12th August (Issue 509)
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.
OFFICE
Leopardstown, Dublin 18 AIB is in talks to take a lease on Ulster Bank’s former headquarters. The Lender is in early discussions to take the entirety of Building B at Central Park, Leopardstown, a six-storey, 76,000 sq. ft office that served as the head office of Ulster Bank from 2021 until it exited the Irish market. The building, which has capacity for more than 500 staff, is located minutes away from an eight-storey block at Central Park that is already occupied by AIB. The complex is owned by Henderson Park. It is understood AIB wants the space on a short-term lease for a specific one-off project, set to last a number of years, rather than on a long-term basis. The Business Post, 9th August
Dublin Portfolio Blackstone is poised to walk away from its investment in a Dublin office portfolio. Blackstone acquired the five office properties from Starwood in 2020 in a €535m deal. The acquisition was funded by equity from Blackstone, mezzanine finance from Starwood and senior debt from Pimco. It has since sold two of the properties, the Watermarque building and an office on Parkgate Street. It is understood that Blackstone is now ceding control of the remaining three assets in the portfolio to junior lender Starwood, who wrote down the value of its €25m mezzanine loan exposure by 50% in October last year, and took a further 50% markdown this month, reflecting the “continuing challenging Dublin office market dynamics”. The portfolio of properties included the Iveagh Court, the Watermarque Building, 29-31 Adelaide Road and 75 St Stephen’s Green. The properties formed part of a portfolio which Lone Star purchased for €220m from Nama in 2014. The Sunday Times, 10th August
Harcourt Centre, Dublin 2 Last month Iput applied for planning permission to demolish Blocks 2 and 3 of the Harcourt Centre and build an approx. 200,000 sq. ft office led development on the site. The new 11-storey development would replace the existing eight-storey structure on the corner of Harcourt Street and Charlemont Street. In a submission to DCC, Melly SARL, a Luxembourg-based firm linked to Arena Invest that owns Block 4 stated that the project, if approved, will impact the ability of Melly SARL to maximise the future development potential of their property. Further concerns were raised about how Iput’s plans for Block 2 and 3 would negatively impact daylight on the occupants of Block 4. Avestus Capital Partners and Ares Asset Management sold block 4 to Arena Invest in 2020 for €55m. The Business Post, 6th August
STUDENT ACCOMMODATION
Clanbrassil Street, Dublin 8 A company owned by Eamon Waters has sought planning permission for a large-scale student accommodation project in Dublin 8. Blackpitts Residence Unlimited Company plans to demolish the current industrial building at 21-23 Blackpitts, just off Clanbrassil Street, and build a six-storey, 217-bed student housing complex in its place. The plans for the student build also show that the premises would include communal amenity space, a library and study room, a cinema room, and a gym. There are also plans for a rooftop terrace and a café at the ground floor level. The Currency, 6th August
Clonskeagh, Dublin 4 Opponents of a 439-bed student accommodation project near UCD have appealed to An Coimisiún Pleanála (“ACP”) regarding DCC’s decision to grant the development planning permission. The development, led by Harley Issuer DAC, a firm backed by Bain Capital, is at the former Smurfit Paper Mills site, around 1km from UCD. The council granted planning permission on July 3rd. However, that decision has now been appealed by the Eglinton Residents Association on a number of grounds. The group claimed the proposed development was “in contravention of the Dublin City Development Plan”, as it did not conform to the height strategy. The Business Post, 5th August
HOSPITALITY
St Stephen’s Green, Dublin 2 The new owners of the five-star Shelbourne Hotel in Dublin will begin a €50m upgrade of the property from late October. This will involve renovating 226 of its 265 rooms as part of a year-long refurbishment programme. The Shelbourne, which opened its doors in 1824 was acquired by Archer Hotel Capital in 2024 for a reported €260m. Archer also owns the nearby Conrad hotel. The refresh of the guest rooms will be led by Kenmare interior designer Bryan O’Sullivan, whose previous projects include work on Claridge’s, The Connaught, and The Berkeley hotels in London. The Irish Times, 7th August
RETAIL
Nationwide Europcar has launched three new locations in Dublin, Tipperary, and Donegal, following a €100m investment across its services in Ireland. The company said the move reflects its broader commitment to growth beyond just these new locations. The new branches, which are already open, have generated 15 new jobs at their locations in Sandyford, Clonmel and Donegal Airport. In addition to the new locations, the company has revamped its Cloghran location in north Dublin, transforming it into a dedicated B2B and Van Centre. Rte.ie, 6th August
Residential/Development
Dock Road, Limerick The LDA has announced plans to develop 285 affordable homes on land acquired from Gas Networks Ireland. Construction on the site will begin in 2027, subject to approval. The site is at The Gasworks, beside the Dock Clock, less than a 15-minute walk from Limerick City Centre. The proposed development will include 142 one-bed, 127 two-bed and 16 three-bed apartments across three blocks, ranging from one to eight storeys in height. The plans also include provisions for a new public plaza, landscaped gardens, communal spaces, play areas, retail units, a childcare facility, a provision for bicycle spaces and car park spaces at surface level. The Business Post, 9th August
Clonakilty, Co. Cork A land sale close to €4.75m has been agreed on 15 acres with planning for 92 homes, and with an application for a further 20 units to come. Hodnett Forde Agents has closed the transaction to a Dublin-based developer, who aims to deliver up to 112 units via a local builder, with planning already in place for 92 units, a mix of two, three and four-bed homes. The off-market sale, equivalent to almost €400,000 an acre, is one of the largest in the region for some time. The Examiner, 6th August
Clonakilty, Co. Cork A revised application was made in June 2025 on a large-scale residential development of 246 units (to include 50 social units) on approx. 19 acres, west of the Clonakilty Park Hotel, near Lady’s Cross and the agricultural grounds where Tesco has signalled plans for a store. The application is from HB Clogheen Developments Ltd and includes 170 houses, 69 apartments in three blocks, and a creche. A previous application was lodged in late September 2024. The planning file shows letters expressing concern about access/traffic given the scale of the proposed development, possibly the largest in a single application in any West Cork town. The Examiner, 6th August
Rathnew, Co. Wicklow Plans for 87 homes, a creche and a sports pitch in Rathnew have been submitted to Wicklow County Council by Durkan Broomhall Developments Limited. The site is situated to the south of Kirvin Hill and Waverley Drive residential estates on the southern edge of Rathnew village. It extends to approximately 13.2 acres. The proposed development will contain 50 three-bedroom homes, 12 with two bedrooms, five with four and two with just one bedroom. The homes will be a mix of houses and duplexes/maisonettes. The development will also include an approx. 1,720 sq. ft creche, a sports pitch with an 800 sq. ft clubhouse, internal road network, 175 car parking spaces, 2 drop off spaces, cycle parking and stores. The Irish Independent, 5th August
Balally, Dublin 16 Westleton is facing an appeal against its permission to build a seven-storey residential project at Balally after local residents appealed DLRCC’s July decision to grant permission for the development. Westleton initially wanted to build a nine-storey development to accommodate 100 units. The council granted permission on condition that floors two and three were removed, ensuring it was in accordance with the area’s “height strategy”. That reduced the unit count to 71, with a combination of one, two and three-bed apartments and six studio apartments. However Marston Planning Consultancy, on behalf of the Wedgewood Residents Association, has now appealed the decision to ACP, according to recently filed documents. The case is due to be decided by ACP by November 13th 2025. The Business Post, 5th August
Development Land The sale of land for development in the Greater Dublin Area and the regional centres of Cork, Galway and Limerick sank to its lowest level in more than two years in the second quarter. Sherry FitzGerald’s report shows the second quarter was significantly quieter than the previous three-month period, with spend totalling about €111m. That figure covers a total of 17 transactions, which was the lowest number seen since the first quarter of 2023. On top of that, the value of the land transacted was only about half that which changed hands during the same period last year. When combined with what was robust activity in the opening quarter, turnover for the first six months totalled €372m, which was greater than the long-term average of €328m, but also 15% below last year. The report suggested policies recently announced by the Government to address the housing crisis are likely to have “delayed decision-making” among stakeholders. The Irish Times, 11th August
Dublin Derelict Buildings The number of derelict buildings in Dublin city has increased by almost 80% in the last four years. DCC’s Derelict Sites Register, which tracks properties in the capital that have fallen into a dilapidated state, shows a jump from 74 at the end of January 2021, to 131 in July of this year. DCC has said that almost €9.9m in fines for dereliction are outstanding in 2025. Rte.ie, 5th August
Waiver Scheme Extension The Government is to provide €250m to support the extension of a waiver scheme. The scheme was introduced in April 2023 and waived development fees charged by local authorities for the cost of roads and other public infrastructure. The waiver scheme also pertains to a refund for Uisce Éireann water and wastewater connection charges. The proposed end for the waiver, which was due to occur in December this year, was widely blamed for a large fall-off in housing construction. It was extended in April last year to December 2026. The money allocated to the waiver scheme is part of an allocation of €696m announced by the Cabinet last week for housing. Some €184m is being allocated for social housing, with €100m to Approved Housing Bodies and €84m provided to local authorities to support their construction of new social housing. A further €114m will be directed to Approved Housing Bodies under the Cost Rental Equity Loan scheme. Another €14m is being allocated for private sector cost-rental development under the Secure Tenancy Affordable Rental scheme. Minister for Housing James Browne said the funding will deliver 4,600 new social and affordable housing units. The Irish Times, 11th August
OTHER
Dublin Airport In plans lodged with Fingal County Council (“FCC”), DA Terminal 3 Ltd is seeking planning permission for four aviation-related cargo handling units to operate on a 24 hour, seven days a week basis and ancillary office space on a 30-acre site. In a cover letter lodged with the plans, CWPA Planning and Architecture state that the proposed development was a first but independent phase, within an overall longer term development proposal for DA Terminal 3 Ltd’s landholding. These “include the development of Terminal 3 and the overall development of the western campus”. They state that the overall landholding extends to 263 acres and that DA Terminal 3 is also working with key stakeholders and landowners to advance the western access road, the delivery of which is a significant objective of the Dublin Airport Local Area Plan. CWPA’s report confirms that DA Terminal 3 has engaged with FCC on its strategic vision for the lands. The Irish Times, 29th July
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