19th February (Issue 184)

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.



Reflector Building, Hanover Quay Joint agents Savills and CBRE are guiding €155m (4.52% GIY) for the Reflector building at Hanover Quay. The six storey over basement property was completed in 2018 and comprises 121,094 sq.ft. office space, 3,541 sq.ft. retail space and 34 parking spaces. The property generates c. €7m annually form Airbnb, Wix and LogMeIn. The Irish Independent, 13th February

Cork Airport Business Park Yew Grove REIT has acquired a two storey, 40,953 sq.ft. office unit at Cork Airport Business Park for €7.5m (7.85% NIY). The property is let to Clearstream Global Securities Services on a 25 year lease which expires in over five years’ time. The Irish Independent, 15th February

KPMG Offices The Irish Independent reports that KPMG will be seeking to relocate its 2,500 Dublin workforce and requires c. 350,000 sq.ft. of office space in the city centre. The company currently occupies two buildings in Harcourt Street and IFSC. The Irish Independent, 18th February

62 Fitzwilliam Square Knight Frank are guiding €3.2m (€604 psf) for a 5,300 sq.ft four storey over basement mid terraced Georgian property. The property is being sold with vacant possession. The Irish Times, 13th February

DIT Kevin Street Knight Frank are guiding €80m (€22.4m per acre) for the former DIT Kevin Street campus. DIT will remain in occupation of the site until October 2020. The 3.57 acre site is located 300 meters from St Stephen’s Green and is zoned Objective Z5-City Centre, meaning it can be redeveloped for offices, residential, hotel, student accommodation or retail, subject to planning. The Irish Times, 13th February

35 Merrion Square, Dublin 2 Lisney are guiding €1.9m (€516 psf) for a 3,681 sq.ft. four storey over basement Georgian office property. The property, once decorative works are carried out, is expected to secure €45-€50 psf. The Irish Times, 13th February



Donnybrook, Dublin 4 Dublin City Council has approved the development of a six storey, 71 bed- hotel beside the fire station in Donnybrook. Approval was given in August 2018 but was appealed by locals. An inspector’s report for the council recommended that the planning be upheld with only minor changes to site development, building works and sustainable waste management. The Irish Times, 14th February

Magic Carpet Public House, Cornelscourt Lisney and Morrissey’s have brought the Magic Carpet public house along with 2.7 acres of adjoining lands to market for €12m. The property, located between Foxrock and Cabinteely, offers redevelopment potential as residential or mixed use schemes. A feasibility study carried out by O’Mahoney Pike Architects note it could accommodate 70 apartments, four detached houses and 10,764 sq.ft. of commercial space. Tenders are due by 22nd March. The Irish Independent, 14th February

Vicar Street, Dublin 8 Appeals have been lodged against Harry Crosbie’s eight-storey, 185 bedroom hotel in the Liberties, Dublin 8, which was awarded planning permission last month. Mr Crosbie had intended to commence works on the Vicar Street site within the next few weeks. Mr Crosbie was recently refused planning permission to convert his home at Hanover Quay, Dublin 2, to a boutique hotel. The Irish Times, 14th February

Gorman’s Clifftop House and Restaurant, Ballydavid, Co. Kerry DNG WH Giles are guiding €950k for a 8,525 sq.ft. four star guest house and restaurant in Ballydavid, Co Kerry. The property, located on the Wild Atlantic Way and a 15 minute drive from Dingle, comprises nine ensuite guest rooms and a 40-seater restaurant. The Sunday Business Post, 17th February



Cork Residential Market Update Q4 2018 Residential prices increased 1.9% in Q4 and 6.4% during 2018. 2,940 properties were advertised for sale in December 2018, an 8.8% increase YoY. Second hand homes represented 83% of the stock available to buy and new builds represented 17%. 1,702 residential units were completed in Cork during 2018, 91% of which were houses and 9% apartments. Cork rental prices increased by 5.5%. Lisney Market Updates

Dun Laoghaire, Co Dublin Noel Smyth is planning to deliver 100 build to rent apartments at the seafront car park site of St Michael’s Hospital on Crofton Road, in Dun Laoghaire. Dun Laoghaire County Council previously rejected Noel Smyth’s plan to develop 80 apartments and two shops on the same site in 2007. The Irish Independent, 14th February

116.5 acre site, Limerick Joint agents Savills and Cushman & Wakefield are guiding €12m (€103k per acre) for the former Limerick racecourse, a 116.5 acre, mixed use development site located off Dock Road and South Circular Road, close to Limerick city centre. The site was Limerick’s racecourse for over 130 years before closing in 1999. The site has been identified as Major Urban Housing Development Site capable of accommodating 700 housing units. Best bids are due by 11th April. The Irish Examiner, 14th February

32 Silchester Road, Glenageary, Co Dublin Sherry Fitzgerald are guiding €1.995m (€542 psf) for a four bed, 3,681sq.ft. semi-detached red brick house located on Silchester Road, Glenageary. The Sunday Business Post, 17th February

Town Centre 3 Site, Cherrywood, Co Dublin Ronan Group Real Estate has entered advance negotiations with DLR Properties to acquire the 13.1 acre Town Centre 3 site in Cherrywood. Although QRE, the sales agent, did not quote a price when it was brought to market, it is anticipated to achieve c€40m (€3m per acre) The Irish Independent, 14th February

0.89 Acre Site, Saggart, Dublin 24 Cushman and Wakefield are guiding €1.75m (€1.96m per acre) for a 0.89 acre site off Main Street in Saggart with planning for 28 residential units, 2,831 sq.ft. retail space and 1,076 sq.ft. office space. The Irish Times, 13th February

Dublin 8 Development Sites Joint agents Hooke and MacDonald and CBRE have brought two sites to the market guiding €11.5m. 0.8 acres at 43-50 Dolphin’s Barn is guiding €7m (€8.75m per acre) and has planning permission for a seven-storey scheme of 70 apartments and 12,228 sq.ft. of retail. A feasibility study states subject to planning an additional six apartments could be achievable or a co-living scheme of 220 units. 75-78 Cork Street is a 0.4 acre site guiding €4.5m (€5.6m per acre) and has planning for a seven storey complex with 54 apartments and retail at ground level. The Irish Times, 13th February

Glaskenny House, Enniskerry, Co Wicklow Savills are guiding €1m (€631 psf) for a five bed 2,766 sq.ft. detached residential property with 0.8 acre garden and 5.7 acre paddock for horses. The Sunday Business Post, 17th February

12 Victoria Street, Portobello, Dublin 8 Knight Frank are guiding €1.5m (€778 psf) for a 1,927 sq.ft. five-bed, terraced house in Portobello. The property which was acquired for €380k in 2012 has been refurbished to an A3 rating standard and includes a 4,000-litre rainwater harvesting and filtration system, solar panels and wine cellar. The Irish Independent, 18th February



Rathdown Road, Dublin 7 An Bord Pleanála have approved NTM ROI Seed Capital LP’s application for 289 student accommodation bed spaces at the former Nolan Seafoods site on Rathdown Road, Dublin 7. The Sunday Business Post, 17th February

Carmanhall Road, Sandyford Industrial Estate, Dublin 18 Prime Living Sandyford have applied to An Bord Pleanála for 706 student bed spaces at the former Avid Technology International on Carmanhall Road, Sandyford Industrial Estate, Dublin 18. The Sunday Business Post, 17th February



Industrial Property Market According to Savills research, take up of industrial space was up 9.8% YoY from 2017. Savills note that 2018 take up was 3,322,378 sq.ft. 17.7% ahead of the long-term average for the market. Ten new logistics facilities comprising 544,223 sq.ft. of space was completed in Dublin during 2018. Construction is expected to commence on a further 753,474 sq.ft. in 2019 with 538,196 sq.ft. pre let or pre sold. Headline rents are €9.29 psf. The Irish Times, 13th February

Unit 1, Stadium Business Park, Dublin 15 Cushman & Wakefield are guiding €8.75m (7.83% NIY) for the 999 year leasehold interest Unit 1, a 77,883 sq.ft. modern warehouse on 3.5 acres. The property is let to Viking Direct on a 20 year lease from 2007 at €744k pa with a break in November 2020. The Irish Times, 13th February

32-34 Finglas Business Park Savills are guiding €1.1m for a 13,390 sq.ft. industrial and office unit. The office unit extends to 1,130 sq.ft. The Irish Times, 13th February



Odeon Cinema and Leisureplex, Coolock Savills are guiding €22m for the long leasehold interest in the Odeon Cinema and Leisureplex in Coolock. The properties produce an annual rent roll of €1.612m equating to a 6.75% NIY. The cinema, a 37,404 sq.ft. complex with capacity for 2,189 people between ten screens, is let to UCI Ireland on a 25 year lease from 2008 at €937k pa. The Leisureplex Coolock occupies its unit on a new 25 year lease at €675k pa. The Irish Times, 13th February

Navan Town Centre, Bannon handled the off market sale of the majority stake in Navan Town Centre for €43m (9-9.5% yield). The stake was sold to a fund controlled by Davy. The 65% majority stake was previously on the market in September 2016 for €62m which included a residential element worth €5m. The Irish Times 13th February

Grantham House, Dublin 8 Cushman & Wakefield are guiding €4.5m (5.28% GIY) for a retail and office investment at the junction of Grantham and Camden Streets. The 9,688 sq.ft. property consists of two retail units at ground level and three stories of office overhead. It is fully occupied and produces €237k from five tenancies with a weighted unexpired lease term of three years. The Irish Times 13th February


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