16th July (Issue 205)

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.



Odessa Club, Dame Court Press Up Group have been granted planning permission to convert the former nightclub and members’ club Odessa in Dublin city centre into a boutique hotel. Earlier this year, the group applied for permission to convert the closed-down venue on Dame Court into a 14-bedroom, high-end hotel. The plans have now been given the green light by Dublin City Council. The Odessa club – which had five bars spread across three floors – operated from the property until it closed in 2017. The property also contained a restaurant at the ground floor and a rooftop bar, both of which are due to be retained as part of the new hotel. The Sunday Business Post, 14th July

Custom House Quay Site, Cork City Tower Holdings Group has announced that they will be lodging a planning application later this month to redevelop the Custom House Quay site in Cork to include the restoration of existing structures and the development of a 34 storey hotel comprising 240 rooms and 25 serviced apartments. If planning is granted the 140 metre high tower will be the tallest building in Ireland. The Irish Times, 12th July



No 12 Camden Street Upper, Dublin 2 It is being reported that Brady’s Pharmacy at the junction of Camden Street and Harrington Street has been sold for more than €1.2 million. The four storey over basement 2,734 sq.ft. mixed use property was producing €64k pa from two tenants at the time of the sale. The ground floor had been in use as a pharmacy with a two-bedroom duplex overhead. CBRE, who handled the sale noted there is reversionary potential. The Irish Times, 10th July

Galway City Construction has commenced on the €105 million Bonham Quay project in Galway city docklands. The largest urban regeneration project in Galway, upon completion, Bonham Quay will comprise more than 269,000 sq.ft. of sustainable grade A office space, alongside 20,500 sq.ft of retail and 91,000 sq.ft. of landscaped space. The Irish Times, 10th July

Wilton Park, Dublin 2 Property fund Iput has been granted planning permission for three inter-connecting office buildings at the Wilton Park site in Dublin 2. The 450,000 sq.ft. scheme for Two, Three and Four Wilton Park, centred on a one-acre city park, is one of the largest building projects undertaken in the capital in recent years. The entire development will consist of 600,000 sq.ft. and also includes One Wilton Park where work has already begun and is fully pre-let to Linkedin. The entire development is expected to cost €350 million and is scheduled for completion by 2023. The Irish Times, 12th July



Mahon Point Retail Park, Cork City Iput has purchased Mahon Point Retail Park for a reported €56 million (7% NIY). The property comprises ten fully tenanted units extending to 157,207 sq.ft. and 600 parking spaces. Tenants include B&Q, Argos and PC World. The retail park was developed in 2006 by O’Callaghan Properties. The Irish Times, 10th July

CastleWest Shopping Centre, Ballincollig, Cork A fund managed by Davy has purchased CastleWest shopping centre for a reported €22 million (7.96% NIY). The 141,933 sq.ft. property comprises 43 retail units with c80% of the units occupied and generating rental income of €1.9 million pa. Tenants include Eason, Sports Direct and New Look. The Irish Times, 10th July



Mount Argus, Harold’s Cross, Dublin 6W Patrizia AG, a German Fund, has agreed to pay c€100 million in an off-market deal for 179 apartments (€558k per apartment) currently being developed by Marlet Property Group at Mount Argus, Harold’s Cross. The acquisition represents Patrizia’s third investment in the Irish private rental sector. Patrizia also acquired 63 apartments on the North Circular Road in 2015 and 319 apartments in Honeypark in Dun Laoghaire in 2017. The Irish Times, 10th July



69 Lower Leeson Street, Dublin 2 Knight Frank is seeking €2.4 million (€583 psf) for a mid-terrace, four storey over basement Georgian property. The property extends to 4,118 sq.ft with nine car parking spaces and there is potential to redevelop the mews to the rear subject to planning. The property, which is currently in office use will be sold with the benefit of vacant possession. Knight Frank are guiding the sale of the property for €2.4 million or to be let at €35 psf. The Irish Times, 10th July



Cherrywood, South Dublin An affiliate of US private equity group Lone Star has completed the purchase of almost 118 acres of development land and parks in Cherrywood in south Dublin from investment firms Hines and King Street Capital, in a deal that is believed to be worth more than €120 million. The land, in two plots, is expected to be capable of delivering 2,600 houses and apartments. The land equates to almost 30% of the 412-acre site that Hines and King Street bought in 2014 for €270 million. Work began in early 2017 on the urban centre that will eventually provide 8,000 new homes for 30,000 people. The Irish Times, 12th July

Rathfarnham, Dublin 14 Agent Vincent Finnegan is guiding €3.5 million for a 0.64 acre site (€109k per unit) in Rathfarnham, Dublin 14, with full planning permission for the development of 32 apartments. The scheme will consist of 28 two-bed units, two three-bed units and two one-bed units. The site is located at Loreto Terrace within close proximity to numerous amenities including Rathfarnham and Nutgrove shopping centres, Dundrum Town Centre and the M50. The Irish Times, 10th July

Model Farm Road, Cork The Irish Examiner is reporting that a Cork suburban development site situated on the Model Farm Road which sold for €3.5 million less than two years ago, has been brought to the market at a c€2 million mark-up. The 4.6 acre site has planning for 33 residential units, (€166k per unit) comprising seventeen detached homes, twelve semi-detached homes and four townhouses. The Irish Examiner, 10th July



Rosemount Business Park, Dublin 11 Harvey are guiding €1.3 million for a modern warehouse and office unit extending to 14,380 sq.ft. with a yard to the front at Rosemount Business Park, Dublin 11. The current passing rent is €99k pa (€6.88 psf) with 10 years remaining on the lease and a rent review and tenant break option in 2024. The Irish Independent, 15th July

Bluebell Avenue, Dublin 12 A semi-detached industrial/warehouse and office unit extending to 17,179 sq.ft. with a shared side yard in Bluebell Avenue, Dublin 12 has come to the market through Harvey with a guide price of €995,000. The 0.6-acre site is located in an area proposed for rezoning to ‘Regen.’ There is a 10-year lease from October 2018 at an annual rent of €95,000 (€5.53 psf) and there is both a market rent review and tenant break option in October 2023. The Irish Independent, 15th July



Licensed Premises Sales Morrissey’s Lisney have brokered eight licensed premises deals in the last few months. The largest of these was The Kestrel Pub at the Walkinstown roundabout in Dublin 12 which is sale agreed for more than its €1.8 million guide price, during the boom the pub sold for €7.3m. The Irish Independent, 11th July



Waterford City The Crystal Sports and Leisure Centre in Waterford has come to the market with a guide price of €1.5 million. The 2.4 acre site consists of a sports hall, 25 metre swimming pool, sauna, steam room and toddler pool, four conference rooms, a two-storey building incorporating bar and function hall, two gyms, a spinning room and large cafe/restaurant area. The venue also has a drinks licence. The Irish Independent, 11th July

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