17th September (Issue 464)
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.
HOSPITALITY
Killeen Castle, Co Meath Killeen Castle golf resort has been put on the market by CBRE. Offers for the entire estate are expected to range between €25m and €30m. Killeen Castle’s original castle residence and golf course are complemented by an extensive golf clubhouse of 30,000 sq. ft. The wider estate has seen significant investment in recent years with the addition of high-end luxury residential houses, extensive restoration work to the castle, garden and ground upgrades, and the development in 2023 of six self-catering lodges with 24 bedrooms. There is full planning permission for a further 16 lodges (to provide 64 bedrooms) adjacent to the existing six lodges. The Irish Times, 11th September
Parnell Street, Dublin 1 A sports-oriented licensed premises with three separate bars in Dublin city centre is being offered for sale with a guide price of €2.5m. The Wool Shed is a substantial two-storey venue which can accommodate over 500 patrons. CBRE are handling the private treaty sale on behalf of the owner. The Wool Shed is located within the Parnell Centre with extensive frontage to Parnell Street and has a total floor area of 8,500 sq. ft. The Irish Independent, 12th September
Drury Street, Dublin 2 The Brooks Hotel on Drury Street in Dublin will close at the end of October for three months to allow the property to undergo a €6m refurbishment. It will reopen at the end of January 2025, it’s owners have said. The four-star property was acquired by MHL Hotel Collection in June 2023, having originally opened in 1996. The Irish Times, 16th September
OFFICE
Sandyford, Dublin 14 Colliers has sold Millbank House on Arkle Road in Sandyford for €3.4m (guiding €3.9m) at a yield of 7.4%. The office building in Sandyford Business Park comprises a modern four storey over basement office building extending to 22,848 sq. ft (€148.8 psf). The property is currently leased to two tenants. Pro Rugby Championship DAC holds a 10-year lease from 2017. The passing rent is €141.5k pa. Mundipharma Pharmaceuticals holds a 20-year lease from 2007. The passing rent is €134.8k pa. The Business Post, 14th September
Lower Mount Street, Dublin 2 Newmount House on Lower Mount Street, a five-storey building of 18,178 sq. ft is being offered to the market by agent Savills at a guide price of €7m (€385 psf). Newmount House is currently multi-tenanted and generating a rental income of €638k pa (GIY 9.11%). The WAULT is 1.21 years. The Irish Times, 11th September
Camden Row, Dublin 8 Avison Young is guiding a price of €1.5m (NIY 5.2%) for Nos. 20 and 20A Camden Row. The property, a protected structure, served up until recently as the home of the City and County of Dublin Conservative Workingmen’s Club. While the club is now vacating its premises at basement level, the building’s upper floors continue to generate total rental income of €87.5k pa from a strong tenant line-up. Taken together, the buildings comprise a net internal floor area of 9,291 sq. ft (€161.4 psf). The Irish Times, 11th September
INDUSTRIAL / LOGISTICS
Finglas, North Dublin Knight Frank is launching a warehouse facility in Finglas to the market to let from next month. The logistics warehouse at No. 8 Century Business Park extends to 20,677 sq. ft and is being let on the instructions of M7 Real Estate. The property will be available to let on a new flexible lease upon completion of the works in October. The Business Post, 13th September
Ireland has secured none of a more than €35bn wave of investment in Europe by Amazon Web Services (AWS). Last week AWS said it plans to invest £8bn (€9.47bn) in the UK over the next five years on building, operating, and maintaining data centres. Since May, AWS has announced a combined €35bn of new investment in its European cloud infrastructure, mostly to build new data centres in Britain, Germany, Spain and France. The Irish Independent, 16th September
MIXED-USE
Baggot Street Upper, Dublin 4 No. 20 Baggot Street, a four-storey commercial building, which has come to market for sale with Colliers is seeking offers of €1.5m (NIY 7.05%) for it. The entire building comprises a total of 3,024 sq. ft and the ground floor is let to a Mexican style restaurant under a ten-year lease from February 2023 and is subject to a reserved rent of €72.5k pa exclusive. The upper floor offices are all let on a number of short-term leases and generate a combined annual income of approx. €43.9k. The Business Post, 14th September
RETAIL
Vacancy Rates The latest report from GeoDirectory found 30,046 empty commercial units across Ireland at the end of June. Rates of dereliction are highest in small towns in the west of the country and drastically lower in prosperous parts of the eastern seaboard. The report, which was published in partnership with EY, found that the national commercial vacancy rate in Ireland rose to 14.4% in the period from April to the end of June, up 0.3% from the same period last year. This is the highest vacancy rate recorded by the organisation since reporting began in 2013. In Dublin, the commercial vacancy rate rose 0.2% to 13.3% in the second quarter of this year. The Irish Independent, 17th September
Residential / Development
Bishopstown, Cork Dwellings Developments Bishopstown Limited has lodged a planning application for 164 new homes in Bishopstown. Cork City Council is assessing the plan, which would be developed on lands at Ardarostig and Ballinaspig Mór on Waterfall Road if approved. The development includes 64 three-bed semi-detached and terraced dwellings, 54 apartments in two blocks, and 46 duplex units. The Irish Examiner, 11th September
Swords, Co Dublin A site with planning permission for a petrol filling station next to the M1 and M50 motorways has come to the market near Swords. Cushman & Wakefield is guiding €1.2m for the triangular parcel of land which spans 0.56 acres. It is located approx. 1.4 km east of Swords town centre and has a planning permission that includes a forecourt area with three fuel pump islands, an amenity building featuring a convenience store and a restaurant/café area for food offering purposes. The Irish Independent, 12th September
Cherryhound, Co Dublin Fingal County Council is seeking expressions of interest through Savills from owner-occupiers for sites of five acres and upwards at a 92.2-acre landbank at the Cherryhound/M2 junction just north of Junction 5 on the M50 motorway in Dublin. While a formal guide price has not been set at this stage of the process, the lands, which are zoned entirely for general employment, are expected to command between €500k and €600k per acre, giving the landbank a potential overall value of between €46.1m and €55.32m. The Irish Times, 11th September
Newcastle, Co Dublin Joint agents Knight Frank and Raymond Potterton are guiding a price of €6m for Skylark Hill, a period-style residence on 68.8 acres of lands in Newcastle. Built in 2002, the house extends to 8,560 sq. ft of living accommodation and comes equipped with a large indoor swimming-pool complex and triple-car garage, on private grounds of 6 acres. The holding also includes a partially built hotel structure and double-level basement, the majority of which was constructed in 2008. The Irish Times, 11th September
Delgany, Co Wicklow Stylebawn House and its 13.9-acre site in Delgany are being offered for sale by CBRE on behalf of receiver PwC at a guide price of €4.75m. In April of this year, An Bord Pleanála upheld the refusal by Wicklow County Council of an application by RGRE J&R Stylebawn Ltd for the development of 42 apartments on part of the Stylebawn site, the conversion of the house itself and its gardener’s cottage into two houses, along with a second application for the construction of 99 apartments elsewhere on the lands. The Irish Times, 11th September
Foxrock, Dublin 18 Located at the junction of Torquay Road and Golf Lane, Foxrock Villa, a substantial five-bedroom house on a 0.93-acre site, is being offered to the market in one or more lots by agent Savills, with the entire guiding at a price of €4.5m. Lot 1 comprises the development site with planning permission for four high-specification, detached homes. The guide price is €2.75m (€687.5k per plot). Lot 2 comprises the existing Foxrock Villa, a five-bedroom house, with a guide price of €1.75m. Lot 3 comprises the entire. The Irish Times, 11th September
Dunboyne, Co Meath Dublin-based construction company Carroll Estates Ltd has submitted a €38m planning application for a 171-unit residential project in Dunboyne. The development on approx. 15 acres in Bracetown includes landscaped public spaces, a childcare facility, and private gardens or balconies for each unit. The Business Post Construction Information Services (CIS) Round-Up, 14th September
Navan, Co Meath Construction is underway on a 97-unit residential development, consisting of 53 houses and 44 duplex units at Commons Road, Navan. The Cairn Homes project includes creating two new road junctions, delivering a 210-metre section of the LDR2(a) link road, and developing infrastructure. The Business Post CIS Round-Up, 14th September
Capreit The chief executive of Capreit has vowed never to invest in Ireland again, blaming the “untrustworthy environment” of the residential rental sector. Mark Kenney, whose company Capreit sold its 18.7% stake in Ires this year, blasted the government for its rent cap policies, saying they had driven up the cost of apartments, choked off new supply and chased away international capital. A significant headwind to profits at Ires is the rent cap, which limits annual increases to 2%. With little prospect of rent controls being removed, Kenney opted to sell Capreit’s stake, taking approx. €100m back to Canada. The Sunday Times, 15th September
Rental Market Large increases in rents beyond the cap of 2% were recorded in a new research, which has prompted the RTB to write to up to 32k landlords who have potentially breached rental sector rules. The findings were included in a new report by the ESRI that assessed rent changes in more than 152,000 individual tenancies during the two-year period between the second quarter of 2022 and first quarter of 2024. The research by the ESRI, commissioned by the RTB, showed 65.3% (100,300 tenancies) faced no increase in rent, while 6.6% (10,100 tenancies) faced rent increase of more than 8%. The Business Post, 12th September
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