Sandyford, Dublin 18 two office blocks, Corrig Court (38,293 sq.ft) and Silverstone House (30,357sq.ft) in Sandyford, have been brought to market by joint agents Savills and QRE guiding €23.8m as one lot, or, €12.3m for Corrig Court (6.8% NIY) and €11.5m (6.52% NIY) for Silverstone House, if sold separately. Both blocks are fully let and 4 storey over basement carparks. Corrig Court generates €907,660 pa. Silverstone House generates €812,723 pa. The office blocks were bought for €15m three years ago. The increase in asking price reflects the sharp recovery in suburban offices. The Irish Times, 10th October
Lennox Building, Dublin 2 a 38,938 sq.ft property over five floors with 8 parking spaces, due for completion in January 2019, has been brought to market by Knight Frank guiding €25.5m (5% NIY). The ground floor will comprise leisure and restaurant along with offices at 1st, 2nd & 3rd floor. Iconic Offices have pre-let the office (€52.50 psf) and leisure space (€22.50 psf) on a 25 year term with break options in years 12 and 18, and includes car parking at €3k per space. The ground floor restaurant and ancillary accommodation at lower ground floor is let to Press Up Entertainment Group at €240k pa for 20 years with a break option in year 10. The Irish Times, 10th October
Hanover Quay, Dublin 2 CBRE are seeking €3.75m for a 5,955 sq.ft ground floor office unit at Hanover Quay let to MCA Architects at €171,666 pa. The Sunday Business Post, 14th October
19, 20, 21 & 22 Lower Baggot Street, Dublin 2, all newly restored Georgian properties fitted for office use, have been brought to market by Cushman and Wakefield guiding €8.5m. Total floor space is 12,723 sq.ft. Numbers 20 and 21 are interconnected at all levels and 19 and 22 are connected at basement level.The Irish Times, 10th October
Unit 3 & Unit 4, Sandyford Business Park, Co Dublin have been brought to market with BNP Paribas guiding €1.425m (6.5% NIY) and €3.025m (6.7% NIY) respectively. Both units are fully let. Unit 3, a 4,671 sq.ft building with 10 car spaces, is let to Phonewatch Ltd on a 35 year lease from 1991 at €100k pa. Unit 4, a 9,892 sq.ft building with 28 car spaces, is let to Eir, on a 35 year lease from 1994 at €222,000 pa. The Irish Times, 10th October
Waterways House, Grand Canal Dock, Dublin 2a 38,000 sq.ft office block over seven floors, located opposite Boland’s Mill, has been fully let for more than the quoted rent of €60 psf. Tenants include S&P Global, Simmons & Simmons Solicitors and Telnyx. The Irish Times, 10th October
Ashford, Co. Wicklow a 16,975 sq.ft investment property with redevelopment opportunity, comprising Ashford House public house, three ground floor retail units and four overhead offices has been brought to be market by Kelly Walsh guiding €2.7m. Annual rent of €75k can increase to €150k once the pub and commercial unit are let. There is a 2.15 acre surface level carpark to the rear of the pub. The site is zoned town centre. Previous planning for five ground floor retail units, five overhead offices and eight apartments has since lapsed. An extension of planning was granted for eight 2-bed units at the western side of the site. The Irish Times, 10th October
73 Ranelagh Main Street, Dublin 6 Knight Frank are guiding €725,000 for a 1,615 sq.ft, three storey commercial property in Ranelagh. The ground floor is let to Gmale Ltd, a barbers, at €24k pa. The upper office floors are vacant. The Sunday Business Post, 14th October
Dublin 2 Car Park Lisney are guiding €1.6m for 0.14 acres with 32 marked car spaces off Baggot Street and Fitzwilliam Square. The site currently produces €112,000 pa and has potential for development as residential or commercial. The majority of the site is zoned Z1: sustainable residential neighbourhoods ‘To protect, provide and improve residential amenities’, with a small portion close to the Baggot Street end of the site falling within the Z8 zoning (Georgian Conservation Area). The site is being sold by way of online tender using the “Click to Purchase” platform. The Sunday Business Post, 14th October
Ballycoolin, Dublin 15 Savills are seeking €8.6m for a warehouse and office unit currently under construction. It is also available to rent at €475k pa. Unit 629 will be available for occupation by summer 2019 and will comprise 50,000 sq.ft of space including 4,047 sq.ft of office space, five loading bays and internal heights of 15 meters. It is the first phase of a new extension to Park Development’s Northwest Logistics Park, which has planning permission for six new logistics facilities totalling 233,000 sq.ft with unit sizes varying from 15,000 sq.ft to 78,000 sq.ft. The Irish Times, 10th October
The Plaza, Tallaght, Dublin 24 Knight Frank are seeking €15m for a 200,770 sq.ft, six storey over double basement, mixed use development in Tallaght comprising a 122 bed hotel, three floors of office and three ground floor retail units. Annual rental income from the OPW, who occupy two floors of office space and from Low Price Supermarkets and Fitzpatrick Club, who occupy two retail units is €652,350. The Hotel and one office floor is vacant. Previous planning for an additional 77 bed hotel and 97 apartments which was refused, may be reconsidered given recently planning changes regarding height and density. The Irish Times, 10th October
Kestrel Licensed Premises, Walkinstown Dublin 12 Morriseys are seeking full and final offers on the Kestrel Pub and adjoining retail unit leased to Ladbrooks, located at Walkinstown roundabout, by 3pm Thursday 18th October. The Irish Independent, 11th October
Navan, Co Meath a multi-let investment property comprising of 27 residential units and five retail units has been brought to the marketing guiding €3.5m with REA Grimes. The residential units comprise nine 2-bed, and 18 1-bed apartments. The Sunday Business Post, 14th October
Claregalway, Co Galway TWM have brought 13 partially completed residential units in Cuirt na hAbhainn estate in Claregalway to market guiding €1.6m. Four of the 13 units are fully completed and subject to short term residential lettings, the remainder are partially completed to varying levels. The Irish Independent, 11th October
Beaumont Road, Dublin 9 Lisney have brought a 1.4 acre site including a vacant shop, carpark and bungalow to market guiding €3.5m (€2.5m per acre). The Irish Times, 10th October
Former Classic Cinema Site, Harold’s Cross, Dublin 6W a 1.25 acre site, has been brought to market guiding €6m (€4.8m per acre) with Knight Frank. Zoning allows for mixed facilities including residential, hotel and shopping. Architects O’Mahony Pike’s feasibility study shows the site could accommodate 76 apartments and retail space. The Irish Times, 10th October
22.8 acre Residential Site, Castletroy, Limerick has been brought to market by Savills guiding €6.8m (€298k per acre). The Irish Times, 10th October
Rathfarnham, Dublin 16 4 acres in the Grange Hill development has been brought to market by Kelly Walsh guiding €6.5m (€1.625m per acre). The first phase of the development is complete comprising 19 family homes and an extension to the 2017 planning allows for a further 48 units. Kelly Walsh believe 35, 2,637 sq.ft homes, could be delivered on the 4 acres if the existing planning is revised. The Irish Times, 10th October
Dublin Crane Count The Irish Times reports that there were 89 cranes visible over Dublin city centre from 1st October, down 4% on September’s 93. 55 of these were south side, and 34 were north side. The Irish Times, 10th October
CBRE Q3 2018 Reports
Retail sales volumes are trending c.4% higher on an annualised basis. At the end of Q3, prime rents on Grafton Street remain at €604 psf, €418 psf on Henry Street and Dundrum rose to €427 psf. Over €343m was invested in retail properties up to end of Q3 2018, up 7% YOY. Prime retail high street yields are 3.15% in Dublin, €5.75% in Cork and prime shopping centre yields are 4.75%.
Industrial take up in Dublin reached 1,090,610 sq.ft in Q3 2018, the highest quarterly take up since Q4 2015.Take up in Dublin for 2018 to date was 2,263,058 sq.ft up 24% YOY. Lettings accounted for 64% of take up in Dublin in Q3. Prime industrial rents in Dublin are currently €9.85 psf and prime yields are 5.25%.
Office take up in Dublin in Q3 was 607,249 sq.ft with over 2,152,782 sq.ft reserved in the capital by the end of Q3. Prime office rents are €65 psf, reducing to €28.48 in south suburbs, €19.51 psf in north suburbs and €17.49 psf in west suburbs.
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