18th March (Issue 238)
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.
RESIDENTIAL / LAND
The Liberties, Dublin 8 Round Hill Capital and NBK Capital have acquired a 368-bed student accommodation development in the Brewery Block site adjacent to Newmarket Square in the Liberties area of Dublin 8. The site was purchased from Summix, an urban mixed-use regeneration project specialist, with whom Round Hill Capital plans to partner on additional student accommodation developments in Ireland. Construction of the new development will commence in July following the completion of demolition works. Nido Student will manage the development. The Irish Times, 16th March
48 and 49 Leeson Street Lower are being offered to the market by Knight Frank at a guide price of €5.5 million. The subject properties comprise two neighbouring four-storey over garden-level Georgian buildings extending to a combined floor area of 12,260 sq.ft. and are mirrored in configuration and layout. Currently in use as student accommodation, the properties are fully let and delivering annual rental income of €345,600. No 48 is arranged to accommodate 18 beds across 11 bedrooms, while No 49 is arranged to accommodate 17 beds across nine bedrooms. Each building has been fitted with a modern kitchen at basement level. The property has 11 secure under-croft car-parking spaces which are accessed off Leeson Lane. The Irish Times, 11th March
Cork and Kerry The Irish Times understands that residential care home operator, Aperee, has made its first two investments in the Irish market, with the acquisition of nursing homes in Cork and Kerry. Aperee is understood to have paid c.€5 million for the 52-bed Padre Pio Nursing Home in Churchtown, Mallow, Co Cork. The second involved the acquisition of the 64-bed Cúil Didín Nursing Home in Tralee, Co. Kerry for c.€7 million. Aperee was recently established as the operational arm of the Blackbee Healthcare Fund. The fund will initially see the construction of 600 new state of the art single ensuite beds and the acquisition of 1,100 existing beds. The Irish Times, 11th March
Ashbourne, Co Meath A landbank of 241 acres adjoining the M2 motorway at Ashbourne in Co Meath has come to market through Coonan Property. The lands at Killegland Farm also come with a number of outbuildings and a two-storey, six-bedroom, four reception room residence located in a private area at the centre of the farm. The Sunday Business Post indicates a guide price of up to €40,000 per acre, which equates to just under €10 million for the entire property. The Sunday Business Post, 15th March
Rathgar, Dublin 6 Two adjoining Rathgar properties in Dublin 6 are being offered for sale in one or more lots with a combined guide price of more than €2 million. Knight Frank is guiding €1.2 million for lot 1 located at 174 Rathgar Road, a 3,021 sq.ft property laid out in eight units. The eight units are split out in four studios, three one-bedroom apartments and one two-bedroom apartment. To its rear is the second lot comprising a 0.1-acre site with a 1,270 sq.ft. bungalow and a 366 sq.ft. garage facing on to York Avenue which is guiding c.€800,000. The site would be suitable for two mews houses or a multi-unit scheme subject to planning permission. The Irish Independent, 12th March
Rathmines, Dublin 6 The Irish Independent understands that John Paul Construction has sold its portfolio of 40 apartments at Rathmines Square, Dublin 6, for a sum believed to be c.€16 million (€400k per unit). The 40 apartments generate an annual rent roll of c.€890,000 (€22.5k per unit). The residential apartments are located in four, five and six-storey blocks arranged around a podium level entrance courtyard. The Irish Independent, 12th March
Planning Permission Applications New figures released by the Central Statistics Office (CSO) has found that the number of planning permissions granted in 2019 rose by 38% to just over 40,000. Overall, permissions were granted for 40,252 dwelling units in 2019 with permissions for apartments surpassing those for houses for the first time. According to CSO, permissions were granted for 20,582 apartments last year, up 125% on the 9,138 units granted in 2018 and the highest number since 2007.This number is still below the peak of 32,077 units, which occurred in 2004. The Irish Times, 13th March
MIXED USE
Dublin 1 Knight Frank is guiding €29 million for the 55,151 sq.ft. Independent House (€525 psf). Located at the corner of Talbot Street and James Joyce Street, the building is fully-let to Independent News and Media (INM) and to Supervalu, which trades from the ground floor. Both have been in situ since 2004 and produce rental income of €1,782,200 per annum (€32 psf). Independent House comprises a modern, mixed-use property providing four floors of grade A office accommodation over retail at ground floor. INM occupies the building under a 25-year full repairing and insuring lease from September 2004. SuperValu occupies the ground floor of Independent House on a 25-year full repairing and insuring lease from December 2004. The Irish Times, 11th March
Dublin 2 The Sunday Business Post understands that the owners of Trinity Street Car Park in Dublin city centre plan to demolish the complex and replace it with a new office block. The existing six-storey mixed-use building – known as Moira House – and 171-space Trinity Street Car Park will be knocked down to be replaced with a nine-storey office building. There will also be space for a restaurant on the ground floor. The current buildings on the site also contain three retail units at ground-floor level and five self-contained office suites. One of the ground-level units houses the restaurant Pichet. The Sunday Business Post, 15th March
HOSPITALITY
Dunboyne, Co Meath Lisney (incorporating Morrissey’s) is guiding €1.5 million for Slevin’s pub in Dunboyne, Co Meath. Slevin’s comprises a traditional-style bar, lounge, first floor function room and kitchen with basement stores all extending to 5,888 sq.ft. on a site of 0.43 acres. The subject property occupies a prominent trading position at the central point of Dunboyne town, which has undergone intensive residential development over the past 20 years. The town and its surrounding area has a population of more than 8,000. The Irish Times, 11th March
INDUSTRIAL
Donabate, Co Dublin Colliers International is guiding €3.6 million for a fully-let industrial facility at Roseville Business Park in Donabate, Co Dublin. The subject property comprises a modern detached facility with two-storey offices to the front and warehousing to the rear. The unit is situated on a large secure yard of 3.78 acres. The property is let to Portakabin (Ireland) Limited by way of a 25-year full repairing and insuring (FRI) lease from March 1st, 2003. The tenant has the benefit of a break option in March 2026, subject to 12 months’ notice, leaving an unexpired lease term of six years to the break and eight years to expiry. The current passing rent of € 395,000 per annum, will reduce to € 245,000 per annum on March 1st, 2021 and is payable until lease expiry on March 1st, 2028. The Irish Times, 11th March
OFFICE
Ballsbridge, Dublin 4 Savills is quoting a rent of €45-€50 psf for prospective tenants of Shelbourne House in Ballsbridge. The building is currently let to a mix of occupiers including the Malaysian embassy and the Office of Public Works (OPW). Shelbourne House comprises a seven-storey office building extending to a total area of 76,000 sq.ft. There are three office suites currently available and these extend to 750 sq.ft, 1,600 sq.ft. and 8,000 sq.ft. respectively. All three units combine open-plan and fitted office space. The Irish Times, 11th March
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