Ballsbridge, Dublin 4 Colliers is guiding €2.5 million for 58 Northumberland Road in Ballsbridge, Dublin 4. The property comprises a two-storey over garden level end-of-terrace Victorian building of 5,040 sq.ft (€496 psf), with parking for up to six cars, and a large east-facing rear garden. The garden level and hall floor, comprising 3,325 sq.ft. are held under a lease to Dental Care Ireland Management, trading as Northumberland Dental Care for a term of 25 years from August 31st, 2015, at a rent of €130,000 per annum. There are fixed uplifts to €142,500 per annum on September 1st, 2025, and to €155,000 per annum on September 1st, 2030. There is a tenant break option on March 1st, 2028, providing 6.5 years of guaranteed income to the break option and 20 years to the expiration of the lease. The upper floors of the property extend to a total area of 1,715 sq.ft. and are vacant currently. The Irish Times, 4th November
Killester, Dublin 3 Mason Owen Lyons is guiding €1.4 million for a branch property let to Bank of Ireland in Killester, Dublin 3. Located at 189 Howth Road, the two storey property extends to 2,564 sq.ft (€546 psf). Four parking spaces are included to the front and a small yard to the rear has pedestrian access from a laneway. The property generates an annual passing rent of €91,762 (€35.79 psf) with upward only rent reviews every five years. The 25-year FRI lease dates from September 2007 and there are no break options. The Irish Independent, 5th November
Wicklow St, Dublin 2 The Irish Times are reporting that 12 Wicklow St has been acquired in an off-market transaction for just over €2 million by a premium Irish retailer. The property had lain vacant since the pre-pandemic departure of UK retailer Joules. The entire building extends to 3,272 sq.ft (c.€611 psf), and the upper floors are currently occupied by two service occupiers. The Irish Times, 4th November
Cork City The Irish Examiner are reporting that Amazon is seeking up to 100,000 sq.ft. of office space in Cork city. However, it remains uncertain if the retail giant is seeking the office space in addition to the c.90,000 sq.ft. it currently occupies in Cork Airport Business Park across three separate buildings employing approximately 800 (its Cork Customer Care centre alone occupies 47,000 sq.ft). The company is also seeking a Cork logistics building of 60,000-80,000 sq.ft. for ‘final mile’ delivery as its online sale presence ramps up nationally. The Irish Examiner, 4th November
Cork Office Market A total of 80,000 sq.ft. of office accommodation was occupied in Q3 2020, with key occupations including Sophos and Grant Thornton at the newly completed Penrose Dock development. Year-to-date take up now totals 135,625 sq.ft. across 18 deals which remains below the levels of take up witnessed at the same point in 2019. At the end of September, availability in the Cork office market stood at c.848,000 sq.ft, up significantly on the previous quarter. The increase in available space stems from both the release of c.119,000 sq.ft. of second-hand stock back to the market, and the completion of new office space at Penrose Dock. Correspondingly, the vacancy rate rose to 12.2%. However, when signed and reserved space is considered, the net vacancy rate stands at 8.4%. Cushman & Wakefield, Cork Office Market Q3 2020
Galway Office Market In the nine months to the end of September office take up totalled almost 26,000 sq.ft, across just 8 deals. Supply remains low in the Galway office market. At the end of September, availability stood at just 163,000 sq.ft, down 6% from the previous quarter. Correspondingly, the vacancy rate fell to 4.9%. At the end of September, construction continued on approximately 255,000 sq.ft. of space across two schemes. Approximately 129,000sq.ft. of this is located in the city centre, at the Bonham Quay development. Cushman & Wakefield, Galway Office Market Q3 2020
Limerick Office Market Almost 37,000 sq.ft. was taken up in the three months in the Limerick office market, largely led by deals from earlier in 2020 or 2019. Positively, the volume of space signed/reserved rose in the three-month period. In the nine months to the end of September 2020, take up totalled 95,260 sq.ft. At the end of September, availability in the Limerick office market stood at 421,407 sq.ft, down 29% from the same point in 2019. The corresponding vacancy rate stood at 9.9%. There is currently no office space under construction in the Limerick office market. However, demolition works are continuing at Bishopsgate development in the city centre. Once under construction, this scheme will aim to deliver approximately 79,653 sq.ft. of Grade A office space to the Limerick market. Cushman & Wakefield, Limerick Office Market Q3 2020
Dundrum, Dublin 14 Marlet Property Group has selected BAM Ireland as the main contractor for its latest residential development in Dublin. Green Acre Grange in Dundrum will, upon completion in the second quarter of 2022, comprise 253 one-, two- and three-bedroom apartments distributed across three blocks, along with a 2,100 sq.ft. creche facility. Some 43,000 sq.ft. at the south Dublin scheme will be given over to landscaped communal areas with 5,400 sq.ft. allocated to amenity spaces including a concierge service, gym, cinema, lounges and meeting rooms as well as play and outdoor recreation areas. Green Acre Grange is Marlet’s second residential development in the Dundrum area, with the Walled Garden, a 142-apartment scheme, due to be completed in the final quarter of 2021. The Irish Times, 4th November
Irish Residential Transaction Activity Excluding block sales and new homes acquired for social housing, the Property Price Register (PPR) shows that approximately 7,600 new dwellings transacted in Q2 2020. This represented a 42% fall on Q2 2019 and the smallest quarterly total in six years. For the first half of 2020, c.18,700 dwellings transacted, down 22% on the same period in 2019. Dublin noted the largest decline in sales, 28% year-on-year, with c.2,100 fewer transactions recorded. The decline in transactions was largely consistent across both the new and second-hand sectors. Comparing the first half of 2020 against the equivalent period in 2019, shows that new home sales fell 26%, with c.1,000 fewer sales year-on-year. A total of 2,800 new homes sales were recorded in 2020 so far. Sherry Fitzgerald, Irish Residential Market Review Autumn 2020
Baldoyle, Dublin 13 Harvey have completed the sale of 67 Grange Close, a detached warehouse and office facility at Baldoyle Industrial Estate in Dublin 13. The Irish Times understands that the purchaser was a neighbouring occupier who is understood to have paid slightly more than the €2.1 million asking price to secure ownership of the property. Some 26,130 sq.ft. of the building was available for owner occupation at the time of the sale. A self-contained unit within the property comprising 4,894 sq.ft. was let to New Ireland Motors, with a new lease signed by the tenant prior to the sale at an annual rent of €30,000 in year one, rising by €1,000 each year until year five. The Irish Times, 4th November
Cork Industrial Market Take up in the Cork industrial market reached c.589,000 sq.ft. in the nine months to the end of September 2020. The Cork industrial market looks poised to have its strongest year of take up since 2005. There have been a number of large occupations in the year, with 4 deals over 53,000 sq.ft. in size. Availability in the Cork industrial market stood at c.470,000 sq.ft. at the end of September, with a vacancy rate of just 3.5%. Cushman & Wakefield, Cork Industrial Market Q3 2020
Galway Industrial Market In the nine months to the end of September 2020, take up in the Galway market totalled 41,000 sq.ft. across just 5 deals. The third quarter of the year saw c. 5,000 sq.ft. occupied. The lack of available industrial space continues to hamper take up levels in the market. Large floorplates also remain in short supply in the Galway market, with just one unit in excess of 54,000 sq.ft. available. The third quarter of 2020 saw the completion of c.35,000 sq.ft. at Parkmore East Business Park. Cushman & Wakefield, Galway Industrial Market Q3 2020
Limerick Industrial Market The nine months to the end of September 2020 saw take up activity in the Limerick industrial market total 633,000 sq.ft. Take up in the year to date sits well above the long run-average of c.436,000 sq.ft. The nine months to September saw twenty deals in excess of 10,000 sq.ft. transact, with the average size deal standing at c.18,000 sq.ft. availability in the Limerick industrial market fell to 57,800 sq m. The corresponding vacancy rate declined to 6.5% in Q3. There are just two units in excess of 100,000 sq.ft. available, both of which are reserved. Of the available space in the Limerick market, c.289,000 sq.ft. of this is reserved. Cushman & Wakefield, Limerick Industrial Market Q3 2020
Aungier St, Dublin 2 Knight Frank is guiding €1.5 million for 16 Aungier Street in Dublin 2. The mixed-use property comprises a newly-fitted ground floor restaurant and six residential apartments overhead. It extends to a net internal floor area of c.3,552 sq.ft. The passing rent is in the order of €127,820 per annum on the assumption of re-letting one of the vacant residential units, held vacant for the purpose of the sale. The restaurant is let on a 35 FRI year lease from July 11, 2005 at a rent of €50,000 per annum, offering an unexpired term of 19.7 years and further scope for reversionary potential in the medium to long term. The Business Post, 8th November
Cork City The Irish Examiner understands that Camden Place on Camden Quay in Cork City has been sold to a UK/Irish group for €3.5 million. The high-profile Camden Quay site has a full planning grant for c.70,000 sq.ft. of offices but it is thought that the new purchaser will look at developing a hotel rather than offices. Cushman & Wakefield had been guiding €4 million when it was launched to the market in February of this year. The Irish Examiner, 4th November
O’Donnellan & Joyce enjoyed an 83% sale success rate at its live stream property auction where 25 lots were sold for €3.1 million. 4,000 viewers saw 30 properties be put under the hammer. The Business Post are reporting that some 150 people registered to bid on October 30 via internet, proxy and telephone bidding and auctioneer Colm O’Donnellan accepted a total of 408 bids worth €42,347,000 cumulatively into his digital auction room over a four-hour period. The next and final (live stream) auction of 2020, will take place on Friday, December 11. The Business Post, 8th November
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