Lime St, Dublin 2 The Irish Times understands that the Marlet Property Group is to proceed with the construction of 216 apartments at their One Lime Street scheme following the appointment of BAM Ireland as main contractor for the project. The concierge-serviced development will comprise a mix of one- and two-bedroom units complemented by an onsite gym and retail space at street level. The scheme will also include c.13,000 sq.ft. of landscaped communal space. BAM Ireland will begin construction on the apartment blocks this month with a completion date set for the second quarter of 2022. The Irish Times, 5th August
Residential Rent Portfolio The country’s biggest landlord, Ires Reit, has announced that it has significantly increased its portfolio by 35%, year-on-year. The landlord controlled 3,739 rental units in Ireland at the end of June, compared to 2,771 last year, across 42 properties in Dublin and Cork. The company has added a further 95 homes at Hansfield Wood, Dublin, to its portfolio, since the end of June which means they now have 3,834 units under management. The Sunday Business Post, 7th August
Co Wicklow The Sunday Business Post understands that Quanta Capital has acquired the 300 acre Kippure Estate in Wicklow for an undisclosed sum. The estate, comprising Kippure Lodge and 24 self-catering houses on substantial woods and parkland, has been a popular wedding and corporate events location. It is understood that a plan for the future use of the venue is now being put together and may result in it being converted into a Center Parcs-style resort run by a hospitality operator. The Sunday Business Post, 9th August
Harold’s Cross, Dublin 6W AAI Kenilworth has submitted an application to An Bord Pleanála for permission for a build-to-rent shared living strategic housing development at the site formerly known as Kenilworth Motors at No 348 Harold’s Cross Road in Dublin 6W. The site is principally bounded by Laundry Lane to the north, Harold’s Cross Road to the east, Kenilworth Manor to the south, and Rosary Park to the west. The 201 bed-spaces will comprise of 147 single occupancy bedrooms including five accessible bedrooms, and 27 double occupancy bedrooms. A decision is due on the application by November. The Sunday Business Post, 9th August
Residential Development Sector New analysis by Goodbody Stockbrokers has shown that the residential development sector is rebounding at a faster pace than predicted since construction works have resumed at residential developments. New home completions have improved post-lockdown, but commencements of new developments are “substantially” down. Data released by the Department of Housing has shown that housing commencements fell by 46% year-on-year in the second quarter of 2020. The largest decline was in Dublin’s commuter counties. The mid-east of the country recorded a 68% decrease year-on-year. The Sunday Business Post, 4th August
Johnstown, Co Kildare M7 Real Estate has acquired the former Kildare headquarter office and distribution facility of convenience store operator ADM Londis for c.€6.25 million. Located in Johnstown, Co Kildare, the facility comprises 113,603 sq.ft. (€55 psf) of warehouse and office space on a 5.6 acre site (€1.116m per acre). There are eight dock levellers and four extra-large level access doors. The two-storey, grade A, HQ offices were added to the front of the property in 2007. The property is situated just two minutes’ drive from junction 8 on the N7, five minutes’ drive from Naas town centre and 15 minutes’ drive from the M50 motorway. The Irish Times, 5th August
Dublin Industrial Market Take-up in the Dublin industrial market totalled c.480,600 sq.ft. in Q2 2020, a significant reduction on Q2 2019 (-48%) and on Q1 2020 (-49%). Supply remained at a low level at less than 3.17 million sq.ft. At the end of June, there was c.764,237 sq.ft. of new industrial accommodation under construction in Dublin with 60% of this is in the southwest region. Lisney, Dublin Industrial Report Q2 2020
Cork Industrial Market The industrial market has been the least affected property sector by COVID-19. In spite of the pandemic, approximately c.89,340 sq.ft. of space was taken up in Cork in Q2 2020, well ahead of the previous three months (c.8,826 sq.ft.) and in line with the long-term quarterly average (94,184 sq.ft.). Six deals were completed in Q2 at an average lot size at 14,854 sq.ft. At the end of June, there was approximately c.518,800 sq.ft. of accommodation available. Given the very strong levels of activity in Q4 2019, along with the lack of new building completions, supply has reduced by 46% in the past 12 months. The overall Cork vacancy rate was c.3.6% at the end of Q2, the lowest on record. Lisney, Cork Market Report Q2 2020
30-33 Molesworth Street, Dublin 2 The Irish Times understands that German real estate fund manager, KanAm Grund has purchased 30-33 Molesworth Street for c.€60 million from Henderson Park Capital. The property forms part of the Capital Collection, a portfolio of five prime Dublin offices that Henderson Park acquired as part of its €1.34 billion buyout of Green Reit in 2019. The Molesworth Street property comprises 56,921 sq.ft. (€1,065 psf) in two redeveloped and refurbished buildings along with two Georgian buildings. The Irish Times, 6th August
Clonskeagh, Dublin 4 JLL is guiding €12.5 million for Boole House and the adjoining site with full planning permission for a new office development in Clonskeagh. Boole House comprises a three-storey, 42,000 sq.ft. Grade A office block within the Beech Hill Office Campus. There are also 119 dedicated car parking spaces with the building. The current owner has secured planning permission for a five-storey, 34,250 sq.ft. office development on the adjoining site. The Irish Times, 5th August
Shelbourne Road, Dublin 4 Fami, IKEA’s treasury section, has expanded its current office space at 23 Shelbourne Road having signed a short-term lease with U+I and Colony Capital, to expand its existing footprint by an additional c.1,453 sq.ft. Fami signed an initial lease at a newly refurbished 23 Shelbourne Road four years ago, in 2016, when the building was then part of Friends First’s Irish Commercial Property Fund. The Sunday Business Post, 9th August
Dublin Office Market Activity in the Dublin office market slowed considerably in the second quarter of 2020. Just c.157,690 sq.ft. was occupied in the three-month period, compared to the long run quarterly average of c.497,130 sq.ft. At the mid-point juncture of the year, take up sits at c.645,296 sq.ft, a level unseen since 2013. Availability increased by 10% in the three months to c.3.91 million sq.ft. This equates to a vacancy rate of 9.5% overall, or 7.6% in the Central Business District (CBD). A high volume of space remained precommitted at the end of June. A total of c.1.33 million sq.ft. of standing stock and a further c.3.18 million sq.ft. of space under construction was either signed or reserved at the end of the quarter. This signals a healthy level of take up pipeline for the Dublin office market. It also brings the net vacancy rate down to 6.3%, or in the CBD to 4.2%. Cushman & Wakefield, Dublin Office Market Q2 2020
Cork Office Market Office market activity was at very low levels in Q2 2020 with just one deal completed in the Cork market in Q2 2020, 1,345 sq.ft. at 14 Anglesea Street in the city centre, which was a sale. On average, there is normally seven transactions done per quarter in the office market with take-up averaging c.54,000 sq.ft. At the end of June, there was more than 653,000 sq.ft. of office accommodation available, an increase of just over 13%. This was mainly due to the completion of Block B Navigation Square (c.77,800 sq.ft.) during the quarter. The vacancy rate across all of the Cork office market was 10.7% at the end of Q2, up from 9.6%. Lisney, Cork Market Report Q2 2020
Retail Rent Collections Hammerson, the owner of Dundrum Town Centre, recently announced that rental income at the Dublin retail hubs of Dundrum Town Centre, the Ilac Centre and Pavilions in Swords, for the first six months of 2020 was €16.57 million – €4 million lower than in 2019. Less than half of rent for the second quarter had been collected by June 30, compared with 93% collected in the first quarter. Hammerson said that collection rates improved during July. The group said it had reached agreements with tenants on 144 leases to put in place rent waivers. The average rent waiver agreed with tenants was 1.1 months. The Sunday Business Post, 6th August
Greystones, Co Wicklow Greystones Media Campus Limited has submitted a planning application for a new state-of-the-art film/TV studio and media campus on an 18-hectare IDA Ireland site at Killincarrig in Greystones, Co Wicklow. The planning application proposes 14 studios, offices and ancillary production buildings in a landscaped setting – more than doubling the available stage capacity available to film, TV and media crews in Ireland. Subject to planning, and once fully operational, the 18-hectare site is the first step in a process which hopes to deliver up to 1,200 new jobs in the film, media and broadcasting sectors. The Sunday Business Post, 9th August
Irish Investment Market Investment in Irish commercial assets experienced an inevitable slowdown in the second quarter of 2020 amidst COVID-19 uncertainty. The second quarter recorded €378 million worth of transactions, across sixteen deals. This brings total transaction activity in the first six months of the year to €902.5 million across fifty-four deals. A sectoral analysis of the Irish investment market from H1 2020 reveals office assets attracted the highest share of investor interest (66% of turnover). Industrial assets witnessed an uplift in both the volume and value of transactions recorded over the period. Cushman & Wakefield, Irish Investment Market Q2 2020
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