18th June (Issue 452)
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.
Hospitality
Westmoreland Street, Dublin 2 The Fleet hotel, which is located in the former Bewley’s Café on Westmoreland Street, has been put on the market for €45m. The Sunday Times understands that JLL was appointed agent for the hotel last month. The former Bewley’s Café was bought by Windward in 2011 for €10m. The company turned the Bewley’s property into a four-star, 93-room hotel initially. In 2022, it gained planning permission to undertake a refurbishment of the property, adding 11 rooms. The guide price translates into over €430k per key. The Sunday Times, 16th June
North Circular Road, Dublin 1 JLL is guiding approx. €50m for the Dublin One Hotel. The new four-star, 163-guestroom hotel is owned by MM Capital and RoundShield Partners LLP. It is situated in a prime north Dublin city centre location and is almost brand new, having opened only two years ago, in 2022. The property is being offered for sale free of the existing hotel operating agreement, if desired. The Business Post, 14th June
Whitbread Plans The owner of hotel brand Premier Inn, one of the UK’s largest hotel businesses, has upgraded plans for Ireland as it targets 5,000 bedrooms in the country, 30% more than its previous ambition. Whitbread Plc has announced on its website plans to expand its presence in Ireland in response to high demand and an undersupply of branded hotel rooms. The new 5,000 medium-term growth target is up on its current target of 3,500 bedrooms. Whitbread operates a network of six Premier Inn hotels in Dublin and Cork. The Irish Independent, 16th June
Office
Citywest, Dublin A vacant office building with redevelopment potential has come to the market in Citywest and Cushman & Wakefield is guiding €5m for it. The standalone property at 3300 Lake Drive sits on a large site of approx. 2.49 acres. The asset extends to 32,544 sq. ft (€153.6 per sq. ft) and includes surface parking for 96 cars. The Irish Independent, 13th June
North Wall, Dublin 2 The sale of No. 2 Dublin Landings looks set to get under way following the appointment of Savills to handle the disposal on behalf of receivers Deloitte. The asset is expected by property industry sources to be offered to the market for approx. €60m (44% discount), which would barely cover the €60m loan the German bank Helaba extended to the South Korean REIT JR AMC when it partnered with Hana Financial Investment to acquire the property for €106.5m. Helaba engaged Deloitte as receiver to recover the monies owed to it in February of this year. The property remains fully let to WeWork. The Irish Times, 11th June
North Docklands, Dublin The Freight Building, which is located next to Point Square in the north docklands, comprises 104,000 sq. ft of space over 10 floors. The property has secured its first occupier with DanuExp due to open a 13,800 sq. ft serviced-office centre there in September. The Irish Times understands DanuExp is paying approx. €45 per sq. ft and has committed to a term of 10 years with a break option in year five. Glenveagh is fitting out the office space and the profits from its operation will be split between the parties. The Irish Times, 12th June
South Docklands, Dublin BNY is set to relocate its Dublin staff into a new office in the city’s south docklands. The New York-headquartered company has agreed to take four floors at the Shipping Office. Situated within Dublin’s Silicon Docks, the grade A office offers 182,000 sq. ft of office space and a 12,755 sq. ft roof garden, car and bike parking and amenities. The deal with Marlet will see it move all of its Dublin staff into the Shipping Office, where it will have space for up to 800 people. The group is expected to commence relocation in mid-2025. React News, 17th June
Sir John Rogerson’s Quay, Dublin 2 Joint agents Cushman & Wakefield and CBRE are quoting rents of €50 and €55 per sq. ft, respectively, for the office space on the third, fourth and penthouse floors of the Indigo building at Whitaker Square on Sir John Rogerson’s Quay. The accommodation at the block is being offered to the market on behalf of a sub fund of Blackstone subsidiary, Revantage Real Estate. The third and fifth floors, which are available immediately, measure 8,500 sq. ft and 6,500 sq. ft respectively. The fourth floor has recently been refurbished by the landlord. The Irish Times, 12th June
Dublin Apple is actively looking for office space in Dublin that could house hundreds of staff, the Business Post can reveal. The firm has sought a space that would be large enough to house at least 200 staff although it is not clear how many workers the tech giant would ultimately base there. The Business Post, 12th June
Mixed Use
Rochestown, Cork The former Rochestown Inn pub is now set to be demolished to clear the way for a mixed-use development, including apartments, a bar, and a cafe. Located on the Rochestown Road in Cork City, the development has been proposed by Niorsesa Ltd. A new mixed-use development ranging in height from two to four storeys will be built. This structure includes plans for a bar and a cafe on its ground floor. Overhead, there will be 12 apartments (six one-bed and six two-bed units) and a private office. The Irish Examiner, 12th June
Industrial / Logistics
Naas, Co Kildare Palm Capital has signed a pre-let agreement with Irish transport and logistics operator, Elsatrans, for a new 85,000 sq. ft high-bay warehouse at Momentum Logistics Park in Kildare. Elsatrans already occupies more than 80,000 sq. ft across three buildings at Momentum Logistics Park. Its new facility is scheduled for practical completion in the final quarter of this year. Separately, Palm Capital has also recently been granted planning permission from Kildare County Council for an additional 305,000 sq. ft of space at Momentum Logistics Park. The Irish Times, 12th June
Residential / Development
Dublin 2 Hooke & MacDonald is guiding an overall price of €4.6m for a residential investment portfolio of 14 apartments in Dublin 2 on behalf of the Cosgrave family. Lot 1 is located at 17 Hogan Place and comprises six self-contained two-bedroom apartments, five of which are let at present. Overall rental income achievable is €131.4k pa and guide price is €2m (yield 6.57%). Lot 2 is located at 2A Hogan Avenue and comprises eight self-contained apartments with a mix of three one-bedroom units and five two-bedroom units. Six of the apartments are occupied at present. Overall rent achievable is €181.8k pa and the guide price is €2.6m (yield 6.99%). Lot 3 comprises Lot 1 and Lot 2. The Irish Times, 12th June
Ratoath, Co Meath Coonan Property achieved a price of €3.735m for a farmyard and approx. 139 acres of land at Ballymore in Ratoath when the lands went under the hammer earlier this month. The sale price equates to approx. €27k per acre for the 161-acre farmlands on the outskirts of the town. The bidding opened at €2.5m. The Business Post, 14th June
Centre Park Road, Cork It is understood Glenveagh is in ongoing discussions with the LDA to expedite apartments on the former FORD Distribution depot site in Cork. The apartments will be spread across 12 towers with some up to 14 storeys tall. This site has been earmarked for high-density, high-rise development since the mid-2000s. Glenveagh acquired the site from Nama for a reported €15m in 2018. Glenveagh is also on the LDA’s recently announced panel of 15 housebuilders. The Irish Examiner, 13th June
Monkstown, South Co Dublin The High Court has permitted locals of Monkstown to pursue their case alleging a 387-home development could negatively affect waters at the popular Seapoint swimming spot. GEDV Monkstown Owner Limited secured permission last February for 387 mainly rental apartments. The Irish Times, 17th June
Housing Construction The number of new apartments approved for construction has declined in Q1 2024, hitting the second-lowest level in five years. Approvals have significantly decreased in Dublin to 2,003 units, down more than 50% in a year, new data from the CSO has shown. Since 2019, an average of 5,458 apartments have been approved for construction every three months nationwide. Planning permissions for houses also declined by 20%. In total, 8,387 homes were approved by planners in the first three months of 2024, down 28% compared to the previous year. The Business Post, 13th June
Dublin Auction Two Georgian properties, one in Dublin 2 and the other in Dún Laoghaire, are the most valuable lots for sale in BidX1’s auction of 70 lots with combined guide prices totalling €16m. The Dublin 2 property is a period office building (4,295 sq. ft) at 40 Lower Leeson Street guided at €1.6m, which is a 16% discount to the €1.9m price sought earlier this year. In Dún Laoghaire, another mid-terrace Georgian premises, Eblana House (2,174 sq. ft), is guided at €775k. In March this year the asset received full planning permission for change of use from office to residential. The Irish Independent, 13th June
Office
Johnny Ronan’s dispute with a US Fortress Investment Group firm which he claims owes him €3.3m from an insurance award relating to their joint Fibonacci Square office development in Ballsbridge has been admitted to the fast-track Commercial Court. Mr. Ronan is suing Isle of Man registered Aquela Ltd. The dispute arises out of a deal in which Ronan Group Real Estate swapped its stake in Fibonacci Square for the Fortress interest in Waterfront South Central on Dublin’s quays. In separate proceedings currently pending before the Commercial Court, a number of Ronan Group related companies are suing Fortress and related firms claiming the defendants failed to engage with the Ronan firms’ effort to refinance facilities. The Irish Times, 17th June
Dublin Airport State-owned DAA is to lodge plans seeking permission for a 950-space staff car park at Dublin Airport. In the planning application to be lodged with Fingal County Council, DAA is seeking permission for a westwards extension of the existing Blue long term car-park for the additional car parking spaces. A published planning notice for the scheme states that the application site totals 10.5 acres. The Irish Times, 17th June
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