10th September (Issue 213)
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.
MIXED USE
Kevin Street, Dublin 2 Westridge Real Estate has completed its purchase of DIT’s former Kevin Street campus for €140 million. The Irish Times understands that Westridge will now go ahead with plans to seek planning permission for a major mixed-use scheme on the 3.57 acre site, comprising mainly Grade A office space alongside a large element of private rented sector apartments, and food and beverage offerings. While the figure paid by Westridge Real Estate represents a premium of 75% on the €80 million price guided by Knight Frank when they brought the property to the market last February, the site is acknowledged as being one of the best redevelopment opportunities to have been offered for sale in the capital in recent years. The Irish Times, 4th September
Oranmore, Co Galway Agent Cushman & Wakefield is seeking bids in excess of €3.75 million for a 6.57 acre site (€570k per acre) with full planning permission for 61 homes in Oranmore, Co Galway (€61k per unit). Located just 9km from Galway city, the subject site is being offered for sale by way of a licence agreement or an outright purchase by the Nama-appointed receiver, Duff & Phelps. Under the terms of such licence agreements, a developer is given the right to develop a site in accordance with its planning permission following the payment of an initial deposit. The successful bidder is selected on the basis of a published weighting system that places emphasis on price, track record of building similar projects and the ability to construct. The Irish Times, 4th September
Half Moon Street, Cork City Kennedy Wilson has purchased the mixed use development on Cork’s Half Moon Street for €36.3 million. The development was completed in 2009 by O’Callaghan Properties and includes 119,589 sq.ft. of office space and 63,000 sq.ft. of retail space let to two tenants. It is generating gross annual income of more than €2.6 million. It is located within walking distance of Opera Lane and Patrick Street, the city’s main shopping streets. The Irish Times, 5th September
Number 99A-101 New Cabra Road, Dublin 7 Agent Cushman & Wakefield is seeking offers in excess of €1.9 million for a fully-occupied mixed-use investment in Dublin 7. The two-storey property comprises two retail units and two residential units at ground and first floor levels respectively. The retail space is trading as Spar and Insomnia under one long-term lease with approximately 20 years until expiry. The total current rent receivable on the ground floor is €125,000 per annum. The first floor is accessed separately off New Cabra Road and comprises of a two-bed apartment and three-bed apartment. The entire first floor is let to Palmway Holdings Ltd on a current rent receivable of €40,000 per annum. The Irish Times, 4th September
86 North Main Street, Cork City A four storey mixed use building in Cork city centre has been brought to the market with a €1.295 million guide price through Lisney. The 5,277 sq.ft. terraced property is fully let and generates annual rents of €105,752 per year (NIY 7.55%). The ground floor retail unit of 538 sq.ft. is occupied by IT Outlet under a nine year lease which commenced in November 2018. The passing rent is €11,000 per year and the lease incorporates a rent review at the end of year five. The eight one-bed apartments are let under the Rental Accommodation Scheme on a nine year and 11 months agreement with Cork City Council that originally commenced in December 2007 and expired in November 2017. The apartments are currently held on an overholding basis and the rents were increased in May 2019 to €987 per month each. The Irish Independent, 5th September
RETAIL
Paddy Power Portfolio Agent Savills is guiding a price in excess of €6.3 million for the Paddy Power Irish sale-and-leaseback portfolio which includes 14 long-established owner-occupied Paddy Power properties located in Dublin, Cork and several leading provincial towns at an initial combined net rent of €480,000 per annum (NIY 7%). Each lease will be for a term of 15 years with five-yearly rent reviews to the higher of open market or the consumer price index (CPI). Each lease will provide for a tenant-only break option upon the expiry of year 10 of the term. The Irish Times, 4th September
LICENSED PREMISES
The Wilton Bar, Cork One of the largest bars and restaurants in Cork, situated in the western suburbs and next to the Wilton Shopping Centre and the Cork University Hospital is to be sold next month at public auction. The two-storey 10,000 sq.ft. Wilton Bar opened in 1991 and was briefly on the market in 2007 for a then-reported €10 million. Now, selling agents Lisneys in Cork, incorporating licensed sales specialists Morrisey’s of Dublin, are to offer The Wilton Bar by public auction on October 10, with a €2.5 million guide price. The adjacent Wilton Shopping Centre went up for sale a year ago with a €86 million price tag and the owners, Clarendon Properties secured a significant planning permission for a €100m redevelopment of the Wilton Centre, to include the construction of an extension to the existing shopping centre ranging in height from two to seven storeys, a 190-bed hotel and a multi-storey car park over six levels. The Irish Examiner, 3rd September
INDUSTRIAL
The Compass Portfolio A portfolio of four industrial and logistics investment properties in two Dublin industrial parks have gone on sale through CBRE with a €28.5m guide price (NIY 5.54%). The properties are located at North Park in north Dublin and Greenogue Business Park on the south side of the city. The properties within the Compass Portfolio extend to a combined area of 213,000 sq.ft., and are producing a total annual rent roll of €1.7 million. The Compass portfolio offers an investor significant reversionary potential with substantial guaranteed rental uplifts upon the first rent review and each rent review. The Irish Independent, 4th September
RESIDENTIAL / LAND
Carrickmines, South Dublin Agents Bannon are guiding a price of €14 million for a 10.38 acre site (€1.35m per acre) with full planning permission for 203 homes at Carrickmines, in south Dublin. The site is highly accessible to both the M50 motorway and the Luas green line service at Ballyogan, offering easy access to Dublin city centre. In addition to the residential units the permission also provides for 3,218 sq.ft. of communal/amenity space, a 5,166 sq.ft. creche facility and an 904 sq.ft. retail unit. The Irish Times, 4th September
Portmarnock, Co. Dublin Agent Knight Frank has brought a 2.5 acre site with full planning permission for 49 apartments and 12 townhouses to the market in Portmarnock, Co. Dublin with a guide price of €4 million (€1.6 million per acre & €66k per unit). Planning advice received in advance of the sale indicates that an increased residential scheme of more than 100 units could be delivered on the site (subject to planning permission), having regard to recent changes to apartment design guidelines and development height restrictions. The Irish Times, 4th September
Dundrum, Dublin 16 Knight Frank recently brokered the sale of a 0.32 acre residential development site at Stockwell on Sandyford Road, Dundrum, Dublin 16, for a price of €1.4m (€4.375 million per acre). The property benefits from full planning permission for a part two/part three-storey building comprising eight own-door apartment and duplex units (€175k per unit), of which four are one-bed units, three are two-bed and one accommodates a three-bed unit. The site is a short walk from Balally Luas stop and Dundrum Town Centre. The Irish Times, 4th September
Dublin’s Silicon Docks A 0.25 acre site and an adjoining four-bedroom-semi-detached house on South Lotts Road in Dublin’s Silicon Docks are being offered for sale by joint agents Hooke & MacDonald and McNally Handy at guide prices of €1.25 million for the site and €550,000 for the house, or collectively €1.8 million. The site is zoned Z1 Residential and an expired planning permission for 21 apartments could possibly be increased under the new planning guidelines, subject to the necessary consents being obtained. The property is situated adjacent to Barrow Street and the Gasworks development on the northern side of South Lotts Road. The neighbourhood is home to a number of major employers and multinational corporations. The Sunday Business Post, 8th September
Horgan’s Quay, Cork City Clarendon Group in a joint venture with BAM Ireland have submitted a planning application for several hundred new homes on Horgan’s Quay in Cork city centre. Should the proposal be successful, it will see the development of a major mixed-use residential development comprising 302 apartments distributed across three buildings ranging in height from nine to eleven storeys. The new residential quarter would also include the original station master’s building from Kent Station, which would be restored to include a residents’ garden and terrace. The plan also provides for a new pedestrian thoroughfare, linking the riverfront to a new entrance for Kent Railway Station. The Irish Times, 4th September
Fumbally, Dublin 8 The Irish Independent understands that The Collective, one of the world’s largest co-living companies is set to submit plans for a 93,000 sq.ft. 235-room development at its Fumbally site in Dublin 8. The company purchased the half-acre site in Dublin 8 in May for c.€10.5m after legislation to allow co-living in Ireland was passed. The Irish Independent, 8th September
Mount Merrion, Dublin A 300-year-old stable block on the Rise, Mount Merrion has been converted into ten homes by Centurion Homes. Seven are within the original stables overlooking Dublin Bay. The three newly built mews properties are opposite them, and overlook a landscaped garden. The two- and three-bed homes range in size between 1259 sq.ft and 1948 sq.ft and range in price from €700,000 to €1.075 million through selling agent Savills. The Sunday Business Post, 8th September
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