18th March (Issue 488)
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
Ashbourne, Co. Meath Chris Kelly Group has bought one of Ashbourne’s best-known licensed premises, the Fox’s Den. The group operates multiple bar operations in Dublin and the provinces, including Sinnott’s on St. Stephen’s Green, Old-Fashioned Sam’s on Harcourt Street and The Parkview Hotel, Newtownmountkennedy. It is understood that the Group plans a major revamp of The Fox’s Den. While the sale price was not revealed, it is believed to have fetched in the region of its €1.5m guide. Extending to 7,014 sq. ft, the two-storey premises include two ground-floor bars and a first-floor function room. To the rear there is parking for 25 cars. The Irish Independent, 13th March
INDUSTRIAL
Momentum Logistics Park, Naas Palm Logistics has reached practical completion on a new 86,277 sq. ft high-bay warehouse for Irish transport and logistics operator Elsatrans at Momentum Logistics Park. The company already occupies more than 80,000 sq. ft across three buildings at Momentum Logistics Park. Elsatrans’ new warehouse includes 5,500 sq. ft of purpose-built modern office space. Palm Logistics has also secured planning permission from Kildare County Council for an additional 515,000 sq. ft at Momentum Logistics Park. Some 122,000 sq. ft of space is currently being built, including four high-bay logistics units and two new light-industrial units. These units will be ready for a phased occupation from May to August 2025. The Irish Times, 12th March
Ballybrit, Galway Building 1 at Parkmore West Business Park comes to the market fully let to Canadian-headquartered electronics manufacturer, Celestica Inc, at a guide price of €7.5m through Cushman & Wakefield. It is generating a passing rent of €519,812, which breaks back to just €8.40 psf based on the property’s gross external area of 61,903 sq. ft. Building 1 briefly comprises a modern manufacturing and warehouse unit with a total gross external area of 61,903 sq. ft. Loading access is provided by one dock leveller and one grade-level door. There are 70 car-parking spaces located to the side of the building, which sits on 2.25-acres. The Irish Times, 12th March
RETAIL
Blanchardstown, Dublin 15 Danish retailer JYSK is launching its 27th Irish store in the Blanchardstown Centre. The company has applied for planning permission to amalgamate two units in the centre, which were formally occupied by Maxi Zoo and Michael Murphy Home Furnishings. The new shop will be the third retail unit it opens this year, with a further seven on the way. The company is also opening a unit in Blackpool Shopping Centre in Cork and in Tullamore, Offaly. The Business Post, 12th March
South Docklands, Dublin The final lettings have been secured at Bolands Mills in Dublin’s south docklands. Award-winning chef Karl Whelan is to open a new restaurant across two floors in Unit 6. The 6,000 sq. ft venue will feature canal-side dining. The Hot Box Sauna will occupy 4,000 sq. ft in Unit 7 and offer customers the use of three saunas and three plunge pools. The three landmark buildings developed at the site of the former Boland’s Quay, which Google acquired in 2018 in a deal worth about €300m, comprise more than 400,000 sq. ft of regenerated mixed-use space, built around the historic 19th century Bolands flour mill. The Irish Times, 12th March
OFFICE
Pembroke Row, Dublin 2 The embassy of Sweden has relocated from No. 12 Fitzwilliam Place to Kildress House on nearby Pembroke Row, between Lower Baggot Street and Wilton Place. The embassy has taken the entire second floor of the building for its diplomatic and consular operations and is understood to be paying a rent of approx. €53.50 psf. Kildress House is owned by MRP, the property development and investment arm of McAleer & Rushe, and has undergone a full redevelopment and been transformed into a six-storey grade-A office scheme of 22,200 sq. ft. Kildress House is already home to Principal Global Investors, BCM Global, Proximo Spirits and Muzinich & Co. The Irish Times, 12th March
RESIDENTIAL/DEVELOPMENT
Glenageary, Co. Dublin Located on the Glenageary Road just south of Silchester Park, a 0.74-acre site comes for sale through Lisney with full planning permission for the development of 27 large apartments at a guide price of €3m (€111k per apartment). While the existing planning consent is due to expire in the near future, it does provide a precedent for the future development of the site. The Irish Times, 12th March
Dublin 8 An Irish investor has paid €3.15m for 36-37 Harrington Street and Archbishop Byrne Hall. The price paid represents premium of 26% on the €2.5m agent Colliers had been guiding when it brought the property to the market last October. Located at the junction with Synge Street, the property extends to 10,616 sq. ft, sits on a site of 0.23 acres and is comprised of a three-storey over-basement, end-of-terrace building, together with Archbishop Byrne Hall on Synge Street. While the new owner’s plan for the site is not known at this point, the property has a zoning which permits various potential uses, including residential, medical and educational. The property is not listed as a protected structure under the Dublin City Development Plan. The Irish Times, 12th March
Planning Permissions New figures from the Central Statistics Office show that the number of planning permissions granted for apartments fell by almost 39% last year when compared to 2023, with approvals for houses down only 2.7%. The total number of new homes approved annually fell by 21.4% in 2024 compared to an increase of 20.6% in 2023. The figures reveal a significant fall in planning permissions for apartments in the capital with a drop of 55.7% last year across the four Dublin local authorities. There was also a 46% fall in the number of Strategic Housing Developments dwelling units approved. The figures also show a steep drop in the number of planning permissions granted in Q4 2024 with the total number of dwellings approved down 38% compared with the same period in 2023. Rte.ie, 12th March
Kerry More than 1,850 holiday homes in Kerry may have to close down if the Government passes the proposed Short-Term Letting and Tourism Bill, the Irish Self-Catering Federation (ISCF) has claimed. The bill is aimed at reducing short-term letting in rent pressure zones. Under the bill, properties offering accommodation for up to 21 nights will need to be registered and booking platforms will only be able to advertise properties with a valid Fáilte Ireland registration number. Owners of properties in pressure zones will be required to have planning permission to be used for tourism and short-term letting purposes to register. The ISCF said that Fáilte Ireland identified 10,731 properties offering short-term rentals in Ireland – including 1,858 in Kerry – deemed suitable to be long-term rentals. The Irish Independent, 12th March
Baldoyle, Dublin 13 The Land Development Agency (LDA) has announced the acquisition of a site in Baldoyle for an undisclosed sum. The site has been earmarked for housing since 2016 and has existing planning permission for 1,931 homes. The acquired site is next to the LDA’s Clongriffin site, which has the potential to deliver over 2,000 homes. Work has already commenced there on a first phase involving 408 homes, which will be delivered in two apartment blocks. In total, this gives the LDA the potential to deliver over 4,000 new homes in the area. The Baldoyle site comprises approx. 44 acres and in addition to the existing planning for housing, known as ‘The Coast’ housing development, the site has permission for crèche facilities, commercial units, new parks, transport facilities and other public infrastructure works to enhance community amenities. The Business Post, 13th March
Sandyford, Dublin 18 Located on Ballymoss Road just across the road from the Stillorgan Luas stop, a 0.59-acre site with planning permission for a 124-unit aparthotel is being offered by joint agents Cushman & Wakefield and Brown Corrigan. Quoting €4.5m, the property includes a two-storey building known as Grafton House which is now vacant and extends to 11,648 sq. ft. Planning permission is divided between 75 one-bedroom suites and 49 two-bedroom units. The Irish Independent, 13th March
Goatstown, Dublin 14 Residents are contesting plans by Orchid Homes to construct a 212-student bed-space scheme for the Vector Motors site at Goatstown in Dublin 14. Three separate third party appeals have been lodged with An Bord Pleanála (“ABP”) against DLRCC’s decision to give the scheme the go-ahead. The originally planned 220 bedspace student scheme was to be accommodated in a six-storey building and Orchid Homes told the appeals board that the scheme provides a high quality, much needed student accommodation proximate to UCD. In its grant of permission, DLRCC ordered the omission of eight bed-spaces from the 5th floor. The Irish Times, 13th March
Clontarf, Dublin 3 Irish housebuilder Cairn Homes has approached Clontarf Golf & Bowling Club with a land swap proposal that it believes could deliver “several thousand new homes” on the prime 72-acre site. Cairn has partnered with Green Land Capital on a land swap proposal that would involve the Clontarf club relocating to 185 acres in Kinsealy that were previously part of the Abbeville estate. Green Land has an option to buy the Kinsealy land from its owner, the Nishida family, who own the Toyoko Inn hotel chain. The Clontarf club has about 1,400 members and they would have to vote by special majority for any deal to proceed. Some 62 acres of the club’s land is leased from Dublin City Council, which would have to consent to any development and rezone the site for housing. The other 10 acres are owned by the members. The Irish Times, 15th March
Stillorgan, Co. Dublin Cairn Homes has been granted permission to build more than 370 apartments on a site which previously held a car dealership and the once-popular Blake’s restaurant. The company was granted permission with conditions by ABP to build 377 apartments which will be rented rather than sold. The application, which was first lodged in April 2022, is for apartments which will be laid out across six blocks ranging from three to nine storeys. This comprises of 21 studio apartments, 189 one-bedroom apartments, 159 two-bedroom apartments and 8 three-bedroom apartments. Conditions involved in the grant include confirming that the apartments are to be used for long term rentals only, that the development must remain owned by an institutional entity for fifteen years and that no residential units shall be sold separately for that period. The Business Post, 18th March
OTHER
Dundalk, Co. Louth A €26m centre of excellence offering training in advanced manufacturing and other related technologies has been officially opened in Co Louth. The Advanced Manufacturing Training Centre of Excellence (AMTCE) in Dundalk provides courses in construction technologies, 3D printing including concrete printing, robotics, cyber security and ICT innovations. The centre is located in the Xerox Technology Park in Dundalk. The AMTCE has already catered for 5,000 learners over the past four years. The Department and training body SOLAS contributed more than €26m to cover the cost of purchasing and refurbishing the AMTCE building. Enterprise Ireland has also provided €7m in grants to the centre to date. Rte.ie, 13th March
Dublin Airport ABP has refused retention permission for a 248-space car park near Dublin Airport. Carra Shore Hotel (Dublin) applied for permission for the retention, and continued temporary use, of 248 car parking spaces at the Holiday Inn Dublin Airport, Swords for a period of five years. The car park is located to the east and north of the hotel. The site is accessed by the roundabout to the east, which also serves the Clayton Hotel and the Circle K Service Station. ABP said the retention and continued temporary use of parking spaces would, by virtue of serving Dublin Airport rather than the hotel, be classed as “carpark- non-ancillary”. This, it said “would materially contravene the HT ‘high technology’ zoning objective of the Fingal Development Plan 2023-2029.” The Business Post, 14th March
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