Cornerstone Portfolio: Davidson Kempner have completed the purchase of the Cornerstone Portfolio for c. €118m. The portfolio consists of 150 apartments in Athlone and six shopping centres. The key shopping centre assets are Athlone Towncentre in Westmeath and a significant shareholding in MacDonagh Junction in Kilkenny. With the portfolio generating rental income of c. €8.8m p.a., the sale provides a net initial yield of c. 7.4%. Deutsche Bank are believed to have financed the transaction. The Irish Independent, 8th October
Tallaght Cross West: NAMA have appointed DTZ to handle the sale of a mixed use retail and multi-family apartment development at Tallaght Cross West in Dublin 24. DTZ expect the complex, which has a price tag of over €80m, to be generating rental income of €6.8m p.a. by the time the sale is completed. There are 442 apartments included in the sale, for which rent starts at €1,000 p.m. for a one bed. Aldi are currently occupying one of the retail units at c. €625k p.a., with a further 22 retail units to be made available for letting in due course. The complex was built by Liam Carroll of Zoe Developments in 2008. The Irish Times, 7th October
Apex Collection: HWBC have been chosen by a client of Irish Life to handle the sale of the Apex Collection, an office and industrial portfolio with a guide price of €19.7m. The prized element of the portfolio is two office blocks opposite the Ashtown Gate of the Phoenix Park, on the Navan Road in Dublin 15, priced at €9m. The properties have a floor area of c. 28,050 sq. ft., offer gross income of c. €689k p.a. and a WAULT of almost six years. Other office properties in the portfolio include two additional offices at 3 and 4 Richview Office Park in Clonskeagh, Dublin 14 priced at €2.1m. The industrial element of the portfolio comprises c. 181,500 sq. ft. of space at Westlink Industrial Estate near the Red Cow Junction and the M50, which has a guide price of €6.5m. The Irish Times, 7th October
SW3 Acquisition: SW3 Capital have paid over €30m for Eir’s offices and network management centre at Citywest Business Campus in west Dublin. Eir occupy the property, which includes c. 85,000 sq. ft. of office space, on a 25 year FRI lease from 2010, with no breaks. The lease includes upward only rent reviews every five years, based on an increase of 2.85% compounded annually. The current annual rent for the property is €1.933m. Prior to the acquisition, SW3 Capital had already spent more than €50m on investments in the Dublin market. The Irish Times, 7th October
An Bord Pleanála HQ: Joint agents DTZ and Finnegan Menton believe there will be significant demand for the HQ of An Bord Pleanála on Marlborough Street in Dublin 1. Offers in excess of €18m are being sought for the property. The 36,856 sq. ft. seven storey office block is fully occupied by the State tenant on a 25 year FRI lease from 2002. The current rent is c. €1,271k (€34 psf) p.a. and is subject to five yearly rent reviews. The property also contains 22 car spaces underground. The Irish Times, 7th October
South Mall: An office property at 89 – 90 South Mall in Cork is expected to sell for a minimum of €4.25m after being brought to the market through Savills. The 34,164 sq. ft. property is located in Cork’s Central Business District and has an annual rent roll of c. €338k. Tenants include KPMG, Fujitsu and James Riordan and Partners. There is also c. 5,189 sq. ft. of vacant office space, which should let for c. €15 psf if refurbished. The Irish Times, 7th October
Clarion Hotel: Dalata have completed the purchase of the Clarion Hotel in Cork City for €35.1m, significantly above the €30m guide price. The transaction will be viewed as an investment deal as the hotel will continue to be run by its existing operator, Choice Hotels, under a long term lease. The 191 bed, four star hotel was opened in 2005 and enjoys a prime location on the waterfront at Lapp’s Quay. The Irish Times, 13th October
Diamond Coast Hotel: Receiver David Hughes of EY has appointed Savills to sell the four star Diamond Coast Hotel in Co. Sligo, with a guide price of €3m. The 94 bed hotel is trading profitably and can be purchased without the existing management agreement. Savills advise that the hotel has become an attractive choice for weddings, partly due to its ability to cater for up to 450 guests. The hotel was only opened in 2007 and enjoys a prime waterfront location on Killala Bay. The Irish Independent, 8th October
Paramount Hotel: CBRE are guiding in excess of €15m for the lucrative Paramount Hotel and Turks Head in Dublin’s Temple Bar area. The three star hotel has 66 bedrooms as well as a very profitable bar and restaurant business. With the c. 40,902 sq. ft. hotel based on ten interconnecting four, five and six storey buildings on Parliament Street, there is significant potential to develop more bedrooms (subject to planning permission). Two floors of the hotel are used as a bar, restaurant and music venue. The Irish Times, 7th October
Drogheda Development: Laurence Goodman, son of Larry Goodman, has commenced the construction of 178 apartments in Drogheda, County Louth. The development consists of 113 two-beds, 40 three-beds and 25 one-bed apartments spread over eight blocks. A crèche and underground car park are also being constructed as parted of the development. NAMA Wine Lake, 11th October
Dalkey Site: Selling agents DTZ are to handle the sale of a prime c. 3.14 acre development site in Dalkey, south Dublin, which has a guide price of €5.75m. The site shares an access point with Castle Park School and is within walking distance of Dalkey and Glasthule villages. Rory Breen of DTZ advises the site could accommodate up to 50 apartments spread over two blocks. The site is located in an area whose primary zoning use is residential, however commercial uses are also possible. The Irish Times, 7th October
Xavier Court: Knight Frank have set an asking price of €7.8m on a block of 41 apartments known as Xavier Court in Dublin 1. The apartments are fully let and generating annual rental income of c. €626k. The average rents are €1,085 p.m. for a one-bed and €1,300 p.m. for a two-bed. With Knight Frank citing comparable market rates of €1,150 p.m. for a one-bed and €1,550 p.m. for a two-bed, there is scope to increase income in the short term in line with market rates. The Irish Times, 7th October
Adelaide House: Lisney are guiding in excess of €5m for the mixed-use Adelaide House development in Dun Laoghaire, South County Dublin. The fully let four storey property consists of 18 apartments and two office units on the ground floor. With a current rent roll of €310k p.a., there is potential to increase the rent in the short term through active management. The sales price also reflects a c. 20% discount on the cumulative value of the apartments if they were to be sold individually. The Sunday Business Post, 11th October
Housing Incentives: The Irish Independent reports that Environment Minister Alan Kelly is close to announcing a number of legislative changes aimed at aiding tenants and first time buyers. Under the new legislation, landlords will be required to give three months’ notice before a tenant is evicted while allowances will be offered to landlords who provide long term leases. Minister Kelly is also seeking to have up to 8,650 affordable homes completed in Dublin and Cork by the end of 2017, which would cost the taxpayer c. €180m. Under the scheme the government will target developers with land banks which can facilitate at least 50 new homes. Concessions will be provided to developers who provide increased volumes of homes at affordable prices. The Irish Independent, 8th October
NAMA Redevelopment: NAMA have sought planning permission to develop a new street in Dublin’s north docks, in a move which would pave the way for residential and commercial development. The proposed c. 330m street would link North Wall Quay with Sheriff Street Upper, turning Point Village into a separate block in the process. The application was submitted by the receivers to Wintertide, whom NAMA appointed in 2012. The proposed development is within Dublin’s Strategic Development Zone, therefore it can avail of the fast-track planning process. The Sunday Times, 11th October
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