Mount Salem, Dublin 18 Agent Robert Colleran is guiding €2.5m (€611 psf) for a five-bedroomed 4,090 sq.ft. protected period house located on a 0.7 acre corner site at the White’s Cross junction of the Stillorgan dual carriageway. The Irish Independent, 9th May
St Edmund’s, Palmerstown, Dublin 20 Carysfort Capital has paid c.€34m for a portfolio of 102 newly-built houses at the St Edmund’s development in Palmerstown, Dublin 20. The houses were built through a licence agreement between Grandbrind and Nama. Carysfort’s acquisition of the portfolio brings its overall holding at the St Edmund’s development to 262 units. In January 2017, the company paid c.€36m for 160 apartments and 167 parking spaces at the scheme. The Irish Times, 8th May
Dun Laoghaire, Co. Dublin Hooke and MacDonald is guiding €1.295m (€436 psf) for 30 Fairway Drive, a 2,971 sq.ft. five-bedroom fully furnished detached property with an A3 building energy rating, located within the Cualanor development in Dun Laoghaire. The Sunday Business Post, 12th May
XVI Portfolio Joint agents Savills Ireland and Eastdil Secured have been instructed to sell a portfolio of more than 800 apartments and houses on behalf of US based Marathon Asset Management across 16 developments in Dublin and Cork. The portfolio, named XVI will, upon completion, represent the biggest single disposal of buy-to-let properties to have taken place in the Irish market to date. The Irish Times understands that the selling agents are guiding a price in the region of €240m. The Irish Times, 8th May
20 Sefton Hall, Foxrock, Dublin 18 Colliers is guiding €1.3m (€769 psf) for 20 Sefton Hall, a 1,690 sq.ft. three-bedroom penthouse apartment. The property, located in within Park Development’s Kelston scheme at the top of Leopardstown Road, includes a private wrap-around roof garden with panoramic views of the Wicklow Mountains and Dublin Bay which increases its size to 3,025 sq.ft. The Sunday Business Post, 12th May
Irish Residential Market Transaction activity rose steadily in Ireland in 2018. Excluding multi-family/portfolio sales there were approximately 53,900 homes transacted last year according to the Property Price Register (PPR). This translated into an increase of 6% on 2017, or roughly an extra 3,000 home sales. Dublin also saw an improvement in the total number of homes sold, with just over 17,500 sales recorded in the capital, a 5% yearly improvement. Sherry Fitzgerald, Irish Residential Market Review Spring 2019
Killarney, Co Kerry Casey and Kingston Auctioneers has brought the former Whitegates Hotel to market. The property includes 27 ensuite bedrooms along with a lounge, bar, restaurant area and is situated on a 0.7 acre site on the N22 Muckross Road, 1.6 km outside Killarney, Co. Kerry. The agent advised the guide price was €3m. The Sunday Business Post, 12th May
Drumcondra, Dublin 9 CBRE has brought two licenced premises to market. They are guiding €1m for Quinn’s of Drumcondra and €900k for the Cat & Cage. Quinn’s is located on a 0.3 acre site at the intersection of Drumcondra Road and Clonliffe Road and has dual residential and commercial zoning. The Cat and Cage pub is located at 74/76 Upper Drumcondra Road, Dublin 9 and was recently renovated in 2016. The Sunday Business Post, 12th May
Blanchardstown Shopping Centre Planning has been granted to US-based Blackstone Real Estate for a 21,528 sq.ft. retail unit at Blanchardstown Shopping Centre at the red mall entrance. It is anticipated the unit will be used as a supermarket. The Sunday Business Post, 12th May
Liffey Valley Party City, the largest US retailer of party goods with over 900 retail stores will open its first European store in Liffey Valley in June this year. Creative Retail Solutions, the company behind the seasonal pop up ‘Halloween HQ’ will operate the store. The Sunday Times, Irish Edition, 12th May
Century Business Park in Finglas, Dublin 11 Savills is guiding €5.25m (6.2% NIY) for an industrial investment portfolio at the Century Business Park in Finglas, Dublin 11. Extending to an overall area of 60,461 sq.ft. the portfolio comprises five units ranging in size from 4,521 sq.ft. to 24,079 sq.ft. The units for sale are of metal-frame construction incorporating clear internal heights from 7.5m to 11m. The combined rental income is €351,750 p.a. The Irish Times, 8th May
Five Hanover Quay, Dublin 2 Joint agents JLL and London-based Eastdil Secured have brought the newly-developed Five Hanover Quay to the market guiding €190m (4.25% NIY). Located on a prime waterfront site at the heart of the Dublin docklands, the seven storey, 160,000 sq.ft. LEED Gold V-rated property is fully let to DocuSign and Aptiv, providing an annual rental income of €8.75m. The Irish Times, 8th May
180-184 James Street, Dublin 8 It is reported that The Dublin Loft Company is the purchaser of a prime 0.5 acre development site at 180-184 James Street, Dublin 8, where the company is likely to develop an aparthotel. The site was first marketed for sale in January through CBRE seeking €5.75m. It is thought the final price was in the region of €6.5m. The Irish Times, 8th May
Crofton Road, Dun Laoghaire Knight Frank is guiding €6.5m (€8.2m per acre) for a 0.79 acre development site located on Crofton Road, near St Michael’s hospital overlooking Dun Laoghaire harbour. The site is currently in use as a car park. A feasibility study prepared by Reddy Architecture & Urbanism identified, subject to planning permission, options ranging from 74 to 102 units based on both Build-to-Rent and Build-to-Sell models, along with car parking, open space and residential amenity areas. Knight Frank, 9th May
Parkgate St, Dublin 8 Finnegan Menton is guiding €7m (€9m per acre) for a 0.77 acre development site on Parkgate Street Dublin 8, located directly across from Heuston Station and the Luas. The property is currently occupied by Westbrook Motors and the Natural Bakery whose leases expire at the end of 2022 producing €53.9k p.a. The Irish Times, 8th May
Real Estate Alliance (REA) Auctions REA network of estate agents will host three auctions this month with more than 90 lots. The most valuable lots will be offered at the REA Dempsey Sothern public auction of Dublin and Leinster properties in Naas on May 22. Also on May 22, REA O’Connor Murphy will offer 37 Munster, Connacht and Donegal properties at a public auction in Limerick. On May 29, REA will offer 14 lots at its online auction. The Irish Independent, 14th May
Millbrae Lodge, Nursing Home, Tipperary Brindley Healthcare has purchased the 81-bed nursing home in Newport, Co. Tipperary. The group now operate 10 nursing homes with over 600 beds in Tipperary, Laois, Kildare, Mayo, Galway and Donegal. It is the company’s second deal in two weeks with the group acquiring the 79-bed Maynooth Lodge Nursing Home. The Sunday Independent, 12th May
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Heuston South Quarter, Dublin Developer Joe O’Reilly’s Chartered Land has teamed up with Henderson Park Capital to acquire the landmark Heuston South Quarter (HSQ) in Dublin city centre from US property giant Marathon Asset Management for €222m. The HSQ portfolio comprises 266 apartments, 106,319 sq.ft. of grade A office space, 48,034 sq.ft. of commercial space, and a 3.63 acre development site. The HSQ portfolio is already delivering c.€10.3m in gross annual income with scope to further increase through development and asset management. The Irish Times, 1st May
Parnell Square, Dublin 1 An Bord Pleanála has approved plans for the redevelopment of Parnell Square as a “cultural quarter” for Dublin, with a new city library, public plaza, and the restoration of some of the Georgian houses. The development is expected to cost €110m. 45% of the development will be funded by Dublin City Council and the rest will be funded by philanthropic donations. In addition to the library, the project will include a 200-seat conference centre, a music centre, education facilities and a café and exhibition space. The Irish Times, 7th May
Central Plaza, Dublin 2 The Irish Times reports that a hospitality and dining area on the top two floors of the old Central Bank building has been leased for in excess of €1m p.a. with the operator planning to create three venues at the Dame Street location. Hines and the Peterson Group are developing the rooftop venue as part of a wider scheme incorporating 134,500 sq.ft. of retail, food and beverage, and office space. The new restaurant space is set to provide diners with 360-degree views of Dublin and the surrounding landscape, from the Wicklow Mountains to Howth Head. The Irish Times, 1st May
Golden Island Shopping Centre, Athlone Cushman and Wakefield are guiding €41m (7.93% GIY) for Athlone’s Golden Island shopping centre. The 160,000 sq.ft. property comes to market three years after Credit Suisse acquired it for €43.5m. The property generates €3.25m p.a. Anchor tenants are Penneys and Tesco. The property also has a substantial car park with 1,000 spaces. The Irish Times, 1st May
No. 113-115 St Patrick St, Cork Agent Bannon is guiding €6.6m for No. 113-115 St Patrick St, Cork. The building has been occupied by Eason & Son, for more than 33 years. Eason will take a new 25-year lease of the premises at €500,000 p.a. which will equate to a 7% NIY. The 22,017 sq.ft. property over four storeys incorporates 13,801 sq.ft. of retail area across its ground and first-floor levels. The Irish Times, 1st May
Custom House Square, IFSC, Dublin 1 Savills is guiding €2.5m for four ground-floor units on Custom House Square at the IFSC in Dublin 1. All four units are fully let on long-term leases producing a combined passing rent of €228,500 p.a. All four units form part of a well-located commercial parade directly opposite the campus of the National College of Ireland, and immediately adjacent to the Mayor Street stop of the Luas red line. The Irish Times, 1st May
No 73 North Wall Quay, Dublin 1 Oakmount and partners Core Capital have paid c.€10m to acquire No 73 North Wall Quay in the Dublin docklands. Dublin City Council granted planning permission three months ago for a 39,825 sq.ft. development on the site. It is anticipated that the scheme will include 23,185 sq.ft. of lettable office space over eight floors, and will also include two retail units at ground floor level. The property is located immediately beside the headquarters of the Central Bank and Dublin Landings. The Irish Times, 1st May
Bishops Square, Kevin Street, Dublin 8 CBRE is guiding €180m (4.04% NIY) for Bishop Square, Kevin Street. The current rent roll is €7.8m. 86% of the rental income derives from government tenants, namely the OPW and Tourism Ireland. Other tenants include Starbucks and International Financial Data Services. The building has undergone significant refurbishment work since Hines acquired it in 2015, including increasing the property’s overall floor area from 153,000 sq.ft. to 182,774 sq.ft. The Irish Times, 1st May
Kildress House, Pembroke Row, Dublin 2 Savills are quoting a rent of €55 psf for the 22,000 sq.ft. Kildress House building. Construction is expected to complete on the building by December 2019. The property will be located between Baggot Street and Wilton Place in Dublin 2. The Irish Times, 1st May
Mill Works, Islandbridge, Dublin 8 Joint agents Sherry FitzGerald New Homes and Cushman & Wakefield are guiding €12.5m (5.75% GIY) for the Mill Works, a scheme of 29 private rented sector (PRS) apartments currently under construction at Islandbridge in Dublin 8. The portfolio is being offered for sale on behalf of Genius Builds by way of a forward-purchase agreement, with practical completion expected by Q3 2019. It is anticipated that a prospective purchaser could secure a stabilised rental income of about €720,000 p.a. before year-end. Based on its guide price, the prospective purchaser could expect to secure a gross initial yield of 5.75% with one-bed units expected to achieve rents of €1,700-€1,825 a month, and two-bed units expected to achieve in the region of €1,950-€2,200 a month. The Irish Times, 1st May
Planning permission has been granted for Cork’s largest ever student accommodation development. London based Future Generation has plans to build a 600 bed scheme at the former Coca-Cola site on the Carrigrohane Straight Road. The development will be Future Generations first European venture outside the UK and it is thought that the beds will be available for the beginning of the 2021/2022 academic term. The Echo, 6th May
St Agnes Road, Crumlin Village, Dublin 12 Colliers International are guiding €1.4m (€933k per acre) for a 1.5 acre site zoned for residential development on St Agnes Road in Crumlin village, Dublin 12. The site comprises The Glebe House, a substantial detached protected structure that is divided into apartments, all of which are vacant. Behind the house there are 12 workshop buildings, six of which are occupied by tenants on informal lease terms. The site is zoned Z1 – “To protect, improve and provide residential amenity”. The area is well serviced by transport links and could be of interest to those developers and investors involved in Dublin’s Build-to-Rent (BTR) Sector. The Irish Times, 1st May
Former Good Shepherd Magdalene Laundry, Cork City Savills are guiding €6.75m for the site of a former Good Shepherd Magdalene laundry in Cork city. The 7.8 acre property has full planning permission for 182 apartments, 20 townhouses and a crèche facility and is located in the Sunday’s Well area, within walking distance of University College Cork. It is being sold by Moneda Developments and the current planning permission allows for several blocks, two of which will be built behind the façades of the old red brick Victorian convent buildings. The Irish Independent, 2nd May
Shamrock Chambers, Dame Street, Dublin 2 Knight Frank is guiding €4.5m for a city centre site with permission for a 39-bed hotel. Known as Shamrock Chambers, the property currently comprises a five-storey-over-basement building of 18,793 sq.ft. on a c. 0.1acre site at the junction of Dame Street and Eustace Street. It is being sold by US fund Grand Coast Capital and is within 100 metres of the new Central Plaza development on Dame Street, which is due for completion by the end of 2019. The Irish Independent, 2nd May
98 Merrion Road, Ballsbridge, Dublin 4 Agent Finnegan Menton is guiding €8m (€13.3m per acre) for a “ready-to go” residential development site of 0.6 acres on 98 Merrion Road, Ballsbridge, Dublin 4 which has planning permission for 20 units. The units will consist of three penthouse apartments of 2,200 sq.ft each, 14 two-bed 1,200 sq.ft. apartments, and three one-bed 750 sq.ft. apartments. The site, which is owned by Bartra, has extensive road frontage to Merrion Road. Significantly, the property sits just 400m from the location of social media giant Facebook’s new European headquarters. The Irish Times, 1st May
Shackleton Road and Oldtown Road, Celbridge O’Flynn Construction has obtained planning permission from An Bord Pleanála for a €80m scheme in Celbridge, Co Kildare. The permission allows for 167 new houses, 84 apartments and a creche on a site at Shackleton Road and Oldtown Road in Celbridge. Construction on the first phase will begin in August with 50 to 70 units expected to sell each year. The Irish Times, 7th May
BidX1 Online Auction More than 270 lots with a combined value of c. €42m will be auctioned by BidX1 at its online auctions on May 22 and 23. 20% of the properties are commercial and are well within range of medium investors with no guide price exceeding €1m. The Irish Independent, 2nd May
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Blackrock, Co. Dublin Two south Dublin office blocks, Zurich House and Blackrock Hall have been acquired for a reported €10.2m. The purchase is believed to have been funded through senior debt from Finance Ireland and equity from Blackbee. Rents for the two properties (33,584 sq.ft.) generate €845k p.a. in income. Zurich will vacate the buildings in 2021 and there are a number of potential uses for the site including the possibility of converting the properties into a hotel. Irish Times, 24th April
Knight Frank, Dublin Office Market Overview Q1 2019 reports that 1.4 million sq.ft. of office space transacted in Q1, setting a new bar for office occupier activity in an opening quarter of a year. 85% ahead of the take-up achieved in Q1 2018, which itself had set a new record for Q1 activity. The largest deal was the pre-letting of 430,000 sq.ft. at Spencer Place to Salesforce, which was the biggest single letting in the history of the State. The second largest deal was the sale of No.4 & No.5 Dublin Landings to the Irish Central Bank which together extend to 201,000 sq.ft., with completion due for later this year.
Malt House South, Grand Canal Quay, Dublin 2 Plans by a company associated with businessman, Denis O’Brien to construct a five floor vertical extension making Malt House South a nine storey building on Grand Canal Quay in Dublin’s Docklands have been put on hold. The Council informedJepview Ltd that the planned increase in floors at the building “could be overly dominant and would not sit comfortably above the existing protected structure.” The Council also requested that Jepview Ltd respond to concerns expressed by Irish Rail over the plan. Jepview Ltd believe however, that “the contemporary design of the building is deliberately different from the historic structure and will enhance the protected structure below it.” The Irish Times, 25th April
Monkstown, Co. Dublin The McGrath Group has received planning for 56 apartments at the former Richmond Cheshire Home 2.34 acre site at Richmond Park, Monkstown. These will be built in two, four-storey blocks and 24 of the units will be one-bed, 24 will be two-bed and there will be eight three-bed units. The Irish Independent, 25th April
Rathgar, Dublin 6 DNG are listing €2.25m (€570 psf) for a double-fronted period red-brick residence in Rathgar, Dublin 6. 17 Orwell Park, is a two story semi-detached property comprising five bedrooms and five bathrooms covering 3,950 sq.ft. The Sunday Business Post, 28th April
Spencer Dock, Dublin Docklands Johnny Ronan’s Spencer Place Limited, has lodged an application to An Bord Pleanála for a €350m residential development in Dublin’s Docklands consisting of 576 residential units at Spencer Dock. The proposed development would be on a site bounded by Sheriff Street Upper to Wapping Street, Dublin 1. The Irish Times, 26th April
Dublin Property Prices remained flat in the first quarter of this year compared to last year, new research shows, indicating a slowdown in the market. An analysis of the property price register by search engine Perfect Property found that the average sale price of a house in Dublin in the first quarter of 2018 was €417,037 while the average in the same period this year was €418,429, an increase of just 0.33%. The average current listing price on their platform at the start of the second quarter of 2019 fell to €372,000. The Irish Times, 29th April
Airton Road and Belgard Road, Tallaght, Dublin 24 The directors of Power Scaffolding Supplies Limited plan to develop 345 apartments, a crèche and a media and business centre on a site on the corner of Airton Road and Belgard Road in Tallaght, Dublin 24. The dwellings are designed for the build-to-rent market and would be developed in four blocks ranging in height from five to 10 storeys. The apartments will comprise 82 one-bed units, 255 two-bed units and eight three-bed units. The combined floor areas of the apartments and crèche will extend to c. 279,000 sq.ft. The Irish Independent, 25th April
An Bord Pleanála Applications A number of large applications were lodged with An Bord Pleanála under the Government’s fast-track planning rules. Oxley Holdings lodged plans for 697 build-to-rent apartments at Connolly Station car park at Sheriff Street Lower. Parsis Ltd lodged plans with the appeals board for 144 apartments in Sutton. Crodaun Developments Ltd entered a consultation phase with the appeals board regarding their plans to construct 495 dwellings in Celbridge, Co.Kildare. In Cork, HQ Developments are seeking planning for 302 residential units at Horgan’s Quay, Railway Street. Seamus and Evelyn Scally are to lodge planning for 118 build-to rent-apartments on a site bounded by South City Link Road, Rockboro Road and Gasworks Road in Cork city. In Oranmore Co. Galway, Arlum Ltd is to seek planning for 212 units. The Irish Times, 26th April
40 – Tara Street Tower, Dublin 2 A number of potential hotel operators are being considered for Ronan Group Real Estate’s 22 storey Tara Street Tower, including Richard Branson’s new Virgin Hotels. Under the terms of its existing planning permission, the proposed 22-storey building will include a 106-bedroom hotel extending to 47,953 sq.ft. across floors one to four. The Irish Times 24th April
LRC Group has paid c.€150m to acquire 600 residential and commercial assets from Oaktree affiliate, Targeted Investment Opportunities. The deal will see LRC take ownership of hundreds of buy-to-let homes across Dublin, Cork and Galway, as well as a small number of commercial properties. The purchase of this portfolio brings the number of residential properties it owns and controls across Dublin and Ireland’s other main cities to just over 1,600. The Irish Times understands that the portfolio is fully buy-to-let and 80% occupied, with its composition comprising a mix of apartments, houses and a small number of pre-63 period houses. The Irish Times, 24th April
Butterly Business Park, Artane, Dublin has come to the market through agents Quinn & Agnew with a reported asking price in excess of €16.5m. The Business Park spans to nearly 160,000 sq.ft. Currently, rental income is c. €1.4m p.a. with 70,000 sq.ft. of vacant space available. The site also has a ten-year planning permission for mixed-use development, which would consist of commercial space and 178 dwellings. The Sunday Business Post, 28th April
Commercial Property Sector Cushman & Wakefield reports that €2.5bn will likely be invested in the commercial property sector this year, down from €3.2bn in 2018. Cushman & Wakefield expects c. 2.7m sq.ft. of commercial space to be occupied in Dublin by the end of 2019. There was a solid opening to the Irish investment market in the first quarter of 2019, with turnover of €507.8m reported across 29 deals. The Irish Times, 25th April
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Former DIT Kevin Street Campus, Dublin 2 The former DIT Kevin Street campus with a 236,806 sq.ft. collection of buildings on site has been acquired by global institutional investor York Capital and Dublin-based developer Westridge Real Estate for €140m (€591 psf). It is believed that the consortium will deliver a wide-ranging scheme comprising a combination of Grade A offices and multi-family PRS (private rented sector) residential units on the site. A feasibility study suggests it is capable of accommodating one or other of two mixed-use schemes that would extend to 548,959 sq.ft. or 570,487 sq.ft. respectively. Knight Frank brought the property to market last February guiding €80m. The Irish Times, 17th April
The Mall, Beacon Court, Sandyford, Dublin 18 QRE is seeking more than €1m (€310 psf) for an own-door office suite at The Mall at Beacon Court in Sandyford, Dublin 18. Suite 34 extends to 3,230 sq.ft. over three floors and comes with four underground car-parking spaces and a roof terrace. The property was recently refurbished and is being sold with vacant possession. Based on current market rates, the new owners could expect €85,000 pa in rent returning a NIY of 7.9%. The Irish Times, 17th April
Oliver Plunkett Street, Cork The Printworks building at 13-15 Oliver Plunkett Street, Cork standing at 15,074 sq.ft. has been launched on the letting market through joint agents Lambert Smith Hampton and QRE. The floor space spans over three storeys and is laid out in a mix of cellular and open-plan offices. Rent sought is in the region of €15 psf. The Irish Times, 17th April
Dublin Office Market According to the BNP Paribas Real Estate Report, new office deals grew by 66% YoY in Q1 2019. Take up reached 1,434,894 sq.ft. across 57 deals. The largest letting of the period was to Salesforce who have taken 462,848 sq.ft. at Spencer Place in Dublin. Facebook let 172,223 sq.ft. at Nova Atria South in Sandyford. The Irish Times, 18th April
East Village, Clay Farm, Dublin 18 Joint agents Cushman and Wakefield and Sherry Fitzgerald New Homes have been instructed to bring a development of 295 build to rent apartments to market guiding €130m. The proposed development will be located at East Village in Clay Farm, Dublin 18 and will comprise 71 one-bed, 198 two-bed apartments and 26 three-bed duplex units across three separate blocks. Construction will complete towards the end of 2020 and early 2021. When completed the entire development at Clay Farm will include 1,500 homes. The Irish Times, 17th April
Johnstown Road, Dun Laoghaire The Irish Independent reports that the McGrath Group plans to build more than 150 apartments in the Dun Laoghaire area with the first project to be located off Johnstown Road. This scheme will comprise 49 units broken down as 23 one-bed, 21 two-bed apartments, four two-bed duplex units and one three bed unit. The Irish Independent, 18th April
Rathmines, Dublin 6 Lisney is guiding €1.395m (€632 psf) for a 2,206 sq.ft. three-bed, mid terrace period town house located at 4 Seven Oaks, Church Avenue Rathmines. The property also has planning permission for a three storey rear extension. The Sunday Business Post, 21st April
Goodbody BER Housebuilding Tracker estimates that there were 4,255 residential units completed in Ireland in Q1 2019. This represents growth of 22% YoY, a similar rate of growth to that seen in Q4 2018 (+21% YoY), albeit lower than the growth rate seen in H1 2018 (+30% YoY). This growth is in line with Goodbody’s full year forecast of 22,000 completions at this stage, although there are broader signs that we may see a slowing in the rate of growth through the rest of the year. Goodbody’s estimate that apartment completions grew by 64% YoY in Q1. As noted in their Q4 Tracker, planning permissions data was pointing to a large increase in apartment output, although the timing is quite uncertain. At 18% of the total, the proportion of output coming from apartments remains quite small. The Build-to-Rent sector will be the biggest driver of the growth in apartments. Without this investment, Goodbody’s believe that the output in the sector would be much lower in the coming period due to viability and funding constraints. Goodbody Stockbrokers
Munster House Sales According to MyHome.ie there was a 2% increase in 2018 house volume sales compared to the previous years with Cork city and county accounting for 42.5% of this 2% increase. The value of Cork sales increased from €1.36bn to €1.63bn equating to an average of €270k per sale. The value of sales in Limerick rose from €345m to €412m or €197k per sale. The Irish Examiner, 19th April
40 – 47 Fleet Street, Dublin 2 JLL is guiding in excess of €45m for the Temple Bar Inn Hotel along with the ground floor retail unit occupied by Tesco in Temple Bar located at 40-47 Fleet Street. The 101 bed hotel will be sold with vacant possession. Tesco have seven years remaining on their lease. A number of planning permissions have been obtained and there is ability to increase the hotel rooms to 186. The Irish Times, 17th April
North Earl Street, Dublin 1 It is reported that Sports Direct have quietly sold their flagship 48,338 sq.ft. premises on North Earl Street Dublin 1 for c€20m (4.36% NIY). The off market sale and lease back deal took place three years after the property was purchased for €12m. Sports Direct will now have a 15 year lease form February 2019 at €950k pa with a break option in year 10 subject to one years’ notice and rent reviews every five years. The Irish Times, 17th April
GoCar Foxrock, GoCar Carsharing Ltd has confirmed that it intends to provide five shared car club vehicles at the proposed 142 build to rent scheme at Roselawn and Aberdour on Stillorgan Road, Foxrock. GoCar have reported that over 30 builders have made contact with the company since the start of the year for letters of commitment to provide GoCars in new developments. The Irish Times, 17th April
Cork Sunday’s Well The Irish Examiner reports that University College Cork (UCC) has purchased the Former St Vincents’s Church and the adjacent 1.15 acre development site in Sunday’s Well in Cork. Lisney brought the property to market guiding €1.5m or €750k per individual lot. It is reported that UCC purchased the Church and site for less than €1m. The Irish Examiner, 18thApril
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Half Moon Street Development, Cork City Joint agents CBRE and Savills are seeking €34m (7.07% NIY) for the 120,000 sq.ft. Half Moon Street Development in Cork City. The property generates €2.6m annually from Boots flagship pharmacy in the ground retail space and Apple Europe in the overhead office space. The Irish Examiner, 10th April
31-32 Wellington Quay, Temple Bar, Dublin 2 Cushman & Wakefield are guiding €1.275m (6.86% NIY) for 31-32 Wellington Quay. The 2,930 sq.ft. fully let property is located between the Ha’penny and Millennium bridges on the Liffey and generates €94,960 pa from Cut & Sew Barbers, E&S Doctors and the apartment and duplex overhead. The Irish Times, 10th April
120 Pembroke Road, Dublin 4 Joint agents JLL and Lisney are guiding €1.75m (5.78% NIY) for 120 Pembroke Road. The property generates €109,800 pa from Orchid Restaurant which lets the garden level and from a legal practice and financial firm who occupy the hall and first floors. The 3,811 sq.ft. end of terrace property size could be increased by a further 778 sq.ft. if the attic is converted. The Irish Times, 10th April
The Reflector Building, Hanover Quay The Irish Times reports that six parties are thought to be bidding on the 121,089 sq.ft. six storey over basement Reflector Building at Hanover Quay. Bidders are believed to include Hines, Patrizia, Union Investment and Generali. The property was brought to market with CBRE guiding €155m (4.2% NIY) but reports suggest bids will be in excess of €160m. The Irish Times, 10th April
Charlemont Exchange, Dublin 2 Vestas Investment Management has bought Charlemont Exchange for €145m. The Korean firm purchased blocks A, B and C and a have a forward commitment to purchase block D upon completion of the refurbishment works. The four blocks will total 121,270 sq.ft. WeWork agreed a 20 year lease for the entirety at €55 psf and will sublet between 40,000 sq.ft. and 50,000 sq.ft. to Amazon. The Irish Independent, 10th April
CBRE Q1 2019 Dublin Office Report Dublin Office take up in Q1 2019 was the highest ever recorded in the capital at 1,153,891 sq.ft. a 28% increase YoY. Prime rents remain at €65 psf and prime office yields remain at 4%.
Silverdale Facility, Rialto, Dublin 8 Harvey are quoting a rent of €160k pa for an industrial and office unit in Rialto. The 19,568 sq.ft. Silverdale facility sits on a 1.5 acre site and includes a dry storage building of 11,452 sq.ft. there are three grade level doors with clear internal height of 5 meters. The Irish Times, 10th April
CBRE Q1 2019 Industrial Report notes that take up in Q1 2019 in Dublin was 1,029,277 sq.ft. with lettings of industrial units accounting for 66% of this. Of the 33 transactions in Q1, 24 were lettings and nine were sales. Prime industrial rents are €985 psf but expected to rise by 6.5% in the next year. Prime industrial yields in Q1 were 5.1%.
14-16 Dartry Road, Dublin 6 DNG is guiding €5.25m for three period houses on a 0.66 acre site on Dartry Road, Dublin 6. The listed properties range in size from 3,067 sq.ft. to 4,435 sq.ft. and are a combination of two and three storeys over garden level. The properties come with planning to refurbish and extend the properties, allow for the division of the large front garden currently in use for open plan car parking and for the construction of three 1,894 sq.ft. mews dwellings to the rear. The properties had previously been used as pre ‘63 accommodation. The Irish Times, 10th April
69 Sydney Parade Avenue, Sandymount, Dublin 4 Sherry Fitzgerald is guiding €1.595m for a 2,314 sq.ft. four bedroomed house located in Sandymount. The property is beside Sandymount Strand and is a minute walk from Sandymount village and Sydney Parade Dart station. The Sunday Business Post, 14th April
Ballsbridge Court, Dublin 4 Allied Real Estate Group is offering €69.3m for all 90 apartments at the Ballsbridge Court in Dublin. If successful, they intend to demolish the apartments and build 300 or more build to rent units on the site. The Ballsbridge Court apartments backs on to the AIB headquarters which will be the new Facebook European base. It is believed the process of acquiring all of the apartments is almost completed and that two bed apartments are being acquired for more than €800,000. The Irish Independent, 15th April
33 Kenilworth Park, Dublin 6W DNG is guiding €950,000 (€477 psf) for a five bedroom 1,991 sq.ft. red bricked terraced house. The property is located within walking distance of Harold’s Cross, Terenure, Rathgar and Rathmines. The Sunday Business Post, 14th April
City Hotel and Trinity Bar, Dame Street, Dublin 2 has been sold to a Singapore Business man, Dr Stanley Quek and his business partner, a hotelier and restaurateur, Peng Loh, for €12m. Savills acted for the vendor, BNP acted for the purchasers. Dr Quek and Mr Loh have previously bought Trinity Lodge on Frederick Street in 2016 for €7m and the Sheen Falls hotel in Kenmare in 2018 for €17m. The Irish Times, 10th April
2.2 Acres Watson Road, Co. Dublin CBRE is guiding €6.25m (€2.84m per acre) for a 2.2 acre site accessed from Watson Road and bounded to the rear by Church Road, Killiney. The site has planning permission for 43 units including 24 one and two bed apartments and 19 three and four bed houses. The Irish Times, 10th April
7.2 Acres Damastown Industrial Estate, Dublin 15 CBRE is guiding €2.5m (€347k per acre) for a 7.2 acre site at Damastown Industrial Estate which has 150 meters of frontage onto Damastown Road. The site is zoned general employment GE which allows for a variety of uses including industrial, warehousing, petrol station. The Irish Independent, 11th April
0.19 Acre Site Harold’s Cross, Dublin 6W Savills is guiding €3m (€15.7m per acre) for a 0.19 acre site with frontage on to Harold’s Cross Road. Two feasibility studies were carried out by Andrew Lohan Architects. One shows potential for 35 apartments divided as six studios, 10 one-bed and 19 two-bed apartments with basement parking. The second shows student accommodation with 103 bedrooms. The Irish Independent, 11th April
Dublin Crane Count has dropped for the first time in six months and is down to 117 from the record high of 123 in March 2019. There were 70 cranes on the south side of the Liffey and 47 cranes on the north side. The Irish Times, 10th April
Green Reit which has a €1.48bn portfolio of office and logistics assets, 95% of which is located in Dublin has put itself up for sale. The Reit earns €75.5m per annum. The Irish Independent, 15th April
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Circle K Filling Station, Donnybrook, Dublin 4 Kelly Walsh is guiding €4m for the Circle K filling station which sits on a 0.26 acre site in Donnybrook. The property was brought to the market in November 2018 along with a 3,810 sq.ft. commercial building occupied by First Stop Tyres for €5m but the commercial unit has been removed from the sale. The filling station is let to Ard Services on a ten year lease from 2014 at €165k pa. The tenant signed a deed of renunciation so full vacant possession is possible in five years, if required. The Irish Times, 3rd April
Eason Sale and Leaseback Limerick, Kerry and Tipperary Eason has launched the sale and leaseback of three of their units in Limerick City, Tralee, Co. Kerry and Clonmel Co. Tipperary. Bannon is seeking €2.2m (7.5% NIY) for the 12,573 sq.ft. mid terraced property in Cruise Street, Limerick city and offering a 25 year lease at €180k pa. Joint agents Bannon and Walsh O’Sullivan are guiding €1.23m (9% NIY) for the 6,483 sq.ft. unit at 25 The Mall Tralee, Co. Kerry with an annual rent of €120k. Joint agents Bannon and Moynihan Curran are guiding €560k (11.5% NIY) for the Clonmel store located at 19/20 Gladstone Street with an annual rent of €70k. The Irish Independent 4th April
Liffey Valley Complex, West Dublin From Summer 2019, there will be four drive thru restaurants at Liffey Valley. KFC has leased a 3,208 sq.ft. unit, Burger King has leased a 2,906 sq.ft. unit and Starbucks has taken the 1,991 sq.ft. unit. The last remaining 2,099 sq.ft. unit is being quoted by CBRE at €120k pa. The Irish Independent, 4th April
Smithfield, Dublin 7 The Office of Public Works (OPW) has pre let The Distillers Building, a 162,470 sq.ft. office block currently being developed in Smithfield for €40 psf. The property will include 47 car spaces, 188 bicycle spaces and roof terraces. The OPW have also taken 47,000 sq.ft. of space at the Bishops Square development in Dublin 2 at €49 psf. The Irish Times, 3rd April
77 Sir John Rogerson’s Quay Hibernia Reit has sold 77 John Rogerson’s Quay to a German Pension fund for €35.6m (4.65% NIY), a 24% increase on the €28.7m they paid for the building 14 months ago. The 34,400 sq.ft. six storey office building is let to Regus on a 25-year lease from 2018 at €1.8m pa. Bannon acted for the vendor, Knight Frank acted for the purchaser. The Irish Times, 3rd April
Dundrum Business Park Lisney is guiding €1.05m for two own-door office units at Dundrum Business Park. Unit 4A is a 2,432 sq.ft. property with five car spaces and Unit 4B is 4,496 sq.ft. with three car spaces. Both units are let to FundAssist at €55,250 pa with a weighted average lease term of 1.33 years until expiry. The Irish Times, 3rd April
22 Sandymount Green, Dublin 4 Bennetts Auctioneers is guiding €1.45m (€822 psf) for a 1,765 sq.ft. listed building at 22 Sandymount Green. The property, being sold with vacant possession, had been in use by two legal practices for 40 years. As there is no back garden or car parking, it is likely to remain as office use rather than change planning to residential. The Irish Times, 3rd April
Parkmore East Business Park, Galway Property investor and developer, Fine Grain Property, has agreed to lease 23,000 sq.ft. of newly developed office space to FotoNation, a division of Experi. Block 5 Parkmore East Business Park is a 45,000 sq.ft. three storey office block which was completed five months ago. Joint agents JLL and Power Property are seeking €19.50 psf for the remaining 22,000 sq.ft. which may be rented by one or more tenants. The Irish Times, 3rd April
Q1 2019 Office Takeup According to a BNP Paribas Real Estate Report, Q1 2019 office take up in Dublin reached 1,434,894 sq.ft. across 57 deals, an increase of 66% YoY. Large tech companies expanding within the technology, media and telecom (TMT) sector accounted for 57% of overall take up. The largest letting was to Salesforce for 462,848 sq.ft. of space at Spencer Place. 31% related to public sector take up with the OPW taking space in Smithfield and Bishops Square and the Central Bank taking 215,278 sq.ft. at Nos 4 & 5 Dublin Landings. Brexit has also had an impact with more than 70 companies announcing plans to move or expand within Dublin since the 2016 vote. The Sunday Business Post, 7th April
Tara Street Tower, Dublin 1 An Bord Pleanála has approved Johnny Ronan’s 22 storey, 88 metre high, 178,218 sq.ft. office and hotel development. Planning permission for the property has been sought on four separate occasions. The property will be capable of accommodating 890 office workers and a 106 bedroomed hotel over four storeys and a top-floor restaurant. The Sunday Independent, 7th April
3 Lombard Street East, Dublin 2 McNally Handy is guiding €955k (9.4% GIY) for 3 Lombard Street, a 3,042 sq.ft. mixed used property. The property is divided into a two bed apartment in the basement, two retail units at ground floor let to Lunch ,a restaurant / café, and Mailboxes Etc, and two further two-bed apartments overhead. The property produces €93.6k pa. The basement tenant has long term tenancy rights, the retail units are on ten year leases from 2016 but have been in occupation since 2014 and the overhead apartments are let on Air BnB. The Irish Times, 3rd April
Unit 1 Northern Cross Business Park, Dublin 11 CBRE has brought Unit 1 Northern Cross Business Park, a 36,123 sq.ft. logistics unit, to the letting market and is seeking €323k pa (€8.95 psf). The property comprises 4,112 sq.ft. of office space internal height of 12m, three dock levellers and one roller shutter door. Industrial take-up in 2018 was up more than 20% YoY. The Irish Times, 3rd April
An Culu, Kenmare, Co Kerry Savills is guiding €4.5m (€496 psf) for a four storey, 9,074 sq.ft. castle built on the shores of Kenmare bay in 1998. The six bed property includes an underground grotto style swimming pool. The Sunday Business Post, 7th April
12 Hillside Drive, Rathfarnham, Dublin 14 DNG is guiding €1.5m (€569 psf) for a 2,637 sq.ft. four bed detached house in Rathfarham located on Hillside Drive, Rathfarham. The Sunday Business Post, 7th April
52 Bedroom Hotel, Mount Street, Dublin 2 An Bord Pleanála has approved a 52 bedroomed hotel on the site of the old Howl at the Moon venue on Mount Street. Dale Vision, a company associated with Paddy McKillen Jr’s Oakmount development group, bought the site for €3.2m in 2016 and construction is scheduled to commence immediately. The original 53 bedroomed hotel over six storeys over basement proposal was blocked by An Bord Pleanála. The renewed planning application reduced the rooms by one with the top floor set back slightly and retaining the Victorian shop front. The Irish Times, 4th April
The Sands Hotel, Tramore Waterford Sherry Fitzgerald John Rohan has sold the 20 bedroomed, 22,066 sq.ft. Sands Hotel in Tramore Waterford for more than €600k. The Irish Independent, 4th April
River Liffey Cycle Route A report submitted to Dublin City Council’s Transport Committee has recommended that a 4.7 km segregated cycle track along the north and south quays of the River Liffey from the East Link Bridge to Heuston Station be completed. It is proposed that 1.7km of the western section of the route will be located on the building side and 1.2km central section will be on the river side. The change from building side to quay side will occur near the O’Donovan Rossa Bridge by way of a designated cycle crossing. The final eastern section will be a two way track alongside the river on both sides. It is thought the project will cost €20m. A public consultation on the proposal is expected later this year and will require an environmental impact assessment before being submitted to An Bord Pleanála. The Times, Irish Edition, 3rd April
Crane Count Less than a dozen cranes are located on building sites outside Dublin, 11 times less than the Capital. Seven cranes are on sites in Cork City, two cranes are on sites in both Galway and Limerick, compared with 123 cranes in Dublin. The Sunday Business Post, 7th April
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77 Sir John Rogerson’s Quay Hibernia Reit has announced that they will sell 77 Sir John Rogerson’s Quay, which is fully let to International Workplace Group, for €35.5m (€1,040 psf). Hibernia acquired the 34,400 sq.ft. office property in 2018 for €28.7m and simultaneously agreed a long lease with IWG at €1.8m pa (€50 psf). Hibernia will return the net sale proceeds to the shareholders and has announced an initial on market share buyback programme of up to €25m, the first time Hibernia has bought back its own stock. The Irish Times, 1st April
5 Hanover Quay, Dublin 2 DocuSign, an electronic signature software company has leased 100,000 sq.ft. of space in the seven-storey office block located at 5 Hanover Quay. DocuSign will occupy the ground to third floor. Aptiv, a vehicle technology company, already leases the three upper floors totalling 60,000 sq. ft. at €58 psf. Although not specified, it is thought that the rent will be in line with what Airbnb signed for their space at the Reflector building at €56 psf. The Irish Times, 29th March
Harcourt Centre, Dublin 2 €55 per sq.ft. is being quoted by Knight Frank for newly refurbished office space (5,250 sq.ft.) at the Harcourt Centre in Dublin 2. A rent of €4,500 per space is also being quoted for the four car-parking spots that come with the unit. The second-floor self-contained office unit has recently been upgraded and its fit-out includes data cabling, comms room, canteen and two private offices. Tenants at the Harcourt Centre include EY, Regeneron, Travelers Insurance and NTT Communications. The Harcourt Centre is within walking distance of St Stephen’s Green and Grafton Street, and is close to the Luas and Dart services. The Irish Times, 27th March
One Building, Lower Grand Canal Street, Dublin 2 was sold for €49.5m (€1,094 psf) in an off-market transaction. The One Building was sold by Savills with BNP Paribas Real Estate understood to have acted for the buyer. Stripe leased the 45,208 sq.ft. building in 2015 at an annual rent of more than €2m which breaks back at c€50 per sq.ft. It was reported in 2016 that Stripe subsequently sub-let about 15,000 sq.ft. of the space on a short-term lease at €60 per sq.ft. The building has 51 car spaces and is within walking distance of the Silicon Docks area, the city centre and the Dart. The Irish Times, 27th March
Office Block, Cherrywood Accenture has agreed to lease a further 14,000 sq.ft. of space in Building 11, a modern Grade A 120,000 sq.ft. four-storey office block extending in Cherrywood. The firm is believed to have agreed a rent of about €25 per sq.ft. on half of the ground floor at Building 11 on a new 10-year lease with a break option in year five. Accenture is also to rent 25 secure basement car-parking spaces at €1,500 each pa as part of the deal which also includes tenant incentives at the start of the lease. Last March Accenture opened its fourth base in Cherrywood when agreeing to lease 30,000 sq.ft. at Building 11. The Irish Times, 27th March
Citywest Quarter Development, Dublin 2 82 apartments currently under construction are being offered for sale in one lot by Cairn Homes for €90m (€320k per apartment). Apart from these apartments, the Citywest Quarter will also offer c170 units which will be offered for sale individually. The Irish Independent, 2nd April
122 BTL Apartments in D24 An investment portfolio of 122 apartments in two separate complexes in Tallaght, Dublin 24, is being offered for sale as the Acorn Collection. CBRE are quoting €29.8m (7% NIY) for the entire portfolio (€244k per apartment) to be sold in a single lot, with current gross passing rent of c€2.08m pa. 59 apartments are in the Abberley Square complex and include 20 one-bedroom, 34 two-bedroom and five three-bedroom units. 63 apartments are at the Arena Centre overlooking Blessington Road and Tallaght Stadium, consisting of 20 one-bedroom units, 35 two-bedroom units and eight three-bedroom units. The Irish Independent, 28th March
The Wave, Harbour Road, Dalkey Located within a one-minute stroll of Bullock Harbour, The Wave is a four-bedroom residence on the market with Colliers guiding €1.595m. The C1 energy-rated home offers c3,600 sq.ft. of space as well as a self-contained studio of c240 sq.ft. The architecturally designed home is set back from the road and is accessed via a covered entrance that leads to a parking area with a large car port. The Sunday Business Post, 30th March
Dawson Street, Dublin 2 Dublin City Council has given approval for a €35m development that includes a new 117-bedroom hotel on Dublin’s Dawson Street and also includes the redevelopment of the Royal Irish Automobile Club’s (RIAC) private members’ facility. The project is being led by Tetrarch Capital that counts the Marker Hotel and the Citywest Hotels in its portfolio. Tetrarch purchased the Dawson hotel on Nos 35-36 Dawson Street & Anne’s Lane in 2015. The RIAC is located next door at 33-34 Dawson Street and the plan reconfigures the HQ of the RIAC and creates the 117-bedroom hotel. The build is expected to take two years. The Irish Times, 1st April
1.9 acres, Kilternan Collliers is guiding €3m (€1.58m per acre) for a 1.9 residential acre site on the Enniskerry Road in Kilternan, Dublin 18. It has c150m of road frontage and is zoned “lower density residential” under the local development plan. This zoning allows for up to 40 dwellings per hectare which suggests it could accommodate, subject to planning permission, about 30 dwellings.The site is a short drive from the Luas stop at Ballyogan, 2.5km from Dundrum Town Centre and is within easy reach of the M50. Shopping at The Park in Carrickmines is also close by. The proposed Glenamuck Distributor Road should alleviate traffic through the village while improving access to Carrickmines and the M50. The Irish Times, 27th March
0.85 acre East Wall Road Site MKN Property Group has acquired a 0.85 acre site on East Wall Road, Dublin 3. The property was occupied by the Canavan Ford & Seat car showroom, which is relocating to the North Circular Road, and was marketed for sale in recent months by the McCormick agency with a guide price of €6m. A feasibility assessment carried out by the vendor identified two options for the site, including a development of 96,875 sq.ft. of commercial space in addition to 101 apartments. Alternatively, 178 hotel rooms could be accommodated instead of the apartment element. This feasibility assessment was carried out prior to December 2019, when the cap on heights for urban developments were effectively removed and therefore MKN may well secure permission for a higher development capable of accommodating a greater number of units when it lodges a planning application. The Irish Times, 27th March
48 William Street, Galway City Centre Lambert Smith Hampton has sold 48 William Street, a property comprising 915 sq.ft. retail on the ground floor and 2,658 sq.ft. of office space over the three floors above for more than its guiding price of €2m. The property was brought to the market for sale in October and the quick disposal bodes well for the sale of the Eason Shop at 33 Shop Street which is being sold on a sale and leaseback basis guiding €8m through Bannon. The Irish Times, 27th March
AIB sale of €1bn Loan Portfolio AIB has agreed to sell a €1bn portfolio of non-performing loans, consisting of mostly buy-to-let properties. The portfolio, which consists of 2,200 customer loans, is being sold to Everyday Finance as part of a consortium arrangement with Everyday and affiliates of Cerberus Capital Management. The portfolio is predominantly made up of investment properties, with limited agriculture exposure, with an average balance of €500,000 across 5,000 assets. However, for 10% the loans, the family home has also been included as it is cross-secured to wider commercial connected debt. Once the deal is completed, AIB will receive cash consideration of approximately €800m. From 2013 to end-2018, AIB has reduced NPEs from €31 billion to €6.1 billion. AIB Investor Relations Website, 1st March 2019
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Druids Glen Hotel and Golf Resort, Co. Wicklow It is reported that Neville Hotel Group are in talks with the owners of Druids Glen. The Neville Hotel Group own the Royal Marine Hotel in Dun Laoghaire, the Kilkenny River Court Hotel and the Tower Hotel in Waterford City. Savills brought Druids Glen to market in August 2018 guiding €45m. The Irish Independent, 21st March
Donnybrook, Dublin 4 Knight Frank is seeking offers in excess of €4m for a 0.21 acre site on Donnybrook Road, beside the fire station which has planning for a 71 bedroomed six storey hotel. The site currently comprises of four retail units and one dental practise on short term letting agreements with an annual rental income of €130,000 pa. Knight Frank, 22nd March
Bruxelles Pub, Dublin 2 Louis Fitzgerald has bought Bruxelles pub in a deal thought to be worth c€10m and now owns 21 pubs including the Gin Palace in Dublin and the Quays bars in Temple Bar and Galway. Louis Fitzgerald told the Sunday Independent that he will not be bidding on Copper Face Jacks. The Sunday Independent, 24th March
Harvey’s Point Hotel, Donegal The Irish Independent reports that the four star Harvey’s Point hotel is being sold to an investment fund managed by Davy Real Estate. The hotel is located at Lough Eske at the foot of the Blue Stack Mountains. Savills managed the sale on behalf of the vendors. The Irish Independent, 25th March
Gorey Retail Park, Co Wexford A local investor has paid €1.33m (9.66% NIY) for a retail park in Gorey Co Wexford. The property was brought to market with Colliers guiding €1.3m (€65 psf). The park comprises six retail units and two office units, 20,000 sq.ft. in total and produces €139k pa in rental income. The Irish Times, 20th March
10 Talbot Street, Dublin 1 A private investor paid €1.4m (6.78% NIY) for a mixed use investment property at 10 Talbot Street Dublin 1. The property was sold by Lisney on their click to purchase online sales platform. The property has an annual rent roll of €103k. The Irish Times, 20th March
21 Herbert Place, Dublin 2 Colliers is guiding €1.8m (€653 psf) for a 2,756 sq.ft. four storey property with a derelict mews. The property is laid out as offices on the ground, first, second and third floors and the basement was previously in use as an apartment but could be converted back to offices with the benefit of planning. The Sunday Business Post, 24th March
The Circle Collection Savills are guiding €46m (7.2% NIY) for a portfolio, called The Circle Collection, of 27 pre-63 properties with 213 residential units and three commercial units in the city Centre. The portfolio produces €3.49m pa in rental income and is “effectively fully let”. All properties are fully compliant with planning, fire regulation and local authority housing standards. The properties are located in Clontarf, Rathmines, Rathgar, Phibsborough and South Circular Road. The Irish Times, 20th March
Kilcarbery Business Park, Dublin 22 QRE is guiding €875k (8.23% GIY) for a 4,219 sq.ft. three storey office investment which is let to Forensic Technology (Europe) at €72k pa with 7.8 years unexpired on a 25 year lease. The Sunday Business Post, 24th March
Block B, Nutgrove Office Park, Dublin 16 Lisney has reduced the asking price for Block B, Nutgrove Office Park to €5.8m (€145 psf) which falls below the cost of replacement. The property was brought to market in May 2018 guiding €7m (€176 psf). The 39,845 sq.ft. vacant four storey property built in 2007 includes 45 car parking spaces. The property is subdivided into three units which are 21,159 sq.ft., 11,443 sq.ft., and 7,243 sq.ft. respectively. The Irish Times, 20th March
23 Shelbourne Road, Dublin 4 Three tenants are now occupying 9,300 sq.ft. of the refurbished office block at 23 Shelbourne Road, Ballsbridge. Friends First are seeking €50 psf for the remaining 10,000 sq.ft. through Lisney and BNP Paribas. Friends First bought the property in 2015 for €18m and have refurbished the entire building. The Irish Times, 20th March
Bishop’s Square, Dublin City Centre CBRE have been instructed to bring Bishop’s Square to market on behalf of Hines. Hines bought the property in 2015 for €92.5m and commenced construction works in 2017 of a new penthouse floor and extension to the fourth and fifth floors. Once completed the property will total 187,500 sq.ft. The property currently produces €8.7m pa in rental income and is expected to achieve c€180m. The Irish Independent, 21st March
14 Warrington Place, Dublin 2 A UK purchaser paid €2.1m (6% GIY) for a 3,085 sq.ft. three storey over basement period property which is divided into five apartments. Savills brought the property to market guiding €1.95m. The property is let to Adoor Premium Services Apartments on a five year lease at €130k pa. The Irish Times, 20th March
27 Ailesbury Road, Dublin 4 Savills is seeking €6.5m (€1,385 psf) for an end of terrace 4,962 sq.ft. redbrick four bedroomed house on Ailesbury Road. The Sunday Business Post, 24th March
54 Heytesbury Lane, Ballsbridge, Dublin 4 Knight Frank is guiding €1.2m (€785 psf) for a 1,528 sq.ft. three bedroomed mews residence built in 1990. The Sunday Business Post, 24th March
32 Carrickmines Chase McMorrow Properties is seeking €1.395m (€451 psf) for a 3,089 sq.ft. five bed roomed house with a sixth room in a self-contained annexe on 0.4 acres located in Carrickmines. The Sunday Business Post, 24th March
0.84 Acres Goatstown Road, Dublin 14 Knight Frank is guiding €6.5m (€7.7m per acre) for a 0.84 acre site with 90m of road frontage on Goatstown Road. According to a feasibility study carried out by O’Mahony Pike, the site could accommodate a scheme of 75 apartments over a basement carpark, subject to planning. The property is currently occupied by Charles Hurst Premium used-car sales showroom but is being sold with the benefit of vacant possession as the occupier is relocating to the Naas Road. The Irish Times, 20th March
8.6 Acres Ballyboden GVA O’Buachalla is guiding €18m (€2m per acre) for 8.6 acres at Taylor’s Lane in Ballyboden. John Fleming Architects suggest the site could accommodate 212 homes or 436 build to rent units subject to planning. The Irish Times, 20th March
Development Land Sales 2018 witnessed the highest volume in development land sales since the economic crash. €1.39bn of land was bought and sold in Dublin, Cork, Galway and Limerick, which is almost double the 2017 figures according to Cushman & Wakefield. €928m or 67% of the 2018 total was spent on residential sites. The Irish Times, 20th March
7.6 Acres Rathmichael Savills is guiding €3m (€395k per acre) for a 7.6 acres site with planning for ten five-bedroom detached houses ranging from 3,875 sq.ft to 5,167 sq.ft. The site is within the grounds of Shankill House, off Ferndale Road. The Irish Times, 20th March
0.2 Acres Dundrum, Dublin 16 O’Mahony Auctioneers is guiding €1m (€5m per acre) for a 0.2 acres site at Ballawley Lodge on Sandyford Road, Dublin 16 with planning for five three storey 2,000 sq.ft. houses. The site may have potential for a higher density scheme subject to planning. The Irish Times, 20th March
Student Accommodation Construction Information Services (CIS) notes that 6,060 bed spaces were buillt in 22 student projects in Dublin, Cork and Galway between June 2016 and February 2019. Planning was granted in 2018 for a further 2,309 in Dublin and 810 in Cork. Plans have been submitted for another 2,216 bed spaces in the last four months. In the last 15 months, student accommodation accounted for 21% of the 65 applications under the fast track planning. The Irish Independent, 21st March
Floating Wind Turbine A floating wind turbine will be built off the coast of Mayo. The project which will demonstrate the potential of harnessing the wind and wave conditions in the Atlantic received €31m in funding and is expected to be completed by 2022. The Times, Irish Edition, 21st March
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Copper Face Jacks, Harcourt Street, Dublin 2 DC Curtin and Associates has been appointed to manage the sale of Copper Face Jacks and the Jackson Court Hotel on Harcourt Street. It is anticipated that the sale will achieve over €40m. The properties located at 28-31 & 35 Harcourt Street, comprise 37 bedrooms and seven bars. The Irish Times, 14th March
Cumberland Street, Dublin 2 The O’Callaghan Hotel Group has secured planning for a new eight storey 158-bed hotel on Cumberland Street, beside Twitter’s Dublin Headquarters. A previous decision by Dublin City Council was upheld following appeals. The Irish Independent, 15th March
Sunset Ridge Motel, Killeens, Cork Coldwell Banker Carlton Estates are guiding €1.5m for the Sunset Ridge Motel which has been derelict for the last eight years after 40 years of trading. The property is a 40 ensuite bedroomed motel with bar and function room. The agent notes that the property could be sold with a view to redevelop to residential use. The Irish Examiner, 13th March
96-98 Churchtown Road, Dublin BNP Paribas are guiding €5.7m (6% NIY) for a mixed use development at 96-98 Churchtown Road, the site of the former Braemor Rooms and McGowans. The investment property generates €371k pa from tenants including Union Café, Centric Health and Floral Art The Irish Independent, 14th March
14 Lower Pembroke Street, Dublin 2 Colliers has sold 13 Lower Pembroke Street for €1.825m, €125k above the asking price when it was brought to market in May 2018. The building comprises a 4,699 sq.ft. four storey over basement mixed use property and produces €63.6k pa in rent from three tenants. The building also included seven pre-63 vacant residential units. The Irish Times, 13th March
Waterford North Quays Falcon Real Estate Development Ireland, a Saudi Arabian-owned company, anticipates commencing the substantial redevelopment of Waterford’s North Quays by the end of 2019. The scheme will comprise 504,827 sq.ft. of retail dining and leisure, 161,459 sq.ft. of office space, 300 apartments and a 200-bed four star hotel. Falcon estimates the project will require €350m investment and will be privately funded. The Times, Irish Edition, 13th March
Galway Property Market IDA Ireland are commencing work on its 34,983 sq.ft. building at Parkmore Business and Technology Park. Rhatigan Group who are building this property for the IDA has submitted plans to develop a 12 acre site at Crown Square in Wellpark to accommodate 403,647 sq.ft. of office space, 180-bed four star hotel, 290 apartments along with retail and entertainment space. Patricia Staunton of Cushman and Wakefield notes that prime rents in 2018 were €27 psf and are expected to rise to €30 psf in 2019. This month, development is expected to commence at Bonham Quay providing 279,862 sq.ft. of office space The Sunday Business Post, 17th March
Trident House, Blackrock, Co Dublin Zurich Insurance has agreed to lease the refurbished Trident House office block in Blackrock. While no rent has been disclosed, similar space in the area is let at €30 psf. Zurich had already agreed to occupy the adjoining office block, Enterprise House at €30 psf on a 20 year lease. Work is due to complete on Enterprise House in Q4 2019. The Irish Times, 13th March
Co Living Killarney, Co. Kerry Bond Street Investments has redeveloped the previously locally known “German Flats” into Abode, 12 retro designed apartments in a co living space in Aghadoe, just outside Killarney. The property is the first co-living space in the region and offers communal recreational space, kitchen, gym, laundry room and a communal room for watching movies. The Sunday Business Post, 17th March
Wolfe Tone Street, Dublin 1 Avestus Capital Partners has purchased Wolfe Tone Lofts in an off market deal for more than €22m. The property comprises 46 fully tenanted apartments, 32 basement car parking spaces and a commercial unit. The Irish Times, 13th March
Mount Argus, Harold’s Cross The Marlet Property Group has sold a monastery on a 1.75 acre site at Mount Argus, Harold’s Cross for c€4.5m (€2.5m per acre). The property was brought to market through Lisney in October 2018 guiding €3.5m. It is thought that Equitas Properties, a company found by Robert and Michael McCarthy, have purchased it. The Irish Times, 13th March
69 Acres Ballincollig, Cork Agent Irish and European has brought 69 acres of land including an active farm in Ballincollig Cork to market. It is thought that the site could achieve €20m (€290k per acre). 67.75 acres are zoned medium density residential development and 1.5 acres are zoned open space and sports recreation. The site, with good road frontage to Maglin Road and bounded by the N22 Ballincollig bypass to the south, could accommodate 500-1,000 residential units. The Irish Times, 13th March
31.5 Acres Blessington, Co. Wicklow CBRE are guiding €1m (€31.7k per acre) for a 31.5 acre site in Blessington Co Wicklow. The site’s zoning includes 16.5 acres agricultural lands, 8.5 acres for community and education and 6.5 acres for employment and enterprise. It is thought that the site could benefit from re-zoning following the expiration of the Wicklow County Council Development Plan in in 2022. The Irish Independent, 14th March
38 Acres Clonburris, West Dublin Savills has launched a second 38 acre residential site guiding €11.5m (€302k per acre) which adjoins an even larger 65 acre site which launched last month guiding €27.5m (€423k per acre). The 38 acre site could accommodate 850 residential units with the larger site accommodating 950 homes. The combined sites also include 238,797 sq.ft. for commercial space. The sites represent 15% of Clonburris Strategic Development Zone (SDZ). The Irish Times, 13th March
0.85 Acres Raheny, Dublin 5 CBRE are guiding €2.75m (€3.2m per acre) for a 0.85 acre site off Watermill Road in Dublin 5. The site has planning permission for 12 houses comprising 11 four-bed and one three bed house. The site is within walking distance of St Anne’s Park, the seafront and the Dart station. The Irish Times, 13th March
Christchurch Carpark, Dublin Joint agents JLL and Knight Frank are guiding €15.5m (5.2% NIY) for a 213 space car park adjoining the Jurys Inn Hotel. The guide price equates to €72.8k per space. The property comprises four storeys on a 0.4 acre site and is being sold subject to a short term lease with Q-Park which expires in June 2019. The Irish Times, 13th March
Auctions On 27th March, there will be three auctions. DNG Creedon will auction 29 Munster lots at a public auction in Cork. DNG will also offer six residential Leinster and Dublin lots at their head office in Dublin and Real Estate Alliance will hold an online auction with 11 lots. BidX1 Online Auction comprising 146 lots will take place on April 4th. The Irish Independent, 15th March
Car Distribution Hub, Dublin Airport A unit of Killeen Group which controls the Toyota and Lexus franchise in Ireland has been given approval for a 6,000 car distribution hub located on 32 acres close to Dublin Airport. The site was acquired by the Killeen Group in 2001. The Irish Independent, 15th March
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96-97 Talbot Street, Dublin 1 BNP Paribas Real Estate are guiding €1.1m (7.1% NIY) for 96-97 Talbot Street, a 2,002 sq.ft. property let to TUI Travel at €85k pa. The lease has an unexpired term of 9.8 years with upward only rent reviews. The Irish Times, 6th March
33 Shop Street, Galway Bannon are seeking more than €8m (6% NIY) on a sale and leaseback basis by Eason’s for 33 Shop Street who have occupied the building for the last 30 years. Eason will take a 25 year lease at €525k pa with a guarantee from Eason Operations Ltd for 10 years of the lease, limited to two years’ rent. 33 Shop Street is a 11,226 sq.ft. part two and three storey building. Eason’s announced last year that they would sell 13 properties in Ireland including the flagship store on O’Connell Street in Dublin. The Irish Times, 6th March
Danish Home Retail Group Jysk, frequently viewed as a competitor of IKEA, is set to open its first Irish store in April in Naas with stores to open in Drogheda and Navan in May and Portlaoise in August. The lease terms agreed in Naas Retail Park were 10 year term for a 12,000 sq.ft. retail store and 2,000 sq.ft. stock room at €11 psf rising to €15 psf over five years with rent free period along with tenant only break options in year five. The Irish Times, 6th March
4 Cavendish Row, O’Connell Street, Dublin 1 DNG are guiding €1.2m (7.5% GIY) for a mixed use property over five floors with retail in the basement and ground floor and four luxury apartments overhead. The property is located opposite the Gate Theatre at the top of O’Connell Street and generates €90k pa. The Sunday Business Post, 10th March
Sandyford, Dublin 18 Lisney are guiding €7m (7.5% NIY) for the 2nd and 3rd Floor Paramount Court, Sandyford. The property extends to 20,384 sq.ft. and generates €568k pa from tenants Smith and Williamson and PrePay Power. Weighted average unexpired lease term of c. 5 years to break and 12 years to expiry. The Sunday Business Post, 10th March
21 Herbert Place, Dublin 2 Colliers are guiding €1.8m (€654 psf) for a 2,752 sq.ft. Georgian office building overlooking the Grand Canal in Dublin 2. The property includes 2,000 sq.ft. of office space and a self-contained basement extending to 744 sq.ft. which was previously used as a two bed apartment. The property also includes a 370 sq.ft. derelict mews. The Irish Times, 6th March
68 Pembroke Road, Ballsbridge, Dublin 4 Hooke and MacDonald are guiding €1.6m (€671 psf) for a 2,382 sq.ft. three storey over garden level Georgian property. The property includes four car parking spaces to the rear and is being sold with the benefit of vacant possession. The Irish Times, 6th March
Charlemont Square, Dublin 2 The Irish Times reports that Amazon is close to signing up for 200,000 sq.ft. of space at the €85m Charlemont Square development at a rumoured €55 psf. The scheme will also include 263 new homes. The Irish Times, 6th March
Penthouse Floor, Ulysses House, Foley Street QRE are guiding €2.25m (7.6% NIY) for the penthouse floor of Ulysses House on Foley Street. The 6,566 sq.ft. property is let to British Study Centres Ltd on a 10 year lease from 2018 at €185,708 pa. The Irish Independent, 7th March
Salesforce Tower, Dublin Docklands A management company representing the interests of 616 property owners in the area has told Dublin City Council that approving Johnny Ronan’s plans for up to 11 storeys “would make a mockery of the planning scheme process” and that the planning for that area, a Strategic Development Zone (SDZ) sets a maximum height limit at eight storeys. Johnny Ronan has warned that thousands of Salesforce jobs are at risk if planning is not granted. The Sunday Business Post, 10th March & The Irish Independent, 11th March
Heuston South Quarter, Dublin City Centre Marathon Asset Management has appointed Savills and Eastdil Secured, a subsidiary of Wells Fargo Bank, to handle the sale of Heuston South Quarter in Dublin. The portfolio comprises 226 apartments, 106,319 sq.ft. of Grade A office space, 48,034 sq.ft. of commercial spaces and 3.63 acre development site. It is anticipated the sale will achieve in excess of €200m. The Irish Independent, 7th March
Dublin Office Investment Market Analysis 2019 published by BNP Paribas Real Estate Ireland notes the office markets in north and south Dublin suburbs are attracting increased attention from investors and occupiers. Dublin office returns were 9.2% in 2018 up 3% YoY. BNP note that these returns are attracting new investors from Far and Middle East. The Irish Independent, 7th March
32 Residential Units, Clondalkin, Dublin 22 Savills are guiding €6.25m (7.58% NIY) for a fully let scheme of 32 residential units in The Chaplains development in Clondalkin, Dublin 22. The units generate €494,664 per annum. The average passing rent of €1,288 offers significant reversionary potential for investors. The scheme includes nine three-bed apartments, 16 three bed duplexes, five three-bed townhouses and two four-bed townhouses. The Irish Times, 6th March
220 Bed Hotel Sullivan’s Quay, Cork CBRE have been instructed by Bam Property Ltd to bring the sale of a 220 bedroom hotel which is to be developed on the site of the former tax office on Sullivan’s Quay Cork to market. The hotel will form part of the mixed use development including 86,111 sq.ft. of Grade A office space. The proposed 158,014 sq.ft. hotel will include a 12 storey tower with executive lounge on the top floor, restaurant, bar, banqueting area and gym. The hotel will be delivered to a specification pre-agreed between Bam and CBRE. The Irish Independent, 7th March
8.11 Acre Site, Celbridge, Co Kildare Coonan Property are seeking €2.5m (€308k per acre) for an 8.11 acre development site located adjacent to the M4 Business Park. The site is zoned industrial. Expressions of interest must be made in writing to Coonan Property on or before 12pm Wednesday April 3rd. The Irish Independent, 7th March
Harold’s Cross, Dublin 6 Kelly Walsh are guiding €1.85m for 146-156 Harold’s Cross Road, Dublin 6 which comprises retail units with residential above totalling 10,206 sq.ft. The retail units are vacant but three of the residential units are occupied with full vacant possession expected by Summer 2019. The site may suit a build-to-rent scheme. The Irish Times, 6th March
Summerhill Industrial Estate, Meath Harvey has been appointed to sell or let a 32,321 sq.ft. detached industrial warehouse and office facility on 1.9 acres in Summerhill Industrial estate in Meath. The property includes three dock levellers and fully fitted two storey office facilities totalling 7,674 sq.ft. There is live planning to construct three additional units totalling 11,625 sq.ft in the yard. The property is being offered for sale at €1.5m (€46.41 psf) or to let at €160k pa (€4.95 psf). The Irish Independent, 7th March
Construction Activity According to Ulster Bank’s latest purchasing manager’s index (PMI), Irish construction activity reached a seven-month high in February 2019. The index posted a headline reading of 60.5 versus 54.6 in January. Anything above 50 indicates expansion. The Irish Independent, 11th March
Dublin Crane Count reached a record 123 in March, the fifth consecutive month of record new high. 74 cranes were visible on the south side of the city and 49 were visible on the north side of the Liffey. The Irish Times, 6th March
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