12th November (Issue 222)
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.
HOSPITALILTY
South Mall, Cork City JLL is guiding €4.5 million for a former banking hall with planning permission for a 58 bedroom boutique hotel in Cork City. Designed by Scott Tallon Walker Architects, the planning permission includes the conversion of the existing bank, along with a new-build bedroom block extension to the rear and side. The permitted scheme also provides for a large, double-height restaurant, bar, cafe and hotel reception area fronting South Mall. The Irish Times, 6th November
Hanover Quay, Dublin JD Wetherspoon has added to its Irish portfolio with the acquisition of HQ Bar and Restaurant at Hanover Quay in Dublin’s Grand Canal Dock. The property was put up for sale in June of this year with a guide price of €5.5 million. The 9,192 sq.ft. property, split over two levels, was being offered for sale with the opportunity to enter a long-term lease with the then owner-occupier Fulminis Limited. In addition to its existing Irish portfolio, Wetherspoons is currently developing an €18.5 million pub and hotel on Dublin’s Camden Street as well as pubs in Galway and Waterford. The Irish Times, 11th November
Aaran Street East, Dublin 7 The Sunday Times understands that German Hotel group, Ruby Hotels are being lined up to operate a proposed 278 bedroom hotel in Dublin City. Plans have been lodged to build the eight-storey hotel on a site spanning Arran Street East and Little Mary Street, opposite the Daisy Markets, part of the old Dublin fruit markets. The German group runs six hotels with 12 more in planning or construction and is due to open its first UK hotel in London in 2020. The Sunday Times, 10th November
RESIDENTIAL
Celbridge, Co Kildare Knight Frank is guiding €4.5 million for a partly let portfolio of 27 residential units at Primrose Gate, Celbridge, Co Kildare. 16 of the units are currently occupied and are generating €220,300 in rental income per annum. There is potential to increase the rental income to c.€400,000 per annum once the remaining 11 units are fully let, which would represent a 9.2% gross return on the guide price. The portfolio comprises 15 two-bedroom apartments, 10 three-bedroom duplex units and two three-bedroom semi-detached houses and they are dispersed in an estate which includes a number of houses and duplexes. The Irish Independent, 11th November
OFFICE
Citywest Business Campus Fine Grain Property has acquired 3013 Lake Drive, a three-storey 38,000 sq.ft. purpose-built office building on the Citywest Business Campus in south-west Dublin for c.€10 million in an off market deal. Part of the building is let to a number of companies including pharma firms Takeda and Valeant, a subsidiary of Bausch health. The other part is operated as serviced offices by The Prem Group on behalf of Fine Grain. The Irish Independent, 10th November
INDUSTRIAL
Northwest Business Park, Dublin 11 Agent Harvey is quoting €1.5 million (€100 psf) for a warehouse and office facility at Northwest Business Park in Dublin 11. The warehouse area extends to 12,002 sq.ft. and the two-storey offices and staff facilities which comprise 2,992 sq.ft. are situated to the front of the building and provide a mix of open plan and cellular offices, reception and toilet accommodation. Unit 508B is located in phase two of Northwest Business Park offering dual road profile and easy access to the N2/M50 and M2/N3 link road. The Business Park is situated 6.4km from both the N2/M50 (junction 5) and N3/M50 (junction 6) providing easy access to Dublin Airport and Dublin Port Tunnel. The Irish Times, 6th November. The Irish Times, 6th November
RETAIL
Northside Shopping Centre, Coolock, Dublin 17 The German family-office, AM Alpha, has made their first investment in Ireland’s retail property sector, paying c.€50 million to acquire Dublin’s Northside Shopping Centre in Coolock, Dublin 17. Extending to 180,375 sq.ft, Northside Shopping Centre comprises 76 retail units, of which 90% are occupied generating annual rental income of €4 million, representing a yield of 7.5%. The Centre’s anchor tenant is Dunnes Stores whilst Supervalu are paying the highest individual rent of €400k per annum. The Irish Times, 6th November
LAND
Albert Quay, Cork City JCD Group have lodged a planning application to build a large-scale residential build-to-rent scheme in the city’s docklands on the old Carey’s Tool Hire site. The proposed scheme will comprise 93 one-bed units, 104 two-beds and four three-bed apartments. The development comprises three distinct parts: the restored railway house and terminus buildings leading onto a large public plaza; the two lower residential blocks which step up from nine to 12 storeys and the Landmark Tower section, which is a proposed 25 storeys. The Sunday Business Post, 10th November
Coolock, Dublin 17 A 6.36 acre site in Coolock, Dublin has come to the market through Lisney with a guide price of €3.5 million (€550k per acre). The land use zoning for the site falls within Z6 under the Dublin City Development Plan, which indicates a range of employment and enterprise generating uses that are acceptable. The site benefits from 120 metres of frontage onto Oscar Traynor Road and it is located alongside Northside Retail Park. The Irish Independent, 11th November
County Roscommon Savills has brought a mainly residential development site extending to 21.1 acres situated 7.5km west of Athlone Town Centre to the market with a €1.6 million guide price (€75.8k per acre). The site has three different zoning objectives: 5.7 acres for new residential, 5.9 acres for strategic residential reserve and 9.5 acres for recreation and amenity uses. Previously, there was planning permission granted, which has now expired for 163 residential units and a crèche. The Irish Independent, 7th November
Griffith Avenue, Dublin 9 Cushman & Wakefield is guiding €35 million for a 9.6 acre on Dublin’s Griffith Avenue (€3.646m per acre). It is thought that the site, which is owned by DCU could have the capacity to accommodate 600 residential properties with a mix of build-to-rent units and homes for individual sale. The land has c.150 metres of road frontage onto Griffith Avenue, a key arterial route into the city close to Dublin Airport and is a five minute walk from the proposed Metro North stop at DCU. The Irish Times, 6th November
Ballyboden, South Dublin The Irish Times understands that the Augustinian Order has secured c.€20 million from the sale of 8.6 acres of land (€2.325m per acre) to Shannon Homes next to its provincial headquarters at Ballyboden in south Dublin. The sales price represents a premium on the €18 million that GVA Donal O’Buachalla were guiding in March of this year. A feasibility study prepared by John Fleming Architects in advance of the sale however indicates that the site could, subject to planning permission, accommodate a medium-density residential scheme of 212 homes or a build-to-rent development of 436 units. The Taylor’s Lane site has extensive road frontage and is close to the villages of Rathfarnham and Knocklyon, Nutgrove Shopping Centre and Dundrum Town Centre. Junction 12 of the M50 is also only a short drive away. The Irish Times, 6th November
Heuston Station, Dublin The Irish Independent understands that CIE are finalising plans to bring 18 acres of land next to the Heuston Station to the market in phases. The potential development could provide over 1.6 million sq.ft. of commercial and residential floor space and it is thought that the development lands could be worth €326 million based off the €18.1 milliom per acre paid for the Hickey’s site on Parkgate St. The Irish Independent, 10th November
Santry, North Dublin The owners of the Omni Park shopping centre in Santry in north Dublin are advancing plans to build hundreds of apartments and an aparthotel on an adjoining site. It is proposing to build 324 apartments, an 81-bedroom hotel and crèche and would involve demolishing a vacant warehouse to make way for the scheme. The Omni Park centre is owned by the Dublin building group MKN and private clients of stockbroker Goodbody. The 23-acre site includes the shopping centre, an 11-screen cinema, and a retail park with a Lidl outlet and Marks & Spencer food store. The Sunday Times, 10th November
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