14th May (Issue 196)

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.



Mount Salem, Dublin 18 Agent Robert Colleran is guiding €2.5m (€611 psf) for a five-bedroomed 4,090 sq.ft. protected period house located on a 0.7 acre corner site at the White’s Cross junction of the Stillorgan dual carriageway. The Irish Independent, 9th May

St Edmund’s, Palmerstown, Dublin 20 Carysfort Capital has paid c.€34m for a portfolio of 102 newly-built houses at the St Edmund’s development in Palmerstown, Dublin 20. The houses were built through a licence agreement between Grandbrind and Nama. Carysfort’s acquisition of the portfolio brings its overall holding at the St Edmund’s development to 262 units. In January 2017, the company paid c.€36m for 160 apartments and 167 parking spaces at the scheme. The Irish Times, 8th May

Dun Laoghaire, Co. Dublin Hooke and MacDonald is guiding €1.295m (€436 psf) for 30 Fairway Drive, a 2,971 sq.ft. five-bedroom fully furnished detached property with an A3 building energy rating, located within the Cualanor development in Dun Laoghaire. The Sunday Business Post, 12th May

XVI Portfolio Joint agents Savills Ireland and Eastdil Secured have been instructed to sell a portfolio of more than 800 apartments and houses on behalf of US based Marathon Asset Management across 16 developments in Dublin and Cork. The portfolio, named XVI will, upon completion, represent the biggest single disposal of buy-to-let properties to have taken place in the Irish market to date. The Irish Times understands that the selling agents are guiding a price in the region of €240m. The Irish Times, 8th May

20 Sefton Hall, Foxrock, Dublin 18 Colliers is guiding €1.3m (€769 psf) for 20 Sefton Hall, a 1,690 sq.ft. three-bedroom penthouse apartment. The property, located in within Park Development’s Kelston scheme at the top of Leopardstown Road, includes a private wrap-around roof garden with panoramic views of the Wicklow Mountains and Dublin Bay which increases its size to 3,025 sq.ft. The Sunday Business Post, 12th May

Irish Residential Market Transaction activity rose steadily in Ireland in 2018. Excluding multi-family/portfolio sales there were approximately 53,900 homes transacted last year according to the Property Price Register (PPR). This translated into an increase of 6% on 2017, or roughly an extra 3,000 home sales. Dublin also saw an improvement in the total number of homes sold, with just over 17,500 sales recorded in the capital, a 5% yearly improvement. Sherry Fitzgerald, Irish Residential Market Review Spring 2019


Killarney, Co Kerry Casey and Kingston Auctioneers has brought the former Whitegates Hotel to market. The property includes 27 ensuite bedrooms along with a lounge, bar, restaurant area and is situated on a 0.7 acre site on the N22 Muckross Road, 1.6 km outside Killarney, Co. Kerry. The agent advised the guide price was €3m. The Sunday Business Post, 12th May



Drumcondra, Dublin 9 CBRE has brought two licenced premises to market. They are guiding €1m for Quinn’s of Drumcondra and €900k for the Cat & Cage. Quinn’s is located on a 0.3 acre site at the intersection of Drumcondra Road and Clonliffe Road and has dual residential and commercial zoning. The Cat and Cage pub is located at 74/76 Upper Drumcondra Road, Dublin 9 and was recently renovated in 2016. The Sunday Business Post, 12th May



Blanchardstown Shopping Centre Planning has been granted to US-based Blackstone Real Estate for a 21,528 sq.ft. retail unit at Blanchardstown Shopping Centre at the red mall entrance. It is anticipated the unit will be used as a supermarket. The Sunday Business Post, 12th May

Liffey Valley Party City, the largest US retailer of party goods with over 900 retail stores will open its first European store in Liffey Valley in June this year. Creative Retail Solutions, the company behind the seasonal pop up ‘Halloween HQ’ will operate the store. The Sunday Times, Irish Edition, 12th May



Century Business Park in Finglas, Dublin 11 Savills is guiding €5.25m (6.2% NIY) for an industrial investment portfolio at the Century Business Park in Finglas, Dublin 11. Extending to an overall area of 60,461 sq.ft. the portfolio comprises five units ranging in size from 4,521 sq.ft. to 24,079 sq.ft. The units for sale are of metal-frame construction incorporating clear internal heights from 7.5m to 11m. The combined rental income is €351,750 p.a. The Irish Times, 8th May



Five Hanover Quay, Dublin 2 Joint agents JLL and London-based Eastdil Secured have brought the newly-developed Five Hanover Quay to the market guiding €190m (4.25% NIY). Located on a prime waterfront site at the heart of the Dublin docklands, the seven storey, 160,000 sq.ft. LEED Gold V-rated property is fully let to DocuSign and Aptiv, providing an annual rental income of €8.75m. The Irish Times, 8th May



180-184 James Street, Dublin 8 It is reported that The Dublin Loft Company is the purchaser of a prime 0.5 acre development site at 180-184 James Street, Dublin 8, where the company is likely to develop an aparthotel. The site was first marketed for sale in January through CBRE seeking €5.75m. It is thought the final price was in the region of €6.5m. The Irish Times, 8th May

Crofton Road, Dun Laoghaire Knight Frank is guiding €6.5m (€8.2m per acre) for a 0.79 acre development site located on Crofton Road, near St Michael’s hospital overlooking Dun Laoghaire harbour. The site is currently in use as a car park. A feasibility study prepared by Reddy Architecture & Urbanism identified, subject to planning permission, options ranging from 74 to 102 units based on both Build-to-Rent and Build-to-Sell models, along with car parking, open space and residential amenity areas. Knight Frank, 9th May

Parkgate St, Dublin 8 Finnegan Menton is guiding €7m (€9m per acre) for a 0.77 acre development site on Parkgate Street Dublin 8, located directly across from Heuston Station and the Luas. The property is currently occupied by Westbrook Motors and the Natural Bakery whose leases expire at the end of 2022 producing €53.9k p.a. The Irish Times, 8th May



Real Estate Alliance (REA) Auctions REA network of estate agents will host three auctions this month with more than 90 lots. The most valuable lots will be offered at the REA Dempsey Sothern public auction of Dublin and Leinster properties in Naas on May 22. Also on May 22, REA O’Connor Murphy will offer 37 Munster, Connacht and Donegal properties at a public auction in Limerick. On May 29, REA will offer 14 lots at its online auction. The Irish Independent, 14th May

Millbrae Lodge, Nursing Home, Tipperary Brindley Healthcare has purchased the 81-bed nursing home in Newport, Co. Tipperary. The group now operate 10 nursing homes with over 600 beds in Tipperary, Laois, Kildare, Mayo, Galway and Donegal. It is the company’s second deal in two weeks with the group acquiring the 79-bed Maynooth Lodge Nursing Home. The Sunday Independent, 12th May


If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie

Origin Capital funds senior debt transactions in the CRE investment sector, typically in the €3m – €15m range. If you would like to discuss how Origin Capital can help with your funding requirements, please contact us on 01 662 9264.

Origin Capital is a wholly owned subsidiary of LeBruin, a leading provider of corporate finance and debt advisory solutions.