19th March (Issue 188)
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.
HOTEL
Copper Face Jacks, Harcourt Street, Dublin 2 DC Curtin and Associates has been appointed to manage the sale of Copper Face Jacks and the Jackson Court Hotel on Harcourt Street. It is anticipated that the sale will achieve over €40m. The properties located at 28-31 & 35 Harcourt Street, comprise 37 bedrooms and seven bars. The Irish Times, 14th March
Cumberland Street, Dublin 2 The O’Callaghan Hotel Group has secured planning for a new eight storey 158-bed hotel on Cumberland Street, beside Twitter’s Dublin Headquarters. A previous decision by Dublin City Council was upheld following appeals. The Irish Independent, 15th March
Sunset Ridge Motel, Killeens, Cork Coldwell Banker Carlton Estates are guiding €1.5m for the Sunset Ridge Motel which has been derelict for the last eight years after 40 years of trading. The property is a 40 ensuite bedroomed motel with bar and function room. The agent notes that the property could be sold with a view to redevelop to residential use. The Irish Examiner, 13th March
MIXED USE
96-98 Churchtown Road, Dublin BNP Paribas are guiding €5.7m (6% NIY) for a mixed use development at 96-98 Churchtown Road, the site of the former Braemor Rooms and McGowans. The investment property generates €371k pa from tenants including Union Café, Centric Health and Floral Art The Irish Independent, 14th March
14 Lower Pembroke Street, Dublin 2 Colliers has sold 13 Lower Pembroke Street for €1.825m, €125k above the asking price when it was brought to market in May 2018. The building comprises a 4,699 sq.ft. four storey over basement mixed use property and produces €63.6k pa in rent from three tenants. The building also included seven pre-63 vacant residential units. The Irish Times, 13th March
Waterford North Quays Falcon Real Estate Development Ireland, a Saudi Arabian-owned company, anticipates commencing the substantial redevelopment of Waterford’s North Quays by the end of 2019. The scheme will comprise 504,827 sq.ft. of retail dining and leisure, 161,459 sq.ft. of office space, 300 apartments and a 200-bed four star hotel. Falcon estimates the project will require €350m investment and will be privately funded. The Times, Irish Edition, 13th March
Galway Property Market IDA Ireland are commencing work on its 34,983 sq.ft. building at Parkmore Business and Technology Park. Rhatigan Group who are building this property for the IDA has submitted plans to develop a 12 acre site at Crown Square in Wellpark to accommodate 403,647 sq.ft. of office space, 180-bed four star hotel, 290 apartments along with retail and entertainment space. Patricia Staunton of Cushman and Wakefield notes that prime rents in 2018 were €27 psf and are expected to rise to €30 psf in 2019. This month, development is expected to commence at Bonham Quay providing 279,862 sq.ft. of office space The Sunday Business Post, 17th March
OFFICE
Trident House, Blackrock, Co Dublin Zurich Insurance has agreed to lease the refurbished Trident House office block in Blackrock. While no rent has been disclosed, similar space in the area is let at €30 psf. Zurich had already agreed to occupy the adjoining office block, Enterprise House at €30 psf on a 20 year lease. Work is due to complete on Enterprise House in Q4 2019. The Irish Times, 13th March
RESIDENTIAL
Co Living Killarney, Co. Kerry Bond Street Investments has redeveloped the previously locally known “German Flats” into Abode, 12 retro designed apartments in a co living space in Aghadoe, just outside Killarney. The property is the first co-living space in the region and offers communal recreational space, kitchen, gym, laundry room and a communal room for watching movies. The Sunday Business Post, 17th March
Wolfe Tone Street, Dublin 1 Avestus Capital Partners has purchased Wolfe Tone Lofts in an off market deal for more than €22m. The property comprises 46 fully tenanted apartments, 32 basement car parking spaces and a commercial unit. The Irish Times, 13th March
LAND
Mount Argus, Harold’s Cross The Marlet Property Group has sold a monastery on a 1.75 acre site at Mount Argus, Harold’s Cross for c€4.5m (€2.5m per acre). The property was brought to market through Lisney in October 2018 guiding €3.5m. It is thought that Equitas Properties, a company found by Robert and Michael McCarthy, have purchased it. The Irish Times, 13th March
69 Acres Ballincollig, Cork Agent Irish and European has brought 69 acres of land including an active farm in Ballincollig Cork to market. It is thought that the site could achieve €20m (€290k per acre). 67.75 acres are zoned medium density residential development and 1.5 acres are zoned open space and sports recreation. The site, with good road frontage to Maglin Road and bounded by the N22 Ballincollig bypass to the south, could accommodate 500-1,000 residential units. The Irish Times, 13th March
31.5 Acres Blessington, Co. Wicklow CBRE are guiding €1m (€31.7k per acre) for a 31.5 acre site in Blessington Co Wicklow. The site’s zoning includes 16.5 acres agricultural lands, 8.5 acres for community and education and 6.5 acres for employment and enterprise. It is thought that the site could benefit from re-zoning following the expiration of the Wicklow County Council Development Plan in in 2022. The Irish Independent, 14th March
38 Acres Clonburris, West Dublin Savills has launched a second 38 acre residential site guiding €11.5m (€302k per acre) which adjoins an even larger 65 acre site which launched last month guiding €27.5m (€423k per acre). The 38 acre site could accommodate 850 residential units with the larger site accommodating 950 homes. The combined sites also include 238,797 sq.ft. for commercial space. The sites represent 15% of Clonburris Strategic Development Zone (SDZ). The Irish Times, 13th March
0.85 Acres Raheny, Dublin 5 CBRE are guiding €2.75m (€3.2m per acre) for a 0.85 acre site off Watermill Road in Dublin 5. The site has planning permission for 12 houses comprising 11 four-bed and one three bed house. The site is within walking distance of St Anne’s Park, the seafront and the Dart station. The Irish Times, 13th March
OTHER
Christchurch Carpark, Dublin Joint agents JLL and Knight Frank are guiding €15.5m (5.2% NIY) for a 213 space car park adjoining the Jurys Inn Hotel. The guide price equates to €72.8k per space. The property comprises four storeys on a 0.4 acre site and is being sold subject to a short term lease with Q-Park which expires in June 2019. The Irish Times, 13th March
Auctions On 27th March, there will be three auctions. DNG Creedon will auction 29 Munster lots at a public auction in Cork. DNG will also offer six residential Leinster and Dublin lots at their head office in Dublin and Real Estate Alliance will hold an online auction with 11 lots. BidX1 Online Auction comprising 146 lots will take place on April 4th. The Irish Independent, 15th March
Car Distribution Hub, Dublin Airport A unit of Killeen Group which controls the Toyota and Lexus franchise in Ireland has been given approval for a 6,000 car distribution hub located on 32 acres close to Dublin Airport. The site was acquired by the Killeen Group in 2001. The Irish Independent, 15th March
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