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
Lower Fitzwilliam Street, Dublin 2 Fitzwilliam 28 has been brought to the market by Savills with a guide price of more than €150m. The office on Lower Fitzwilliam Street extends to approx. 135,000 sq. ft and is fully let to SMBC Aviation Capital Limited. The office generates an annual rental income of approx. €7.7m, providing an investor with a NIY of 4.7%. The office space has strong ESG credentials, including an A energy rating, LEED Gold and NZEB certification. It also includes 19,000 sq. ft of roof terraces, gardens and landscaped courtyards. The Business Post, 10th September
Warrington Place, Dublin 2 Avison Young is guiding €5m for numbers 11 and 12 Warrington Place. The property comprises an office block laid out over five floors from lower -ground level to third floor with a NIA of 14,305 sq. ft. The office accommodation is largely open-plan and sits alongside a three -bedroom apartment at third -floor level. Numbers 11 and 12 are partially leased to three tenants, namely Fidelity Information Services, Co-operative Housing Ireland and Sentrio. The total passing rent is €409,820 a year with further scope to increase the rental income by securing tenants for the vacant floors and the apartment. Avison Young believes the property would be suitable for refurbishment and continued use as office, or alternatively, for conversion to residential use (subject to planning permission). The subject property is zoned Z1 Sustainable Residential Neighbourhoods under the terms of the Dublin City Development Plan 2022-2028. A feasibility study prepared in advance of the sale suggests there is potential to convert the property to 21 apartments with car parking. The Irish Times, 9th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
Horgan’s Quay, Cork City Two leading multinationals have committed to taking space at HQ2. The two companies, understood to have links to the biopharma and financial services sectors, have each taken a 10-year lease at Horgan’s Quay 2, an imposing new office block next to Kent Station and overlooking the River Lee. Clarendon Properties confirmed to the Irish Examiner that out of a total of 128,000 sq. ft, 115,000 sq. ft is either let, in legals or in negotiations. The prime office development is a joint venture between Clarendon Properties and builder BAM, under the banner of HQ Developments. It follows global tech firm Qualcomm Technologies taking the top three floors at adjoining Horgan’s Quay 1 last year, in the largest office deal in the city in 2025. HQ2 is the only major modern Grade A office space currently being completed in the city centre. Other Grade A stock such as nearby Penrose Dock, by John Cleary Developments (JCD) is fully let. The Examiner, 11th September
RETAIL
CityWest Shopping Centre, Dublin 24 Iroko Zen has acquired Citywest Shopping Centre for approx. €24m, in a deal that marks its first Irish shopping centre investment. Colliers advised Iroko Zen SCPI on the acquisition, with Bannon acting for the vendor, Ardstone. The convenience-led retail and office scheme extends to approx. 184,000 sq. ft and is anchored by an owner-occupied Dunnes Stores and a public library owned by South Dublin County Council. Extensive surface and basement parking also supports the centre’s retail and service offering. Citywest Shopping Centre generates NOI of approx. €2.24m a year. Its occupiers include McCabes Pharmacy, Specsavers, Costa Coffee, Eddie Rockets, O’Brien’s and Boyle Sports. The sale price of approx. €24m equates to a capital value of €130 psf. The Business Post, 10th September
HOSPITALITY
Clonmel, Co. Tipperary A Georgian country house hotel is being offered for sale guiding more than €2m, with plans pending for a significant expansion. CBRE Hotels has been instructed to sell Raheen House Hotel, a 15-bedroom boutique hotel set on 3.4 acres at the foot of the Comeragh Mountains. The property comprises a main house dating from the early 1840s, together with the Coach House and a self-contained two-bedroom Gate Lodge. The hotel includes Darcy’s restaurant, Cobden’s dining room and the Buffalo Bar, while Cobden’s function room can cater for weddings and events of up to 135 guests. Capacity can increase to more than 200 guests when a marquee is used in the gardens. The property also includes a walled garden and courtyard used for outdoor wedding ceremonies, 57 parking spaces and gated access to the neighbouring Hillview Sports Club. A planning application is currently pending for 30 additional bedrooms and a single-storey spa and leisure centre. The Business Post, 10th September
MIXED USE
Bray, Co. Wicklow A 44,687 sq. ft industrial and office facility in Bray is being offered for sale with a new 20-year lease to its existing occupier, Bisley Office Furniture Ireland Ltd, at an annual rent of €300,000. Knight Frank has been instructed to bring Bisley House at the IDA Business Park to the market at a guide price of more than €3.9m, reflecting a NIY of approx. 7%. The property sits on a 2.4 acre site and comprises a two-storey office building to the front and warehouse accommodation at the rear, together with a secure service yard and about 99 surface car parking spaces. The IDA Business Park is approx. 20km south of Dublin city centre and has access to the N11/M11 corridor. Occupiers in the surrounding area include businesses in manufacturing, logistics, pharmaceutical and technology. The Business Post, 9th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
INDUSTRIAL
Little Island, Co. Cork Harvey Norman is among four significant tenants secured by JCD Group. The 65,000 sq. ft building at Evergreen Business Park will be used as a warehouse by the retailer. The other three significant new lettings secured by the JCD group at Blarney Business Park include CWS Workwear, occupying Block 8007, a 30,000 sq. ft building, Aviation supplier JB Roche, occupying Block 8008, a 20,000 sq. ft building, Daly Industrial Supplies Company, occupying Block 8001 a 30,000 sq. ft building. Evergreen Business Park is a new 250,000 sq. ft development which will consist of four “best-in-class” buildings when fully developed. Three of the four buildings are now completed with Silverstream Packaging Ltd occupying E400, Harvey Norman expected to occupy E100 in October, and the shell and core works of E500 are just finished and ready for tenant fit out. E500 consists of 45,000 sq. ft facility with 14m eaves. The Examiner, 11th September
Stadium Business Park, Dublin 11 A 39,132 sq. ft warehouse and office facility in north Dublin has been brought to the letting market at a guide rent of €625,000 a year. Unit 9 is being offered by joint agents JLL Ireland and Harvey on behalf of M7 Real Estate. The warehouse has three dock levellers and one grade-level access door, with provision to add a fourth dock-level door. Externally, the property has a secure 32-metre service yard, 70 car parking spaces and six dedicated HGV spaces. The refurbishment is expected to complete in Q4, with the property being marketed for occupation following completion. At €625,000 a year, the quoting rent equates to approx. €15.97 psf across the total floor area. The Business Post, 10th September
Swords, Co. Dublin M7 Real Estate is continuing its sale of units at Swords Enterprise Park and four of them will be among the 110 lots which BidX1 will auction online on the 24th of September. Since M7 bought the enterprise park in 2022 for a sum reported to be slightly less than its €11.5m asking price, the investor has sold 22 units through BidX1, generating €7.98m. The 2022 purchase comprised 61 industrial/office units arranged over eight blocks with a combined 79,000 sq. ft of floor space. All four of M7’s lots in this month’s auction comprise two storey units each combining office and warehousing space and also offering surface parking. The investor’s most valuable lot on offer is units E6 and E7 extending to 4,111 sq. ft. Both are let to Evolution (Electronic Security Systems) and generate €69,000 in annual rent. They could produce a 7% NIY if sold at the combined guide price of €885,000. The Business Post, 11th September
Residential / Development
Newport Street, Dublin 8 A bespoke scheme of 17 newly completed apartments is being brought to the market by Knight Frank at a guide price of €8.5m. Located next to the Guinness Storehouse and St James’s Gate brewery, the development at 17-19 Newport Street comprises 13 two-bedroom and four three-bedroom apartments distributed over five storeys, along with five car-parking spaces, and a communal rooftop terrace. Developed in 2020, the property is highly energy efficient with NZEB and A2/A3 Ber ratings. The investment is producing a gross annual income of €504,828 with full occupancy. Should a sale proceed at the guide price, the incoming owner would be in line for a 5.25% NIY. The Irish Times, 9th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
North Wall Quay, Dublin 1 Quantum Immobilien KVG has made its first acquisition in Ireland with the purchase of the Quayside Quarter build-to-rent scheme from Greystar for a price understood to be in excess of €180m. The acquisition was made on behalf of a club of institutional investors based in Berlin and comprises 268 rental apartments across eight buildings within the 13 acre Dublin Landings mixed-use development. The fully furnished apartments have loggias or balconies and are supported by a private gym, residents’ lounge, co-working and meeting spaces, games room, on-site crèche, children’s playgrounds and rooftop gardens. The scheme also has 210 underground car parking spaces and 300 bicycle spaces. Greystar acquired Quayside Quarter in 2019 for €175.5m, making it the US investment manager’s first investment in Ireland, and has operated the scheme since. It will continue to manage Quayside Quarter for Quantum following the transaction. Quantum said the transaction was structured as an asset deal. It was advised by Arthur Cox, PwC and AECOM, while Greystar was advised by A&L Goodbody and JLL. The Business Post, 9th September
Portarlington, Co Laois A site on the edge of Portarlington offering potential to deliver 100 new houses has come to the market and Savills is guiding €3m. The property extends to approx. 9.88 acres and comprises predominantly green-field lands together with an existing vacant dwelling and agricultural buildings. It has recently been zoned Residential 2 under the Portarlington Joint Local Area Plan 2025-2031. The town is one of the fastest-growing commuter towns in the midlands thanks partly to its railway station which provides regular services to Dublin, Cork and Galway. Situated just 1km north-east of the town centre, the site enjoys approx. 200 metres of road frontage. The Irish Independent, 10th September
Parkgate Street, Dublin 8 Castlethorn has agreed to sell a new apartment project that will include Ireland’s tallest building once completed to the LDA for an undisclosed sum. The project on a site formerly occupied by Hickey’s Wholesale Fabrics warehouse, is due to be completed in 2029. As part of the deal, the state’s affordable housing developer will buy 562 homes. Once completed, the 30-storey, 102 metre building will be taller than Obel Tower in Belfast, currently the tallest building on the island at 85 metres. It will also tower over the 85.53m Railyard building in Cork which is currently being developed by JCD Group. The Parkgate development will include 198 apartments. The remaining apartments on the Parkgate Street site will be spread across three blocks, ranging in height from 10 to 13 storeys. The Business Post, 11th September
Donnybrook, Dublin 4 Pembroke Partnership is applying for planning permission to build apartment blocks up to six storeys on the site of the Magdalene laundry in Donnybrook and have clarified that they intend to erect an “information sign” to serve as a memorial to the site’s former use. If permission is granted, a “post-and-panel-style information sign” is to stand at the base of the laundry’s 90m chimney. The planning application filed this week details the “refurbishment of the existing laundry building” to allow for two two-bed duplex apartments and two three-bed houses as well as the construction of three “new blocks ranging in height from three to six storeys”. In these blocks will be 34 residential units in total : one studio apartment, 17 one-bed apartments, seven two-bed apartments, six three-bed units and three three-bed houses. Buildings adjoining the laundry will be demolished to construct these units if planning permission is granted. The Irish Times, 15th September