15th September (Issue 264)
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.
RESIDENTIAL / LAND
Swords Road, Dublin 9 CBRE and Dillon Marshall are guiding €210 million for 475 apartments at Hartfield Place on Dublin’s northside (€442k per apartment). The scheme will include a mix of studios, one-, two- and three-bedroom apartments distributed across seven blocks ranging in height from four to eight storeys. The development will have underground and surface parking capable of accommodating 352 cars and 522 bicycles. Hartfield Place is situated on the Swords Road between Drumcondra and Santry. Dublin city centre is 4km to the south while access to the M50 and wider motorway network is just 2km away. The Irish Times, 9th September
Clonskeagh, Dublin 6 Gannon Homes are offering a 3.14 acre site on the former Smurfit paper mill for sale with full planning permission for the development of 126 apartments. The site on the Clonskeagh Road also includes an existing terrace of 10 period houses with planning permission for refurbishment. While a guide price has not been set for the site, the Irish Times understands that selling agent Knight Frank will be expected to secure between €18 million and €20 million. Designed by CCK Architects, the approved apartment scheme comprises 25 one-bedroom units, 98 two-bedroom units, and three mews/penthouse units. The Irish Times, 9th September
Stillorgan, South Dublin Joint agents QRE Real Estate Advisers and BidX1 are guiding €1.5 million for an investment/development opportunity (subject to planning permission) in Stillorgan, Co Dublin. The sale is in one or more lots, and comprises two properties overlooking the N11 dual carriage way at the junction of Merville Road and St Brigid’s Church Road. Number 1 Merville Road (lot 1) is a vacant two-storey detached office building extending to 2,423 sq.ft. The property is situated on a self-contained site of approximately 0.14 acres and has a guide price of €650,000(€268 psf). Numbers 2-20 Merville Road (lot 2), comprise of five interconnected two-storey terraced office units which extend to an overall area of 9,939 sq.ft. This property is let under two 20-year licence agreements from March 2010 at a combined rent of €85,956 per annum. The selling agents are guiding a price of €850,000 for this unit (€85.52 psf). The Irish Times, 9th September
Sallins, Co Kildare Coonan Property is guiding €3.625 million for a 29 acre site on the Clane Road to the north of Sallins town centre in Co Kildare (€125k per acre). The land is zoned “H”, as part of the Sallins Local Area Plan 2016-2022. While the primary aim of this zoning is to provide for warehousing and industrial uses, other uses would be considered if they are deemed suitable by the local authority. The site offers ready access to the M4 and M7 and wider motorway network. Sallins is located on the outskirts of Naas while Dublin is 32km away. The Irish Times, 9th September
Kinsale, Co Cork Savills Cork is guiding €1.4 million for a greenfield site in Kinsale, Co Cork. The site, along Barrack Street, linking to Cork Street has full planning permission for 18 units (€78k per stand). The 3.4 acre site has permission for 14 semi-detached houses of 1,250-1,400 sq.ft, and four four-bed detached houses of 2,320 sq.ft. The Irish Examiner, 10th September
Smithfield, Dublin 7 The Fruitmarket Partnership has submitted an application under the strategic housing development fast-track system to build a 560-bed shared living development across four blocks ranging from five to 14 storeys. The 560 beds will be spread across 360 units. The development will be located on a site halfway between Smithfield and Capel Street on Dublin’s northside and several buildings on Little Green Street, Mary’s Lane and Halston Street will be demolished to make way for the construction. The Sunday Times, 13th September
The state backed entity, Home Building Finance Ireland (HBFI), have said loan approvals were €340 million in the six months to July 2020, up from €114 million for the same period in 2019. By the end of July 2020, HBFI had approved funding for 1,477 new homes in 29 developments, with social housing projects accounting for 34% of the new homes. It is unknown what level of drawdowns have transacted. The organisation said the Covid housebuilding fund had also been extended by €100 million, following high levels of interest. The Irish Times, 15th September
MIXED USE
Walkinstown Ave, Dublin 12 O’Flynn Group has lodged plans to construct 1,137 residential units and a 15-storey hotel at Walkinstown Avenue in west Dublin. 12 of the 13 apartment blocks are to range from four to 10 storeys in height. The development is made up of 299 build-to-rent units; 724 build-to-sell units and 114 social-and-affordable units. The mixed-use ‘Southwest Gate Dublin 12’ development is to also include a 148-bedroomed, 15-storey hotel across the 17-acre site to be developed along the Naas Road. The plan also includes 53,819 sq.ft. of office space, 10 retail units, a cultural hub and a primary healthcare centre. The Irish Independent, 11th September
OFFICE
Merrion Square, Dublin 2 Colliers International is guiding €10.5 million for two adjoining Georgian offices at 46 and 47 Merrion Square and their associated mews buildings at Stephen’s Place. Extending to a total area of 16,745 sq.ft, the investment is being offered to the market in one or more lots. No. 47 Merrion Square (6,330 sq.ft.) and the mews, 47 Stephens Place (2,191 sq.ft.), are both occupied by NewsWhip Media Limited under two leases running coterminous. 47 Merrion Square is let at €229,850 per annum while 47 Stephen’s Place is producing €81,580 per annum. The two leases have 5.5 years remaining and Colliers is guiding €5.7 million as one lot.
No. 46 (5,667 sq.ft.) is occupied by three tenants and is generating combined rental income of €203,220 per annum. 46 Stephen’s Place (2,286 sq.ft.) is vacant and the estimated market rent for this property is c.€85,000 per annum. Colliers is guiding €4.8 million as one lot. The Irish Times, 9th September
Westland Row, Dublin 2 The Irish Times understands that Trinity Real Estates has secured in excess of €4 million from the off-market sale of 35 Westland Row in Dublin city centre to a private investor. The Bondwell as it is now known, comprises a renovated four-storey Georgian office building extending to 5,629 sq.ft. in total. The Bondwell is situated just 150 metres from Merrion Square and within a 10-minute walk of both St Stephen’s Green and the city’s docklands. The Irish Times, 9th September
North Wall Quay, Dublin The Business Post are reporting that A&L Goodbody is planning to significantly expand its offices on Dublin’s quays in a move that could create space for hundreds of additional staff. It’s Dublin office is based on North Wall Quay, near the capital’s financial district, and the six-storey building spans more than 129,000 sq.ft. Property managers acting on behalf of A&L Goodbody have applied for permission to develop two additional storeys on top of the existing building. In total, the redevelopment would add almost 56,000 sq.ft. of extra office space. The Business Post, 13th September
Dublin Landings Microsoft has signed a deal to occupy three floors of No 3 Dublin Landings, a new office block in the city docklands. Microsoft is to become the anchor tenant of the office block as it will provide space for 400 workers and occupy 44,000 sq.ft. of a total of 119,000 sq.ft. at the grade-A building. The company already employs 2,000 staff in Ireland, at its One Microsoft Place headquarters in Leopardstown. The Sunday Times, 13th September
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