19th November (Issue 473)
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.
RETAIL
Blanchardstown, Dublin 15 The American investor Strategic Value Partners (SVP) has confirmed it is buying the Blanchardstown shopping centre in north-west Dublin. SVP did not disclose how much it is paying, but media reports have suggested it could be approx. €600m. The US investment bank Goldman Sachs put the centre up for sale last year, with an asking price of €650m. The largest shopping mall in the country, Blanchardstown Centre covers 1.2m sq. ft and has over 180 shops and restaurants. The acquisition of Blanchardstown is expected to complete prior to year-end, subject to regulatory approvals. The Irish Independent, 18th November
Lucan, Co Dublin Extending to 2,541.46 sq. ft with seven basement car parking spaces, a two storey retail bank premises in Lucan is being brought to market by Murphy Mulhall at an asking price of €1.275m. The property is let to Permanent TSB on a 35-year FRI lease with an expiry in March 2031. The current passing rent is €120k a year. The Irish Times, 13th November
Tralee, Kerry The Manor West Retail Park is set for expansion. At 349,403 sq. ft, the park sits on a site area of 29 acres, with over 1,000 surface car parking spaces. The park is split across two sections (retail park/shopping centre). Expansion of the retail park will comprise a total of 88,000 sq. ft. The anchor unit is to cover 40,000 sq. ft, plus a garden centre. The unit can be offered in two, smaller units of 20,000 sq. ft each. There will be three further warehouses of 10,000 sq. ft each. The Irish Times, 13th November
OFFICE
South Strand Street, Dublin 1 Colliers has launched 66-67 Great Strand Street building for sale and is seeking offers of approx. €4m. The asset comprises a four-storey building in excellent condition extending to a gross internal floor area of approx. 11,194.47 sq. ft. The freehold property is being sold with full vacant possession and would suit a variety of other uses subject to planning. The Business Post, 16th November
Relm Finance has appointed receivers to a number of assets within Goldstein Property Icav, an investment vehicle managed by Quanta Capital. The Sunday Times understands that receivers have been appointed to 27 properties, which include a range of types but many of which are second-generation offices. A large number of the properties within the Goldstein vehicle are unaffected. Interpath Advisory were appointed as receivers to various subfunds that were used to buy the properties. The Sunday Times, 17th November
Lisney Office Market Report Office market activity continued to recover in Q3 2024. The number of transactions went up to 52, the take-up fell to 565,105 sq. ft along with average lot size falling to 10,763.9 sq. ft. The busiest region was Dublin city centre and professional services claimed the busiest sector. The largest transaction of the quarter was EY’s take up of 129,166.93 sq. ft at Two Wilton Park, Dublin 2. Dublin city centre had a prime headline rent of €63 per sq. ft and a vacancy rate of 16.9%. Lisney, 13th November
HOSPITALITY
Wexford Irish hotel operator Dalata has announced it sold the Clayton White Hotel in Wexford Town to Neville Hotels in a deal worth €21m. The deal becomes the second hotel in Wexford Dalata sold to the Neville Group this month, following the sale of the Maldron Hotel Wexford. The deal is expected to be completed in January 2025. Real estate firm Savills advised Dalata on the transaction. The Business Post, 19th November
Rosses Point, Sligo The Yeats Country Hotel is being offered for sale by Savills with vacant possession at €7m. The property comes to market with 98 bedrooms, several dining options, including the Elsinore Restaurant, the Eros Spa, a leisure centre with an 18m swimming pool, and a large car park. The Irish Times, 13th November
MIXED-USE
Wexford Harbour Wexford County Council is looking for investors and developers to take on the development of a mixed-use urban quarter at Trinity Wharf in Wexford Harbour. Plans for the more than €150m development include a hotel, conference centre, artist studios, apartments, marina, offices and a public plaza. The council launched a preliminary market consultation process for the planned project at Trinity Wharf, a 13.5-acre site. Planning permission for the brownfield site, which was acquired by the council, has already been secured. The Irish Times, 13th November
Poolbeg, Dublin Johnny Ronan has received the go-ahead from Dublin city council to build an innovation hub for tech start-ups on the former Irish Glass Bottle site near Poolbeg. The six-storey building will span 135,260 sq. ft and will accommodate hotspots for new businesses as well as community spaces, while over a sixth of the space will be set aside for leisure, cultural, artistic, café, educational and library uses. The Sunday Times, 17th November
INDUSTRIAL / LOGISTICS
Ballycoolin, Dublin 15 Unit 1, at the Stadium Business Park, is being brought to market at a guide price of €12.8m (NIY 5.5%; €163.18 psf) by Harvey. The industrial/warehouse and office facility, extends to 78,441 sq. ft, and sits on a site of 3.95 acres. The property is currently let to Dunnes Stores at a passing annual rent of €775k. The lease incorporates a tenant break option in March 2032, therefore offering seven years plus certain income. The first rent review is in March 2027. The Irish Times, 13th November
Forge Hill, Co Cork Agent Cohalan Downing is offering a unit to let on Forge Hill just off the Kinsale Road, 4km south of Cork city centre. The agent is quoting a guide rent of approx. €130k pa for it. The property comprises a detached warehouse/light industrial unit with a two-storey office/service block incorporated at the front and a part mezzanine floor storage area. It is on a large site of approx. 1.2 acres with frontage and access onto Forge Hill. The Business Post, 16th November
Lisney Industrial Report Activity in the industrial market remained slow in Q3. This was particularly the case for mid to larger warehouses (greater than 32,291.73 sq. ft). Deals went up to 23, with an overall jump in activity to 383,195.21 sq. ft. Lettings dipped to 67%, with the largest letting being the sale of Building 1, Damastown Industrial Park at 99,781.45 sq. ft. The average lot size dipped to 16,684.06 sq. ft and vacancy also dropped to 1.7%. The prime headline rent was €13 per sq. ft and the Southwest was the busiest region. Lisney, 13th November
RESIDENTIAL /DEVELOPMENT
North Docklands, Dublin 1 The owners of Spencer Place are readying the property for sale. The Sunday Times understands that Fortress Investment Group, which controls the development, has hired the property agent Eastdil Secured to handle the sale. It will have a guide price of €200m. The scheme, which consists of 329 build-to-rent apartments and 64 co-living units, is also owned by Ronan Group Real Estate as part of the wider Spencer Place development. Spencer Place is in two blocks, spreading over 135,625 sq. ft. Construction was completed in November 2022 at a cost of approx. €153m. The Sunday Times, 17th November
OTHER
Lisney Commercial Real Estate Report The Irish commercial real estate market continued its cautious recovery path in Q3. Investor sentiment improved further, supported by reducing global interest rates. The market transactions rose to 24 deals, amounting to a total of €596.55m with the largest deal being the sale of The Square in Tallaght for €130m. The average deal size grew to €24.85m. The retail sector amounted for 33% of all deals with a net yield of 5.15%. Additionally, 79% of all deals for Q3 occurred in Dublin. Lisney, 13th November
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