79 – 80 Talbot St, Dublin 1 JLL is guiding €4.25 million for the former premises of Guineys department store at 79-80 Talbot Street in Dublin city centre. The property is being offered for sale with the benefit of full planning permission for a 44-bedroom hotel, incorporating a public bar, restaurant and retail unit. While the permitted hotel scheme extends to a gross area of over 20,000 sq.ft. across seven floors, it also comes with reconfiguration potential, which would afford the purchaser the opportunity to increase the total guestroom count. The property is located just 350 metres from O’Connell Street. The Irish Times, 13th November
Dundrum, Dublin 14 UTC Developments have purchased the Uncle Tom’s Cabin pub and large adjacent car park for c.€3 million. The site, located in Dundrum is already zoned for residential development. The Irish Times understands that the new owners intend to keep Uncle Tom’s Cabin open and trading until a final decision is made on the type of scheme for which planning permission will be sought. The pub came on the market earlier in the year seeking offers of €3.75 million. The Irish Times, 13th November
The K Club, Co. Kildare The Sunday Business Post understands that a deal has been agreed to sell the K Club to nursing home operator TLC for c.€55 million. However, The Irish Times are reporting that the five-star hotel and golf resort will be sold for a price closer to €70 million. It is thought that TLC Nursing Homes has ambitions to include a retirement village in its plans for the site, close to the current conference centre facilities, adding to its existing five facilities, four in Dublin and one in Maynooth, Co Kildare. The property was marketed with an asking price in the region of €80 million and it was valued in 2018 at €65 million. The club, which is situated on a 550 acre estate in Straffan, contains two 18-hole championship golf courses and 134-bedroom hotel complex. The Sunday Business Post, 17th November and The Irish Times, 18th November
Vert Portfolio Irish real estate investor Avestus Capital Partners is set to pay c.€214 million for a portfolio of 382 rental apartments distributed across two high-end developments in south Dublin (€560k per unit). CBRE offered the Vert portfolio, an established and fully-operational private rented sector (PRS) portfolio comprising 197 units at Honeypark in Dún Laoghaire, and 185 units at the Elmfield scheme in Leopardstown for sale last September at a guide price of €200 million. The Irish Times understands that the €214 million being paid by Avestus represents a premium of €73 million, or just under 52%, on the €141 million Tristan Capital Partners spent in assembling the portfolio. The Irish Times, 13th November
Castleknock, Dublin 15 Joint agents Knight Frank and Citywide Auctioneers are guiding prices of €8.5 million and €1.5 million respectively for the Fawn Lodge portfolio and the adjoining Deerpark House. The properties are also available for sale in one lot at a guide price of €10 million. The 27 apartments are made up of one entire block of 23 apartments and four additional units distributed across the second block within the wider 52-apartment Fawn Lodge scheme. The four one-bedroom apartment units within the Fawn Lodge portfolio average 678 sq.ft. while the 20 two-bedroom units average 861 sq.ft. The portfolio’s three three-bedroom apartments average 1,927 sq.ft. The 27 apartments together with 32 basement car spaces are generating a current passing income of €451,200. Deerpark House comprises a substantial detached residence of 5,198 sq.ft. on a site of 0.3 acres and is currently in use as a B&B. The Irish Times, 13th November
Phibsborough, Dublin 7 Hooke & MacDonald is guiding €1.4 million for an investment property comprising seven self-contained residential units in a fully-renovated and modernised building in Phibsborough village in Dublin 7. The property is located just 250 metres from Phibsborough Luas station whilst Phibsborough Shopping Centre and the Mater Hospital are located just 300 metres and 500 metres away respectively. The portfolio consists of six studio units and a one-bedroom apartment and is producing a current rental income of €114,540 per annum. There is also a detached workshop/garage unit located to the rear of the property that comes with its own separate access which offers development potential for a mews development subject to planning permission. An architect’s feasibility study indicates that it could accommodate four apartments. The Sunday Business Post, 17th November
North Docklands, Dublin 1 Kennedy Wilson has submitted a planning application for over 390,000 sq.ft. of office space in Dublin’s north docklands. The proposed office accommodation forms part of a wider mixed-use campus to be known as Coopers Cross, which Kennedy Wilson intends to develop on a 5.9-acre site to the rear of the Central Bank’s headquarters on North Wall Quay. Kennedy Wilson and its joint venture partners, AXA Investment Managers – Real Assets and Cain International, acquired the lands for €113 million last year. The new campus is set to comprise two six-storey office blocks alongside 449 private rented sector (PRS) apartments, and a new public park and square. The Irish Times, 16th November
County Limerick The Irish Independent understands that the Shannon Group, an umbrella organisation focused on delivering economic benefits to the Shannon and Limerick areas, is set to sell 227 acres of land that could potentially be worth €10 million, in county Limerick (€44k per acre). Earlier this month, Shannon Commercial Properties issued a request for tender, seeking a commercial real estate partner. The tender documents state that commercial real estate companies interested in partnering with Shannon should have recent international experience of large industrial projects. The company said it was proposing to go to market in the first quarter of next year with the main objective of “providing for large-scale industrial investment”. The Irish Independent, 17th November
Tallaght, Dublin 24 QRE are guiding €5.75 million for a portfolio of 18 retail units at Belgard Square West in Tallaght, Dublin 24. All 18 are own door units and are all located on the ground floor, the units range in floor area from 775 sq.ft. to 15,000 sq.ft. and extend to c.49,000 sq.ft. in total. The portfolio currently generates €672,096 in rental income per annum and if the 5 vacant units were occupied, an additional €195,000 of rental income could be generated. The Irish Independent, 14th November
Paul St, Cork City Savills is guiding €3.65 million for the Paul Street Shopping Centre in Cork City. The shopping centre extends to 13,841 sq.ft, and generates €367,000 in annual rent and is occupied by 19 independent retail units. Its weighted average unexpired lease term (WAULT) is three years and eight months. The centre provides the pedestrian entrance to the Paul Street Car Park, which is Cork’s largest multi-storey car park and thus the centre enjoys high footfall. The car park is in a separate building owned by Cork City Council and does not form part of the sale. The Irish Independent, 14th November
Golden Island Shopping Centre, Athlone The Irish Times understands that a fund managed by Davy Real Estate is closing in on a deal to acquire Athlone’s Golden Island shopping centre for c. €35 million. Agent Cushman & Wakefield had been seeking offers in excess of €41 million for Golden Island when it brought the scheme to the market on behalf of current owners Credit Suisse in May of this year. Credit Suisse bought the property from Tesco for €43.5 million in 2016. The centre is currently generating rental income of €3.25 million per annum. Excluding the cinema, the retail element of the scheme extends to an overall area of more than 160,000 sq.ft. There is also a substantial car park with 1,000 spaces. The Irish Times, 13th November
North Docks, Cork City An Bórd Pleanála has approved plans for the first apartment complex on Cork’s north docks as part of a wider €160m regeneration scheme. It is understood that building work could start early next year on the 302-unit scheme facing Horgan’s Quay and Railway Street, which will be delivered as part of the HQ Horgan’s Quay joint-venture project involving BAM and Clarendon Properties, which includes a 136-bed hotel and c.400,000 sq.ft. of office space. The complex will comprise 108 one-bedroom apartments and 194 two-bedroom apartments, in apartment blocks ranging in height from seven to 11 storeys, around an open courtyard where the former Station Master’s building will be restored to become an amenity centre for apartment residents. The Irish Examiner, 16th November
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