South Docklands, Dublin Singapore-headquartered real-estate investment trust Mapletree Investments is understood to be weighing plans to sell the Sorting Office, the 202,000 sq. ft. home of TikTok in Dublin’s south docklands. Should the sale proceed, the property is expected to command a guide price of c. €320m – or c. €80m more than the €240m Mapletree paid when it purchased the office scheme from Marlet Property Group and its finance partners, M&G Investments, in 2019. The rental level agreed for the office scheme is understood to have been between €55 and €60 per sq. ft. The Irish Times, 26th October
Mount Street Upper, Dublin 2 HDI Global SE, HDI Reinsurance and Natural Forces have chosen Hampton House on Mount Street Lower as the location for their respective Dublin headquarter operations. All three companies have committed to long-term leases and have agreed to pay rents of c. €49.75 per sq. ft. Murphy Mulhall had been quoting when it offered the property to the letting market. HDI Global SE and HDI Reinsurance have taken a lease of the fourth and fifth floors while Natural Forces will occupy the third floor of the building. The remaining office accommodation, ranging from 850 sq. ft. to 1,298 sq. ft., is available on a floor-by-floor basis or altogether. The Irish Times, 26th October
Park West Business Campus, Dublin A UK cosmetics firm has acquired Block 7 at Dublin’s Park West Business Campus for €2.7m (NIY 9.11%) as part of its plans to expand its operations into the Irish market. The property briefly comprises a standalone three-storey office block of 24,282 sq. ft. (GIA) together with 31 car parking spaces. The ground floor is let to Trilogy Technologies on a 10-year lease from August 2018 at an annual rent of €130.5k, with a break option in August 2023. The first floor is let to Paragon 28 based on a five-year lease from December 2019 at an annual rent of €140k. The second floor, which is vacant, has scope to achieve c. €115k a year once fully let. Colliers was guiding €2.7m for the property. The Irish Times, 26th October
Maynooth, Co Kildare Montane, a property company headed by developer Ray Grehan, is offering a pre-letting deal for two new office blocks at Maynooth Business Campus in Co Kildare. Known as The Plaza, the two blocks offer a combined 136,000 sq. ft. of Grade A accommodation. Sherry FitzGerald Brady O’Flaherty is guiding negotiable rents of between €25 and €27.50 per sq. ft. for the space depending on the specification requirements of the tenants. Each of the blocks rises to four storeys with one extending to 65,000 sq. ft. and the other to 71,000 sq. ft. Flexible floor plates will range in size from 14,000 to 18,000 sq. ft. There will be parking for 375 cars and 250 bike spaces. The Irish Independent, 27th October
Grafton Street, Dublin 2 While Dublin city centre was hugely affected by the pandemic, top international names such as Lululemon, Canada Goose and Lego have taken pitches on Grafton Street in recent times. However, rents are lower and shorter lets are becoming more common. Estate agents say the new entrants have come in on rents that are 15-20% lower than 2019 levels. Tommy Hilfiger, for example, decided to pay to get out of its lease of €1.7m a year. Skechers came in on a €900k-a-year lease on the same 9,500 sq. ft. at 13-14 Grafton Street in July. Recently, New Dimensions Active has signed a new one year lease for €500k-€600k with the hope of renewing next year. The number of vacancies has now dropped from 23 at the height of the pandemic to six. The Sunday Times, 30th October
Blanchardstown, Dublin 15 Nike is to open its latest retail concept at Blanchardstown Centre in Dublin. The first “Nike Unite” in Ireland will cover 10,300 sq. ft. and will occupy a prime position on Level One of the centre, close to British luxury fashion retailer Flannels, which is set to open a new 43,000 sq. ft. department store in December. Nike Unite will open in spring 2023. React News, 1st November
Baggot Street, Dublin 4 Veteran publican Liam O’Dwyer is understood to have acquired the former AIB bank building at 52-54 Upper Baggot Street. According to market sources, the Dublin 4 landmark has secured in excess of the €3.2m which had been guided when it was offered to the market in June of this year. 52-54 Upper Baggot Street famously served as AIB and Ireland’s first drive-in bank. The owner will likely explore the possibility of converting the former bank branch for use as a bar and restaurant or boutique hotel. The Irish Times, 26th October
Baggot Street, Dublin 4 No. 20A Upper Baggot Street has been let to Tula Mexican Grill for its second location in Dublin. The ground floor was occupied previously by Insomnia Coffee. The ground floor of 20A Baggot Street is a 900 sq. ft. unit with full planning permission for a restaurant takeaway. The off-market letting was agreed at €70k a year for a 10-year term. The Irish Times, 26th October
Vicar Street, Dublin 8 Having failed to secure a buyer at a guide price of €12m in October of last year, a site with full planning permission for a boutique hotel next to the famous Vicar Street venue is being offered to the market once more for the lesser figure of €10m. The planning permission covers a 185-bedroom hotel with a rooftop bar and restaurant with outdoor terrace in Dublin 8. The Irish Times, 26th October
Kilkenny The owners of the Flynn Hotel Group have lost an appeal against paying a vacant site levy of €210k on land adjoining the Newpark Hotel in Kilkenny. An Bord Pleanála upheld a decision by Kilkenny County Council to demand payment of the levy from Newpark Hotel Limited. The levy is charged at 7% of the value of the site, estimated to be worth €1.5m. The Irish Times, 27th October
Ballymount, Dublin 12 Harvey has secured the lettings of two older-style industrial facilities, totalling an area of more than 27,000 sq. ft. in Ballymount, Dublin 12, in quick succession. A part of the Smurfit Packaging facility, units 2A and 2B have been let to separate companies, both of which are involved in the building-supply business, on 10-year leases respectively. Unit 2A comprises 14,202 sq. ft. of detached industrial and office space. There is a parking provision to the front of the facility. Unit 2B is located directly behind and consists of 13,552 sq. ft. of warehouse accommodation with ancillary ground-floor offices and staff facilities. The rent achieved for both properties was in excess of €8 per sq. ft. The Irish Times, 26th October
Enfield, Co Meath An industrial development site in Enfield, Co Meath has come to the market with a €2.25m guide price. Extending to 15 acres, the site is zoned E1/E3 ‘Strategic Employment Zones (High Technology Uses)/Warehousing & Distribution’ under the Meath County Development Plan 2021-2027. The Irish Independent, 27th October
Edward Square, Galway The 106-bed Radical Student Living scheme is being offered to the market on behalf of the current owner by CBRE at a guide price of €13.75m (NIY 6.5%). The gross passing rent includes estimated summer revenue of €1.39m pa. The property is fully occupied for the 2022/23 academic year. It also offers excellent summer revenue potential thanks to Galway city’s long-established status as a proven tourist destination. The Irish Times, 26th October
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Donnybrook, Dublin 4 Cairn, a listed Irish housebuilder, has flagged its intention to apply to Dublin City Council for permission for a scheme involving 688 apartments and a 192-bedroom hotel on the 8.6-acre former RTE lands at Montrose in Donnybrook. One of the apartment blocks would rise to 16 storeys in height and the scheme would include 416 build-to-rent units with the balance being sold to buyers. The scheme is being lodged through the recently introduced Large Scale Residential Development (LRD) system. Cairn originally sought SHD permission from An Bord Pleanála for 611 apartments, three townhouses and other elements. It was to have included nine apartment blocks ranging in height from four to 10 storeys. In March 2021, An Bord Pleanála consented to a High Court order quashing its permission, forcing Cairn back to the drawing board. The Irish Times, 27th October
Ashbourne, Co Meath Joint agents REA Grimes and DNG Tormey Lee expect strong interest in the sale of a site located on the outskirts of the commuter town of Ashbourne, Co Meath. The property, which extends to 5.365 acres and is zoned for residential use, is being offered to the market at a guide price of €3.5m (€652.3k per acre). While the site doesn’t have planning permission, its potential for the delivery of housing is evidenced by its proximity to the town’s existing residential developments. The site is occupied by a five-bedroom farmhouse, along with six stables and associated outbuildings. These are included in the sale with the lands which have been used previously for agricultural purposes. The Irish Times, 26th October
Cherrywood, South Dublin Some of the developers involved in projects at Cherrywood in south Dublin have identified potential to increase the housing capacity of this Strategic Development Zone (SDZ). This follows a public consultation process by Dun Laoghaire Rathdown County Council (DLRCC) which also saw lots of submissions from the public. Under its proposed amendment to the SDZ parameters, the council proposes to increase the densities from an average of 33 units per acre to an average of more than 40 per acre. It also proposes to increase heights and densities primarily in the Res 3 and Res 4 sites which would increase the number of housing units from 8,700 to 10,500 homes to cater for 20,000 people. One of the largest developers, Hines-King Street, estimates that it could add a further 700 to 750 units to its town centre site adjacent to the site where a separate joint venture Hines-APG (HAPG) is currently in the process of delivering 1,269 units by 2023, 600 of which will be occupied by this December. The Business Post, 28th October
O’Connell Street, Dublin 1 UK property giant Hammerson has submitted further planning applications for its Dublin Central development as part of its proposed regeneration of Dublin’s north inner city. The primary application comprises lands from no. 43 to no. 60 O’Connell Street Upper and includes a proposal for high-quality offices, retail and restaurant space as well as enabling works for a future MetroLink station. An additional application has been submitted in parallel for no. 61 O’Connell Street Upper proposing retail and residential uses. Hammerson’s overall Dublin Central site covers 5.5 acres around O’Connell Street. The developer is proposing 97 new homes, 100,104 sq. ft. of restaurants, cafes and shops, 467,153 sq. ft. of workspace, up to 210 hotel rooms and a new public gallery and cafe. The Irish Times, 26th October
Park West, Dublin 12 A Dublin office complex, vacant for 20 years, will next month become home to more than 200 people following its conversion into social housing apartments under a €26m redevelopment scheme. The 86 apartments in two blocks at the Plaza in Park West, close to Cherry Orchard, were bought from Harcourt Developments by housing association Tuath and will provide homes for people on Dublin City Council’s housing waiting list. The buildings are located in the 230-acre Park West business and technology campus. Harcourt secured planning permission in 2018 to convert the two blocks into apartments. Two years later Tuath entered into a deal to acquire and fund the conversion of the offices into homes. The two-year conversion project, which was undertaken by Harcourt on behalf of Tuath, has cost c. €309k per apartment. The Park West blocks, which will house 220 people, are a mix of one- and two-bed apartments. The Irish Times, 1st November
Wicklow Cairn Homes and Glenveagh Properties are challenging Wicklow County Council over its development plan. The builders say the plan obliges the council to cut the number of new homes built in the county by 45% to 8,467 between now and 2028 compared with the previous six years. Cairn and Glenveagh argued that the development plan seriously underestimated Wicklow’s population growth as it uses out-of-date figures from Census 2016. The Irish Times, 27th October
Raheny, North Dublin Marlet Group’s plans to build 580 apartments in Raheny, north Dublin have been rejected over concerns for Brent geese migrating to the area. Proposals for the 16.5-acre site near St Anne’s Park, east of St Paul’s College at Sybil Hill, includes a 100-bed nursing home. Over 230 objections had been filed against the scheme. Marlet has the option to appeal against the decision. React News, 31st October
Greater Dublin Area Mason Estates has brought to market a portfolio of 21 fully let residential units in the Greater Dublin Area for €6.5m (NIY 5.5%). The portfolio contains a mix of one-, two- and three- bedroom apartments producing rental income of c. €361k pa. The Irish Times, 26th October
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Commercial Property Values, Ireland Published by the MSCI which monitors over €9bn of direct Irish property assets, the IPD/SCSI Ireland Quarterly Property Index shows that Irish capital values contracted again with a decline of 1.8% in the quarter. According to Goodbody stockbrokers, it is the sharpest quarterly move since Covid-19 impacted Q2-2020. Office assets saw the sharpest fall, down 2.5% in the quarter and 3.1% over 12 months, followed by retail, down 1.3% in the quarter and 3.3% over 12 months. Shopping centre values fell by only 0.2% in the quarter and the pace of decline continued to slow on Dublin’s high streets as Grafton Street values dipped 2.2% in the quarter and 5.7% over 12 months. Henry St values fell 2.9% in the quarter and 11.1% over 12 months. Central Dublin office values fell 2.5% in the quarter but Dublin 4 offices were weaker – down 4.2% in the quarter and 7.1% over 12 months. The Irish Independent, 27th October
Newbridge, Co Kildare Diageo will on Friday lodge plans with Kildare County Council for a new €200m brewery for a greenfield site at Littleconnell in Newbridge. The new facility will brew lagers and ales including Rockshore, Harp, Hop House 13, Smithwick’s, Kilkenny and Carlsberg. When fully operational with a capacity of two million hectolitres, the brewery will be the second largest brewing operation in Ireland after Diageo’s operation at St. James’s Gate and support the future growth of Diageo Ireland’s beer brands. A planning notice published on Thursday confirmed that Diageo Ireland’s carbon-neutral brewery will be built on a 52.8-acre site at the IDA Newbridge Business and Technology Park. The Irish Times, 27th October
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