was situated within the Michael Street and Wolfe Tone Street area. A feasibility study indicates its potential for a 106-bedroom hotel with conference and banqueting facilities. The Irish Independent, 5th March
RETAIL
Artane, Dublin 5 CBRE is guiding €2.4 million for the Castle petrol station on Kilmore Road, Artane, Dublin 5. Located to the front of Butterly Business Park, the subject property is in close proximity to Dublin Airport and the M50 motorway. The property extends to 2,691 sq.ft. and comprises a forecourt and canopy, four double-sided petrol pump terminals as well as a car and jet wash. This is complemented by the inclusion of a Centra store. The service station is let to Cedarglade Ltd, trading as Centra on a 25-year lease with a break option in year 10. The covenant is strengthened through the support of Musgrave Ltd as a parent guarantor. The property is currently producing a total passing rent of €165,000 per annum in years 1-5, with five-yearly open-market rent reviews (NIY 6.875%). The Irish Times, 4th March
OFFICE
Kevin Street, Dublin 2 Hines has agreed the sale of Bishop’s Square on Kevin Street in Dublin 2 for c.€180 million to Australian investor Macquarie Group and German fund Patrizia. Hines acquired the block for €92.5 million in 2015 and invested substantially during its ownership in the upgrade and extension of the building. The property has a rental income of c.€8.7 million a year with tenants including the Office of Public Works, who are on a 20-year lease, and Tourism Ireland. The Sunday Business Post, 8th March
Tallaght, Dublin 24 Hainault House at Belgard Square South in Dublin 24 has been sold to a private European investor for more than €3.6 million. The completion of the deal comes just three weeks after the property was brought to the market through joint agents Savills and QRE. The building is fully let to the Citizens Information Board, Optical Express and Early Childhood Ireland, and is generating contracted rental income of €281,000 per annum (7.8% gross yield). Hainault House comprises 20,350 sq.ft. (€177 psf) of office space arranged over three floors with 59 surface car-parking spaces. The Irish Times, 4th March
Grand Canal Dock, Dublin 2 Knight Frank is guiding €2.25 million for Suite 3 Harmony Court, Dublin 2. The office space on offer comprises a convenient ground-floor suite extending to a net internal floor area of 3,405 sq.ft. (€660 psf) and three secure basement car-parking spaces. The suite is fully let to DKC Accountants on a new 15-year FRI lease at an annual rent of €163,725 per annum (€48 psf). The lease incorporates five-yearly CPI linked rent reviews. There is also a lease break option on the expiry of the tenth year. Harmony Court is well served by public transport, with Pearse Street Dart just 400 metres away. The Sunday Business Post, 8th March
The Sunday Business Post understands that Friends First Irish Commercial property fund is in the process of selling three commercial properties. Among them is the Bank of Ireland premises in Balbriggan, Co Dublin, whose sale is due to complete shortly. When it launched on the market last May, agent Savills quoted €6.65 million for the building at 24/26 Dublin Street. It comprises a 7,287 sq.ft. modern building that is producing a total annual rent of €432,456 (gross yield of 6.5%). The Friends First fund is also selling the 68,695 sq.ft. Quartz building in Elm Park, Dublin 4, for which joint agents Knight Frank and Lisney are guiding c.€28 million. A third property is being sold off-market. At the end of January this year, the Friends First fund owned 50 properties which were valued at a total of €570 million. The Sunday Business Post, 8th March
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