The Grange, Stillorgan: Joint agents Cushman & Wakefield and Knight Frank are quoting €135m for 274 apartments and an adjoining 3.97 acre development site at The Grange in Stillorgan, south Dublin. The single lot sale is apportioned with €105m (€383k per apartment) attributed to the apartments and €30m (€7.5m per acre) for the site which has development potential for up to 263 apartments. The 274 apartments are fully let producing an annual rent roll of €5.75m (€21k per apartment p.a.). The Irish Times, 25th April
Mortgage Approvals, March 2018: The Banking and Payments Federation has reported that the number of mortgages approved fell by 8% YoY in March 2018. Total mortgages approved in March were valued at €763m consisting of €390m (51%) first time buyers and €234m (30%) by mover purchasers. Overall, the value of mortgages fell by 2.9% YoY but rose by 10.4% month-on month. Re-mortgaging, up 59% YoY and 13% of new lending, was the fastest growing component, reflecting increased competition and rising levels of equity in the system. The Irish Independent, 30th April
Swords Road Site, Drumcondra: Agent Savills are preparing to bring a 6.75 acre site with capacity for 358 apartments on the Swords Road in Drumcondra to the market with a guide price of €20m (€2.9m per acre). The site was previously brought to the market in 2016 as part of NAMA’s Duke Portfolio, however NAMA pulled the sale after 6 months on the market. A value of €13m had been attributed to the site in the Duke Portfolio, €7m less than Savills guide price. The Irish Independent, 30th April
Leixlip Site, Co. Kildare: Plans have been approved for a €40m residential development at Barnhall, Leixlip, Co Kildare. Ardstone Capital were granted planning permission for the construction of 450 residential units under the fast track application process and development is expected to commence imminently. Sunday Business Post, 29th April
Bay Lane Quarry, Dublin 15: Glenveagh Properties and Panda Waste are among a number of parties who have expressed an interest in a 36 acre quarry at Bay Lane, Dublin 15. The site which is on the market with Knight Frank guiding €3.5m is located in close proximity to the M50, M1 and Dublin Airport and is currently zoned for “General Employment”. The Irish Independent, 29th April
New Ireland Building, Dawson Street: Four property developers have made it through the first round of bids in the sale of the New Ireland Assurance headquarters on Dawson Street, Dublin 2. Savills Ireland are quoting €35m for the building which is expected to be demolished and replaced by a considerably larger retail and office block. Chartered Land, Hibernia REIT, BCP Asset Management and developer Eamon Duignan remain in the bidding process. The Irish Times, 25th April
Beacon Court, Sandyford: Joint agents Colliers and Turley Property Advisors have brought three end-of-terrace office suites at the Mall in Beacon Court, Sandyford, Dublin 18, to the market guiding €3.1m (€293 psf). Beacon Hospital hold a 20-year lease from 2016 at a rent of €269k p.a. equating to an initial yield of 8%. The Irish Times, 25th April
Meath Street, Dublin 8: Joint agents QRE and Kelly Walsh have brought a redeveloped office and retail investment building on Meath Street in Dublin 8 to the market guiding €3.75m (€380 psf). One of the ground floor retail units is occupied by a café on a 10-year lease from 2017 at a rent of €36,000 p.a. while the offices are let to Celtrino, invoicing system specialists, on a 15-year lease at €168,500 p.a. There are currently two vacant retail units with potential to add a further rent of €80,000 and increase initial yield from 5.45% to 7.6%. The Irish Independent, 24th April
Grant’s Row, Dublin 2: Cushman & Wakefield have brought a well-located site at Grant’s Row in Dublin 2 to the market guiding €4m. The present owners of the vacant office building have secured full planning permission for the development of an office block extending to c. 11,000 sq. ft. The Irish Times, 24th April
Ballsbridge Hotel Redevelopment: Property Developers Chartered Land have engaged CBRE to seek expressions of interest from experienced hoteliers for either a forward funding arrangement or a leasing deal for a planned 211-bedroom hotel in Ballsbridge, Dublin 4. The seven-storey hotel over double-basement car park will form the centrepiece of a substantial mixed development of apartments, shops and restaurants, which will replace the Ballsbridge Hotel on Pembroke Road. The cost of developing the prestigious new hotel has not yet been disclosed, but with four- and five-star hotels in Dublin trading at between €400k and €500k per key, the end value could finish up in the region of €85-€100m. The Irish Times, 25th April
The Heritage Hotel, Co. Laois: CBRE have brought the 98-bedroom five-star Heritage Hotel and adjoining 18-hole championship golf course in Killenard, Co. Laois, to the market guiding €9m (€92k per key), well in excess of its €5.5m asking price when sold in 2014. The hotel has extensive wedding, conference and banquet facilities, a 50-seater auditorium and one of the best spa facilities in the country. The Irish Times, 25th April
Retail Sales Figures: Latest CSO figures show retail sales volumes fell by 2.2% in March, compared to the previous month and by 2.8% on a YoY basis. Only two of the 13 retail sectors measured by the CSO, electrical goods and bars, posted monthly volume increases with the other eleven all showing a decline. While the adverse weather was a factor in March, headline sales figures have now fallen for four months running. The Irish Examiner, 28th April
Stillorgan Shopping Centre: Works have commenced on phase two of the €15m refurbishment project at Stillorgan Shopping Centre. Built in 1967, Stillorgan Shopping Centre was Ireland’s first ever shopping centre and significant refurbishment work is planned to some of the units and the existing façade. The Sunday Business Post, 29th April
Hines Student Accommodation Investment: Accounts filed in Luxembourg have revealed that Hines paid €162m on behalf of a German pension fund to buy four sites in Dublin in 2016 that are being used or developed as student accommodation. The four sites included The Binary Hub in the Liberties area, which has 470 beds and opened in summer 2016, schemes on Dorset Street and in Summerhill which were being developed at the time of the acquisition and the fourth scheme on Cork Street is expected to be completed next year. The accounts also show that the Hines vehicle received just under €6m in rental income in the nine months to September 2017. The Irish Independent, 30th April
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