Dublin 8 BNP Paribas Real Estate is guiding €3 million for 101 – 103 Francis Street in Dublin 8. Located in the Liberties, the property comprises 10 two-bedroom apartments (€300k per unit) located above the Anti-Social Bar. Seven of the units are fully let and producing a highly reversionary gross rental income of c.€98k per annum, with rents ranging from €920 – €1,800 a month. There is further immediate potential to add up to €75,000 in income per annum through the letting of the three vacant apartments which include a penthouse. The Irish Times, 7th October
If you are interested in purchasing this asset and require financing, please contact Origin Capital as we can arrange senior debt facilities of up to €2m for the purchase of this Asset.
Donnybrook, Dublin 4 Kouchin Holdings is seeking to abandon its planned Donnybrook hotel, now favouring a taller apartment block on the site. The property group had previously secured permission to build a six-storey, 78-room hotel adjacent to Donnybrook fire station. A new submission to Dublin City Council by Krescent Living Limited, owned by Kouchin Holdings, has sought permission to build an eight-storey build-to-rent block containing 49 apartments. If approved, the complex would be made up of 44 one-bed and five two-bed apartments, shared amenity areas, a ground-floor gym and a small retail space. The Business Post, 11th October
Cork City Round Hill Capital and NBK Capital have purchased a 412-bed student accommodation development on the Bandon Road in Cork, five minutes’ walk from University College Cork. The companies purchased the 1.5 acre freehold site for €10.3 million. Along with the planned 412 beds, there is additional opportunity for an adjoining site offering a further 142 beds, subject to planning permission. Round Hill Capital are reporting that the scheme will be ready for occupation in September 2022 and in time for the 2022/23 academic year. Nido student will manage the finished development. The Irish Independent, 12th October
Liffey Valley Shopping Centre The Business Post are reporting that Hines has lodged a number of submissions to the council regarding the new county development plan being prepared by South Dublin County Council. In the new development plan, which will cover the period 2022 to 2028, the US developer has asked for “residential uses to be permitted in principle” as part of any area zoned a “major retail centre“. The Business Post understands that between 500 and 1,000 apartments could be built on the Liffey Valley Shopping Centre lands if residential was permitted in the new local development plan. The Business Post, 11th October
Limerick City Savills, who is handling the sale on behalf of receiver KPMG, is guiding €3.8 million for lands at Clonconane, along the Old Cratloe Road and immediately adjacent to the proposed Limerick Northern Distributor Road (LNDR). The landholding comprises a greenfield site c.4km north west of the city centre and in its entirety, the land extends to c.49 acres (€77.5k per acre) and is made up of a number of smaller parcels of land. It is available to buy as a whole or in lots. The majority of the land is zoned for residential development and could accommodate up to 500 homes. There is a small portion zoned for open space and another small segment zoned for a neighbourhood centre. The Irish Examiner, 8th October
Tara St, Dublin 2 Ronan Group Real Estate’s application to put offices in place of the hotel planned for the 23-storey tower it is developing on Tara Street in Dublin 2 has been rejected by Dublin City Council. In explaining its decision, the council has told the developer that the replacement of the building’s proposed hotel with additional office space would “detrimentally impact on the dynamic mix of uses within the permitted Tara Street scheme and the local area and would negatively impact on the vitality of the inner city location, particularly outside office hours”. The Irish Times, 8th October
South Dublin The Irish Times understands that M7 Real Estate has agreed to purchase two separate Dublin office investments for a combined €28.5 million. Firstly, the company is understood to have paid c.€13.5 million for the long leasehold interest of five fully-let units at the Sandyford Business Centre in south Dublin. The portfolio’s office accommodation covers a combined area of 48,786 sq.ft. (€277 psf) and is producing annual rental income of €1,192,578 (€24.45 psf) with a weighted average unexpired lease term of 5.8 years, with breaks at 4.6 years. The second transaction, which is close to being finalised, will see M7 secure ownership of the Nutley and AIG buildings on Dublin’s Merrion Road for c.€15 million. The properties comprise two office blocks with an overall floor area of 43,235 sq.ft. (€347 psf) along with 83 under croft car parking spaces. The properties are currently generating a combined total rental income of €1,439,932 per annum (€33.30 psf). The Irish Times, 7th October
Dublin 1 Cushman & Wakefield is guiding €1.25 million for 56 Parnell Square West on Dublin’s northside. Located 100m from O’Connell Street Upper and opposite the entrance to the Rotunda Hospital, the subject property comprises a terraced two-bay, four-storey building extending to 3,050 sq.ft. (€410 psf) The property is currently owned by the trade union Unite. The Irish Times, 7th October
Dublin Office Market Office take-up in Dublin during Q3 2020 reached 238,894 sq.ft. bringing total take-up in Dublin in the first nine months of this year to 1,412,903 sq.ft. This is more than double the volume of lettings achieved in Q2 2020. However, take-up year-to-date is down 32% on the same period last year. 29 office leasing transactions completed in Dublin during Q3 bringing the total number of transactions in the year-to-date to 75, compared to 136 in the same period last year. The overall rate of vacancy in Dublin at the end of Q3 2020 rose to 8.64% while the city centre vacancy rate rose to 8.49%. Prime Dublin headline rents declined 4% quarter on quarter to €62.50 psf. CBRE, Dublin Office Marketview Q3 2020
Dublin 2 QRE is guiding €1.95 million for No’s 5 and 6 Molesworth Place and 1 Schoolhouse Lane. The property is being offered for sale with the award-winning One Pico restaurant in place as tenant. The subject property comprises a prominent two-storey corner site and extends to 2,994 sq.ft. gross internal area (€651 psf). The ground floor includes the main restaurant area, reception, kitchen and stores. The first floor comprises a private dining room, an office, staff changing and WC facilities together with customer WCs. Frossway Ltd, t/a One Pico Restaurant, is over-holding on an occupational FRI lease which expired in 2008 with a current contracted rent of €110,000 per annum. The lease covers number 4A Molesworth Place, the freehold interest of which is not included in the sale. The net rent receivable for 5 and 6 Molesworth Place and 1 Schoolhouse Lane is €99,000 per annum. The Irish Times, 7th October
Dublin Industrial & Logistics Market Take-up in the Dublin industrial & logistics sector reached 770,717 sq.ft. in Q3 2020 which is up 50% on the volume achieved in Q2 2020. Total take-up in the first nine months of the year has now reached 2,218,560 sq.ft, which is broadly in line with the volume achieved in the same period in 2019. Lettings of industrial buildings accounted for 70% of industrial take-up in Dublin in Q3 with 31 individual letting transactions signed in the quarter. In contrast, there were 13 sales of industrial buildings completed in the Dublin market during Q3. Demand for industrial & logistics accommodation increased 21% quarter-on-quarter, with demand for almost 1.5m sq.ft. prevailing at the end of Q3 of which more than 70% emanates from logistics & storage providers. CBRE, Dublin Industrial and Logistics MarketView Q3 2020
Dublin 4 Planning has been approved for the construction of a €50 million five-star hotel on the site of a former seminary in Donnybrook, Dublin 4 following a successful appeal to An Bord Pleanála. The board reversed a decision of Dublin City Council to refuse planning permission for a new 169-bedroom hotel on the site of the former St Mary’s College on Bloomfield Avenue in Donnybrook. The Irish Times, 8th October
Commercial Property Transactions Cushman & Wakefield are reporting that commercial property sales in the Irish market have dropped by over 50% as a result of Covid-19. In the nine months to the end of September, direct investment sales totalled €1.15 billion, representing a significant decline on the same period in 2019 where €2.4 billion was recorded. The report also highlights that a total of €251 million in direct investment sales were transacted in the Irish commercial property market in quarter three. Office assets accounted for nearly 70% of the transactions in the nine months to September. The Irish Times, 8th October
Commercial Property Construction According to the Construction Information Services (CIS), commercial property projects which will cost more than €181 million to build commenced construction during the two months of August and September. The largest project is Henderson Park’s development of Block N1, Central Park, Sandyford, Dublin 18. It will complete in early 2023 and will comprise 200,000 sq.ft. The total cost of building the N1 offices and the basement is in the order of €100 million. The €181 million is split between 15 projects. The Irish Independent, 8th October
Q4 Rent Collections Yew Grove are reporting that rent collections for the fourth quarter 2020 are at 99.95% to date. This compares with collections of 97% and 98% for the second and third quarters respectively. The Reit owns a diversified portfolio of Irish commercial property assets, with a particular focus on office and industrial assets outside of Dublin’s central business district. Properties include six office buildings at Millennium Park, Naas, Co Kildare. The Irish Times, 12th October
Q4 Rent Collections Hibernia Reit are reporting that 97% of rent for the quarter ending December 31st 2020 has been received or is on agreed monthly payment plans. The proportion of rent received within seven days of the due date is similar to the previous two quarters. On residential rent, at close of business on 8th October, 98% of contracted rent for the month had been received and the occupancy rate of its residential units was 95%. At the same point in August and September, respectively, 94% and 96% of that month’s contracted rent had been received and the occupancy rate was 95% in both cases. The company has now received more than 98% of August rent and in excess of 99% of September rent. The Irish Times, 9th October
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Midleton, Co Cork Lisney is guiding a price of €5.5 million for a major mixed-use investment with significant asset management potential in Midleton, Co Cork. The investment comprises a modern mixed-use scheme laid out in four buildings which include 36 apartments, a restaurant, offices and retail accommodation together with extensive car parking and residual lands extending to 15.6 acres (currently zoned open space). The apartments are fully let except for a number of show apartments and are producing a current rental income of c.€324k per annum. The restaurant unit is let to McDonald’s at a passing rent of c.€80k per annum bringing the total current rental income to €405k per annum. There is potential, according to the selling agent, to increase this rental income to c.€490k per annum once the vacant apartments are let and RPZ increases are applied. The Irish Times, 30th September
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Stillorgan, Co Dublin CBRE is guiding €9.7 million for 25 apartments at the Atrium in Beechwood Court, Stillorgan. The portfolio comprises 24 two-bedroom units and one three-bedroom unit, along with 25 car parking spaces at basement level. Eight of the apartments have been held vacant while the remaining 17 units are being sold with the existing tenants in place. The projected stabilised net rental income is c.€556k per annum, assuming 100% occupancy. The scheme occupies a prime location along the N11 c.1km from Stillorgan village and 8km from St Stephen’s Green. The Irish Times, 30th September
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Rathgar, Dublin 6 Hooke and MacDonald have brought the final four new family houses in Orwell Park Gardens to market. Building work is being completed on the final phase of four houses which were designed by Niall Brennan & Associates Architects. The A rated three / four bed homes range in size from 1,916 sq.ft to 1,948 sq.ft. and are priced from €1.2 million to €1.35 million. The Sunday Business Post, 4th October
North County Dublin Joint agents CBRE and JP & M Doyle have brought one of the largest industrial-zoned land holdings in recent years to the market in one lot. The 116-acre industrial-zoned site in North County Dublin, branded as Fingal Logistics Park, is currently zoned GE: General Employment under the Fingal Development Plan 2017 to 2023. It is adjacent to N2 Interchange, Ashbourne Business Park and a short drive from the M50 and Dublin Airport. The Irish Independent, 1st October
Tallaght, Co Dublin Mardivale Limited has applied for planning permission to develop a hotel on the site of the former Embankment pub in Tallaght, Co Dublin. The development would include both a 129-room hotel and three aparthotel buildings. The developer is seeking permission to demolish the pub and existing incomplete buildings on the east side of the site to facilitate the development of a hotel. The proposed three-storey aparthotel buildings would comprise of 15 units each, reaching a total of 45 apartments. They would include studios, one-bed, two-bed and three-bed units. The Irish Independent, 4th October
16 Fitzwilliam Street Upper, Dublin 2 Finnegan Menton is guiding €2.25 million (5.25% NIY) for 16 Fitzwilliam Street Upper. The 3,541 sq.ft. mid terrace four-storey over basement period office building is fully let to TAI Consultants trading as Tax Accounting Ireland on a 10-year FRI lease with just under eight years unexpired. The property is located between the junction of Fitzwilliam Square and Lower Baggot Street. The Sunday Business Post, 4th October
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Harcourt St, Dublin 2 Savills is guiding €21 million for 76-78 Harcourt St, Dublin 2. The buildings are let in their entirety to the Office Public Works (OPW). The property was first let to the OPW in January 1982 on a 35-year lease. The current rent is just €37.70 psf and the next rent review is due in January 2022. The investment comprises an office block of 24,490 sq.ft. distributed over lower ground and ground floors plus four upper floors and sits on a site of 0.3 acres with a portion of this underutilised providing redevelopment opportunities for the prospective purchaser. There are also 24 under-croft car parking spaces. The Irish Times, 30th September
City Quay, Dublin Docklands Office accommodation extending to 4,600 sq.ft. is available to let from the first quarter of 2021 at 50 City Quay in Dublin’s south docklands. 50 City Quay is in the process of undergoing a full refurbishment. Bannon is offering the property in its entirety or on a floor-by-floor basis catering for requirements ranging from 970 sq.ft. to 4,600 sq.ft. 50 City Quay occupies a prime waterfront location within the Windmill Quarter in Dublin’s south docklands. The overall scheme spans 3.4 acres. The Irish Times, 30th September
12 Fitzwilliam Square, Dublin 2 The Saudi Arabian Embassy has committed to a new 10-year lease at a rent in the region of €39.50 psf per annum together with six on-site car parking spaces at a rent of €3,500 per space per annum at 12 Fitzwilliam Square in Dublin 2. 12 Fitzwilliam Square is a high-profile four-storey over-basement Georgian office building extending to 4,477 sq.ft. It has been fully refurbished throughout and comprises a mix of open-plan spaces and meeting rooms/executive offices. The property also includes a two-storey mews extending to 990 sq.ft. and six secure car-parking spaces located to the rear of the main building on Lad Lane. The Irish Times, 30th September
Hanover Court, Dublin 2 Cushman & Wakefield is guiding a rent of €52.50 psf for 8,750 sq.ft. of third floor office accommodation available at Hanover Court, on Lower Erne Street, Dublin 2. The space is available by way of flexible subletting from the building’s main occupier, Verizon, until 2028. There are also eight car parking spaces available at €3,500 per car parking space. The Irish Times, 30th September
Q3 Investment Activity A CBRE report has outlined that there was more than €680 million spent on 14 Irish deals during the three months to the end of September bringing total spend this year to almost €2.4 billion. The report highlights that as much as 69% of spend in the most recent quarter was institutional investment in buy-to-rent units compared to just 29% on office buildings. The figures represent a 59% increase on Q2 volumes. The Irish Independent, 2nd October
BidX1 Online Auction BidX1 has brought 15 commercial property assets with an overall value of €17 million to the market in advance of offering them for sale by way of online auction on Thursday, October 22nd. The most expensive property, guiding €2.1 million is a four-storey building at numbers 44-45 South William Street, the basement and ground floor of which are currently let to Moroccan restaurant Dada. Two additional commercial tenancies on the upper floors, both informal agreements, bring the total rent roll for the premises to €137,524 per annum. The Irish Times, 30th September
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Kilternan, Dublin 18 Joint agents Savills Ireland and Kelly Walsh are guiding €19 million for a 33.32 acre site on the Glenamuck Road in Kilternan in Dublin 18. According to the agents, the sale presents an opportunity to develop in the region of 500 residential units on the site (€38k per stand), taking account of the Kilternan/Glenamuck Local Area Plan. The site benefits from ease of access to all major national routes, Dublin city centre and Dublin Airport. It is also close to the Green Luas line and a choice of Dublin Bus services. The Business Post, 27th September
North Dublin Glenveagh has been chosen as the preferred bidder to construct a mix of private, social and affordable homes on the greenfield site located on the Oscar Traynor Road in north Co Dublin. The development site has an estimated minimum capacity for 640 units (subject to planning permission). The Oscar Traynor Road site is a 17-hectare site situated on the junction of the M1, port tunnel and Oscar Traynor Road. The Business Post, 27th September
Cork City A proposal for 45 apartments in Dennehy’s Cross, west of Cork city has been rejected by Cork City Council. Dennehys Cross Construction Ltd was seeking to demolish an existing disused garage to build 4 three-bed, 29 two-bed and 12 one-bed apartments in two blocks, one five and one six storey. Planners have rejected the project saying that the height, bulk and massing of the scheme meant it would be “visually overbearing” in the Bishopstown and Wilton area. The Irish Examiner, 24thSeptember
Stillorgan, South Dublin Cairn Homes is currently in a consultation phase to alter planning permission for the €44 million residential/student accommodation development at the former Blake’s restaurant and Esmonde Motors Sites on the Stillorgan Road, just off the N11 in south Co Dublin. The consultation application wishes to omit the student accommodation aspect of the planning permission and increase the number of apartments from 103 to 464 units. Cairn Homes is currently in the process of acquiring an adjoining site to this development. The Business Post, 27th September
Balbriggan, Co Dublin Joint agents Cushman & Wakefield and Sherry FitzGerald Cumisky are guiding €10.5 million for a multi-unit residential investment opportunity at the Hampton Gardens scheme in Balbriggan, Co Dublin. The portfolio comprises 40 ground-floor apartments with two-storey duplexes overhead. There are 14 two-bedroom units, 25 three-bedroom units and one four-bedroom unit. 36 of the units are occupied, averaging rents of €1,250 per month for the two-bedroom units, €1,300 for the three-bedroom units while the four- bedroom unit is rented for €1,356 per month. The four most recent lettings have yielded rents of €1,650 for two-bed units. The remaining four duplex units are on the market for €1,850-€1,950 per month. Once fully occupied, the overall investment will produce a total gross income of c.€626,000 per annum. However, the ERV is closer to €880,000 per annum, based upon recent lettings in the scheme. The Irish Times, 23rd September
Palmerstown, Dublin 20 Randelswood Holdings has been granted permission for 250 build to rent apartments on a site located at the Palmerstown Retail Park, Kennelsfort Road Lower, in Palmerstown, Dublin 20. The build to rent (BTR) development will consist of the demolition of all existing structures on site. The development includes 134 one-beds and 116 two-beds in five blocks, with a café and ancillary residential amenity facilities on site. The Business Post, 27th September
Saggart, South West Dublin Marlet Property has submitted a strategic housing development application to An Bord Pleanála for a €49 million apartment development at Garters Lane in Saggart in south-west Dublin. The development will consist of 224 apartment units comprising 82 one-beds, 121 two-bed units and 21 three-bed units arranged in four blocks. A decision is expected to be made by An Bord Pleanála by the start of January 2021. The Business Post, 27th September
Ballycoolin, Dublin 15 REA Grimes is guiding €10 million for a 45.7 acre greenfield site located next to Northwest Business Park in Dublin 15 (€219k per acre). The site at Mooretown is located just off Ratoath Road, south of the N2-N3 link, and is zoned General Employment (GE) making it suitable for industrial uses such as data centres, logistics and warehousing. The sites location is approximately 12km from Dublin Airport, 12km from Dublin city centre and 3.5km from the M50 motorway, providing convenient access to Irish and international transport networks. The Business Post, 27th September
Dunboyne, Co Meath A 27.3 acre site situated on the Navan Road in Dunboyne town has come to the market with a guide price of €6.75 million (€247k per acre). The lands are zoned under the Meath County Development Plan 2013-2019 as follows: A2 Residential –13.34 acres; F1 Open Space – 5.24 acres; and Un-zoned –8.72 acres. Under the Meath County Development Plan 2021-2027, the residential and open space zoning of the subject site is to be increased to 15.14 acres and 12.16 acres respectively. The lands are located within a 1km walk of Dunboyne train station, while the M3 and wider motorway network are readily accessible via exit 5 on the M3 which is located nearby. The Irish Times, 23rd September
Dublin South Docklands JLL is guiding €9.8 million for 16 Sir John Rogersons Quay in Dublin’s south Docklands. The 9,675 sq.ft. property (€1,013 psf) comprises ground and five upper floors and is fully let to Core, Ireland’s largest marketing communications company with c.14 years to expiry. The tenant has recently removed a break option in January 2025 and pushed it out until January 2030. The current rent is €489,319 per annum (€48.25 per sq ft and €3,750 per car space). The Irish Times, 23rdSeptember
Westland Row, Dublin 2 Savills is quoting a rent of €52 psf for 42 Westland Row. The grade A office building extends to 10,900 sq.ft. and comprises a restored period building to the front linked through a feature glazed atrium to a new build extension to the rear and is ready for tenant fitout. The building is situated less than 100m from the entrance to Pearse Street Dart station and is within a short walk of both the Luas green and red lines. The Irish Times, 23rd September
Cherrywood, South Dublin The French asset Management Company Corum has purchased Block 12 at The Campus in Cherrywood in south Dublin for €27.7 million, increasing its overall investment in the Republic and Northern Ireland to just under €257 million. Block 12 is fully occupied by Aviva on a 25-year FRI lease from July 2002 with no break options. The annual rental income is €1.81 million. The building provides 73,810 sq.ft. of flexible office accommodation over three floors (€375 psf), situated on a 2.5 acre site which includes 222 car parking spaces. The Irish Times, 23rd September
Herbert Place, Dublin 2 No 17 and 18 Herbert Place comprises 5,584 sq.ft. of office accommodation and is available for sale or to let through agent Bannon. There is a gated courtyard to the rear of the property providing parking for six cars. There are two modern residential mews buildings here, extending to 514 sq.ft. and 800 sq.ft. respectively (tenants not affected). The mews buildings produce an income of €24,000 per annum. The mews buildings and car parking are accessed via Herbert Lane. Bannon is quoting a rent of € 38 psf for the office accommodation, however consideration will also be given to a sale of the entire (to include the mews buildings) at a guide price of €4.75 million. The Irish Times, 23rd September
Citywest, Dublin 24 Savills is advertising Unit 2024 Bianconi Avenue, Citywest, Dublin 24 to let. The subject property, a 27,900 sq.ft. self-contained warehouse facility is located on the north side of Bianconi Avenue within Citywest Business Campus. The internal area is split into warehouse, two storey offices and concrete and steel frame mezzanine floors. The property benefits from immediate access onto the N7 dual carriageway and is located 13 km west of Dublin city centre, 4 km west of the M50/Red Cow roundabout, and 15 km south west of Dublin Airport. The entire property is available to let for €200k per annum (€7.17 psf). Savills Press Release, 23rd September
Swords, Co Dublin Savills is quoting a rent of €125k per annum for an 11,410 sq.ft. (€10.95 psf) semi-detached warehouse unit with two storey offices to the front elevation at Unit B3A, Airport Business Park, Swords, Co Dublin. Loading facilities are provided to the warehouse via 3 ground level roller shutter doors and there is a clear internal height of approx. 9 metres. Airport Business Park is located on the Swords Road (R132), 3.5km from the M50 motorway and it is within 1.5 km of Dublin Airport. Savills Press Release, 23rd September
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Leixlip, Co Kildare Knight Frank is guiding €5 million for a zoned development site in Collinstown, Leixlip, Co Kildare. The lands extend to 12.95 acres (€386k per acre) and are located immediately adjacent to Intel Ireland’s campus. The site, which has 443 metres of frontage to the R449, is zoned under the Leixlip Local Area Plan 2020–2023 as ‘Objective Q’ – Enterprise & Employment. The plan aims to support the delivery of a high-quality, attractive and sustainable business campus environment on the site. Exit 6 on the M4 motorway is situated just 500m away, providing easy access to the M50 and the wider motorway network. Knight Frank Press Release, 17th September
Ballincollig, Cork O’Flynn Construction has been granted permission by An Bord Pleanála to develop 123 apartments in Ballincollig on the outskirts of Cork city. The project will see a mix of one and two-bed apartments built in three blocks on the Old Fort Road. The three blocks of apartments will range in height from three to six storeys and the development will also provide for a creche, gym and 98 car parking spaces. As part of the development, 12 apartments – six 2-bed and six 1-bed units – will be transferred to Cork City Council for social housing under the Part V proposal. The Irish Examiner, 21st September
Dublin 4 An Bord Pleanála has granted permission to Cairn Homes for its contentious apartment complex plan on former RTÉ lands at Montrose in Dublin 4. The house builder has secured planning permission for 611 apartments in nine blocks ranging from four to 10 storeys in height, along with three townhouses. In total, 19 objections were lodged against the application. The decision comes more than three years after Cairn Homes paid RTÉ €107.5 million for the 8.64 acre site (€12.4m per acre & €176k per unit). The documentation lodged with the application puts a value of €521,377 on the two-bed apartments, and €472,797 on the one bed apartments. The Irish Times, 16th September
Dundrum, South Dublin Lioncor Properties has applied for permission to fast-track the construction of 628 build-to-rent apartments in Dundrum, south Dublin. The site spans nearly 10 acres on zoned residential lands on Wyckham Avenue. The development, if approved, would consist of seven apartment blocks up to nine storeys high. A mix of one-, two- and three-bedroom units would be built. Amenities and residential services would include co-working spaces, a residents’ lounge, games room, cinema/function room, music room and gym. It would also feature a creche, cafe, retail unit, 278 car parking spaces and 1,354 bicycle spaces. The Sunday Times, 20th September
Cabinteely, South Dublin The McGrath Group has pre-sold a development of 101 apartments at Johnstown Road near the N11 and Cabinteely Village in south Dublin. Its Johnstown Road project includes Johnstown Place, located on a property formerly known as New Prague and it will be completed by the end of this year. The project will comprise 25 one-bedroom units and 26 two-bedroom units. The second part, to be known as Elm Wood, will be fully completed in the third quarter of 2021 and it will comprise 21 one-bedroom units and 29 two-bedroom units. The Business Post, 20th September
Dublin 8 Hines has secured planning permission for 416 new homes at the former Bailey Gibson Site in Dublin 8. The development will comprise of 404 new apartments, two duplexes, six triplex apartments and four houses. Hines hopes to start construction on the Bailey Gibson site early next year. The Irish Independent, 15th September
College Square, Dublin 2 Marlet Property Group has been granted permission from An Bord Pleanála to increase the height of the 11-storey office block it is planning to deliver on the site of the former Apollo House in Dublin to 21 storeys. The proposal had already been approved by Dublin City Council last December but its decision was appealed by An Taisce. In upholding the council’s original ruling, the appeals board has cleared the way for Marlet to add a 10-storey tower comprising 54 build-to-rent apartments to the top of the office scheme. The apartments will comprise 45 one-bedroom and 9 two-bedroom units. Upon completion the College Square development will comprise a total of 404,960 sq.ft. of office space distributed across the sites occupied formerly by Apollo House and the neighbouring College House. The Irish Times, 17th September
Tuam, Co Galway DNG John Joyce is guiding €1.25 million for a mixed use building on Shop Street in Tuam, Co Galway. The building comprises two ground floor commercial units, a further two commercial units at first floor level with seven apartments and a bin storage area taking up the remainder of the building. The apartments range in size from 458 sq.ft. to 740 sq.ft. and are being sold with vacant possession. The commercial units span 7,674 sq.ft. in total, and the tenants are unaffected by the sale. The Business Post, 20th September
Harbourmaster Place, Dublin 1 CBRE is guiding €54 million for No 1 Harbourmaster Place in the IFSC. The entire property is let to KPMG under a 35-year lease from February 1991, which expires in 2026. The building extends to a total area of 62,090 sq.ft. and has 53 dedicated car parking spaces. The tenant is currently paying an annual rent of € 3,054,863 (€46 psf and €3,750 per car space). Rent reviews are upwards-only at five-year intervals, leaving one final review to be completed in 2021. Subject to planning permission, CBRE estimate that an additional 37,500 sq.ft. of net floor area could be added to the building. The Irish Times, 16th September
Cork City JCD Group have announced that 75% of the 250,000 sq.ft. Penrose Dock office scheme is now leased. Penrose Dock opened its doors earlier this month with the first four occupiers moving in: Grant Thornton; Sophos; Remitly and Minelab. October meanwhile will see three large publicly-traded US tech companies completing their office fit outs. The Irish Times are reporting that another large US tech company, expected to be announced in the coming weeks, is taking two floors in Penrose One while Matheson will be occupying the fifth floor also in Penrose One from early next year. Penrose Dock is set on a prime 1.8 acre site fronting onto the River Lee and consists of two Grade A office blocks. Penrose One extends to 80,000 sq.ft. over seven floors while Penrose Two is 170,000 sq.ft. over nine floors. The Irish Times, 16th September
Stephens Green, Dublin 2 Savills is seeking in excess of €18 million for Nos 92 and 93 St Stephen’s Green. The properties comprise two interconnected period structures, with an arched alleyway providing access to a rear car park. The four-storey over basement building extends to 19,105 sq.ft. (€942 psf) and is currently occupied under the terms of a series of licence agreements producing an annual income of c.€344,000. (€18 psf). The entire site is 0.3 of an acre, with c.0.2 of an acre available to develop at the rear. RKD Architects has prepared a feasibility study option which shows extensive redevelopment potential to include the existing building connecting to a new modern office extension to the rear comprising c.50,332sq.ft. in total over six floors. The Business Post, 20th September
Dublin 2 Finnegan Menton is guiding €2.25 million for a Georgian office investment at 16 Fitzwilliam Street Upper in Dublin 2. The subject property comprises a mid-terrace, four-storey over-basement period office building extending to 3,540 sq.ft. (€635 psf). The property comes to the market fully let to TAI Consultants, trading as Tax Accounting Ireland, who are in the building under a 10-year FRI lease from July 20th, 2018, with just under eight years unexpired. The property is producing total net income of €130,000 per annum (€36.72 psf). The Irish Times, 16th September
Galway City A retail investment property at 1 Shop Street in Galway City centre sold at an online auction last week for €2.006 million which was €256k over its €1.75m guide price and also over the previous €1.95m guide price quoted for the property earlier this year. It was sold jointly by BidX1 and QRE Property Advisers. The building is let entirely to Three Ireland and Three’s 10 years lease runs from May 2016 at a contracted rent of €160,000 per annum. The Irish Independent, 17th September
Belfast CBRE’s hotel division is seeking offers in the region of €18 million (£16 million) for the four-star Radisson Blu Hotel Belfast and adjoining Lighthouse office building. The hotel comprises 120 guest bedrooms, along with seven meeting rooms which can be combined to accommodate 300 delegates. The adjoining Lighthouse office building comprises 60,000 sq.ft. of office space. The six-floor building has onsite parking and is situated in the campus-style Gasworks development in close proximity to the city centre and a few minutes’ walk from Belfast’s CBD. The Irish Times, 16th September
Cork City Quakeside Ltd has been granted permission for the redevelopment of the Moore’s Hotel in Cork city centre. Permission had previously been granted by Cork City Council but the decision was subsequently appealed to An Bord Pleanála by a third party. The developer has withdrawn that application and resubmitted revised plans to Cork City Council, which have now been approved. What was proposed to be a four to six storey hotel development with 183 bedrooms has now shifted to a four to five storey development with 187 rooms. The Irish Examiner, 16th September
Dublin Airport Logistics Park Rohan Holdings has commenced construction of a further 120,000 sq.ft. of industrial and logistics space at its flagship Dublin Airport Logistics Park. At the park, Rohan has appointed Mannings to deliver a 70,000 sq.ft. unit and a 50,000 sq.ft. unit. Both units will benefit from substantial profile onto the M2 motorway, and will feature air-conditioned offices. Rohan is quoting a rent of €10.45 psf and expects to secure occupiers for both buildings prior to their completion in the final quarter of 2021. The park is located less than a two-minute drive from the M50 and the country’s wider motorway network, 250m from Dublin Airport’s campus, and 2km from the Dublin Port Tunnel. The Irish Times, 16th September
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Swords Road, Dublin 9 CBRE and Dillon Marshall are guiding €210 million for 475 apartments at Hartfield Place on Dublin’s northside (€442k per apartment). The scheme will include a mix of studios, one-, two- and three-bedroom apartments distributed across seven blocks ranging in height from four to eight storeys. The development will have underground and surface parking capable of accommodating 352 cars and 522 bicycles. Hartfield Place is situated on the Swords Road between Drumcondra and Santry. Dublin city centre is 4km to the south while access to the M50 and wider motorway network is just 2km away. The Irish Times, 9th September
Clonskeagh, Dublin 6 Gannon Homes are offering a 3.14 acre site on the former Smurfit paper mill for sale with full planning permission for the development of 126 apartments. The site on the Clonskeagh Road also includes an existing terrace of 10 period houses with planning permission for refurbishment. While a guide price has not been set for the site, the Irish Times understands that selling agent Knight Frank will be expected to secure between €18 million and €20 million. Designed by CCK Architects, the approved apartment scheme comprises 25 one-bedroom units, 98 two-bedroom units, and three mews/penthouse units. The Irish Times, 9th September
Stillorgan, South Dublin Joint agents QRE Real Estate Advisers and BidX1 are guiding €1.5 million for an investment/development opportunity (subject to planning permission) in Stillorgan, Co Dublin. The sale is in one or more lots, and comprises two properties overlooking the N11 dual carriage way at the junction of Merville Road and St Brigid’s Church Road. Number 1 Merville Road (lot 1) is a vacant two-storey detached office building extending to 2,423 sq.ft. The property is situated on a self-contained site of approximately 0.14 acres and has a guide price of €650,000(€268 psf). Numbers 2-20 Merville Road (lot 2), comprise of five interconnected two-storey terraced office units which extend to an overall area of 9,939 sq.ft. This property is let under two 20-year licence agreements from March 2010 at a combined rent of €85,956 per annum. The selling agents are guiding a price of €850,000 for this unit (€85.52 psf). The Irish Times, 9th September
Sallins, Co Kildare Coonan Property is guiding €3.625 million for a 29 acre site on the Clane Road to the north of Sallins town centre in Co Kildare (€125k per acre). The land is zoned “H”, as part of the Sallins Local Area Plan 2016-2022. While the primary aim of this zoning is to provide for warehousing and industrial uses, other uses would be considered if they are deemed suitable by the local authority. The site offers ready access to the M4 and M7 and wider motorway network. Sallins is located on the outskirts of Naas while Dublin is 32km away. The Irish Times, 9th September
Kinsale, Co Cork Savills Cork is guiding €1.4 million for a greenfield site in Kinsale, Co Cork. The site, along Barrack Street, linking to Cork Street has full planning permission for 18 units (€78k per stand). The 3.4 acre site has permission for 14 semi-detached houses of 1,250-1,400 sq.ft, and four four-bed detached houses of 2,320 sq.ft. The Irish Examiner, 10th September
Smithfield, Dublin 7 The Fruitmarket Partnership has submitted an application under the strategic housing development fast-track system to build a 560-bed shared living development across four blocks ranging from five to 14 storeys. The 560 beds will be spread across 360 units. The development will be located on a site halfway between Smithfield and Capel Street on Dublin’s northside and several buildings on Little Green Street, Mary’s Lane and Halston Street will be demolished to make way for the construction. The Sunday Times, 13th September
The state backed entity, Home Building Finance Ireland (HBFI), have said loan approvals were €340 million in the six months to July 2020, up from €114 million for the same period in 2019. By the end of July 2020, HBFI had approved funding for 1,477 new homes in 29 developments, with social housing projects accounting for 34% of the new homes. It is unknown what level of drawdowns have transacted. The organisation said the Covid housebuilding fund had also been extended by €100 million, following high levels of interest. The Irish Times, 15th September
Walkinstown Ave, Dublin 12 O’Flynn Group has lodged plans to construct 1,137 residential units and a 15-storey hotel at Walkinstown Avenue in west Dublin. 12 of the 13 apartment blocks are to range from four to 10 storeys in height. The development is made up of 299 build-to-rent units; 724 build-to-sell units and 114 social-and-affordable units. The mixed-use ‘Southwest Gate Dublin 12’ development is to also include a 148-bedroomed, 15-storey hotel across the 17-acre site to be developed along the Naas Road. The plan also includes 53,819 sq.ft. of office space, 10 retail units, a cultural hub and a primary healthcare centre. The Irish Independent, 11th September
Merrion Square, Dublin 2 Colliers International is guiding €10.5 million for two adjoining Georgian offices at 46 and 47 Merrion Square and their associated mews buildings at Stephen’s Place. Extending to a total area of 16,745 sq.ft, the investment is being offered to the market in one or more lots. No. 47 Merrion Square (6,330 sq.ft.) and the mews, 47 Stephens Place (2,191 sq.ft.), are both occupied by NewsWhip Media Limited under two leases running coterminous. 47 Merrion Square is let at €229,850 per annum while 47 Stephen’s Place is producing €81,580 per annum. The two leases have 5.5 years remaining and Colliers is guiding €5.7 million as one lot.
No. 46 (5,667 sq.ft.) is occupied by three tenants and is generating combined rental income of €203,220 per annum. 46 Stephen’s Place (2,286 sq.ft.) is vacant and the estimated market rent for this property is c.€85,000 per annum. Colliers is guiding €4.8 million as one lot. The Irish Times, 9th September
Westland Row, Dublin 2 The Irish Times understands that Trinity Real Estates has secured in excess of €4 million from the off-market sale of 35 Westland Row in Dublin city centre to a private investor. The Bondwell as it is now known, comprises a renovated four-storey Georgian office building extending to 5,629 sq.ft. in total. The Bondwell is situated just 150 metres from Merrion Square and within a 10-minute walk of both St Stephen’s Green and the city’s docklands. The Irish Times, 9th September
North Wall Quay, Dublin The Business Post are reporting that A&L Goodbody is planning to significantly expand its offices on Dublin’s quays in a move that could create space for hundreds of additional staff. It’s Dublin office is based on North Wall Quay, near the capital’s financial district, and the six-storey building spans more than 129,000 sq.ft. Property managers acting on behalf of A&L Goodbody have applied for permission to develop two additional storeys on top of the existing building. In total, the redevelopment would add almost 56,000 sq.ft. of extra office space. The Business Post, 13th September
Dublin Landings Microsoft has signed a deal to occupy three floors of No 3 Dublin Landings, a new office block in the city docklands. Microsoft is to become the anchor tenant of the office block as it will provide space for 400 workers and occupy 44,000 sq.ft. of a total of 119,000 sq.ft. at the grade-A building. The company already employs 2,000 staff in Ireland, at its One Microsoft Place headquarters in Leopardstown. The Sunday Times, 13th September
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Harrington St, Dublin 8 Colliers International is guiding €2.7 million for 2 and 3 Harrington Street in Dublin 8. The lot comprises two pre-1963, three-storey-over-basement, mid-terraced adjoining buildings. The two properties collectively feature 26 individual units, with 25 units under occupation. The Agent understands that the current passing rent is approximately €198,960 per annum. Located at the junction of Harrington Street and Camden Street, the properties are located just a ten-minute walk from St Stephen’s Green and Grafton Street. The Sunday Business Post, 6th September
Rathfarnham, South Dublin Agents JP & M Doyle are guiding €2.95 million for a 1.35 acre (€2.185m per acre) residential development opportunity on the Whitechurch Road in Rathfarnham, south Dublin. A feasibility study prepared by Brian Rowe Architects in advance of the site’s sale suggests a development, subject to planning permission, of 20 houses (€147.5k per unit – 19 four-bedroom units and one three-bedroom unit) or an apartment scheme of 38 units (€77.6k per unit). The Irish Times, 2nd September
Cork St, Dublin 8 Stoneweg, the Geneva headquartered property investment firm, is to develop a 397-unit co-living development in Dublin city centre. The firm, with a portfolio worth more than $2 billion, has just acquired seven vacant buildings off market on Cork Street in Dublin 8 as part of a joint venture. Although no price has been disclosed, the Irish Times understands that the cost of the new scheme would be over €100 million. The deal is the fourth investment made by the property firm in Ireland. The adjacent properties acquired on Cork Street are largely derelict and, subject to planning permission being granted, will be demolished. The one-acre site is already zoned for residential development. The Irish Times, 2nd September
Cork City Developer Lyonshall has been granted planning for 554 student beds on a site on the Bandon Road near the Lough in Cork city. It is the third increase in size of the project and incorporates new lands which have been purchased by the developer since it last increased the number of apartments associated with the scheme. In January 2019, Lyonshall was granted planning permission for 57 apartments, with space for some 419 beds, representing an increase from a previously approved development of 49 apartments and some 350 beds, which had been approved by city planners in Aug 2018. The Irish Examiner, 3rd September
Dawson St, Dublin 2 Joint agents TWM and JLL are guiding €80 million for Royal Hibernian Way on Dawson Street, Dublin 2. Royal Hibernian Way is a mixed-use development extending to 92,888 sq.ft. (€861 psf). The bulk of the scheme (72,000 sq.ft.) is comprised of office accommodation while some 21,000 sq.ft. is dedicated to retail and hospitality. The majority of the office space (66,000sq ft) serves as the headquarters for Davy Stockbrokers, while the remaining offices, located at 12 Duke Lane, have been left vacant intentionally by Aviva as planning permission has already been achieved to double the size of the building. The retail quarter underwent a thorough upgrade recently. The overall annual passing rent is c.€2.78 million per annum. The Irish Times, 2nd September
Donnybrook, Dublin 4 The Sunday Business Post understands that Westridge Real Estate has applied for permission to demolish the existing Kiely’s pub in Donnybrook and replace it with a new three to seven-storey shared living complex. The ground floor would be retained for use as a restaurant and café while the shared living element would occupy the rest of the development and include 100 single occupancy units. The rooms would range in size from 196 sq.ft. to 291 sq.ft. The Sunday Business Post, 6th September
Dalata Hotel Group revealed last week in its interim report that the value of its hotel assets declined 12%, or €161 million, in the first six months of the year to €1.2 billion. The asset writedowns drove a loss of €70.9 million in the first six months of 2020 for the company. Dalata also raised €94 million from the sale of new shares last Tuesday. The Irish Times, 6th September
Blackrock, South Co Dublin Agent JLL is guiding €22.50 psf for 6,113 sq.ft. of third floor office space at Temple House, Blackrock. The property is available by way of a short-term sub-lease/assignment from a financial service blue-chip firm with existing operations in the area. The new occupier can benefit from a break option in February 2023 or alternatively remain in place until the expiry of the lease in 2028. The accommodation comes with the benefit of 12 on-site car parking spaces which can be leased at €1,000 per space. The Sunday Business Post, 6th September
Dublin Docklands Bloomberg are reporting that Google has decided against progressing plans to rent c.202,000 sq.ft. of office space at the new Sorting Office development in the Dublin Docklands. Google had been in talks for a number of months about taking up a lease on completion. The development is located on the corner of Cardiff Lane and Hanover Street East, opposite the Bord Gáis Energy Theatre and within close proximity to the European headquarters of several global technology giants including Google, Facebook, and Airbnb. The company continues to develop its new Bolands Quay campus, at nearly 400,000 sq.ft. and still maintains c.1.12 million sq.ft. of office space in Dublin. Bloomberg, 7th September
Georges Quay, Dublin The Sunday Times understands that Henderson Park Capital are to seek c.€400m for the George’s Quay office development in Dublin 2. The landmark office development is the largest single office complex in the Green Reit portfolio, which Henderson Park bought for €1.34 billon last year. The complex — George’s Quay Plaza, George’s Quay House and George’s Court — is fully let and tenants include Ulster Bank and Amundi, a French asset manager. The Sunday Times, 6th September
BidX1 Auctions Reduced guide prices for a number of commercial and investment properties are reflected in some of the more valuable lots which BidX1 will offer at three auctions to be held within the next four weeks. The most valuable of them is No 1 Shop Street in Galway city centre, which has had its guide price reduced from the €1.95 million quoted earlier this year to €1.75 million for a single lot auction on September 10. It is being sold jointly with QRE property advisers. On September 30 and October 1, BidX1 will auction more than 300 lots with combined guide prices expected to exceed €55 million. These lots will include a number of Dublin properties which have had their guide prices cut. One of these is Unit 2 Harmony Court, Harmony Row, Dublin 2, which has had its guide price reduced from the €1.95 million quoted earlier this year to €1.6 million. The Sunday Business Post, 6th September
Irish Construction Sector The Irish construction industry has suffered its worst quarterly decline on record, with output slumping by 45.2% between April and June, according to the Central Statistics Office (CSO). This was nearly four times the euro area average of 12%, and worse than anything seen at the height of the 2008 property crash. The CSO said the largest quarterly decline prior to this was a decrease of 13.9% in the fourth quarter of 2008. The Irish Times, 4th September
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Raheny, Dublin 5 Crekav, a subsidiary of Marlet Property Group, has been granted permission again by An Bord Pleanála to build homes on the land beside St Anne’s Park in Raheny, Dublin. The scheme will consist of 657 apartments in blocks up to nine storeys high on former playing fields east of St Paul’s College beside the park. The board had granted permission for the apartment scheme last February, but in June it consented to High Court orders quashing its decision after separate judicial review cases were taken by the Louth Environment Group and local residents’ group Clonres. The board has now reassessed the decision and has again decided to grant permission for the 657 apartments. The Irish Times, 25th August
Rathmines, Dublin 6 ODKM Architects have received planning permission for 4 houses in Rathmines, Dublin 6. Situated to the rear of Grosvenor Road with access off Bushes Lane, the houses will comprise three story over basement dwellings. The floor area of each house will be c.2,798 sq.ft. ODKM Architects Press Release, 27th August
House and Apartment Completions A new report produced by Hooke & MacDonald has reviewed house and apartment completions in Dublin during the first quarter of the year. It showed that a total of 1,658 new houses and apartments were built in Dublin between January and March, including 837 apartments, 757 estate houses and 64 one-off homes. The report said the completion figures for the South Dublin County Council area were the most “startling”. In the area, which spans 222 square kilometres, 12 apartments were built in the first quarter of 2020, compared to 132 in 2019. The report added that over the past decade, only 343 apartments were built in the South Dublin County Council region. The Sunday Business Post, 30th August
Kilmessan, Co Meath Coonan Property is guiding €2.5 million for a residential development site with full planning permission for 63 houses (c.€40k per site) in Kilmessan, Co Meath. The site extends to 5.9 acres (€423,739 per acre) and there will be a mix of house types consisting mainly of three- and four-bed semi-detached, detached and terraced homes. Kilmessan village is located close to the towns of Trim, Dunshaughlin and Navan and just 6km from the M3 motorway with its easy access to Dublin city. The Irish Independent, 27th August
Rathmines, Dublin 6 A decision to grant planning permission for a co-living development in Dublin has been upheld by the planning board despite complaints by local residents. In February, Dublin city council granted planning permission to Blondie Issuer Dac for 97 co-living units on 143-149 Rathmines Road. The original planning application had been for 110 units, but this was reduced to 97 as a condition for the planning permission by the council. An Bord Pleanála upheld the planning permission for the site and overturned the Dublin city council conditions removing 13 of the units. The planning body gave full planning permission for all 110 units. The Times Ireland, 1st September
Private Rented Sector Following a record year for activity in 2019, the Private Rented Sector (PRS), like all areas of the property market within Ireland, has been impacted by Covid-19. An unavoidable slowdown in transaction activity in quarter two saw just €64.5 million transact in the quarter across four deals. This brings PRS investment for the first six months of the year to €165 milliom. The estimated vacancy level in the Dublin rental market is 2.7%, the rate increased from 1.4% at the start of March, but remains relatively low. Sherry Fitzgerald, The Irish PRS Market Q2 2020
Dublin Multifamily Sector The multifamily sector continues to perform well regardless of underlying economic conditions and the impact of Covid-19, with yields in this sector proving particularly resilient over recent months. Transactions completed recently include the sale of 368 apartments at the Cualanor development in Dun Laoghaire in south Dublin to DWS for c.€200 million; The sale of The Prestige Portfolio of 317 units in Swords, Raheny, Clontarf and Killester to DWS for c. €147 million; and the sale of 192 apartments (Lauren Hall and Rowan Hall) at Clay Farm in south Dublin to Urbeo for c.€74 million. CBRE Ireland Bi-Monthly Research Report, September 2020
Credit Union Funding A new credit union-backed €300 million social and affordable housing fund is to be launched to support the construction of 10,000 homes over the next decade. The fund will be open to credit unions across the country and overseen by the Credit Union Development Association (CUDA) and Initiative Ireland, a private financial adviser. The fund is expected to deploy more than €300 million per annum to lend to approved housing bodies (AHBs) and fund the delivery of 1,000 new homes each year for 10 years. The initiative plans to recycle funds over the course of a decade meaning €300 million would be advanced multiple times over the period. The Sunday Business Post, 30th August
Kildare Last week, An Bord Pleanála overruled Kildare county council by issuing a material contravention to allow Rycroft Homes to build 345 units in the town of Kilcock – more than the current development plan would ordinarily allow. Separately, as part of a judicial review of the plan initiated by Ardstone Homes, a Kildare-based housebuilder, three towns in the county have been temporarily exempted from the new, lower housing limits. Kildare County Council has been under pressure since last year over its introduction of a variation to its development plan – known as Variation No 1 – which its critics say has had the effect of slashing housing targets in the county from 32,407 units to 6,023. The Sunday Business Post, 30th August
Q2 2020 Rent Collections Ires Reit reported rent collections of 98.4% while its occupancy stood at 97.8% across its 3,739 apartments at the end of June. US property group Kennedy Wilson reported 99% rent collection across its portfolio of residential apartments in Dublin and Cork. It has just over 2,000 units across its nine complexes. These include the Alliance Building, which backs on to the Google complex in Dublin, and Clancy Quay, the country’s largest apartment complex. Phase three of Clancy Quay was delivered in lockdown. The Sunday Times, 30th August
Ballycoolin, Dublin 11 A detached, headquarters- style warehouse and office facility in Ballycoolin in north west Dublin is being offered for rent on a new medium to long term lease. Located at the entrance to Stadium Business Park, Ballycoolin, Dublin 11, Unit 1 extends to 78,264 sq.ft. comprising warehouse space of 68,577 sq.ft. and 9,687 sq.ft. of two-storey offices and staff facilities. The offices will shortly be extensively refurbished and include a passenger lift. The self-contained site extends to 3.95 acres and has dedicated trailer parking. Sole agents Harvey are quoting an annual rent of €725,000 exclusive (€9.26 psf). The Irish Independent, 27th August
Dublin Industrial and Logistics Sector While take-up in the Dublin industrial and logistics sector was negatively impacted by Covid-19 during the second quarter of 2020, the impact was masked by a very strong first quarter, with c.1,447,842 sq.ft. of accommodation leased or sold during the first six months of the year combined. CBRE expect prime rents in the industrial sector to remain unchanged for the remainder of 2020, primarily due to the fact that there is no new stock due for delivery that isn’t already pre-committed. CBRE Ireland Bi-Monthly Research Report, September 2020
Dublin Office Sector It is predicted that office take-up in Dublin in Q3 will show a marked improvement on Q2 2020 – the lowest quarterly take-up ever recorded in the capital with only c.106,000 sq.ft. of transactions signed in the three month period. However, large-scale expansion and relocation decisions are expected to remain firmly on hold until such time as companies can determine their long-term headcount and space requirements. Therefore, despite a pick-up in activity in the last few months, office leasing activity will remain subdued for the foreseeable future in comparison to the record volume of occupier activity witnessed in recent years. Amid reduced leasing activity, prime headline rents in Dublin have nevertheless remained steady at €700 per square metre. However, CBRE expect to see some softening over the coming months as new transactional evidence emerges. CBRE Ireland Bi-Monthly Research Report, September 2020
Galway Parosi Developments, a property development business linked with UK private equity firm Comhar Capital, has applied for planning permission to develop an eight-storey, 186-bed hotel in Galway. The new hotel will be located in the Briarhill Business Park and will represent a €35 million investment. The Irish Independent, 30th August
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Blessington, Co Wicklow An Bord Pleanála has rejected an application by Bray-based development company Windlynn to build 330 houses, 30 apartments and a crèche at Kilmalum Road in Blessington under the fast-track planning application process. The proposed development would have consisted of a mix of houses, duplexes and apartments ranging up to three storeys in height, and also provided for an upgrade of local roads to include a pedestrian crossing and cycle track. One of the grounds for refusing planning permission was that it would have resulted in excessive population growth to that planned for the town. The Irish Times, 21st August
Dartry, Dublin 6 An Bord Pleanála has given the green light for 358 student bed spaces at Trinity Hall at Dartry despite strong opposition from local residents. The proposal brings the total number of bed spaces to 1,283. The college is aiming to begin construction on the project next year in spite of the impact of Covid-19 on the third level sector. The Irish Independent, 22nd August
Ballsbridge, Dublin 4 The Shrewsbury Road Residential and Environmental Protection Association (SRREPA) has lodged an objection against the Bartra Property proposal for a 111-bed shared co-living development at 98 Merrion Rd, Ballsbridge. In total, the city council has received 38 third-party submissions. The five storey proposal for 98 Merrion Road is to include 96 single rooms, six double rooms and three accessible rooms, along with a gym and cinema room. The Irish Times, 22nd August
Ranelagh, Dublin 6 Sherry Fitzgerald is guiding €1.1 million for a 1,744 sq.ft. (€630 psf) semi-detached 3 bedroom property at 1 Tudor Road, Ranelagh. The property has undergone meticulous renovation, refurbishment, and extension by its current owners. Tudor Road is within easy reach of Ranelagh’s many amenities, just off Park Drive. The Sunday Business Post, 23rd August
Milltown, Dublin 6 Sherry Fitz is guiding €1.15 million for a 1,700 sq.ft. (€676 psf) 3 bedroom Mews at No 50 Palmerston Gardens, Dublin 6. There is a lift between the kitchen and dining room that takes you to the first floor, where two of the three double bedrooms have en suite bathrooms. The property is located next to Palmerston Park and the Cowper Luas stop is just a short walk. The Sunday Times, 23rd August
Residential Sales 2020 The Irish Times are reporting that an analysis of the sales registered on the residential property price register shows c.5,800 fewer transactions in the first six months of this year compared with the same period in 2019. A total of 19,662 sales took place between January and June 2020, compared with 25,509 transactions during the corresponding period last year. Average monthly sales between April and June 2019 were just under 4,600 but the figure decreased to just over 2,700 this year. The number of property transactions in the first quarter was largely unchanged on the previous year but the slowdown was pronounced from April onwards. The Irish Times, 24th August
Residential Tenancies The SCSI have released a report on the residential property market showing 8% of residential tenancies did not pay their monthly rents as a result of the pandemic, with the number of tenants in arrears expected to increase further as wage supports are scaled back. One third of the tenants that did not pay provided “satisfactory evidence for the inability to pay” which should mean there will be a decent chance of recouping monies owed once the ban on evictions is lifted. Goodbody Irish Real Estate Report, 24th August
Dublin Airport Hotel A new hotel planned for near Dublin Airport is at risk of not going ahead due to a lack of meeting rooms, the owners of the site have claimed. Trimstar Limited has secured permission to construct a 100-bedroom hotel near Dublin Airport, which will be operated by Aloft. The firm said changes were required to the building plans before Aloft can commit to taking on the property. Trimstar’s application proposed minor internal changes to the hotel that would create meeting rooms on the ground floor and fourth floor. In total, the rooms would have capacity for 136 people. Fingal County Council has told the landowner that meeting rooms will not be allowed in the hotel because it would likely lead to an unacceptable number of people being present in the hotel at any given time and be contrary to public safety. The Sunday Business Post, 23rd August
Dalata Hotel Group Dubai-based Zahid Group Holding Company has built up a 4% stake worth more than €18 million in Dalata, the listed hotel group. The company spent more than €19.2 million buying a stake in the company in two separate tranches. When the firm bought the stake, Dalata’s shares were trading at just below €2.60. Since then, the shares have fallen slightly to c.€2.45, valuing the total stake at €18.2 million. Dalata’s current share price is substantially down on the price of nearly €5.90 at the end of 2019. The Zahid family’s stake building comes just after CI Investments, a Canadian investment firm, built up a stake of more than 3%, which was worth just over €14 million at the time it was acquired. The Sunday Business Post, 23rd August
Pearse St, Dublin 2 One hundred rooms in the Maldron Hotel in Pearse Street, Dublin, have been rented by the Dublin Region Homeless Executive (DRHE) as part of its response to Covid-19. The Sunday Times are reporting that the fee is likely to be c.€300,000 a month. Guests seeking to book into the Maldron Hotel, now run by the Dalata Hotel Group, are being accommodated in other nearby Dalata hotels. The company said the homeless accommodation was being provided “in the short term”. Occupancy rates in Dublin hotels fell to 17% in July, which compares with 42% across the country as a whole. The Sunday Times, 23rd August
Opera Lane, Cork O’Callaghan Properties (OCP) and Iput have sold their combined interest in the Opera Lane retail centre in Cork city centre to a group of private investors assembled by Alanis Capital and funded by Deutsche Bank. The deal involves 16 of the 20 shops in the fashion shopping precinct. OCP has also sold 59 apartments in the same development. The remaining four shops in Opera Lane are being retained by owners New Ireland Assurance and Johnson and Perrott, a local motor group. Opera Lane tenants include H&M, River Island, Tommy Hilfiger, Next, Topman and Gap. The Sunday Times, 23rd August
Irish Construction Sector The Irish construction industry is likely to have suffered the biggest quarterly crash in activity on record as a result of coronavirus, with output falling by more than 30%, Ulster Bank chief economist Simon Barry has warned. Moreover, the extent of the downturn will not be known until next month when the Central Statistics Office (CSO) publishes second-quarter growth numbers for the Irish economy and its constituent sectors. Barry said it was safe to assume the construction sector here would under-perform international aggregates by some way because of the tightness of restrictions imposed to curb the spread of the virus. He said the reversal is likely to be similar to that experienced by the UK. Figures last week showed construction activity in the UK fell by 35% in the second quarter, compared to a 12% decline in the euro area. The Irish Times, 25th August
Carlow Terra Solar, an Irish-owned renewable energy developer, has been refused permission for a planned 127-hectare solar farm in Carlow. The company was seeking to develop the facility on agricultural lands c.6km from Tullow. It applied for permission for the development, which would be connected to the national grid, in May this year. The request has been refused by Carlow County Council as it “significantly exceeds” the threshold allowed for such developments in the county. The Sunday Business Post, 23rd August
Ires Reit A report from Investec has highlighted that growth in rental income at the State’s largest landlord, Ires Reit, is likely to stagnate this year, while building projects will be delayed due to the Covid-19 pandemic. The report also notes that market indicators have been relatively reassuring, and suggest the impact on market rents has been limited to date. The Irish Times reports that Investec said it was comfortable with its forecast for 0% like-for-like rental growth in 2020, and now assumes that rents will also remain unchanged next year. The Irish Times, 24th August
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Rathmines, Dublin 6 Knight Frank is guiding €1.3 million for a 1,991 sq.ft. (€653 psf) Victorian terraced property at No 7 Ormond Road, Rathmines, Dublin 6. Located between both the Beechwood and Cowper Green Line Luas stops, the property is located towards the Palmerston Road end of Ormond Road. The property comprises 4 bedrooms. The Sunday Business Post, 16th August
New Home Completion Figures Figures from the Central Statistics Office (CSO) show there were 3,290 new dwellings completed between April and the end of June 2020, compared to 4,829 in April-June 2019. This was the first year-on-year decrease since the third quarter of 2013. The number of multi-unit developments fell 34.8% to 1,842, while single dwellings fell 33.8% to 872. The State-wide shutdown of construction sites took its biggest toll in the month of April, when completions were 72.7% lower than they were in April 2019. Just 402 homes were completed in April, less than a quarter of the number of completions in March. The Irish Times, 13th August
Tara St, Dublin 2 The Sunday Business Post is reporting that Ronan Group Real Estate has missed the original deadline set by CIÉ to have “substantial works” started on the 23-storey tower it has planned for Tara Street in Dublin city centre. The missed deadline could potentially open the window for CIÉ to renege on the initial agreement it made with Ronan Group which gave it permission to develop the site. CIÉ’s agreement to lease the site to Ronan Group was signed in August 2015 for an initial term of five years. After the initial five-year term, a 300-year ground lease would take effect if certain criteria were met. The Sunday Business Post, 16th August
Housing Requirements As many as 47,000 houses will have to be built each year for the next five years just to meet demand, according to a new report by property economist Ronan Lyons and industry body Irish Institutional Property (IIP). The analysis suggests the main drivers of housing demand in the coming years will be the natural increase in population, net migration and changes in household size. The report also claims that the supply of new homes is determined by viability, effectively the cost of construction, and not affordability for buyers and that viability is “extremely challenging”, particularly for apartments. The Irish Times, 13th August
Old Mallow Rd, Cork Cork City Council is set to redevelop the former Boland Mills site on the Old Mallow Road. Subject to approval, it will consist of 57 housing units, on a c.1.68-hectare site. Of those, 12 will be two-bedroom two-storey terraced houses and 25 will be three-bedroom two-storey terraced houses. There are also four one-bed apartments and 16 two-bedroom apartments proposed as part of three-storey duplex units included in the proposal. Part 8 planning details for the development have been published by the Council. The Irish Examiner, 14th August
House Prices The figures from the CSO’s latest Residential Property Price Index has indicated that property prices in Dublin are now falling by 0.7% per cent as a result of the coronavirus. The figures show prices nationally rose by just 0.1% in the 12 months to June 2020. The latest official figures also point to a 33% drop in the number of transactions compared with last year. The Irish Times highlight that the latest figures primarily reflect activity before the coronavirus-related shutdown and that it may be several months before the full impact of the Covid-19 pandemic is reflected in headline prices. Overall, the national price index is 17.8% lower than its highest level in 2007. The Irish Times, 18th August
Dawson St, Dublin 2 The Sunday Business Post is reporting that BCP International Property Fund, the developers of a high-profile project on the corner of Dawson Street and Nassau Street in Dublin city centre, have significantly scaled back the retail element of their plan due to the pandemic. They secured permission in 2017 to develop a mixed-use office and retail development on the site, which previously accommodated the House of Ireland store. New plans filed by the developers show that they plan to remove a whole floor of retail space from the project. The first floor, which was due to contain retail units, will now be converted into offices. The Sunday Business Post, 16th August
Parkway Valley, Limerick Limerick City and County Council have granted planning for a development for a Singapore investment company Novelty ICAV, which includes a mix of offices and residential space at the long-derelict Parkway Valley in Limerick. The scheme includes 245 residential units in a series of buildings ranging in height from three to 14 stories, four office blocks totalling 131,987 sq.ft, a 152-bed hotel over four storeys, a two-storey commercial building, two restaurants and a petrol filling station, as well as a three-storey community building, which will provide for community facilities, such as a crèche and a multi-use games area. The scheme also includes a 1.12 hectare public park with walkway and parking. The Irish Examiner, 14th August
Yew Grove has reported that 97% of second-quarter rent was collected in the second quarter, with just 1.9% of rents deferred under repayment plans agreed with tenants. It has also collected 98% of third-quarter rents. Yew Grove said its portfolio was now valued at €141.1 million, reflecting an annualised rent roll of €10.4 million. This compares with a €115.8 million valuation at the end of 2019. Yew Grove have noted that their annualised rent roll increased to €11.1 million at the end of June 2020. The Irish property trust predominantly invests in offices and industrial holdings outside Dublin’s central business district. The Irish Times, 14th August
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Lime St, Dublin 2 The Irish Times understands that the Marlet Property Group is to proceed with the construction of 216 apartments at their One Lime Street scheme following the appointment of BAM Ireland as main contractor for the project. The concierge-serviced development will comprise a mix of one- and two-bedroom units complemented by an onsite gym and retail space at street level. The scheme will also include c.13,000 sq.ft. of landscaped communal space. BAM Ireland will begin construction on the apartment blocks this month with a completion date set for the second quarter of 2022. The Irish Times, 5th August
Residential Rent Portfolio The country’s biggest landlord, Ires Reit, has announced that it has significantly increased its portfolio by 35%, year-on-year. The landlord controlled 3,739 rental units in Ireland at the end of June, compared to 2,771 last year, across 42 properties in Dublin and Cork. The company has added a further 95 homes at Hansfield Wood, Dublin, to its portfolio, since the end of June which means they now have 3,834 units under management. The Sunday Business Post, 7th August
Co Wicklow The Sunday Business Post understands that Quanta Capital has acquired the 300 acre Kippure Estate in Wicklow for an undisclosed sum. The estate, comprising Kippure Lodge and 24 self-catering houses on substantial woods and parkland, has been a popular wedding and corporate events location. It is understood that a plan for the future use of the venue is now being put together and may result in it being converted into a Center Parcs-style resort run by a hospitality operator. The Sunday Business Post, 9th August
Harold’s Cross, Dublin 6W AAI Kenilworth has submitted an application to An Bord Pleanála for permission for a build-to-rent shared living strategic housing development at the site formerly known as Kenilworth Motors at No 348 Harold’s Cross Road in Dublin 6W. The site is principally bounded by Laundry Lane to the north, Harold’s Cross Road to the east, Kenilworth Manor to the south, and Rosary Park to the west. The 201 bed-spaces will comprise of 147 single occupancy bedrooms including five accessible bedrooms, and 27 double occupancy bedrooms. A decision is due on the application by November. The Sunday Business Post, 9th August
Residential Development Sector New analysis by Goodbody Stockbrokers has shown that the residential development sector is rebounding at a faster pace than predicted since construction works have resumed at residential developments. New home completions have improved post-lockdown, but commencements of new developments are “substantially” down. Data released by the Department of Housing has shown that housing commencements fell by 46% year-on-year in the second quarter of 2020. The largest decline was in Dublin’s commuter counties. The mid-east of the country recorded a 68% decrease year-on-year. The Sunday Business Post, 4th August
Johnstown, Co Kildare M7 Real Estate has acquired the former Kildare headquarter office and distribution facility of convenience store operator ADM Londis for c.€6.25 million. Located in Johnstown, Co Kildare, the facility comprises 113,603 sq.ft. (€55 psf) of warehouse and office space on a 5.6 acre site (€1.116m per acre). There are eight dock levellers and four extra-large level access doors. The two-storey, grade A, HQ offices were added to the front of the property in 2007. The property is situated just two minutes’ drive from junction 8 on the N7, five minutes’ drive from Naas town centre and 15 minutes’ drive from the M50 motorway. The Irish Times, 5th August
Dublin Industrial Market Take-up in the Dublin industrial market totalled c.480,600 sq.ft. in Q2 2020, a significant reduction on Q2 2019 (-48%) and on Q1 2020 (-49%). Supply remained at a low level at less than 3.17 million sq.ft. At the end of June, there was c.764,237 sq.ft. of new industrial accommodation under construction in Dublin with 60% of this is in the southwest region. Lisney, Dublin Industrial Report Q2 2020
Cork Industrial Market The industrial market has been the least affected property sector by COVID-19. In spite of the pandemic, approximately c.89,340 sq.ft. of space was taken up in Cork in Q2 2020, well ahead of the previous three months (c.8,826 sq.ft.) and in line with the long-term quarterly average (94,184 sq.ft.). Six deals were completed in Q2 at an average lot size at 14,854 sq.ft. At the end of June, there was approximately c.518,800 sq.ft. of accommodation available. Given the very strong levels of activity in Q4 2019, along with the lack of new building completions, supply has reduced by 46% in the past 12 months. The overall Cork vacancy rate was c.3.6% at the end of Q2, the lowest on record. Lisney, Cork Market Report Q2 2020
30-33 Molesworth Street, Dublin 2 The Irish Times understands that German real estate fund manager, KanAm Grund has purchased 30-33 Molesworth Street for c.€60 million from Henderson Park Capital. The property forms part of the Capital Collection, a portfolio of five prime Dublin offices that Henderson Park acquired as part of its €1.34 billion buyout of Green Reit in 2019. The Molesworth Street property comprises 56,921 sq.ft. (€1,065 psf) in two redeveloped and refurbished buildings along with two Georgian buildings. The Irish Times, 6th August
Clonskeagh, Dublin 4 JLL is guiding €12.5 million for Boole House and the adjoining site with full planning permission for a new office development in Clonskeagh. Boole House comprises a three-storey, 42,000 sq.ft. Grade A office block within the Beech Hill Office Campus. There are also 119 dedicated car parking spaces with the building. The current owner has secured planning permission for a five-storey, 34,250 sq.ft. office development on the adjoining site. The Irish Times, 5th August
Shelbourne Road, Dublin 4 Fami, IKEA’s treasury section, has expanded its current office space at 23 Shelbourne Road having signed a short-term lease with U+I and Colony Capital, to expand its existing footprint by an additional c.1,453 sq.ft. Fami signed an initial lease at a newly refurbished 23 Shelbourne Road four years ago, in 2016, when the building was then part of Friends First’s Irish Commercial Property Fund. The Sunday Business Post, 9th August
Dublin Office Market Activity in the Dublin office market slowed considerably in the second quarter of 2020. Just c.157,690 sq.ft. was occupied in the three-month period, compared to the long run quarterly average of c.497,130 sq.ft. At the mid-point juncture of the year, take up sits at c.645,296 sq.ft, a level unseen since 2013. Availability increased by 10% in the three months to c.3.91 million sq.ft. This equates to a vacancy rate of 9.5% overall, or 7.6% in the Central Business District (CBD). A high volume of space remained precommitted at the end of June. A total of c.1.33 million sq.ft. of standing stock and a further c.3.18 million sq.ft. of space under construction was either signed or reserved at the end of the quarter. This signals a healthy level of take up pipeline for the Dublin office market. It also brings the net vacancy rate down to 6.3%, or in the CBD to 4.2%. Cushman & Wakefield, Dublin Office Market Q2 2020
Cork Office Market Office market activity was at very low levels in Q2 2020 with just one deal completed in the Cork market in Q2 2020, 1,345 sq.ft. at 14 Anglesea Street in the city centre, which was a sale. On average, there is normally seven transactions done per quarter in the office market with take-up averaging c.54,000 sq.ft. At the end of June, there was more than 653,000 sq.ft. of office accommodation available, an increase of just over 13%. This was mainly due to the completion of Block B Navigation Square (c.77,800 sq.ft.) during the quarter. The vacancy rate across all of the Cork office market was 10.7% at the end of Q2, up from 9.6%. Lisney, Cork Market Report Q2 2020
Retail Rent Collections Hammerson, the owner of Dundrum Town Centre, recently announced that rental income at the Dublin retail hubs of Dundrum Town Centre, the Ilac Centre and Pavilions in Swords, for the first six months of 2020 was €16.57 million – €4 million lower than in 2019. Less than half of rent for the second quarter had been collected by June 30, compared with 93% collected in the first quarter. Hammerson said that collection rates improved during July. The group said it had reached agreements with tenants on 144 leases to put in place rent waivers. The average rent waiver agreed with tenants was 1.1 months. The Sunday Business Post, 6th August
Greystones, Co Wicklow Greystones Media Campus Limited has submitted a planning application for a new state-of-the-art film/TV studio and media campus on an 18-hectare IDA Ireland site at Killincarrig in Greystones, Co Wicklow. The planning application proposes 14 studios, offices and ancillary production buildings in a landscaped setting – more than doubling the available stage capacity available to film, TV and media crews in Ireland. Subject to planning, and once fully operational, the 18-hectare site is the first step in a process which hopes to deliver up to 1,200 new jobs in the film, media and broadcasting sectors. The Sunday Business Post, 9th August
Irish Investment Market Investment in Irish commercial assets experienced an inevitable slowdown in the second quarter of 2020 amidst COVID-19 uncertainty. The second quarter recorded €378 million worth of transactions, across sixteen deals. This brings total transaction activity in the first six months of the year to €902.5 million across fifty-four deals. A sectoral analysis of the Irish investment market from H1 2020 reveals office assets attracted the highest share of investor interest (66% of turnover). Industrial assets witnessed an uplift in both the volume and value of transactions recorded over the period. Cushman & Wakefield, Irish Investment Market Q2 2020
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