18th December (Issue 177)
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.
Happy Christmas from the team at Origin Capital and we look forward to working with you in 2019
OFFICE
South Bank House & The Warehouse, Dublin City Centre Google Ireland has acquired two Grade A offices leased to Dublin law firm Mason Hayes and Curran from Kennedy Wilson. The assets located on Barrow Street comprise of c. 81,000 sq.ft. in total and are adjacent to Boland’s Quay, a mixed use development due Q1 2020. South Bank House was completed in 2006 and provides c. 62,000 sq.ft. Grade A offices. The Warehouse is on the waterfront to the rear of South Bank House and comprises a 19th century, three storey warehouse building with c. 19,500 sq.ft. refurbished to modern office space. The Irish Times, 17th December 2018
Hume House, Dublin 4 Irish Life is reportedly set to obtain planning permission to develop a new 236,000 sq.ft. eight storey over double basement office complex at Hume House Pembroke Road, Dublin 4. Irish Life acquired the Hume House office block on 0.86 acres for €35m in 2016 from Blackstone with the benefit of planning permission for a 150,000 sq ft office scheme. The Irish Times, 12th December 2018
Drogheda, Co. Louth A first-floor 6,157 sq.ft. Grade A office space with six car-parking spaces in South Quay Buildings, Drogheda, Co. Louth is being offered to let at €96k p.a. (€15.59 psf) by agent Shane Black. The property was previously occupied by Ulster Bank and is close to the centre of Drogheda. The Irish Times, 12th December 2018
INDUSTRIAL
White Heather Industrial Estate on the South Circular Road, Dublin 8 has been acquired by British property group U + I for an undisclosed amount. The 2.84 acre site comprising of seven warehouse buildings and a three-bedroom period home generating rental income of €542k p.a. from five tenants including An Post. The closest break option in the leases is 5.4 years. The sale was offered for sale by Lisney via Public Tender in September and it was reported the site could sell for c. €7m at the time. The Irish Times, 17th December 2018
RETAIL
Carrickmines Retail Park, Dublin It is reported that Iput has agreed to buy phase two of Carrickmines Retail Park for €95m. The fund already bought phase one of the park in 2014 for €157m and also controls phase three of the site, which planning has been lodged for 600,000 sq.ft. of retail space. The vendor of phase two is understood to be a syndicate of Warren Private clients. The Sunday Business Post 16th December
HOTEL
Abbey Street, Dublin 1 Fitzwilliam Real Estate Properties has lodged a commencement notice for a €55m retail development and 310-bedroom hotel to be operated by budget brand Motel One at the junction of Liffey Street and Middle Abbey Street in Dublin 1. Fitzwilliam Real Estate Properties also recently obtained planning permission nearby on a site with frontage onto Middle Abbey Street and Williams Lane for a hotel with restaurant, bar and 257 bedrooms. The development will involve the demolition of several buildings and the replacement of the top three floors of Arnotts’ car park with hotel rooms. Separately, Marlet Property Group obtained planning permission last week for a 239 bedroom hotel on Abbey Street Upper and an aparthotel of 257 units on Great Strand Street. SW3 Capital was also granted planning permission for a 180 bedroom hotel to replace Twilfit House on Abbey Street Upper beside Jervis Shopping Centre earlier in 2018. The Irish Times, 12th December 2018
Ashling Hotel Dublin Planning permission for a nine-storey aparthotel, including 27 self-contained suites, beside the Ashling Hotel in Dublin has been refused by Dublin City Council. The plans would have involved the demolition of the four storey semi-derelict building adjacent to the existing Ashling Hotel. Dublin City Council noted that it would be contrary to development plan provisions. The Irish Independent 14th December
RESIDENTIAL / LAND
Build to Rent Platform Urbeo Residential is to partner with Starwood Capital through its Starwood Global Opportunity Fund XI and the Ireland Strategic Investment Fund (ISIF) to develop a €1bn build-to-rent platform targeting standard, social and supported tenancies in Dublin and other cities. The platform will initially have a portfolio of three assets totaling 334 private and social units in Dublin in addition to a pipeline in excess of 2,500 units under negotiation or exclusivity, including a scheme at Bancroft in Tallaght. ISIF is reported to have invested €60m in the platform including an existing 48% share in the Bancroft Tallaght site. The Irish Times, 17th December 2018
Ring of Kerry “An Culu”, a 20 year old 9,000 sq.ft. six-bed, five-storey ‘castle like’ property complete with moat, turrets and towers, set on five acres has been brought to market with Savills guiding €4.5m (€500 psf). The Irish Examiner, 15th December
OTHER
Serviced Office Space 13.5% of office take up in Dublin during the first three quarters of 2018 was by serviced workspace suppliers. The figure just passed London’s 13% for the same period. Dublin’s 13.5% take up equated to 290,626 sq.ft. The Irish Independent 17th December
Monasterevin, Co KildarePaddy McKillen’s plan for an Irish Whiskey distillery on the site of the Ballykelly Mill in Monasterevin Co Kildare has been returned by Kildare County Council deeming the application invalid as the site notice did not mention the “Natura Impact Statement” which was included in application. The proposal is for a €50m distillery and visitor centre. The Irish Independent, 14th December
Clare University TownConstruction on a €2bn university town in Clare will commence in 2021. Clare County Council intend to apply to designate the area as a Strategic Development Zone in January. The 325 acre site intends to include commercial and residential units. It is intended for the campus to form part of University of Limerick’s wider campus. The Sunday Business Post, 16th December
Portfolio of Six Crèches let to Park Academy generating rent of €647k p.a. in total with a WAULT of 13.75 years has been sold by Kelly Walsh for €7.28m (NIY 8.19%). All bar one crèche in Greystones are located in south Dublin being Beacon South Quarter, Sandyford; Beacon Court, Sandyford; Cherrywood; Cabinteely and Booterstown. The Irish Times, 12th December 2018
Limerick Twenty Thirty the property development company which is an SPV of Limerick City and County Council has announced plans to create a €200m tourist attraction on its ten-acre Cleeves campus, a former toffee factory, on the Northern bank of the River Shannon. The scheme will include residential, commercial, retail and educational uses as well as a tourist attraction on the site when it is completed in about five years’ time. Cleeves is one of five sites under the responsibility of Limerick Twenty Thirty. One of the other sites, the 112,000 sq.ft. Gardens International site will be opened in January 2019. Half of that building has been pre let to Nordic Aviation Capital The Sunday Business Post, 16th December
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