11th June (Issue 200)

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.



Frascati Centre, Blackrock, Co. Dublin An Bord Pleanála has rejected several appeals against the decision of Dún Laoghaire-Rathdown county council to approve the residential development above the Frascati shopping centre. Planning permission has been granted for 45 apartments despite objections from a number of local residents. The development is part of a major revamp of the centre estimated at €40 million which will double the retail space at the facility. The 45 apartments are planned over three storeys, and there will be a new first-floor car park and roof garden. The Sunday Times, 10th June

St Mary’s Road, Dublin 4 Colliers International is guiding €1.5 million for the 2,606 sq.ft. (€575 per sq.ft.) 1 St Mary’s Road in Dublin 4, which is being sold with vacant possession. The property currently has planning permission for restaurant use, which covers a variety of other uses including residential, medical and childcare facilities. The Sunday Business Post, 9th June

48-49 Clontarf Road has come to the market fully occupied with a guide price of €1.6 million. The rental income of €144,075 represents a net yield of 8.3%. The property comprises a mid-terrace, three-storey building extending to 5,429 sq.ft. (€294 per sq.ft.) and has undergone an extensive refurbishment recently. The accommodation is laid out to provide two ground-floor retail units, seven office suites and a penthouse apartment. The Irish Times, 5th June

53 Dawson Street Cushman & Wakefield is guiding €1.65 million for the 3,620 sq.ft. 53 Dawson Street (€455 per sq.ft.), a four-storey over-basement Georgian property. The property, which is a protected structure, produces rental income of €44,304 per annum with two floors currently vacant. The Irish Times, 5th June

1 Northumberland Avenue, Dun Laoghaire Mason Owen & Lyons has brought a 5,536 sq.ft. single storey former supermarket premises to the market, seeking offers in excess of €1 million. The property is zoned Town Centre in the Dun Laoghaire-Rathdown Development Plan and it is a policy of the plan to encourage residential development on mews lane ways in the town. It is thought the site has potential for 5 Townhouses. Mason Owen & Lyons, 4th June



Naas Road, Dublin 12 Harvey has been instructed by the Harris Group to let their entire 257,593 sq.ft. (16.4 acre) site on the Naas Road. The site comprises of three buildings, with building 1 being the smallest at 9,419 sq.ft. Building 2 is an assembly/workshop with potential warehouse use and spans 49,844 sq.ft. Building 3 (198,316 sq.ft.) comprises various industrial and assembly areas with ancillary offices, yard space and car parking and is being offered in sections from 86,920 sq.ft. down to 6,519 sq.ft. The quoted rents range from €4.50 per sq.ft. to €7.50 per sq.ft. The Irish Times, 5th June

Unit B at Xerox Technology Park, Dundalk has been brought to the market through JLL with a guide price of €4.5 million (€81 per sq.ft.). The 55,000 sq.ft. premises is a state-of-the-art R&D and office headquarters and is being offered for sale in walk-in condition due to an investment of about €20 million in 2008 by its current owners. The Irish Times, 5th June



J&M Cleary Pub, Amiens Street The historic Dublin pub, where scenes for Michael Collins and The Commitments were filmed, has come to the market with a guide price of €2.75m. Situated on Amiens St, and across the road from Connolly Station in Dublin 1, it is close to the IFSC and Busáras. The premises also comes with retail and residential space with rental income potential of more than €80,000 a year. To one side of the premises is a barbershop of 220 sq.ft. which generates €1,200 per month in rent. On the other side is a locksmith shop of 326 sq.ft which produces €1,600 per month. Two of the two bed apartments are let at €1,200 per month and have separate access from Amiens St. The third apartment has been recently refurbished. The Irish Independent, 6th June



Numbers 11 and 13 Lower Grand Canal Street, beside Becky Morgan’s pub in Dublin 2 have come to the market with residential development potential guiding €1.2 million through Lansdowne Partnership. The site is occupied currently by two terraced houses on 1,830 sq.ft. There is full planning permission for internal and external alterations, and the construction of a two-storey over-basement rear extension covering a total area of 1,485 sq.ft. to both dwellings. The Irish Times, 5th June

Malahide, Co Dublin Savills is guiding €1.6 million for a detached family home located along Streamstown Lane in Malahide, Co Dublin. The four bedroom property spans 3,150 sq.ft. (€506 per sq.ft.) The Sunday Business Post, 9th June



Ashleaf Shopping Centre, Crumlin has been brought to the market by CBRE for €10.75 million. The Centre produces annual rental income of €1.18m per annum however there is significant scope for an increase with nine vacant retail units extending across 39,424 sq.ft. and 12,450 sq.ft. of office space respectively. CBRE believe that there is potential to grow the rental income by €410,000. The Irish Times, 5th June



Project Shoreline located in Baldoyle which extends to 125 acres and comes with full planning permission for 546 homes has been brought to the market by Savills at a guide price of €42 million (€76,293 per unit). However, there is scope to increase the land’s density to 1,592 units through further planning permissions (€26,250 per unit). The Irish Times, 6th June

A 10.46 acre site in Ranelagh, Dublin 6 zoned “Z15 – Institutional and Community” which identifies a mix of “permissible uses” and “open for consideration” uses for the site including residential, medical, hotel, educational and community has come to the market guiding €55 million (€5.25 million per acre). The site currently forms part of the Jesuit order’s Milltown Park campus, and is being offered for sale with a number of original period buildings. The Irish Times, 5th June

A 22.7 acre site in Kildare Town with full planning permission for 187 houses has come to the market with a guide price of €6.5 million (€286k per acre). The site is located just 600 metres from the train station and is the only major residential development opportunity in Kildare town which is ready for development with the benefit of access to all services. The Irish Times, 5th June

Howth/Bray: Glenveagh has acquired two sites located in Howth, County Dublin and Bray, County Wicklow for €24 million, which have the capacity to deliver 375 homes. The land acquired in Dublin is a portion of the Howth Castle site, which was recently purchased by Tetrarch Capital. The Irish Times understands that Glenveagh paid around €15m for this 2.7 acre site that has zoning for residential development. The Irish Independent, 7th June

12.5 acres, Co. Cork CBRE are listing €4m for a 12.5 acre site in Ovens, Co. Cork (€320k per acre). The site is located next to Dell/EMC Campus and has planning permission for 46 houses and a crèche over an 8 acre section and it is believed that 100 houses may be able to be accommodated over the whole site. The Irish Examiner, 6th June



BidX1 Auction The recent auction generated €21.4 million in sales from 133 lots which is more than two-thirds of the 198 lots offered. The highest price was achieved by a commercial investment property on Main Street, Celbridge, Co Kildare, which sold for €850,000 – €100,000 over its €750,000 guide price. The property generates €89,000 rental income per annum (10.47% gross yield). The Irish Independent, 6th June


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