The Liberties, Dublin 8 Round Hill Capital and NBK Capital have acquired a 368-bed student accommodation development in the Brewery Block site adjacent to Newmarket Square in the Liberties area of Dublin 8. The site was purchased from Summix, an urban mixed-use regeneration project specialist, with whom Round Hill Capital plans to partner on additional student accommodation developments in Ireland. Construction of the new development will commence in July following the completion of demolition works. Nido Student will manage the development. The Irish Times, 16th March
48 and 49 Leeson Street Lower are being offered to the market by Knight Frank at a guide price of €5.5 million. The subject properties comprise two neighbouring four-storey over garden-level Georgian buildings extending to a combined floor area of 12,260 sq.ft. and are mirrored in configuration and layout. Currently in use as student accommodation, the properties are fully let and delivering annual rental income of €345,600. No 48 is arranged to accommodate 18 beds across 11 bedrooms, while No 49 is arranged to accommodate 17 beds across nine bedrooms. Each building has been fitted with a modern kitchen at basement level. The property has 11 secure under-croft car-parking spaces which are accessed off Leeson Lane. The Irish Times, 11th March
Cork and Kerry The Irish Times understands that residential care home operator, Aperee, has made its first two investments in the Irish market, with the acquisition of nursing homes in Cork and Kerry. Aperee is understood to have paid c.€5 million for the 52-bed Padre Pio Nursing Home in Churchtown, Mallow, Co Cork. The second involved the acquisition of the 64-bed Cúil Didín Nursing Home in Tralee, Co. Kerry for c.€7 million. Aperee was recently established as the operational arm of the Blackbee Healthcare Fund. The fund will initially see the construction of 600 new state of the art single ensuite beds and the acquisition of 1,100 existing beds. The Irish Times, 11th March
Ashbourne, Co Meath A landbank of 241 acres adjoining the M2 motorway at Ashbourne in Co Meath has come to market through Coonan Property. The lands at Killegland Farm also come with a number of outbuildings and a two-storey, six-bedroom, four reception room residence located in a private area at the centre of the farm. The Sunday Business Post indicates a guide price of up to €40,000 per acre, which equates to just under €10 million for the entire property. The Sunday Business Post, 15th March
Rathgar, Dublin 6 Two adjoining Rathgar properties in Dublin 6 are being offered for sale in one or more lots with a combined guide price of more than €2 million. Knight Frank is guiding €1.2 million for lot 1 located at 174 Rathgar Road, a 3,021 sq.ft property laid out in eight units. The eight units are split out in four studios, three one-bedroom apartments and one two-bedroom apartment. To its rear is the second lot comprising a 0.1-acre site with a 1,270 sq.ft. bungalow and a 366 sq.ft. garage facing on to York Avenue which is guiding c.€800,000. The site would be suitable for two mews houses or a multi-unit scheme subject to planning permission. The Irish Independent, 12th March
Rathmines, Dublin 6 The Irish Independent understands that John Paul Construction has sold its portfolio of 40 apartments at Rathmines Square, Dublin 6, for a sum believed to be c.€16 million (€400k per unit). The 40 apartments generate an annual rent roll of c.€890,000 (€22.5k per unit). The residential apartments are located in four, five and six-storey blocks arranged around a podium level entrance courtyard. The Irish Independent, 12th March
Planning Permission Applications New figures released by the Central Statistics Office (CSO) has found that the number of planning permissions granted in 2019 rose by 38% to just over 40,000. Overall, permissions were granted for 40,252 dwelling units in 2019 with permissions for apartments surpassing those for houses for the first time. According to CSO, permissions were granted for 20,582 apartments last year, up 125% on the 9,138 units granted in 2018 and the highest number since 2007.This number is still below the peak of 32,077 units, which occurred in 2004. The Irish Times, 13th March
Dublin 1 Knight Frank is guiding €29 million for the 55,151 sq.ft. Independent House (€525 psf). Located at the corner of Talbot Street and James Joyce Street, the building is fully-let to Independent News and Media (INM) and to Supervalu, which trades from the ground floor. Both have been in situ since 2004 and produce rental income of €1,782,200 per annum (€32 psf). Independent House comprises a modern, mixed-use property providing four floors of grade A office accommodation over retail at ground floor. INM occupies the building under a 25-year full repairing and insuring lease from September 2004. SuperValu occupies the ground floor of Independent House on a 25-year full repairing and insuring lease from December 2004. The Irish Times, 11th March
Dublin 2 The Sunday Business Post understands that the owners of Trinity Street Car Park in Dublin city centre plan to demolish the complex and replace it with a new office block. The existing six-storey mixed-use building – known as Moira House – and 171-space Trinity Street Car Park will be knocked down to be replaced with a nine-storey office building. There will also be space for a restaurant on the ground floor. The current buildings on the site also contain three retail units at ground-floor level and five self-contained office suites. One of the ground-level units houses the restaurant Pichet. The Sunday Business Post, 15th March
Dunboyne, Co Meath Lisney (incorporating Morrissey’s) is guiding €1.5 million for Slevin’s pub in Dunboyne, Co Meath. Slevin’s comprises a traditional-style bar, lounge, first floor function room and kitchen with basement stores all extending to 5,888 sq.ft. on a site of 0.43 acres. The subject property occupies a prominent trading position at the central point of Dunboyne town, which has undergone intensive residential development over the past 20 years. The town and its surrounding area has a population of more than 8,000. The Irish Times, 11th March
Donabate, Co Dublin Colliers International is guiding €3.6 million for a fully-let industrial facility at Roseville Business Park in Donabate, Co Dublin. The subject property comprises a modern detached facility with two-storey offices to the front and warehousing to the rear. The unit is situated on a large secure yard of 3.78 acres. The property is let to Portakabin (Ireland) Limited by way of a 25-year full repairing and insuring (FRI) lease from March 1st, 2003. The tenant has the benefit of a break option in March 2026, subject to 12 months’ notice, leaving an unexpired lease term of six years to the break and eight years to expiry. The current passing rent of € 395,000 per annum, will reduce to € 245,000 per annum on March 1st, 2021 and is payable until lease expiry on March 1st, 2028. The Irish Times, 11th March
Ballsbridge, Dublin 4 Savills is quoting a rent of €45-€50 psf for prospective tenants of Shelbourne House in Ballsbridge. The building is currently let to a mix of occupiers including the Malaysian embassy and the Office of Public Works (OPW). Shelbourne House comprises a seven-storey office building extending to a total area of 76,000 sq.ft. There are three office suites currently available and these extend to 750 sq.ft, 1,600 sq.ft. and 8,000 sq.ft. respectively. All three units combine open-plan and fitted office space. The Irish Times, 11th March
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Sandyford, South Dublin The Irish Times understands that Vanguard Global Realty have purchased the 6.5 acres of land attached to the home of the Legionaires of Christ in Sandyford, South Dublin in an off market transaction for c.€23 million (€3.54m per acre). The site acquired by Vanguard is expected to be redeveloped as offices, in line with its zoning for “office and enterprise” use under the Dún Laoghaire Rathdown County Development Plan 2016-2020. The property overlooks the Central Park office campus and has the benefit of direct access to the Central Park Luas green line stop. The Irish Times, 4th March
South Lotts Road, Dublin 4 A 0.25 acre plot and adjoining four bedroom semi-detached house on South Lotts Road which was initially brought to the market for €1.8 million has now sold for €4 million. The price paid is more than double the figure which had been expected when the site was offered for sale last September. An expired planning permission for 21 apartments could possibly be increased under the new planning guidelines subject to the necessary consents being obtained. The Irish Times, 4th March
Foxrock, South Dublin Knight Frank is guiding €2.3 million for a development site on Westminster Road in Foxrock, South Dublin. The subject property is a 1,937 sq.ft. Edwardian Style house on a 0.77 acre site next to Foxrock village. Reddy Architecture + Urbanism have completed a feasibility study which identifies two potential residential schemes for the site (subject to planning permission). The first option would see the development of a townhouse scheme of 12 units, while the alternative would involve the delivery of an apartment/townhouse scheme of 17 units. The site’s potential is supported by Greencroft Construction’s ongoing delivery of eight new townhouses ranging in size from 2,863 sq.ft. to 3,261 sq.ft. on the neighbouring Clonbur site. The Irish Times, 4th March
Cork City Docklands JCD Group has been given the green light by An Bord Pleanála for its proposed large-scale residential scheme in Cork’s docklands at the Carey’s Tool Hire site. The project will deliver 201 rental apartments to the market and will include amenities such as a 25th floor residents’ lounge and dining area; residents’ gym; a public café; co-working space; games room; and a basement with car spaces and a large area for bicycle parking. The Sunday Business Post, 8th March
Portmarnock, North Co Dublin The Irish arm of London development company Quintain has received planning approval to build 153 new homes at an 11-acre site at St Marnock’s Bay in Portmarnock, north Co Dublin. The development will consist of 113 houses, 40 apartments/duplexes, and a local centre for the area containing three units for retail or restaurant/café use. The 153 planned new homes include 78 three-bedroom houses, 35 four-bedroom houses, 27 two-bed duplex/apartments and 13 three-bed duplex/apartments. The site is adjacent to Quintain’s Dún Sí development of 150 homes which was launched for sale last year. Prices there range from €350,000 to €710,000. The Sunday Business Post, 8th March
Irish Development Land Market Approximately €1.2 billion transacted across the Greater Dublin Area (GDA), Cork, Limerick and Galway in 2019. Sites to be used for residential purposes dominated development land activity. Residential development sites accounted for 70% or €810m of total turnover in 2019 and eight of the top ten sales. The number of sites sold declined in the year, falling from 203 in 2018 to 125 in 2019. The outlook for the development land market for 2020 remains positive. At year end 2019, an estimated figure of €380m was sale agreed across the GDA, Cork, Limerick and Galway combined. Cushman & Wakefield, Irish Development Land Market
Aungier St, Dublin 2 DIT Aungier Street campus is being brought to the market by agent CBRE on behalf of the DIT’s successor – Technological University Dublin – at a guide price of €110 million. Situated just 350m from St Stephen’s Green, the 2.5 acre site is zoned “Z5 City Centre” under the Dublin City Development Plan 2016-2022. A feasibility study undertaken by O’Mahony Pike Architects suggests three potential development options for the Aungier Street campus, outlining the possibility for both a purely commercial development, and a mixed-use scheme comprising offices and apartments catering for the private rented sector market. The proposed office scheme extends to 650,032 sq.ft, while the mixed-use options provide for a range of office space from 415,271 sq.ft. – 450,577 sq.ft. as well as 152 apartment units suited to the PRS market. The Irish Times, 4th March
Abbey Street, Dublin 1 The Flowing Tide pub, located at the corner of Marlborough Street and Abbey Street, and across the road from the Abbey Theatre has come to the market through Bohan & Hyland with a guide price of €2 million. The subject property comprises a four-storey-over-basement building with bar, lounge and 4,000 sq.ft. of office space overhead. Although the property is being sold with vacant possession, the Irish Times understands that the current tenant is open to staying and taking on a new lease. The pub and overhead office units (when fully let) could provide the purchaser with an annual rental income of c.€170,000. The Irish Times, 4th March
Old Kilmainham Road, Dublin 8 A former pub with potential for a seven-storey development near St James’s Hospital in Dublin 8 has come to the market with a guide price in excess of €2.5 million. Known as Carrigan’s pub, the vacant three-storey building at 72-74 Old Kilmainham Road extends to 6,200 sq.ft. (€403 psf) and occupies a high-profile position on the corner with Brookfield Road. Hughes Planning and Development Consultants says new planning guidelines for this area may allow a larger development comprising a seven- or eight-storey hotel of 70 to 80 bedrooms or a residential scheme. The Irish Independent, 5th March
Kilkenny City Joint agents CBRE and Bagnall Doyle MacMahon are guiding in excess of €1 million for a prime hotel development site in Kilkenny city. The 0.66 acre site is centrally located close to Kilkenny Train Station at MacDonagh Junction where the former Ormonde Tourist Hostel was situated within the Michael Street and Wolfe Tone Street area. A feasibility study indicates its potential for a 106-bedroom hotel with conference and banqueting facilities. The Irish Independent, 5th March
Artane, Dublin 5 CBRE is guiding €2.4 million for the Castle petrol station on Kilmore Road, Artane, Dublin 5. Located to the front of Butterly Business Park, the subject property is in close proximity to Dublin Airport and the M50 motorway. The property extends to 2,691 sq.ft. and comprises a forecourt and canopy, four double-sided petrol pump terminals as well as a car and jet wash. This is complemented by the inclusion of a Centra store. The service station is let to Cedarglade Ltd, trading as Centra on a 25-year lease with a break option in year 10. The covenant is strengthened through the support of Musgrave Ltd as a parent guarantor. The property is currently producing a total passing rent of €165,000 per annum in years 1-5, with five-yearly open-market rent reviews (NIY 6.875%). The Irish Times, 4th March
Kevin Street, Dublin 2 Hines has agreed the sale of Bishop’s Square on Kevin Street in Dublin 2 for c.€180 million to Australian investor Macquarie Group and German fund Patrizia. Hines acquired the block for €92.5 million in 2015 and invested substantially during its ownership in the upgrade and extension of the building. The property has a rental income of c.€8.7 million a year with tenants including the Office of Public Works, who are on a 20-year lease, and Tourism Ireland. The Sunday Business Post, 8th March
Tallaght, Dublin 24 Hainault House at Belgard Square South in Dublin 24 has been sold to a private European investor for more than €3.6 million. The completion of the deal comes just three weeks after the property was brought to the market through joint agents Savills and QRE. The building is fully let to the Citizens Information Board, Optical Express and Early Childhood Ireland, and is generating contracted rental income of €281,000 per annum (7.8% gross yield). Hainault House comprises 20,350 sq.ft. (€177 psf) of office space arranged over three floors with 59 surface car-parking spaces. The Irish Times, 4th March
Grand Canal Dock, Dublin 2 Knight Frank is guiding €2.25 million for Suite 3 Harmony Court, Dublin 2. The office space on offer comprises a convenient ground-floor suite extending to a net internal floor area of 3,405 sq.ft. (€660 psf) and three secure basement car-parking spaces. The suite is fully let to DKC Accountants on a new 15-year FRI lease at an annual rent of €163,725 per annum (€48 psf). The lease incorporates five-yearly CPI linked rent reviews. There is also a lease break option on the expiry of the tenth year. Harmony Court is well served by public transport, with Pearse Street Dart just 400 metres away. The Sunday Business Post, 8th March
The Sunday Business Post understands that Friends First Irish Commercial property fund is in the process of selling three commercial properties. Among them is the Bank of Ireland premises in Balbriggan, Co Dublin, whose sale is due to complete shortly. When it launched on the market last May, agent Savills quoted €6.65 million for the building at 24/26 Dublin Street. It comprises a 7,287 sq.ft. modern building that is producing a total annual rent of €432,456 (gross yield of 6.5%). The Friends First fund is also selling the 68,695 sq.ft. Quartz building in Elm Park, Dublin 4, for which joint agents Knight Frank and Lisney are guiding c.€28 million. A third property is being sold off-market. At the end of January this year, the Friends First fund owned 50 properties which were valued at a total of €570 million. The Sunday Business Post, 8th March
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Dun Laoghaire, Co Dublin The Irish Times understands that a real estate fund managed by Deutsche Bank subsidiary DWS is closing in on the €210 million purchase of 368 apartments being developed by the Cosgrave Property Group in Dún Laoghaire, Co Dublin (€571k per unit). The proposed deal for Cheevers Court and Haliday House represents the German-headquartered fund’s second acquisition at the Cualanor scheme in under a year. Last May, DWS paid €108 million for 214 apartments (€505k per unit) at the Fairways. The Irish Times, 26th February
Swords, Co Dublin LRC group, has increased the size of its Irish residential portfolio to over 1,600 properties, with the acquisition for €9 million of 47 apartments and one retail unit at Applewood in Swords, Co Dublin (€187k per unit). This represents a premium of 20% on the €7.5 million Hooke & MacDonald had been guiding. The total current rent, and projected rent of the vacant apartments is c.€724,000 per annum. The residential element comprises six one-bedroom apartments and 41 two-bedroom apartments. The Irish Times, 26th February
North Main St, Cork City A development of almost 300 student bed spaces at North Main St in Cork city centre has been cleared to apply for fast-track planning. If the development goes ahead, it will bring more than 700 additional student beds to the city, as 420 student beds are coming on stream at the Lee Point complex on the former Beamish and Crawford brewery site on South Main St. The Irish Examiner, 28th February
Francis Street, Dublin 8 CBRE is guiding €3.2 million for 98-99 Francis Street in Dublin’s Liberties. The property comprises a five storey building extending to 7,094 sq.ft. with a ground-floor retail unit and seven residential units overhead (€451 psf). The residential component consists of three one-bed apartments and four two-bed apartments, including a top-floor penthouse. The apartments are fully let and producing a gross rental income of c.€180,000 per annum. The ground-floor retail unit has own-door access and extends to 1,089 sq.ft. The unit has planning permission for food and beverage use, and offers the prospective buyer the opportunity to increase the building’s current rental income significantly. The Irish Times, 26th February
Donnybrook, Dublin 4 Turley Property Advisors is guiding €2.5 million for a 0.137 acre site adjacent to the Circle K garage in Donnybrook, Dublin 4. The subject site comprises c.6,000 sq.ft of space broken down into four distinct areas, all of which are generating rental income. The forecourt in front of Bridgestone is held on a 35-year lease from June 1991 at an annual rent of €24,000, while the car valet premises, coffee shop and offices to the rear of the site are delivering rents of €35,000, €12,000 and €10,000 respectively. Located on the parcel of land bounded by Donnybrook Road, Brookville Road and Eglinton Road the site would have accommodated a landmark 11-storey building comprising 100 apartments in 2008 if construction had commenced. The Irish Times, 26th February
Ballsbridge, Dublin 4 CBRE is guiding €4 million for Butlers Townhouse in Ballsbridge, Dublin 4. Located at the junction of Lansdowne Road and Shelbourne Road, the property comprises 20 guest bedrooms, all of which have been individually designed and decorated (€200k per room). The guest house is located in close proximity to the IFSC, the Dublin Docklands, and Dublin’s core central business district as well as being a three minute walk away from Lansdowne Road Dart Station. The Irish Times, 26th February
Sandycove, South Dublin Fitzgerald’s Albert House, is for sale in the village of Sandycove in south Dublin with Agent John P Younge guiding c.€2.5m for the property. The bar extends to 1,400 sq.ft. whilst there is also a 43 sq.ft. kitchen and 380 sq.ft. of stores located at ground level. Upstairs is a two-bedroom apartment which is directly accessible from the street and extends to c.1,200 sq.ft. The pub is being sold as a going concern by way of company shares and currently generates c.€950,000 turnover (net of VAT) per annum. The Irish Independent, 27th February
Navan Road, Dublin The Maple Centre on Dublin’s Navan Road has been brought to the market by agent TWM at a guide price of €7.1 million. Located at the junction of the Old Cabra Road, New Cabra Road and Ratoath Road, it is in close proximity to the suburbs of Stoneybatter, Cabra, Castleknock and Ashtown. The property is situated 3km northwest of Dublin city centre and 1.3km west of Phibsborough Luas stop. The centre comprises seven retail units extending to a total area of 27,386 sq.ft. (€259 psf) and benefits from 75 surface car-parking spaces and is currently producing rental income of €550k per annum including a one-year rent underwrite of €50,000 on unit five, which is currently vacant. This unit extends to 2,017sq.ft. and has the advantage of planning permission for change of use from retail to restaurant. The Irish Times, 26th February
Ballycoolin, Dublin 15 Agent Harvey is guiding €2.25 million for a modern warehouse and office facility at 617A Northwest Business Park, Dublin 15. There is also an option to rent the property for €167,000 per annum. The combined area of the premises extends to 19,644 sq.ft. (price psf €114 / rent psf €8.50) of which the warehouse area accounts for 15,844 sq.ft. The premises is two-storey, and contains fully fitted offices, a reception and staff facilities extending to 3,800 sq.ft. in walk-in condition. Located in Ballycoolin between the N2 and N3 with M50 Motorway access via Junctions 5 and 6, the property is convenient to the Port Tunnel and Dublin Airport. The Irish Independent, 27th February
Hatch St, Dublin 2 The Irish Times understands that German asset manager KanAM Grund Group has paid c.€35 million in an off-market transaction for One Upper Hatch Street in Dublin city centre. The building is a grade A, eight-storey, over-basement office building which was redeveloped and extended to its current size of 30,139 sq.ft. (€1,161 psf) in 2006 by its previous owners. The property is fully-let to Deloitte who occupy seven floors and US-based tax adviser, H&R Block, who occupy one. The Irish Times, 26th February
Sandyford, Dublin 18 Agent TWM is guiding individual prices of €8.6 million and €6.5 million respectively for the long leasehold interest of lots 1 and 2 within the Sandyford Business Centre portfolio. The entire is available for sale at an overall guide price of €15.1 million. Lot 1 consists of units 1, 3 and 4 (30,216 sq.ft.) and 117 car spaces, while lot 2 includes units 5C and 6 (18,570 sq.ft.) and 83 car spaces. The combined annual rental income is €1,192,578 and there is a weighted average unexpired lease term of 5.8 years, with breaks at 4.6 years. The Sandyford Business Centre scheme comprises eight blocks in total, units 2, 5A/5B, 7 and 8 were sold on long leases (c.235 years) and are not included in the current sale. The Irish Times, 26th February
Clyde Real Estate has secured €20 million of debt from real estate asset manager, PMM Group. The loan facility will be used to part-finance Clyde’s acquisition of mixed-use office and manufacturing sites in Dublin, Shannon, Dundalk and Carlow, as well as an office and residential development site in Cork. Clyde Real Estate’s current tenants include a mix of Irish businesses, as well as global blue-chip firms such as Intel, Nokia and Citibank. The Sunday Business Post, 1st March
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Cabinteely, South Dublin A 1.36 acre south Dublin site with full planning permission for the development of 34 new homes has been brought to the market by agent Hooke & MacDonald at a guide price of €4 million (€118k per site). Located at the junction of Brennanstown Road and the old Bray Road in Cabinteely village, the subject site comes with planning permission for the delivery of 10 houses, 13 apartments and 11 duplexes. The site is well served by public transport, with numerous Dublin Bus routes available along the N11 bus corridor, which is just a three-minute walk away. The Laughanstown Luas green line stop is situated nearby, while the M50 motorway is located within a five-minute drive of the site. The Irish Times, 19th February
Cork City Longview Estates, backed by Temporis Capital, is seeking permission from An Bord Pleanála to build 753 houses and apartments in Ballyvolane on the northside of Cork City. Its proposal for 531 houses and 222 apartments is one of the biggest developments submitted under the fast-track planning scheme. A decision will be made on the application by April 28th. The Irish Times, 25th February
Rathmines, Dublin 6 An Bord Pleanála has given the all clear to Bartra Capital to construct a seven storey “co-living” residential development in Rathmines, Dublin 6. It will have 102 bedrooms with shared facilities for the residents such as kitchens and living areas. The ruling by the appeals board overturns a decision by Dublin City Council to refuse planning permission for the proposal last September. The council planner had found the level of shared facilities on each floor to be “objectionable”. The Irish Times, 19th February
Clontarf, North Dublin An Bord Pleanála has granted permission for an apartment complex in Clontarf that had been subject to a series of objections and protests. The development of 657 apartments and a crèche at former school playing pitches near St Anne’s Park was approved on appeal. Crekav, a company controlled by developer Marlet, plans to build 378 two-bedroom apartments, 224 one-bedroom apartments and 55 three-bedroom units across nine blocks with heights ranging between five and nine storeys, 66 apartments will be for social housing. The planning application drew 659 observations. The Sunday Business Post, 18th February
Windmill Lane, Dublin 2 The Irish Times understands that the remaining 47,500 sq.ft. of space at the 2WML building has been let to online fashion platform Zalando Ireland on a 15 year lease, with term certain of seven years, at initial rent of €2.9 million per annum (€61 psf). The building is now let to Zalando, Udemy and gym firm Perpetua, at a contracted rent of €3.9 million per annum. The Irish Times, 25th February
Prime Rents A detailed analysis of the Residential Tenancies Board‘s register by the Business Post has shown that a number of recently developed apartment schemes – charging between €2,000 and €10,000 a month – have a large number of vacancies. It was revealed last month that 100 of the 190 apartments in the 22-storey Capital Dock were empty. The units in the Dublin Docklands tower, available for between €3,500 and €10,000 a month, were put on the market in January 2019. The Number One Ballsbridge development has 61 luxury build-to-rent apartments that have no registered tenancy. Units in the 89-apartment complex cost between €3,850 and €5,500 a month. The Sunday Business Post, 23rd February
Lower Ormond Quay, Dublin 1 The Irish Times understands that Dublin’s Morrisson hotel is to be offered for sale in the coming weeks at a guide price of between €80 million and €85 million. The hotel was acquired from Nama in 2012 for €22 million and has undergone significant refurbishment works believed to be c.€10 million. The hotel occupies a prime city centre location overlooking the river Liffey, within walking distance of Temple Bar, Henry Street, Grafton Street, and the IFSC. The Irish Times, 19th February
Great Denmark St, Dublin 1 JLL is guiding €8 million for Barry’s Hotel at 1 – 2 Great Denmark St. The 33-guestroom townhouse is being offered for sale as a going concern with freehold title and vacant possession. The hotel also comes with the benefit of approval given by An Bord Pleanála in 2019 for the development of a 32-guestroom extension to the rear of the property. Barry’s Hotel includes a pair of prominent four storey over basement townhouses with 22 metres frontage to Great Denmark Street, a large ground floor bar and ballroom, all situated upon a 0.27 acre city centre site. The Irish Times, 19th February
Camden St, Dublin 2 No 39, Camden St has been brought to the market by agent CBRE at a guide price of €2.2 million. The ground and first floors of No 39 are occupied by the restaurant Delahunt on a new 10-year lease, while the second and third floors comprise a studio and two-bed apartment, which are being offered with vacant possession. Projected rental income is €160,000 per annum (7.3% gross yield). The Irish Times, 19th February
Grand Canal St, Dublin 2 Becky Morgans pub on Grand Canal Street Lower is being offered for sale through CBRE with a guide price of €1.3 million. The purpose-built three-storey over-basement licenced premises extends to 2,443 sq.ft. and includes a ground floor lounge bar. On the first floor there is a bar and function room while on the second floor there is a catering kitchen. Outside, to the front, there is a terrace/smoking area with seating. The Irish Independent, 20th February
Point Square, Dublin 1 The Irish Times understands that Savills Ireland is expected to bring the retail-led Point Square portfolio to market this September at a guide price of c.€100 million. The sale will comprise 246,000 sq.ft. of retail space; 100,000 sq.ft. of office accommodation; a six-screen cinema; a 32,500 sq.ft. leisure unit; 25,000 sq.ft. of restaurant and cafe space; and a 750-space car park. Some 90,000sq ft (8,350sq m) of the retail space is held by Dunnes Stores through a long-leasehold interest, while the complex’s multi-screen cinema is let to Odeon Cinemas. Verizon and Voxpro operate from Point Square and also included in the portfolio is the Glassbox, a new purpose-built restaurant building of 2,217sq.ft, which is under construction adjacent to the main Point Square complex. The Irish Times, 19th February
Winding Stair Portfolio The Woollen Mills & the Yarn, the Washerwoman and the Legal Eagle are being offered to the market in one or more lots as part of the Winding Stair portfolio at a guide price of €8 million.
The Woollen Mills & the Yarn (Lot 1) occupy a prominent position on the corner of Ormond Quay and the soon-to-be pedestrianised Liffey Street. The 5,651 sq.ft. property comprises a refurbished five-storey listed period building with a modern rooftop terrace at first-floor level and a retractable roof that separates the original building with the three-storey Yarn building at the north side of the site. Guide price of €4.5 million (€796 psf).
The Washerwoman site (Lot 2) is on the south side of Glasnevin Hill. The 0.056 hectares site is zoned as Z3 – Neighbourhood Centre in the Dublin City Development Plan 2016-2022. The site comprises three self-contained commercial buildings with 29m of road frontage. Guide price €2.4 million.
The Legal Eagle Pub (Lot 3) is the 3,640 sq.ft. pub premises directly opposite the Four Courts in Dublin 1. The Winding Stair Group has agreed to take on a 25-year full FRI lease at an annual rent of €100,000. Guide price in excess of €1.6 million (€440 psf). The Irish Times, 19th February
48-49 Clontarf Road, Dublin 3 The property which comprises of a mid-terrace three-story building extending to 5,429 sq.ft. has been sold for €1.6 million (€295 psf). The building is fully let to 10 well-established tenants and is producing total rental income of €145,471 per annum (9.1% gross yield). The building underwent an extensive refurbishment prior to its sale. The accommodation is laid out to provide two ground-floor retail units, seven office suites and a penthouse apartment. The Irish Times, 19th February
Grand Canal St, Dublin 2 The Irish Times are reporting that Google has completed the purchase of the Treasury Building on Dublin’s Grand Canal Street for c.€120 million. Google’s purchase of the property provides it with the capacity to grow its existing 8,000-strong Dublin-based workforce by up to 1,200. The Irish Times, 22nd February
Galway City An Bord Pleanála has refused planning permission for a major office development in Galway city centre because of the excessive scale of the proposed building. Initial plans were for a seven storey office block incorporating a new children’s library on St Augustine Street in Galway together with a substantial renovation and expansion of the adjoining Hynes Building, which houses Galway City Library. The Irish Times, 20th February
Maynooth, Co Kildare An office building at Maynooth Business Campus in north Co Kildare is for sale or rent with the agent quoting rents of €22 psf and a sale price of c.€230 psf. The premises, Unit K8, extends to 17,500 sq.ft, suggesting an overall price of c.€4m. Extending over two floors, the end of terrace building with own-door access offers flexible floor plates and also includes 30 car parking spaces. The campus is c.2km south of Maynooth town centre at Junction 7 on the M4 motorway, and Maynooth train station is also within easy walking distance. The Irish Independent, 20th February
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IFSC, Dublin 1 US-based Exeter Property Group has acquired the student residences at the National College of Ireland (NCI) in Dublin’s IFSC for c.€35.6 million. The Irish Times understands that when the residences were developed NCI had a call option to purchase them 10 years after completion of the development, or by September 2013 at the latest, for €24.9 million. NCI did not exercise the option. The 53 apartments in the scheme are understood to comprise 286 bedrooms, each with en-suite bathrooms (€124k per room). The Irish Times, 12th February
Dublin 11 & Dublin 24 RediResi Icorp, a joint venture between RediResi in the UK and Irish investors, has bought 51 residential properties in two Dublin locations as the first stage of its acquisition of units for refurbishment and letting to local authorities. They paid c.€3.4m for 19 units dispersed among the 400-unit development at Mayeston Hall, St Margaret’s Road, Dublin 11. RediResi has also acquired all 32 units in the crescent-shaped block on a 0.83 acre site at the Round Garden Citywest. Savills had been guiding €7.25m for all 32 units. The Irish Independent understands that the joint venture has secured funding of €91m from NatWest Markets PLC and the global investment boutique Alvarium Investments to procure and refurbish up to 500 units nationwide for long-term leasing to local authorities. The Irish Independent, 13th February
Rathmines, Dublin 6 Dublin City Council has granted planning permission for a 97 bedroom shared “co-living” apartment block at 143 – 149 Rathmines Road Lower, despite local concerns about the project. Permission had been sought for 110 units and change of use at Rathmines House from office use to accommodation in a project that would involve the addition of three floors to create a seven-storey building. However, the council has reduced that plan to six floors to safeguard the visual and residential amenities of the area and of future occupants. The individual bedroom units will vary in size, with shared kitchen, dining and living communal facilities on each floor level. In addition, on the ground floor, there will be reception, gymnasium, residents’ lounge and laundrette. The Irish Times, 7th February
The Liberties, Dublin 8 Harrison Street, along with Global Student Accommodation Group (GSA), is developing a 235 bed student accommodation property in Dublin 8. The project also includes 37 build-to-rent units, which will be managed by GSA. The property, known as Sweeney’s Corner, is scheduled for completion prior to the start of the 2021 academic year, and is located in the Liberties area. The property will include studios and one bed apartments. It will also have communal spaces including a gym and garden. This is the seventh asset that Harrison Street and GSA have developed in Dublin under their joint venture here, which was launched in December 2015. The Irish Independent, 18th February
Merrion Road, Dublin 4 Dublin City Council has granted planning permission for a six-storey block with 63 apartments on the corner site of a former Gowan Motors site on Merrion Road in Dublin 4, despite local objections. The grant of permission follows 1 Merrion Land Ltd previously being refused planning permission for an eight-storey apartment block with 66 apartments at the same site at 143 Merrion Road. The council said the new plan would not seriously injure the residential amenity in the vicinity. The Irish Times, 12th February
Camden Quay, Cork Cushman & Wakefield is guiding €4 million for a largely cleared 0.49 acre plot on Cork’s Camden Quay. The site is opposite Cork Opera House and just one minute’s walk from St Patrick’s Bridge. A six bay, three storey Venetian style period building is located to the fore of the property, the remainder of the site has been cleared to facilitate development. Planning permission was previously granted for an office development of 65,000 sq.ft. It is thought that new applications are likely to obtain permission for larger-scale development in line with the scale of developments being achieved in the city’s docklands. Zoning in the Cork City Development Plan 2015 – 2021 is “City Centre Commercial Core Area,” which allows for a wide mix of uses, with an objective of supporting the retention and expansion of commercial, cultural, leisure and residential uses.The Irish Examiner, 7th February
Ballyboughal, North Co Dublin A 4.7 acres residential development site in Ballyboughal, in north Co Dublin, is being offered for sale by CBRE with a guide price of €975,000. (€207,447 per acre) The site is zoned RV – Rural Village and OS – Open Space under the Fingal Development Plan 2017-2023. It also falls within the Ballyboughal Local Area Plan with an objective “to promote the development of a village park” and “to provide for a community garden and playground”. A feasibility study indicates that it has potential for 18 houses subject to planning permission. The site is located 10km north of Swords, 14km from Dublin Airport and about 24km from Dublin city centre. The Irish Independent, 13th February
Blanchardstown, Dublin 15 Cushman & Wakefield are guiding €16.5 million for the Aurora Building in Ballycoolin Business Park, Blanchardstown. The property comprises two interconnecting office blocks extending to 121,490 sq.ft. (€136 psf) on a site of 6.64 acres (€2.485m per acre). There are also 311 car parking spaces. Extensively refurbished between 2013 and 2015, the Aurora Building is let in its entirety to Veritas Storage (Ireland) Ltd, a wholly-owned subsidiary of Veritas Holdings Ltd, under a seven-year lease from December 2015 at a current passing rent of c.€1.21 million per annum. In addition, the tenant is paying an annual fit-out rent of c.€1.79 million per annum, payable for the duration of the lease. Veritas has sublet c.23,000 sq.ft. to eBay Europe Services Ltd until September 2022. The Irish Times, 12th February
Talbot Place, Dublin 1 The Jacobs Inn hostel at 21-28 Talbot Place has been sold for c.€30 million to a pan-European investment partnership involving BlackRock Real Assets and specialist hostel operator, Amistat Continental. The sale of the 412-bed property comes just 16 months on from its acquisition by Patron Capital and joint-venture partner, CoDE Pod Hostels for c.€14.5 million. Since securing ownership of the hostel, Patron completed a comprehensive asset management programme aimed at repositioning the property as the leading hostel in Dublin. Patron is understood to have invested c.€5 million on refurbishing the property prior to disposing of it. The Irish Times, 12th February
Newmarket Square, Dublin 8 Premier Inn owner Whitbread has secured a site for a 151-bedroom Premier Inn hotel in the Distillery Quarter at Newmarket Square in Dublin 8. The deal increases the group’s secured development pipeline in Ireland to more than 1,000 bedrooms. Whitbread currently operates one Premier Inn hotel in Ireland at Dublin Airport, with 213 bedrooms. The Irish Times, 12th February
Eccles St, Dublin 1 Knight Frank is guiding €2.25 million for 72 Eccles Street, a Georgian four-storey over garden level building let to The Mater Private Hospital. Extending to 4,112 sq.ft. (€547 psf) in total, the building is situated on the south side of Eccles Street, close to its junction with Dorset Street and directly opposite the main entrance to The Mater Private Hospital. The property produces €150,000 per annum in rental income and there is a full repairing and insuring (FRI) lease which includes upward only rent reviews every five years and dates from June 2006 and runs until 31 December 2030. The Irish Independent, 13th February
Sandymount, Dublin 4 Agent Harvey is offering the Tram Depot in Sandymount for rent at €250,000 per annum. The former tram depot building has been extensively restored throughout and converted for office use. The office accommodation extends to 8,434 sq.ft. (€30 psf) and is arranged over two floors comprising a mix of open plan and glazed cellular offices together with other ancillary accommodation. The property also benefits from onsite car parking. Sandymount Village is an eight minute walk and Sandymount Dart Station is an 11 minute walk. The Irish Times, 12th February
Irish Property Market Up to €24bn is estimated to have been spent buying Irish property last year when the figures for sales of development land, farm land as well as commercial and residential properties are combined. The residential sector accounted for most of the sales both in terms of numbers of deals as well as the value of those deals. A survey by Myhome.ie of the Property Price Register shows €17.88 billion was spent buying residential properties in 2019 – compared with €16.84 billion in 2018, an increase of more than €1 billion. Dublin accounted for over half residential sales with 18,247 residential deals worth a combined €9.11 billion. In Cork, 6,447 residential lots changed hands for a combined €1.7 billion and in Kildare 3,385 sold for a total of €1.02 billion. The Irish Independent, 13th February
Irish Residential Market The Central Statistics Office (CSO) has revealed that residential property prices in Dublin fell by 0.9% over the course of 2019, while the average price across the State rose by 0.9%. In the entirety of 2019, 45,276 purchases were filed with Revenue. Of those, 31.9% were bought by first-time buyer owner occupiers while 52.6% were bought by those trading up. Across the State, households paid a median price of €259,000 to buy a home. The Dublin region had the highest median price of €370,000 and, within the region, Dun Laoghaire Rathdown had the highest median price of €525,000. The Irish Times, 13th February
Irish Residential Market The number of completed homes reached its highest in a decade in the Republic last year, with the number of apartments jumping almost 60% compared with 2018, figures from the Central Statistics Office show. Overall, 6,450 new homes were completed during the final quarter of the year, compared with 5,445 completions during the same period the year before. That equates to an increase of 18.5%. The increase in the fourth quarter brought the total number of new home completions last year to 21,241, which was an increase of 18.3 per cent on the 17,952 built in 2018. However, the figure still falls well short of the 34,000 new homes that the Central Bank estimates are required each year between now and 2030 in order to meet demand. The Irish Times, 11th February
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Point Campus, Dublin 1 The Irish Times understands that DWS Group has purchased the largest off-campus student accommodation complex in Ireland, Point Campus in Dublin 1, for c.€172 million. Comprising 966 bedspaces (€178k per bedspace), the complex features amenities including a gym, cinema, common room and roof terrace. The 2.3 acre site was purchased in 2016 for a sum believed to be in the region of €20 million. A subsidiary of Deutsche Bank, DWS has become one of the most active investors in the Irish property market. During 2019 alone it was linked to the acquisition of Next’s flagship store on Henry Street for c.€44 million; the forward-funding of a €70 million aparthotel development named Tivoli Place in Dublin 8; and the €108 million purchase of the Fairway build-to-rent apartment scheme at Cualanor, Dún Laoghaire. The Irish Times, 5th February
Finglas, Dublin 11 An Bord Pleanála has granted planning permission for 129 apartments in north Dublin – in spite of opposition from local residents. The appeals board granted planning permission to Dublin builders, Dywer Nolan Developments for the expansion of the Hampton Wood development. It will comprise five apartment blocks including one reaching to nine storeys. The development is located north of the Poppintree industrial estate and a short distance from IKEA’s flagship store. The Irish Independent, 5th February
Drumcondra, Dublin 3 Cushman & Wakefield is guiding €5 million for 14 apartments with ground floor storage at The Granary on Richmond Road, Dublin 3. The portfolio comprises four one-bed apartments, nine two-bed apartments and one three-bed penthouse all housed in a converted five-storey mill building. The portfolio is producing a total gross rental income of €230,604 per annum from 13 apartments. The three-bed penthouse, which is vacant at present, could be let as is, or potentially be split into three separate apartments subject to planning permission. The Irish Times, 5th February
Connolly Quarter, Dublin 1 Ballymore Group has secured the green light from An Bord Pleanála to proceed with the development of a 23-storey apartment block in Dublin city centre. The proposed tower forms part of the wider Connolly Quarter mixed-use scheme that Ballymore and its partner, Oxley Holdings, intend to deliver on a 7.12 acre site adjacent to Connolly Station in Dublin 1. In total, the developer has secured permission for the construction of 741 Build-to-Rent apartments distributed across eight blocks ranging in height from four storeys to 23 storeys. The apartments will be a mix of studios and one-, two- and three-bedroom units. The Irish Times, 7th February
A report by Hooke & MacDonald has highlighted that multi-family or private rented sector (PRS) transactions now dominate the Irish property investment market and accounted for 44% of transactions in Dublin in 2019. There were 22 main residential investment transactions contracted in Dublin in the fourth quarter of 2019, 12 of which were new build while the remaining were existing stock. The new builds comprised 1,650 units and the existing stock 1,065, with an overall total of 2,715. The total sales value was €1.1 billion. The Sunday Business Post, 9th February
Parkgate St, Dublin 8 The Irish Times understands that Chartered Land have submitted a fast-track planning application to An Bord Pleanála for the development of a 29-storey apartment building at Parkgate Street in Dublin 8. The proposed (305ft) tower forms part of a major mixed-use complex Chartered Land is aiming to deliver on the landmark Hickeys site. The residential element of the scheme is set to comprise 481 studio, one- and two-bed apartments distributed across four blocks ranging in height from eight storeys to 29 storeys. Some 39,805 sq.ft. of space will be dedicated to office use while a further 7,083 sq.ft. will be reserved for retail, cafe and restaurant space. The development will feature numerous amenities including a residential communal courtyard, a co-working space, a gym, multipurpose function rooms and games rooms. The Irish Times, 5th February
Drumcondra, Dublin 3 The Sunday Times understands that Fund provider BlackBee Investments has bought Quinn’s pub in Drumcondra to supplement its plans to develop student accommodation in the north Dublin suburb. BlackBee already has permission for student accommodation with 46 bedrooms on an adjacent site, and intends to increase this to 57. It is thought that incorporating Quinn’s, which was on the market with a price tag of €1 million, would increase the total area to almost half an acre, with the potential to accommodate up to 170 students. The Sunday Times, 9th February
Blackrock, South Dublin Knight Frank is guiding €45 million for a 10 acre site (€4.5m per acre) located just 500 metres from Blackrock Village. Located on lands formerly owned by the Daughters of Charity of St Vincent de Paul, the site which has more than 250 metres of frontage to Temple Road is being offered to the market in one or more lots. Lot 1 comprises St Teresa’s House, a gate lodge and several vacant buildings which have been unoccupied for a number of years, on a site area of 9.8 acres, while lot 2 consists of a residential dwelling known as “Carmond” situated on 0.2 acres. Lot 3 comprises the entire 10-acre holding. In terms of the existing planning permission, Oakmount secured approval from An Bord Pleanála for 291 apartments with creche facilities, set out in 13 buildings ranging in height from one to eight storeys. A feasibility study prepared in advance of the sale suggests the holding could accommodate two increased density Build-to-Rent apartment schemes comprising between 493 and 521 units (€91k – €86k per unit). The Irish Times, 5th February
Moss Street, Dublin 2 The Irish Times understands that the former City Arts Centre on Moss Street will be brought to the market in the coming weeks by agent HWBC at a guide price of between €50 million and €60 million. The building has laid derelict since it was purchased for €4.2 million 17 years ago. Located at the junction of Moss Street and City Quay, and with surface car parking along Gloucester Street, the property offers the prospective purchaser the opportunity to deliver an office or residential scheme at a prime location within Dublin’s central business district. Under the Local Area Plan, the height strategy for the City Arts site is for buildings of between six and nine storeys. The Irish Times, 5th February
Cherry Orchard, Dublin 10 Agent Harvey is quoting €1.95 million for a portfolio of three industrial units with potential for future residential development at Cherry Orchard Industrial Estate in Dublin 10. Located on a high-profile site of 2.2 acres, Units 26, 42 and 43 are fully interlinked and extend to a total of 46,253 sq.ft. Under the terms of the South Dublin County Council Development Plan 2016-2022, the site is currently zoned Objective EE – “to provide for enterprise- and employment-related uses”. Under the same development plan, a significant portion of the estate was rezoned REGEN. This is a superior zoning objective that includes residential-led regeneration. The subject holding is immediately adjacent to an area which is already rezoned. The Irish Times, 5th February
Dublin Industrial Market 3.74 million sq.ft. transacted in 2019, representing an 18% increase on the 3.18 million sq.ft. transacted in 2018. Lettings accounted for 66% of activity. On a geographical basis, the North-West accounted for the vast majority of take-up with a 55% market share. There was strong demand for space in excess of 107,000 sq.ft. which accounted for 23% of the market, however the highest demand was for the 54,000-107,000 sq.ft. range which had a 31% market share. Knight Frank Research Report Q4 2019
Roscrea, Co Tipperary TWM is guiding €8.8 million for the Tesco’s supermarket premises in Roscrea, Co Tipperary. The property is let to Tesco Ireland on a 35-year full repairing and insuring (FRI) lease from July 1st, 2011. There is a tenant break option after 15 years (2026). The current annual rental income is €950,000. The lease to Tesco provides for an uplift in the rent through a consumer price index-linked (CPI) mechanism whereby the accumulated CPI uplift over the first 10 years of the lease is applied to the rent. As of today the rent, ignoring any uplift over the next two years, would increase to over €989,000. Built in 2011, the property comprises a modern, detached retail building with supermarket at ground-floor level and car parking at lower ground floor. The property extends to 46,640 sq.ft. with 224 car spaces. The Irish Times, 5th February
Naas, Co Kildare Yew Grove Reit has completed the purchase of six office buildings in Millenium Park, Naas, Co Kildare for €25.3 million. The buildings offer 140,000 sq.ft. of space and 773 parking spaces beside a 6 acre greenfield site. Five of the buildings are let to a mix of foreign multinationals and domestic enterprises that pay c.€1.6 million in annual rent. The sixth building is vacant. The acquisition expands Yew Grove’s portfolio to 28 properties, with a gross asset value of €140m and an annual rent totalling c.€10.4m. The Irish Independent, 8th February
Tallaght, Dublin 24 Joint agents QRE and Savills are guiding a price of €3.6 million for Hainault House at Belgard Square, Tallaght. The subject property comprises a modern standalone office block extending to 20,350 sq.ft. and arranged over three floors with 59 surface car-parking spaces. The property has been substantially refurbished since 2016. Following the completion of its upgrade, Hainault House is now fully let to the Citizens Information Board, Optical Express and Early Childhood Ireland, and is generating contracted rental income of €281,000 per annum (€13.80 psf; 7.8% gross yield). The Irish Times, 5th February
Cork Office Market Occupier activity reached c.283,600 sq.ft. in the twelve months to December end. Whilst the number of deals was down from 2018, the average sized deal increased from 5,380 sq.ft. in 2018, to 9,687 sq.ft. in 2019. The largest deal of 2019 took place in the second quarter, and saw Eli Lilly occupy c.68,350 sq.ft. at Eastgate, Little Island. Availability in the Cork office market stood at 627,500 sq.ft. at the end of 2019. Despite the completion of 249,700 sq.ft. throughout the year, availability has risen only marginally (0.7%) since the end of 2018. At the end of December, 414,410 sq.ft. of office accommodation remained under construction in Cork, all of which is due to be delivered to the market in 2020. Cushman & Wakefield Research Report Q4 2019
Galway Office Market The Galway office market recorded its strongest year since 2015. Take up in the twelve months to the end of December totalled 107,100 sq.ft, across 19 deals. Whilst considerably up on activity levels recorded in 2018, occupier activity in the year remained below the long run average of 139,900 sq.ft. At the end of Q4 2019, availability in the Galway office market stood at 182,000 sq.ft. This represents a fall of 19% in available office space since the end of 2018. The corresponding vacancy rate fell to 5.5%, down from 6.8% at the same point in 2018. Cushman & Wakefield Research Report Q4 2019
Naas, Co Kildare The former Odlum’s flour mills located along the Grand Canal Greenway at Osberstown, outside Naas in Co Kildare is for sale through Lisney at a guide price of €2 million. There is over 30,000 sq.ft. of existing buildings with attractive stone facades and timber beams. The main corn mill with 20,870 sq.ft. rises to five storeys while a fully-refurbished three-storey annex contains renovated offices of 6,286 sq.ft. There are several additional buildings including a refurbished mews (in office use), various stables, outbuildings and courtyard sheds. The two main buildings have 77m of frontage to the Grand Canal where parking is provided opposite at the canal lock. The property is located close to the Millennium Park business campus just off the M7 motorway. The Irish Times, 5th February
The Irish Investment Market A Cushman & Wakefield report has revealed that €4.56bn was invested in the Irish commercial property market in 2019. The 12 months to December end saw the office sector dominate investor interest, accounting for approximately 42% of total investment, translating to a value of €1.9bn. Following offices, the second most sought after asset class in 2019 was the residential sector, which attracted €1.1bn, or 24% of investment turnover. This compares to just €654 million in 2018. Notably, a further €1.3bn was invested in the residential sector through forward commit transactions. Cushman & Wakefield Research Report Q4 2019
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Dublin Student Accommodation Global Student Accommodation (GSA) has acquired a portfolio of Dublin student residences from its joint venture partner, Harrison Street, in a deal valued at €400 million. The buildings comprise 1,971 bed spaces (c.€203k per bed space) and include Ardcairn House, Kavanagh Court, New Mill, The Tannery, and Broadstone Hall, all of which primarily serve students at Trinity College Dublin, the Royal College of Surgeons in Ireland, TU Dublin Grangegorman and University College Dublin. The properties within the portfolio have an average occupancy rate of 97% and all properties have been delivered to date with the exception of Kavanagh Court Phase II, which is expected to be completed in the first half of 2020. The Irish Times, 3rd February
Blanchardstown, Dublin 15 UK-headquartered SeaPoint Capital, has paid €7.2 million for a portfolio of 30 apartments (€240k per unit) at the Grove Court development in Blanchardstown, Dublin 15, slightly more than the €7 million agent Hooke & MacDonald had been guiding. The 30 apartments SeaPoint has acquired sit within a development of 79 units located directly adjacent to the Blanchardstown Centre. The 30 apartments include four one-bedroom apartments, 20 two-bedroom apartments and six three-bedroom apartments. The majority of the units are occupied on standard residential tenancies with the exception of 12 vacant apartments. Eighteen of the apartments are let and are producing a current gross rental income of approximately €265,000 per annum. The Irish Times, 29th January
Sandyford, South Dublin Marlet Property Group has purchased a 1.8 acre development site in Sandyford, south Dublin, for c.€17 million following the withdrawal by a rival bidder of an offer of €23 million for the property. The €17 million price now agreed with Marlet is significantly less than the figure the vendors had been aiming for previously, however, it still represents a premium of 60% on Prime Living and its Irish joint venture partner Cara Cove Holding’s original investment. While Prime Living secured approval from An Bord Pleanála in May of 2019 for the development of 820 student bed spaces on the site, it is understood Marlet is considering a fresh planning application with a view to delivering up to 400 apartments instead. The Irish Times, 29th January
Belgrave II Collection Orange Capital Partners (OCP), a Dutch property investment company, has acquired a second portfolio of refurbished Georgian buildings in the Dublin 2, 4, 6 and 8 postcodes for c.€75 million, known as the Belgrave II Collection. OCP made its first investment in the Irish market in 2018 when it acquired the Belgrave Collection, comprising 30 buildings that were split into 265 individual apartments for €70 million. The Irish Times, 29th January
Stillorgan, Co Dublin European property firm LRC Group has purchased 19 apartments at Whately Place, Upper Kilmacud Road, Stillorgan, Co Dublin for c.€6.2 million (€326k per unit). This represents €1.3 million less than the guide price. All the units are own door units and comprise nine two-bedroom units with an average unit size of 765 sq.ft; eight three-bedroom units with an average of 900 sq.ft; and two four-bedroom units averaging 907 sq.ft. The Irish Times understands that the 19 units could generate gross annual rents of €332,100, suggesting a gross yield of c.5.3%. The Irish Times, 29th January
Dundrum, South Dublin The Sunday Times understands that Glenveagh Properties is considering a deal to develop up to 2,500 homes on the site of the former Central Mental Hospital in Dundrum in south Dublin. The property group included the prospect of developing the 35-acre site — which is in the hands of the newly formed Land Development Agency (LDA) — among a pipeline of existing opportunities in a presentation to investors recently. The hospital site was among the first batch of publicly owned lands to transfer to the LDA, which was set up to make better use of state lands for housing. The Sunday Times, 2nd February
Connemara, Co Galway BV Commercial Real Estate Advisors has brought an industrial unit of c.60,000 sq.ft. on a parcel of land extending to c.4.66 acres in Rossaveal, Connemara, Co Galway to market. Rossaveal is the main ferry port for the Aran Islands, with c.2,000 passengers per day travelling to the islands in the holiday season. The port is a major fisheries harbour, and planning permission is in place to build a deep-water pier in the port and a new 150-berth marina has recently been opened adjacent to the factory. The property has potential for a multiple of purposes such as manufacturing, distribution, food processing, distillery or combination with a tourist attraction visitor centre. The property is located about 35 kilometres west of Galway city. The Sunday Business Post, 2nd February
Greenogue Business Park, Dublin 24 KKR and Palm Capital have agreed to forward fund the development of two Grade A logistics warehouses at Greenogue Business Park, Dublin by Jordanstown Properties. The development is expected to be worth c.€85m once completed. The c.452,000 sq.ft. development is being undertaken speculatively and is due for completion next year. The Irish Independent, 3rd February
Finglas, Dublin 11 Savills is guiding €2.2 million for Unit 9, Century Business Park in Finglas, Dublin 11. The property is occupied by Barsan Global Logistics IE on a four-year lease from March 2017 at an annual rent of €132,000. The unit spans 20,742 sq.ft, (€106 psf), which includes 1,797 sq.ft. of two storey office space. It benefits from being located in an accessible location, being 1km from Junction 5 on the M50. The Irish Independent, 30th January
Ballybough, Dublin 3 German retailer Lidl has been confirmed as the buyer of a former Annesley Motors premises in Dublin’s Ballybough after successfully appealing the designation of the site as being vacant, which would have attracted levies. The site was sold last year, having been put on the market with a €5.5 million guide price. Dublin City Council put the site on the vacant sites register in September last year. The owners of such sites must pay a levy to the local authority every year until the location is removed from the register. Lidl appealed the inclusion of the site on the register. Their agent said the retailer had engaged a design team to complete a mixed-use development at the location that would include a supermarket and residential accommodation. An Bord Pleanála ordered the site to be removed from the register. The Irish Independent, 30th January
Dublin 2 Flexible workspace provider, Knotel, has signed the leases on two more properties in Dublin; 8,783 sq.ft. at the Bloodstone Building on Sir John Rogerson’s Quay and 8,664 sq.ft. at Ashford House on Tara Street – both also in Dublin 2 – which will bring Knotel’s total space in Dublin to 25,435 sq.ft. Last November, Knotel took space at Riverview House on City Quay in Dublin 2. The Sunday Business Post, 2nd February
Baggot Street Upper, Dublin 2 Joint agents Savills and Farley Property are seeking occupiers for the remaining 4,400 sq.ft. of office space at the Lumen Building on Baggot Street Upper, with rents ranging from €48 to €55 psf. The former FÁS headquarter building was redeveloped by Burlington Real Estate, creating 12,000 sq.ft. of grade A office and retail space. The available office space is on the ground, third and the penthouse floors, all of which afford the prospective occupier the use of generous tenant amenities including dedicated showers, lockers, changing facilities, secure bicycle parking and car parking spaces. The Irish Times, 29th January
2 Grand Parade, Dublin, 6 German-based real estate investment manager Union Investment has acquired 2 Grand Parade, Dublin, from Hines and Peterson Group. The building, which is currently being constructed and is scheduled for completion by end of 2022, comprises of c.103,300 sq.ft. of rental space. The development at 2 Grand Parade consists of two building sections. A third of the rental space is located in a historic existing building dating from 1964, known as the Carroll’s Building, previously used by PJ Carroll’s Tobacco for many years. This building is being extensively upgraded as part of the development. The remaining two thirds of the rental space is located in a new build linked to the existing building. The Irish Independent, 31st January
BidX1 Auction As many as five lots in the €1 million-plus price bracket are among the 70 lots in BidX1’s Irish commercial property auction on Wednesday, February 26. The most valuable lot is a Galway city centre multi-let retail investment at 1-8 Eglinton Court, Eglinton Street, close to Eyre Square with a €2.9 million guide price. The annual rent roll is €344,609 per annum and leases with five of the six tenants include upward-only rent reviews and another of the units, a restaurant, is vacant. The Sunday Business Post, 2nd February
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Greystones, Co Wicklow An Bord Pleanála has given Cairn Homes permission to construct 426 residential units near Greystones in Co Wicklow through the fast-track planning process despite local opposition. The planned development is on a site within the townlands of Farrankelly and Killincarrig, Delgany located 2.5km south of Greystones. It is comprised of 245 houses and 181 apartments. The plan includes three four-storey apartment blocks at its centre. The Irish Times, 23rd January
Lancaster Gate, Cork City The Irish Examiner understands that work is finally set to start on the first non-student apartment development of any scale in Cork City in 10 years, in an investment worth €40m. O’Callaghan Properties are behind the apartments located at Lancaster Gate which will complete the redevelopment of the seven-acre riverside site which they acquired from Jurys Hotels in the early 2000s. Completion of the 88 apartments is expected by December 2020 and apartments will be available for rent in early 2021. The Irish Examiner, 22nd January
Cork City Planning permission has been granted for the development of an apartment complex on the site of the former Glenanaar pub in Cork city, despite objections from a number of local residents. An Bord Pleanála rejected the recommendation of its own planning inspector in upholding the decision of Cork City Council to approve the demolition of the Glenanaar pub in Ballinlough and construction of two four-storey blocks containing 26 apartments on the site. The 26 apartments will consist of seven studio units, ten one-bedroom units and nine two-bed units. The Irish Examiner, 26th January
Greystones, Co Wicklow Joint agents Cushman & Wakefield and McGovern Estates are guiding €5.5 million for the Watson & Johnson Centre, a two-storey fully-occupied retail and office scheme located on Greystones’ Church Road, extending to a total area of 11,750 sq.ft.(€468 psf). The centre is occupied at ground level by a range of tenants. The first floor is accessed off Church Road and is let to a number of separate occupiers including a solicitor’s practice and a yoga studio. The property is fully occupied, in good condition throughout, and is currently producing a net operating income of €314,000 per annum. The centre also includes a car park to the side with 26 surface car spaces which represents development potential subject to planning permission. The Irish Times, 22nd January
O’Connell St, Dublin 1 Quanta Capital has acquired No 43/44 O’Connell Street for c.€5 million through agent CBRE. No 43-44 O’Connell Street, located at the intersection with Abbey Street, extends to 10,250 sq.ft. and comprises of a mid-terrace five storey over basement period building; with retail accommodation at ground level and basement, with four further floors of office-space overhead. This is one of a number of recent acquisitions for Quanta Capital; who are understood to have invested over €500 million in the Irish market to date. Quanta Capital Press Release
Dublin 8 Colliers International is guiding €1.3 million for 41 James’ Street in Dublin 8. No 41 comprises a retail unit and three two-bedroom apartments overhead, extending to c.3,659 sq.ft. The retail unit is fully let to Tranan Holdings (Two) Ltd trading as Next Door off-licence on a 25-year FRI lease from June 2008 with upwards-only rent reviews. The passing rent is €61,800 per annum which includes the retail unit and one two-bed apartment. The estimated market rent for the entire building, once the two vacant apartments are let, is in the region of €105,000 per annum. The Sunday Business Post, 26th January
Moyne, Co Tipperary An 800 acre land portfolio comprising a mix of industrial and agricultural lands, which come with the benefit of a significant income stream through renewable energy and agricultural enterprises has come to the market with Knight Frank guiding €11 million (€13,750 per acre). The lands also include a number of outbuildings and residential dwellings. The Lisheen Mine ceased operations in 2015 and the property has since been successfully rehabilitated to a brownfield industrial site. The subject property also includes a wind farm comprising 18 turbines, subject to a long-term lease through which the incoming purchaser will benefit from the income stream. The Irish Times, 22nd January
Finglas, Dublin 11 Cushman & Wakefield is guiding €6.5 million for a 10.13 acre brownfield site which has been brought to the market on Jamestown Road in Finglas (€641.7k per acre). Located in close proximity to Charlestown Shopping Centre, the M50 motorway and Dublin Airport, the site has the potential to accommodate more than 600 new homes. Occupied formerly by the Mouldpro factory, the land is currently zoned “Z6 – Employment/Enterprise” and lists residential use as “open for consideration”, according to the Dublin City Development Plan. A feasibility study showing capacity for 605 apartment units has been prepared by the vendor. A development of this scale would allow for a fast-track planning application to be made directly to An Bord Pleanála under the terms of the Strategic Housing Development scheme. The Irish Times, 22nd January
Galway City CBRE is guiding €3m for a five-acre greenfield site on the outskirts of Galway city (€600k per acre) on Headford Road. The Headford Road serves as one of the primary arterial routes for Galway, linking with the M6 motorway. The surrounding area comprises a mix of residential and commercial developments. Terryland Retail Park, Dunnes Stores and the Maldron Hotel are all located directly opposite the subject site, while the Gort na Coiribe student and short-term letting scheme is located immediately adjacent to it. Both the Galway-Mayo Institute of Technology (GMIT) and NUIG are located within walking distance of the subject site and cater for a combined student population of 25,000 at present. The Irish Times, 22nd January
Dublin Airport Logistics Park Iput has secured global logistics specialist Geodis Ireland Ltd as tenant for all 185,000 sq.ft. of space at Unit 1, Dublin Airport Logistics Park. Geodis has agreed to pay an initial rent of €1.6 million per annum (€8.65 psf) and will occupy the premises on a 20-year lease. The company only recently completed an extensive upgrade to the building having acquired it with vacant possession from Eason for €19 million in January 2019. The premises is a high-bay warehouse and office facility on a self-contained site of 8.4 acres. The property benefits from corporate quality offices, 192 car-parking spaces, dedicated trailer parking, a 37m deep secure yard and loading access via 15 dock levellers and five level access doors. Located just 250m from the boundary of Dublin Airport, the building enjoys good connectivity to Dublin Port Tunnel, Dublin city centre, the M1, M2 and M50 motorways and all other arterial routes. The Irish Times, 22nd January
Mulhuddart, Dublin 15 The former Rennicks manufacturing facility on 6.1 acres in Kilbride, Mulhuddart, Dublin 15, has been sold for just below the €2.9m which agents Harvey had been guiding. The buildings have been vacant since 2018. Building one comprises 71,472 sq.ft. and is laid out in manufacturing workshops with storage and dispatch areas, a large canteen and offices. Building two includes 24,682 sq.ft. laid out in production areas on both ground and first floors together with the main administrative offices for the facility, located at the front of the site. There are also 96 car parking spaces. The building also benefits from an onsite sub-station and a green field site. It is surrounded by 67 acres of industrial zoned land and close to the M50 motorway and the Port Tunnel. The Irish Independent, 23rd January
Blanchardstown, Dublin 15 The Eason property in Blanchardstown Shopping Centre is being offered for €16 million as a sale-and-leaseback opportunity with the benefit of a new 25-year lease to its current owner at a market rent of €1.1 million per annum. The subject property comprises a large double unit extending to 12,104 sq.ft. over two floors and is centrally located within the Blanchardstown Centre, enjoying frontage on to both level 1 and level 2 malls. The Irish Times, 22nd January
Capital Collection Portfolio The Irish Times understands that Henderson Park Capital is seeking in excess of €400 million from the sale of a portfolio of five prime Dublin offices it acquired as part of its recent €1.34 billion buyout of Green Reit. Eastdil Secured has been formally appointed to handle the sale of the “Capital Collection” in one or more lots. The portfolio comprises One Molesworth Street, 2 Burlington Road, 5 Harcourt Road, 30 to 33 Molesworth Street, and Fitzwilliam Hall. The Irish Times, 27th January
Haddington Buildings, Dublin 4 Three Haddington Buildings on Percy Place has been sold off-market by joint agents HWBC and Savills to German fund Quadoro Doric for c.€20 million. The building comprises 20,131 sq.ft. net accommodation over four floors with the benefit of 14 parking spaces (€993 psf). The first and second floors were pre-let to international law firm Beachcroft DAC on a new 15-year FRI lease from October 2019 subject to a passing rent of €52 per square foot, while the ground and lower ground floors are currently agreed to a single tenant. The buyer previously purchased Two Haddington Buildings in 2018. The Sunday Business Post, 26th January
Harcourt Centre, Dublin 2 The Irish Times understands that Avestus Capital Partners and Ares Asset Management have sold blocks 4 and 5 Harcourt Centre to Arena Invest for c.€55 million. This represents a return of c.14.5% on their original investment in 2017. Block 4 comprises a six-storey over basement building extending to 28,020 sq.ft. of office accommodation and 1,423 sq.ft. of retail accommodation, together with 23 car-parking spaces. The combined rent roll of the building is c.€1.42 million per annum and is derived from lettings to Regus and Cafe Sol. Block 5 comprises a six-storey over basement building extending to about 26,722 sq.ft. of office accommodation and 968 sq.ft. of retail accommodation, together with 17 car-parking spaces. The combined rent roll of the building is c.€1.6 million per annum, and is derived from lettings to SMT Fund Services, the National Transport Authority and Zara. The Irish Times, 22nd January
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Usher’s Quay, Dublin 8 A residential development site at Usher’s Quay has been sold for €3.25 million. The price secured for the 0.05 hectare plot represents a premium of 18% on the €2.75 million agent Knight Frank had been guiding when they brought the property to the market last May. Located between numbers 29/30 Usher’s Quay and numbers 1, 1A and 2 Usher Street, the subject site came for sale with full planning permission from Dublin City Council for the demolition of all existing buildings and the construction of a new part six/seven storey building comprising 27 apartments (five one-bed units and 22 two-bed units), above ancillary residential amenities and a commercial unit at ground floor. The Irish Times understands that the purchaser is considering the submission of a revised planning application with a view to developing a hotel or aparthotel. The Irish Times, 15th January
Tuath Housing Association Draft end of year accounts for Tuath Housing indicate that more than 1,000 homes were either constructed or acquired by Tuath, bringing the total number of properties it provides and manages to over 5,500 nationally. Over the past five years, Tuath’s turnover from its properties has increased from €8.4 million in 2014 to €44.4 million last year. During the same time period, its property portfolio has increased by 160%, which has made it one of the country’s biggest landlords. Any surplus generated by the association is used to help fund new social housing projects, while a financial reserve is also retained for the future maintenance of homes. The Sunday Business Post, 12th January
No 10 St Stephen’s Green, Dublin 2 Quanta Capital has acquired No 10 St Stephen’s Green for c.€4 million. Located adjacent to the Hibernian Club, the high-profile Georgian building extends to 5,000 sq.ft. (€800 psf) over four floors and was formerly the home, in part, to the Il Posto Italian restaurant which ceased trading in 2018 after more than 20 years in business. Separately, the ground and upper floors had been operating as a licensed premises since 2014 but these were vacated prior to the sale. The property was brought for sale with full vacant possession and with the further benefit of a seven-day publican’s licence. The Irish Times, 15th January
Naas Road, Dublin Harvey has secured the letting of all three buildings which had been occupied by the State’s biggest truck importer, the Harris Group. Located on a high-profile corner with 300m frontage to the Naas Road and 500m frontage to Nangor Road, the three buildings comprise 260,260 sq.ft. on a 16.4 acre site. Having already agreed the letting of building one (9,418 sq.ft) to Peri Framework and Scaffolding last June, Harvey has now let the remaining two buildings totalling 250,842 sq.ft. on 15.1 acres to DHL Global Forwarding (Ireland) Ltd. The Irish Times, 15th January
Skerries, County Dublin CBRE is guiding a price of €4.5 million for a 30 acre (€150,000 per acre) mixed-use land holding in the coastal town of Skerries in north county Dublin. The land is variously zoned for residential, high-amenity and open space uses, and is being offered to the market in one or more lots. Lot 1 comprises 6.5 acres and is zoned “residential”. Lot 2 measures 19.4 acres and is zoned “open space” while lot 3 is zoned “high amenity” and extends to 4.1 acres. Located at Holmpatrick on the Rush Road, the overall holding falls under the Fingal Development Plan 2017-2023. The Irish Times, 15th January
Naas, Co Kildare Knight Frank is guiding €12 million for a 49.27 acre site (€244k per acre) which comes with full planning permission for 385 houses (€31k per house) and a neighbourhood centre located on the Blessington Road in Naas, Co Kildare beside Naas Racecourse. In 2017, An Bord Pleanála granted permission for the construction of a housing scheme comprising 385 houses and a neighbourhood centre with 118 houses in Phase 1. A condition of the planning permission is that in order for works to start on phases 2 to 5, a contract for the construction of the Link Distributor Road from Blessington Road to Dublin Road must be signed by the planning authority or as otherwise agreed with the planning authority. The Sunday Business Post, 19th January
Hospitality Sector 2019 2019 saw 19 pubs generate a record €60.5 million in sales proceeds with the average price per deal at €3.2 million. This is well ahead of the €1.66 million average in 2018 and reflects on the quality of the lots sold in 2019. A report by Morrissey’s indicates that development potential was also another factor boosting prices, one reflected in the €5.5 million paid for by Rosie O’Grady’s in Harold’s Cross, which was sold off-market for alternative use. Development potential was also a factor in the sale of Uncle Tom’s Cabin in Dundrum, for more than €3 million. The purchaser is expected to redevelop the 0.8-acre site, which includes town centre and residential zoning. The Sunday Business Post, 19th January
Fitzwilliam St, Dublin 2 Joint agents Savills Ireland and Bannon are guiding €168 million for Fitzwilliam 28, the 135,617 sq.ft. grade-A accommodation over eight floors with 50 car-parking spaces located on Fitzwilliam Street (€1,238 psf). Slack Technologies have taken a new long-term lease of the entire building from practical completion. The Irish Times understands that the rent roll will be in excess of €7.7 million per annum (€56.78 psf), reflecting an initial yield of about 4.2%. Fitzwilliam 28 is one of two adjoining but independent blocks both being developed by the ESB. The sister block to 28, Fitzwilliam 27 will be owner-occupied by the ESB. Fitzwilliam 28 is expected to be completed in the second quarter of this year. The Irish Times, 15th January
Tara St, Dublin 2 Plans by Marlet Property Group to increase the height of the 11-storey office block it is delivering on the site of the former Apollo House in Dublin to 21 storeys have been put on hold following appeals by An Taisce and one local resident to grant planning permission for the additional 10-storeys. The residential tower comprises 54 build-to-rent apartments and the combined height of the amended College Square development would rise to 78.95 metres. The Irish Independent, 17th January
Viewpoint Portfolio Savills are guiding a combined price of €50 million for the Viewpoint portfolio on behalf of Irish property company Iput. The subject assets are being offered to the market in one or more lots. Lot 1 comprises blocks P1 and P3 in EastPoint Business Park, and is guiding c.€31 million. Block P1 is a standalone office block extending to 42,865 sq.ft. set over four floors with 61 car-parking spaces. This building is let to Conduit Enterprises Ltd at a passing rent of €910,000 per annum on an upward-only lease expiring in 2025. Block P3 is a semi-detached office building extending to 50,315 sq.ft. set over four floors with 70 car-parking spaces and is let to Citrix on two separate leases at a combined rent of €1,117,334 per annum expiring at the end of 2026.
Viewpoint Portfolio Lot 2 comprises blocks 5 and 9 in Richview Office Park, Clonskeagh and is guiding in excess of €19 million. Block 5 is a detached, three-storey building extending to 25,407 sq.ft. with 63 car-parking spaces. This property is let to Curtiss Wright Controls under a 10-year lease expiring in October 2023 at a passing rent of €565,000 per annum. Block 9 is a detached three-storey property of 35,869 sq.ft. with 90 car-parking spaces. This building is let to Paysys International Ltd and is guaranteed by First Data Corporation, which was acquired recently by Fiserv, under a 25-year lease at a passing rent of €980,000 per annum. The lease is due to expire in June 2022. The Irish Times, 15th January
Kilmainham Dublin 8 & Dundrum, Dublin 14 French asset-management company Corum has paid c.€60 million to acquire two Dublin office buildings from a joint venture partnership led by Avestus Capital Partners. The completion of the purchases of One Kilmainham Square in Dublin 8 (€33 million) and Classon House in Dublin 14 (€27 million) brings Corum’s overall investment in Ireland and Northern Ireland to more than €206 million to date. One Kilmainham Square comprises a modern five-storey grade-A office block with basement car parking and is located within close proximity to Heuston Station. Corum has acquired the property with the benefit of long-term leases to several leading international occupiers. While the building is producing an annual rental income of €2.07 million currently, there is an opportunity for Corum to increase this in the short term through the letting of a vacant office suite of 4,230 sq.ft, and the completion of a rent review on the first, second and third floors in early 2020. Located within Dundrum Business Park, Classon House comprises 75,000 sq.ft. of grade-A office space (€360 psf) with the majority of the building (51,000 sq.ft.) let to CarTrawler and the remaining let to a number of smaller tenants. The Irish Times, 15th January
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Lucan, Co. Dublin Cairn Homes has sold more than 220 dwellings in Dublin to a company funded by US investment firm Angelo Gordon and managed by Irish business, Carysfort Capital for €78.75 million. Cairn Homes intends to complete all of the new homes, located in Lucan’s Shackleton Park and Gandon Park, which are part of an estate of more than 1,100 homes by the end of 2020. The Irish Times understands that it is Carysfort and Angelo Gordon’s intention to lease the properties. New York-based Angelo Gordon invests in property and other businesses, managing $36 billion for its clients. The Irish Times, 10th January
Whitehall, Dublin 9 Dublin City University (DCU) has been given the go-ahead to expand its student accommodation offering by close to 1,000 beds. The university had sought permission to demolish the existing 250-bed Larkfield building on its north Dublin campus and build a new multi-building complex with capacity for 1,240 beds. DCU currently has a portfolio of 1,400 beds across its three campuses, but the expansion approved by An Bord Pleanála would bring this up to 2,390 beds. The new units will be spread across seven blocks that range in height from five to ten storeys. The Sunday Business Post, 12th January
Castleknock, Dublin 15 An Bord Pleanála has approved the development of a 210-bed shared-living complex on the old Brady’s pub site near Castleknock in Dublin 15, despite an inspector for An Bord Pleanála recommending that planning be refused. The board judged the site to be close to the centre of Blanchardstown and a range of services and facilities including Connolly Hospital, Blanchardstown Town Centre and Castleknock Train Station. It also ruled, however, that Bartra must provide functional kitchens with cooking hobs in all bedrooms. After Bartra lodged its plans for the site, 90 objections were filed. The Sunday Business Post, 8th January
Stillorgan, Co. Dublin The Irish Times understands that a €100 million redevelopment plan for the Stillorgan Leisureplex in Dublin is being delayed by a refusal of the operators to vacate the premises. KW Investments Funds ICAV bought the premises in 2016 from the receivers for the previous owners Tenderbrook Ltd. KW has planning permission to build 232 “build-to-rent” apartments on the 3.29 acre site, involving the demolition of the Leisureplex. The Irish Times, 13th January
Take-up in the Dublin industrial & logistics sector reached c. 1.16 million sq.ft. in Q4 2019 – the highest volume of quarterly take-up achieved in the capital since Q4 2015. Total take-up in 2019 reached c.3.58 million sq.ft.- up c.9% on the previous year & 21% higher than the 10-year average. Lettings of industrial buildings accounted for 63% of industrial take-up in Dublin in Q4 and 68% of transactional activity for the year as a whole in 2019. In total, there were 50 industrial transactions signed in Dublin in Q4 2019 of which 35 comprised lettings and 15 comprised sales, bringing the total number of transactions in this sector in 2019 to 148 compared to 178 the previous year. Dublin Industrial and Logistics Marketview Q4 2019, CBRE
Limerick City The State-sponsored Land Development Agency (LDA) has outlined plans for the development of a €2 billion scheme with 10,000 homes in Limerick City. The body said it signed a memorandum of understanding with Limerick City and County Council, the HSE and CIÉ to create a master plan for the brownfield site located at Limerick’s Colbert train station. It is understood that the 123 acre site has the capacity for c.10,000 homes, most of which will be apartments, with an expected cost of c.€200,000 per unit. The design review process for the Limerick site is expected to begin in the coming weeks. The Irish Times, 10th January
CBRE Outlook 2020 The CBRE Outlook 2020 report noted a decrease in Cork city’s hotel perfomance during 2019, with one of the main challenges being the growth in purpose-built student accommodation, with an increase in summer letting offers of apartments to tourists. Cork has seen a strong increase in supply of new hotel beds, with 1,250 hotel rooms either approved for planning permission or under construction. Meanwhile, construction is also underway on 1,200 student beds in a number of cork city developments, with another 1,500 student beds in the pipeline or already through the planning process. The Irish Examiner, 14th January
Wilton Park, Dublin 2 LinkedIn is set to establish a major European headquarters campus in Dublin city centre after agreeing a deal to pre-let the remaining 430,000 sq.ft. of office space being developed by Iput at its Wilton Park scheme. Iput have pre-let Two, Three and Four Wilton Park to LinkedIn on a 25-year lease with a term certain of 12 years. Construction of the three blocks will begin this year and is targeted for delivery in 2023. The development of One Wilton Park, a 150,000 sq.ft. building which was fully pre-let to LinkedIn in 2018, is already under way and scheduled for completion towards the end of 2020. The Irish Times, 9th January
Dublin Office Market Office take-up in Dublin during Q4 2019 reached almost 1.18 million sq.ft, bringing total take-up in 2019 to 3.257 million sq.ft. In total, there were 63 office transactions signed in Dublin during Q4 bringing the total number of office deals signed in the capital during 2019 to 199, compared to 239 in 2018. There was a large carryover of transactional activity into the first quarter of 2020 with almost c.1.3 million sq.ft. of accommodation reserved and due to sign over the coming months. The overall rate of vacancy in Dublin at the end of Q4 was 5.05%, down from 5.32% the previous quarter while the city centre vacancy rate stood at 4.19% at year-end. Prime headline rents remain stable at €65 psf at the end of 2019 while prime yields remained steady at 4%. Dublin Office Marketview Q4 2019, CBRE
Cork City The Irish Examiner is reporting that Clarendon Properties are planning to convert the Savoy Centre in Cork into a boutique 250-seat cinema, and a small number of residential units. In previous years the complex was in use as a retail, restaurant and entertainment venue. At present, there is significant redevelopment underway at the Savoy, to include a new, enlarged 9,000 sq.ft. JD Sports in the former A-Wear unit, it is also creating two other retail spaces targeted at fashion occupiers— one in the Savoy itself, and another of c.1,000 sq.ft. at ground level at the adjoining Quills building. Due to the current redevelopment work being undertaken at the Savoy’s main mall and Quills, access to the Savoy’s upper levels for cinema/residential may be through Little William St. The Irish Examiner, 8th January
Commercial Property, Ireland A research report from CBRE has highlighted that the level of investment in the Republic’s commercial property market hit a new record of €7.2 billion in 2019, despite a reduction in the overall volume of investment deals when compared to 2018. The figure of €7.2 billion was aided by a number of “mega deals” including the €1.34 billion sale of Green Reit. Further analysis indicates that 74% of investment spend in the year came from overseas investors. The €7.2 billion figure recorded for 2019 represents an increase of nearly 64% on the previous €4.6 billion record spend by investors on commercial property in 2014. The Irish Times, 8th January
Kildare St & Nassau St, Dublin 2 The Department of Culture has strongly objected to plans by Ternary Ltd to demolish a group of historic buildings at 47, 48 and 49 Kildare Street and 1 Nassau Street in Dublin city centre to make way for a new office development. The department raised concerns that “the proposed use for this building will significantly undermine its cultural heritage significance in the city”. In planning documentation lodged with the application, the architects for the scheme, Henry J Lyons, told Dublin City Council that the development sought to sensitively introduce a contemporary commercial building into the historic streetscape of Kildare Street while protecting the fabric of the protected structure at 2 Nassau Street. The Irish Times, 8th January
CBRE Outlook 2020 The CBRE Outlook 2020 report has highlighted that the prospects for the Irish commercial property market remain encouraging for the year ahead. The report indicates investment returns are likely to stabilise further over the course of 2020 in line with an easing in global growth expectations, but real estate will remain highly desired by investors. Against this backdrop, Ireland’s stable economic outlook and healthy occupational story bode well for another strong year ahead for Ireland’s real estate sector. CBRE Real Estate Market Outlook 2020 Report
The monthly Ulster Bank Purchasing Managers’ Index (PMI) finds that combined activity across three sectors – housing, commercial and civil engineering – rose in December to 52 from 48.2 previously indicating that construction is growing again for the first time since August 2019. The PMI registers growth above 50; the higher the number, the stronger the growth. The Irish Independent, 13th January
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