Dublin Landings The Korean owners of a prime Dublin office block are considering a €120m sale of the asset, according to React News. CBRE and Savills have been lined up to handle the disposal of 2 Dublin Landings, a trophy asset located in the city’s coveted North Docks district. The sale could be launched post-summer, although timing will likely be dictated by market sentiment.
The building was bought by KanAm Grund, on behalf of Hana Financial Investment and JR AMC, for close to €105m in 2018. Developed by Ballymore and Oxley Holdings, the eight-storey, 100,000 sq. ft. building was let to WeWork on a 20-year lease with no break options. The long lease in place is expected to attract significant interest from overseas capital and European fund managers, with WeWork’s covenant now also back en vogue among investors. React News, 27th July
Cumberland Street, Dublin 2 Twitter is to scale back its office space in Dublin and several other cities globally. The social media giant occupies four floors at 1 Cumberland Street and is now seeking to lease out one of the floors to a new tenant. The company said in an email sent to employees that the move will not affect their jobs with some staff moving to a working from home model. Twitter had over 7,500 staff as of the end of last year. The company will also reduce the size of its offices in San Francisco, New York and Sydney, with plans to close several other offices following lease expiries including those in Seoul, Wellington, Osaka, Madrid, Hamburg and Utrecht. Bloomberg, 27th July
Kildare Street, Dublin 2 Dentons, the law firm, has signed a long-term lease for a new office in a recently restored building on Kildare Street in Dublin city centre. The firm signed the 15-year lease, which will see it take over 19,000 sq. ft. at 20 Kildare Street, with developer Kennedy Wilson earlier this month. It is currently working from its office in Joshua House on Dawson Street but hopes to be in the new building by the end of this year. Annual rent on the property was described as “north of €60” per sq. ft. The Business Post, 30th July
Carrickmines Park, Dublin Iput Real Estate has let more than 35,000 sq. ft. to two tenants at the Iveagh Building at Carrickmines Park, Dublin. The HSE has taken a 15-year lease for 33,000 sq. ft. across two floors of the property to expand their Slainte Care model, with Thérapie Clinic expanding its existing presence with a new 2,500 sq. ft. letting in addition to its fertility clinic at the site. Fit-out is already underway, with occupancy to take place in the third quarter.
In the fourth quarter of 2021, Iput continued its €7m investment programme at Carrickmines Park. The office and logistics landlord will continue investing in the asset this year by adding a new amenity building, an additional café and more public restrooms. React News, 27th July
Ronan Group Real Estate (RGRE) Developer Johnny Ronan will retain control of 12 prized property assets after his real estate company closed a refinancing deal to repay a €142m loan. RGRE closed the deal, which will involve a consortium of Bank of Ireland and AIB providing refinancing to repay M&G Investments, it’s creditor. Fortress Investment Group, a US-based investment management firm which is ultimately owned by the Japanese investment giant SoftBank, will stay on as junior lenders in the refinancing deal. The debt relates to a €145m loan that RGRE took from M&G Investments in 2015, which helped fund its exit from the National Asset Management Agency. The Business Post, 30th July
Self Storage Units, Ireland A US real estate company is investing close to €125m in U Store-it, Ireland’s biggest self-storage company. Heitman, which has €51bn in AUM worldwide, will purchase U Store-it’s existing self-storage portfolio of six units and develop another four. The deal involves Heitman paying over €104m to purchase U Store-it’s sheds in Dublin, Belfast, Cork and Waterford. Heitman will pay another €20m for four development assets in Dublin and Belfast, documents filed with the Companies Registration Office show. The Sunday Times, 31st July
St James’s Gate, Dublin 8 Irish property developer Ballymore has submitted a planning application to Dublin City Council to develop a 12.5 acre site that currently forms part of Diageo’s St James’s Gate brewing campus in Dublin 8. Called the Guinness Quarter, the plan includes 336 housing units, a hotel, a 300-seat performance space, a food hall and marketplace, commercial works spaces and more than two acres of landscaped public spaces. There would also be provision for 2,000 bicycles. A separate application has already been submitted to repurpose Brewhouse 2 on the site into a new Irish headquarters for Diageo. The application states that the scheme would include homes to buy and rent, and social housing possibly with the Iveagh Trust as a partner. The Irish Times, 29th July
Housing Crisis, Ireland The National Asset Management Agency (Nama) fears fallout from the war in Ukraine will hit its efforts to combat the Republic’s housing crisis. The State agency has backed or enabled the construction of 25,204 homes on sites it controls or which belong to its debtors, as part of the Government’s efforts to tackle the accommodation squeeze. In a letter to Minister for Finance Paschal Donohoe, Nama says it is concerned at the impact of the inflation that stemmed from Russia’s invasion of Ukraine on plans to build new homes on the agency’s sites. The war sparked a surge in energy and raw materials prices, further accelerating already-increasing building costs. The Irish Times, 28th July
Housing Completions, Ireland The number of new homes completed in the second quarter of 2022 was 53.4% higher than the same period last and year and 58.5% ahead of the second quarter of 2019, before the pandemic. Apartment completions in Dublin, which has seen a large increase in investment for build-to-rent units, were mostly responsible for the increase, Central Statistics Office (CSO) data indicates. 7,654 new homes, the highest number since records began in 2011, were built between April and June 2022, up from 4,490 over the same period last year when the construction sector remained heavily constrained by public health restrictions. It also represents a sharp 58.5% increase ahead of the April to June period in 2019. Of the total number of new dwellings completed in the second quarter, 3,905 (51%) were housing scheme units, 2,415 (31.6%) were apartments and 1,334 (17.4%) were single houses. Dublin saw the largest increase (78.6%) in housing output over the 12 months to the end of June. Seven out of eight regions saw an increase in housing output over the period. Only the southeast, where completions fell 9.2% in the year to the end of June, registered a decline. The Irish Times, 28th July
Kilcock, Co Kildare Strong bidding was seen at a recent auction when 80 acres of unzoned land with development potential near the town of Kilcock on the Meath-Kildare border sold for well over its guide price. Auctioneer Will Coonan had been guiding more than €1.5m for the land parcel and bidding opened at €1.35m before it petered out at €2.15m. That equated to €26,875 per acre which is not alone well over the guide of €18,750 per acre, but more than double the average price of agricultural land in the region. A Sherry FitzGerald survey of land prices in the first quarter of this year showed values were highest in the mid-east region of Ireland, which includes Kildare and Meath, where they average €11,550 per acre. Located at Newtownmoyaghy, the 80-acre parcel adjoins the Kilcock Environs development boundary and has 875m of frontage along the Moyglare Road, as well as frontage along the Rye River. The Irish Independent, 28th July
Development Land Market According to Lisney, prices for development land are falling and the pace of their decline has accelerated due to the combination of construction cost inflation and borrowing costs. However, the development land market in the greater Dublin area (GDA) performed reasonably well in the first half of this year with 36 deals valued at a total of more than €260m. Two deals accounted for almost half of the €260m turnover and the most valuable of those was Glenveagh’s sale of 5.2 acres at 1-4 East Road in Dublin 3. It was acquired by Eagle Street Partners Group for over €60m. IPUT paid the second highest price, buying 118 acres with commercial potential at Killamonan Business Park in west Dublin for over €50m. Most of the deals were in the sub-€5m lot size category with 24 sales accounting for c. 22% of the total turnover. The shortage of logistics and industrial accommodation caused an upsurge in demand for industrial zoned land and consequently these lands in north Dublin saw prices more than double from c. €100k per acre three years ago to c. €450k per acre in the first half of this year. The Irish Independent, 30th July
The University of Limerick (UL) has told staff that the development of its landmark city campus is to proceed without any “substantial” physical expansion of the building it is housed in, which was derelict for 15 years until earlier this year. The news comes as doubts persist over the university’s plans for the campus following the failure of its application to the government for an €87m state grant to develop the former Dunnes Stores site near Sarsfield Bridge, which it purchased for €8m in 2019. UL is currently attempting to come up with a new plan for the site, which forms a key part of wider plans to develop a “world class waterfront” in the city. The Business Post, 29th July
Housing Construction, Dublin According to market sources, c. 400 social, affordable purchase, and cost rental homes have been approved for the first phase of housing in the new west Dublin suburb of Clonburris. Construction is expected to start early next year on the first of two developments recently approved by South Dublin county councillors. The two schemes, Grand Canal Extension and Kishogue, will be the first developed by the council on its landholding in the new Clonburris Strategic Development Zone (SDZ). More than 8,700 homes for a population exceeding 23,000 are expected to be developed in the Clonburris SDZ over the coming years, almost one-third of which will be built on land owned by the council. The council’s first project will see 60 affordable purchase homes and 56 social homes built on a site just south of the Grand Canal and less than 10 minutes walk from Clondalkin train station. The Irish Times, 2nd August
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Fibonacci Square, Dublin 4 Meta has paused the fitout of Johnny Ronan’s Fibonacci Square development in Dublin as the social media and tech giant re-evaluates its real estate requirements globally. In November 2018 Meta, then trading as Facebook, signed a 25-year lease on the former AIB Bankcentre in Ballsbridge in a record office deal for the Irish market. The company agreed to lease 360,000 sq. ft. in buildings one and two at Fibonacci Square for an annual rent of €22.5m. Facebook also agreed to rent four blocks of the former AIB Bankcentre’s Serpentine extension, for an annual rent of €17m. It also struck a deal to occupy the central blocks, owned by European investors. It plans to create an 870,000 sq. ft. hub for Europe, the Middle East and Africa with room for 7,000 staff. The company has completed two phases of its fitout with 800 employees now based at the campus and the third phase going ahead as planned. The Fibonacci Square work was to be the fourth phase. The Sunday Times, 24th July
Lower Pembroke Street, Dublin 2 Colliers is guiding a price of €1.5m for 14 Lower Pembroke Street in Dublin. The property comprises a large four-storey-over-basement building. No. 14 is laid out in a mix of uses with a gym, offices and seven residential units. Pat Henry Fitness occupies the basement at a rent of €16.24k pa and has independent access from Lower Pembroke Street. DLD Accountants and Compass Insurance make up the remainder of the commercial tenants, paying a combined €20.2k pa. The seven residential units are located on the upper floors and are producing €67.3k pa. The guide price of €1.5m equates to a NIY of 6.29% and a capital value of €319 per sq. ft., which is far below the level of €700 per sq. ft. being achieved for prime Georgian opportunities on Fitzwilliam Square and Merrion Square. The Irish Times, 20th July
Harcourt Street, Dublin 2 QRE Real Estate Advisers has sold 26 Harcourt Street in Dublin 2 for €1.446m. The price is 11.25% in excess of the initial guide price of €1.3m. In total, 25 offers were made between two parties in the online auction powered by Offr. A total of 45 enquiries were received for the property. The property is a mid-terrace four-storey-over-basement Georgian building extending to c. 3,896 sq. ft. The building benefits from educational use following a successful change of use from offices in 2009. It has, until recently, been used as a language school. The property, which is a protected structure, is zoned ‘Z8’ and is suitable for a variety of uses including hotel, medical, office and residential, subject to a successful grant of planning permission. The Business Post, 22nd July
Celbridge, Co Kildare A well-known former Kildare hotel has been commissioned to house up to 350 Ukrainian refugees as the state struggles to find accommodation for overseas arrivals amid a worsening supply shortage. The 66-bed Celbridge Manor Hotel will take in 47 Ukrainian refugees from next Monday, with more families and single adults to be accommodated there in the coming weeks. More than 40k refugees have arrived from Ukraine since war broke out in February, with c. 1.4k arriving each week. The Business Post, 22nd July
Self Storage Units, Dublin An affiliate of Chicago-based investment manager Heitman marked its debut into Ireland’s self-storage sector with the acquisition of a portfolio of six assets. The firm has made a strategic investment into U Store It, a self-storage platform, via the purchase of six facilities across the Republic of Ireland and Northern Ireland. It plans to build two further flagship developments in Dublin and Belfast. React News, 25th July
North Docklands, Dublin 1 Ronan Group Real Estate (RGRE) is at advanced stages of discussions with US investment group Ares Management to refinance €150m in debt associated with Spencer Place, the high-end residential scheme it is delivering in Dublin’s north docklands. The proposed deal, which is expected to complete over the coming weeks, will see RGRE’s partner Fortress receive a significant payment arising from the exposure it inherited when it took over the property assets of the developer’s former backer, Colony Capital, last year. The sale of the 403-unit apartment portfolio is not expected to proceed for at least another 18 months. According to market sources, RGRE and Fortress have agreed that the Spencer Place scheme, which is nearing completion, should be let and occupied first, before being offered to the market. The Irish Times, 20th July
Foxrock, Dublin 18 The Netherlands is seeking to take a judicial review against An Bord Pleanála over a planned residential development beside its ambassador’s residence in Foxrock in Dublin. In May, the planning body rejected an appeal by the Dutch embassy against the development. It granted the housebuilder Richmond Homes permission to build 36 apartments, in a block of four to five storeys, and 21 houses. A previous application by Richmond Homes in 2019 was rejected by An Bord Pleanála. The developer had since agreed to locate the apartment block further away from the ambassador’s property. The Sunday Times, 25th July
Build-To-Rent, Dublin Ardstone Capital has invested c. €230m across two build-to-rent transactions as deals continue to flow in Ireland’s residential market. The investor is forward funding 321 units at Magna Drive, Citywest, Dublin 24 for a price of c. €122m. The site is being developed by listed housebuilder Glenveagh Homes. Through a forward commit deal, Ardstone has also purchased 252 units in the same area of Dublin at St Edmunds for €105m. In May last year CBRE Global Investment Partners (GIP), investing on behalf of several of its clients, made a €450m commitment to a fund launched by Ardstone to target social and affordable housing assets in Dublin. React News, 22nd July
Dundrum, Dublin 16 An Bord Pleanála has deferred making a decision on contentious plans for a €466m, 881-unit apartment scheme that a subsidiary of British property giant Hammerson is proposing to build in Dundrum. The board last week wrote to parties to inform them that “unfortunately, it has not been possible to determine this case within the statutory period”. A subsidiary of Hammerson, Dundrum Retail GP, had lodged plans for the scheme on April 5th. Planning law provides for the appeals board to issue a decision 16 weeks after plans have been lodged. The Dundrum scheme was one of 12 SHD decisions due for decision on Monday. The board deferred decisions relating to all the cases — which comprise 5,108 residential units — as it struggles to meet the timelines laid down by the SHD legislation. The board has also deferred a decision on plans by the Land Development Agency for 977 residential units at the Central Mental Hospital in Dundrum. The Irish Times, 25th July
Cork A developer whose permission to build 216 student accommodation units in Cork City is under legal challenge appears to have abandoned the project, the High Court has heard. A local association brought a judicial review action against An Bord Pleanála’s 2020 approval for the scheme near the main campus of University College Cork. The judge adjourned the matter until October, with agreement that the parties would communicate about options for how to proceed. In its action against the board, the Attorney General, Ireland, and the Minister for Housing, Local Government and Heritage, the residents’ group claims the planning permission is flawed and breached fair procedures. The Irish Times, 25th July
Hammerson Scheme, Dublin City Centre Sinn Féin leader Mary Lou McDonald has lodged a planning appeal against the third phase of Hammerson’s €500m transformation plan for Dublin city centre. In total, the planning board has now received nine third-party appeals against the Hammerson scheme, while the Dublin Central GP Ltd has lodged a first-party appeal against conditions attached to the permission. The latest phase of the scheme involves demolition of buildings and structures at Moore Street and Moore Lane to accommodate a public plaza along with a mixed-use scheme in a six-storey building. A decision is due on the case in November. But because of the backlog in appeals, it is likely that a decision will not be made until 2023. The Irish Times, 25th July
Dublin Dart Service An application to develop the €1bn Dart+ West project, which will see the electrification of the rail line to Maynooth in Co Kildare, is to be submitted to An Bord Pleanála this week. Irish Rail said Dart services from Connolly/Spencer Dock to Maynooth and to M3 Parkway, Co Meath, could start operating by 2029 pending the outcome of the planning process. The railway order application is to be lodged on Friday and will be followed by a statutory public consultation period from August 5th to September 30th. It is expected the planning board will hold a public hearing on the project. The Irish Times, 25th July
Building Cost Inflation Building costs are rising at their fastest pace in two decades as energy and materials come under increased pressure, a new report warns. Construction price inflation rose 7.5% in the first six months of 2022, according to figures from the Society of Chartered Surveyors of Ireland. The organisation says this is the highest six-month increase recorded since it began tracking costs in 1998. The figure overtakes the 7.4% recorded in the second half of 2000. Combining the new record with the almost as steep rise in costs over the second half of last year brought the annual rate at the end of June to 14% and to a record 22% over 18 months. The Irish Times, 22ndJuly
University of Limerick The Dáil’s spending watchdog has sought special powers to compel the University of Limerick (UL) to release the contents of an independent investigation into its controversial €8m purchase of a derelict site in the city centre. UL has been subject to ongoing controversy over its decision to buy the former Dunnes Stores site on Sarsfield Bridge, after it emerged that no independent valuation had been carried out into the plot before it was purchased, and that the site had previously been valued at just €3m by Limerick City and County Council. The Public Accounts Committee (PAC) has been seeking access to an independent report investigating the purchase, commissioned by UL and conducted by KPMG, for nearly a year. But the university has refused to release it, citing legal issues relating to a High Court action taken by its former chief operating officer. The Business Post, 22nd July
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Donnybrook, Dublin 4 Developer Lispopple Point Limited is selling McCloskeys pub in Donnybrook, Dublin 4. Joint agents Lisney Morrisseys and Stokes Property are guiding €1.9m for the property which comes with planning permission for five residential units and one retail. Located mid terrace at 83-85 Morehampton Road, McCloskeys extends to 5,704 sq. ft. over three storeys and part basement. With a large single storey extension, its ground floor extends to 2,906 sq. ft. and accommodates a bar, off-licence and kitchen, and its space is supplemented by a beer garden and terrace. Its overhead space extends to 1,937 sq. ft., complimented by basement storage of c. 1,047 sq. ft. Lispopple’s planning permission for a living-over-the-shop development includes the retention of its existing three-storey front facade and basement and with the retail unit at ground floor level, which could also be retained for pub use. The Irish Independent, 14th July
Docklands, Cork Penrose Dock, the new Grade-A office complex from JCD Group at the heart of Cork’s new docklands, has confirmed that the final remaining space in the 250,000 sq. ft. complex has been reserved. When all occupiers are in place before the end of the year, there will be 30 companies with capacity for more than 2,200 employees working from the new Gold LEED standard office scheme. The confirmed company occupiers include Qualcomm, Varonis, Grant Thornton, Cadence, Cloudera, Morgan McKinley, Matheson and Ibec. The Business Post, 15th July
Harcourt Road, Dublin 2 REInvest Asset Management has marked its debut in the Irish property market with the €65m acquisition of an office building in Dublin. The property, 5 Harcourt Road, was acquired from pan-European private equity firm Henderson Park. REInvest is buying the office on behalf of the DEREIF SICAV-FIS fund, whose main investor is a German insurance company. Comprising 50,590 sq. ft. of lettable space over seven floors, the building is leased to flexible workspace provider WeWork for a term of 20 years at an annual rent of €3m with no break options. React News, 13th July
Connolly Station, Dublin Dublin City Council has granted planning permission to the Ballymore Group for the second phase of a new urban quarter beside Connolly Station in Dublin. The latest grant of permission concerns the second phase of the Dublin Arch project, which includes four office blocks ranging from 12 to 16 storeys in height. The scheme also includes two blocks containing 187 build-to-rent apartments, retail units and 79,437 sq. ft. of public open space. Of the 187 build-to-rent units, 19 will be made available for social housing. Ballymore got planning permission in February 2021 for the first phase of the project. It includes a 459,300 sq. ft. commercial development including two office buildings, a 246-bedroom hotel and space for 10 retail units. The Irish Times, 14th July
Student Accommodation Shortage The Government is considering part-funding the construction of thousands of student beds on university campuses which have been shelved due to the soaring cost of construction. Latest data indicates more than 40 separate student accommodation projects have been granted planning permission which can deliver c. 10,500 bed spaces. Universities, however, say many of these projects have been put on ice due to the rising cost of construction. They argue that inflation would force colleges to charge exorbitant rents of up to €16k a year. The Government and universities, meanwhile, are planning to promote a rent-a-room scheme which allows homeowners to earn an income of up to €14k tax-free to help create additional accommodation options. The Irish Times, 18th July
Coldwinters, North Co Dublin CBRE has brought to market a prime industrial site extending to c. 4.37 acres at One North Road in Coldwinters in north Co Dublin, for which is it seeking in excess of €2.63m (€602k per acre). The site is zoned GE (general employment), and allows for industrial, logistics, warehousing and other related uses. The land benefits from 160m of road frontage along the N2 and is located beside the MCD Home & Garden Centre and Vantage Business Park. The Business Post, 15th July
Dundalk, Co Louth The McWilliams Group is seeking buyers for 54 acres at Dundalk North Business Park. The available lands are being offered to the market by joint agents CBRE and Property Partners Laurence Gunne on a site purchase or Build-to-Suit (BTS) basis. While planning permissions for the development range from enterprise units of 969 sq. ft. to industrial and logistics units of 240,000 sq. ft., these units can be combined to cater for requirements of up to 500,000 sq. ft. The overall scheme has full planning permission for the development of 1.3m sq. ft. of industrial and logistics space, along with a petrol filling station. The Irish Times, 13th July
South Docklands, Cork An Bord Pleanála has granted fast-track planning permission for a 12-storey block of 190 apartments on a site close to the Marquee concert venue in Cork’s South Docklands. The appeals board gave the green light to Tiznow Property Company Ltd for the scheme on the former Cork Warehouse Company site at Marquee Road and Monahan Road despite an objection lodged by the Department of Education. The scheme – which is phase one of an overall masterplan for the surrounding area – consists of 106 two-bed, 64 one-bed and 20 three-bed apartment units. The Irish Times, 15th July
Stradbrook Road, South Dublin Developer Tetrarch Residential has submitted plans for a 108-unit build-to-rent senior living apartment scheme on lands overlooking Blackrock College rugby club in south Dublin. The €50m proposed scheme would, according to planning documents, “provide a real alternative for older people who wish to move into accommodation suitable for their needs as they grow older”. The deal was done to address the rugby club’s then debt of €1.2m and the agreement is understood to have included an initial payment of €700k. The two-block scheme on a site that currently accommodates Stradbrook House, a vacant two-storey office building which is to be demolished, rises from three to seven storeys. A decision is due in November. The Irish Times, 18th July
Dún Laoghaire, South Dublin Fitzwilliam Real Estate has secured permission for plans for a 74-unit build-to-rent scheme for Dún Laoghaire’s Seafront Quarter. The scheme was approved only after it scaled back its previous plan for 88 units. The developers had lodged plans for the two apartment blocks at St Michael Hospital’s car park, on Crofton Park, Dún Laoghaire, in November. An earlier proposal for 102 build-to-rent homes in blocks rising to 13 storeys on the site was stalled by residents. The Irish Times, 18th July
Social Housing, Ireland A new €450m state fund has been launched to lease 1,000 new-build homes for social housing. At the end of March 2022, there were 8,776 social homes under construction and an additional 11,551 are at design and tender stage. Data published by the Department of Housing showed the overall number of new homes commenced in June 2022 was 2,060, 30% below the level recorded during the same month in 2021. A new tender document issued by the Housing Agency said if a home is leased to the state over a 25-year tenure, the property investor would retain full ownership. However, the Housing Agency would agree to lease the homes over 30 years if a clause could be included in the contract that would allow the state to buy the property at the end of the period at a slightly reduced market rate. The Business Post, 16th July
Hibernia Reit Three banks have supported Brookfield’s acquisition of Hibernia REIT with a €930m financing package. Goldman Sachs, JP Morgan Chase and Société Générale – in a pari passu club deal – have agreed to fund the €1.1bn acquisition. As well as the €1.1bn acquisition figure for Hibernia, the facility covers the existing debt carried by the former investment trust. Hibernia had a revolving credit facility in situ with Bank of Ireland. Brookfield’s total investment is c. €1.35bn, implying a LTV ratio on the financing deal of just below 70%. React News, 18th July
Vacant Homes Tax, Ireland In light of the current housing crisis and the government’s recent announcement that a new tax will be levied on vacant homes, auction platform Iamsold expects many owners of vacant properties will look to sell this year. Revenue figures suggest that there are currently 57,206 vacant homes in Ireland as of November last year. This figure does not include derelict houses that are not liable for Local Property Tax. The figure from CSO data, which includes derelict houses, is 166,000 houses currently vacant. The Business Post, 15th July
Newbridge, Co Kildare Drinks company Diageo, which owns Guinness, is to build a new €200m brewery near Newbridge in Co Kildare. The carbon neutral facility will be used to produce lagers and ales, freeing up capacity at its main facility at St James’s Gate in Dublin to allow it to produce more stout for global markets. The brewery, which will be the second largest in the country, will be situated on a greenfield site at Littleconnell. When operational in 2024 it will be capable of producing 2m hectolitres of beer a year. The plan is subject to the granting of planning permission by Kildare County Council with an application due to be made by the end of the year. RTÉ, 15th July
Mullingar, Co Westmeath Westmeath County Council is considering approving plans for Hammerlake Studios, a purpose-built film and television production campus on 25-acre site at Lough Sheever Corporate Park, Mullingar. The studio is to be constructed in two phases, the first of which will comprise four sound stages, said Hammerlake Studios, the company behind the scheme, as well as offices, workshops and editing suites in a development over 236,000 sq. ft. Phase two will add another seven stages, bringing the total footprint of the studios to 460,000 sq. ft. Once fully operational, the film campus could generate up to €50m annually for the local economy, the company has estimated. The Irish Times, 19th July
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Northumberland Road, Dublin 4 A private investor has acquired a period office building, 60 Northumberland Road, in Dublin 4, for €2.7m. Its price equates to a NIY 3.7%, increasing to 5.95% from January 2024. The redbrick semi-detached building, extending to 4,144 sq. ft., came with parking for 10 cars. It is fully let to a single tenant, I3PT Certification Ltd on a 20-year lease from January 2020. Its rent is stepped over the first five years from €100k a year to €176k for the fifth year. The Irish Independent, 7th July
Grand Parade, Dublin 6 Joint letting agents Cushman & Wakefield and Savills are quoting a rent of €52.50 per sq. ft. for the fourth-floor offices at One Grand Parade in Dublin 6. The accommodation comes to the market following a complete refurbishment and extends to 5,135 sq. ft. along with two car-parking spaces which are available for €4k per space pa. One Grand Parade briefly comprises a modern, high-profile six-storey office block of 31,534 sq. ft. in total and 15 basement car-parking spaces. It is occupied currently by a range of tenants including Zendesk and Wrike. One Grand Parade is owned by Quadoro Doric Real Estate. The German-headquartered fund acquired the building for €26m in 2017. The price paid provided the vendor, Credit Suisse, with a significant uplift on its original investment. The Swiss bank, for its part, had purchased One Grand Parade from Nama for €18.1m just two years earlier. The Irish Times, 9th July
George’s Quay, Dublin 2 JLL has recently launched a newly-refurbished part ground floor office suite at 1 George’s Quay Plaza in Dublin 2 to the market, by way of a direct new lease from the landlord, Henderson Park. The accommodation extends to 7,943 sq. ft., and benefits from seven secure basement car-parking spaces. No. 1 George’s Quay Plaza extends to c. 150,694 sq. ft. over 11 storeys and tenants within the building include Amundi Ireland, RBC, Vanguard, Allied World Assurance and Vistra. JLL is quoting €57.50 per sq. ft. and €4k per car space for this fully refurbished office premises. The Business Post, 8th July
Docklands, Dublin Deloitte Ireland has begun a search for as much as 210,000 sq. ft. of office space in Dublin, equating to up to 75% more room than its main occupied space in the city, as it looks to future growth of its workforce and a hybrid working environment. The firm currently has multiple leases in Dublin with the largest of these at Deloitte House on Earlsfort Terrace in Dublin 2, owned by property group Iput, and the adjacent Hardwicke House building, which belongs to Hibernia Reit. Leases on both of these expire at the end of 2026. Deloitte Ireland currently has c. 120,000 sq. ft. rented across various office locations in Dublin. The Irish Times, 9th July
CBRE Office Sector Report Activity in Dublin’s office market gathered pace in the second quarter of this year with 499,122 sq. ft. of transactions completed, making it the strongest Q2 since 2018, according to the latest figures from CBRE. It also brought take-up in the first half of the year to 988,460 sq. ft. In addition, more than 1.27m sq. ft. of Dublin office accommodation was reserved by prospective occupiers at the end of June. Consequently, prime Dublin office rents increased by 4% to €62.50 per sq. ft. and are expected to grow further during the rest of the year. Among the office premises to come available this week is a newly refurbished part ground floor office suite in 1 George’s Quay Plaza, near Tara Street station in Dublin 2. JLL are quoting €57.50 per sq. ft. and €4k per car space on behalf of the landlord, Henderson Park. The Irish Independent, 7th July
Greenogue Logistics Park, Dublin UK-headquartered real-estate investor Palm Capital has secured its second significant pre-let at Greenogue Logistics Park in Dublin. Fastway Couriers has signed a new long-term lease on Building 1A, which extends to 80,529 sq. ft. of grade-A logistics space. The agreement of the deal follows the recent decision by supply-chain specialist Tosca Services to occupy Building 1B. Building 1, totalling 166,587 sq. ft., is now fully let. Separately, Palm Capital has reached practical completion on Building 2 at Greenogue, which is available for immediate occupation. This unit is one of the largest logistics facilities ever constructed in Ireland and is available to let through the joint letting agents Savills and CBRE. Building 2 extends to 287,120 sq. ft. The Irish Times, 6th July
Fingal Logistics Park, North Co Dublin A self-contained 23-acre site at Fingal Logistics Park in north Co Dublin is being offered to the market by joint agents CBRE and JP & M Doyle at a guide price of €6.44m (€280k per acre). Zoned land only 15 minutes closer to the M50 motorway is currently changing hands at twice the price, according to the selling agents. The lands forms part of Fingal Logistics Park, an area of land zoned GE (general employment) under the current Fingal County Council Development Plan, which allows for industrial, logistics, warehousing and multiple other related uses. The Irish Times, 6th July
Great Connell, Co Kildare Situated on the Baroda Road with frontage to both the Baroda and Old Connell roads, a site comprising 23.6 acres of land zoned Objective H1 — “Industrial & Warehousing” within the Newbridge Local Area Plan 2013 – 2021 is being offered for sale by way of tender on July 27th next by Jordan Auctioneers at a guide price of €4.72m (€200k per acre). The Irish Times, 6th July
Celbridge, Co Kildare Cushman & Wakefield is guiding a price of €5m for “significant landholding” with “future development potential” in Celbridge, Co Kildare. The “Castletown lands” extend to 235 acres and are predominantly zoned Objective F — Open Space & Amenity under the Celbridge Local Area Plan 2017 – 2023. The remaining portion of the site is zoned GB — Green Belt. The lands are designated within a Historical Landscape Area and have mostly been in agricultural use for several years. The Irish Times, 6th July
Corrib Shopping Centre, Galway Mike Ashley’s Fraser Group has completed its purchase for €18.25m of Galway city’s Corrib Shopping Centre from US private-equity giant Marathon Asset Management. The price paid equates to a NIY of 8.38% based on the centre’s current rent roll of €1.68m pa. The Fraser Group’s acquisition of the Galway city scheme comes just over one year after its Sports Direct brand agreed a new 10-year lease on the 65,000 sq. ft. anchor unit occupied formerly by Debenhams. The Corrib Shopping Centre’s other anchor is Marks & Spencer, while other tenants include Carraig Donn, Peter Mark, Walsh’s Pharmacy and Meteor. The scheme comprises c. 100,000 sq. ft. of lettable retail space. The centre has a current occupancy rate of 99% with a WAULT of 6.28 years to break option and 6.35 years to expiry. The Irish Times, 6th July
Grafton Street, Dublin 2 Skechers is set to open a standalone store in the premises formerly occupied by Tommy Hilfiger. The international footwear giant is understood to have signed a new long-term lease on all 9,500 sq. ft. of space at 13-14 Grafton Street with a view to opening for business in the autumn. According to market sources, Skechers has agreed to pay a rent of €900k pa. The figure represents a reduction of 47% on the near €1.7m rent Tommy Hilfiger had been paying before it exited the property in May of last year. While the impact of the Covid-19 pandemic is believed to have influenced the US retailer’s move to a certain degree, it is understood that the company decided to exercise the 15-year break option on its 25-year lease 12 months early. Tommy Hilfiger is believed to have paid the near €1.7m rent due for that period. Additionally, Lego is due to open its first standalone Irish store at no. 41 on August 18th, while luxury footwear and handbag retailer Russell & Bromley has recently signed a lease at no. 76. The Irish Times, 6th July
Irish Infrastructure Fund (IIF) AMP Capital, an Australian investment fund manager, is preparing the sale of the €1bn-plus Irish Infrastructure Fund (IIF). Ireland Strategic Investment Fund (Isif) is the largest of c. 30 investors in the fund, having committed €250m. Co-managed by Irish Life Investment Managers, the IIF was set up in 2012 and consists of four assets: the Convention Centre Dublin; Speed Fibre Group, which includes Enet; Valley Healthcare; and Towercom, a nationwide portfolio of more than 400 telecom towers. The fund generates earnings of between €60m and €80m a year with much of that underpinned by long-term government contracts. The Convention Centre Dublin has a 25-year concession to operate the country’s largest conference venue, running to 2035. Enet’s contract with the government to manage the 88 metropolitan area networks runs to 2030. Valley Healthcare owns 20 operational primary care centres with a further six in development. The centres have leases of up to 30 years with the HSE and a very high proportion of its rents are believed to be guaranteed by the state and are inflation-linked. The Sunday Times, 10th July
Moore Street, Dublin 1 A Moore Street butcher has stalled the final phase of Hammerson’s €500m transformation plan for Dublin City Centre. The latest phase involves the demolition of buildings and structures on site to accommodate the construction of a new public plaza along with a mixed-use scheme in a six-storey building. The Irish Independent, 6th July
Douglas Road, Cork A €2.6m mixed-use property called Ardfallen Mall, on the main Douglas Road has gone up for sale. The subject property comprises Units 1, 2 and 3 which are fully let and currently produce just under €270k pa, with an average WAULT of 5.2 years on the leases and showing a NIY of 9.4%. The trio, running to over 9,500 sq. ft. with basement stores under two, are part of a larger mixed-use development on the former car dealership site which also includes medical consulting rooms and a creche, which do not form part of the sale. Highest rent is from Unit 1, c. 6,000 sq. ft. and let to Iceland and earning €170k on a 25-year lease from 2003, with expiry date of 2028 and upward only review due in May 2023. Unit 2 is let to Ardfallen Pharmacy and earns €52k pa, with a review in October 2023 and expiry in 2028, and Unit 3 is let to Boyle Sports at €47k pa. The Irish Examiner, 7th July
Co Cork, Co Meath and Co Louth Silver Stream Healthcare, the Meath-based nursing home group, has launched three additional facilities, which will double its current capacity to 750 beds and increase the number of homes it operates to 11. According to market sources, the three new nursing homes comprised an investment of €65m. They are located in Riverstick in Co Cork, Duleek in Co Meath and Dundalk in Co Louth, and will provide 340 additional beds between them. Silver Stream said they will also support the creation of more than 500 full-time permanent jobs within the group. The three new facilities being opened by Silver Stream will join its existing network of eight nursing homes, which are located in Cork, Dublin, Wicklow, Meath and Tipperary. The Business Post, 9th July
Naas, Co Kildare An Bord Pleanála has recently allowed the number of apartments at Rathvoy Park residential development to be increased from 152 to 171. The project is being developed by McGrath Group Properties and it is the group’s intention to retain ownership of the development for letting out. The first two blocks will be completed and available for occupation in September, with the rest of the blocks being delivered in subsequent phases. The full development will reach completion by the summer of next year. Based on recent rents achieved per sq. ft., rents could range between €1.6k for one-bedroom units up to €2.2k for three-bedroom apartments. The latter range in size up to 1,500 sq. ft., which is bigger than a standard new three-bedroom house. A recent search of Daft.ie showed only three houses available for rent in Naas. The Irish Independent, 7th July
Development Land Activity, Ireland The volume of development lands sold in Ireland increased “significantly” between April and June after a “subdued” start to 2022, Savills has said. In a new report, the property dealer said that 25 assets worth a total of €193m changed hands in the second quarter of the year, bringing half-year development land volumes to €275m. Two deals worth over €110m topped the quarter, representing 58% of market turnover: Glenveagh’s sale of 5.2 acres at East Road in Dublin’s docklands to Eagle Street for over €60m and Iput Real Estate’s acquisition of 118 acres at Killamonan Business Park in north Dublin for over €50m. The Irish Times, 11th July
Carrigaline, Co Cork Reside Investments Limited has submitted a Strategic Housing application to build a residential development at Kilmoney in Carrigaline, Co Cork. The development will comprise 22 houses, 202 apartment units, shops and a creche. The total floor area of the development measures 279,000 sq. ft. and has an estimated cost of €48.9m. The Business Post, 8th July
Crumlin, Dublin 12 Seabren Developments and Circle VHA CLG has lodged an application with An Bord Pleanála for the construction of a €33m development to include 150 apartments and a creche at St Agnes Road in Crumlin, Dublin 12. The development comprises 74 one-bedroom, 72 two-bedroom and four three-bedroom apartment units. The total floor area of the proposed development is 169,714 sq. ft. Seabren had a similar application overturned by the High Court in February 2022. The Business Post, 8th July
Firhouse Road, Dublin 24 Bluemont Developments Limited has lodged an application to build a €24m development which includes 100 apartment units, shops and a creche at Firhouse Road in Dublin 24. The development includes 49 one-bedroom, 46 two-bedroom and five three-bedroom units. The total floor area of proposed development measures 125,270 sq. ft. The Business Post, 8th July
Kinsale Road, Co Cork Watfore, the property management and development subsidiary of Dairygold, has been granted planning for a development valued at c. €112m at its former CMP dairy site, known as Creamfields, on the Kinsale Road and Tramore Road, in Co Cork for a scheme comprising 609 residential dwellings. That includes c. 561 apartments and 48 townhouse apartments.The Business Post, 8th July
Tallaght, Dublin 24 Glenbrier Construction has begun works on site on the construction of two new apartment blocks at the busy junction of Airton Road and Belgard Road in Tallaght in Dublin 24. The €72m development consists of 328 residential units, ancillary residential support facilities and commercial units, over a basement car park. The Business Post, 8th July
Celbridge, Co Kildare HWBC has submitted a fast-track application to build a 344 residential unit development at Ballyoulster in Celbridge, Co Kildare. The scheme comprises 80 three-bed and 50 four-bed houses, 54 one-bed, 30 two-bed and 130 three-bed apartments and a creche. The development has a total floor area of 424,571 sq. ft. and has an estimated cost of €77m. The Business Post, 8th July
Newcastle, West Dublin Cairn Homes is seeking planning permission for a €61m development of 280 residential units and a creche at Newcastle in West Dublin. The development comprises eight two-bed, 94 three-bed and 26 four-bed houses and 54 one-bed, 80 two-bed and 18 three-bed apartment units. The Business Post, 8th July
Cherrywood, South Co Dublin William Byrne & Company has completed the construction of c. 202 apartment units at Block C1 as part of Phase 1 at Cherrywood for Hines Ireland. The units are part of the €500m Town Centre Development at Cherrywood Town Centre lands, which span c. 42 acres in the townlands of Cherrywood, Laughanstown, Brennanstown, Loughlinstown and Glebe in south Co Dublin. The Business Post, 8th July
Raheen, Limerick A new housing development in Limerick, which would see c. 400 units built, has been approved by An Bord Pleanála. The plans will see 202 houses and 182 apartments and duplexes on a greenfield site in Raheen, close to Limerick City. The project comes from DW Raheen Developments Ltd, with the development understood to include a new childcare facility, a playground, substantial open space within the site, and storage for over 300 bikes. The Irish Examiner, 5th July
Rezoning Church Lands A bid by the Catholic Archdiocese of Dublin to have large numbers of church sites zoned for housing has been rejected by Dublin city councillors. The archdiocese earlier this year made submissions on the city development plan in relation to the zoning of more than 30 churches across the city. Many of the churches involved are among Dublin’s largest, built in the mid-20th century to serve growing populations in suburbs such as Cabra, Marino and Finglas, where congregations have since declined. The Irish Times, 7th July
Dublin Airport The former Quickpark car park, which is the only privately-owned car park permitted by Fingal County Council to provide parking for the airport, is being offered to the market on behalf of Gerard Gannon Properties by joint agents Knight Frank and Colliers at a guide price of €70m. The former Quickpark facility comprises an L-shaped land holding which extends to a site area of 41.76 acres. Full planning permission has been granted for the construction of a new entrance building with office space for staff and 6,122 long-stay car-parking spaces. Currently, there is a single access point controlled by six automated barriers. The 6,122 spaces account for 23% of the 26,800 spaces allowed for by Fingal County Council in its assessment of the parking needs of Terminal 2. The Dublin Airport Authority provides the remainder of this overall car parking provision. The Irish Times, 6th July
Construction Activity, Ireland Activity in Ireland’s construction sector fell in June, the first contraction since April 2021 when the sector was constrained by public health restrictions. BNP Paribas Real Estate’s June purchasing managers’ index (PMI) for the construction sector suggests that new orders fell “at a sharp and accelerated pace for the third consecutive month with “price pressures” leading to a drop-off in enquiries. The drop-off was more notable in commercial than residential construction where the decline was “only marginal”. With new orders declining, survey respondents said they had scaled back their own purchasing activity. 64% of respondents signalled that their input prices had increased in June. The Irish Times, 11th July
A tax on vacant properties will be introduced in the budget to encourage people to increase supply in the housing market, the finance minister has said. Paschal Donohoe said preliminary analysis by Revenue indicated that vacancy among local property tax (LPT) liable homes was low across all counties and lies “within the range” of a “functioning housing market”. Revenue data indicates there are 57,206 vacant properties, significantly lower than the 166,752 previously estimated by the CSO using census data. Donohoe said the disparity was because Revenue only included habitable homes, while the CSO also included derelict properties. The Revenue figures also rely on self-declaration regarding the state of a house. Empty houses which are not fit to live in are considered derelict and owners could be required to pay a levy under the Derelict Sites Act 1990. The Sunday Times, 7th July
Shared Equity Scheme First-time buyers who cannot afford newly built homes or apartments can apply for the Government’s €400m shared equity scheme. Minister for Housing Darragh O’Brien is to announce the First Home scheme, which the Coalition believes will fund up to 8k homes over four years. The scheme will be open to buyers of newly built houses and apartments in private developments anywhere in Ireland. The scheme will provide part of the purchase price to buyers to add to their mortgage and deposit. The State will pay up to 30% of the cost of the new home in return for an equivalent stake in the property. It is understood that buyers will have the option, but not the obligation, to buy out some or all of the First Home scheme equity stake at any time. A small servicing fee will be payable on the equity after year six. The scheme would be “carefully targeted and calibrated with price caps for houses ranging from €250k to €450k”. The €400m figure is split 50:50 between an investment from the State and the participating banks. The Irish Times, 7th July
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Sandyford, Dublin 18 The Trintech Building in the South County Business Park development in Dublin 18 has secured three new tenants. Renewable energy company Codling Wind Park, printing company MemJet and aircraft leasing company Alliance Aviation have all agreed to new leases within the building ranging from 2,400 sq. ft. to 5,500 sq. ft. on lease terms from five to 10 years. Developed in the early 2000s, the Trintech Building comes to the letting market in walk-in condition following the recent completion of refurbishment works to its vacant space. The last-remaining office suites available to lease comprise the first floor extending to 5,394 sq. ft. and second floor extending to 2,129 sq. ft. The Irish Times, 29th June
Talbot Street, Dublin 1 French investor Sofidy has purchased Independent House for more than €34m from an investment vehicle owned by Chartered Land. Knight Frank, selling agents for Independent House, had set a €34m guide for the property in February this year, which was €5m more than the €29m that had been sought two years earlier in March 2020. In the meantime, the vendor secured a rent increase of c. €160k a year as well as a new lease with Mediahuis Ireland Limited. The value of the property was also boosted by extending the lease to 2032 and including inflation-linked rent increases. Mediahuis is also undertaking a €4m upgrade of its offices that will significantly enhance the quality of its accommodation. Independent House extends to 55,150 sq. ft. over four floors and comes with a basement car park with 26 spaces. Its office space extends to 44,817 sq. ft. A SuperValu retail store occupies 9,644 sq. ft. on the ground floor on a 25-year lease from December 2004. The Irish Independent, 30th June
Penrose Quay, Cork Office deals and development continue to roll out in Cork City and suburbs, instanced by the news that a 250,000 sq. ft. development on the north quays has moved to fully let status. Confirmation of the final letting of space at the north quays Penrose Dock development on Penrose Quay comes this week from developers JCD Group, which notes that “when all occupiers are in place before the end of the year, there will be 30 companies with capacity for over 2,200 employees”. Meanwhile, agreements have been signed for the last available space at the €130m 250,000 sq. ft. Penrose Dock development, but the identity of the occupier hasn’t yet been revealed by JCD Group, pending a formal announcement. The new arrival will join other recent tenants such as Green Rebel, EIH2, Action Zero, and BDO accountants, while existing occupier Qualcomm has also taken additional space there. Others in the Penrose Dock mix of technology, life sciences, green energy, and professional services firms include Varonis, Grant Thornton, Cadence, Cloudera, Morgan McKinley, Matheson, and Ibec. The Irish Examiner, 30th June
North City Business Park, Dublin Bio-Techne and the Office of Public Works (OPW) have taken occupation of two newly developed warehouse units totalling 45,000 sq. ft. at Rohan Holdings’ North City Business Park development facing on to the M50 motorway at Junction 5. Other occupiers at the scheme include Harvey Norman, BWG and Hilti. Rohan is currently at the midpoint in constructing the next unit – a 45,000 sq. ft. facility divided into semi-detached units of 20,000 sq. ft. and 25,000 sq. ft. – at the scheme, and these are available for occupation on long leases at €12.45 per sq. ft. The Irish Times, 29th June
Dublin AirPort Logistics Park, Dublin Rohan Holdings is also understood to have secured more than €17m from the forward sale of Contrail House, a new 70,000 sq. ft. warehouse and office unit it is in the process of developing at Dublin AirPort Logistics Park. The building has been acquired by Pennsylvania-headquartered pharmaceutical company, Yourway. Outside of securing the sale of Contrail House, Rohan Holdings is in the process of completing one other facility (Peregrine House – 50,000 sq. ft.) at Dublin AirPort Logistics Park, while construction of another (Goldcrest House – 60,000 sq. ft.) is expected to get under way in the coming months. The Irish Times, 29th June
Malahide Road Industrial Park, North Dublin Hibernia Reit is looking to dispose of a large, detached warehouse facility in north Dublin. Located on a site of 3.8 acres at the entrance to Malahide Road Industrial Park, the subject property is being offered for sale with vacant possession by Savills at a guide price of €8.5m. Previously occupied by Bunzl, the property extends to c. 82,882 sq. ft. including 12,378 sq. ft. of office accommodation. The property is in an area zoned under objective Z6 “Employment/Enterprise” within the Dublin City Development Plan 2016-2022. The property retains the same zoning under the draft Dublin City Development Plan 2022-2028, which is due to be adopted later this year. Permitted uses for “Z6″ under the current and draft plans include industry (light), enterprise centre, science and technology-based industry. The Irish Times, 29th June
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Fingal Logistics Park, North Co Dublin Joint commercial agents CBRE and JP & M Doyle have brought a self-contained freehold site extending to c. 23 acres located at Fingal Logistics Park in north Co Dublin to the market. The site has a guide price of €6.44m (€280k per acre). The 23-acre site forms part of Fingal Logistics Park, an area of land zoned GE (general employment) under the current Fingal County Council Development Plan, which allows for industrial, logistics, warehousing and multiple other related uses. The Business Post, 1st July
Ballycoolin, Dublin 11 CBRE has brought a prime warehouse space within the Stadium Business Park in Ballycoolin, Dublin 11 to the market for either sale or to let. Unit 5A is a modern mid-terrace unit which extends to a total area of 15,091 sq. ft. including 2,292 sq. ft. of two storey offices. The property is available for sale with a guide price of over €3m, or to rent at a rate of €185k pa, and a three-year short-term lease will be considered. The Business Post, 1st July
Industrial Space Demand, Ireland Logistics firms, pharma companies and large retailers have snapped up almost all the new industrial space being built in Dublin. Between April and June, 89% of the 459,000 sq. ft. of new space completed in the quarter was pre-let, according to a survey by Savills. The largest deal of the quarter was Dunnes Stores’ expansion into a 78,400 sq. ft. space in Stadium Business Park in Finglas. Take-up in the market totalled 1.3m sq. ft. in the first six months of the year, despite fears of an economic slowdown, Savills said. The industrial and logistics market has been heating up due to a lack of supply, particularly for smaller units. Only one small deal was signed in the second quarter – for a unit of between 5,000 and 10,000 sq. ft. – the lowest take-up since the 2008 financial crisis. 61% of the space under construction has been pre-let or pre-sold, including to German freight firm DB Schenker, the Office of Public Works and retailer LifeStyle Sports. Dublin prime rents were at c. €10.70 per sq. ft. at the end of June. The Irish Independent, 4th July
Bride Street, Dublin 8 Teepee Developments, the private Irish developer has secured c. €11.5m from the sale of a newly completed aparthotel on Bride Street in Dublin city centre. The Staycity Dublin Castle, as it is known, has been acquired by a fund managed by BNP Paribas Real Estate Investment Managers. The property comprises 51 bedrooms and is occupied in its entirety by Staycity, a highly successful international aparthotel group under its core Staycity brand on a long-term lease with a WAULT of more than 20 years. Quite apart from its existing 51-bedroom capacity, the Chancery Lane investment came for sale with significant value-add potential and full planning permission to extend the property by one floor to include seven extra units. Planning for the development is valid until April 2024. The Irish Times, 29th June
St Kevin’s, Dublin 2 An Bord Pleanála has given permission to the Conrad hotel for plans to transform its Dublin 2 property “into a world-class five-star hotel”. The decision upholds a grant of permission by Dublin City Council for an eight-storey extension that will increase the number of hotel rooms at the Conrad at Earlsfort Terrace off St Stephen’s Green by 88 to 280. The “significant investment” also includes a two-level rooftop bar terrace and a new facade for the hotel. This will leave the Conrad property with an extra floor, bringing it to nine storeys. Archer Hotel Capital, the specialist European hotel investment vehicle that bought the Conrad for €115m in 2019, has secured the permission. The proposed development came before the appeals board after two office block owners appealed the grant of permission. The Irish Times, 29th June
Sandyford, Dublin 18 The Beacon Hospital has acquired two sites adjacent to its current campus in Sandyford, Co Dublin, for an undisclosed sum. It plans to use the sites on 56 and 57 Blackthorn Road, comprising 2.7 acres, to expand the hospital’s clinical facilities, create a new medical research hub and house part of its existing UCD Beacon Academy. The cost of developing the sites could run to hundreds of millions of euros. The Irish Times, 4th July
Kilcock, Co Kildare Agent Coonan Property is guiding a price of €1.4m (€17.5k per acre) for 80 acres of land adjoining the Kilcock Environs development boundary on the outskirts of Kilcock, Co Kildare. The site is on the Maynooth side of the town and has 875m of road frontage along the Moyglare Road as well as ample frontage along the river Rye. The Newtownmoyaghy site will be sold by public auction at 3pm on Wednesday, July 20th, at 3pm in The Glenroyal Hotel, Maynooth. The Irish Times, 29th June
Mallow, Co Cork BV Commercial has brought a substantial landholding to the market for sale on the edge of Mallow town centre in Co Cork, for which it is guiding €2m. The lands, which extend to c. 130.2 acres (c. €15k per acre), have the benefit of considerable frontage to several local access roads. 62 acres were previously zoned for residential development. However, a draft of the Cork County Development Plan 2022-2028 was released in May 2021 and outlined proposed amendments to the zoning of all the subject lands to Greenbelt. The Business Post, 1st July
Newbridge, Co Kildare Jordan Auctioneers in Newbridge, Co Kildare has brought to market a development site just south of Newbridge town centre. The lands comprise c. 23.6 acres zoned Objective H1 – “Industrial & Warehousing” within the Newbridge Local Area Plan 2013 -2021. The property is for sale by tender by 12pm on Wednesday, July 27th . Tenders should be sent to the offices of Wilkinson & Price in Naas with a guide price of excess of €4.72m (€200k per acre). The Business Post, 1st July
Carrigaline, Cork A waterfront site with full planning permission for 38 homes is on the market for €2.3m (€61k per site) in the south Cork town of Carrigaline. The sale of the Glenveagh Homes-owned land follows a successful appeal late last year by the house-builder to An Bord Pleanála, after concerns were raised that the site was located within a flood zone. The 3.14 acres site has planning permission for 20 three-bed townhouses, 14 two-bed townhouses, two one-bed own-door apartments and two two-bed duplexes. A second planning permission for the site, due to expire next year, is for 19 large detached homes (€121k per site). The Irish Examiner, 30th June
Malahide Road, Dublin 17 Real IS has bought a residential development in the Dublin metropolitan area from Gem Group. The price is understood to be close to €42m. The transaction has been made for the open-ended real estate special alternative investment fund, Modern Living. The development at Malahide Road 17 is due to complete in the fourth quarter of 2023. It will have a total lettable area of 72,000 sq. ft., comprising 93 subsidised housing units and three commercial units. A 25-year lease agreement for all the housing units has already been concluded with Dublin City Council. React News, 5th July
Social Housing Development, Ireland Sisk, Ireland’s largest building contractor, threatened to pull out of all future social and affordable housing developments before the government announced it would intervene to cover some construction cost inflation. In a letter to Darragh O’Brien, the Minister for Housing, Paul Brown, chief executive of Sisk, said the company had been “consistently realising losses” on all social housing projects to date, which was “ultimately undermining the viability” of the business. As announced in May, the government has decided it will cover 70% of the cost of construction inflation amid the rising prices of materials faced by builders of social housing and other public projects. Last January, the government announced it would include a price variation clause on new tenders, which would involve the state bearing the cost of inflation on construction projects to address the potential for significant spikes in materials. The measures did not apply to tenders for contracts prior to January of this year. The government’s latest intervention in May came after construction firms warned in March that they would need to pull out of existing public projects due to the “hyperinflation” in steel and timber costs. The Business Post, 2nd July
Old Whitechurch Road, Cork Cork GAA has applied for planning permission for more than 300 houses on 36.5 acres land it owns in Cork city to help offset debts it incurred in the €96m redevelopment of Páirc Uí Chaoimh. Cork GAA is seeking planning permission from An Bord Pleanála for c. 83 semi-detached houses, 118 terraced houses, 52 duplex units and 63 apartments as well as a creche under the Strategic Housing Development (SHD) for the site off the Old Whitechurch Road. It is understood that a large portion of the site has been zoned for housing for several years, with a small portion of the land zoned for industrial use, but the entire site was zoned for housing in the 2015-2021 Cork City Development Plan. The Irish Times, 1st July
Housing for Refugees, Ireland The Government has said it hopes to accommodate 2,000 Ukrainian refugees in 500 modular homes by the end of the year. There are an estimated 25,000 Ukrainians currently staying in accommodation provided by the State. In addition, there were 11,873 people residing in international protection accommodation as of last month. This compares to 7,000 at the end of 2021 and 7,000 at the end of 2020. The figures are the highest for at least 15 years. Minister for Integration Roderic O’Gorman said the modular units, which will be factory built and then installed on site, will be spread around the country but will be close to, or in, urban areas. He said there would be at least 20 sites, giving an average of 25 units per site. Each unit will house four people. The Minister said that the Office of Public Work plans that the first of the units would be on site in early November 2022 with the programme being completed in 2023. He said it was an ambitious but achievable time frame and that local authorities would be given “appropriate planning exemptions” to ensure speedy delivery. The Irish Times, 29th June
CRE Investment, Ireland Investors continue to buy Irish property with c. €2bn changing hands in the second quarter of the year. This contrasts with the European market where investors are cooling and some deals are stalling. According to JLL, c. €897m worth of investments were traded in Ireland in Q2 and in addition the Canadian investor Brookfield Asset Management bought Hibernia Reit for €1.1bn, bringing the total for the quarter to €2bn. That performance was more than double the €763m worth of investments which changed hands in the first quarter. This second quarter momentum was also reflected in the number of deals with 47 compared with 31 in the first quarter. The Irish residential investment sector also performed well in Q2, accounting for 24% of the €897m worth of deals. Offices accounted for 26% and industrials 20%. In addition to the Hibernia Reit deal, another large deal saw LCN Capital Partners pay c. €100m for three redeveloped office blocks occupied by Flutter Entertainment on Belfield Office Campus, Dublin 4. The Irish Independent, 2nd July
Build Cost Inflation, Ireland Housebuilder Cairn Homes said it expects total build cost inflation for 2022 to reach up to 7% as labour and materials prices rise. That will add up to €17k to the cost of a unit, the company said. But Cairn reaffirmed its annual outlook, anticipating turnover of more than €600m from 1,500 closed new home sales and €100m operating profit. The company said it saw its strongest-ever first-half sales period, agreeing the sale of more than 750 homes for over €295m, and closing 547 new home sales. Cairn plans to announce a €20m dividend as part of its interim results announcement in September. The Irish Times, 5th July
State’s Rent Expense, Ireland The State is paying more than €115m in annual rent for office buildings and other premises throughout the country, according to new information disclosed by the Office of Public Works (OPW). The biggest bills are in Dublin where 29 leases of offices and premises each have annual rents of more than €1m. The single most expensive lease is for Miesian Plaza on Lower Baggot Street where the Department of Health is located, costing the State €8.25m in annual rent. Other multimillion rentals in the capital include the Distillers Building in Dublin 7, which has an annual bill of €7.2m; Garda offices at Harcourt Square at €6m pa; four office spaces on Bishop’s Square in Dublin 2 which together cost over €6.5m in rent each year; number 1 George’s Quay which costs €2.4m; and office space at Spencer Dock costing €2.6m. The only premises outside Dublin with an annual rental bill of over €1m is the Revenue office in Fairgreen, Galway which costs €1.1m. The most expensive rental in Limerick is for offices which cost €900k pa, while in Cork, Abbey Court House is the most expensive at €650k. The Irish Times, 29th June
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Shannon, Co Clare Irish real-estate investor and operator Fine Grain Property has acquired a 124,000 sq. ft. five-floor office building in Shannon’s Westpark Innovation Campus from global company AXA Partners. With a value estimated by market sources to be c. €20m, the purchase of Building 7000 represents Fine Grain’s largest sale-and-leaseback deal in Ireland to date and consolidates its ownership of all the properties at the 40-acre business campus. AXA Partners will continue to operate from two floors of the building through its leaseback agreement. The purchase of the Shannon business campus capped a three-year run of investments by Fine Grain in which it spent €175m on properties distributed across Galway, Athlone, Limerick, Dublin and Cork. The Irish Times, 22nd June
Shannon, Co Clare French investor Corum Asset Management has increased its overall investment in the Republic and Northern Ireland to more than €300m with the acquisition for €14.725m of Dromore House, a prime regional office property in Shannon, Co Clare. Located in the East Park business campus, the subject property comprises c. 80,000 sq. ft. of office accommodation, which has been actively managed and upgraded since its acquisition by Clyde Real Estate. Dromore House has a strong tenant line-up that includes Intel, Digital River and Wipro. Intel accounts for 76% of the total annual income. The Irish Times, 22nd June
South Circular Road, Dublin 8 A private Irish investor is set to secure a NIY of 6% following their acquisition for €3.5m of Bloomfield House just off Dublin’s South Circular Road. The subject property comprises a distinctive two-storey redbrick office building dating from the 1930s. The property extends to 8,203 sq. ft. with 12 car-parking spaces situated on a 0.26-acre site. Bloomfield House is fully let, producing c. €231k pa across two tenancies. The ground floor and mezzanine levels of the property are let on a 10-year lease from September 1st, 2014, to marketing agency Boys + Girls, which has extensively modernised and refurbished its offices. The annual rent, which was reviewed in 2019, equates to €160k pa. This letting includes eight car-parking spaces. The first floor of the property is let on a five-year lease from July 1st, 2021, to mechanical and electrical building services company Delap and Waller. The annual rent, which was agreed on a stepped level, averages out at €71.25k pa over the five years and includes three car-parking spaces. The Irish Times, 22nd June
Blackrock Business Park, South Co Dublin CBRE is seeking a tenant for the ground floor office unit at Block 1, Blackrock Business Park off Carysfort Avenue in south Co Dublin. The Block 1 office space has a floor area of c. 5,360 sq. ft. with 15 designated car spaces and a kitchen. This office space is available immediately by way of a flexible new lease on competitive terms. The Business Post, 25th June
South Docklands, Dublin Aviva Investors has bought a hotel scheme in the centre of Dublin, on behalf of its European Real Estate Long Income (E-RELI) Fund. The property is under construction by Red Rock Developments and scheduled to complete at the end of 2022. Premier Inn has prelet the asset on a long-term lease. The building is at the junction of Gloucester Street and Princes Street South, within the South Docklands business district of the city Centre. The acquisition is E-RELI’s first transaction in Ireland. React News, 23rd June
O’Connell Street, Dublin 1 A Green Party TD has vowed to appeal against a council decision allowing a large expansion of a city hotel that will result in the closure of a beer garden which connects three pubs. Dublin City council granted permission to JMK Group, a British real estate company, to expand the Holiday Inn Express at its premises on O’Connell Street, adding 89 new guest rooms. JMK Group had originally applied for a seven-storey extension, but that was refused following concerns from the council about daylight loss for surrounding buildings on Parnell street. Instead, a slightly lower six-storey extension was granted. A beer garden at the rear of the Holiday Inn connects three popular bars: The Living Room, Fibber Magees and Murray’s Pub. The Sunday Times, 23rd June
Hospitality Sector Performance, Ireland The Irish hotel investment market continued its strong recovery from Covid in the first quarter of 2022, with a new report revealing transaction activity in the first three months of the year was up on pre-pandemic levels. According to Cushman & Wakefield’s latest hospitality Marketbeat report for Ireland, transaction activity hit €73.1m in the first quarter of 2022. This activity level represented a “significant improvement” on the €9.8m recorded in the first quarter of last year but also showed an increase on the level recorded before the pandemic, when transactions were just shy of €60m in the first quarter of 2020. The largest transaction of the opening quarter was Dublin Loft Company’s sale of the Hendrick Hotel Smithfield. The boutique hotel was acquired by US investment firm TPG for c. €37.5m. At the end of the first quarter, c. 5,630 hospitality beds were under construction, with 5,000 being built in Dublin. The Irish Independent, 26th June
Tallaght, Dublin 24 Tadg Riordan Motors is offering its motor showroom on the N81 Tallaght bypass road, Dublin 24 for sale (€1.5m) or rent (€100k). The offer follows the Toyota dealer’s move to a new larger showroom on Airton Road, Tallaght. The N81 bypass premises is a purpose-built retail motor showroom extending to c. 9,070 sq. ft. on c. 0.3 acres. Car storage and valeting facilities at basement level can accommodate c. 10 vehicles. Externally, the property offers additional display and customer parking for between 30 and 40 cars. The Irish Independent, 23rd June
Grafton Street, Dublin 2 Canada Goose is understood to have signed a deal for the old Monsoon Accessorize store at 64 Grafton Street in recent weeks. The luxury coat brand had run a temporary store at No. 83. A listing on the Commercial Leases Register says 64 Grafton Street has been let on a ten-year lease at an annual rent of €500k. The Sunday Times, 27th June
Washington Street, Cork A new €35m 50-apartment development is set to open on Washington Street in time for the next academic year. Despite pandemic lockdowns and soaring construction costs, the privately-owned, purpose-built Bróga House will be delivered “on time and on budget” according to John Paul Construction, the main contractor on the project, at the 0.79-acre site of the former Square Deal furniture outlet. The 100,000 sq. ft. development ranges from two-to-six storeys. The apartments, mainly eight-bed modular clusters, with individual ensuite double bedrooms with desk and storage, and a shared living/dining/kitchen (LKD) space, average 1,400 sq. ft. in size. The purpose-built student accommodation (PBSA) will also include two internal courtyards and a 4,305 sq. ft. roof terrace which students can access. The development is backed by global real estate investment, development and asset management firm Round Hill Capital (Ireland). The Irish Examiner, 23rd June
Co Mayo Assura, a London-listed healthcare building developer and manager, has entered the Irish market after acquiring a Co Mayo building worth €11m. According to a recent analyst call, Assura has acquired Castlebar Primary Care Centre. The Irish Independent, 26th June
Shanganagh, Co Dublin The Land Development Agency (LDA) has appointed the contractor for the development of 597 new homes at Shanganagh, Co Dublin, with work on site (22-acre) to commence in September. The project is being delivered in partnership with Dún Laoghaire-Rathdown County Council (DLRCC) and will be devoted 100% to affordable and social homes. On completion this will be the largest public housing scheme in the State, delivering on the LDA’s mission to unlock state land to deliver large-scale affordable housing projects. It will be a mixed tenure project with the breakdown as follows: 51% cost rental (306 homes), 15% affordable purchase (91 homes) and 34% social housing (200 homes). The first completed homes are expected at the end of 2024. Walls Construction has been appointed to lead the project. The development will offer a mix of accommodation suitable for single people, couples, and families with 99 of the new homes to have 3 bedrooms. Press Release, LDA
Mullingar, Co Westmeath A 12-acre land holding in Mullingar, Co Westmeath is being offered to the market by joint agents Bannon and James L Murtagh & Sons on behalf of St Finian’s Diocesan Trust at a guide price of €2.75m. The subject holding surrounds the diocesan office, which the trust is retaining for its continued use, and is distributed across two parcels of land extending to a combined area of c. 12 acres. The entire holding is zoned “Proposed Residential” in the Mullingar Local Area Plan 2014–2020 (as extended). The Irish Times, 22nd June
Drumcondra, Dublin 9 The appeals board refused planning permission for a five-storey BTR apartment scheme in Drumcondra. Cork-based firm Discipulo Developments Ltd had plans to demolish 42 to 44 Drumcondra Rd, including the former Quinn’s pub, to make way for the scheme. Along with the 50 BTR apartments made up of 11 studio units, 33 one-bedroom units and six two-bedroom units, the proposal also included plans for three ground-floor commercial units, including a bookmakers. The Irish Independent, 24th June
Capel Street, Dublin 7 An investment property on Capel Street with links to the arts and media sector has come to the market with a €2m guide price. The upper three floors of the 8,869 sq. ft. premises are being sold. The ground floor is owned by another person who is believed to have paid €1.5m for it which is not included in this sale. DNG is guiding €2m for the subject property. The combination of rents generated from the current tenants and the potential rent that could be generated from the top floor could amount to €154.8k pa. The Irish Independent, 23rd June
Kill Village, Co Kildare A 1.1-acre site with planning permission for 14 houses in Kill village, Co Kildare, sold at a recent auction for €1.32m (€94k per site) and c. 26% over the €1.05m price guided by Sherry FitzGerald Brady O’Flaherty. After outbidding four other bidders, a local Kildare building firm indicated its intention to start building work in the autumn. Its planning permission allows eight three-bedroom houses and six two-bedroom houses. The Irish Independent, 23rd June
Kinsale Road, Cork A subsidiary of butter giant Dairygold is to enter into a €237m property scheme. The ‘Creamfields’ development will include a 15-storey tower, one of 11 blocks, containing 609 dwellings on the site in Cork city. The major development will include 257 BTR apartments. The scheme which has been granted planning permission by An Bord Pleanála will include 189 one-bed dwellings, 338 two-bed dwellings, 48 three-bed dwellings and 34 four-bed homes. The Creamfields development is a vacant eight-acre site, the former home of CMP Dairies on Kinsale Road. It includes a residential apartment scheme with an associated primary care facility and other amenities including creche, gym, cafes and restaurants. The Irish Independent, 22nd June
Glandore, West Cork Up for sale is the former Marine Hotel in Glandore, now a mix of townhouses and apartments. The complex up for sale includes 17 lettings and holiday homes by the pier. Four of the units in the complex were sold to Cork County Council and a number of other are on long-term lets including HAP, earning €230k pa in overall rental income. Selling agents for the Glandore complex are Barry Auctioneers, jointly with Hodnett Forde, who guide at €4.75m-€5m. The Irish Examiner, 23rd June
Terenure, Dublin 6 The construction of a seven-storey, 364-unit BTR apartment scheme on former playing pitches at Terenure College in Dublin will help secure the future viability of the college, according to the head of the religious order in Ireland, the Carmelites, which own the site. Housebuilder Lioncor has lodged plans – which also include 21 houses – for the scheme that is the first to be lodged with Dublin City Council under the Large-Scale Residential Development (LRD) for Fortfield Road, Terenure. The development comprises four apartment blocks rising to seven storeys in height. It comprises 15 studios, 166 one-bed apartments, 174 two-bed apartments and nine three-bed units. The closing date for third-party submissions on the scheme is July 18th. The Irish Times, 27th June
Dún Laoghaire, South Co Dublin An Bord Pleanála will concede in a legal challenge against its permission for 102 BTR apartments in Dún Laoghaire, the High Court has heard. Mr. Justice David Holland was told on Monday that the planning board has indicated in correspondence between the parties that it will consent to an order quashing its fast-track approval for the strategic housing development (SHD) on lands at St Michael’s Hospital, Crofton Road. The Irish Times, 27th June
Help To Buy Scheme, Ireland A fundamental Government review that will determine the future of the Help to Buy scheme for first-time buyers ― which has cost c. €600m to date ― has been completed. The scheme was originally designed to help new home buyers meet the 10% deposit required by banks to obtain mortgages in the face of increased property prices. However, evidence suggests as many as a third of those who have availed of the scheme did not need it to meet the deposit requirement and instead used the scheme to create larger deposits. There were c. 8,000 claims for the scheme last year, up c. 50% on the first year. The overall cost to date for the scheme has been €559m, which is 43% above cost estimates. The maximum grant available is €30k and the average cost per grant has been €24.3k. 63% of claims last year were for properties valued above the national average price of €290k, with 70% of all grants being issued in Dublin and Cork. The Parliamentary Budget Office report said that evidence provided in a 2017 Indecon report and the 2021 tax strategy report suggested there has been “a very small increase in prices” attributable to the existence of the scheme. The Irish Times, 26th June
Global Economic Outlook, Investec The ECB has turned more hawkish amidst increasing concerns over inflation. Market sources believe the Deposit rate could rise to 0.75% by the end of this year. However economic headwinds are rising and the ECB could pause normalisation over 2023. Investec believes that the EU19 could avoid a recession, but growth is expected to be subdued, with forecasts revised lower to 2.9% (2022) and 1.4% (2023). The big risk to this view lies with the energy situation and the threat of gas shortages over the winter. However, the ECB will also need to walk a very fine line between raising rates and preventing fragmentation risks given widening sovereign spreads. Investec, 22nd June
Vacant Site Levy, Ireland More than half of Ireland’s local authorities have failed to collect a single euro of the vacant site levy from landowners since its introduction in 2018, according to figures obtained from the Department of Housing, while only 8% of the money due last year was paid. An analysis of reports submitted by local authorities to the department shows that just under €1.3m was collected last year, although owners of vacant sites were liable to pay c. €17m. The analysis also highlights that less than €4m has been paid to date while another €37.2m is due. Councils now accept that some of the outstanding money will not be paid because of appeals, changes of ownership and development of the lands. Vacant sites listed on registers totalled 203 in 2018, before peaking at 346 in 2020. The total has since decreased to 298. The Sunday Times, 22nd June
Croí Cónaithe Scheme, Ireland The state’s timeline to deliver 5,000 apartments by 2026, through a €450m scheme to subsidise construction, was labelled “ambitious” by property industry and banking sector lobbyists as the programme was being devised last year. The Croí Cónaithe scheme, launched in May, will provide developers with subsidies of between €25k and €144k per unit to help subsidise the cost of building apartments. Newly released records connected to a Croí Cónaithe “stakeholder engagement workshop” held on December 10 last year show that those in attendance questioned the ability of the scheme to deliver thousands of units within four years and raised concerns about the overall demand for apartment living. Despite the plea for upfront payments, when the scheme was launched in May, the department stuck to its initial intention to pay developers the subsidy when the apartment is completely built and sold to an owner-occupier. The Business Post, 25th June
City Centre Refurbishment Scheme, Ireland Owners of city centre buildings in Cork, Dublin, Galway, Kilkenny, Limerick and Waterford have until the end of December 2022 to avail of the tax incentive programme known as Living City Initiative (LCI). Only refurbishment and/or conversion work carried out during the next six months will qualify for tax relief. Several city councils are disappointed that so few property owners and investors applied for the tax relief. Allowing investors to combine both the RL rental income and the LCI tax relief enabled some to minimise the risks and recoup more costs more easily and quickly. Under RL, investors can do deals with approved housing bodies or local authorities for long-term leases and loans up to €60k for the repair work in return for the property being made available for social housing for at least five years. To qualify, a property needs to have been vacant for 12 months or longer and in need of repairs. Investors benefit from guaranteed rents with no risk from arrears or vacancy costs. There are two rental income options: 80% of local market rent is paid where the local authority will undertake any maintenance work, or up to 95% if the owner does the maintenance. The Business Post, 25th June
Co Kildare An Bord Pleanála has indicated it will consent to an order quashing its permission for a €70m wind farm in Co Kildare, the High Court has heard. The court heard on Monday that the board would no longer be contesting the action. The developer North Kildare Wind Farm, a notice party in the proceedings, hopes to see its planning application remitted for fresh consideration and wants a short hearing for determination of this issue. North Kildare Wind Farm Group claimed the scheme would cost €70m to build and connect to the national grid, and any delay would adversely impact the project’s commercial viability. The Irish Times, 27th June
Mortgage switching volumes and values reached their highest level in at least a decade, according to data for May 2022 from the Banking & Payments Federation Ireland (BPFI). Remortgage/switching approval volumes rose by 111.5% YoY to 1,237 while the number of top-up approvals fell by 2.5% YoY to 277. Remortgage/switching approval values rose by 129.3% YoY to €329m while the value of top-up approvals fell by 12% YoY to €27m.
The latest figures show there were 5,355 mortgage approvals in May, valued at €1.5bn. Mortgage approval activity increased in volume terms by 14.3% YoY and in value terms by 25.3% YoY. Mortgage approval volumes for property purchase increased by 0.7% YoY to 3,841, valued at €1.1bn. Residential investment letting (RIL) mortgage approval volumes decreased by 2.5% YoY to 119. RIL mortgage approval values increased by 7.8% YoY to €20m. There were 54,710 mortgage approvals in the 12 months ending May 2022, valued at €14.2bn. The Irish Times, 28th June
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Rathfarnham, Dublin 14 French investor Iroko ZEN has entered the Irish investment market with a €10.14m (NIY 5.28%, WAULT 9.8 years) deal for a newly built and fully let retail scheme developed by Ardstone in south Dublin. Located on Stocking Avenue in Rathfarnham, the White Pines retail centre comprises a purpose-built supermarket and a three-storey creche building located on a 1.98-acre site and forms part of a major residential scheme developed by Ardstone featuring a mix of one- to four-bedroomed units catering for up to 636 families on an overall site of 36.3 acres. The supermarket extends to 15,833 sq. ft. and is fully let to Tesco Ireland Limited on a 20-year FRI lease with an annual passing rent of €477.6k with rent reviews every five years. Tesco has been trading since February of this year and has 69 car parking spaces on site. The creche, extending to 6,361 sq. ft., is let on a 25-year FRI lease to Safari Childcare Limited at a rent of c. €109k pa also subject to five-yearly rent reviews. The Irish Times, 15th June
Blanchardstown Centre, Dublin 15 Fashion retailer Zara is to increase its presence at the Blanchardstown Centre after striking a deal for a new outlet on the scheme’s second floor. The unit, which had been occupied previously by Debenhams, will accommodate Zara’s womenswear, menswear, childrenswear and accessories collections. The agreement of the letting will see the Spanish-owned brand’s footprint at Blanchardstown grow from the 16,000 sq. ft. it occupies to 52,000 sq. ft. News of the deal comes just over two months after premium fashion group Flannels signed for the ground floor of Debenhams’ former premises in Blanchardstown. The Irish Times, 15th June
The Cobalt Collection, Ireland Manchester-based investment firm David Samuel Properties is in talks with US real estate investor Davidson Kempner in relation to the proposed acquisition of a portfolio of three of Ireland’s best-known regional shopping centres. The “Cobalt Collection”, as it is known, comprises Letterkenny Retail Park in Donegal, Tullamore Retail Park in Co Offaly, and Deerpark Retail Park in Killarney, Co Kerry, and was offered for sale in March at a guide price of €67.5m. Should the deal proceed, it would represent David Samuel Properties’ first investment in the Republic of Ireland. The Irish Times, 15th June
Naas Road, Co Kildare The Otter House investment on Dublin’s Naas Road has been acquired by Irish Distillers, part of the global wine and spirits group Pernod Ricard, for c. €8m. The property sits on a 3.1-acre site adjoining its existing premises in Fox and Geese at the rear of Otter House. The price paid represents a premium of 33% on the €6m agent BNP Paribas had been guiding when it offered the property to the market last October. The mixed office and warehouse Otter House occupies c. 24% of the overall site area. Irish Distillers can avail in the meantime of rental income of €512.5k pa from four long-standing tenants in Otter House, including Modern Plant Ltd, Ladbrokes Ltd, Campion Insurances Ltd and FKM Engineering Ltd. The Irish Times, 15th June
Westland Business Park, Dublin 12 Agent TWM is offering a newly refurbished office building to the market at Westland Business Park in Dublin 12. Block A comprises 25,479 sq. ft. of office space distributed across three floors, along with 70 car parking spaces. The property is available to rent, or to purchase at a guide price of €5m. TWM notes that the overall capital rate of €196 per sq. ft. is below the current build cost for the real estate without factoring in the site value. The Irish Times, 15th June
Docklands, Dublin Deutsche Bank is to rent c. 12,700 sq. ft. of office space on part of the second floor at No. 2 Grand Canal Square located in the west end of Grand Canal Dock in Dublin. The German multinational investment bank and financial services company has agreed to a rent of €57 per sq. ft. on a ten-year lease.
At 24-26 City Quay, European Refreshments and Morgan Stanley were secured for the fourth and fifth floors of 25,000 sq. ft. after Irish Life completed a major refurbishment project of the former Grant Thornton HQ. Morgan Stanley took occupation of the prime penthouse floor of 12,701 sq. ft. and agreed to pay a rent of just under €61.50 per sq. ft. on a new long-term lease. In taking 15,015 sq. ft. on the fourth floor, European Refreshments paid rent in excess of €62 per sq. ft. for a lease which includes a year-five break option, offering flexibility for potential expansion. Both occupiers are paying €4k per car parking space. The Business Post, 17th June
Office Supply, Dublin A flood of new offices hitting the market is running well in excess of post-pandemic demand which has been dampened by the big shift to remote working, the Central Bank has warned. It suggests demand would have to double from the average of c. 1.6m sq. ft. of Dublin office space taken up in 2020 and 2021 to match the supply coming onstream between now and 2024. More than 10m sq. ft. of new offices are currently at various stages of development in Dublin alone, half of it due for completion between 2022 and 2024, the analysis said. The glut of new supply is partly due to a backlog built up by site closures and other pandemic-related disruptions. Foreign direct investment is the biggest driver of large scale new office lettings in Dublin and it has held up after the initial phase of the pandemic, but there’s now significant uncertainty about the size of new offices required to host employees. The Irish Independent, 16th June
Pembroke Road, Dublin 4 Plans to demolish the eight-storey Carrisbrook House in Dublin 4 and replace it with a 10-storey office block have been stalled. Last month, Dublin City Council granted planning permission to Atria V Lux SARL for the demolition of the well-known building, which is located at the junction of Pembroke Road and Northumberland Road and across from the site of the former Jury’s hotel. The new office block scheme, at 136,594 sq. ft., will provide more than three times the gross floor area of the current Carrisbrook House. However, the scheme has been stalled after an appeal was lodged to An Bord Pleanála against the council’s decision by the Pembroke Road Residents Association and the Lansdowne and District Residents Association. Planning consultants for the scheme, John Spain & Associates, said the proposal “represents a further opportunity to secure the improvement of an inner suburban site at a strategic location”. A decision is due on the appeal in October. The Irish Times, 20th June
Cork City Centre An investment property, made up of a pub/restaurant with nine apartments is for sale in Cork city centre, carrying a €2m price guide. Listed with Savills, the property comprising Paddy the Farmers bar/restaurant with overhead and adjacent apartments, all bringing in a rental return of c. €172k from the various fully let elements. It equates to a 7.05% return at the €2m guide. Paddy the Farmers is on a new 10-year lease at €40k pa with a five-year break option. The Irish Examiner, 15th June
Glasnevin, Dublin 9 British property developer U+I is selling three adjoining industrial investments with residential development potential in Dublin Industrial Estate, Glasnevin, Dublin 11. Savills is guiding more than €6.25m for the properties. Standing on a 2.4-acre site (€2.5m per acre), the three are let to WestRock, the international packaging firm, for c. €257k pa until 2025. The site is zoned objective Zone Z6: Employment/Enterprise Zones. The Irish Independent, 16th June
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Glasnevin, Dublin 9 Situated immediately adjacent to the National Botanic Gardens and within a short distance of Dublin city centre, the Glasnevin Hill residential scheme by Fitzwilliam Real Estate comes with full approval from An Bord Pleanála for the construction of 101 apartments over two blocks of six and seven storeys respectively, along with retail and medical units at ground-floor level. The 1.1-acre site, which currently comprises a former motor garage and a dwelling, is guiding at a price of €5m through Knight Frank. While the approved development is envisaged to be operated as a PRS scheme, it has been designed to BTS apartment standards. The Irish Times, 15th June
Leixlip, Co Kildare Glenveagh, the publicly quoted housing developer, has acquired 36.38 acres of land which had been part of the Leixlip Castle estate on the edge of Leixlip, Co Kildare. According to market sources, Glenveagh paid more than €15m (€417k per acre). Not all of the land will be developed for housing as less than half, 16.46 acres, are zoned new residential, while 3.77 acres are zoned open space and amenity and 15.97 acres are zoned strategic open space with the latter to provide for an improved recreational amenity open space and green infrastructure networks. The Irish Independent, 16th June
Bulk Buying Residential Assets Statistics, Ireland Property investors and institutional funds have bulk bought more than 350 houses at a cost of over €100m since the government attempted to limit the practice. The figures released by the office of the Revenue Commissioners show the funds have paid levies of more than €30k per home to secure the properties, which is ten times the regular stamp duty levy owed when a property is purchased. Last year, in an attempt to discourage institutional funds from bulk-purchasing houses, a new stamp duty rate of 10% was introduced for any fund that bought more than ten houses in a 12-month period. The higher stamp duty rate did not apply to funds bulk purchasing apartments. Figures released by the office of the Revenue Commissioners show that at the end of May 2022, the 10% stamp duty levy was applied to the price of 351 residential units, with the duty payable totalling €10.5m. Based on those figures, property investors have bulk bought €105m worth of houses since the new 10% rate was put into effect by the Department of Finance on May 20, 2021. Investors spent an average of €299,145 per home, while the average higher-rate of stamp duty applicable to these properties was €29,914. Last week, new data from the CSO showed that the median price of a home on the Irish residential property market was €286k at the end of April. The Business Post, 19th June
Dundrum Village SHD Hammerson, which in April submitted a planning application to An Bord Pleanála for the 11-block development under the fast-track Strategic Housing Development process, says it will “continue to consider” whether the apartments will be available for sale or rent only during their construction, expected to take several years. However, indicative prices for the social housing element range from €385.3k for a one-bed to c. €789k for a three-bed apartment. Under the county development plan, the site is earmarked for residential development but it should have complementary uses such as employment, restaurant, leisure, entertainment and creche facilities. There is also a specific objective for any redevelopment of the site to “address the need for the provision of a future Dundrum community, cultural and civic centre facility”. Hammerson says its scheme is neither in conflict with the zoning or the council’s specific local objectives for the site. The Irish Times, 21st June
Hibernia Reit The State’s largest landlord Hibernia Reit formally delisted from the Irish Stock Exchange on Monday morning following the completion of its acquisition on Friday. Hibernia accepted a €1.1bn takeover by Canada’s Brookfield Asset Management in March. Under the terms of the acquisition, Hibernia Reit shareholders received €1.634 in cash for each Hibernia Reit share. This would be made up of €1.60 per share and a dividend of 3.4 cent per share. The acquisition, including the dividend, values the entire issued and to be issued share capital of Hibernia Reit at c. €1.089bn on a fully diluted basis. It was valued at c. €781m in the market. The Irish Times, 20th June
Construction Industry, Ireland The results from Knight Frank’s latest annual survey of Ireland’s top residential developers show that the new homes construction industry recovered strongly from last year’s Covid-induced disruption which effectively shut the sector for the first four months of the year. In all, 55% of respondents stated that their development activity in 2021 was stronger than in 2020. This was also reflected in official data from the Department of Housing as 31,000 units commenced construction in 2021 — the highest number of new housing starts since comparable data were first published. Although 56% of respondents believe that their development activity will be stronger again in 2022, the survey highlights a number of critical issues such as the shortage of residential development land, planning delays and spiralling labour and material costs, which raises questions about the industry’s ability to deliver sustained improvements in the number of completions over the medium term. The Irish Times, 21st June
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North Docklands, Dublin Developer TIO (Targeted Investment Opportunities) has secured a further two occupiers for its North Dock office scheme in Dublin’s north docklands. Interactive Brokers and HEAnet join existing tenants Gilead Sciences and Blueface, both of which have established their EMEA headquarter operations at the development. North Dock bears the distinction of being Dublin’s first nZEB (nearly zero energy building) office development. The scheme extends to 202,000 sq. ft. in total, distributed between North Dock One (95,000 sq. ft.) and North Dock Two (107,000 sq. ft.). The Irish Times, 8th June
Adelaide Chambers, Dublin 8 An investment team led by Chartered Land has sold Adelaide Chambers, a redeveloped office building, for €13.5m. That reflects a premium of €500k on the price quoted by Knight Frank. The purchaser is IBI Group Holdings, which is listed on the Hong Kong stock exchange. Its price reflects a NIY of c. 5.29%. Chartered Land bought the building out of receivership in 2017 for more than €7m and along with their letting and property management agents Knight Frank and asset manager iReal Capital, undertook a substantial refurbishment and letting programme that increased the income and value of the property. Its main tenant, Decawave/Qorvo, now occupies two-thirds of the building. The HSE is another tenant. The Croatian Embassy occupies the top floor of the east wing but its section was not included in the sale. The vacant office suites are expected to be refurbished by the new owner. Located c. 400m west of St Stephen’s Green, Adelaide Chambers extends to 19,639 sq. ft. and comes with 31 car spaces. The Irish Independent, 10th June
Red Cow Junction, Dublin 12 Block A in Westland Park beside the Red Cow Junction in Dublin 12 is available to rent or buy with a purchase guide price of €5m. The 25,478 sq. ft., three-storey structure is a newly refurbished, modern own-door office building with a great profile onto the New Nangor Road and 70 surface car park spaces. The Business Post, 11th June
Cork City Piling is complete at The Prism, a €20m construction project set to deliver one of Cork City’s most eye-catching office blocks. Work got underway on the narrow site next to the city’s bus station in Parnell Place late last year and is due for completion by August 2023. The 15-storey glass tower will provide c. 64,583 sq. ft. of office space on a 3,230 sq. ft. site. The Irish Examiner, 9th June
Dawson Street, Dublin 2 American software giant ServiceNow is taking 90,000 sq. ft. on a 12-year lease at the 60 Dawson Street office development in Dublin, Ireland. The deal marks the first letting for the office scheme being built by Mark and Irish investment management group BCP. ServiceNow will occupy the top four floors of the building to serve as its new headquarters in Ireland. Overlooking Trinity College, 60 Dawson Street will be delivered by Kells ICAV by the first quarter of 2023 and comprises 145,000 sq. ft. of grade A office space. Aside from workspace, the property will also host 46,000 sq. ft. of retail and leisure space adjacent to Grafton Street, and target LEED Gold and Wellness Silver status. The building is part of a wider-mixed-use development known as Grafton Place, which BCP and Meyer Bergman purchased in 2016 via a €100m+ debt facility from Goldman Sachs. Construction began in 2019. React News, 13th June
Dún Laoghaire, South Dublin Dún Laoghaire ferry terminal, which has lain idle for seven years, will be leased by Dún Laoghaire Rathdown County Council as a “co-worker, incubator space” opening later this year. The deal will see the publicly-owned building leased to Quartermaster Innovations Ltd for at least 13 years. Councillors voted, with 35 in favour and five against, for the disposal of the terminal building to the company established by Hilary Haydon, an accountant and former president of Dún Laoghaire-Rathdown Chamber of Commerce, specifically for this project. It will pay rent to the council of €400k pa, starting in year two. The Irish Times, 13th June
Stillorgan, South Dublin Just over 14 months after signing up as tenants for the second floor of Maple House in Stillorgan, Pax Asset Management (trading as Ask Paul and Pax Financial) have acquired the building in its entirety for €5.2m. The sale of the south Dublin property was brokered by BNP Paribas Real Estate on behalf of the vendor, a private company which has held the investment since it was developed in the 1990s. Located at a prominent corner position directly opposite the Stillorgan Village shopping centre, Maple House comprises a modern three-storey mixed-use building of 11,963 sq. ft. with 19 car parking spaces to the front and rear. The building is fully let and producing c. €336k in rental income annually across three tenancies, namely KBC Bank, Pax Asset Management and Durkan Homes, along with supplemental telecom-mast income. All three tenancies are held under long, FRI leases with a WAULT of 5.3 years. The sale price of €5.2m reflects a NIY of c. 6%. The Irish Times, 8th June
Talbot Street, Dublin 1 According to market sources, Chartered Land is close to a deal for the sale of Independent House, the mixed-use building on Talbot Street which includes the offices of The Irish Independent and a SuperValu store. Knight Frank is guiding €29m for that investment which generates a combined annual rent roll totalling c. €1.8m (NIY 5.6%). In 2018, Chartered Land paid €24.3m for the property along with 10 adjoining Brett Court apartments. The Irish Independent, 10th June
Santry, Dublin 9 Works are expected to begin soon on site on the first of two phases in a mixed-use €16m residential/commercial scheme at Northwood in Santry in Dublin 9. The scheme, led by property investment firm Kategale, which is linked to British-based property development firm Westhill, is building a two to seven-storey block of 99 apartments, including a residents’ concierge desk, hot-desking space, meeting rooms, ESB sub-station and parking. The site is at the northeastern side of Northwood Avenue and Domville Wood on the old Ballymun Road. The Business Post, 11th June
Kilcock, Co Meath McGarrell Reilly Group has submitted a planning application to build a €124m mixed-use development in Kilcock, Co Meath. The development includes 530 residential units consisting of 454 houses and 76 apartments. Also included is a new 16-classroom primary school, community centre and crèche. The gross floor area of the proposed development is 676,748 sq. ft. The Business Post, 11th June
Westmoreland Street, Dublin 2 One Westmoreland is being offered to the market by CBRE at a guide price of €6m. The property comprises a six-storey building with full planning permission for the development of a 38-bedroom boutique hotel. The proposed hotel is set to include a ground-floor reception area and a cafe space with capacity for 40 covers. The Irish Times, 8th June
Monasterevin, Co Kildare Building works at Paddy McKillen and U2 frontman Bono’s €50m whiskey distillery and visitor centre along the banks of the Grand Canal on the site of Ballykelly Mills in Monasterevin, Co Kildare has been completed. Developed by McKillen’s Dublin-based company Jewelfield, the Church of Oak distillery and visitor centre spans 37,436 sq. ft. and involved restoring the 200-year-old building with the help of ODOS Architects. The Business Post, 11th June
Dundalk, Co Louth Kennedy Wilson, an American real estate investor, is preparing to bring Marshes Shopping Centre in Dundalk, Co Louth, to the market for an estimated €40m. Marshes, which was built at a cost of €150m in 2005 has big-name tenants including Penney, Dunnes Stores, H&M, River Island and JD Sports. The shopping centre, which has 285k sq. ft. of retail space, also includes development land with potential for a second phase of construction. Kennedy Wilson purchased Marshes in August 2014 for €44.5m. In 2017 the centre was part of a €284m refinancing that the American giant completed with Bank of Ireland across seven of its Irish assets. The refinancing extended the debt term and released €54m of equity for the company. It also owns the shopping centre Stillorgan Village in Dublin. The Sunday Times, 12th June
Clane and Newbridge, Co Kildare QRE Real Estate Advisers is seeking a combined guide price of €3.75m for two retail warehouse assets in Co Kildare. The first asset is located on the Dublin Road in Clane and extends to 25,000 sq. ft. over ground and mezzanine levels and comprises retail/warehouse space, and first-floor office accommodation. The asset is situated on a 1.61-acre site with extensive car parking and is held under freehold title. The entire property is let to Multi-Home Retail Limited, trading as The Choice under a 20-year FRI lease from May 1st, 2021. The passing rent is €200k pa. The guide price of €2.6m reflects a NIY of 7%.
The second property comprises Units 6E & 6F Cill Dara Industrial Estate in Newbridge. Unit 6E comprises 6,588 sq. ft. of trade-counter retail space and back-of-house warehouse space. Unit 6F extends to 2,099 sq. ft. and comprises ground-floor retail warehouse accommodation, with staff ancillary space. Unit 6E is let to Screwfix Direct (Ireland) Ltd on a 10-year lease with open-market rent reviews at a passing rent of €52k pa. Unit 6F is let to Crown Paints Ireland Ltd with 10 years of term-certain income, and open-market rent reviews at a passing rent of €28.5k pa. The combined rent for the two assets equates to €80.5k pa. The guide price of €1.15m reflects a NIY of 6.37%. The Irish Times, 8th June
Penney’s Flagship Store, Cork City Centre Plans for the redevelopment of Penney’s flagship store in Cork City centre have been delayed following an appeal. While planning permission was granted last month the decision is now being appealed by a third party. The plans included an increase in the store size by 17,000 sq. ft. to 54,000 sq. ft., with the project encompassing a site that stretches from Robert St to Cook St, and from St Patrick’s Street to Oliver Plunkett St. The grant of planning last month followed a lengthy consideration of the application lodged last August, which included a request for further information amid planners’ concerns about the scheme’s potential impact on the built heritage of the area. In response, Penneys said the redevelopment project would help reduce the number of vacant premises in the city. The Irish Examiner, 13th June
Clonskeagh, South Dublin La Francaise Real Estate Managers (REM) has secured its first healthcare asset in Ireland, paying €10.65m for Ballintaggart House in the south Dublin suburb of Clonskeagh. The acquisition of the property, which is let in its entirety to Sims IVF until March 31, 2033, will provide the French investor with a NIY of 4.77%. Ballintaggart House is a three-storey building comprising 19,558 sq. ft. of refurbished, high-quality accommodation in medical clinic use and 57 car parking spaces. The property sits on a substantial site of just under one acre. The subject property is well located in Clonskeagh and sits just 5km from Dublin city centre and a 10-minute drive from the M50 motorway. The Irish Times, 8th June
Kinsealy, North Co Dublin Works are under way on 32 detached two-storey houses: six at Greenwood Close, 16 at Greenwood Drive, and ten at Greenwood Park on Kinsealy Lane, in Kinsealy in north Co Dublin. The houses are part of a €7.9m housing development by Michael Woods’ Kinsealy Lane Ltd and Town Park Estates. The Business Post, 11th June
Ballincollig, Co Cork O’Flynn Construction has lodged a SHD application to build 123 apartment units and a crèche in Ballincollig, Co Cork. The proposed development includes 39 one-bed and 84 two-bed units. The overall floor area would be 112,579 sq. ft., and the estimated cost €19.7m. The Business Post, 11th June
Mallow, Co Cork Reside Capital has been granted planning permission to build 299 residential units comprising 185 two, three and four-bed houses; 50 one, two and three-bed apartments/duplex units; and 64 one and two-bed apartments in two four-storey blocks with basement parking and a 4,843 sq. ft. crèche/childcare facility in a scheme with an estimated cost of €52m at Annabella, Mallow, Co Cork. The Business Post, 11th June
Housing Construction, Ireland The number of new houses built is set to increase over coming years but will still fall short of the Government’s targets, according to predictions published by EY’s economic advisory arm. The firm estimates that house completions will rise to 25,000 this year, up from just under 20,500 in 2021. In a report compiled for the Euroconstruct industry forecasting network, EY estimates that completions will rise to 27,000 next year, and 32,000 in 2024, but these are still below the levels required to address the housing crisis as laid out in the State’s Housing for All plan. EY warns that rampant cost inflation in the construction sector is affecting the viability of many schemes and the challenges impacting upon the housing crisis are “gathering momentum”. The firm estimates that construction inflation will reach 10% this year, before slipping back to 6% in 2023 and 4% in 2024. Overall construction output this year is estimated by EY at €29.1bn, or c. 6.2% of the value of the economy as measured by GDP. Construction output last year was valued at €25.2bn, with much of the rise accounted for by inflation. The Business Post, 13th June
Housing Legislation, Fingal County Council Locals will have first refusal on the purchase of large numbers of affordable homes in north Dublin under new measures due to be voted on by Fingal county councillors on Monday. Councillors are expected to approve plans to give priority to housing applicants who can prove they have lived in Fingal for at least five years when allocating c. 30% off new affordable homes. An applicant does not have to be currently resident in Fingal and may have only lived in the area as a child, as long as they can prove they spent five years in the area. The Government’s affordable housing regulations introduced in April allow local authorities to use their discretion in allocating 30% of the homes in affordable purchase schemes to locals. Fingal’s priority scheme has already been approved by the Department of Housing and is expected to apply to all its affordable housing development from now on. The Irish Times, 13th June
Housing Legislation, Ireland A total of 16,000 new homes have been ring-fenced for individual buyers following a government ban on “bulk buying” by institutional investors. The planned sale of 115 homes in the Mullen Park estate in Maynooth estate to Round Hill Capital, a global investment firm, caused a political furore last year. It led to the government bringing in new legislation to impose a higher stamp duty charge of 10% on investment funds if they bought up ten or more houses in housing estates. New planning regulations were also introduced to prevent multiple housing and duplex units being sold to a single buyer. An Bord Pleanála has confirmed that the developers of 7,988 homes in 23 SHDs are banned from selling them in bulk under the conditions of planning permissions granted in the past 12 months. City and county councils have also imposed the same conditions on a further 7,895 homes which have got planning permission in the past 12 months, bringing the total number of homes ring-fenced for individual buyers to c. 16,000 homes. The Business Post, 9th June
Castlemartyr, East Cork Land within and beside an East Cork village’s boundary is up for sale, zoned for development, and with scope to deliver up to 200 new homes, subject to planning permission. Listed with Lisney, is a block of 33 acres guiding €2m, the equivalent of €10,000 per house ‘stand’. The Irish Examiner, 9th June
Clonburris, South Dublin Plans for the construction of 115 homes in the new Dublin suburb of Clonburris, just over half of which will be sold under the affordable housing scheme, have been approved by South Dublin county councillors. The council project will see 59 affordable purchase homes and 56 social homes built on a site just south of the Grand Canal and less than 10 minutes’ walk from Clondalkin train station. The low-rise estate will have 27 three- and four-bedroom houses, 42 apartments in two-storey blocks, 27 apartments in nine three-storey blocks, and a four-storey block of 19 apartments. The scheme will be the first developed by the council on its landholding in the new Clonburris Strategic Development Zone (SDZ), which is designated for more than 8,400 homes. The Irish Times, 13th June
Cabra, North Dublin Sinn Féin leader Mary Lou McDonald has emerged victorious in her opposition to plans for a 117-unit BTR apartment scheme at the former Matt’s of Cabra pub site. This follows the appeals board refusing planning permission to R&D Developments Ltd for the 67 one-bed unit and 50 two-bed unit apartment scheme at Faussagh Avenue, Cabra. Planning consultants for R&D Developments Ltd, Thornton O’Connor Town Planning, contended that the scheme would provide suitable alternative housing accommodation types for people seeking residential accommodation in Dublin. However, in her objection, Ms. McDonald argued that the BTR development does not meet the needs of the local community, neither does it foster active citizenship. The scheme also faced opposition from a number of local residents. The refusal by the board follows a recommendation by Dublin City Council to deny planning permission. The Irish Times, 13th June
Lackaroe and Monkstown, Cork The appeals board has refused planning permission to O’Brien and O’Flynn for 171 units at a site 10km southeast of Cork city at Lackaroe and Monkstown, Passage West. The scheme — which faced local opposition — comprised 145 houses and 26 apartments. The appeals board refused permission after concluding that the scheme would endanger public safety by reason of traffic hazard. The Irish Times, 13th June
Nama made an average €30k profit from each of the 13,000 homes whose construction it backed since 2014, its chief executive, Brendan McDonagh, confirmed on Thursday. Nama, established 12 years ago to bail out Irish banks following the financial crash, will wind up its operations by the end of December 2025. Debtors still owe it €14bn in loans dating from a property bubble that precipitated the crash in 2008. In all, Nama has aided the building of 24,400 new homes in the Republic. Along with the 13,300 it financed, developers built a further 11,100 on sites where the agency got planning permission, funded enabling work or covered legal and other costs before selling the land. The agency expects to pay a total €4.5bn surplus to the State once it is wound up. Adding €400m in corporate taxes that it has already paid, its total contribution will be €4.9bn. The surplus will be what the agency has left after repaying its debts and covering its costs. In 2020 Nama repaid the €31.8bn it originally borrowed to buy the banks’ loans, leaving the agency with no liabilities. The Irish Times, 9th June
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Baggot Street, Dublin 4 The owner of AIB’s 52-54 Upper Baggot Street branch has instructed Turley Property Advisors to offer it to the market with full vacant possession for €3.2m. The agent expects to see interest from a range of developers, investors and owner occupiers given the building’s potential to facilitate several uses including a boutique hotel, supermarket or even a pub. The Irish Times, 1st JuneFitzwilliam Street, Dublin 2 Having engaged Cushman & Wakefield to secure an occupier for its Fitzwilliam Street offices on the basis of a lease assignment just four weeks ago, Slack’s new owner, US tech giant Salesforce, is understood to have received an approach from Savills on behalf of SMBC Aviation Capital for the entire building. While the talks are still at an early stage, should a deal be agreed between the parties, the IFSC-based aviation leasing specialist would take on the long-term lease Slack Technologies committed to in early 2020 at a rent of €7.7m pa. Having been acquired subsequently for €27.7bn by Salesforce, the workplace collaboration specialist will now relocate its entire operations to Salesforce’s new European headquarters in the city’s north docklands instead. The Fitzwilliam 28 scheme is owned by Amundi Real Estate, a specialist subsidiary of Europe’s leading asset manager Amundi, a company with c. €1.527tn in AUM. Amundi acquired Fitzwilliam 28 for €180m in November 2020. The Irish Times, 31st May
George’s Quay, Dublin City Centre Professional services consulting firm, Aon Ireland has agreed to pre-let c. 35,000 sq. ft. of office accommodation from Iput at Block B in the George’s Quay complex in Dublin city centre. While the deal will provide the company with sufficient space for over 300 workers, it will likely be a further two years before it occupies its new premises. Iput is set to carry out a full refurbishment of Aon’s new offices in the interim as part of its plans for the redevelopment of the five-storey building. Block B had been occupied in recent years by Ulster Bank as part of its wider headquarter operations at George’s Quay. Iput secured planning permission in November 2020 to add two floors to the property, increasing its overall floor area from 56,188 sq. ft. to 84,464 sq. ft. The approved development also provides for the addition of a new facade to the building along with the development of a café facing on to Georges Quay at ground-floor level. The Irish Times, 31st May
Dawson Street, Dublin 2 American software giant ServiceNow has signed a 12-year lease with private real estate investment management firm, MARK, and BCP Asset Management to let space at 60 Dawson Street, a new 144,990 sq. ft. Grade A office development in Dublin city centre. ServiceNow will take a little over 89,986 sq. ft. across the top four floors and will make its offices at 60 Dawson Street its Irish headquarters. The Business Post, 4th June
Rathmines, Dublin 6 A mixed-use investment property in Dublin’s southside suburbs has been brought to the market by Knight Frank at a price of €3.5m. Extending to 6,250 sq. ft., it comprises a ground floor retail unit and nine residential units above. At a guide price of excess €3.5m, its total passing income of c.€286k equates to a gross return of 8.2%. Spar grocery occupies the entire ground floor with storage to the back. Its lease extends to May 2031 with an annual rent roll of €75k. The residential units generate c.€184k per year and these are one-bedroom flats, studios and three-bed duplexes. An advertising sign on the gable wall generates €26k pa. The Irish Independent, 2nd June
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Cork City The Rendezvous Bar, a long-standing fixture of Cork City’s suburban pub trade, is up for sale for €2m. Occupying 0.4 acres on Model Farm Rd selling agent Casey & Kingston expects “considerable interest”. The two-storey 6,757 sq. ft. over basement premises includes bar/restaurant on the ground floor, with a fully fitted kitchen and toilets overhead and cold rooms and storage in the basement. During the pandemic, the business created more seating outdoors and can now accommodate 200 customers to the front of the building. Inside, the bar area can seat 180. Parking for c. 25 cars is out back. The pub last sold four years ago when Joe O’Sullivan, with experience in the trade, bought it for c. €1.5m. It had gone to market for €1.25m. The Irish Examiner, 2nd June
Hatch Street, Dublin 2 The owner of Ashford Castle has secured planning permission for a boutique five-star 60-bedroom hotel for the capital. An Bord Pleanála granted planning permission to Red Carnation Hotels (UK) Ltd for the conversion and extension of a former Jesuit university students’ residence at Hatch Hall into the hotel. The plan, which includes a new eight-storey extension, was put on hold last year after a resident lodged an appeal against the Dublin City Council decision to give the project the green light. The Irish Times, 3rd June
College Green, Dublin 2 Hawksmoor, the upmarket British steakhouse chain, is adding Dublin to its slate, opening a restaurant in a former Bank of Ireland building on College Green. The chain will be taking over Abercrombie and Fitch’s previous abode. Plans lodged with Dublin City Council last week ask to change its use from a retail space to a licensed restaurant. No. 34 College Green belongs to Clarendon Properties, owned by Paddy McKillen and Tony Leonard. The Sunday Times, 6th June
Harcourt Developments Shopping Centre Portfolio The sale of a €100m+ portfolio of Irish shopping centres is about to get under way. The six regional centres are owned by Harcourt Developments, Donegal developer Pat Doherty’s property company. Harcourt Developments has been trying to refinance debt held against the assets since last year, a process complicated by the impact of the pandemic on retailers. Apollo Global Management bought loans attached to the centres from Nama in 2017. The current process is understood to be a consensual sale by Harcourt Developments and Apollo. The portfolio includes Donaghmede shopping centre in Dublin, the Longwalk centre in Dundalk, Co Louth, and the Letterkenny shopping centre in Donegal. JLL, who is advising on the sale, is understood to be exploring the sale of the six assets as a portfolio and in individual lots. React News, 1st June
Celbridge, Co Kildare A property group owned by Eric Kinsella, is investing €100m in a new logistics park in Co Kildare. Esprit Investments has applied for permission from Kildare County Council to build 11 warehouses and light industrial units on a site off the M4 motorway in the townlands of Mooretown and Crodaun, Celbridge. The industrial estate will total 290,625 sq. ft. The Sunday Times, 6th June
Brookfield Road, Dublin 8 A development site on Brookfield Road, which extends to 0.6 acres and has full planning permission for 79 apartments is being offered for sale by Savills at a guide price of €6.75m. The permitted scheme comprises a mix of 14 studios, 48 one-bedroom and 17 two-bedroom apartments. The various unit types extend to an average floor area of 422 sq. ft., 496 sq. ft. and 830 sq. ft. respectively. The approved scheme will benefit from 6,795 sq. ft. of residential amenity space. The planning permission also provides for 18 car parking spaces, two motorcycle spaces and 140 bicycle spaces all at lower ground-floor level, while a further 26 bicycle spaces are to be provided at surface level. The Irish Times, 1st June
Ranelagh Road, Dublin 6 CBRE is inviting offers of c. €5.6m (GIY 6%) for a residential portfolio comprises 16 apartments within a Georgian period property located at 74-75 Ranelagh Road. All units which have been refurbished to what the selling agent describes as an “exceptional standard”. The portfolio – a mix of four studios, 11 one-bedroom apartments and one three-bedroom apartment – is fully income-producing, with one unit retained vacant for show purposes. The projected tabilized gross rental income is c. €337k pa, assuming 100% occupancy. The Irish Times, 1st June
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Nama Land Sales Nama has sold 13,536 acres of land since 2011 with a potential for 86,145 homes to be developed on it but to date, fewer than 11,000 units have been built, new figures from the Department of Finance show. The bulk of the Nama land and potential residential units were in Dublin, Cork, Kildare, Wicklow, Meath, Galway and Louth. Cork County Council saw the biggest area of land sold through Nama disposals (3,138 acres) with a potential for 11,669 residential units. 780 acres with a potential for 11,792 units were sold in Dún Laoghaire-Rathdown while Dublin City Council accounted for 415 acres of Nama land sales with a potential for 11,240 units. Fingal County Council accounted for 1,300 acres with a potential for 9,890 residential units while Meath County Council accounted for 1,403 acres with a potential for 8,679 units. The estimate of potential units was based on planning permission where a suitable permission was granted or estimates from planning consultants until the time Nama’s security over the property was sold. The Irish Times, 6th June
Brennanstown Road, Dublin 18 The Glendruid Dolmen Public Group (GDPG) has hit out at plans to construct 534 BTR apartments close to a site containing the Glendruid portal tomb in south Dublin. The scheme by Cairn Homes Properties Ltd is across eight blocks with one block up to 10 storeys in height on a site at Winterbrook and Barrington Tower, Brennanstown Road, Dublin 18. The scheme comprises 30 studios, 135 one-bed units, 318 two-bed units and 51 three-bed units. Planning documents lodged with the Strategic Housing Development (SHD) state that the scheme is “of a very high-quality design and with ready access to amenities such as resident lounges, entertainment space, gyms and cinema rooms, while also being located close to good quality public transport”. More than 20 objections have been lodged against the proposal. A decision is due on the scheme in August. The Irish Times, 1st June
East Road, Dublin 1 Investment management firm Harrison Street and pan-European real estate investment manager Eagle Street have formed a joint venture to develop a BTR scheme with 554 residential units at East Road in Dublin’s north docklands. Eagle Street, founded by Justin Bickle and Shane Scully, will serve as developer of the project through its operating platform, Resident Space, the two companies said. The lands at 1-4 East Road came with full planning permission for the 554 apartments, which will be distributed across nine buildings ranging in height from three to 15 storeys. The development will also include 43,162 sq. ft. of commercial space comprising offices, a cafe, a daycare facility and retail units. The Irish Times, 1st June
Ballincollig, Cork Plans for 123 apartments at a site in Ballincollig have been unveiled. O’Flynn Construction Co Unlimited Company has applied for permission for a SHD scheme at Old Fort Road, Ballincollig. The 3-acre site is located north of the Main St in Ballincollig. The development includes proposals for 123 apartments in three blocks, ranging in height from three to six storeys. They will all be one and two-bed apartments. The new application includes, a creche/childcare facility, internal residential amenity space and multi-purpose amenity room are proposed, while the developers also propose set-down areas, footpaths, a cycle lane, and table-top junction arrangement, and associated amenities for pedestrian/cyclist facilities. The Irish Examiner, 1st June
New Tax Breaks, Ireland Small landlords would be incentivised to charge cheaper rents in return for being taxed less, under proposals set to be considered by the government. Officials at the Department of Finance are conducting a review of the tax treatment of landlords and are due to deliver a report in the coming months. Their findings will then feed into the tax strategy papers for the upcoming budget. It is understood a tax incentive for so-called “mom and pop” or small landlords is one of the key measures under consideration and, if implemented, would require the property owner to charge rents a certain percentage below the relevant market rate to qualify for the scheme. There is a growing appetite in government to address the tax treatment of small landlords, who currently pay up to 52% in tax on rental earnings. The latest Daft rental report showed that average rents had risen by 12% in the first quarter of this year to close to €1,570 per month. The Business Post, 5th June
BlackBee Investments, a prominent seller of property investment to retail clients, is winding down operations by restructuring its extensive property assets and disposing of its European licence to offer investments to the public. It follows the settlement of a dispute with management at its Aperee nursing homes business that had obstructed the sale of most of Aperee’s properties to a large European real estate fund. The decision by one of the country’s largest alternative investment managers to exit the business was influenced by rising interest rates, according to sources. Agreement is believed to be imminent on the sale of its regulated business to a British investment firm that plans to use the Central Bank licence to establish a presence in Ireland and to passport investment services from Ireland into other EU markets. BlackBee is also reassessing its property portfolio, assembled over the past seven years, with a view to “disposing or restructuring” some of the assets, which include residential and commercial real estate as well as nursing homes, according to sources. Its most valuable assets include offices at the Parkgate business park in Dublin and iNua Hospitality, a chain of hotels in regional centres including Radisson Blu hotels in Cork, Limerick, Athlone and Sligo. BlackBee’s residential property interests include plans for a BTR apartment scheme on the site of the former Quinn’s pub in Drumcondra in Dublin. The Sunday Times, 5th June
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Merrion Square, Dublin 2 A private Irish investor looks set to secure a NIY of 4.98% following their acquisition for €5.69m of No. 47 Merrion Square and its associated mews at 47 Stephen’s Place, which are occupied in their entirety by NewsWhip Media Ltd under two co-terminous leases, with 3.7 years unexpired. In annual rent, 47 Merrion Square produces €229.85k, while 47 Stephen’s Place is generating €81.58k pa, giving the new owner an overall rental income of €311.43k. The average rent is €36.50 per sq. ft. across the two buildings and prime Georgians are currently commanding c. €50 per sq. ft. The properties comprise a four-storey over-basement Georgian building with mews and car parking to the rear. The main building, 47 Merrion Square, extends to 6,330 sq. ft. and the two-storey modern mews extends to 2,191 sq. ft. The Irish Times, 25th May
Fitzwilliam Place, Dublin 2 Colliers is handling the sale for €6.5m of 12 and 13 Fitzwilliam Place together with the mews buildings at 12 and 13 Lad Lane. The property at 12 Fitzwilliam Place is occupied in its entirety by law firm Reddy Charlton LLP under a new 10-year lease from January 1st, 2021 at an annual rent of €168k pa, with a tenant break option at expiry of the fifth year. Reddy Charlton also occupy the basement of no. 13 on a separate lease that runs co-terminus with no. 12 at an annual rent of €12k pa. No. 12 Lad Lane is let to Irish property company Iput on a short-term lease that expires in September 2022 at a rent of €32.5k pa. No. 13 Fitzwilliam Place is partly let with excellent potential to significantly increase the passing rent from c. €43.8k pa. No. 13 Lad Lane is let to Iput until December 2023 at a rent of €30k pa. The Irish Times, 25th May
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Apple Campus, Cork Apple is planning to build a new office block on its Cork campus as it looks to expand its manufacturing, logistics, finance, sales and customer care offering. The new four-storey building would accommodate up to 1,300 additional staff and replace an existing car park which would be relocated. If planning permission is granted in a timely fashion, construction at the site could commence later this year and be completed in 2025. React News, 25th May
Carrigaline, Co Cork Discount supermarket Aldi Ireland is set to open a new €10m store in Carrigaline, Co Cork in 2024. The news comes as the supermarket was granted planning permission from Cork County Council for its new 14,154 sq. ft. store earlier this month. The store will be centrally located just off the new Carrigaline Western Relief Road, which is currently under construction. The store will be powered by 100% green electricity and will feature 52 photovoltaic solar panels on the roof. Carrigaline shoppers will also benefit from four electric vehicle-charging points at the new store, along with 12 bicycle rack stands. The Business Post, 28th May
Ashbourne, Co Meath The Star Stone Property Group, a Meath-based investor, has acquired the High Street Ashbourne retail scheme for in excess of €12.5m. The price paid represents a 9% premium on the €11.5m price that Cushman & Wakefield had been guiding when it offered the investment to the market in May of last year. The scheme was sold on the instructions of receivers Kroll. Developed between 2003 and 2007, the centre, which extends to 176,000 sq. ft., is situated in the heart of Ashbourne. The investment takes in the entirety of Killegland Street and Desmond Street and has a mix of surface and basement parking along with a multi-storey car park. Anchored by Tesco (not part of the sale), High Street Ashbourne is occupied by the HSE, McDonald’s, New Look, Lifestyle Sports, Boots, Card Factory, O’Brien’s Fine Wines and Euro Giant. At the time of its sale, the centre had an occupancy rate of c. 75% and a WAULT of 7.8 years to break option and 9.4 years to expiry, with a total passing rent of €1.64m pa. The HSE’s Ashbourne Primary Care Centre anchors the scheme and is in occupation on a long-term lease until 2037. The Irish Times, 25th May
Swords, Co Dublin Located across from Airside Retail Park, the South Quarter Airside scheme near Swords owned by Irish Life, Iput, and its original developer, David Daly, has come to the market. The property extends to an overall area of 90,685 sq. ft. and 230 car-parking spaces on a site of 1.65 acres. Extending to 57,079 sq. ft., Block A at South Quarter Airside now contains a newly developed remote broadcast and content production centre (RBC) and a mix of six retail/restaurant units. The RBC, which measures 47,791 sq. ft., was created to accommodate the content production requirements of Riot Games. The company will occupy Block A at South Quarter Airside on a new 15-year lease at a passing rent of €600k pa stepping up to €650k in year three with a CPI-indexed rent review at year five. Other tenants in Block A include Hogs & Heifers, Pizza Dog, Indigo Pearl and O’Briens with a combined rent of €287.5k pa. Block A offers a WAULT to break of c. nine years and over 14 years to expiry.
Block B comprises a four-storey building extending to 33,605 sq. ft. and is let in its entirety to Flyefit on three separate leases producing an income of €440k pa and a WAULT to expiry of over 13 years. Blocks A and B are being offered for sale on behalf of the Michael J Wright Group by Colliers by way of separate lots at guide prices of €12.5m and €4.75m respectively. Alternatively, the entire property is available for sale at a guide price of €17.25m, providing the purchaser with a blended NIY of 7%. The Irish Times, 25th May
Dublin City Centre Two pubs that formed part of Sean Quinn’s business empire are up for sale again for a total of €7m. While the new guide price is 27% higher than the amount CBRE had been seeking when it first looked to dispose of The Barge on Charlemont Street and JW Sweetman on Burgh Quay, the increase in the interim reflects the current demand from publicans and investors for premises in prime city centre locations. The two pubs are being sold with the benefit of vacant possession. In the case of The Barge, CBRE is guiding a price of €3.75m. The Barge briefly comprises a part two-storey/part three-storey over-basement building fitted in traditional style with a lounge bar at ground-floor level, a mezzanine bar, first-floor bar, second-floor function room, and catering kitchen. The basement houses the pub’s cellar and beer cold room. The façade of the building is a popular product-placement site with advertising hosted throughout the year. The premises extends to 3,875 sq. ft. and is well presented throughout. JW Sweetman (formally Messrs Maguire’s) meanwhile is a substantial licensed premises situated in a commanding trading position overlooking the Liffey at O’Connell Bridge and immediately adjacent to O’Connell Street and the Temple Bar area in the heart of Dublin city centre. JW Sweetman is a traditional-style four-storey over-basement double-fronted licensed premises. The pub’s accommodation comprises a ground-floor bar with a rich traditional interior. On the first and second floors there is similar lounge bar accommodation while on the third floor there is a catering kitchen with a dumb waiter to all floors. In the basement there is a cellar bar, cold room and microbrewery production area. The entire property extends to 8,934 sq. ft. of accommodation. JW Sweetman is being offered for sale with a guide price of €3.25m. The Irish Times, 25th May
Drogheda, Co Louth Seven units are currently for sale at Donore Business Park in Drogheda, Co Louth and agent REA OBrien Collins is guiding €3m. The units 5, 5A, 6, 7, 7A, 8 and 8A collectively offer c. 31,108 sq. ft. of space with a passing rent of €220k pa. Unit 5 is leased to the Home Renovation Centre on a four-year lease from June 2, 2020 with no break clause and a passing rent of €25k pa. Unit 5A is leased to MCB Electrical Wholesale Limited, also for four years until December 19, 2025, with no break clause and an annual rent of €30k. Units 6 and 7 are let to Nature’s Best Limited on a four-year, nine-month contract starting February 5, 2022, with no break clause and a passing rent of €70k pa. DP Gymnastics holds a four-year, nine-month lease on Unit 7A, expiring on November 30, 2026 and paying €35k pa. Unit 8 is let to Rawlplug Ireland Limited on a four-year, nine-month lease, with no break clause and expiring on July 31, 2026. It has a passing rent of €35k pa. Unit 8A is leased to Posh Pets Distribution Limited on a five-year lease term from November 1, 2021 with no break clause and a current passing rent of €25k pa, increasing to €27.5k pa on November 1, 2023 and €30k pa on the same date in 2024. The Business Post, 28th May
Tallaght, Dublin 24 Guiding at a price of €8.5m through agent Cushman & Wakefield, the sale of Cookstown Cross in Tallaght comprises a brownfield site of 1.75 acres with full planning permission for 208 residential units and ancillary commercial space across seven storeys. The approval provides for 154 apartments consisting of a mix of 41 studio, 84 one-bed and 29 two-bed units, along with 50 two-bed and four three-bed duplexes. The construction of a cafe, creche and commercial unit is also permitted. The scheme will also have 73 car-parking spaces at podium level. The Irish Times, 25th May
Blackrock, South Co Dublin Lisney is inviting offers in excess of €1.5m for a prime residential site in the south Dublin suburb of Blackrock with full planning for five architecturally designed houses. Located at no. 69 Rock Road, the 0.15-acre plot comes to the market with approval for the development of two mews houses within the footprint of the existing building and three three-storey townhouses across the remainder of the site which takes in the rear garden of no. 67. The mews houses extend from 1,152 sq. ft. to 1,259 sq. ft. while the townhouses extend from 1,238 sq. ft. to 1,905 sq. ft. Offers for no. 69 Rock Road should be submitted by noon on Wednesday, June 22nd. The Irish Times, 25th May
Dún Laoghaire-Rathdown County (DLRC) Development Plan The newly adopted DLRC Development Plan is facing three legal challenges by developers over the rezoning of south Dublin residential lands for other purposes. The High Court actions, concerning lands in Stillorgan, Goatstown, and Bulloch Harbour in Dalkey, aim to overturn the decision of county councillors in March 2022 to adopt the 2022-2028 plan, which came into effect in April. Developer Colbeam Limited sought to pursue its challenge over its concerns about the change to the zoning of part of the former site of Our Lady’s Grove school, which is c. 850 metres from University College Dublin. Richard Barrett’s Bartra Property (Dublin) Ltd is challenging the council’s decision to remove the residential reference in the zoning for its site at Bulloch Harbour. It is also seeking an order quashing the decision to adopt the plan. The third action is brought by Oceanscape Limited, based in Inchicore, Dublin. The separate actions are each against Dún Laoghaire Rathdown County Council, while the Minister for Education is a notice party in Oceanscape’s case. The Irish Times, 25th May
Kilmainham, Dublin 8 A site located between the Royal Hospital Kilmainham and the National Children’s Hospital in Dublin 8 has come to the market with a €6.75m guide price. Extending to 0.6 acres, the site on Brookfield Road benefits from full planning permission for 79 BTR apartments. Its sale follows Brookfield Property Ltd securing planning permission for 14 studio apartments, 48 one-bedroom units and 17 two-bedroom units with average floor areas ranging from 422 sq. ft. to 496 sq. ft. and 830 sq. ft. respectively. Furthermore, the development can benefit from 6,795 sq. ft. of resident amenity space. The Irish Independent, 26th May
Blackchurch, Co Kildare A large parcel of land with profile onto the N7 motorway at Blackchurch, Naas Road, Co Kildare, is being offered for sale with a guide price of €35k per acre. It is for sale in two lots, one of which comprises 92 acres. The second at exit 6 southbound on the N7 comprises 4.76 acres. Agent Jordan Town and Country Estates is handling the sale and has set July 12 as the closing date for tenders. The combined guide price for both sections would exceed €3.38m. The Irish Independent, 26th May
Walkinstown, West Dublin CBRE is guiding €6.75m for a site in Walkinstown, west Dublin. Extending to 1.65 acres, the Walkinstown site comes with full planning permission for 61 residential units while a separate planning application is pending for the development of a further eight residential units on a section of the site. The 61 units would comprise 29 one-bedroom apartments and 27 two-bedroom apartment units in a five-storey block as well as five three-bedroom townhouses. The other eight units applied for by Canmar Properties Limited comprise two two-bedroom semi-detached houses and six four-bedroom townhouses. For sale with vacant possession, the site is currently occupied by a carpark and a mix of commercial and industrial two-storey buildings. The Irish Independent, 26th May
Clongriffin, Dublin 13 A European investment manager has launched a prime residential asset in Dublin for a €200m sale. Tristan Capital Partners, on behalf of its EPISO 4 fund, and Twinlite are selling One Three North in Clongriffin. Knight Frank and NAI Hooke & MacDonald Commercial have been instructed to sell the apartment complex. It is the first EU taxonomy mitigated BTR scheme in Ireland to be brought to market. The 376-apartment asset was constructed in 2020. One Three North’s occupancy rate runs close to 100%, with the high-spec flats already likely to have reversionary potential due to the strong rental growth story in Ireland. Build cost inflation is expected to further dampen delivery of new product, further constricting the development pipeline. React News, 26th May
Merrion Road, Dublin 4 A Dublin developer has initiated a High Court action over An Bord Pleanála’s refusal to permit the construction of a five-storey apartment scheme after concluding it would depreciate the value of nearby properties. The planning board overturned Dublin City Council’s permission that had been granted to developer Brian Kennedy to demolish an existing building on Merrion Road, Dublin 4, for the development of 25 apartments, along with a residents’ gym. Mr. Kennedy’s judicial review action is against the board, while Dublin City Council is a notice party. The Irish Times, 26th May
Housing Construction, Co Kildare Major builders have claimed they could be forced to halt the construction of new homes and mothball sites in Co Kildare because housing targets for the Dublin commuter belt are too restrictive. Builders O’Flynn, Cairn, Glenveagh and Ballymore – among the biggest in the market – have made a joint submission to Kildare County Council saying its proposed development plan risks curtailing the delivery of dwellings needed to tackle the housing crisis. Separately, the National Asset Management Agency (Nama), said the council’s reduced housing target for 2023-2029 would lead to the de-zoning of residential sites and to serviced land becoming unavailable for development. The 60-page submission from O’Flynn, Cairn, Glenveagh and Ballymore — collectively described as a “consortium of housebuilders” — takes issue with the target, claiming it is “insufficiently ambitious” and fails to address the worsening national and local housing crisis. In its submission, Nama said significant, “well-located” and mainly residential land assets in Celbridge, Leixlip and Newbridge could be de-zoned under the plan. The current six-year housing target for Kildare represents a 50% reduction on the last development plan, Nama said. The Irish Times, 27th May
Croí Cónaithe Scheme, Ireland Investment funds can buy apartments that are part of the state’s Croí Cónaithe scheme, which is meant to deliver thousands of homes in cities for individual buyers, if the apartments are unsold one year after completion. A sample Croí Cónaithe contract shows there is a clause that allows developers to sell the homes “on the open market to any purchasers”, but they would then not receive the subsidy. A property agent that specialises in selling apartments told the Business Post that even with pent-up demand for housing, it would take longer than a year to sell a large block of apartments to one-off buyers. The government’s new Croí Cónaithe scheme aims to de-risk the development of apartments in Ireland. It has promised developers subsidies of between €25k and €144k per unit if they sell apartments to owner-occupiers. The fee is intended to bridge the gap between construction costs and achievable market price. The Business Post, 29th May
Mortgage Approval, Ireland The number of mortgages approved fell 5.9% in April compared with March and by 1.3% compared with the same period last year, figures from the Banking & Payments Federation Ireland (BPFI) show. The latest data from the BPFI Mortgage Approvals Report for April shows a total of 4,304 mortgages were approved in April. First-time buyers (FTBs) were approved for 2,296 mortgages (53.3% of total volume) while mover purchasers accounted for 923 (21.4%). Mortgages approved in April were valued at €1.6bn, of which FTBs accounted for €635m (54.5%) and mover purchasers for €287m (24.7%). The value of mortgage approvals fell 3.7% MoM and rose 6.9% YoY. Remortgage/switching increased 37.2% in volume terms YoY to 775, and by 43.1% YoY to €206m over the same period. Separately, the latest doddl.ie Mortgage Switching Index for the first quarter has found homeowners should consider swapping their short-term fixed mortgage rates for longer-term options to insure themselves against shock increases in repayments when their current deal ends. Mortgage switching activity has jumped 33% YoY, it found, fuelled by an expectation that rates would increase this year. As household costs rapidly rise, homeowners could be needlessly paying an average €4,388 in extra mortgage repayments per year by not switching lenders, the index found. The Irish Times, 31st May
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