Frascati Shopping Centre, Blackrock Co. Dublin Aldi and Five Guys have confirmed they will open in the Frascati Shopping Centre before the end of October. The cost of the refurbishment and extension from 100,000 sq ft to 170,000 sq ft of the Shopping Centre is expected to be excess of €30m bringing the overall investment by Invesco Real Estate to over €100m. The Irish Times, 12th September
10 St Stephen’s Green, Dublin 2 has been placed on the market for sale by Bannon guiding €4.25m (€817 psf). The 5,202 sq ft Georgian, three storey over basement will be available with vacant possession from early 2019. The Irish Times, 11th September
The Purty Kitchen Pub, Dun Laoghaire as a going concern has been brought to market for sale through Morrissey’s guiding €1.1m with full and final offers required by 5pm 4th October. The Irish Times, 11th September
Tifco The Irish Times reports that Apollo Global Management, a US private equity firm, has agreed to purchase Tifco for c. €600m. Tifco is Ireland’s second largest hotel chain owning 18 hotels and two hotel sites in Dublin. The Irish Times, 12th September
Seán McDermott Street, Dublin 1 Dublin City Council has proposed to retain €7.5m of the €14.5m sales proceeds from the former Magdalene laundry site on Seán McDermott Street for local projects. The site is being sold to the Japanese hotel group Toyoko for €14.5m. It is reported that Toyoko will invest €50m in the project. The Times, Irish Edition, 12th September
John Player Cigarette Site, Dublin 8 The Sunday Business Post reports that the former John Player Cigarette Site in Dublin 8 controlled by NAMA could be sold to private developers for c. €90m. The site could hold over 600 new homes and was due for redevelopment as a joint venture between a builder and NAMA but Receivers over the asset have recently asked sales agents for open market sale proposals. The Sunday Business Post, 16th September
Palmerstown, West Dublin McGrath Property Group has sought planning permission for 303 apartments on a 3.2 acre site in Palmerstown in West Dublin in two apartment blocks ranging from three to eight storeys. The site currently has planning permission for 14 retail units, a supermarket, restaurants, 39,073 sq ft three storey office block, a 168 bed apart hotel and 76 apartments. The planning application submitted is seeking permission for 26 studio units, 125 one-bed, 133 two-bed and 19 three-bed apartments with communal roof gardens and underground car parking. The Irish Independent, 13th September
11.6 acres, Celbridge Coonan Property is guiding €8.7m (€750k per acre) for 11.6 acres at Shackleton Road, Celbridge, Co. Kildare. The rectangular site located c. 1 km from Celbridge is zoned residential and tenders are required to be submitted by 12pm on 11th October. Coonan Property, 12th September
Fumbally Lane, Dublin 8 A 0.55 acre site located at Fumbally Lane, Dublin 8 is being offered for sale by joint agents Knight Frank and JLL guiding €10m (€18.1m per acre). The site has planning for 34 apartments above a restaurant and 30,000 sq ft of offices and 24 space surface car park. ODAA Architects has prepared a feasibility study to reconfigure the current planning to a 209 bed hotel. The Irish Times, 12th September
Clonsilla Road, Dublin 15 A 1.9 acre site has been brought to the market for sale guiding €2.5m by Lisney (€1.3m per acre). The site is zoned Town and District Centre in the Fingal County Council Development Plan 2017 – 2022 which provides for a wide range of uses. The Irish Times, 12th September
Harold’s Cross, Dublin 6 A part two and part three storey protected monastery building in Harold’s Cross, Dublin 6, with planning permission to be converted to 32 duplexes and apartments (mix of one and two-bed units) is on the market for sale through Lisney at €3.5m. Lisney has also opined that there is potential for some additional residential units on the grounds of the monastery. The Irish Times, 12th September
94/95 Lower Mount Street, Dublin 2 is being guided at a sales price of €1.75m by Lisney. The property comprises two three-storey over basement connected properties on 0.104 acre with development potential. The buildings are currently used as retail on the ground floor with residential above. The Irish Times, 11th September
No. 6 Hatch Street, Dublin 2 has been bought to the market for sale guiding €1.625m (€595 psf) by CBRE. The 2,730 sq ft Georgian property, currently in use as offices, comprises a four-storey over basement with rental income of €114,563 p.a. (5.3% GIY).The Irish Independent, 13th September
Sharp Building, Dublin 2 A 47,500 sq ft grade A office building with 2,250 sq ft coffee shop and 40 space basement carpark pre-let to Perrigo at €55 per sq ft has been sold for €56.3m equating to a GIY of 4.8% on €2.7m annual rental income. The purchaser is an undisclosed institutional investment fund advised by Credit Suisse. The Irish Times, 12th September
Rathmines, Dublin 6 New agent ACRES (All Commercial Real Estate Services) has brought La Touche House on Grove Road, Dublin 6 to market guiding €3.3m. The 7,981 sq ft four storey office building is let to EC English at €207.5k p.a. (6.28% GIY) to increase to €239.4k p.a. in year five. The 15-year lease commenced in January 2018 with break options in years 6 and 12. The Irish Times, 12th September
Clondalkin, Dublin 22 A 64,000 sq ft office complex with 47,300 sq ft vacant space and 211 car parking spaces known as Dolcain House has been offered for sale by Cushman & Wakefield quoting €4.8m (€75 psf). The property comprises three office blocks. Block B is occupied by SIAC on a five- year lease from February 2014 at €100,750 p.a. with additional income of €77.4k p.a. generated from roof telecom masts. The Irish Times, 12th September
No. 45 Mespil Road, Dublin 4 is to be redeveloped from its current dilapidated office block, to a new 48,000 sq ft, six storey office block. The redevelopment, which is expected to complete by Q3 2019, is being handled by Davy Real Estate for one of its pension funds. Knight Frank is the letting agent. The Irish Times, 11th September
Heather Industrial Estate, Dublin 8 on the South Circular Road and an adjoining three bed house is for sale through joint agents Lisney and PALRE for more than €7m. The 2.84 acre site currently zoned Employment/Enterprise includes 72,549 sq ft of buildings generating rent of €542k p.a. from five tenants including An Post with WAULT and WAULB of 7.3 years and 5.4 years respectively. The Irish Times, 12th September
Green REIT Preliminary Results for the FYE 30th June 2018 identify that profits increased 11% YoY with pre-tax profits of €144.2m. The REIT’s total portfolio value rose to €1.42bn from €1.38bn and rental income increased by 12.4 percent to €67.9m YoY. EPS rose by 10% YoY to 20.8c with EPRA NAV per share rising 8% YoY to €1.79 per share despite the increase in stamp duty in October 2017. A dividend of 2.7 cent per share (€18.8m in total) is due to be paid to shareholders in October 2018 bringing the total dividend for the year to 5.3c per share. The Irish Times, 18th September
H1 2018, Construction Projects According to figures from Construction Information Services, the number of construction projects commenced on-site for H1 2018 reduced 6% YoY to 1,278. However, the value of projects on-site increased 7pc YoY with c. €4bn worth of projects commenced in H1 2018. Only three sectors increased volumes with numbers of residential projects up 15% to 321, industrial up 24% to 140 and community and sport projects up 22% to 115. The number of dwellings commenced increased by 12% YoY to 9,100 while the numbers of units granted planning permission significantly increased 66% to 13,000 excluding student accommodation. A factor attributed to the increase of projects in the planning system is the fast-track Strategic Housing Development initiative for Developers with plans comprising greater than 100 new homes. The Irish Independent, 18th September
Crane Count The Irish Times’ Crane Count for Dublin City Centre was at its highest since it commenced its survey in Q1 2016 at 93 cranes as at 1st September and an increase of 18% on its July count. The Irish Times, 11th September
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