16th April (Issue 192)

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.



Half Moon Street Development, Cork City Joint agents CBRE and Savills are seeking €34m (7.07% NIY) for the 120,000 sq.ft. Half Moon Street Development in Cork City. The property generates €2.6m annually from Boots flagship pharmacy in the ground retail space and Apple Europe in the overhead office space. The Irish Examiner, 10th April

31-32 Wellington Quay, Temple Bar, Dublin 2 Cushman & Wakefield are guiding €1.275m (6.86% NIY) for 31-32 Wellington Quay. The 2,930 sq.ft. fully let property is located between the Ha’penny and Millennium bridges on the Liffey and generates €94,960 pa from Cut & Sew Barbers, E&S Doctors and the apartment and duplex overhead. The Irish Times, 10th April

120 Pembroke Road, Dublin 4 Joint agents JLL and Lisney are guiding €1.75m (5.78% NIY) for 120 Pembroke Road. The property generates €109,800 pa from Orchid Restaurant which lets the garden level and from a legal practice and financial firm who occupy the hall and first floors. The 3,811 sq.ft. end of terrace property size could be increased by a further 778 sq.ft. if the attic is converted. The Irish Times, 10th April



The Reflector Building, Hanover Quay The Irish Times reports that six parties are thought to be bidding on the 121,089 sq.ft. six storey over basement Reflector Building at Hanover Quay. Bidders are believed to include Hines, Patrizia, Union Investment and Generali. The property was brought to market with CBRE guiding €155m (4.2% NIY) but reports suggest bids will be in excess of €160m. The Irish Times, 10th April

Charlemont Exchange, Dublin 2 Vestas Investment Management has bought Charlemont Exchange for €145m. The Korean firm purchased blocks A, B and C and a have a forward commitment to purchase block D upon completion of the refurbishment works. The four blocks will total 121,270 sq.ft. WeWork agreed a 20 year lease for the entirety at €55 psf and will sublet between 40,000 sq.ft. and 50,000 sq.ft. to Amazon. The Irish Independent, 10th April

CBRE Q1 2019 Dublin Office Report Dublin Office take up in Q1 2019 was the highest ever recorded in the capital at 1,153,891 sq.ft. a 28% increase YoY. Prime rents remain at €65 psf and prime office yields remain at 4%.



Silverdale Facility, Rialto, Dublin 8 Harvey are quoting a rent of €160k pa for an industrial and office unit in Rialto. The 19,568 sq.ft. Silverdale facility sits on a 1.5 acre site and includes a dry storage building of 11,452 sq.ft. there are three grade level doors with clear internal height of 5 meters. The Irish Times, 10th April

CBRE Q1 2019 Industrial Report notes that take up in Q1 2019 in Dublin was 1,029,277 sq.ft. with lettings of industrial units accounting for 66% of this. Of the 33 transactions in Q1, 24 were lettings and nine were sales. Prime industrial rents are €985 psf but expected to rise by 6.5% in the next year. Prime industrial yields in Q1 were 5.1%.



14-16 Dartry Road, Dublin 6 DNG is guiding €5.25m for three period houses on a 0.66 acre site on Dartry Road, Dublin 6. The listed properties range in size from 3,067 sq.ft. to 4,435 sq.ft. and are a combination of two and three storeys over garden level. The properties come with planning to refurbish and extend the properties, allow for the division of the large front garden currently in use for open plan car parking and for the construction of three 1,894 sq.ft. mews dwellings to the rear. The properties had previously been used as pre ‘63 accommodation. The Irish Times, 10th April

69 Sydney Parade Avenue, Sandymount, Dublin 4 Sherry Fitzgerald is guiding €1.595m for a 2,314 sq.ft. four bedroomed house located in Sandymount. The property is beside Sandymount Strand and is a minute walk from Sandymount village and Sydney Parade Dart station. The Sunday Business Post, 14th April

Ballsbridge Court, Dublin 4 Allied Real Estate Group is offering €69.3m for all 90 apartments at the Ballsbridge Court in Dublin. If successful, they intend to demolish the apartments and build 300 or more build to rent units on the site. The Ballsbridge Court apartments backs on to the AIB headquarters which will be the new Facebook European base. It is believed the process of acquiring all of the apartments is almost completed and that two bed apartments are being acquired for more than €800,000. The Irish Independent, 15th April

33 Kenilworth Park, Dublin 6W DNG is guiding €950,000 (€477 psf) for a five bedroom 1,991 sq.ft. red bricked terraced house. The property is located within walking distance of Harold’s Cross, Terenure, Rathgar and Rathmines. The Sunday Business Post, 14th April



City Hotel and Trinity Bar, Dame Street, Dublin 2 has been sold to a Singapore Business man, Dr Stanley Quek and his business partner, a hotelier and restaurateur, Peng Loh, for €12m. Savills acted for the vendor, BNP acted for the purchasers. Dr Quek and Mr Loh have previously bought Trinity Lodge on Frederick Street in 2016 for €7m and the Sheen Falls hotel in Kenmare in 2018 for €17m. The Irish Times, 10th April



2.2 Acres Watson Road, Co. Dublin CBRE is guiding €6.25m (€2.84m per acre) for a 2.2 acre site accessed from Watson Road and bounded to the rear by Church Road, Killiney. The site has planning permission for 43 units including 24 one and two bed apartments and 19 three and four bed houses. The Irish Times, 10th April

7.2 Acres Damastown Industrial Estate, Dublin 15 CBRE is guiding €2.5m (€347k per acre) for a 7.2 acre site at Damastown Industrial Estate which has 150 meters of frontage onto Damastown Road. The site is zoned general employment GE which allows for a variety of uses including industrial, warehousing, petrol station. The Irish Independent, 11th April

0.19 Acre Site Harold’s Cross, Dublin 6W Savills is guiding €3m (€15.7m per acre) for a 0.19 acre site with frontage on to Harold’s Cross Road. Two feasibility studies were carried out by Andrew Lohan Architects. One shows potential for 35 apartments divided as six studios, 10 one-bed and 19 two-bed apartments with basement parking. The second shows student accommodation with 103 bedrooms. The Irish Independent, 11th April



Dublin Crane Count has dropped for the first time in six months and is down to 117 from the record high of 123 in March 2019. There were 70 cranes on the south side of the Liffey and 47 cranes on the north side. The Irish Times, 10th April

Green Reit which has a €1.48bn portfolio of office and logistics assets, 95% of which is located in Dublin has put itself up for sale. The Reit earns €75.5m per annum. The Irish Independent, 15th April


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