11th November (Issue 472)
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
Lapps Quay, Cork Joint agents Sherry FitzGerald Commercial and H Property are guiding €6m for an office and retail/restaurant investment opportunity located on Lapps Quay. The property comprises a ground floor and third floor extending to 26,586 sq. ft, which forms part of a larger multi-storey building known as City Quarter. The ground floor comprises a vacant fully fitted own door office suite, a self-contained fitted restaurant unit and coffee dock situated on the boardwalk adjacent to the scheme, occupied by Café Gusto. The third floor comprises five office suites laid out around a central service core. The third floor of the property is fully occupied under various leases and the total passing income is €431k pa. The Business Post, 9th November
Camden Yard, Dublin 2 Oaktree Capital Management is preparing to take control of Camden Yard, an office and residential development. Oaktree, which was a junior lender on the scheme, is in advanced talks to buy out the interest of BGO, a Florida-based property investment firm and senior lender on the project. Construction on the site on Kevin Street, which was formerly a DIT campus, ground to a halt in June. Approx. 409,028 sq. ft of office space, 325 apartments and retail and restaurant units are planned for the 3.6-acre Camden Yard site. The Sunday Times, 10th November
Henry Street, Dublin 1 Mike Ashley’s Sports Direct has secured the green light to open a large gym at the former Debenhams department store on Henry Street. The 27,544 sq. ft gym will be the first opened by the group in the Republic and the permission follows two years on after Mr. Ashley’s Frasers Group bought the former Debenhams outlet in Henry Street. As part of the revamp, Heatons Ltd, which trades as Sports Direct in Ireland, is to open a new Sports Direct store from ground floor to the second floor mezzanine, with the gym on the third floor. The Irish Times, 6th November
HOSPITALITY
Ashbourne, Co Meath The Fox’s Den in Ashbourne has been launched to the market by BDM Property guiding €1.5m. A large two-storey licensed premises, the property extends to 7,014 sq. ft and its accommodation briefly comprises a ground-floor lounge bar to the front with the public bar located to the rear. On the first floor there is a self-contained function room. Outside and to the rear there is a smoking area with parking for 25 cars. The Irish Independent, 7th November
Enniskerry, Co Wicklow Pre-tax profits at the firm that operates the five-star Powerscourt Hotel resort near Enniskerry almost doubled to €2m last year. New accounts at hotel firm Sugarloaf Ventures Ltd show that the company recorded the 90% increase in pre-tax profits after revenues rose by 14% from €23.16m to €26.42m. The resort is part of the MHL Collection. The company’s gross profit increased from €12.19m to €14.2m after cost of sales rose from €10.96m to €12.18m. The firm recorded post-tax profits of €1.84m after incurring a corporation tax charge of €167k. The Irish Independent, 8th November
RETAIL
Bray Central, Co Wicklow A UK-based loan servicing group has appointed receivers to a company co-owned by Paddy McKillen jnr that controls the Bray Central shopping and town centre site. In 2018, Wicklow County Council agreed to sell the property, formerly known as the Florentine site, to Navybrook Ltd for a reported €2.6m, pending its redevelopment into a modern retail park by Oakmount. Kroll was appointed by BCMGlobal, a UK loan-servicing firm, to Navybrook on foot of loans secured against the property. CRO filings indicate that BCMGlobal secured three charges against the assets of Navybrook in 2019 and 2022. The Irish Times, 7th November
RESIDENTIAL /DEVELOPMENT
O’Connell Street, Dublin 1 Real estate investor and developer Firethorn Trust has acquired a development site in central Dublin to construct a 588-bed hostel. The off-market purchase of Sackville Place, located near O’Connell Street, includes planning permission for a purpose-built hostel with a combination of dormitory-style rooms and private double rooms spread across six storeys. Upon completion, Firethorn will retain operational management of the hostel, working in partnership with real estate investment managers SW3 Capital. Work is expected to start on site in March 2025, with practical completion due in January 2027. The Business Post, 11th November
Ashford, Co Wicklow A 28-acre land holding in Ashford has been placed on the market by Savills with a guide price of €2.95m (approx. €105.3k per acre). The land is currently unzoned and lies just outside the boundary of the Ashford Town Plan 2022–2028. The lands are situated in a residential location on the eastern side of the village, between the R772 road and the M11 motorway, approx. 44km south of Dublin city centre and 6km north-west of Wicklow town. The Irish Independent, 7th November
Youghal, East Cork Brian Gleeson Property is handling the sale of a property that comprises three parcels of adjacent land in Youghal in East Cork. The price is available on application from the agent. The first parcel comprises of approx. 5 acres and contains a storage building measuring 21,527 sq. ft with an upper level comprising of office space, kitchen and WC. The second parcel comprises approx. 1 acre and contains a storage building measuring 44,526 sq. ft. The third parcel comprises the quay at Green’s Quay, which extends to approx. 0.5 acres. This site is held under lease from Cork County Council. The Business Post, 9th November
Phibsborough Road, Dublin 7 Royal Canal House, on Phibsborough Road, spans across four floors of approx. 5,436 sq. ft on a gross internal area. The property, which is being sold with vacant possession by Finnegan Menton, is guiding €1.6m. It features spacious accommodation throughout, with high ceilings, decorative cornices and an elegant front entrance doorway. The Irish Times, 6th November
BNP Paribas Real Estate Ireland Report Levels of total activity in the construction sector fell in October, in spite of a “surge” in residential building. According to new figures from BNP Paribas Real Estate Ireland, overall activity in construction fell marginally last month for the second month in a row. The real estate firm’s October index rose to 49.4 in October from 49.0 in September, remaining below the 50-mark that denotes growth in construction activity. Residential construction activity, however, surged from 51.0 in September to 56.4. Commercial construction levels lagged behind at 47.0. The Business Post, 11th November
Housing Targets Developer Michael O’Flynn has accused the government of a lack of ambition in its housing targets. Last week, a new target of 303,000 new homes in the six-year period between 2025 and 2030 was set, up from the 225,700 target for the period. Earlier this year, research provided to government by the Housing Commission policy group, of which O’Flynn was a member, suggested 488,400 homes could be needed to the end of 2030 based on high migration and low household size scenarios. The Housing Commission report estimated the required delivery between 33,400 and 81,400 new homes would be required annually depending on population growth and household sizes. The Business Post, 10th November
Davy Analysis The vast majority of the finance required to deliver the government’s new target of 303,000 homes will need to come from the private sector, new analysis by Davy has said. Last month, the Department of Finance published the findings of a state group tasked with reviewing different aspects of the funds industry in Ireland. The report, called Funds Sector 2030, said €20bn will be needed to build 50,000 homes pa. The state’s ceiling for investment into housing is estimated to be approx. €5bn. The Business Post, 6th November
Co Kildare Plans have been lodged for a €141m 118MW solar farm on a 428-acre site in the townlands of Cadamstown, Ballina, Clonuff and Garrisker in Co Kildare. New plans by Cadamstown Solar Ltd are seeking planning permission from Kildare County Council for the solar farm across 39 fields of agricultural land on a site just over 9km from Kinnegad in Co Westmeath. The site is currently being used for a mix of arable and pasture farming. The Irish Independent, 12th November
OTHER
Ronan Group Real Estate (RGRE) has resolved numerous High Court actions with Fortress Investments Group which centred on the repayment of loans worth over €100m. As reported by the Business Post, Ronan settled a €3.3m row with a Fortress entity over allegations he was owed the sum from an insurance award regarding their joint Fibonacci Square development in Ballsbridge. The High Court heard that the property developer had also settled separate proceedings in which it alleged that Fortress had threatened to “wipe out” the wider firm as part of a “conspiracy” to cause it damage. The lawsuit related to what RGRE alleged was a failure to engage with refinancing arrangements on loans in 2022. The Business Post, 11th November
Davy Group The property investment management arm of Davy Group is set to be sold to the unit’s chief executive for an undisclosed sum along with its €1.6bn portfolio of assets, including Dublin’s St Stephen’s Green Shopping Centre. The transaction will see David Goddard, chief executive of Davy Real Estate, acquire the unit and operate it as a separate entity, trading as Lanthorn. The deal is expected to conclude in November. The Irish Times, 5th November
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