Spencer Dock, Dublin The National College of Ireland (NCI) is closing in on the purchase of an office block from the Central Bank to facilitate the expansion of its main campus in Dublin’s IFSC. While negotiations between the parties are said to be at an early stage, market sources believe that NCI has agreed to pay a figure close to the €50m the Central Bank had been seeking when it offered the property to the market in March as part of the wider €105m sale of Block R at Spencer Dock. The building’s east and west wings, which are self-contained, were offered alternatively by selling agents Lisney in individual lots at guide prices of €55m and €50m respectively. The NCI, for its part, is pursuing the purchase of Block R’s west wing. The property, which extends to 65,161 sq. ft., came for sale with a commitment from the Central Bank to rent the ground to sixth floors (58,516 sq. ft.) and 23 car parking spaces on a short-term lease until September 2022 upon completion of the sale. The contracted rent in this instance equates to €3.018m pa. The Irish Times, 17th May
Crown Square, Galway US Communications company, Poly, has selected Crown Square in Galway as the location for its EMEA centre of excellence. The software and audio-visual company plans to use its new office as its primary research and development hub in the EMEA region. Poly’s new office forms part of the wider Crown Square campus which is being delivered by the Rhatigan Group. Upon completion, the scheme will comprise c. 430,000 sq. ft. of office space, a 180-bed four-star hotel, 345 residential units and over 35,000 sq. ft. of retail and restaurant space. The Office Buildings will achieve LEED Gold, NZEB certification and have an A2 energy rating. The Irish Times, 18th May
Harcourt Street, Dublin 2 International recruitment company Oliver James has signed an agreement for its latest office in the capital. Located at 8 Harcourt Street, the accommodation extends to 3,350 sq. ft. The company has agreed to occupy the offices under a new three-year lease with the building’s landlord, flexible workspace provider Clearspace. The Harcourt Street office is OJ Dublin’s second new location this year, and the fourth since the company’s arrival in the Republic in 2017. The Irish Times, 18th May
Upper Hatch Street, Dublin 2 Knight Frank expects to see strong interest from prospective occupiers in the newly remodelled space on offer from the Clancourt Group at One Park Place on Upper Hatch Street, Dublin 2. Grade A office accommodation extending to c. 41,400 sq. ft. is available to let immediately across the first (18,900 sq. ft.) and seventh floors (22,500 sq. ft.) following the completion of a comprehensive works programme involving parking for 340 bicycles. The Irish Times, 18th May
Adelaide Road, Dublin 2 The last remaining floor at 57 Adelaide Road (4,530 sq. ft.) is now available to let through CBRE. Last year, BNP Paribas Real Estate Ireland took the entire of the ground floor of 57 Adelaide extending to 4,854 sq. ft. on a 15-year term, while Murgitroyd (a European patent and trademark attorney) took a lease on the entire of the second floor extending to 3,730 sq. ft. on a 10-year term. The Irish Times, 18th May
Cork Airport Business Park For sale in the Cork Airport Business Park is Building 4700, a modern block of 24,000 sq. ft. which is currently 75% let and yielding €221.7k in income. The sale price of €3.3m equates to €134 per sq. ft. A recent construction price index by the company Linesight indicates the costs of building suburban offices in Ireland currently range from just under €170 per sq. ft. to €230 per sq. ft. Building 4700 has its 24,600 sq. ft. gross, or 20,600 sq. ft. net, over two levels with a central core and lobby. The current rent of €221.7k pa equates to a return of 6.1% as it stands, but there’s a potential reversionary yield of 9.64% based on full occupancy. The Irish Examiner, 19th May
An Post has engaged commercial real estate advisers TWM and Savills to act on its behalf to source a new 500,000 sq. ft. logistics unit. The proposed facility will require a site of c. 35 acres and will be used by An Post as its main processing and distribution facility. The joint agents are seeking initial expressions of interest from developers with the required land holdings in the Dublin region. The Irish Times, 18th May
Gorey, Co Wexford Minaun Capital, a property investment vehicle established by the founder of online auction specialist BidX1, has acquired the Mill Retail Park in Gorey, Co Wexford. The €4.35m paid by Minaun reflects a NIY of 8.25% and represents a slight premium of 2% on the €4.25m which had been sought by MM Capital when it offered the scheme for sale last November. Located on the outskirts of Gorey town, Mill Retail Park comprises five retail units ranging from 2,966 sq. ft. to 16,200 sq. ft. The scheme contains an additional 1,811 sq. ft. Costa Coffee pod in the car park. Irish home store Choice Homes is the largest tenant, occupying two units with a lease expiring in 2033 and a term-certain of c. six years. Iceland, Maxi Zoo and Polonez occupy the remaining three main units. The park is 100% occupied at present with total rent of €396.32k a year, and a WAULT of c. six years to break options and just under 11 years to expiry. The scheme extends to c. 44,694 sq. ft. with c. 160 surface car spaces on a site area of c. 3.5 acres. The Irish Times, 18th May
Suffolk Street, Dublin 2 Occupied and operated as a tourist office up until 2014 by the State’s tourism body, Fáilte Ireland, St Andrew’s on Suffolk Street is being offered to the letting market now through Cushman & Wakefield with the benefit of full planning permission for a licensed food hall, dining, cultural space along with annex banqueting hall. The rent is expected to be in excess of €600k pa. While the main church building extends to a total floor area of 19,794 sq. ft. over three floors, it offers the incoming tenant a large ground-floor area of 8,806 sq. ft. The opportunity includes an annex building situated to the rear of site extending to 1,690 sq. ft. as well as the opportunity for an extensive outdoor seating area. The Irish Times, 18th May
Silicon Docks, Dublin One of the most high-end residential developments in Dublin is being primed for a €130m sale by owners Carysfort Capital and Angelo Gordon. Savills and Eastdil Secured have been instructed to sell Opus at Six Hanover Quay, located in the heart of Dublin’s “Silicon Docks”. The sale is to be pitched off a NIY of c. 3.5%. The BTR scheme includes 120 apartments which comprises 24 one-bedroom apartments, 74 two-bedroom apartments and 22 three-bedroom apartments including two duplexes. Opus is leased to a mix of individual and corporate tenants. On the ground floor there are two street-facing food and beverage units. The spaces are leased to Mackenzie’s, an American-inspired dining space, and Staple Foods, a healthy fast-food restaurant and coffee shop. Investment manager Carysfort Capital, along with US private equity backer Angelo Gordon, bought Opus from Cairn Homes for just over €100m four years ago. The 132,000 sq. ft. building is set across four blocks rising to seven and eight floors. React News, 17th May
Kilkenny Occupied previously by the Kilkenny mart prior to its move to its current location on the Dublin Road, the Kilkenny city centre site comprises 8.57 acres with extensive frontage of 550 metres on to New Road, Castlecomer New Road and Old Mart Road. The site, which is zoned “General Business – to provide for general development”, is being offered to the market by joint agents Savills and Bagnall Doyle MacMahon at a guide price of €6m (€700k per acre). The Irish Times, 18th May
Ringsend, Dublin 4 CBRE is guiding €3m for a residential development site with full planning permission for a bespoke apartment scheme in Ringsend, Dublin 4. The subject site on York Road, which extends to 0.18 acres has approval for the construction of 26 residential units (€115k per site). The planning permission provides for a seven-storey building comprising 13 one-bedroom and 13 two-bedroom apartments, ranging in size from 516 sq. ft. to 840 sq. ft. respectively. The subject site is occupied currently by a two-storey commercial premises extending to 8,070 sq. ft. The plot is zoned “Z1” – Sustainable Residential Development under the current draft of the Dublin City Development Plan 2022-2028, with a zoning objective “to protect, provide and improve residential amenities”. The Irish Times, 18th May
Dunsink Lands, Dublin 15 Nama has clashed with Fingal County Council over the future of lands in northwest Dublin that have space for up to 7,000 new homes. The State-owned “bad bank” has urged the county council to abandon moves to delay developing the Dunsink lands for the rest of the 2020s by placing them in Fingal’s long-term strategic property reserve. Nama said the “prime residential development lands” on which it has security at Lissenhall also had space for 7,000 new homes. The agency is lender to Bovale Developments, which has made a separate submission to Fingal on its Lissenhall lands, citing the same number of potential new homes. The agency’s submission to Fingal council was one among more than 1,800 sent in a public consultation on the draft plan. The Irish Times, 21st May
Poolbeg, Dublin 4 A Johnny Ronan-led consortium is to lodge plans in the coming days to Dublin City Council for 516 apartments at the former Irish Glass Bottle site at Poolbeg in Dublin. In a statutory planning notice, the consortium, Pembroke Beach DAC, has confirmed that the 516 apartments will include 143 BTR units, 52 social housing units, 77 affordable housing units and 244 apartments for private sale. Nama and co-owner of Lioncor Developments, Oaktree Capital, are also part of the consortium. The scheme comprises 180 one-bedroom units, 252 two-bedroom units, and 84 three-bedroom units. The 516 apartments are to be provided in two blocks ranging from four to 10 storeys in height. The plan will also include five cafes/restaurants, 14 retail units, one food hall and one health facility. The notice states that the mixed-use scheme represents phase two of the 37.2-acre redevelopment of the Irish Glass Bottle and Fabrizia sites at Poolbeg west, Dublin 4. The second phase is focused primarily on a five-acre plot within the site. Pembroke Beach currently has a separate planning application before Dublin City Council for 356 residential units. The Irish Times, 17th May
Irish Water Connections, Dublin The development of c. 20,000 homes is being held up in one area of Dublin because the units need to be connected to water supply by Irish Water, the latest housing task force report has said. The Housing Supply Coordination Task Force for Dublin was established in 2014 to track residential development and identify supply-related issues. The task force’s latest report for 2021 has shown that 19,980 homes in Fingal County Council’s jurisdiction are being held up because they are “dependent on Irish Water investment”, while there are 15,551 units on serviced sites that are ready to be built. The report added that following the provision of water infrastructure, these units would be deemed as “on serviced land and ready to be developed”. The task force’s report also noted that 4,400 homes are being held up due to the need for Irish Water investment on sites in the Dún Laoghaire-Rathdown area. The report added that no units in Dublin City Council or South Dublin County Council required Irish Water investment to proceed to the development stage. The Business Post, 22nd May
Baldoyle, North Dublin The Department of Education has emerged as an objector to plans for more than 1,000 new homes at a site at Baldoyle in north Dublin. Earlier this year, Lismore Homes Ltd lodged a €468m fast-track planning application for a 1,007-unit SHD scheme for a site at Baldoyle in Dublin 13. The department notes that in terms of potential requirements for school places, it was relevant that the proposed development site adjoins two other large permitted SHDs, a scheme for 882 units and another for 1,221 residential units. The department stated that it submitted to An Bord Pleanála in both of these SHD applications that permission not be granted until a suitable site is identified to meet the post-primary school needs of existing and future residents of the area. A decision is due on the scheme in July. The Irish Times, 23rd May
River Lee Lido, Cork The drive to create a lido in the River Lee is gaining momentum after three Cork city centre sites were identified as potentially suitable by engineering experts. According to market sources, Kennedy Quay, the Marina and Horgan’s Quay are on the shortlist of possible locations for a 50m open water pool. Kennedy Quay is already set for major development, if plans for a €350m development of the southern quay by O’Callaghan Properties is given the go-ahead, and redevelopment of the Marina is ongoing, with the first of several phases completed, including a new Marina Park. The city did have an outdoor public pool, the Lee Baths, which ran for more than 50 years before it closed in 1986. Prior to that, there was a swimming area in the River Lee near the old Waterworks. The Irish Examiner, 19th May
Construction Apprenticeships, Ireland In a move which could prolong the housing crisis, c. 8,000 apprentices have had their state training courses delayed. The highest number of delays are among construction apprenticeships, with 3,600 apprentice electricians, 1,100 apprentice plumbers and c. 800 carpenters all waiting for training courses. The training backlog was generated during the pandemic when Solas, the state training agency, shut down its education and training centres to comply with public health restrictions. The construction sector needs the recent surge in construction apprenticeships to continue because it has a labour shortage. Most apprenticeships involve a combination of on-the job training, which is provided by employers, and off-the-job training, provided by Solas. Classes have returned to the normal capacity of 14-16 students per class. Last year, a record 8,607 new apprentices were registered, which was up 40% on the pre-pandemic level in 2019. In total, there are 23,400 people doing apprenticeships at various stages. The Business Post, 23rd May
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Stephen’s Green, Dublin 2 Developer David Daly’s October Investments is bringing 16 Stephen’s Green to the capital’s prime office market. Having served for many years as the corporate headquarters of the ESB, no. 16 has undergone a sensitive restoration and redevelopment to provide a state-of-the-art office building capable of accommodating more than 350 workers. The original Georgian building extends to more than 9,000 sq. ft. over four floors and is connected at the rear to a newly constructed seven-storey building of 30,220 sq. ft. through interconnecting glass corridors on four levels. There are shower facilities at basement level, 10 car spaces and bicycle parking for up to 56 bikes. The Irish Times, 11th May
Sir John Rogerson’s Quay, Dublin 2 Global investor services provider IQ-EQ has selected 76 Sir John Rogerson’s Quay as the location for its new Irish headquarters. News of the move comes just one week after the company secured formal approval from the Central Bank for its purchase of Davy’s fund services business, Davy Global Fund Management. IQ-EQ has agreed to lease 9,700 sq. ft. on the fifth floor of 76 Sir John Rogerson’s Quay. The deal was handled by Savills Ireland. Other tenants in situ at the scheme include Rabobank, Algebris Investments and Trinseo. Developed by TIO (Targeted Investment Opportunities, an umbrella fund involving Nama, Los Angeles-based Oaktree Capital and Bennett Construction), 76 Sir John Rogerson’s Quay comprises 92,600 sq. ft. of grade A office space distributed across two blocks. The Irish Times, 11th May
BNP Paribas Real Estate Report A two-tier market is emerging for Dublin’s office rental market as a new post-Covid working environment emerges, a new report from BNP Paribas Real Estate shows. The report says rents are rising again for brand new, high-spec offices in prime locations, but older buildings are not faring as well. It points out that increasing vacancy rates on older buildings, which represent the majority of the capital’s office stock, means average lease terms and rents are more favourable for tenants across the office market. The report says that 484,376 sq. ft. of office space was leased in the capital in the first quarter of 2022. That represents a ten-fold improvement on a trough seen in the first three months of 2021, and the trend is improving, it adds. But it also points out that office space take-up remains “well down” on historical averages. Despite that, more than 1,076,391 sq. ft. of new office space has already come onto the market in Dublin this year, with the total for 2022 likely to be c. 2,583,338 sq. ft. That, notes the report, will make 2022 the biggest year for office completions in Dublin since 2008. BNP Paribas Real Estate Report, 13th May
South Docklands, Dublin Blackstone is preparing to launch a €100m+ sale from a Dublin office portfolio it bought from Starwood Capital in 2019. CBRE has been instructed to sell the Watermarque building, an office that is majority leased to Google and Pfizer. Watermarque, considered one of the jewels of the Cedar portfolio, totals 107,500 sq. ft. and is fully occupied. Just over 80% of the building’s income comes from Google and Pfizer, with both tenants having renovated their space in the past two years. Located in Dublin’s south Docklands, the building is also home to Unipol and News UK. Blackstone has also invested significant capex to upgrade the asset. The asset provides a WAULT of 7.8 years to breaks and over 10 years to expiry. Pfizer didn’t exercise a recent break option, committing to another 10 years. The average passing rent of the building is €47 per sq. ft., a figure significantly below Dublin’s new headline rent. The majority of space in Watermarque has rent reviews either outstanding or due in 2023. React News, 10th May
St James’s Gate, Dublin 8 Property developer Ballymore is to submit a planning application to repurpose the Brewhouse 2 building at the St James’s Gate brewery in central Dublin into a modern office space that will become a new headquarters at the site for Diageo, the international drinks group that owns Guinness. The building, which was once part of Guinness’s brewery operations, will extend to just under 13,000 sq. ft., with Diageo as the anchor tenant. Permission for the multimillion-euro project will be sought from Dublin City Council. Refurbishing the building will also facilitate the wider redevelopment at St James’s Gate site by freeing up buildings where Diageo staff currently operate. Subject to planning approval being granted, it is expected that construction of Brewhouse 2 will take c. three years to complete. The Irish Times, 16th May
Santry, Dublin 9 The UK-headquartered industrial developer and asset manager Chancerygate has entered the Irish market with a €4.5m deal for a five-acre site on the Swords Road in Santry. The transaction, which it completed with its longstanding investment partner, Bridges Fund Management, represents Chancery’s first investment outside the UK. Subject to planning permission, the joint venture partners intend to speculatively develop 114,000 sq. ft. of grade A urban logistics and warehouse space on the site. The proposed accommodation will be distributed across 14 units ranging in size from 3,500 sq. ft. to 20,675 sq. ft. All the units will be available leasehold and once complete, the development will have a gross development value of c. €35m. A planning application for the proposed development will be submitted to Fingal County Council within the coming weeks. The Irish Times, 11th May
Rathcoole, Co Dublin Lyreco, a French multinational distributor of workplace products and services, has just completed the letting of Unit 601 Greenogue Business Park in Rathcoole, Co Dublin. Industrial and logistics specialist Harvey represented Lyreco in the negotiations, while JLL acted for the developer EQT Exeter. Lyreco has signed a 15-year lease at a rent in excess of €10 per sq. ft. The tenant is responsible for all repairs and insurance, and the lease incorporates a tenant break option after 10 years. A pre-letting had been agreed with the developer during the construction phase, and the building recently reached practical completion. Comprising 54,343 sq. ft of 12.5m high warehousing, the building also includes 7,655 sq. ft. of three-storey offices. The Irish Times, 11th May
Ballycoolin, Dublin 15 With completion of units 628 and 637 at Northwest Logistics Park in Ballycoolin, Dublin 15, now just three months away, joint agents Savills and CBRE are seeking occupiers for both properties on the basis of an annual rent of €10.90 per sq. ft. Developed by Michael Cotter’s Park Developments, the units extend to 41,020 sq. ft. and 119,233 sq. ft. respectively. The company recently submitted planning applications for the construction of a further 1,076,391 sq. ft. of logistics space at the scheme. Over 75% of this accommodation has already been accounted for by leases or pre-lettings. While the latest units – 628 and 637 – will be ready for occupation by the third quarter of this year, buildings of up to 538,195 sq. ft. can alternatively be provided on a design-and-build basis. The Irish Times, 11th May
N4 Axis Centre, Co Longford A tranche of retail park investment units in Co Longford is being offered for sale with a €6.75m guide price. Selling agents TWM say this price reflects a NIY of 8.45% off the rent of €627k pa. The property comprises eight units in three blocks at the N4 Axis Centre in Longford. Three of the units are let to Homestore & More, Maxi Zoo and Argos – the anchor occupiers at the retail park. The eight have combined floor areas totalling 73,098 sq. ft. Each of the units is generating rent and 70% of the total rent comes from Homestore + More, Argos, Maxi Zoo and Halfords. The sale also includes a vacant yard which had been a garden centre and which could provide potential to add value to the investment. The three blocks in the sale are being sold by receivers PwC. The Irish Independent, 12th May
Debenhams Stores, Cork and Dublin Receivers Grant Thornton have been appointed by Bank of Ireland to oversee the sale of two former flagship stores previously occupied by British retail giant Debenhams, in Cork and Dublin. They include the St Patrick’s Street premises in Cork city, an iconic building on the main shopping street, which operated as Roches Stores before the Roche family leased it to Debenhams in 2006. The second premises, also owned by companies associated with the Roche family, is on Dublin’s Henry St. Accounts filed for 2019 by Dooroy Ltd, a Roche-associated company, said the group of which Dooroy is a member was “in breach of numerous covenants” in relation to Bank of Ireland loans and that “a standstill agreement” signed with the bank had expired. The Irish Examiner, 12th May
Ronan Group Real Estate (RGRE) is understood to have secured a commitment from a leading bank to refinance a prime property portfolio valued at €300m. News of the agreement comes at the same time as Savills readies five of the portfolio’s 12 assets for sale on behalf of receivers appointed by M&G Investments in March. The UK-based investment group is owed €141m arising from its backing of RGRE’s refinancing of Nama loans in 2015. Were the agreement to falter however, the developer faces the immediate prospect of five prime properties including Bewley’s flagship premises on Grafton Street and Connaught House on Burlington Road being sold with the proceeds being used to repay M&G. The three other properties being readied for sale comprise Permanent TSB’s branch building at 70 Grafton Street, the premises of handmade cosmetics brand Lush at 116 Grafton Street and Kingram House on Fitzwilliam Place. While the five properties carry a combined guide price of €170m, or just under 57% of the value attributed to the entire portfolio, each asset would have its own separate sales process with the exception of the three Grafton Street properties which would be offered in one or more lots. The Irish Times, 11th May
Stillorgan, South Dublin Cairn Homes has submitted a SHD Application to build a €79m mixed-use residential scheme on the former Blakes and Esmond Motors site in Stillorgan in south Dublin. The scheme will consist of 377 BTR apartments together with a 10,043 sq. ft. community sports hall, five restaurant/cafés units spanning 9,052 sq. ft., a 2,314 sq. ft. crèche, 2,099 sq. ft. of office space and more than 10,764 sq. ft. of residents’ support facilities/services all laid out in six blocks ranging in height from three to nine stories over basement level. The Business Post, 15th May
Dundrum, Dublin 14 Dundrum Retail Limited Partnership has lodged an application for a €184m mixed apartment/commercial development at a site incorporating the old Dundrum Shopping Centre just off Main Street, Dundrum, Dublin 14. The proposed scheme will include 881 apartments, a retail food store, retail unit, cafe, restaurant and a crèche facility and permission is sought for a period of eight years to coincide with the construction programme. The Business Post, 15th May
Island Street, Dublin 8 Pathway Homes’ planned project for a €3.6m hostel development with 49 bedrooms at 34 Island Street in Dublin 8 has been refused. The scheme would have incorporated the repair and refurbishment of a protected building and the construction of a five/six-storey hostel scheme. The Business Post, 15th May
Omeath, Co Louth ML Quinn Construction has been given permission for a €17m nursing home development at Tain Holiday Village in Omeath, Co Louth. The development will see an extension of 65,025 sq. ft. to the permitted nursing home alongside dining facilities, staff facilities and a community day care clinic. The Business Post, 15th May
Stoneybatter, Dublin 7 Works are expected to begin shortly on the construction of a new €16m student residential building in Dublin 7. Built by Manchester-based developer, CSD (Stoneybatter), the project on Manor Road consists of two adjoining blocks, one three-storey block and a six-storey block. Unit sizes range from a studio to eight-bedroom units, making up 142 bedrooms in total. The Business Post, 15th May
Ringsend, Dublin 4 A residential development site in Ringsend, Dublin 4, with full planning permission for 26 residential units by the Liffey is being offered for sale with a €3m guide price (€115k per site). Extending to 0.18 acres, the site is located on York Road, three kilometres east of Dublin city centre. The planning permission allows for a seven-storey project with 13 one-bedroom apartments and 13 two-bedroom apartments, ranging in size from 516 sq. ft. to 840 sq. ft. respectively. Currently a two-storey commercial premises extending to 8,073 sq. ft. occupies the site. The Irish Independent, 12th May
Kilkenny A sizeable brownfield site in Kilkenny city centre is being offered for sale with a guide price in excess of €6m. Extending to 8.57 acres, the site was previously occupied by Kilkenny mart before the livestock services relocated outside the city. A 12-screen multiplex cinema opened adjacent to the site and planning for a new hotel is also in motion close by. Joint agents Savills and Bagnall Doyle MacMahon are handling the sale. The site is currently zoned ‘general business’ – “to provide for general development”. The Irish Independent, 12th May
Howth, Co Dublin Two north Dublin TDs are among those to express concerns over the planned demolition of the Baily Court Hotel in Howth to make way for a €63m apartment scheme. More than 50 objections have been lodged by locals against Balscadden GP3 Ltd’s fast-track scheme that is to be made up of four residential blocks ranging in height from two to five storeys. It will also have two retail units and one cafe/retail unit. As part of the proposal, the developer has put an indicative price tag of €6.3m on the sale of 18 apartments to Fingal County Council to comply with its social housing obligations. A two-bed apartment has the indicative price of €657k. The overall scheme is made up of four studios, 62 one-bed units, 89 two-bed apartments and 24 three-bed units. An appeals board decision is due in July. The Irish Times, 13th May
Terenure, Dublin 12 In an objection to fast-track plans by Lioncor Developments subsidiary 1 Terenure Land Ltd for the 208-unit, six-storey apartment scheme, a prominent Sinn Féin TD has claimed that opposition to a €106m apartment scheme for Terenure in Dublin “is not nimbyism”. More than 75 objections have been lodged against the scheme for lands beside the Ben Dunne Carlisle Gym, Kimmage Road West, Terenure, Dublin 12. The scheme is comprised of 104 one-bed apartments and 104 two-bed apartments. The developers have put an indicative price tag of €10.66m on 21 apartments to be sold to Dublin City Council for social housing. The Part V documentation lodged with the scheme puts an indicative price of €668.2k on one two-bedroom unit. An Bord Pleanála is due to make a decision on the application in July. The Irish Times, 11th May
Malahide, Co Dublin Bryan Lynam’s Cladewell Estates has submitted an application to build 100 residential units in a mix of houses, duplex, own-door apartments and apartment buildings ranging in height from two to four storeys overall in Malahide, Co Dublin. The scheme has a total floor area of 113,204 sq. ft. and an estimated cost of €22m. The Business Post, 15th May
Santry, Dublin 9 Cosgrave Developments has submitted a planning request for 255 apartments in Santry, Dublin 9. The development will comprise 11 one-bed, 229 two-bed and 15 three-bed units. The total floor area of the proposed development is 277,730 sq. ft., and the estimated build cost is €54m. The Business Post, 15th May
Swords, Co Dublin Gannon Homes is seeking permission to build 377 residential units in Oldtown in Swords, Co Dublin. The €72m development will comprise 173 houses and 204 apartment units spanning an area of 372,345 sq. ft. The Business Post, 15th May
Ennis, Co Clare Cash-strapped Clare GAA is proposing to rezone its headquarters to allow residential development, as it seeks to address long-running financial problems. Sources in Clare say the county board could raise in excess of €1m by selling its administrative HQ and an adjoining pitch on the southern outskirts of Ennis if they are rezoned for development. In a submission to Clare county council’s draft development plan, KPMG Future Analytics said on behalf of Clare GAA management committee that it wanted to change the land’s zoning to residential from its current designations of recreation and car parks. The Sunday Times, 15th May
Swords, North Co Dublin The Christian Brothers and a Bailey brother – builder Michael – are seeking planning changes to bring forward housing developments on their adjoining lands near Swords in north Co Dublin. Mr. Bailey’s company Bovale and the Catholic order have engaged the same consultants to make separate submissions to Fingal County Council on a development plan that will guide new housing in the region for the rest of the decade. Bovale, which still has significant National Asset Management Agency debts, has told Fingal council that c. 7,000 dwellings could be built on its 142-acre site at Lissenhall over 10 years. The submission was one of three from the company last week. Bovale asked the local authority for zoning to allow “new residential communities” on its 63-acre lands at St Doolagh’s in Dublin 17. It also sought “metro economic corridor” zoning from the council on 9.7 acres of its 27.5 acres at Barrysparks, near Swords. The Christian Brothers own 10.7 acres at Lissenhall within the centre of Bovale’s lands there. The Irish Times, 17th May
Blackpool Developments Creditors recently appointed accountant Aidan Heffernan of Hitchmough Kinnear and Company as liquidator of Blackpool Developments, a property firm part-owned by businessmen Clayton and Neil Love. The company developed Blackpool Shopping Centre in Cork, which was sold for €116m in 2014, to clear liabilities to one of its main creditors, the State’s National Asset Management Agency (Nama). Creditors appointed Mr. Heffernan as liquidator at a meeting on May 6th, documents filed with the Companies Registration Office show. The company’s most recent accounts show that it had liabilities of €33.65m at the end of 2020. It also held investment properties valued at €4.6m. Accounts for previous years state that Blackpool Shopping Centre had been its main asset and source of income. The Irish Times, 10th May
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St Stephens Green, Dublin 2 Oakmount is closing in on the purchase of UK fashion retailer Topshop’s former flagship premises at 6-7 St Stephen’s Green in Dublin city centre. According to market sources, the sale price is understood to be in line with the €17.25m joint agents Savills and BNP Paribas Real Estate had been guiding when they offered the building to the market on behalf of Irish property company Iput in March. 6-7 St Stephen’s Green has lain largely dormant since the departure of Topshop from its ground, lower-ground and first-floor levels, which together account for 22,271 sq. ft. of retail space. The entire building extends to 26,716 sq. ft., with the second, third and fourth floors (4,434 sq. ft.) given over to self-contained offices. According to market sources, McKillen jnr and Ryan’s Oakmount plan to convert the property into a boutique hotel, which will likely be operated as part of their Press Up Hospitality Group. The Irish Times, 5th May
City Square Shopping Centre, Waterford Marathon Asset Management has secured a buyer for City Square Shopping Centre in Waterford. The buyer is an individual private Irish investor. Located in the centre of Waterford city, City Square Shopping Centre is currently producing €1.54m in annual rental income from a strong tenant line-up including River Island, JD Sports, Peter Mark, GameStop, and Holland & Barrett. The development is laid out over two retail floors, including a two-storey 80,000 sq. ft. department store (formerly occupied by Debenhams) and 34 retail units and kiosks. The scheme has a current average weekly footfall of c. 110,000 and has direct access to a 490-space car park via High Street. According to the Irish Times, the new owner is understood to have paid just over €22m for the centre, or 10% less than the €24.5m agent Colliers had been guiding. The Irish Times, 4th May However, according to an article in the Wexford People, the centre was purchased by Wexford based developers William Neville & Sons for c. €18m. Wexford People, 4th May
Charlestown Shopping Centre, Dublin 11 Garristown Venture Holdings, is seeking a buyer for the Charlestown Shopping Centre in Dublin 11, with Cushman & Wakefield guiding €39.5m. The scheme comprises c. 232,070 sq. ft. of retail space and is anchored by Dunnes Stores, Sports Direct and Boots. Odeon Cinemas and Leisureplex also form part of the scheme along with a strong mix of tenants in the food, medical and supports services sectors. The sale consists of the freehold interest in the entire shopping centre, cinema and leisure block and the car park. The current occupancy rate is c. 98%, with just two vacant retail units and a WAULT of eight years to break option and 10 years to expiry. The total passing rent is expected to approach €4m once the new lettings are delivered. The shopping centre’s guide price reflects a gross yield of 10%. The vendors are also open to a sale of the centre’s owner, Balrath Commercial Property Holdings Limited, as a corporate entity. The Irish Times, 6th May
Nassau Street, Dublin 2 A €150m proposed redevelopment of a building owned by Larry Goodman’s family will not go ahead after a settlement was reached with its tenant. The Setanta Centre, an office block and retail space on Nassau Street in Dublin 2, was embroiled in a legal battle with Clydaville Investments Limited, the company behind the Kilkenny shop, which is a tenant in the building. Clydaville brought High Court proceedings against the Setanta Centre in 2019, after the latter secured planning permission from Dublin City Council to redevelop the building and replace it with a €150m office development. While details of the settlement were confidential, it is understood that the Setanta Centre gave an undertaking that it would not proceed with the proposed redevelopment as envisaged. Setanta is also understood to have told Clydaville that it had no intention to sell the building at the moment. A dispute about an upper floor being used as a restaurant, as opposed to a café, was also resolved. The Business Post, 8th May
Fitzwilliam Street, Dublin 2 Having committed in early 2020 to a long-term lease on all 135,617 sq. ft. at the newly developed Fitzwilliam 28 on Fitzwilliam Street at a rent of €7.7m pa, Slack will now relocate its entire operations to Salesforce’s new European headquarters in the city’s north docklands instead after being acquired by the US tech giant last year. According to market sources, Cushman & Wakefield has been engaged to secure an occupier for Slack’s Fitzwilliam Street offices on the basis of a lease assignment. Fitzwilliam 28 is one of two adjoining, but independent blocks developed by the ESB. The sister block to 28, Fitzwilliam 27, is to be owner-occupied by the utilities provider. The Fitzwilliam 28 scheme is owned by Amundi Real Estate, a specialist subsidiary of Europe’s leading asset manager Amundi. Amundi acquired Fitzwilliam 28 for €180m in November 2020. The Irish Times, 4th May
Lapps Quay, Cork An office investment in Cork city centre is being offered for sale with a €4.95m guide price reflecting a NIY of 7.93%. It comprises five office suites laid out around a central service core extending to 16,862 sq. ft. covering the third floor of City Quarter development on Lapps Quay. Selling agents Lisney point out that it is fully occupied under various leases and its existing tenants include Glandore Business Centre, Goodbody Stockbrokers, NIB Travel Insurance, GJ Moloney Solicitors and Cornmarket Group Finance Services Ltd. The investment currently generates an income of €431k pa with WAULT of 4.75 years. A group of private investors are the vendors. There are 280 basement car spaces which are not included in the sale. The Irish Independent, 5th May
Albert Quay, Cork Serviced office space specialists Iconic are set to become the first tenants at Two Navigation Square (NSQ2). The move by Iconic to the O’Callaghan Properties (OCP) flagship development on Albert Quay is the company’s first foray outside of Dublin. The expansion of their business to Cork will see them take a single floor – 14,000 sq. ft. – which they are currently fitting out, in the six-storey NSQ2. OCP has plans for two more office blocks as part of the €90m Navigation Square development, for which start dates are currently under review. Plans to begin the third block last year were put on hold in a globally challenging environment. The Irish Examiner, 5th May
Temple Bar, Dublin 2 Located in the heart of the city’s Temple Bar area, the Wellington Hotel briefly comprises a newly developed 38-bedroom hotel complemented by extensive bar and restaurant facilities extending to 3,660 sq. ft. The property is being offered to the market by CBRE at a guide price of €18m. While that figure equates to c. €473.7k per key, which is far higher than the €300k per-key average paid across all Dublin hotel sales in 2021, the premium can be accounted for by the relative scarcity of hotel rooms in the Temple Bar district (less than 1,000) and by the ongoing recovery in the tourism sector. Figures released by travel industry analyst STR show that over the 28 days to April 11th, Irish hotel room occupancy levels reached 81.3% of their pre-pandemic number. The Irish Times, 4th May
Leeson Street, Dublin 2 US hospitality company Sonder plans to open its first hotel in Dublin this summer. The property on Leeson Street, which is a 26-key hotel, is currently being renovated ahead of the opening. Sonder, which lists on the Nasdaq with a market cap of c. €780m, lets out serviced apartments for medium-term stays but has now expanded into traditional hotels. The company entered the Irish market in 2019 and has two serviced apartment buildings with 55 units. The Irish Independent, 8th May
Belcamp, Dublin 17 A Gerry Gannon company will lodge plans in coming days for the largest SHD fast-track scheme to be put before An Bord Pleanála to date. Gerard Gannon Properties Ltd has given notice that it is to lodge plans for a mixed-use scheme that will include 2,527 residential units for Belcamp Hall, Malahide Road at Belcamp in north Dublin. A statutory planning notice for the latest scheme shows that the proposal is comprised of 1,780 apartments, 473 houses and 274 duplex units. The company is seeking a 10-year planning permission to complete the ambitious project. The notice states that 1,969 units are residential with 558 apartments to be BTR. It will also include 18 retail units, three cafes/restaurants, two childcare facilities and one sports building. The plans to be lodged in the coming days also provide for 2,225 parking spaces and 5,394 bicycle spaces. The Gannon firm is to lodge an Environmental Impact Statement (EIS) with the scheme. The board is due to make a decision on the Gannon scheme 16 weeks after receiving the detailed plans. The Irish Times, 4th May
Donnybrook, Dublin 4 Dublin City Council has cleared the way for Cairn Homes to lodge a planning application for 690 apartments and a hotel on a site it purchased from RTÉ in Donnybrook, Dublin 4. The council told Cairn Homes in an “opinion” that its mixed-use plan constitutes a reasonable basis for a “Large Residential Development” application under new planning rules for large-scale housing developments. Cairn Homes now has six months to lodge a formal planning application for the scheme with the council. The development envisaged would include 274 build-to-sell apartments and 416 build-to-rent apartments. It would also include a hotel, 17 “age friendly living” units, a creche facility, restaurant and cafe, artisan food shop, residential amenities and associated site works. The plan by Cairn comes five years after it paid RTE €107.5m for the 8.64-acre site. The new LRD system replaces the fast-track SHD system which allowed developers to bypass councils and lodge their plans directly with An Bord Pleanála. The Irish Times, 5th May
Camden Street, Dublin 2 Located immediately to the west of Camden Street, 12 Camden Row (a 0.3-acre site) is being offered to the market by Savills at a guide price of €9.5m. The subject site is home currently to a 18,299 sq. ft. building, which is occupied under a series of licence agreements. Taken together, these delivered a gross operating income of €704.1k in 2021 based on a current occupancy rate of 66%. The development potential of the site is framed by the Dublin City Development Plan 2016-2022. The property is located in an area zoned objective Z4: “To provide for and improve mixed-services facilities. Permissible uses include, but are not limited to, the development of an office, residential or hotel scheme.” The Irish Times, 4th May
Clondalkin, Dublin 22 Agent CBRE is guiding a price of €2.95m for a 1.98-acre site with scope for commercial or retail development (subject to planning permission) in Clondalkin, Dublin 22. Situated just off the Old Nangor Road and 2km west of Clondalkin village, the subject site has significant potential thanks to its proximity to Kilcarbery Grange, a 1,034-unit residential scheme being delivered by South Dublin County Council in partnership with Maplewood Residential & Grandbrind Ltd, and to the Clonburris SDZ where 9,000 new homes are set to cater for a population of 23,000. While the lands are zoned ‘RES-N’ in both plans, the vendor is, however, seeking proposals for a commercial-led scheme only, on a subject to planning basis. The Irish Times, 4th May
Dalkey, South Dublin Developers involved in the delivery of accommodation aimed towards the upper end of Dublin’s PRS and owner-occupier market will be interested in the sale of 1 Knocknacree Road in Dalkey. The property is being offered to the market by Robert Colleran Property Consultants at a guide price of €2m. The subject property occupies a site of 0.2 acres and is zoned as ‘Objective A – Residential’. The existing house is a large two-storey structure of 2,000 sq. ft. The Irish Times, 4th May
Drumcondra, Dublin 9 Dublin City Council has refused planning permission for a contentious 74-unit BTR scheme in Drumcondra in Dublin. The eight-storey scheme for Turnpike Lane at the rear of 59-69 Drumcondra Road Lower in Dublin 9 attracted local objections, while An Taisce also opposed it. The Irish Times, 5th May
Rathcoole, Co Dublin Plans for 98 residential units at Rathmill Manor, Rathcoole, Co Dublin have secured permission from An Bord Pleanála. Cavan Developments has won an appeal for the scheme which adjoins their existing housing development at Rathmill and Broadfield despite refusal by South Dublin County Council in June 2021 to grant permission to the development. The scheme comprises 51 houses (23 three-bed two-storey, 28 four-bed two storey), 37 apartments and 10 duplexes. The apartments and duplexes will be provided across four blocks ranging in height from three to four storeys. There is also a provision for 154 surface level ancillary car parking spaces and bicycle parking. An Bord Pleanála
Cabinteely, Dublin 18 McGrath Group Properties has sold two phases of its Elmwood apartment development at Johnstown Road in Cabinteely, Dublin 18, to Clúid Housing, the independent not-for-profit charity which provides affordable homes to people in housing need. According to market sources, the sale price is c. €45m for both phases. At the early stages of the first phase of the development, it was indicated that McGrath had received offers of more than €20m from investors in advance of its work. The first phase at Johnstown Place consists of 51 units – 26 one-bed apartments and 25 two-bed apartments. Phase two of Elmwood comprised 25 one-bedroom units and 32 two-bedroom apartments which have just been completed. The Irish Independent, 5th May
Liberties, Dublin 8 A major residential development in Dublin’s Liberties area has been prepared for a €205m sale by owner Bain Capital. CBRE has been instructed to sell Newmarket Yards, a 413-apartment multifamily development. The guide price reflects a NIY of just below 4%. Construction work commenced last summer and the project is due for completion in the first quarter of 2023. It includes 203 studios, 136 one-bedroom apartments, 72 two-bedroom units and two three-bedroom properties. The site will also house a 151-bedroom hotel that Premier Inn has been lined up to operate. Bain Capital is seeking to fund the hotel element in a separate process. The prospect of a further constriction of the development pipeline may put downward pressure on stablised and under construction assets. Prime yields for stabilised residential assets sit c. 3.6%, while the current benchmark for the very best forward commit opportunities is 3.75%. React News, 3rd May
Kilcock, Co Kildare Coonan Property in Co Kildare is handling the private treaty sale of a 2.3-acre site in the middle of the town of Kilcock with planning permission for 67, mostly residential, units. The agent is guiding €2.7m for the site. The lot rests on Church Street and was the home of the former Corscadden’s Hotel. There is planning permission for 67 units, of which 64 are to be dwellings. The remaining three are being held for commercial units, one of which is to be a café. The Business Post, 8th May
Balmoral International Land, the property company spun out of tropical fruits group Fyffes in 2006 and controlled by the wealthy McCann family, has secured a 16% discount settling c. €57m of debt owed to US investment firm Cerberus, following a legal stand-off. The terms of the settlement, agreed in March, are contained in Balmoral’s annual report for 2021, published on its website in recent weeks. It ended a legal dispute that began in late 2020. The annual report said that Balmoral has paid €48m, inclusive of various costs, to settle the debt owed to Everyday Finance, a debt servicing firm used by Cerberus to manage the loans on a day-to-day basis. That equates to c. 84% of the total of c. €57m that was owed, including £20.2m of sterling-denominated loans. The settlement was funded from cash and the equivalent of €43.9m of new facilities from Bank of Ireland, which are secured over certain group assets and due to be mature in three years. The Cerberus liabilities were what remained of an original €300m facility Balmoral agreed with AIB in 2007 and which was acquired by Cerberus in January 2020 as part of a broader loan portfolio transaction. The Irish Times, 10th May
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North Docks, Dublin Kennedy Wilson, an American real estate investor, has applied for planning permission for the development of a ten-storey aparthotel in the north docks in Dublin. The company wants to build a 30,000 sq. ft. building on the site of its Coopers Cross development. If granted planning permission the building would have 58 units over nine storeys and a café on the ground floor. The construction of the hotel will mean the demolition of Nos. 1, 2, 3, 4 and 5 Alexander Terrace, which are vacant at present. The company, which bought the lands with its joint venture partners Axa Investment Managers and Cain International for c. €110m in 2018, is building out the 5.9-acre site to the back of Central Bank of Ireland’s North Wall Quay headquarters. It has already received planning permission for offices and apartments at the scheme, which will be known as Coopers Cross. The Sunday Times, 2nd May
Hotel Sector Performance, Ireland Business at Irish hotels is more than 80% of pre-Covid levels, putting the Republic in Europe’s top three, an industry gathering will hear this week. Over the 28 days to April 11th, Irish hotels had 81.3% of room occupancy in 2019, before Covid travel curbs sent tourism and business travel into freefall two years ago. According to STR, this ranked the Republic at number three in Europe, behind the UK, which had 87% of 2019 levels, and Poland, which was at 84.5. Figures from March showed that Irish hotels were showing the highest forward booking rates in Europe for April, with spikes of more than 70%. Hoteliers here also benefitted from travellers arriving for St Patrick’s Day and Six Nations rugby games. The Irish Times, 3rd May
Killiney, South Dublin A High Court judge has dismissed an application to set aside his earlier decision allowing several Killiney residents to challenge the granting of planning permission for 255 residential units near their South Dublin homes. The residents secured permission to bring judicial review proceedings taken against An Bord Pleanála’s decision to grant permission for the units off Church Road in Killiney. The residents’ judicial review application is against An Bord Pleanála, Ireland and the Attorney General, while Atlas is a notice party. The Irish Times, 28th April
Goatstown, South Dublin A High Court challenge has been brought against An Bord Pleanála’s decision to grant planning permission for 227 apartments at lands in Goatstown in south Dublin. Permission to develop the site was granted to Knockrabo Investments Ltd DAC. The action is against An Bord Pleanála, Ireland, the Attorney General and Dún Laoghaire-Rathdown Co Council. Knockrabo Investments is a notice party to the proceedings. The application for permission to bring the proceedings came before Mr. Justice David Holland, one of the designated judges who deals with cases concerning SHD, on Friday. The judge made the matter returnable to a date in May. The Irish Times, 29th April
Delgany Village, Co Wicklow Developer Johnny Ronan’s firm Ronan Group Real Estate (RGRE) has lodged a planning application to develop 141 luxury houses and apartments at Stylebawn, in Delgany village, Co Wicklow which he originally bought in 2003. Once construction is complete, the development will consist of a mix of dwellings including 60 four-bed houses, 14 three-bed houses, and one two-bed house. Furthermore, there will be two apartment blocks constructed in four- and five- storey developments, consisting of 38 two-bed units and 28 one-bed units mixed across the buildings. The majority of Stylebawn will be available for private sale to families, while 20% will be allocated to social and affordable housing. The developments at Stylebawn will feature communal amenity spaces including children’s play areas, a courtyard and a nature trail. The Irish Independent, 28th April
Dalkey, Co Dublin A detached house with development potential at 1 Knocknacree Road, Dalkey, Co Dublin, is being offered for sale with a €2m guide price. Located at the Ardeevin Road junction adjoining the railway line and overlooking Sorrento Road and Nerano Road, the site extends to 0.2 acres and is zoned as ‘Objective A – Residential’. The existing two-storey house extends to 2,000 sq. ft. The Irish Independent, 28th April
Naas, Co Kildare A ready-to-go development site in Naas town centre with full planning permission for 20 residential units has been sold after auction by Coonan Property for well in excess of its €1.5m guide price. Located on Limerick Road in the Co Kildare town, it comes with planning permission for 11 three-storey town houses, one single-storey house and a four-storey block of eight apartments ranging in size from one to three bedrooms. Bidding opened at €1.25m and was withdrawn at €1.48m. After negotiations with the highest bidder, the property was sold for “well in excess” of the guide price. The Irish Independent, 28th April
Rathgar Village, Dublin 6 AGAR is to seek offers in excess of €1.25m for a site spanning 6,436 sq. ft. on Rathgar Avenue at the former car park of Comans Pub. The south Dublin site is zoned Z2 in the Development Plan which includes Residential. The proposed new 2022-2028 Development Plan seeks proposals for “the establishment of higher density” in new developments. AGAR, 27th April
Liquidation Blackpool Developments Ltd, a property firm part-owned by businessmen Clayton and Neil Love, faces liquidation at a creditors’ meeting next week. The company owned Blackpool Shopping Centre in Cork, which was sold for €116m in 2014, to clear liabilities to one of its main creditors, the State’s National Asset Management Agency (Nama). Accounts for Blackpool Developments for 2020 showed it owed lenders, including Deutsche Bank, €33.65m at the end of that year. Blackpool Shopping Centre was the company’s main asset and source of income, but the 2020 accounts show that the company held some investment properties valued at €4.6m. The company is proposing that creditors appoint Aidan Heffernan of HK Corporate Recovery, Glasheen Road in Cork as liquidator. The Irish Times, 26th April
Curragh, Co Kildare Coonan Property and Dowling Property Kilcullen are jointly handling the sale of a 137-acre farm at Milltown in the Curragh in Co Kildare to the market. The property is being offered for sale by public auction on Thursday, May 26th at the Keadeen Hotel in Newbridge. The agents have advised a minimum value of €1.8m (c. €13k per acre) for the lands. The subject property is a free-draining farm in one large block located in one of Co Kildare’s most sought-after locations. The lands are laid out in three large divisions and enjoy good road frontage. The lands are currently in tillage and would also suit equine or farming interests. The Business Post, 1st May
Retail and Office Investment Demand, Ireland Online shopping and demand for environmentally correct offices have sent investors fleeing from one of central Dublin’s prime addresses, a new report has found. Only one investment property, worth just €1.8m, changed hands in Dublin 2 during the first three months of this year, when BNP Paribas Real Estate Ireland says deals totalled €760m. While developers are building “a considerable amount” of new, higher specification offices, BNP says in a new report that there are few in Dublin that meet the highest environmental standards. Also, overseas institutional investors bought much of Dublin’s grade A offices relatively recently, and are reluctant to sell, the firm noted. Shops and offices accounted for just 9.2% of commercial property deals in the first quarter, less than one tenth of their share of investment trading 11 years ago, BNP said. Homes and warehouses accounted for 73% of the €760m of commercial property that the firm calculated changed hands over the three-month period. Shops made up just 3% of deals while offices accounted for around 6% of the total turnover. Even against this background, BNP Paribas Real Estate expects investors to put €4bn to €5bn into Irish commercial property this year. The Irish Times, 3rd May
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Dún Laoghaire, Co Dublin Having been offered to the market by agent Lisney at a guide price of €1.925m, the Dún Laoghaire branch of Bank of Ireland at 101/102 Upper George’s Street has been acquired by a private Irish investor for €2.5m. While the €2.5m paid for the building represents a premium of 30% on the figure sought by Lisney, the new owner stands to secure a 4.98% NIY on their investment. 101-102 Upper George’s Street is let to Bank of Ireland on a 25-year lease from 2006. Prior to launching the property for sale, Lisney agreed a re-gear of the lease with Bank of Ireland which involved removing the 2023 tenant-break option while reducing the passing rent to €137k pa. The subject property comprises a three-storey over basement mixed-use commercial building extending to 6,270 sq. ft. The ground floor is in use by Bank of Ireland as a retail bank branch and the upper floors comprise office accommodation and are accessed internally by staircase. The building has a car park to the rear providing parking for 11 cars. The Irish Times, 20th April
Naas, Co Kildare Having joined forces with KKR last December on the €195m purchase of the Core portfolio, a collection of 73 industrial and logistics properties distributed across Dublin and the GDA, Palm Logistics is to invest €100m in the portfolio’s largest single asset over the next five years. Naas Enterprise Park comprises an entire park of more than 100 acres, and over 1.5m sq. ft. of industrial and office accommodation. While the scheme is currently home to more than 100 businesses employing more than 2,000 people, Palm estimates that its investment offers the potential to double this existing workforce. The Irish Times, 20th April
Newbridge, Co Kildare German firm Union Investment has purchased a distribution centre in Newbridge, County Kildare, marking its first entry in the Irish logistics market. The purchase price was not disclosed. Primark will open the centre by the end of summer 2024. The clothing retailer’s property investment arm, Barola Capital DAC will forward fund the project’s base construction through a €43m investment. Primark will invest a further €75m in the facility, which will comprise of a distribution centre, warehouse and office space on a 38-acre site. The scheme, which will have a cumulative gross floor area of 694,800 sq. ft., was granted approval by Kildare County Council last October. Union Investment made the acquisition on behalf of the institutional real estate fund, UniInstitutional European Real Estate. React News, 21st April
Grange Castle Business Park, Dublin Structure Tone Limited has begun building a €10m two-storey data centre for Interxion, a Dutch-based IT services company, at Grange Castle Business Park in Dublin. The data centre, known as IX DUB 4.0, spans c. 79,437 sq. ft. It is estimated that works are expected to take c. 18 months to complete. The Business Post, 24th April
Portlaoise, Co Laois Laois County Council has approved plans by Midland Steel Supplies Limited to develop a €16.8m manufacturing campus within the Togher National Enterprise Park in Portlaoise. The development will measure 113,624 sq. ft. and will include a manufacturing campus, a three-storey supporting office building with staff facilities and associated works. The Business Post, 24th April
Bride Street, Dublin 8 CitizenM and BCP Capital have completed a deal to buy a site for the development of a 245-room hotel in Dublin. Construction for the consented project is due to begin this August, and once completed it will be the first fully modular-built commercial building in Ireland. Situated at 69 Bride Street opposite St Patrick’s Park, the hotel is due to open in 2024. React News, 21st April
Ben Dunne Gyms, Ireland Businessman Ben Dunne has permanently shut down half of his gyms due to the business impact of Covid-19. In an interview, Mr. Dunne has described the Covid-19 business impact on his business as ‘horrendous’. Mr. Dunne said that the business was heading towards €13m in revenues pre-Covid “and in the current year we are heading towards €6m”. The six Ben Dunne gyms that have been shut down are Lucan, Jervis Street, Beacon and Sandyford in Dublin along with Navan and Waterford. New accounts lodged by Barkisland (Developments) Ltd show that revenues plunged by 91%, or €5.17m from €5.66m to €494.8k, in the 12 months to the end of May last. Barkisland, which accounts for several gyms in the group, recorded a pre-tax loss of €1.55m and this followed a pre-tax profit of €1.2m in the prior year. The accounts state that Ben Dunne gyms were closed most of the period from March 2020 to June 2021 and since reopening in June 2021 “are trading strongly”. The Irish Independent, 21st April
Hospitality Assets, Dublin Liquidators for Irish Bank Resolution Company (IBRC) are preparing to sell three prime hospitality assets formerly owned by businessman Sean Quinn. The 67-bedroom Buswells hotel, which sits opposite Leinster House, should be placed on the market in the coming months along with two pubs: the Barge, on the Grand Canal in Dublin, and JW Sweetman on Burgh Quay. The liquidators, KPMG, took control of the businesses in 2019, after long-running litigation between IBRC and the Quinn family was settled in April that year. The timeline for the liquidation of IBRC was extended until 2024 because of fears that the fallout from Covid-19 could knock c. 30% off the value of property disposals. Buswells was valued at €19m in late 2018. The Barge was valued at €3.2m and JW Sweetman at €4.67m. The Sunday Times, 24th April
Drogheda, Co Louth Having failed to secure a buyer when it was offered to the market at a guide price of €2.75m in June last year, a ready-to-go development site in Drogheda, Co Louth is being put up for auction on the Offr digital platform on Thursday, May 12th, with a reserve price of €2m. The site, which has full planning permission in place for a 150-bedroom nursing home, is being sold by CBRE on the instruction of receiver BDO. The existing planning permission provides for a nursing home facility in a part-two-storey, part-three-storey building with direct access from Twenties Lane. The site is currently zoned G1 – Community Facilities “to provide for and protect civic, religious, community education, health care and social infrastructure” under the Louth County Development Plan 2021-2027. The Irish Times, 20th April
Tallaght, Dublin 24 An Bord Pleanála has refused permission for Bartra Capital to construct a five-storey 131-bed nursing home and step-down facility at Cookstown Industrial Estate in Tallaght. The scheme also included an additional 139 residential units in two apartment blocks, with one reaching to eight storeys. The nursing home and apartment scheme faced local opposition and South Dublin County Council refused planning permission across a number of headings. An Bord Pleanála had previously refused planning permission to Bartra for 150 BTR apartment units and 222 shared co-living units on the site in 2019. The Irish Times, 22nd April
Poolbeg, Dublin 4 Dublin City Council has granted permission to Pembroke Beach DAC to build its €120m Pembroke Quarter mixed-use development on the former Irish Glass Bottle and Fabrizia sites at Poolbeg in Dublin 4. The development is backed by the Ronan Group, Oaktree Capital Management and Lioncor Developments and sits on 37.8 acres in the Poolbeg West strategic development zone planning scheme. The scheme will measure over 656,600 sq. ft. and will include 600 one-, two- and three-bedroom apartments in blocks ranging in height from three to 16 stories. The development will also include a childcare facility, gym, retail and office elements and infrastructural works. The Business Post, 24th April
Walkinstown, Dublin 12 Developer Steeplefield Limited has lodged a SHD Application for the construction of a €121m mixed-use BTR development called Greenvale at the former Chadwicks Builders Merchant development, south of Greenhills Road and north of the existing access road serving Greenhills Industrial Estate in Walkinstown, Dublin 12. The proposed scheme comprises 633 (mostly one-bedroom) apartments, a two-storey office building, commercial units and a childcare facility. The Business Post, 24th April
Bray, Co Wicklow Irish housebuilder Lioncor is on course to secure c. €92m from the sale of hundreds of new homes it is developing in Co Wicklow to approved housing body (AHB) Co-Operative Housing Ireland. Located on the Southern Cross Road near Bray, Kilruddery Glen is set to comprise 208 A-rated homes. The proposed price tag equates to an average of €442.3k per unit. Due for completion towards the end of this year, the scheme will consist of 30 houses, 18 duplexes and 160 apartments distributed across four blocks. Co-operative Housing Ireland will own and manage the development. The Irish Times, 20th April
Saggart, South-West Dublin Located in the heart of Saggart village, a site with full planning permission for 28 apartments and two commercial units will come for auction via the Offr digital platform on Thursday, May 12th. The 0.89-acre site, which is being marketed by Cushman & Wakefield, carries a reserve price of €1.4m. The existing planning permission comprises a one-bedroom apartment, six two-bedroom apartments, 10 two-bedroom duplexes units, 10 three-bedroom duplexes and a three-bedroom house. The development also includes a 2,830 sq. ft. retail unit and a 1,076 sq. ft. office unit along with 28 surface car-parking spaces. The Irish Times, 20th April
Blackrock, South Co Dublin The co-owners of the Press Up Hospitality group, Paddy McKillen Jnr and Matthew Ryan, have secured planning permission for plans for a €182m apartment scheme for a site near Blackrock. Last December, the businessmen’s Oval Target Ltd lodged SHD plans with An Bord Pleanála for a 493-unit scheme, comprising 11 apartment blocks – one rising to 10 storeys – on land at St Teresa’s, Temple Hill, Monkstown, Blackrock. However, in its decision, An Bord Pleanála has ruled that one five-storey block containing 41 apartments be removed from the scheme and that the use of a first floor in another block be changed from residential to childcare. Dún Laoghaire Rathdown County Council had recommended that permission be refused. Oval Target Ltd had previously secured planning permission for 291 residential units in June 2019 on the same site in the face of some local opposition concerning aspects of the scheme. That permission remains in place. 41 objections were lodged against the new scheme. The number of apartments to be sold to the council will now be reduced on a pro-rata basis in line with the reduced number of homes approved. The documentation lodged on behalf of Oval Target put an indicative price of €512.7k on the three-bedroom units, €485k on the larger two-bedroom units and €352.3k on the one-bedroom units. The Irish Times, 21st April
Stillorgan, Dublin Cairn Homes is seeking permission for a 377 apartment BTR scheme on a site previously earmarked for student accommodation. Cairn owns a site in Stillorgan, Dublin, that formerly held a motor dealers and the once-popular Blake’s restaurant. The company got permission over four years ago for 548 student bed spaces and 103 apartments on the site but has now decided instead to build apartments there to meet demand for homes in the area. Its application is for 377 apartments laid out in six blocks ranging from three to nine storeys. The homes will be a mix of bedsits and one-, two- and three-bedroom apartments. Locals and third parties have until May 12th to make observations to An Bord Pleanála on Cairn’s application. The board must decide on the project by June 2nd. The Irish Times, 21st April
Leopardstown, Dublin 18 An Bord Pleanála has reduced the scale of a proposed €230m 463 apartment scheme in response to concerns expressed by the LauraLynn Children’s Hospice and residents. The appeals board granted planning permission for the Homeland Group scheme which comprises six apartment blocks, with one block originally rising to 10 storeys, at lands at St Joseph’s House at Brewery Road and Leopardstown Road in Dublin 18. As part of its order, the board has asked that a four-storey section of one block – comprising eight apartments – be omitted. The board has also sought that the height of another block be reduced by one storey to seven and that another 10-storey section be reduced to nine. Over 100 objections were lodged against the scheme. Dún Laoghaire-Rathdown County Council recommended planning permission be refused on four grounds. The Irish Times, 21st April
Cornelscourt, South Dublin Plans for a 419-apartment BTR residential scheme on a site in Cornelscourt village in south Dublin have secured permission from An Bord Pleanála. Cornel Living Ltd has won approval for the scheme fronting on to the N11 at Old Bray Road, Cornelscourt, Dublin 18, despite opposition from residents and a recommendation by Dún Laoghaire-Rathdown County Council that it be refused on five separate grounds. More than 50 objections were lodged by local residents against the “fast track” scheme, with one of its five blocks rising to 12 storeys. The scheme comprises 294 one-bed apartments, 111 two-bed apartments, seven three-bed apartment units and seven three-bed houses. Cornel Living is proposing to lease 42 units to the council for social housing in line with social housing provisions. Cornel Living was refused permission in April 2020 for a 468-unit scheme on the same site. The Irish Times, 20th April
Social Housing Units, Ireland 80% of new-build social homes delivered last year were acquired from private-sector developers, with just 20% supplied directly by local authorities or approved housing bodies. Figures obtained from the Department of Housing underscore the State’s reliance on the private sector for its housing needs. They show a total of 5,142 new social homes were delivered in 2021, significantly fewer than the Government’s original 9,500 target. A detailed breakdown of the total shows 3,481 units were acquired by way of so-called turnkey purchases, where the local authority or housing body enters a forward-purchasing arrangement with a private developer, or through the Part V rule. A further 615 units came from public-private partnership schemes on State lands with private-sector developers. Just 1,046 were delivered directly by local authorities under the Social Housing Capital Investment Programme or by approved housing bodies through the Capital Advance Leasing Facility or through the State’s Capital Assistance Scheme, which funds the provision of rented accommodation for those with special needs. The Irish Times, 20th April
Dalkey and Ashbourne, GDA Knight Frank has brought development sites in Dalkey and Ashbourne to the market with guide prices of €2.5m each. The Dalkey site extends to c. 0.37 acres and is located on Barnhill Road in Co Dublin. It benefits from a recent An Bord Pleanála grant of permission for three detached, five-bedroom houses and the conversion of the existing old schoolhouse/garage building into a two-bedroom town house. In addition, two existing town houses on site are to be refurbished as exempt development providing a total of six houses on site. Nine car spaces are also to be provided on site together with an upgraded entrance from Barnhill Road. The site is zoned Objective A to protect and/or improve residential amenity under the DLRCC Development Plan and under the Draft DLRCC Development Plan 2022-2028 it is set to retain its zoning.
The second site in Ashbourne, Co Meath, extends to 5.4-acres and is zoned for housing. That price equates to just under €463k per acre. The entire site is zoned Objective A2 New Residential under the terms of the Meath County Development Plan 2021-2027. The Irish Independent, 21st April
Blackrock, South Co Dublin Plans for a 41-unit apartment scheme for the Frascati Centre in Blackrock, Dublin, have been stalled. Three separate appeals have been lodged by south Dublin residents with An Bord Pleanála against the decision by Dún Laoghaire-Rathdown County Council to grant planning permission for the scheme by IMRF II Frascati Ltd Partnership. The 41-unit scheme is the second phase of the overall development plan. Proposals for another 98 apartments at the Frascati site are also being opposed by locals and a decision is due on that application later in the year. The 41-unit scheme comprises 15 studios, 18 one-bed units and eight two-bed units in a U-shaped residential block, arranged around a central communal courtyard space. Dún Laoghaire-Rathdown County Council last month determined that the proposal “would not significantly detract from the amenities of the area”. A decision is due on the appeal in August. The Irish Times, 22nd April
Ardee, Co Louth The Ardee Partnership has lodged a SHD application to build 272 residential units at Drogheda Road in Ardee in Co Louth. The development includes the construction of 206 houses, 66 apartments and a creche. The scheme has a total floor area of 310,194 sq. ft. and an estimated development cost of €56m. The Business Post, 24th April
Rathfarnham, Dublin 16 BCDK Holdings and Coill Avon have lodged an application for a €40m Edmonstown residential development on Whitechurch Road in Rathfarnham, Dublin 16. The development will measure 208,615 sq. ft. and will include the demolition of Kilmashogoue and Coill Avon House and outbuildings and the development of 72 houses and 106 apartments, comprising 68 duplex apartments and 38 apartments, a two-level creche facility of 3,369 sq. ft., three retail and cafe units and basement and surface level car and bicycle parking. The plan also includes the refurbishment of two stone outbuildings for community use which will be incorporated into an area of public open space within the scheme. The Business Post, 24th April
Housing Supply, Ireland The LDA has held talks with a number of large European modular homebuilders about helping to increase the output of the Irish construction sector in order to meet the government’s housing target of 35k units per year. The National Development Plan (NDP) 2021-2030 commits the state and the semi-state sector to invest €165bn in public infrastructure, including social and affordable housing, over a decade. However, the LDA is concerned about the construction sector’s ability to scale up to that level of demand. The LDA recently lodged planning applications to build more than 2,300 new homes in Dundrum, Balbriggan and Skerries in Dublin, and in Naas, Co Kildare on lands transferred to it by other state agencies. The Sunday Times, 24th April
Construction Costs, Ireland Rising materials and energy prices have been driving up construction costs since early 2021. Figures released by the SCSI show the annual rate of construction inflation hit 13.4% from January to December last year. The society’s figures are based on prices that builders bid for new commercial projects worth more than €500k. Its Tender Price Index shows that a building that would have cost €1.6m to complete in December 2020 would have cost €1.82m at the end of last year and €1.57m in December 2019. Construction inflation hit 8.4% in the first half of 2021 before taking a further leap over the closing six months. Labour costs increased from February 1st, when new minimum pay rates set through legally binding sectoral employment orders came into force. There were signs of inflation easing late last year but the conflict sparked by Russia’s attack on Ukraine sent prices back on the increase. The Irish Times, 22nd April
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Ballsbridge, Dublin 4 Waystone, a leading institutional provider of services to the asset management industry, is set to expand its Irish operations further with a planned move to new headquarter offices in Ballsbridge, Dublin 4. The company has signed a 20-year lease to take 52,000 sq. ft. and 12 car spaces at 35 Shelbourne Road. Market sources believe that Waystone has agreed to pay in excess of €60 per sq. ft., following an initial rent-free period, to occupy the first to fourth floors at the building. The fifth and sixth floors meanwhile are set to serve as the new Dublin headquarters of online takeaway delivery giant, Just Eat, following the completion of their fit-out at the end of April. 35 Shelbourne Road comprises 87,500 sq. ft. of Grade A office accommodation in total and a 4,520 sq. ft. ground-floor retail unit suited to several uses. The Irish Times, 13th April
Harcourt Street, Dublin 2 The decision by leading law firm ByrneWallace to renew the lease on its Dublin headquarters has seen an immediate 16% jump in the price being sought for the property. Having offered the building, 87-88 Harcourt Street, to the market in mid-February for €45m, Savills has now increased its guide price to €52m.The new price reflects the agreement between ByrneWallace and the landlord, receivers EY-Parthenon, on a lease extension to April 2032 with no break option and an increase in the rent to €2.45m pa. The property had been marketed for sale originally with a tenant break option in November 2023 and at a passing rent equating to just €44.39 per sq. ft. – or €2.37m a year. The new guide price of €52m offers a NIY of 4.28%. Numbers 87-88 Harcourt Street is a modern office block extending to 53,312 sq. ft. in a prime city-centre location. The Irish Times, 13th April
Ballsbridge, Dublin 4 The third floor of Embassy House in Ballsbridge, Dublin 4, has been placed on the market to let by way of sublease. Extending to 7,418 sq. ft. the fully fitted office is being made available immediately on flexible terms through agent Colliers. Embassy House occupies a prime location within Ballsbridge immediately adjacent to both the Herbert Park Hotel and Herbert Park itself. There are seven car-parking spaces available to let along with the office space at Embassy House. The Irish Times, 13th April
Ballsbridge, Dublin 4 Dublin’s biggest office owner, Iput, is in advanced talks to sell the Shelbourne Buildings complex for c. €90m. US group Hines is in pole position to land the collection of office buildings in Ballsbridge, according to several market sources. Shelbourne Buildings comprise three modern office buildings that offer flexible floorplates. The development’s occupiers include Surveymonkey, Mediolanum Bank, and Higher Education Authority. React News, 12th April
Ballycoolin Business Park, Dublin 15 JLL has launched the former Xerox HQ building in Ballycoolin Business Park to the market with a €7m guide price. The stand-alone building offers c. 78,576 sq. ft. of office space over two floors on a nine-acre site and includes a reception area and an optimal mix of cellular and open-plan offices along with 417 surface level car parking spaces. The Business Post, 17th April
Eyre Square, Galway Eyre Square Shopping Centre in Galway city centre has been sold for €9.575m. According to market sources, the scheme has been acquired by a fund managed by Davy Real Estate. The price paid equates to a NIY of 9.78%. It also represents a discount of 33% on the €12.75m Colliers had been guiding when it brought the shopping centre to the market on behalf of US investment giant Marathon Asset Management last August. While Eyre Square Shopping Centre comprises over 70 retail units and kiosks, the sale itself was confined to eight retail units and control of the centre together with the freehold common area units. The eight retail units boast a strong tenant lineup, including JD Sports, Great Outdoors, Specsavers, Diesel, Starbucks and Vero Moda. The units are currently producing rental income of €869.2k pa with a WAULT of 6.24 years to break. The centre also has direct access to 450 car parking spaces in Eyre Square car park. The Irish Times, 13th April
Kilbarry Business & Technology Park, Cork Cushman & Wakefield is guiding a price of €6m for a substantial industrial facility at Kilbarry Business & Technology Park in Cork which comprises a manufacturing facility of 104,700 sq. ft. The building also incorporates both a two-storey office block and a 16,792 sq. ft. warehouse. For sale with vacant possession, the property had up until recently been occupied in its entirety by Lynoslife (formerly Mayo-based Cosmetic Creations). The Irish Times, 13th April
Saggart, South Dublin Maxol, the service station operator, is selling a site in the heart of Saggart Village in south Dublin which has planning permission for 28 dwellings and two commercial units. Selling agent Cushman & Wakefield is guiding €1.4m for the property which is a 14% discount to the €1.75m which it quoted for the site when it previously came to the market in 2019. It will be auctioned online on the Offr platform on Thursday, 12 May 2022 at 12pm. Known locally as the Saggart Arms pub site and petrol station, it is situated in the village at the junction of Main Street and Boherby Road. The residential element of the planning permission comprises a one–bedroom apartment, 10 two-bedroom duplex units, six two-bedroom apartments, 10 three-bedroom duplex units and a three-bed house. Its commercial specifications comprise a 2,830 sq. ft. retail unit and 1,076 sq. ft. office unit. The Irish Independent, 14th April
Point Square, Dublin Docklands Nama-appointed receivers have sold the mixed-use Point Square in Dublin’s docklands for €85m. That is €10m more than the guide price quoted by agents Savills on behalf of receivers at Grant Thornton. In recent months there were reports that bidders for Point Square included a consortium of investors led by Barry McGrath, a former managing partner at law firm Maples and Calder, who was believed to have agreed an €83m deal. Others reported to be in the hunt were US real-estate giant Kennedy Wilson, and Simon Kelly’s RQTwo. At the time of its launch on the market last July, it had a rent roll of €4.9m and tenants included Starbucks, Eddie Rocket’s, Ruby’s Pizza, Salad Box and Fresh. In addition, CrossFit 353 operates a gym. The scheme comprises c. 103,000 sq. ft. of office space, a 242,000 sq. ft. shopping centre which incorporates a 95,000 sq. ft. anchor store, over 61,000 sq. ft. of space with planning permission for retail and/or leisure use, 756 car-parking spaces and 24,000 sq. ft. of permitted café/restaurant space. The Irish Independent, 14th April
PBSA Pipeline, Cork Cork city’s newest Jenga-like student accommodation is just one of a series of developments set to deliver more than 1,000 extra bed spaces in the city in time for the next academic year. The blocks have been built by University College Cork/Sisk and will add 255 beds to UCC’s existing student bed complement of c. 1,300. Also nearing completion is the larger, 554-bed €53m Bandon Road O’Mahony Pike-designed student accommodation complex, Ashlin house. The development will be managed by Nido, a UK-based student accommodation provider already in situ at 145-bed Curraheen Point, formerly Gillan House on Farranlea Road, and who will also take charge of €12m Bróga House, a 280-bed student accommodation complex built by John Paul Construction at the site of the former Square Deal Furniture store on Washington Street. Slightly further down the development pipeline is Bmor Developments who are planning to deliver a 280-bed student accommodation facility on North Main Street for the 2023/2024 academic year. Meanwhile Bellmount Developments, who have planning permission for a c. €30m 243-bed student accommodation complex at the former Kellehers Auto Centre in Victoria Cross, hope to break ground on the 0.54-acre site by the end of the year. Meanwhile Farman’s, the construction company, will be delivering a 623-bed student complex at the former Coca-Cola bottling plant on Carrigrohane ‘Straight Road’. The 10-storey development will have a gross floor area of c. 207,388 sq. ft. The Irish Examiner, 14th April
Ballyboden, Co Dublin Ballyboden Tidy Towns Group has taken a High Court challenge against An Bord Pleanála’s decision to grant planning permission for 131 homes in South Dublin. The action relates to the planning authorities’ decision to grant developer MacCabe Durney Barnes Limited permission to building the homes and associated works at Stocking Lane, Ballyboden in Co Dublin. The Irish Times, 12th April
Dundrum, Dublin 16 The Land Development Agency (LDA) is proposing to sell 196 residential units for social housing for an estimated €72m to Dún Laoghaire Rathdown County Council. The 196 units form part of the LDA’s €378.6m 977-unit “affordable” residential-unit scheme for lands at the Central Mental Hospital in Dundrum. The planning documents lodged include a letter from Dún Laoghaire Rathdown County Council which confirms the indicative cost of €72m for the 196 units at an average cost of €367.7k. The council letter states that the indicative average cost for the three-bedroom unit is €564.9k and the indicative average cost for the three-bedroom houses would be €440.2k. The letter specifies that the cost for the two-bedroom units is €438.2k or €387.6k depending on size. The indicative cost for the studio units is €232.6k and €292.5k for one-bedroom units. The proposed deal comprises 21 studio apartments; 84 one-bedroom units, 59 two-bedroom apartments, and 32 three-bedroom homes.The overall scheme comprises nine blocks ranging from two to seven storeys in height. A decision is due on the SHD application in July. The Irish Times, 12th April
Dublin City Centre One of Dublin’s best development sites is expected to be launched for sale in the coming weeks by Fortress Investment Group and partner Ronan Group Real Estate. Waterfront South Central, a major residential and commercial scheme developer Johnny Ronan is working up for a 4.6-acre site next to the 3Arena, is expected to attract interest in the c. €200m-€250m mark when launched for sale. Developer Ronan secured the last remaining waterfront site in Dublin’s north Docklands for a figure of c. €180m back in 2018, with backing from Colony Capital. The broad pricing bracket stems from an unresolved planning position regarding the residential component of the north Docklands plot, as well as an immediate difficulty factoring build costs into development appraisals as inflation rages. In May last year, An Bord Pleanála refused planning for RGRE’s Waterfront Towers. The proposal included two towers of 45 and 41 storeys along with a third 14-storey block, involving a total of more than 1,000 apartments. Planning permission was given for the commercial part of the development. The scheme will see the development of four office blocks, ranging in height from five to nine storeys, on a site between North Wall Quay and Mayor Street Upper. When complete, they will provide 718,146 sq. ft. of office space in the city centre. React News, 14th April
SHD, Cork Developers seeking to build 420 apartments on parts of the former Bessborough Estate in Cork are to sell off 42 apartments to Cork City Council for social housing with an estimated €10.5m price tag. Estuary View Enterprises (EVE) has lodged combined plans worth €105m with An Bord Pleanála to construct 420 apartments plus a café and creche on the site in Blackrock in Cork City. The two separate applications have been made under the SHD fast-track system. EVE is the largest landowner in the Bessborough Estate, with its block totalling c. 40 acres. As part of EVE’s The Meadow SHD, the applicant is seeking permission for 280 buy-to-sell apartments in four blocks ranging from six to 10 storeys in height, while the companion The Farm SHD provides for 140 buy-to-sell apartments in three blocks up to five storeys in height. Documentation lodged with the scheme shows that the developers have put an estimated cost range of €172.4k to €202.2k on the one-bedroom apartments, an estimated cost range of €287.2k to €298.2k on the two-bedroom apartments and €400.1k on the three-bedroom apartments. The developer’s proposal to sell 42 apartments comprised of 18 one-bedroom units, 23 two-bedroom units and one three-bedroom unit to the council. A decision is expected on the twin planning applications in late July. The Irish Times, 14th April
Dundrum, Dublin 16 An Bord Pleanála has granted planning permission for a new €316m BTR apartment scheme near Dundrum in Dublin despite Dún Laoghaire-Rathdown County Council recommending a refusal on five separate grounds. The 531-unit scheme at Marmalade Lane, Wyckham Avenue, Dublin 16, is comprised of 28 studios, 297 one-bedroom units, 197 two-bedroom units and nine three-bedroom units. The development by 1 Wyckham Land includes a 10-storey apartment block. More than 80 parties objected to the fast-track plans. The Irish Times, 14th April
Drumcondra, Dublin 9 Drumcondra residents have hit out at what has been labelled a “brazenly outrageous” eight-storey, 74-unit BTR scheme planned for the area. Last month, Ginxo Trading Ltd lodged plans for the contentious scheme for Turnpike Lane at the rear of 59-69 Drumcondra Road Lower in Dublin 9. The Irish Times, 13th April
SHD Deadline, Ireland Property developers lodged plans for c. 15k homes under the fast-track planning process in the first two weeks of April as they rushed to meet the final deadline for the scheme. An Bord Pleanála received a record 36 planning applications in two weeks under the SHD process, which comes to an end on Tuesday. While the scheme had closed for new applications in February, those developers who had already started discussions with An Bord Pleanála for their respective developments were given an extension to April 19. Gannon Homes applied for permission to build more than 1,000 homes in Swords in North Co Dublin — a mixture of houses, apartments and duplexes — in two separate applications. Cairn wants to build 621 homes at Holybanks, while Louth-based J Murphy Developments is looking for permission to build 650 apartments in four to ten-storey buildings on the Dublin Road in Swords. Dwyer Nolan, owner of the former De La Salle national school site in Ballyfermot, has also submitted plans as it seeks to build 927 apartments, including a 13-storey building. Other applications have also been submitted in recent weeks for large-scale developments in Galway, Wicklow, Tipperary, Cork and Limerick. The Sunday Times, 17th April
Tasc Report The amount of land sold to speculators who had no intention of developing it by Nama, the state’s bad bank, in the wake of the financial crash has directly contributed to the current housing crisis, a new report has concluded. The report, which was compiled by Tasc, the social change think tank, assessed how the supply of housing in Ireland has been affected by land speculation. Its findings are based on an analysis of development activity after the financial crash, and interviews with developers and state officials. The main finding of the report is that the sale of lands by Nama, which was established in 2009, and the subsequent flipping of those lands, “resulted in speculation that removed land from the hands of those who develop it, [such as] the construction sector”. It added that the activity of Nama ultimately “lengthened and slowed the development supply chain, contributing to Ireland’s housing supply problems”. The report acknowledged that Nama was acting within the mandate it had been given by the government, which was to maximise returns for the state. It added that Nama did invest and add value to its portfolio in some instances through the provision of water and infrastructure. The Tasc report acknowledged that other factors had contributed to the lack of supply of homes to the Irish market. It said the issues with the financial viability of apartments at present and “uncertainties in the planning system” had curtailed supply. The Business Post, 17th April
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Johnson’s Place, Dublin 2 Located within a short walk of St Stephen’s Green and Grafton Street, Textile House on Dublin’s Johnson’s Place is being offered to the market by agent Colliers at a guide price of €6.5m. Measuring 0.148 acres, Textile House currently comprises a two-storey commercial building extending to a total floor area of 11,398 sq. ft. The building is occupied by a mix of tenants with three vacant retail units fronting Johnson’s Place and two two-storey cafe/restaurant units opening on to Clarendon Market. There are three office suites on the first floor with access on to Johnson’s Place. While the occupied units are currently producing a total rental income of €192.1k pa, the selling agent believes up to €511k pa could be achieved. The entire site is zoned Objective “Z5”, the aim of which is “to consolidate and facilitate the development of the central area, and to identify, reinforce, strengthen and protect its civic design, character and dignity”. The Irish Times, 6th April
Fenian Street, Dublin 2 Hibernia Reit has completed the letting of the lower ground floor (2,429 sq. ft.) to French financial services company BGC at 2 Cumberland Place. BGC was represented in its negotiations by Knight Frank. The second floor, extending to 8,785 sq. ft., is reserved which leaves the first floor as the last remaining available floor extending to 8,785 sq. ft. Having acquired the former Cumberland House for €49m in 2015, Hibernia Reit increased the overall office accommodation by 58,000 sq. ft. to 190,000 sq. ft. The Irish Times, 6th April
Fitzwilliam Lane, Dublin 2 Finnegan Menton is quoting a rent of €38 per sq. ft. (€260k pa) for the offices at 61-62 Fitzwilliam Lane in Dublin 2. Located at the heart of the city’s traditional central business district, the subject property comprises a self-contained mews building extending to 6,085 sq. ft. along with six to eight parking spaces that are also being made available to rent for €3.5k per space pa. The office accommodation comes to the market following the completion of a thorough refurbishment. The Irish Times, 6th April
Riverside 2 and Hatch Street, Dublin City Centre Iput has added another two offices to its expanding flexible workspace business in Dublin. After successfully letting its first location at Pearse Street, the platform – called Making it Work – has been supplemented by another 13,400 sq. ft. Iput is expected to scale Making it Work up to c. 5% of its 2.4m sq. ft. estate over the next few years. The latest additions include a 10,200 sq. ft. penthouse floor at Riverside 2, a 73,500 sq. ft. building on Dublin’s south docks, and 3,200 sq. ft. at Styne House on Hatch Street. React News, 7thApril
Sandyford, Dublin 18 Mastercard is considering another major expansion to its new Sandyford campus, according to senior executives. It would bring the financial company’s footprint in Dublin to over 2,000 people from its current headcount of 975. The payments firm officially opened its new campus at One South County, developed by former Trintech founder, Cyril McGuire. While it has already committed to space in the adjacent 104,410 sq. ft. Two South County building, currently under construction, it will now also consider leasing the 45,208 sq. ft. Three South County building next to it. The Irish Independent, 8th April
PBSA, Dublin and Galway Ares Management and Generation Partners have completed the purchase of a student accommodation portfolio in Ireland for c. €150m. The assets will be added to a PBSA platform branded Here! that currently sits over the joint venture’s three existing operational assets in Cardiff, Exeter, and Glasgow. Located within Dublin and Galway, the three buildings comprise 664 beds and are fully occupied for 2021/22 and reside within strong micro locations for student accommodation. US investment fund Bain Capital sold the collection of assets and Cushman & Wakefield advised on the sale, which was dubbed Project Ruby. The €150m acquisition price delivers a NIY of c. 5%. React News, 11th April
Co Louth, Co Meath and Co Cork Aedifica, a Belgian nursing home investor, has grown its spending in Ireland to c. €240m with the purchase of another three nursing homes. The company has bought three newly built facilities at Dundalk in Co Louth, Duleek in Co Meath, and Riverstick in Co Cork for €57m. The homes were developed by Delsk, a Chinese investment group that has raised money from high-net-worth Chinese nationals under the immigrant investment programme. Construction of the nursing homes was completed over the past few months and will almost double the number of beds in the Aedifica portfolio. The Sunday Times, 10th April
Amiens Street, Dublin 1 A hotel development site on Amiens Street is being offered to the market by Knight Frank at a guide price of €12m. The subject site extends to 0.4 acres and has full planning permission for a seven-storey hotel comprising 177 bedrooms. There are also extensive bar and restaurant facilities provided for at ground-floor level. The site is zoned Objective Z5 under the Dublin City Council Development Plan 2016-2022. This designation is set to be maintained under the draft development plan for 2022-2028. The Irish Times, 6th April
Parnell Street, Dublin 1 A Tristan Capital Partners fund has acquired a majority shareholding in Raag Hotels Limited – which owns 10 Point A hotels in the UK and Ireland, including the Point A Hotel on Parnell Street in Dublin city centre – in a €500m deal. The Point A portfolio comprises 1,520 rooms, with 80% of its value in London. Under the new partnership, Queensway, which remains a minority partner, will co-invest and act as hotel operator, asset manager and development partner for future sites. The shareholders have committed significant additional equity to fund the next phase of growth. The team is assessing opportunities to increase footprint in the Irish market. The Irish Independent, 7th April
Bridge St, Tralee The former Dunnes Stores premises on Bridge Street in Tralee town centre has been sold to an unidentified buyer. Real estate agents Property Partners Daly Ó Sé have confirmed that the sale of the long vacant property has been agreed. Neither the price or the identity of the buyer have been revealed as yet. Once one of the town centre’s busiest shops the landmark town centre property has now been vacant for well over a decade. In recent years several retail chains – including Danish furniture chain Jysk – had held talks with the Irish supermarket chain with a view to renting the extensive town centre retail unit. The Irish Independent, 7th April
Blackrock, South Dublin Cairn Homes is to lodge plans in the coming days for a 366-home scheme for Chesterfield, Cross Avenue, in Blackrock, south Dublin. According to a statutory planning notice, Cairn Homes Properties Ltd is looking to build 355 BTR apartments (26 studios, 138 one-bed apartments, 163 two-bed apartments and 28 three-bed units) across six blocks ranging in height from three to eight storeys on the 7.9-acre site, as well as 11 homes for sale. The proposal involves a 67% increase in the number of homes over a previously planned 221-unit Cairn Homes scheme for the Chesterfield site. That proposal secured the go-ahead from An Bord Pleanála but the planning permission was quashed by the High Court in July 2019. The Irish Times, 5th April
Sandyford, Dublin 18 An Bord Pleanála has granted planning permission to fast-track plans to Palemink Ltd for a 190-unit BTR scheme for the former Siemens site at the corner of Ballymoss Road and Blackthorn Avenue in Sandyford Business District, Dublin 18. The scheme will involve two 15-storey high blocks, with 92 one-bed, 86 two-bed and 12 three-bed apartments. Permission was granted over the recommendation of Dún Laoghaire Rathdown County Council planners that it be refused. The Irish Times, 5th April
Clongriffin, North Dublin Irish property developer Twinlite and its joint venture partner Tristan Capital Partners have engaged Knight Frank and Hooke & MacDonald to act as joint agents for the sale of 376 apartments at Clongriffin in north Dublin. According to market sources, the units at One Three North will command a price in excess of €200m. The portfolio is set to come to the market virtually fully let through Twinlite’s digital rental platform Vesta. Completed in July 2020, One Three North represents the first of two phases at the Clongriffin PRS scheme. This element of the development is expected to reach practical completion within the coming weeks. Tristan Capital Partners paid Twinlite c. €130m for the 376 units in a forward purchase deal in 2018. The developer, for its part, took a minority equity stake in the scheme. The Irish Times, 6th April
Kill, Co Kildare Joint agents French Estates and O’Neill & Co are guiding a price of €1.9m for a “ready-to-go” development site in Kill village. The subject holding extends to an area of three acres and comes for sale with full planning permission for 26 new homes and the conversion of the site’s existing structure to a medical centre. The listed building which is vacant was occupied previously by the HSE. The current planning permission allows for a mix of eight large one- and two-bedroom apartments in two blocks and 15 two- and three-bedroom homes including three detached bungalows at the scheme’s entrance. The site is zoned town centre in the Kildare County development plan 2017-2023. The Irish Times, 6th April
Ballynerrin Road, Wicklow Located at Avonvale Manor on the Ballynerrin Road, a 6.17-acre site is for sale through joint agents Lisney and REA Forkin at a guide price of €2.75m. The site has full planning permission for 31 three- and four-bedroom semi-detached and detached houses. Major infrastructural works have already taken place which will ensure speedy delivery of the finished units for the incoming purchaser. In total, 17 of the 31 plots have been fully serviced, with the balance of 14 plots requiring servicing. The lands are being sold by way of formal tender guiding €2.75m. The Irish Times, 6th April
SHD Applications, North Dublin In plans for the townland of Stapolin, Baldoyle, Dublin 13, Lismore Homes Ltd has lodged a €468m application to build 1,007 apartments comprising 563 two-bedroom, four-person units, 247 one-bed units, 94 two-bedroom, three-person units, 45 three-bed units and 58 studios. As part of its compliance with Part V social housing provisions, Lismore Homes Ltd has put an indicative price tag of €92.97m (c. €464.9k per unit) on the sale of 200 residential units to Fingal County Council for social housing.
In a separate application, Hollybrook Homes subsidiary, Kinwest Ltd is to lodge plans in the coming days for 369 residential units for lands around Auburn House, Malahide. The Kinwest scheme is to comprise of 239 apartments, 87 houses and 42 duplex units and Auburn House as one dwelling. The development will consist of 135 one-bedroom duplex apartments, 138 two-bedroom duplex apartments; eight three-bedroom duplex apartments, 47 three-bedroom houses, 34 four-bedroom houses and six five-bedroom homes along with the 11-bedroom Auburn House. The apartment blocks in the scheme are to reach to four, five and six storeys. Decisions are due on the two applications by An Bord Pleanála later this year. The Irish Times, 6th April
Kilmainham, Dublin 8 An Bord Pleanála has given permission for contentious plans for a BTR apartment scheme for Dublin’s Heuston South Quarter (HSQ) that includes an 18-storey block. Last year, HPREF HSQ Investments Ltd lodged SHD plans for the five-block, 399-unit apartment scheme that sparked opposition from the State’s property arm, the Office of Public Works (OPW), the Heritage Council, An Taisce and local residents. The agencies objected over their concerns about the impact the BTR scheme will have on Royal Hospital Kilmainham (RHK) and its gardens. As part of its decision, An Bord Pleanála has ordered that two storeys be removed from two five-storey blocks. The appeals board has also ordered the removal of a large arch between Blocks A and C. However, the board’s permission includes the 18-storey, 154-unit apartment block. The Irish Times, 7th April
Churchtown, Dublin 14 A high-profile development site located between Churchtown and Rathfarnham in south Dublin has been brought to the market with a €2m guide price. Extending to 0.66 acres, the property at 149 Braemor Road comprises a brownfield site currently being used as a car valeting centre and a car sales forecourt. It benefits from 160m of road frontage. Selling agents Savills point out that after a planning application for 31 apartments, 34 car-parking spaces and 92 bicycle spaces was refused by Dún Laoghaire-Rathdown County Council, the vendor appealed to An Bord Pleanála and awaits the Bord’s decision – which was due last month. The site is zoned objective A Existing Residential. The Irish Independent, 7th April
Co Kildare and Co Galway Land Sales In the first quarter of this year only 14 land sales were completed in Ireland, generating €70m. That compares with €107m-worth of deals in the first quarter of 2021. Two Real Estate Alliance agents have brought residential development sites to the market, one in Athy, Co Kildare and the other in Loughrea, Co Galway.
The Athy site extends to 18.55 acres and comes with full planning permission granted in 2020 for 218 houses and a creche. Its mix of one-, two-, three- and four-bedroom houses would also be detached, semi-detached and terraced. REA Boyd is guiding €4.25m (c. €19.5k per average house site). In the Athy area, c. 55 acres of land has been dezoned, curtailing scope for future development.
Meanwhile, in Loughrea, REA McGreal Burke is guiding €1.7m for 9.58 acres of land at Caheronaun, beside the town centre. Of this, 4.94 acres are zoned Town Centre and three acres are zoned residential. Residential is also a use open for consideration on the land zoned Town Centre. A further 1.6 acres are zoned amenity. The Irish Independent, 7th April
Carlow Joint agents Coonan Property and Sherry Fitzgerald McDermott have brought a 14-acre plot piece of land to the market. Situated c. 2km south of Carlow town centre, it offers a residential development opportunity and is guiding €2m. Ten acres of the site have been zoned with a Residential Objective and are ready for a planning application to be submitted. The other four acres are zoned Open Space and Amenity. The lands are being sold by tender on Thursday May 12 at 12pm and guiding €2m. The Business Post, 10th April
Balbriggan, Co Dublin The Land Development Agency (LDA) has submitted a planning application to An Bord Pleanála for a SHD in Castlelands in Balbriggan, Co Dublin. The 62.5-acre site was made available to the LDA by the Housing Agency and will provide 817 homes, subject to planning approval. Situated on a greenfield site overlooking the Irish Sea, the proposed development will include both cost rental and affordable homes for purchase delivered through the government’s Housing for All policy. The planned homes will comprise 24 four-bedroom houses, 381 three-bedroom houses and duplexes, 250 two-bedroom houses and apartments and 162 one-bedroom apartments. This new community will include over 6,458 sq. ft. of retail space, a 9,354 sq. ft. crèche, 1,033 car parking spaces, 1,092 bicycle spaces and c. seven acres of public open space or communal space which will include playgrounds, multi-use games areas and parkland. The Business Post, 10th April
Hacketstown, Co Dublin A planning application for 345 homes on a site in Hacketstown, Co Dublin, has been submitted by the Land Development Agency (LDA). The proposal for a SHD on the 17-acre site near Skerries, which was made available to the LDA by the Housing Agency, will now be considered by An Bord Pleanála. The LDA said the proposed development, on a greenfield site, will include both cost rental and affordable homes for purchase. Public open space, which will include parkland and a new public square, will account for a quarter of the entire site area. The planned homes will comprise 39 three-bedroom houses, 118 three-bedroom apartments and duplexes, 104 two-bedroom apartments and duplexes and 84 one-bedroom apartments. The new community will include a 4,058 sq. ft. creche, 414 car parking spaces, and 746 bicycle spaces. The Irish Times, 11th April
Cherrywood Village, South Dublin Property developer Quintain Ireland has received planning permission for 488 new apartments and duplexes, with a GDV of more than €250m, at its Cherrywood Village development in south Dublin. The developer, which is owned by US private equity group Lone Star, intends to commence construction on the project in June, with the first homes ready for occupation by the middle of 2024. Quintain Ireland plans to deliver 1,300 new homes at Cherrywood Village by 2025. This scheme will comprise a mixture of 427 apartments, and 61 duplexes and triplexes. Permission was granted by Dún Laoghaire-Rathdown County Council. Along with the new homes, there is provision for more than 46,285 sq. ft. of communal amenity space and over 75,347 sq. ft. of public open space. Lone Star purchased c. 118 acres of development land and parks in Cherrywood in south Dublin from investment firms Hines and King Street Capital in 2019, in a deal worth more than €120m. The Irish Times, 11th April
Dundrum, Dublin 16 As part of its social housing obligations under planning legislation, the owner of Dundrum Town Centre is proposing to sell 88 apartments for an indicative price tag of €42.6m (€789k for three-bedroom apartments, €568k for two-bed apartments and €385k for one-bed units) to Dun Laoghaire Rathdown County Council. The proposal under Part V of the 2000 Planning and Development Act represents 10% of the €466m 881-unit apartment scheme that Hammerson is proposing to build in Dundrum. The scheme is to be made up of 11 blocks across four zones and the developers are seeking an eight-year planning permission to complete the plan. The development would comprise 335 one-bedroom apartments, 85 two-bedroom three-person apartments; 379 two-bed four-person apartments and 82 three-bed apartments. It is proposing to sell 46 one-bedroom apartments, 37 two-bedroom apartments and five three-bedroom apartments for social housing. The scheme is to also include 10 retail units, a retail foodstore, four cafe/restaurants and a creche. A decision is due on the scheme in late July and those who wish to make submissions on the proposal have until May 9th to do so. The Irish Times, 11th April
Mount Merrion, Co Dublin Dún Laoghaire-Rathdown County Council on Monday night approved the sale of 1.075 acres at its Mount Anville Depot site in Mount Merrion for €4.5m to the Department of Education to provide a site for a multi-denominational gaelscoil. The sale had been complete “with a view towards the possibility of them [Department] developing a temporary school on the site also, ultimately developing a three-storey, eight-classrooms school on the site”. The Irish Times, 12th April
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Ten Hanover Quay, Dublin US property firm Kennedy Wilson, and its joint-venture partner Nama, have signed a deal with global fintech and payments provider Fiserv for all 68,300 sq. ft. of office space at Ten Hanover Quay in Dublin’s south docklands. The company has committed to occupy the property on a 15-year lease with a tenant break option in year 12. According to market sources, Fiserv has agreed to pay between €55 and €60 per sq. ft. for the property. Located on the waterfront at Kennedy Wilson’s Capital Dock mixed-use scheme, Ten Hanover Quay comprises seven floors of office accommodation housed within a former warehouse and stables. The Irish Times, 1st April
Mespil Road, Dublin 4 French investor Sofidy has paid c. €18m for Fleming Court in Dublin 4. The Paris-headquartered real estate investment manager’s latest acquisition comprises a contemporary five-storey block located just off Mespil Road. Developed originally in 2001 and modernised in 2015, the building, which extends to 29,375 sq. ft., is occupied by seven tenants in total. While the property had been generating c. €883k in annual rental income for outgoing owners, Abrdn, from its existing tenant line-up, there is potential to grow this amount to c. €1.45m pa once the building is fully let. Currently, c. 10,269 sq. ft. of the property’s office accommodation is available to let. Agent TWM handled the sale while BNP Paribas Real Estate acted on behalf of the purchaser. The Irish Times, 30th March
Earlsfort Terrace, Dublin 2 Two office investments with development potential close to the corner of St Stephen’s Green and Earlsfort Terrace in Dublin 2 are being offered for sale in two separate private treaty deals by investment managers State Street and Irish Life.
The larger of the two buildings, St Stephen’s Green House, is quoting in excess of €50m which would reflect a NIY of 5.7%, increasing to 6.2% following the letting of a vacant space. It is let to five tenants, including the OPW, Hayes Solicitors, Aramark and Lisney, and produces a current rent of over €3.12m. The WAULT is 4.25 years to break options. Part of its fifth floor, extending to 5,681 sq. ft., is vacant. However, terms have been agreed to lease this space. In all, this building provides 68,325 sq. ft. of offices plus 106 parking spaces over two basement levels. Its price reflects a capital value of €732 per sq. ft. Joint agents are Savills and Knight Frank.
The neighbouring No. 4, Earlsfort Terrace, which is fully let to three major professional and financial firms – Royal London Insurance, Maples Solicitors, and Alliance Bernstein – is producing annual current income of €772.5k. It’s quoting price of €13m would generate a NIY of 5.5%. No. 4 provides 12,477 sq. ft. of grade-A accommodation over five floors, comes with 15 parking spaces and is currently an eight-storey block. The Irish Independent, 31st March
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Leinster Street South, Dublin 2 Cushman & Wakefield is quoting a rent of €60 per sq. ft. on new flexible lease terms for Trinity Point on the first and second floors of the building and €4k per car-parking space. The modern, predominantly open-plan space comprises c. 17,900 sq. ft. of grade A offices across both floors and is also available on a floor-by-floor basis offering occupiers the flexibility of leasing 8,900 sq. ft. Generous on-site bike storage and shower facilities are also available to occupiers as part of the package. The Irish Times, 30th March
Sandyford, Dublin 18 QRE Real Estate Advisers are quoting a rent of €26 per sq. ft. for newly refurbished offices at Corrig Court in Sandyford, Dublin 18. The offering comprises 20,500 sq. ft. of space split evenly between the second and third floors of the building. Both floors are undergoing refurbishment to CAT A specification and there are 90 car-parking spaces along with secure bike-parking spaces. The Irish Times, 30th March
East Point, Dublin A three-storey office block with development potential in Dublin’s East Point is being offered for sale with a guiding price in excess of €6.25m. Block H at East Point comprises 22,260 sq. ft. of office space, set across three floors and with 60 surface parking spaces on a 0.69-acre plot. Of particular interest is the potential to expand Block H. The Irish Independent, 31st March
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Hatch Street Lower, Dublin 2 Cushman & Wakefield has launched the third floor of 20 on Hatch, a third generation plug and play office on Hatch Street Lower in Dublin 2 to the market to let by way of a flexible subletting/assignment until August 2027. The office is available to let immediately and extends to c. 8,482 sq. ft. It comprises mainly open plan areas with seating in place for c. 72 people with a number of cellular offices and canteen area. There are four basement car parking spaces. The agent is guiding €55 per sq. ft. and €3.5k per car parking space pa. The Business Post, 3rd April
Adamstown, West Dublin Agent Bannon is guiding a price of €1.9m (NIY 7.84%) for a community retail investment opportunity comprising four retail units and a standalone creche at Adamstown in west Dublin. The units, which are below a modern residential development called the Sentinel Building, are occupied by Londis (with a guarantee from parent company BWG), Mizzoni’s Pizza and Pamper Yourself, together with one small vacant unit. The creche is operated by Giraffe Childcare. The annual passing rent is currently €163.4k. The properties extend to a total floor area of 15,264 sq. ft. and have a WAULT to break of 6.43 years and a WAULT to lease expiry of 8.72 years. The Irish Times, 30th March
Ex-AIB Branches, Cork Three former AIB bank branches in Cork city have been brought to the market by Lisney. Most valuable is the purpose-built 3,650 sq. ft. building at 64-65 College Road, with high-quality finishes, and vitally, 12 car parking spaces to the rear, on a 0.2-acre site. Lisney is guiding this property at €1.1m. Next most valuable property is at the junction of Kinsale Road and Pearse Road, Ballyphehane, adjoining a local Mace shop and facing an Aldi. The semi-detached former AIB property facing a busy road junction is part two-storey and part single-storey, with a secure enclosed yard and garden to the rear, plus private tarmac surface car parking to the front, all on 0.2 acres. Lisney is guiding €450k. Meanwhile, the ex-AIB branch on the Blackrock Road is guiding €350k. The Irish Examiner, 30th March
Ferrybank Centre, Kilkenny Dunnes Stores has taken over the ownership of Ferrybank in Kilkenny, a €100m shopping centre that was built in 2008 but has lain empty ever since thanks to a long-running dispute between the retailer and its Nama-backed developer. Derry McPhillips, a Kilkenny developer, bought the lands at Ferrybank in 2000 and his company, Holtglen, began construction in 2007. Dunnes agreed in 2007 to buy a 70,000 sq. ft. unit at the centre and become its anchor tenant. However, it then sought to pull out of the deal in 2009. Nama acquired Holtglen’s loans, which had a face value of €83m, in 2010. Several court cases and arbitration hearings followed, concluding at last in February. Deerland Construction, Holtglen’s parent, sold the centre to Dunnes. Any proceeds will go to reduce its debts to Nama. The Sunday Times, 3rd April
Mountpark Baldonnell, Dublin 22 German-headquartered logistics provider DB Schenker has agreed a deal with Mountpark Logistics to lease the fifth and latest unit (133,806 sq. ft.) to be delivered at the Mountpark Baldonnell campus in Dublin 22. The German logistics specialist had several specific operational requirements that Mountpark facilitated to meet the needs of its end user. Unit D is due for practical completion in May 2022. The agreement of the deal for Unit D means all five buildings at Mountpark Baldonnell, which collectively comprise 1,199,264 sq. ft. of logistics space, have been let or pre-let prior to practical completion. CBRE and Cushman & Wakefield are joint agents for Mountpark Baldonnell. The Irish Times, 30th March
Kilbarry Business Park, Cork A substantial detached industrial premises on 10 acres, located at Kilbarry Business & Technology Park, is guiding €6m. While the bulk of the offering consists of a 104,7000 sq. ft. manufacturing facility, incorporating a two-storey office block, it also comes with a 16,792 sq. ft. warehouse and an onsite effluent treatment plant. The Dublin Hill facility, which is up for sale or to let with Cushman & Wakefield, comes with vacant possession, at a time when vacancy rates are extremely low in the sector, just 1.7% in Cork. The Irish Examiner, 31st March
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Blarney Business Park, Cork Europe’s largest catering equipment suppliers Nisbets are set to double the scale of their operation in Ireland, having just completed a 61,000 sq. ft. national distribution centre deal in Cork’s Blarney Business Park, which is set to have over 400,000 sq. ft. of buildings by year’s end. The company has agreed lease terms on the 61,000 sq. ft. Building 9003 in the 70-acre Blarney Business Park. The Irish Examiner, 31st March
Carrickmines, Dublin 18 Iput plc has made a fresh bid to secure planning permission for its €250m plan for the latest phase of the Park mixed-use scheme for Carrickmines. This follows the property firm lodging a first-party appeal to An Bord Pleanála against the decision by Dún Laoghaire-Rathdown County Council to refuse planning permission for the scheme. Iput is planning to construct a development known as Quadrant 3 at the Park. The scheme comprises a 25.7-acre site made up of 440 residential units, 334,564 sq. ft. of offices and 226,483 sq. ft. of community, retail and leisure facilities, including two supermarkets. No objection was lodged against the scheme, but the council refused planning permission after concluding that due to the significant proportion of residential use proposed within the overall scheme, a satisfactory balance of uses would not be achieved for the site, which is primarily zoned for economic development. The site already has planning permission from 2019 for a neighbourhood centre and 130 residential units and the new scheme will be substantially larger with 80% more office space planned and more than three times the number of residential units. A decision is due on the appeal in July. The Irish Times, 30th March
Dalkey, South Dublin Bartra Property (Dublin) has lodged a first-party appeal against last month’s decision by Dún Laoghaire-Rathdown County Council to refuse planning permission for a mixed-use scheme for the harbour located near Dalkey. Now, the Bulloch Harbour Preservation Association (BHPA) has also lodged an appeal to An Bord Pleanála concerning the council decision. An Bord Pleanála previously granted planning permission for a Bartra Bulloch Harbour scheme in June 2019 but the permission was quashed by the High Court on consent in September 2020 after the appeals board stated that it wouldn’t be defending a High Court judicial review action brought against it by the BHPA. That application was withdrawn and Bartra lodged a new planning application in January. Over 140 objections were lodged against the current scheme and those to object included the Dalkey Community Council and Dublin Port Company. The Irish Times, 30th March
St Andrews Street, Dublin 2 No. 19-24 St Andrew’s Street is being offered for sale by Savills at a guide price of €9.5m. The subject property extends to 21,160 sq. ft., sits on a 0.20-acre site, and comprises a four-storey over-basement building. The first, second and third floors currently consist of a mix of open-plan and cellular offices, with plant machinery and storage spaces available in the basement space. The property is currently owned and occupied by An Post, and is being marketed for sale with the benefit of a new 25-year agreement for lease to An Post of the ground floor and part of the basement with the benefit of vacant possession of the upper floors and remaining basement. An Post has agreed to pay a rent of €350k pa. The Irish Times, 30th March
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Donabate. Co Dublin Due for completion in the coming quarter, the 23-unit Dunrovin portfolio is being offered to the market by Cushman & Wakefield at a guide price of €11m (€478k per unit) with a NIY of 4.6% based on the projected rental income of €630k pa. The 23 units in the Dunrovin portfolio comprise nine three-bed plus study terraced houses, nine two-bedroom apartments and five one-bedroom apartments. There are three additional one-bedroom apartments which do not form part of the sale and these will be allocated by the developer to fulfil the scheme’s Part V obligations to the local authority. There are 32 surface car-parking spaces for the benefit of the development. The Irish Times, 30th March
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Ashbourne, Co Meath Knight Frank is guiding €2.5m (c. €463k per acre) for a 5.4-acre site zoned for housing in Ashbourne, Co Meath. The site is to the rear of the existing Ashewood residential development and near Ashbourne town centre. The entire site is zoned Objective A2 New Residential under the terms of the Meath County Development Plan 2021-2027. Ashbourne, just 19km northwest of Dublin city centre, is a well-established town with a population of more than 12,700. The Irish Times, 30th March
SHD Applications, GDA Cairn is seeking permission for a SHD scheme comprising 621 residential units on a 35-acre site at Hollybanks, Swords in north Dublin. The scheme is made up of 145 one-bed units, 278 two-bed units, 187 three-bed units and 11 four-bed units.
It includes 118 houses and 349 apartments in two blocks ranging in height from two to seven storeys, and 154 duplex units. In a separate SHD, Cairn will seek permission for the construction of 154 apartments at Ballymastone, Donabate in north Dublin. The scheme is made up of 54 one-bed units, 87 two-bed units and 13 three-bed units in five blocks ranging in height from three to six storeys.
In the third case, Cairn is seeking permission for 586 residential units for a site at Coolagad, north-west of Greystones town centre. It comprises 351 two-storey houses, 203 apartments and 32 duplex units. Cairn initially proposed a 607-unit scheme, made up of 405 houses and 202 apartments. However, the developer reduced the number of units after An Bord Pleanála told the company that the proposed scheme required further consideration or amendment. The Irish Times, 1st April
Ballyhooly Road, Cork In its latest SHD decision, An Bord Pleanála has granted permission to Cork firm O’Flynn Construction for the development of 275 residential units made up of 205 houses and 70 apartments at Ballyhooly Road, Ballyvolane, Cork. The three-field site is located c. 450m north of the junction with North Ring Road, on the fringe of Cork city. The Irish Times, 1st April
Dundrum, Dublin 16 Hammerson is to lodge fast-track plans with An Bord Pleanála in the coming days for an 881-unit apartment scheme for Dundrum. Hammerson subsidiary Dundrum Retail GP DAC’s planning SHD proposal is to include a “landmark” 16-storey high apartment block at the northernmost point of the site. The scheme is to be made up of 11 blocks across four zones and the developers are seeking an eight-year planning permission to complete the ambitious plan. The project will consist of 335 one-bed apartments, 464 two-bed apartments; and 82 three-bed apartments. Dundrum Retail GP DAC put its plan to Bord Pleanála for a pre-planning consultation last year. The original scheme comprised 889 units and after further consideration, the developers removed eight apartments from the original proposal. The scheme is to also include 10 retail units, a retail foodstore, four cafe/restaurants and a creche. The developers are also proposing 681 car-parking spaces and 3,087 bicycle spaces. An environmental impact statement (EIS) is also to be lodged with the plans. The Irish Times, 4th April
SHD Applications, North Dublin Plans are to be lodged to An Bord Pleanála for two SHD schemes in north Dublin. Jacko Investments is to seek planning permission at The Lord Mayor’s Public House, Main Street, Swords for the demolition of the existing three-storey pub, restaurant and off-licence and construction of 146 apartments made up of 69 one-bed units, 68 two-bedroom units and nine three-bed units. The scheme is to comprise of four blocks ranging in height from four to six storeys. Previously, the appeals board rejected a 172-unit apartment development for the same site in 2020. The Irish Times, 4th April
Whitehall, Dublin 9 Eastwise Construction Swords Ltd is to lodge a SHD application for 472 units for Hartfield Place in Whitehall, Dublin 9. The scheme is made up of seven apartment blocks rising to eight storeys in height. The 472 units are made up of 32 studios, 198 one-bed, 233 two-bed and nine three-bed apartments. The appeals board has a target of making decisions on SHD within 16 weeks though it can also defer making decisions beyond that time-frame. The Irish Times, 4th April
Blackrock, South Dublin Bartra is planning a five-storey, 39-unit, BTR apartment scheme for Blackrock in south Dublin aimed at older people. In the plans lodged for Woodlands Park with Dún Laoghaire Rathdown County Council, a planning consultant for Bartra Property Ltd said the concept was “to provide high-quality, specialist, age-appropriate housing for older people close to their existing communities, promoting vibrant retirement communities where people can enjoy a healthier and more active retirement”. The scheme comprises 35 one-bedroom units and four two-bedroom units. The council is due to make a decision on the proposed Blackrock scheme in May. The Irish Times, 4th April
Co Meath and Co Westmeath A fully equipped 139-acre dairy farm spanning Meath and Westmeath comes to auction with a guide of €1.25m. The non-residential holding is in three sections, divided by the river and a public road. Parcels of 70-acre and 33-acre are in Milltown, Co Meath, separated by the road. A 36-acre piece is across the river at Killua in Westmeath, connected to the rest of the holding by a private bridge. The property is 1.5km from Kilskyre, 2.5km from Clonmellon and 10km from Kells. The property will be sold as an entire or in lots, all with road and river frontage: the 70-acre, which includes the farm buildings; the 33-acre in spring barley; and the 36-acre Westmeath piece, which has cul-de-sac access off the N52 Kells-Clonmellon road. The entitlements with the holding are being retained by the owner. The holding will be sold by auction at The Headfort Arms Hotel, Kells, Co Meath and online via the LSL Auction platform at 3.30pm on Wednesday, May 11. The Irish Independent, 1st April
Investment Activity, Ireland Investment volume in Ireland during the first quarter of 2022 reached €760m, according to the latest data from JLL. The market has been able to weather the economic uncertainty wrought by the pandemic and is expecting c. €1.5bn of assets to enter the market by the second quarter of 2022, while €1.2bn of investments are under offer. The residential sector buoyed the first quarter of investments, dominating with a 50% share, similar to 2021. This was followed by the industrial sector, hitting 25%, and making it the largest first quarter on record for this asset class, having hit €184m in investments. Offices comprised 21% of the market, and retail with 3%. Among the largest industrial and PRS investments during the period were Project Ruby, a €145m student accommodation portfolio in Dublin and Galway. This was followed by a €128m Primark distribution centre deal in County Kildare transacted by both JLL and Savills as joint agents, and a €85m confidential PRS scheme. React News, 4th April
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IFSC, Dublin No. 1 North Wall Quay is being offered to the market by Knight Frank at a guide price of €120m. It currently comprises a six-storey, over-basement office building of c. 230,000 sq. ft. with 139 car-parking spaces. The subject property occupies a two-acre site with 125 metres of river frontage in the city’s north docklands. The site is zoned Objective Z5 under both the current Dublin City Development Plan 2016-2022 and the Draft Dublin City Development Plan 2022-2028. With the proposed changes to car-parking provision in the upcoming Draft Dublin City Council Development Plan 2022-2028, the presence of 139 existing basement car spaces will be seen by the purchaser as a significant asset to the site. Citi intends to remain in occupation of No. 1 North Wall Quay for a period of time post-sale while it completes the purchase and fit-out of its new HQ, and this search has already commenced. The Irish Times, 23rd March
Albert Quay, Cork Progressive Commercial Construction Limited has received planning approval for the demolition of an existing two-storey Carey Tool Hire building and the construction of a €59m office development on Albert Quay in Cork city. The 16-storey development extends to 248,151 sq. ft. and comprises offices, meeting space at level 15, external terraces on four floors of the building and two levels of basement car, bicycle and motorbike parking. There are plans for a ground floor cafe/deli with outdoor seating, the refurbishment and reuse of two protected structures which will be refurbished for office use and as a public bar/restaurant use with outdoor seating. The Business Post, 27th March
Parliament Street, Cork Joint agents Cohalan Downing and Colliers last week confirmed the off-market sale of 32 South Mall in Cork city, for an undisclosed sum. The building had been on the market guiding €13.5m and houses Bank of Ireland’s Munster head office until 2032. Spanning c. 226,909 sq. ft., No. 32 occupies a prime corner position with frontage onto the South Mall and Parliament Street. The entire property is let to the Governor & Company of the Bank of Ireland on a FRI lease that commenced on February 6, 2007 and will expire on February 5, 2032. The current passing rent is €864.88k pa and benefits from five-yearly upward-only rent review provisions. The Business Post, 27th March
Office Portfolio, Dublin Blackstone is closing in on a deal to secure Facebook’s Fibonacci Square and Salesforce’s new Docklands tower from Fortress Investment Group and developer Johnny Ronan in Dublin for c. €1bn, in one of the largest deals in Europe this year. The purchase price equates to a NIY of c. 4%, although the deal has not yet concluded. Fibonacci Square is situated at Merrion Road on part of the former AIB Bank centre in Ballsbridge. In 2018, Facebook signed a 25-year pre-let on the entire 350,000 sq. ft. office block being developed by RGRE as part of its new campus. The asset is valued at c. €450m.
Should the deal with Fortress conclude, Blackstone will own c. 700,000 sq. ft. of Facebook’s 900,000 sq. ft. European campus.
Salesforce’s new tower is located at the North Wall Quay in Dublin 1. RGRE and Colony secured the US giant on a 420,000 sq. ft. pre-let in 2019. The Spencer Place asset is valued at c. €550m-€600m. React News, 28th March
Temple Bar, Dublin 2 The Paramount Hotel is being offered at a new guide price of €20m, or €5m less than the €25m agent CBRE had been seeking when it first put the property up for sale in November 2019. Located in the capital’s Temple Bar district, the Paramount Hotel currently comprises 66 bedrooms, with full planning permission in place to increase this number to 122 bedrooms. The hotel and its bar, the Turk’s Head, occupy a pivotal location on Parliament Street. The Paramount Hotel currently operates from 10 interconnecting prominent buildings with frontage to Parliament Street, together with frontages to Essex Gate and Upper Exchange Street. The Irish Times ,23rd March
Castletownbere, West Cork Situated at the heart of Castletownbere in west Cork, the boutique four-star Beara Hotel is being marketed by Colliers at a guide price of €1.5m. The Beara Hotel briefly includes 16 bedroom suites, six of which have balconies overlooking the harbour, a function room with capacity for 300 attendees, a bar with casual-dining facilities, a library/conference room, fully-fitted commercial kitchens, and a spacious reception area. The hotel underwent a full upgrade in 2016. The works carried out at the time included the refitting of all bathrooms, upgrading of the bars, restaurant and ballroom, and the full equipping of its kitchen facilities. The Irish Times, 23rd March
Smithfield, Dublin 7 TPG, a private equity company, has agreed to buy the Hendrick Smithfield hotel in Dublin for more than €35m. It is the first acquisition of an Irish hotel by TPG. The purchase comes two months after the Hendrick was put on the market by the Dublin Loft Company, a business run by Mark, Andrew and Kelly Cosgrave of the Cosgrave family of builders. The 147-bedroom hotel was built in 2018 and has been operated under a management agreement with Tifco Hotel Group since 2019. The Sunday Times, 27th March
St James Street, Dublin 8 An Bord Pleanála has given the green light to a seven-storey, 148-bedroom budget hotel for St James Street in Dublin. The decision by the appeals board to grant planning permission to James St. Hotel Ltd overturns a decision by Dublin City Council that refused planning permission for the scheme in November 2020. Planning documentation lodged with the application said that the firm’s business model was focused on providing “high quality compact rooms” and an absence of a food and beverage operation “given the abundance of city centre alternatives”. The site already had planning permission for an aparthotel. The Irish Times, 25th March
Airways Industrial Estate, Dublin Three logistics units at Dublin’s Airways Industrial Estate are being offered to the market by JLL at a guide price of €11m. The units are fully let with 62% of the rental income coming from State agencies, namely the Department of Justice and Equality and the Office of Public Works. The third unit is let to FedEx. The sale offers annual rental income of €671.27k from April 2022 along with the added benefit of upwards-only rent reviews that promise a reversionary yield of c. 8.1%. Taken together, the three units extend to 127,000 sq. ft. and a WAULT of c. 2.6 years. The current zoning objective under the Fingal Development Plan 2017-2023 is GE (general employment), which aims to provide opportunities for general enterprise and employment in the area. The Irish Times, 23rd March
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Ballycoolin, Dublin 15 Harvey is guiding €11m for Unit 200 at Northwest Business Park in Ballycoolin, Dublin 15. The subject property briefly comprises two separate warehouse and office buildings, extending to a total area of 70,267 sq. ft. on a self-contained and gated site of 5.34 acres, representing a very low site density of just 30%. Building 1 extends to 58,329 sq. ft. and Building 2 accounts for the remainder of the overall floor area. The sale of the property offers short-term secured income of €600k pa (exclusive) until the end of October 2022 from GLS (not affected). The company has an option to extend its tenancy from November 2022 to the end of January 2023. Should it choose to exercise this option, it must do so prior to May 1st, 2022. In that event, the rent payable steps to €750k pa (exclusive) for the extended period. There are no rights in favour of the tenant to occupy the property after January 2023. The Irish Times, 23rd March
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Blanchardstown, West Dublin Iput Real Estate is closing in on the purchase for more than €50m of a major landholding near Blanchardstown in Dublin. The company’s acquisition of the 118.40 acre Killamonan Business Park will bring its overall holding in the area surrounding the Cherryhound Interchange on the M2 to 182.44 acres. The developer has agreed to pay €15m (43%) above the €35m joint agents Cushman & Wakefield and Savills had been guiding. The holding is currently undeveloped and is mainly in agricultural use. There is an existing dwelling on part of the lands known as Killamonan House and Gardens, which extends to c. 1.5 acres and also formed part of the sale. The Killamonan site is zoned entirely for general employment use under the Fingal County Development Plan 2017-2023. The lands also have the benefit of the Cherryhound Local Area Plan (2017-2022) which provides a framework to facilitate their development. The Irish Times, 24th March
Tolka Industrial Estate, Dublin 11 Dublin City Council has refused planning permission to Bartra to construct 71 apartments and office accommodation at Tolka Industrial Estate, Dublin 11. Earlier this year Bartra Property (Broombridge) Ltd lodged plans with the council for a mixed-use development comprising 79,147 sq. ft. of office accommodation and 71 apartments made up of 24 one-bed units, 40 two-bed and seven three-bed units for the site on Ballyboggan Rd. The scheme is across two blocks with one six-storey block over basement reserved for office accommodation with the residential component occupying a nine-storey block. The application by Bartra was the second attempt by the firm in the past year to develop the site. Last June, Bartra lodged fast-track plans for 142 apartments under the SHD system for the site with An Bord Pleanála. The appeals board refused planning permission in October. Bartra has the option of appealing the most recent decision to An Bord Pleanála. The Irish Times, 28th March
Douglas, Cork Lidl’s €550m Irish expansion plans have received a boost after securing the green light for contentious plans for a new outlet at Douglas outside Cork City. In granting planning permission to Lidl Ireland GmbH for a new store for a site on the Douglas Relief Road roundabout, An Bord Pleanála has overturned a decision by Cork City Council to refuse planning permission for the outlet last August. Tesco Ireland raised concerns over Lidl’s plan when it was before Cork City Council. The four-storey scheme also includes apartments on the top two levels. The Irish Examiner, 22nd March
Tallaght, Dublin 24 Works are expected to commence shortly on the construction of the €10m Tallaght Innovation Centre, which will span 32,290 sq. ft. in a new four-storey building on South Dublin County Council lands adjoining Belgard Square North in Dublin 24. The scheme will accommodate a town hall, reception and café at street level; three levels of flexible office accommodation, bicycle parking, and 11 new car parking spaces. The Business Post, 27th March
East Road, Dublin 1 Development 8, a Dublin-based real estate management and development company, has been given the go ahead for a 106-bedroom hotel in Alexandra Place on East Road in Dublin 1. Permission has also been granted for the refurbishment and extension of the adjoining apartment block, also on East Road with the addition of 58 apartments. The final development will comprise a mix of 131 studio, one, two and three-bedroom apartments. The boutique hotel incorporates a ground floor bar, restaurant and conference suite including external terraced restaurant area. The building spans four stories to its rear and eight to the front. Work is expected to begin on site mid 2023 with an anticipated completion date of the end 2024. The Business Post, 27th March
Donnybrook, Dublin 4 Cairn Homes has revealed details of its fresh proposal to develop the 8.65-acre site at Montrose with 690 apartments (416 BTR, 274 for sale) across 10 blocks up to 16 storeys in height. They also provide for a 202-bedroom hotel and restaurant, creche, artisan food shop and restaurant/café. The development firm bought the large site located off the Stillorgan Road from RTÉ for €107.5m in 2017. An order granting planning permission for the original plans by Cairn Homes to build 614 residential units on the site was quashed by the High Court in March 2021 and An Bord Pleanála consented to the High Court order. Cairn Homes has also sought permission for a change of use of Mount Errol House – a protected structure – from commercial offices and studios to a restaurant and coffee shop. Underground car parks will provide spaces for 453 vehicles with 33 surface car park spaces as well as parking facilities for 1,160 bicycles. Cairn Homes has applied for planning permission for its latest plans under the new system for large scale residential developments. It requires Dublin City Council to issue a ruling on the company’s planning application within eight weeks following which an appeal can be made to An Bord Pleanála which must issue its decision within a 16-week deadline. The Irish Independent, 28th March
Fairview, Dublin 3 Dublin City Council has refused planning permission for a 120-bed student accommodation development for Convent Avenue in Dublin 3. Earlier this year, Kilcarne Estates Ltd lodged plans for the two six-storey apartment blocks to house the accommodation. The scheme consists of 18 student apartments; eight six-bed units, eight seven-bed units and two eight-bed units. The site is currently occupied by a vacant warehouse. The developers have the option of appealing the decision to An Bord Pleanála. The Irish Times, 28th March
Rathmines, Dublin 6 A site with full approval for 26 apartments in Rathmines is being offered to the market by Knight Frank at a guide price of €3m (€115k per unit). The site itself extends to 0.32 acres and is occupied currently by two vacant dwellings. No. 189 has been extended to the rear and divided into five self-contained flats while No. 190 consists of a single residential unit. There is full planning permission in place for the demolition of all existing buildings and the construction of a new three to five-storey apartment building comprising 26 apartments (two studios, 13 one-bed and 11 two-bed units) with communal roof garden amenity space at third-floor level. The subject site falls under the Dublin city development plan 2016-2022 and is zoned Objective Z1: Sustainable Residential Neighbours “To protect, provide and improve residential amenities.” The Irish Times, 23rd March
Kilbarry, Cork Cork County Board is planning to lodge fast-track plans to An Bord Pleanála for 309 residential units on GAA lands in Kilbarry. The Cork County Board completed a nine-week long pre-planning consultation with the appeals board that also involved input from Cork City Council planners. The county board is proposing the construction of 197 houses, 112 apartments, a creche and associated works on land on Old Whitechurch Road in the city. It is now open to the Cork County Board to take into account the views expressed by An Bord Pleanála before lodging an SHD application to the board. The Irish Times, 23rd March
SHD Applications, Cork and Dublin An Bord Pleanála has told Hibernia Star Ltd that its plans for 498 apartments for Jacob’s Island, Ballinure, Mahon, Co Cork require further consideration or amendment.
In a Dublin SHD case, the appeals board has told The Arden Team DAC that their planned 620 residential unit scheme for “The Foothills” in the townlands of Killinarden and Kiltalown, Tallaght, Dublin 24 also requires further consideration or amendment. The Irish Times, 23rd March
SHD Applications, Dublin Steeplefield is to lodge fast-track plans in the coming days for a 633-unit BTR apartment scheme for Walkinstown for four blocks ranging in height from five to 12 storeys on the site of the former Chadwicks Builders Merchants south of Greenhills Road in Dublin 12. The scheme is made up of 292 one-bed, 280 two-bed and 61 three-bed apartments and is to include 10 commercial units and a childcare facility.
In another SHD scheme, Kelland Homes and Durkan Estates Ireland are to lodge plans for 655 residential units at Boherboy, Saggart made up of 257 houses, 152 duplex units and 246 one-, two- and three-bed apartments across nine blocks ranging in height from two to five storeys in height.
Finally, Lioncor Developments firm, Terenure Land Ltd has lodged fast-track plans for 208 units for a site located to the north and east of Ben Dunne’s Carlisle gym at Kimmage Road West in Dublin 12. The scheme is made up of 104 one-bed and 104 two-bed apartments across five blocks up to six storeys in height. The Irish Times, 24th March
Dunshaughlin, Co Meath Works are under way on a €7.5m residential scheme in Co Meath. Entitled Lagore Lawn, the development comprises the construction of 42 residential units in a mix of 16 one-bedroom apartments and 26 two, three and four-bedroom housing units and all associated ancillary site works on Lagore Road in Dunshaughlin. The Business Post, 27th March
Enniscorthy, Co Wexford An application for the €14m Enniscorthy flood defence scheme along the river Slaney has been reportedly rejected by Michael McGrath, the Minister for Public Expenditure, based on the design’s environmental impact. The funding for the scheme remains in place and a proposal with the recommended modifications to meet the environmental criteria can be resubmitted to An Bord Pleanála by the OPW and Wexford County Council. The Business Post, 27th March
Shankill, Co Dublin Developer Joe O’Reilly’s Aeval Unlimited is set to begin works on site building the first 133 houses at Woodbrook in Shankill, Co Dublin, where 685 new homes are planned for the €150m residential scheme on completion. Woodbrook will comprise 207 houses, 430 apartments and 48 duplexes, a crèche, two linear parks which connect the development to Shanganagh Public Park, car parking and bicycle parking. The Business Post, 27th March
Dundrum, Dublin 14 Eircom has lodged a SHD Application with An Bord Pleanála to build 111 apartment units at Sommerville House on Dundrum Road in Dublin 14. The development consists of 54 one-bedroom and 57 two-bedroom units, on a total floor area of 110,760 sq. ft. The Business Post, 27th March
Killarney, Co Kerry Sheahan & Collins Construction Limited has been appointed as the main contractor for a €6.3m residential development on Monsignor O’Flaherty Road in Killarney. Works will begin next month on developer IPH Killarney Holdings’s scheme, which comprises 22 two-bedroom apartments and 11 one-bedroom apartments in a six-storey apartment building and all ancillary site development works. It will have communal bicycle parking, car parking, bin stores and a landscaped courtyard/amenity area. The Business Post, 27th March
Dublin, Ireland Dublin City Council has approved plans for the first phase of construction at the former Irish Glass Bottle site in Poolbeg. A consortium of RGRE, Lioncor Developments and Oaktree Capital Management lodged planning permission for 570 units at the site in July last year, kick-starting the redevelopment of more than 84 acres of land near the city centre. In its decision, the council attached several conditions to the planning permission. Developer Johnny Ronan and Oaktree Capital bought an 80% stake in the lands in 2020 for c. €200m with Nama retaining a 20% stake. The site consists of the 26.4-acre IGB lands, 11.4 acres on the adjoining Fabrizia lands and 45 acres of land owned by Dublin Port. The Business Post, 25th March
Clongriffin, Dublin 13 Sean Mulryan’s Ballymore has beaten rival bidders to buy a 27-acre site with planning permission for more than 1,800 homes in Clongriffin in Dublin. Property sources say the developer has agreed to pay more than €40m – less than the €50m asking price – for the land, which was owned by Gannon Properties. The site comes with planning permission for 1,823 homes, a 209-bedroom hotel and c. 247,570 sq. ft. of commercial space. Nearly 2,000 homes have already been built in the area. An attraction for bidders was the hefty investment that has already gone into road and water infrastructure surrounding the land. The Sunday Times, 27th March
Hibernia Reit has received a takeover offer that values it at more than €1bn from Benedict Real Estate Bidco. Bidco is a subsidiary of one of Canadian giant Brookfield Asset Management’s real estate private funds. Brookfield is one of the world’s largest owners and operators of property with more than €227bn of property assets globally, and an office portfolio of c. 200m sq. ft. worldwide. Bidco is a newly incorporated Irish company established for the purpose of undertaking the acquisition. The offer has been unanimously recommended by the Hibernia Reit board, pursuant to which Bidco will acquire the entire issued and to be issued share capital of Hibernia Reit. Under the terms of the acquisition, Hibernia Reit shareholders would be entitled to receive €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. The company is currently valued at c. €781m in the market. The offer, excluding the dividend, represents a 35.6% premium to Hibernia Reit’s closing price of €1.180 on Thursday. The acquisition, including the dividend, represents a 33.9% premium to Hibernia Reit’s volume weighted average share price of c. €1.221 over the three month period ending on Thursday. The Irish Times, 25th March
Mortgage Rules, Ireland The Central Bank of Ireland told the European Commission that a common EU rulebook could threaten “the effectiveness or legitimacy” of efforts by member states such as Ireland to protect their banks and homeowners from taking on too much debt. The Central Bank is undertaking a review of the mortgage rules it introduced in 2015, which prevent most homeowners from borrowing more than 3.5 times their gross incomes. It urged the commission, however, to ensure that alternative lenders are included in any EU-wide mortgage rulebook in the same way as banks. It said that non-bank lenders’ share of lending had risen from just 1% in 2017 to more than 12% by last year. The Sunday Times, 27th March
MyHome and Daft Quarterly Reports Two quarterly reports, one each from MyHome.ie and Daft.ie, suggest asking prices accelerated again in the first quarter of 2022 as the stock of homes available for sale slumped to a new record low. MyHome said annual asking-price inflation was now running at 12.3%. This put the median or typical asking price for a home nationally at €295k, and at €385k in Dublin. MyHome said the number of available properties for sale on its website fell to a record low of 11,200 in March, down from a pre-pandemic level of 19,000. It said impaired supply and robust demand meant double-digit inflation is likely until at least mid-2022.
Daft, meanwhile, said house asking prices indicated the average listed price nationwide in the first quarter of 2022 was €299.1k, up 8.4% on the same period in 2021 and just 19% below the Celtic Tiger peak, while noting increases remain smaller in urban areas, compared to rural. Just 10,000 homes were listed for sale on its website as of March 1st, an all-time low. The Irish Times, 28th March
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Western Industrial Estate, Dublin 12 Harvey has secured the sale of two older-style industrial facilities, totalling over 37,000 sq. ft., at the Western Industrial Estate in Dublin 12. In the first instance, the former Actavo facility at Knockmitten Lane North secured c. €2.52m, close to 40% over the €1.8m asking price. The sale was concluded by way of best bids with nine parties vying for the asset. The property comprises 18,934 sq. ft. of semi-detached industrial and office space, split between two buildings. The main attractions of the unit were its REGEN zoning and generous site area totalling 1.56 acres, which represents 0.6 of an acre over the standard industrial site coverage. Unit 182/183 Holly Road represented the more typical Western Industrial Estate stock, comprising of a semi-detached industrial and ancillary office unit of 18,180 sq. ft. on a fenced and secure site of 0.8 acres. The property was sold for just shy of its €1.65m asking price. The Irish Times, 16th March
IFSC, Dublin Hibernia REIT is selling the Forum in Dublin’s IFSC in a deal worth €30.8m. The company said it has exchanged contracts to sell the Forum to a company controlled by Spear Street Capital for €30.8m, a price that is in line with the September 2021 carrying value. Built in 2003, the Forum includes 47,000 sq. ft. of office space over two floors, above a four-storey car park with 370 spaces. The vacant offices benefit from the use of 50 car parking spaces, with the remaining 320 used by parking company Park Rite Limited, on a €600k pa lease that expires in mid-2033. The deal is expected to complete in the second quarter of 2022. The Irish Times, 17th March
Tallaght, Dublin 24 CBRE has brought the penthouse floor of 1 Tuansgate in Tallaght in west Dublin to the market to let. The fully fitted office suite extends to c. 5,410 sq. ft. and also boasts over 1,000 sq. ft. of additional basement storage and 24 car parking spaces. 1 Tuansgate is close to the Square Tallaght and is well served by public transport. CBRE is offering the space to the market by way of flexible lease terms with a quoting rent of €18.6 per sq. ft. The Business Post, 20th March
Docklands, Dublin An Post is relocating its headquarters from the General Post Office in Dublin to the Exo, the tallest office building in Ireland, after securing a 15-year leasing agreement with Tristan Capital Partners. In the largest office letting in Ireland this year so far, the state-owned postal service will take 77,300 sq. ft. across five floors at the 17-storey tower in Dublin’s north docklands. The 224,500 sq. ft. property targets the highest sustainability credentials, having already achieved LEED Platinum, NZEB, Wired Platinum and a Building Energy rating of A3. Tristan and its partner SW3 Capital purchased the Exo building, which had been funded by Nama, in late December 2017. The Exo is 70% leased or reserved, with a leading Irish fintech company taking 35,000 sq. ft. on a 15-year lease in a separate deal. Upon completion at the end of March, the overall development will comprise workspace for more than 1,950 people, with a 10,760 sq. ft. roof garden as well as a bar and restaurant. React News, 17th March
Blanchardstown, Dublin 15 Premium fashion group Flannels has signed a deal for its second Dublin store. The luxury retailer is to open for business at the Blanchardstown Centre. Flannels will occupy the ground floor of the former Debenhams unit. At 45,000 sq. ft., the space will be the larger of the two outlets committed to by the retailer in the Irish market to date. Flannels’ premises at the redeveloped Clerys store will extend to 30,000 sq. ft. BNP Paribas Real Estate and Bannon are the joint leasing agents for the Blanchardstown Centre. The Irish Times, 16th March
Greenman European Supermarkets (GES) Greenman, the Irish-based investor in European retail property, has launched GES, an open-ended fund which aims to own €500m worth of property by 2025. It will invest primarily in grocery-anchored EU real estate, logistics and omni-channel grocery distribution assets as well as retail platforms. GES has already collected subscriptions of c. €10m. Its acquisition strategy is targeting primary and secondary sale and lease back transactions. The fund recently made its first investment in a portfolio of six Carrefour supermarkets based in France. Greenman had already built long-term relationships with four of the European Union’s top five retailers: Edeka, Rewe, Aldi and Kaufland. Now with GES, they have gained access to Carrefour, locking in relationships with all the EU’s top five grocers. The Irish Independent, 17th March
Castletownbere, Co Cork Property developer Paddy McKillen Jr has acquired Dunboy Castle, the stalled luxury hotel development in Castletownbere in Co Cork. The purchase has been made by Oakmount, Mr McKillen’s property development company, while his Press Up hospitality group will ultimately operate the resort complex when completed and launched. While no purchase price has been confirmed, Dunboy Castle was on the market for more than €2.5m. The 84-bed, 120,000 sq. ft. castle is located on more than 40 acres of land overlooking Bantry Bay. The new owners said they will bring the historic property to completion and open it as a “destination” hotel and resort, which will include luxury rooms and suites, a spa and swimming pool, gym, and a separate space for weddings and events. The Irish Examiner, 21st March
Castleknock, Dublin A third Belgian nursing home investor has entered the Irish market with the purchase of nursing homes in Dublin and Cork. Care Property Invest has agreed to pay €26.7m for Elm Green Nursing Home, a 120-bed care centre with 27 independent living apartments in Castleknock, Dublin. It comes a month after the completion of its first transaction, the €6.2m purchase of Ballincurrig Care Centre, a 55-bed nursing home in Cork. The French operator DomusVi will run the Dublin nursing home, while Silver Stream Healthcare will operate the Cork property. Care Property Invest joins Aedifica and Cofinimmo as Belgian investors that have entered the market here over the past 15 months. The Sunday Times, 20th March
Finglas, Dublin 11 NAMA has sold 54 apartments in Finglas for c. €14.5m (€269k per apartment) to LRC Group according to market sources. Colliers had offered the portfolio to the market last June on the instruction of receivers BDO. The portfolio consists of 49 two-bedroom apartments – 30 of which are duplex – and five one-bedroom apartments distributed across five blocks at the scheme. Each apartment has at least one parking space at basement level, while 18 apartments have the benefit of two spaces. Currently 26 of the units are fully-occupied at an average monthly rent of €1.2k, which is relatively low when compared to the rents being achieved across the capital at present. The remaining 28 units are vacant and 26 of these can be let at full-market rent as they have not been let previously. Market rents are in the region of €1.7k a month for a two-bed and €1.5k for a one-bed. At the time of the sale Colliers estimated the portfolio will have a market rental value of c. €1.092m once it is fully let. The sale also included an opportunity to provide eight additional apartments, as planning permission has been granted to convert six retail units and a medical unit into five two-bed apartments, two one-bed, and one three-bed. The Irish Times, 16th March
Naas, Co Kildare Coonan Property is guiding €1.5m for a site in Naas Town Centre with full planning permission for the development of 20 residential units. Located on the Limerick Road (R445), the site offers the opportunity to deliver a mix of one-, two- and three-bedroom townhouses and apartments. The approved scheme provides for the demolition of an existing derelict two-storey house and outbuildings, and the construction of 11 three-storey houses, one single-storey house and a four-storey block of eight apartments. The development will also include the provision of 11 car parking spaces and will be offered for sale by public auction in Lawlor’s Hotel, Naas on April 12th. The Irish Times, 16th March
Blackpool, Cork An Bord Pleanála has rejected fast-track plans for a €70m 191-unit BTR apartment scheme for Cork city. Last year, Eichsfeld Ltd lodged plans for the scheme for Distillery Quarter, Blackpool, on the N20 leading out of Cork city. The scheme across three parcels of land comprises five apartment blocks with two reaching to nine storeys in height and is made up of 99 one-bed apartments, 69 two-bed apartments and 23 three-bed apartments. Eichsfeld had proposed to provide 19 units to Cork City Council and had put an indicative price tag of €6.94m on the units. The apartment blocks included two four-storey buildings already in place and the council recommended to the appeals board that planning permission be granted for the proposed developments at Parcel A and Parcel C but to refuse planning permission for the proposed development at Parcel B. Several objections were also received from locals against the scheme. The Irish Times, 15th March
Blackrock, South Co Dublin A Dublin local authority has granted planning permission for a 41-unit apartment scheme for the Frascati Centre in Blackrock, despite local opposition. Last August, IMRF II Frascati Ltd Partnership lodged plans for the 41 apartments as part of Phase Two of the overall development plan for the Frascati Centre on Frascati Road in south Dublin. The 41-unit scheme is comprised of 15 studios, 18 one-bed units and eight two-bed units in a U-shaped residential block, arranged around a central communal courtyard space. Third parties have the option of appealing the grant of permission to An Bord Pleanála. The Irish Times, 16th March
Wetland, Co Kilkenny, An Bord Pleanála has granted planning permission for fast-track plans from Cairn Homes for 183 residential units in Kilkenny city. In the scheme, Cairn Homes is to build 20 four-bedroom homes, 67 three-bed homes and five duplex blocks containing 32 two-bedroom units and 32 three-bedroom units 2km from Kilkenny city. The scheme also includes a block containing 17 one-bedroom units and 15 two-bedroom units at a site in the townland of Wetland, Callan Road, Breagagh Valley, Kilkenny. The Irish Times, 16th March
Bray, Co Wicklow Finnegan Menton has brought a ready to go, mixed-use development site at 22-24 Main Street in Bray, Co Wicklow to market for sale guiding €1.5m. The property, known as Anvil, was a well-known homeware retail store for almost 50 years. The property extends to c. 0.3 acres and has several storage units and outbuildings totalling c. 8,610 sq. ft. at the rear. The site has full planning permission for six large townhouses (ranging in size from c. 1,194-1,313 sq. ft.) with courtyards, terraces and surface parking to the rear of the site. There are nine spacious apartments offering a mix of one, two and three-bedrooms. There is also a ground-floor retail unit of c. 1,010 sq. ft. on Main Street and offices of 750 sq. ft. The Business Post, 20th March
Dartry, Dublin 6 Residents in Dublin 6 have claimed that anti-social behaviour by students living at Trinity College Dublin’s (TCD) student accommodation at Dartry, Dublin 6 would worsen if a new accommodation scheme proceeds. Earlier this year, TCD lodged fast-track plans to An Bord Pleanála for a 358-bed student residential scheme for Trinity Hall in Dartry. TCD currently provides 995 bed spaces at Trinity Hall and planning consultants for the college, Declan Brassil & Company, state that the proposed development would “assist in addressing the current undersupply of student accommodation in Dublin city and reduce pressure on the private rental market”. An Bord Pleanála previously granted TCD the go-ahead for the student accommodation scheme at Trinity Hall in August 2020 despite local residents’ concerns. However, after a local resident challenged the decision in the High Court, the appeals board in February of last year consented to quashing the planning permission and to a costs order in the case. TCD lodged a new application in January and a decision is due in May. The Irish Times, 21st March
Land Dezoning McGarrell Reilly, which has been building homes since the early 1980s, would typically have capacity to build c. 300 homes a year, but in the coming years the firm’s residential activity could come to a standstill due to the scarcity of land. The company currently has a site in Kilcock in Co Meath which been zoned for residential use for c. 20 years and has capacity for 800 to 900 homes. In 2013, Meath County Council set a limit on how many homes could be built in its county development plan, which covered 2013 to 2019. McGarrell Reilly was told it could build the first phase of 350 homes on its Kilcock site, and could deliver the rest after 2019. It commenced work on the first phase of 350 homes, and the units are due to be finished this year. But it cannot proceed to phase two because, in the latest Meath development plan, the lands are no longer zoned for residential development. As part of its new development plan, Meath County Council has dezoned more than 300 hectares of residential lands which have the capacity for over 9,500 homes. The local authority’s decision has been influenced by the National Planning Framework, which aims to promote compact development in urban areas, and prevent urban sprawl by limiting the amount of available residential land in the Dublin commuter belt. Other developers in Ireland are faced with their lands being dezoned or are struggling to find new sites to develop.
Deloitte has estimated that c. 30,304 homes were commenced in 2021, compared to c. 21,000 in 2020 and 26,000 in 2019. More than 81,000 apartments have been granted planning permission in recent years, according to an analysis by EY Economic Advisory. Only one in five of those apartments have been built or commenced. The Business Post, 20th March
Barna, Co Galway The High Court has rejected a challenge to an approved plan for 121 homes in Barna, Co Galway. The challenge was brought by Heather Hill Management Company CLG, which represents residents of the neighbouring Cnoc Fraoigh housing estate. Burkeway Homes Ltd was granted permission by An Bord Pleanála for the development – comprising 52 houses, 69 apartments, a creche and a linear park – on a 13.1-acre site. The park and a creche will be on what is essentially the floodplain of the Trusky East stream. The challenge was against An Bord Pleanála, Ireland, the Attorney General and the Minister for Housing. Burkeway Homes was a notice party. The Irish Times, 21st March
Duleek, Co Meath The High Court has dismissed a judicial review challenge brought by a development company over An Bord Pleanála’s refusal to grant planning permission for 142 homes in Duleek, Co Meath. Manley Construction Ltd had applied directly to the planning board early last year for fast-track approval for a SHD of 82 houses and 60 apartments proposed for a 13.8-acre site off the Navan Road. The board refused permission citing a contravention of the Meath County Development Plan in relation to the zoning of the lands. Categorised as “A2 New Residential Phase II”, the site was “not available for residential development” within the life of the 2013-2019 plan. The Irish Times, 21st March
Burlington Real Estate Gresham House has bought Irish commercial property manager Burlington Real Estate for an initial consideration of €1.8m. Burlington has been in partnership with Gresham for five years as an adviser on its property fund. It manages or advises on assets of €340m. In addition to the €1.8m initial consideration, the sellers have agreed to subscribe to new shares in Gresham. The Burlington team will be integrated into Gresham over the coming months. React News, 16th March
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