Dublin Docklands:
Greg Kavanagh’s New Generation Homes, who are backed by M&G Investments, has been identified as the preferred bidder for a c. €40m site in Dublin’s docklands. The 2.4 acre site is located on Lime Street, which is within Dublin’s Strategic Development Zone. New Generation are expected to lodge a planning application for a mixed use development, comprising office buildings and residential accommodation for the site. One of the underbidders, Johnny Ronan, is believed to own the freehold title of some elements of the site. The Sunday Business Post, 9th August
Cedarhurst Building:
The Sunday Times understands that the sale of the Cedarhurst building on Arkle Road in Sandyford is close to completion. Lisney are acting as the agent for the two storey office building which has a guide price of €3.9m. The property has a total internal floor area of 17,443 sq. ft. and sits on a 0.65 acre site. The site has significant redevelopment potential, with its zoning allowing for a six storey building to be built. The Sunday Times, 9th August
Microsoft Building:
BAM Construction have been awarded the contract to build Microsoft’s new office in Leopardstown. It is believed that the proposed c. 375,000 sq. ft. office building will be worth over €100m once completed and will create up to 150 jobs during construction. The majority of Microsoft’s 1,200 Irish employees are expected to have moved to the new office by the end of 2017. The Irish Independent, 8th August
Dublin Supply:
With surging demand through record tourism numbers and a recovering local economy, the immediate outlook for the Dublin hotel market is strong. The hotel research company AM:PM have however identified the lack of new hotel rooms as a risk to the sector over the medium term. It appears unlikely that the current requirement of 5,000 new rooms by 2020 will be met, with only 500 new rooms estimated to be completed by the end of 2017. The Ballsbridge and Clyde Court hotels in Ballsbridge, recently sold under Project Trinity, could also close as part of a redevelopment. This would temporarily reduce the supply of rooms by 585. Just three hotels have opened in Dublin in the past five years. The Sunday Times, 9th August
VAT Rate:
The reduced VAT rate of 9% for the hotel and restaurant sector is expected to remain unchanged in the forthcoming budget. Although it costs the government c. €350m per year, it is seen as vital to the thriving tourism industry. The reduced VAT rate is credited with the creation of 31,000 jobs since it was introduced three years ago. The Sunday Business Post, 9th August
Hennebry Refinance:
Former Leinster rugby player Paul Hennebry has exited NAMA after refinancing his c. €25m par value loans with Cardinal Capital. Hennebry, along with his brothers Michael and Barry, is also close to completing the purchase of the Citi Hotel in Dame Street, Dublin 2. The Irish Independent believes that the deal will close in the next week. The Irish Independent, 9th August
Cabinteely Development:
O’Flynn Capital Partners have been denied planning permission for their proposed 164 house scheme in Cabinteely, Dublin 18. Dun Laoghaire – Rathdown county council cited the risk of flooding as the primary reason for refusing the application. Michael O’Flynn, who purchased the site last year for c. €13m, was still confident that his company would be able to progress with the development of the site. The Sunday Times, 9th August
Clongriffin Development:
Hollywood New Homes have sought planning permission for 124 apartments in Clongriffin, Dublin 13. The apartments are to be constructed in either five or six storey buildings with penthouse units on top. Hollywood have already completed the construction of a 150-unit scheme of apartments and family homes in Malahide, north Dublin. The Irish Independent, 9th August
Holiday Home Market:
Estate agents are reporting a recovery in the holiday home market this summer, citing the recovering economy, low deposit rates, stronger sterling and improved infrastructure as key factors. The extension of the M11 motorway, which links Dublin to Wexford, has played a factor in the recovery in Rosslare, where there has been 55 units sold so far in 2015. In comparison, there were only 29 units sold in the same period for 2014. The Irish Times, 6th August
H1 2015 Sales:
According to the latest figures from the Property Price Register, the number of property transactions completed in H1 2015 (21,425) was more than 33% higher than the same period in H1 2014 (15,920). However with the surge in transactions in Q4 2014 due to the impending new mortgage rules and the ending of CGT exemptions, the figures for H1 2015 are only 49.6% of the total figure for 2014 (43,164). The Irish Times, 6th August
D4 Site:
Joint agents McNally Handy and Hooke & McDonald are guiding €1.75m for three three-bed semi-detached properties on South Lotts Road, Dublin 4. Adjacent to the three properties is a 0.11 hectare site for which McNally Handy is guiding €1m. The combined purchase of these two assets could appeal to developers due to their attractive location. The assets are alongside the Gasworks apartment scheme which contains c. 600 apartments. The Irish Times, 5th August
Blackrock Clinic:
Joseph Sheehan, who owns 28% of Blackrock Clinic, has secured a €50m debt facility from HIG Capital. The facility will be used to repay two loans which are secured by his shares in the clinic. Under the terms of the agreement HIG Capital will charge 20% interest and be entitled to 15% of the proceeds of any sale of Blackrock or Galway Clinic after the debt is repaid. €29.4m will be used to repay Breccia, a company owned by fellow shareholder Larry Goodman. Breccia previously tried to appoint a receiver over Joseph Sheehan’s shareholding in December 2014. The Sunday Business Post, 9th August
Commercial Property Turnover:
BNP Paribas’ latest research on the Irish commercial property market reports turnover of €671m in Q2 2015, down 30% on Q1 2015. €323m of this figure was from transactions in Dublin, with 64% of the €323m being prime office properties. Of the €348m spent outside of Dublin, c. €67m was from office market transactions, re-affirming the belief that confidence in the property market outside of Dublin has recovered. The Irish Times, 5th August
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