19th May (Issue 247)
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
Dolphins Barn, Dublin 8 SeaPoint Capital has paid €4.7 million for 20 apartments at the Ice Rink development in Dublin city centre (€235k per unit). The price paid by SeaPoint is slightly more than the €4.6 million that agent Hooke & MacDonald had been guiding when it brought the investment to the market in June last year. The portfolio consists of seven one-bedroom units (474-603 sq.ft.), 12 two-bedroom units (646-797 sq.ft.) and one three-bedroom apartment (1,012 sq.ft.). Fourteen of the apartments are let and are producing a combined gross rental income of €190,000 per annum. Hooke & MacDonald are estimating that the total current rent and projected rent of the vacant apartments to be in the region of €295,000 per annum. The Irish Times, 13th May
Douglas, Cork Glenveagh Homes has submitted a strategic housing development application to An Bord Pleanála for the construction of 449 residential units in Douglas, Cork. They incorporate 315 two, three and four-bed detached, semi-detached and terraced/town houses; 46 one, two and three-bed duplex-apartments; 88 one and two-bed apartments in three blocks of three to five-storeys each; and a creche facility. The development will be located within the Maryborough Ridge scheme. The Sunday Business Post, 17th May
Ballsbridge, Dublin 4 Two penthouse apartments are now available for sale at the Dunluce development just off Anglesea Road in Ballsbridge. The 21 two-bedroom apartments and four penthouses in the scheme are in four cube-shaped blocks of between three and six storeys. The penthouses range in size from 1,614 sq.ft. to 1,647 sq.ft. The first penthouse is guiding €1.175 million, while the second is available from €1.35 million with the contents included. The Sunday Business Post, 17th May
Ratoath Road, Dublin 11 Ballymore Group has won fast-track planning approval to build 435 apartments in blocks up to 13 storeys high on the site of the demolished Ormond Printworks in Dublin. The 1.9-hectare site sits north of the Royal Canal, south of Tolka Valley Park and 650 metres west of the Broombridge train and Luas station. An Bord Pleanála granted permission subject to 23 conditions. These included an order not to allow the final 135 apartments to be occupied until adequate sewage services were confirmed. The Irish Independent, 14th May
Celbridge, Co Kildare Crodaun Development Company has submitted a strategic planning application to An Bord Pleanála for a development consisting of 467 residential units, including 216 apartments, 199 houses and 52 duplexes at Crodaun in Celbridge, Co Kildare. Ancillary facilities include a childcare centre of 8,353 sq.ft, a 3,444 sq.ft. gym, a 1,324 sq.ft. café and a retail unit of 1,281 sq.ft. The Sunday Business Post, 17th May
Palmerstown, West Dublin Randelswood Holdings has submitted to An Bord Pleanála for permission for a strategic housing development at lands at Palmerstown Retail Park in Palmerstown, west Dublin. The scheme will comprise the demolition of all existing structures on site and the construction of a residential development of 250 build to rent apartments. These include 134 one-beds and 116 two-beds located in five blocks with a café and ancillary residential amenity facilities. The Sunday Business Post, 17th May
Kilternan, Dublin 18 A strategic housing development application has been submitted to An Bord Pleanála for a residential development at Suttons Fields on the Ballybetagh Road in Kilternan, Dublin 18. The scheme comprises 85 houses, 31 apartments and a 31-space childcare facility. The Sunday Business Post reports that a decision on the €25 million development is expected to be made by July. The Sunday Business Post, 17th May
OFFICE
Dublin Docklands Iput has acquired the remaining 29.2% stake in the Riverside One building previously held by Aviva for c.€37.5 million. Iput now has sole ownership of Riverside One, having originally acquired a 70.8% stake in the property for €80 million in 2015. Located on Sir John Rogerson’s Quay, the seven-storey block extends to 110,000 sq.ft and is occupied in its entirety by McCann FitzGerald. The Irish Times, 15th May
Dublin Docklands Matheson has signed a new 12-year lease for its headquarters at Sir John Rogerson’s Quay in Dublin’s south docklands. The Irish Times understands that Matheson will pay a rent of just under €55 psf for the Riverside IV building. The firm’s original 25-year agreement ran from 2007 and provided for a break option in year 15, which would have allowed Matheson to surrender its lease on the property with minimal or no penalty in 2022. Riverside IV is a seven-storey over basement building comprising 133,000 sq.ft. of office space. The Irish Times, 13th May
INDUSTRIAL
Nangor Road, Dublin 2 Iput has secured full ownership of Unit D, Kilcarbery Distribution Park, Dublin 22, having purchased Aviva’s 50% stake for c.€6 million. Iput acquired its original 50% share of the 240,000 sq.ft. warehouse in 2014. Unit D is occupied currently by BWG Foods, the owner of the Spar franchise in Ireland. Iput is the largest logistics owner in Dublin, with 32 buildings comprising a total of 2.4 million sq.ft. of space, all of which is fully occupied. The Irish Times, 15th May
Rathcoole, Co Dublin Iput will commence construction later this year on the first of two large-scale warehouse and office units at Aerodrome Business Park in southwest Dublin. Extending to 120,000 sq.ft, Unit G will occupy a site at the entrance to Aerodrome Business Park. Unit Q will extend to 160,000 sq.ft. and will have identical features to Unit G and similar-percentage office content, but will have a larger site area of 7.8 acres. Unit G and Unit Q Aerodrome Business Park are available for letting under new medium- to long-term leases through Harvey, and the quoting annual rent for each building is €9.75 psf. The Irish Times, 13th May
Dublin Industrial and Logistics Market The market recorded a solid start to 2020, with more than 649,300 sq.ft. taken up in the first quarter. However, this three-month figure sits below the long run quarter one average of nearly 845,000 sq.ft. Availability continues to be a key concern in the logistics market. At the end of March 2020, availability sat at c.4.05 million sq.ft, representing an annual decline of 18%. The corresponding vacancy rate was 8.8%. This brings the vacancy rate to a low level not seen since 2006. A total of c.862,700 sq.ft. was under construction at the end of quarter one. Of this space, 414,400 sq.ft. was due to complete in 2020, all of which is pre-let. Cushman & Wakefield, Q1 2020 Dublin Industrial & Logistics Market
Stillorgan, South Dublin Joint agents TWM and Savills are guiding €2.5 million for a modern warehouse and office facility in south Dublin. Located at 13/14 Holly Avenue in Stillorgan Industrial Estate, the property is fully-equipped for research and development or manufacturing of pharmaceutical or medical diagnostics products. The two-storey detached unit at 13/14 Holly Avenue extends to 30,322 sq.ft, and comprises a reception, boardroom, canteen, locker rooms, open-plan and cellular offices along with high-specification production and manufacturing facilities. Car parking is provided to the front of the building with a delivery entrance and additional parking available to the rear of the property. The Irish Times, 13th May
RETAIL
Shannon & Limerick City Aldi is seeking planning permission to build two new stores in Shannon and the centre of Limerick city. According to Aldi planning applications, the proposed supermarket on Roches Street in Limerick would be 26,479 sq.ft. and be powered entirely by renewable electricity. The new outlet in Shannon will be a smaller 14,155 sq.ft. supermarket and includes another retail unit in the plans. The Irish Independent, 19th May
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