Dublin Landings, Dublin 1 Having sold for €106.5m in 2018, No 2 Dublin Landings, which is let to We Work, looks set to change hands for approx. €50m, representing a 53% fall in value of the 100,546 sq. ft office building. The amount being paid by German investor MEAG is also some €10m less than the €60m which had been sought by Savills on behalf of receivers Deloitte. The €50m sale price also falls short of the €60m plus loan the German bank Helaba extended to the building’s outgoing owners, South Korean real estate investment trust JR AMC and Hana Financial Investment. The €50m figure pales even further in comparison to the €140m valuation which was mooted when JR AMC and Hana weighed the sale of the property in 2022. The Irish Times, 27th February
Merrion Square, Dublin 2 Cushman & Wakefield is guiding €10m for the Merrion Square Collection, a development opportunity which comprises several properties extending across a total area of 18,634 sq. ft and sits on a 0.4 acre site. The properties in question are 54 Merrion Square, Clifton House, Clifton Hall, Clifton Mews, the car park at Clifton House and a portion of the rear yard of 55 Merrion Square. The subject property is in use as a serviced office and the scheme is 70% occupied, with a total rent roll of approx. €404,000. The subject site has dual frontage on to Merrion Square and Fitzwilliam Street Lower. The Irish Times, 26th February
Capel Street, Dublin 1 89-94 Capel Street is being offered to the market by Savills guiding €6.5m (9.93% NIY). The five-storey office building extends to 25,073 sq. ft. Close to its junction with North King Street, and adjacent of the Technological University Dublin Bolton Street campus, the property is approx. 84% let to the OPW with the remaining income generated by Autoaddress. The property is producing a total rent of €709,550 pa, with a weighted average unexpired lease term of about 1.9 years to the nearest break option. The Irish Times, 26th February
Green Street, Dublin 1 Savills are also selling 16-22 Green Street, a 29,897 sq. ft office building guiding €7m. State-backed entities occupy the majority of the assets through the IHREC and St Michael’s House. The property is producing a current gross rent of €426,951 yearly and this figure is expected to increase in May to approx. €479,950 a year following the index-linked rent review of the IHREC premises. In addition, a vendor underwrite on the available office spaces amounting to €135,000 a year ensures an overall rent roll of approx. €614,950 annually. The property has a weighted average unexpired lease term of 5.6 years to the nearest breaks. The guide price of €7m reflects a NIY of 8% and a capital value of just €234 per sq. ft. The Irish Times, 26th February
Leopardstown QRE and BNP Paribas are quoting a rent of €26 psf for the offices at Five South County. The campus is a well-established business location and is home to other employers including Microsoft, SSE Airtricity, ICON, Fannin Healthcare and Accenture. The accommodation, which has recently been refurbished and is distributed over the ground, first and second floors, ranges from 2,500 sq. ft to 6,500 sq. ft. The Irish Times, 26th February
St. Stephens Green Vodafone is eyeing up a move to 70 St Stephen’s Green, a six-storey office block currently leased to the pharmaceutical company Horizon Therapeutics. The telecoms giant is in the market for between 48,000 sq. ft and 70,000 sq. ft of office space as it considers a move from its headquarters in Leopardstown. Sources say it has identified No. 70, formerly Hainault House, as a likely contender. The office has been let to Horizon Therapeutics on a 20-year lease since 2021. However, it is understood it has been quietly put out to the market as a sublease. The Sunday Times, 2nd March
Camden Yard is being readied for the market after the receivers appointed CBRE to sell the site. Grant Thornton asked four property agents — Eastdil, CBRE, JLL and Savills — to pitch for the business and each valued the Kevin Street scheme at about €80m. Camden Yard was put into receivership in December after the alternative lender BentallGreenOak appointed Grant Thornton as receivers. The developer Westridge Real Estate paid €145m on behalf of US and Canadian investors for the site in 2019. Approx. €65m was spent on site excavation and construction. The developer had planned to build offices, apartments and retail and restaurant units. The Sunday Times, 2nd March
Arran Quay, Dublin 1 Deka Immobilien is paying €86m for the new Ruby Molly Hotel. Developed by its seller, the ESR Group, and completed in April 2024, the hotel comprises 272 rooms along with a restaurant and one retail unit and is located at the junction of Arran Street East and Little Mary Street. The hotel is operated by Ruby Hospitality Ireland Ltd, a subsidiary of Munich-based Ruby GmbH. Deka already owns a number of other well-known Dublin hotels including the Clayton Hotel Burlington Road, The Marker, The Gibson Hotel and the recently developed Premier Inn at Newmarket Yards. The Irish Times, 26th February
Sutton, Dublin 13 Hotels Properties Limited has completed the purchase of the 48 guestroom Marine Hotel in Sutton from the Ryan family. The sale attracted numerous bids from domestic and international hotel groups, but the purchaser secured the deal with a bid for more than the €10m guide price which had been quoted by JLL. Hotels Properties is a group of companies owned by Sheila O’Riordan, and it operates 17 hotels and guesthouses. The Irish Independent, 27th February
Cork City A major Cork city complex, fronted by The Flying Enterprise bar, has been put up for sale for €5.3m through Cohalan Downing and Lisney’s. The mix includes the rebuilt four-storey Flying Enterprise bar (named by previous owners after a famous 1952 shipwreck), a first-floor restaurant, five overhead apartments, the Courtyard deck area and the enclosed indoor/outdoor entertainment space, called the Quarter Deck, capable of holding 700. The Examiner, 3rd March
Glass Bottle Site, Dublin Pembroke Beach DAC is to lodge plans in the coming days for a 20-storey tower to house a 228-bedroom hotel at the former Irish Glass Bottle site in Dublin’s docklands area. A published statutory planning notice said that Pembroke Beach DAC was seeking planning permission from DCC for the hotel scheme on the 37-acre site. The notice said that the scheme would have a 20-storey “landmark” tower with a setback storey at the 16th floor level. It would also have two basement levels and include a bar, restaurant and ancillary spaces. Pembroke Beach DAC is a joint venture made up of Ronan Group Real Estate, Oaktree Capital and home builder Lioncor. Currently the consortium is progressing with the first phase of the redevelopment of the site with 894 units under construction. The Irish Times, 3rd March
Dublin and Galway JLL, on behalf of receivers Interpath Advisory, have five investments for sale in individual lots across Dublin’s traditional central business district and at Galway’s Ballybrit Business Park. The properties, which range in value from €1.6 m to €2.5m, carry an overall guide of €8.45m. The three Dublin properties are 58 Northumberland Road (€2.45m), 60 Baggot Street Lower (€1.9m) and 63 Baggot Street Lower (€1.6m). The two Galway properties, blocks four and nine, are available in one or more lots at an overall guide price of €2.5m. The Irish Times, 26th February
Burgh Quay, Dublin 2 Maguire Chartered Surveyors is guiding €100,000 for annual rent or €1m for a sale of Foster House, which benefits from dual aspect as it is located on the corner of Burgh Quay and Hawkins Street. With views overlooking the River Liffey, O’Connell Bridge and Rosie Hackett Bridge, the four-storey over-basement property extends to 3,034 sq. ft. The Irish Independent, 27th February
Newbridge, Co. Kildare Located adjacent to the Keurig Dr Pepper facility and Primark’s all-island distribution hub, the 23.6 acre site comes to the market through agent CBRE with the benefit of full planning permission for a 120,000 sq. ft logistics unit. The site is guiding a price of €8.85m (€375,000 an acre). The site is zoned and serviced and is readily accessible from the M7 motorway. The Irish Times, 26th February
South Anne Street Bannon is guiding a price of €1.6m for No 2 South Anne Street, a prime retail investment located just one building from Grafton Street. The property comes up for sale with the benefit of a 10-year lease to jewellery and lifestyle brand, Astrid & Miyu. The lease commenced on 31 July 2023 and generates an annual rental income of €100,000. Should a sale of the building proceed at €1.6m, the purchaser would be in line for a yield of just under 6%. 2 South Anne Street extends to 2,211 sq. ft of space distributed across five floors. The Irish Times, 26th February
North Wall Quay RGRE has secured planning permission from DCC for the construction of the capital’s tallest residential building at its Waterfront South Central scheme in the city’s north docklands. Rising to 274 ft, the landmark 25-storey block is to form the centrepiece of the mixed-use development and is to sit alongside the new nine-storey European headquarter offices that RGRE is building for global banking giant Citi at North Wall Quay. The permission allows for the construction of 550 high-end apartments across three blocks – of eight, 12 and 25 storeys. The 25-storey building will, apart from its residential accommodation, include two floors of public space featuring a restaurant and viewing terrace at the top of the building with panoramic views of Dublin Bay, the Liffey and the Wicklow Mountains. The Irish Times, 26th February
Goatstown, Dublin 14 DLRCC has given the green light for a €75m 150-unit scheme for Mount Anville Road in Goatstown despite local opposition. The scheme by Knockrabo Investments DAC for the 138 apartments and 12 houses also includes one apartment block eight storeys in height. The developers initially proposed 158 units but the council ordered the omission of a five-storey apartment block comprising eight apartments. As part of its Part V social housing obligations, Knockrabo put a €7.37m price tag on the sale of 15 units to the council. The Irish Times, 25th February
Waterford City A major residential development site with full planning permission for 292 new homes at Greenway Park has come to the market with Savills guiding a price of more than €6.75m. This shovel-ready site extends to 17.35 acres and the approved development would consist of a mix of six four-bed houses and 160 three-bed houses. In addition, the plans permit four three-storey apartment blocks with 60 two-bedroom duplex units and a five-storey apartment block containing 34 one-beds and 32 two-bed age-friendly apartments. The Irish Independent, 27th February
Northern Cross An Bord Pleanála has refused planning permission for 176 apartments in north Dublin as the scheme did not provide 5% or more of space for community, arts and culture spaces. The appeals board has refused planning permission to Walls Construction Ltd to demolish its Rosemount House HQ, Northern Cross, Malahide Rd, Dublin 17, and replace it with a €77m nine-storey mixed-use scheme made up of 176 apartments. The scheme consists of 72 one-bed apartment units, 57 two-bed apartments units and 47 three-bed units. The scheme also includes 11,300 sq. ft in office accommodation on the ground floor, which will house the building firm’s new headquarters. The Irish Independent, 28th February
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Dublin 15 Having already secured some 150 occupiers at Blanchardstown Corporate Park, Channor Real Estate Group has commenced construction on a new 30,177 sq. ft facility. Upon completion, Unit 271 will comprise warehouse space of 23,754 sq. ft and 6,423 sq. ft of grade-A two-storey offices and staff facilities. The property is being made available under the terms of a new, long-term lease through joint agents CBRE and Harvey at an annual rent of €450,000 (exclusive). The Irish Times, 18th February
Co. Monaghan A consortium of investors, led by the McGettigan family, has acquired the former four-star Nuremore Hotel & Country Club in Carrickmacross. The Irish Times understands the new owners secured the property for around the €6m price which had been guided by agent CBRE on behalf of Declan De Lacy, liquidator of Nubility Capital. The hotel and golf resort will now undergo a refurbishment. The hotel comprises 70 bedrooms with facilities that include a restaurant, bar, leisure centre and a large function room. The hotel sits on 160 acres of parkland with a championship golf course as its centrepiece. The Irish Times, 18th February
Kilkenny An Bord Pleanála has given the green light for the construction of a new 136-bedroom hotel in Kilkenny City. The hotel, by Salway Limited, will be located on lands adjacent to the Hebron Road/N10 in Blanchfieldsland in Kilkenny City. The development will comprise of a hotel, leisure and conference complex incorporating the refurbishment and change of use of Hebron House into a hotel reception with meeting rooms and offices, the development of hotel parkland and the construction of an access road off the N10. The Irish Independent, 21st February
Dublin 2 Michael Wright has applied for planning permission to open a gastropub at the site of the former Dylan McGrath restaurant Rustic Stone. The building on the corner of South Great Georges St and Exchequer St is a protected structure and has been vacant since liquidators were appointed to the McGrath restaurant late last year. Wright’s firm Mink Fusion has applied for permission for a change of use of the building from a licensed restaurant to a gastropub, as well as permission to carry out internal alterations. The Business Post, 18th February
Crowe Report National hotel occupancy decreased by 0.5% in 2024 to 79.5%. However, the Average Daily Rate (ADR) rose by 1.2%, with significant gains in the Galway (+4.1%) and Limerick (+2.7%) markets. As a result, national RevPAR increased by 0.5% yoy. In Dublin, occupancy for 2024 increased by 0.3% to 82.3%. ADR for the year fell by 2.6% (to €175) compared to 2023. Consequently, RevPAR decreased by 2.2% year-on-year. Cork’s 2024 performance saw a decline of 2.1% in occupancy compared with 2023, and a decline of 1.0% in ADR. RevPAR fell to €119, a 3.5% yoy decrease. This decline is partly attributed to the impact of new supply in the Cork city market, which saw the opening of two new hotels during 2024. Crowe Market Update, 20th February
IHF Report The Irish Hotels Federation has said advance bookings are down, approx. 2% and worth about €100m, in 2025 compared with this time last year. 2025 would be the second year in a row that business sentiment among hoteliers was down, with just 37% reporting a positive outlook for trading conditions over the next 12 months. This contrasts with 47% who reported a positive outlook this time last year and 74% the previous year. The research conducted among the federation members showed average national hotel room occupancy stood at 74% in 2024, down 2% on 2023. While the domestic market and North America are holding up so far, hoteliers are reporting a net drop in bookings from Britain, Northern Ireland and the rest of Europe. The Irish Times, 24th February
Sandyford Office space is available to rent at €25 psf in Heron House, Sandyford Business District through Maguire Chartered Surveyors. The owners may also consider a sale, though no price was quoted. Heron House extends to a total of 18,584 sq. ft over three storeys, but smaller businesses can also avail of smaller amounts of floor space, starting with from 7,000 sq. ft. In addition, there are up to 50 surface car spaces available. It occupies a high-profile corner site of 0.75 acres, on the corner of Corrig Road and Blackthorn Road. The Irish Independent, 19th February
Cork City The Director of Public Prosecutions is to open a regional office at Navigation Square, in its first move out of Dublin since it was established 50 years ago. The Irish Examiner understands that the State prosecution service is to lease 9,000 sq. ft at the O’Callaghan Properties developed Navigation Square 1 which the developer sold to French investors Corum XL for €60m in 2021. The Examiner, 21st February
Medical Portfolio Colliers is guiding €5m for a long-income medical-use portfolio. The investment, which is being offered for sale in one or more lots, offers the prospective buyer the opportunity to secure a Net Initial Yield (NIY) of 6.5%. The portfolio comprises four assets across Lucan, Co Dublin, Maynooth, Co Kildare and Ennis, Co Clare. All four properties are fully occupied by a mix of tenants, including Centric Health, the OPW and Claremed Pharmacy. The Irish Times, 18th February
New Look Fashion retailer New Look is to exit Ireland with the High Court approving the appointment of Shane McCarthy and Cormac O’Connor of KPMG Ireland as provisional liquidators. New Look employs a total of 347 staff across its 26-store network in the Republic of Ireland. A majority of its stores are of small to medium size, employing an average of 12-13 staff per store. New Look first entered the Irish market in 2003. Rte.ie, 19th February
Quiz has also shut 23 stores in the UK and Ireland after falling into administration, putting around 200 jobs at risk. It said that its Irish stores in Athlone, Tallaght and Newbridge would close, while stores in Derry and Enniskillen will also shut. Last month, the company said it was searching for emergency funding. Quiz confirmed that it hired insolvency practitioner Teneo as administrator to Zandra, its subsidiary business which runs its shops in the UK and Ireland. Rte.ie, 19th February
Normal Danish retailer Normal, which specialises in branded toiletries, is planning a move into the Irish market. Normal was founded in 2013 and is controlled by Danish billionaire Anders Holch Povlsen, who also owns chains Vero Moda and Jack & Jones. Normal currently has about 900 stores across Europe. It has added about 600 stores to its network in the past five years. It generated revenue of €1.6bn in the financial year to the end of last July and made a €91m profit after tax. The Irish Independent, 21st February
Victorian Market The €26m redevelopment of Dublin’s Victorian fruit and vegetable market is finally getting under way, six years after it was closed by Dublin City Council. Construction and conservation work at the 127-year-old market building close to Capel Street is scheduled to begin by June with a new retail and restaurant complex, housing at least 80 stalls. Completion is expected in the third quarter of 2027 at a cost of €26.4m. An operator to manage the new market will be appointed before this date, the council said. The Irish Times, 25th February
Cork Docklands Glenveagh Properties has completed a deal worth €150m to deliver 337 homes in Cork’s Docklands for the Land Development Agency (LDA). The transaction follows the LDA’s appointment of Glenveagh to a Framework Panel last September. Under the terms of the transaction, the LDA has bought the homes through a “forward funding” mechanism and construction has already commenced. Glenveagh has planning permission at the site for an additional 176 units, bringing the total available homes to 1,178. The Examiner, 24th February
Dublin 11 91.4 acres, located near Charlestown Shopping Centre on St Margaret’s Road, has been sold to three separate buyers for a combined total in the region of €34m. The site was first brought to market in 2022 at a guide price of €34m. Sandymark, the commercial property group, paid approx. €14m for 57 acres of the portfolio. Last week, the Central Bank of Ireland confirmed it bought 29.5 acres to develop a new cash centre. The Business Post understands a similar fee of close to €14m was paid by the state body for the site. The third buyer was an individual, who acquired the remaining 4.9 acres. The Business Post, 18th February
Hooke & MacDonald Report For the first time in a decade, there were no newly built private homes sold to, or funded by, institutional investors for the private rental market in 2024. Where 9,031 apartments were built in Dublin in 2023, this figure fell by 27% to 6,608 in 2024. Most of these units were built for the public sector or the traditional build-to-sell (owner-occupier) market, highlighting what the report’s authors describe as the deepening supply crisis. Having accounted for between 40%-51% of all investment from 2019 to 2023, transactions in the multifamily/PRS market in 2024 amounted to approx. €230m, or just 9.7% of the €2.4bn spent across all asset classes last year. The largest multifamily investment in 2024 saw €66m paid for an existing, stabilised portfolio of 136 units in Malahide at a NIY of approx. 5.2%. The Irish Times, 18th February
Planning rules on cabins and modular homes in back gardens could be relaxed as part of Government efforts to tackle housing supply issues. Under current regulations, extensions of up to 430 sq. ft to a home can be built without planning permission, whereas habitable structures of this size must have approval if they are not attached to the home itself. Under a proposal being developed in the Department of Housing, planning exemptions are being considered which would exempt free-standing modular or cabin-style homes from planning permission. The Irish Times, 18th February
Daft Report Open-market rents across the country are now 43% higher than before the Covid-19 pandemic. The Daft.ie report also found that at the beginning of February, there were fewer than 2,300 homes available to rent across the country. The average open market rent nationwide in Q4 2024 was €1,956 per month. The report said that in Dublin, rents in the final quarter of last year were 4% higher than a year earlier – at €2,481 – while outside the capital, they were 7% higher on average. In Cork and Galway cities, rents rose by 10% during 2024, while in Waterford city, they rose by 7.4%. However, in Limerick, inflation remained very high, with market rents increasing by 19% during 2024. Outside the cities, rents increased 6.2% on average. The Irish Times, 24th February
Zoning Special powers are going to be used to rezone large tracts of land for building houses, with the Government planning to go over the heads of local councillors to identify areas for significant development. The focus will be on the Greater Dublin Area, particularly the north county, with land both adjacent to existing urban centres and standalone greenfield sites. Existing laws, in place for the past 25 years but rarely used, allow a minister to tell a local council what land to rezone in line with national policy goals. Housing Minister James Browne is expected to start making orders to rezone land later this year, using this law, and advice has been sought from the Attorney General’s office. The Irish Independent, 25th February
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Westmoreland Street, Dublin 2 Cushman & Wakefield is guiding €2.3m (7.51% NIY) for 26 Westmoreland Street. The 5,950 sq. ft property comprises a five-storey over-basement Georgian building and is in use as an established restaurant and English language school. The retail unit, which extends to 2,623 sq. ft, is let to The Good World Chinese Restaurant on a 20-year lease from October 2019 at a passing rent of €100,000 pa. The building’s office accommodation extends to 3,326 sq. ft and let to Englishour Language School on a 15-year lease from June 2019, at a passing rent of €90,000 pa. The Irish Times, 12th February
Ballycoolin, Dublin 11 CBRE is guiding €1.35m for Unit 12a, Site 50 at Rosemount Business Park. The 8,774 sq. ft property comes with vacant possession and comprises a modern industrial unit along with two-storey office accommodation within a 0.3-acre secure yard. The scheme is located about a 10-minute drive from junction 6 on the M50 motorway and 16 minutes’ drive from Dublin Airport. The Irish Times, 12th February
Sandyford Business Park, Dublin 18 A private Irish investor stands to secure a net initial yield of 8.76% following their acquisition for €1.71m of an industrial unit. Located just off Burton Hall Road in Sandyford Park, Unit 5 was fully let to Festo Limited on a 35-year full repairing and insuring lease from April 1st, 1992. Extending to approximately 7,667 sq. ft, Unit 5 briefly comprises a mid-terrace office and industrial unit of concrete portal-frame construction. There are two-storey offices to the front of the property and a warehouse to the rear. The Irish Times, 12th February
Aston Quay, Dublin 2 Lisney is guiding €2.5m for Fitzgerald’s Bar on Aston Quay is a traditional Victorian-style bar overlooking O’Connell Bridge. A four-storey over-basement premises, its accommodation extends to approx. 5,500 sq. ft, including a lounge bar and public bar at ground-floor level serviced by kitchen facilities. Its upper floors are currently used as storage and benefit from separate access which could offer an opportunity to derive additional income. The Irish Independent, 13th February
Terenure, Dublin 6 Vaughan’s Eagle House is guiding over €1.5m, also through Lisney. Located in an imposing trading position directly overlooking the Terenure crossroad intersection, it has frontage on to both Terenure Road West and Terenure Road North. Its approx. 4,300 sq. ft of floor area ranges from two to three storeys over basement and is laid out with bar, lounge and dining/function accommodation and stores. The Irish Independent, 13th February
South Mall, Cork Electric, at the Grand Parade end of South Mall, is to re-open following its sale for approx. €2m. The new Cork-based owner is a private client of financial advisory firm MC2. It’s understood the Emporium Bar Group, who have four venues in Cork’s suburbs, will play an active role in managing it. Electric first went on the market in September 2023. The guide price at the time for the 6,000 sq. ft three-storey premises was €2.5m. It had been developed into a bar at an overall cost of €3.3m, including an auction purchase price at €1.65m in 2009, after it was sold off by ACC Bank. The Examiner, 14th February
Hanover Quay, Dublin 2 Plans for a 4-star 35-bedroom hotel and 200 seat entertainment venue at Hanover Quay have been lodged by Misery Hill Entertainment Ltd. The hotel and venue will be housed in a two-storey glass box as part of a design by PRC Architecture & Planning, where the two level glass cube will “oversail” the protected structure at 9 Hanover Quay, which has been the home of Vicar Street owners Harry and Rita Crosbie for the last 30 years. The planning application involves converting the Crosbie home to hospitality and entertainment mixed use. The Irish Times, 17th February
Dalkey Co. Dublin Donegal businessman Paddy Doherty is buying the Queens pub, paying approx. €3.5m for the venue. Doherty already owns the Eagle Pub in the nearby village of Glasthule, which he bought for €4m in April 2024 from the Loyola Group, according to a report in the Irish Times. The Currency, 17th February
Citywest, Co. Dublin Ravelin Properties Reit has signed two new leases at 3022 Lake Drive in Citywest Business Campus, covering a total area of 12,347 sq. ft, which brings the recently refurbished building to full occupancy. Kone Ireland has signed for the first floor, occupying 6,130 sq. ft, under a new 10-year lease with a tenant break option after five years. NeoDyne, having relocated within Citywest, has taken the ground floor, spanning 6,217sq. ft, on similar terms. The property now comprises two floors of Grade A office accommodation and 44 parking spaces. The Irish Times, 12th February
2024 Review Take-up in 2024 fell to just 1.3m sq. ft, the lowest since the series began in 2014. This is largely driven by transactions of modern stock declining by 79% compared to 2023. Comparably, take-up of legacy stock has remained notably consistent over recent years with a three-year average of 787,000 sq. ft. The decrease in modern take-up is driven by a decline in new stock with just 384,00 sq. ft completed across 2024. Looking ahead, 1.7m sq. ft is scheduled to complete across 2025 which would mark a more than four-fold increase on 2024. Additionally, only 28% of this pipeline is currently committed with over 1.2m sq. ft available. Savills Research, 17th February
Dublin 1 Work will begin in the autumn on creating a food hall at the CHQ building in Dublin’s docklands. Final design of the project is underway, and it will go to tender in the second quarter of this year. Up to 20 different food and beverage providers could be part of a first phase. The team at CHQ – which was built in 1820 as a bonded warehouse to store tobacco, tea and spirits – had taken particular inspiration from the Time Out-sponsored market in Lisbon, which attracts between three and four million visitors a year. Approx. 15%-20% of the space could be a traditional food market selling produce, similar to the English Market in Cork. The Sunday Independent, 16th February
Douglas Court, Cork Planners have cleared the way for an expansive health and wellness facility at Douglas Court, which will be developed over 8,000 sq. ft in an upstairs area currently used for storage. It will involve eight units including hair and beauty treatments, fitness classes and other health and wellness practitioners. Work is also underway to upgrade the 900-space carpark and is expected to be completed by April. A high-tech German parking system called Cleverciti, which uses AI technology to detect free parking spaces, will also be installed. The O’Leary family bought the shopping centre for €21.5m in January last year. All but two of the 47 units at the shopping centre are occupied. The Examiner, 15th February
Donnybrook, Dublin 4 Extending to a total area of 0.32 acres, the well-known Circle K petrol station is now being offered to the market by agent JLL for €5.5m. The site’s planning history includes previous approval for a 10-storey residential scheme of 67 units. This planning permission is the subject of an ongoing judicial review. Separately, an eight-storey purpose-built student-accommodation project that received planning permission was subsequently overturned by An Bord Pleanála. An additional advantage for buyers is the short-term income stream of €165,000 pa from Circle K, which can help offset holding costs during the planning phase. The Irish Times, 12th February
Maynooth, Co Kildare Knight Frank is guiding €10m for a large and well-located land bank on the outskirts of Maynooth. Extending to a total area of 97 acres, the site sits in proximity to both the M4 motorway and Maynooth train station. The lands, which are in agricultural use at present, are designated as “Strategic Reserve (SR 2) and Agriculture” under the terms of the draft Maynooth & Environs Local Area Plan 2025-2031. The town experienced population growth of 18% between the 2016 and 2022 censuses, with its population estimated at 17,436 in Q1 2023. The Irish Times, 12th February
Parkgate Street Ruirside Developments has secured planning permission for a €124m, 316-unit apartment scheme in two blocks with one rising to 13 storeys at Parkgate Street in Dublin 8. As part of the new plan, Ruirside Developments Ltd has put a price tag of €12.16 million on the sale of 31 apartments to the council for social housing under Part V. The Irish Times, 17th February
Galway Developers Bartra have secured permission for a 131-bedroom nursing home in Galway on the site of the former Warwick nightclub, once host to famous music acts including Sinéad O’Connor, Coldplay, New Order and The Pogues. Galway City Council granted planning for the four-storey development at the O’Connor’s Warwick Hotel site on Upper Salthill Rd that also housed the Oasis nightclub. Both are now demolished. The site has been vacant for a number of years. The Irish Times, 12th February
Kildare Town Coonan Property is guiding €1.4m for a ready-to-go site extending to 2.15 acres on the edge of Kildare town, with full planning permission for 20 houses. Located on Rathbride Road opposite the Cill Dara Golf Club and Kildare Town AFC, the site is about 1km from the train station with its commuter services to Heuston Station in Dublin. Kildare County Council granted planning permission in August 2024 to Glencresent Property Ltd for the development consisting of two detached houses, 10 semi-detached houses and eight terraced houses. The Irish Independent, 13th February
Evara, the property developer formerly known as Quintain Ireland, is gearing up to spend more than €2bn on delivering 7,500 homes over the next five years. The company is also looking to buy land as it plans to spend €300m over the next five years. Evara expected that half of the sites would already have planning permission. Another 40% would be zoned for residential, with the remainder unzoned. Approx 65% of the units that Evara builds will be houses or duplexes, with the bulk of those sold to private buyers. The remaining 35% will be high density apartments, the majority of which will be sold to institutional buyers. The Sunday Times, 16th February
Glenveagh bought close to €130m worth of property assets from Gerry Gannon after the developer exited Nama last year, according to the Business Post. The deal involved the acquisition of several sites on which housing projects are already under construction. Glenveagh also bought several sites with potential for residential development from Gannon’s firm. Under the terms of the deal, Gannon Homes is expected to stay in place as the project manager of the developments already under construction. The land bank acquired by Glenveagh from Gannon Homes has capacity for more than 4,000 homes. The Business Post, 16th February
2024 Review Turnover in the Irish investment market reached just under €2.5bn in 2024 following a surge in investor activity during the final quarter. This represents a 21% increase on the previous year. Retail assets were the key driver of demand during the year accounting for over €1bn of capital spend. Office assets also saw an improvement in transaction activity during the year totalling €489m, although it remained well below the long-term average. In contrast, capital spend in residential assets reached the lowest level since 2015 to reach €231m. Sherry Fitzgerald Report, 17th February
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Broomhill Business Park, Tallaght 52 Broom is being brought to market by Lisney on behalf of receiver Gerard Murphy. The building extends to approx. 50,000 sq. ft and sits on a site of 1.34 acres with 190 car parking spaces. Lisney is seeking offers in the region of €6.5m for the four-storey office property, reflecting a capital value of €130 psf. The property currently generates a passing rent of €273,012 pa. The HSE occupies the third floor on a lease until 2027, while the Road Safety Authority holds part of the ground floor under leases expiring in 2030. The Irish Times, 5th February
Newmarket Square, Dublin 8 RKD Architects is set to join tenants including Fanatics and Infineon Technologies at the 75,000 sq. ft Grade A Eight Building on Newmarket Square. RKD has taken a lease of the third floor which extends to approx. 16,000 sq. ft. The building was acquired by German investor Patrizia for approx. €60m back in 2022. CBRE and Knight Frank are actively marketing the remaining 29,000 sq. ft across three floors, targeting tenants for spaces starting at 3,000 sq. ft, with typical floor plates of approx. 16,000 sq. ft. The Irish Times, 5th February
Kildare Street, Dublin 2 Kennedy Wilson has signed the last tenant for its 65,000 sq. ft office development at 20 Kildare Street, bringing the property to full occupancy. The seven-storey office development has signed up tenants that include Aircastle, Ara Partners, Consello, Davidson Kempner Capital Management, Dentons, Egon Zehnder, and Lanthorn. The long-term leases bring the annual rent roll for the building to approx. €4m pa. The Irish Times, 6th February
Dublin City HWBC warns that Dublin city could see supply constraints for prime space over the next 12 months if the same demand rates were to continue. Multinationals and other corporate tenants will increasingly only take up space in buildings that meet the highest environmental standards, meaning older office stock may be ignored even where it is available. HWBC says the Dublin office market staged a recovery last year with annual take-up reaching 2.15m sq. ft, a 63% increase compared with 2023 figures. The report finds that approximately 1.55m sq. ft of A-rated space is available in Dublin 2 and 4 locations which would equate to less than two years of supply considering the current demand levels. The Irish Independent, 4th February
Church Road, Greystones An AIB branch in Greystones, Co. Wicklow has come to the market seeking €1.2m. The entire property is let to Kavwall Limited, with AIB acting as a guarantor, on a 20-year lease from July 2007. There are 2.41 years of secure income remaining as of February 1st, 2025, and the property has a current passing rent of €149,700 pa. The property, which is brought to market by JLL, comprises 4,647 sq. ft net internal area over two storeys. It features a modern extension and includes three car parking spaces to the rear of the building. The Irish Times, 5th February
101 St Patricks Street, Cork American retail chain Urban Outfitters is set to open its first Cork store, bringing new life to a premises that has lain idle for six years. The 6,000 sq. ft, four-storey, bow-fronted premises, which is located between menswear store Gentleman’s Quarters and Dunnes Stores, had been on the market with letting agents Savills, featuring a rent of €230,000 pa. However, the Irish Examiner understands it was bought from its investor owner by financial advisory firm MC2 on behalf of clients. The sale price is thought to be between €1 – €2m. The Irish Examiner, 5th February
Henry Street Frasers Group is suing the owners of Dublin’s ILAC shopping centre over allegations that a pharmacy exclusivity granted to Boots is being unfairly protected, the High Court has been told. The row centres on a unit within the former Debenhams department store on Henry Street, which Frasers purchased in 2022 for €42m. Frasers is currently re-developing the department store into three retail units and a top floor gym. It negotiated a lease to sublet a unit in the building but alleges the ILAC centre is refusing to consent to a change of use. Frasers said CWire Retail Group, which trades as Chemist Warehouse, wants to occupy the unit under a ten-year lease with an initial rent of €275,000 pa. The Business Post, 10th February
Churchtown, Dublin 14 Churchtown Stores has been launched to the market by agents BDM Property, seeking offers of over €2.8m. The former hardware premises extends to 3,826 sq. ft and comprises a lounge bar with a fully fitted and equipped catering kitchen. To the rear is a contemporary bar/function room and an overflow seating area. On the first floor, an 872 sq. ft own-door office generates €18,000 in rental income pa. The Irish Independent, 6th February
Mercantile Group Trading Pre-tax profits at the operator of Cafe en Seine and The George decreased by 56.5% to €2.07m in 2023. New consolidated accounts for The Mercantile Group show the group sustained the drop in profits as revenues rose by 2% to €35.55m in 2023. The group continued to expand its operations in 2023 including the completion of two ‘strategic property acquisitions’ in Dublin and this outlay along with capital works on the Mercantile Bar and Hotel totalled €12.3m in 2023. The directors state that the works have continued on the development of the Mercantile Bar and Hotel with the hotel set to re-open in 2025. The group also operates The Crafty Fox, Pichet, Opium, NoLIta, Whelan’s and the Railway Bar. The Irish Independent, 6th February
Merrion Square, Dublin 2 No. 77 Merrion Square is being brought to market through Lisney with a guide in excess of €2.475m. The office element of the property is multi-tenanted and fully let, producing €165,680 pa. The property extends to approx. 5,500 sq. ft with seven car park spaces and includes a vacant top floor two-bedroom apartment. There is further potential to increase revenue through the letting of the apartment and fixed rental increases with two office tenants. The asking price represents an immediate net initial yield of 6.1% and a potential reversionary yield of 7.5%, with a capital value of €452 psf. The Business Post, 7th February
Duke Lane, Dublin 2 Agar are bringing to market two adjoining properties situated mid-way between Grafton and Dawson Streets, forming the junction of Duke Lane, Lemon Street and Royal Hibernian Way. The properties are being offered for sale in one, two or three lots by way of tender on Wednesday 5th March. Duke House, formerly the home of the Alias Tom Menswear shop occupies a prime corner pitch and comprises approx. 5,745 sq. ft of retail and office accommodation. 8 Lemon Street comprises a 2-storey retail property, presently let to Paddy Power, of approx. 1,310 sq. ft. Agar Press Release, 4th February
Aston Quay, Dublin 2 In January alone, a further 10 owners of properties in central Dublin notified the local authority of plans to convert a number of offices, guesthouses, student bedspaces and warehouses into housing for people seeking international protection. One property includes a building on Aston Quay, which was previously owned by JD Wetherspoon. The hospitality giant bought the building, which previously housed USIT, the travel agency, for €9m in 2021. It planned to convert the property into a so-called “superpub” venue but met resistance from planners. In July 2024 the property was acquired for an undisclosed sum by Barfel Limited, which is controlled by Graham Barker of Whitefire Offices, the serviced office space provider. The Business Post, 6th February
CBRE 2024 Review Take-up in Dublin in Q4 totalled approx. 478,000 sq. ft, the strongest quarter of 2024, but still over 40% below the long-term quarterly average. Full-year take-up totalled approx. 1.6m sq. ft, just over 50% below the 10-year annual average. There are several mid to large-scale requirements for space in Dublin but the sector could be vulnerable to a slowdown in activity if the global trade environment continues to see volatility. The largest leasing deal of Q4 was Chemist Warehouse signing a lease for approx. 103,700 sq. ft of space at Belgard Road Industrial Estate. At the end of Q4, the vacancy rate at the top I&L parks in Dublin was 2.1%, having decreased from 2.4% in Q3. Q4 investment in the I&L sector was €71m and totalled €258m for the full year 2024. Prime yields are now stable at 5.0%. CBRE Research, 10th February
Newmarket Square, Dublin 8 Strong interest is expected in the upcoming forward purchase sale of 18 Newmarket Square, one of the few build-to-rent developments expected to come to market this year. It is understood the development of over 130 apartments will be brought to the market by CBRE at an asking price of approx. €80m. It is located a 10-minute walk from St Stephen’s Green and amenities are expected to include a co-working lounge, communal rooftop gardens and a landscaped courtyard, as well as approx. 5,400 sq. ft of retail space. The Irish Times, 5th February
Magheramore, Co Wicklow Oakmount’s plans to build a multimillion-euro tourism resort in Wicklow have been refused by An Bord Pleanála. The development proposed would have comprised of a two-storey building, a gym, sauna, cinema and outdoor pool at lower ground level. There were also 48 accommodation pods proposed on the site. It was widely reported that Oakmount paid €700,000 to secure ownership of the wider Magheramore site in an online auction in June 2021. The Irish Times reported in 2023 that while the amount paid represented a significant premium on the €210,000 the property had been guiding in advance of its sale, there was intense competition involving five parties. The Business Post, 7th February
Country Homes Sales A bumper year saw 168 high-end country homes change hands in Ireland in 2024 as demand for prime properties outside the M50 defied expectations of a slowdown in activity. Savills analysed Property Price Index data relating to prime country properties outside the main cities and north Wicklow that sold for more than €1m. The research revealed the total value of sales in this category jumped by 44% to €275m in 2024 from just over €190m the previous year. County Cork was the most popular location for buyers accounting for 31% of total sales by value, or €84m, last year across 35 transactions. The Irish Times, 4th February
Davy Report Ireland will need 93,000 new homes a year until 2031 to bring it close to the European average for per capita housing stock, according to Davy, almost 10% more than the firm estimated last year. Last year, the firm found that 85,000 new homes would be required annually to bring Ireland halfway to the European average, with as many as 122,000 needed to close the gap entirely. A “disappointing” 30,000 completions added to the existing pent-up demand, leading the firm to update its assessment for 2031. An overhaul of rent caps, measures targeting reduced construction costs, and further streamlining of the planning system for critical infrastructure would help drive annual housing output to 75,000 by 2031, according to the report. The Business Post, 5th February
Rent Controls The Government is examining a recommendation in the Housing Commission’s report which backed the introduction of a system called “reference rents”. This would mean limits regarding how much a landlord could charge would be related to factors such as location and size of property. Government sources say that an extension of the rent pressure zones cannot be ruled out. The Coalition is concerned about the housing completion figures published by the Central Statistics Office last month, showing a 24% drop in the completion of apartments in 2024. The Housing Commission report published in July showed that 42% of landlords left the market in the 26 months leading to December 2023. Rte.ie, 10th February
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Temple Bar, Dublin 2 Temple Bar Inn, a 101 guestroom hotel is being brought to the market by JLL, quoting over €50m. The sale includes a separate large ground-floor Tesco retail unit in addition to 7 Westmoreland Street. The property comes to market with full planning permission for the development of an additional 121 guestrooms. The vendors Heights Hospitality previously put the property on the market in 2019 for €45m, but as the Covid-19 pandemic hit soon after, the property was withdrawn from the market. The Irish Times, 29th January
Parnell Street, Dublin 1 Dublin sports bar The Wool Shed has sold for a price understood to be in excess of the guide price of €2.5m. It was acquired by experienced hospitality operators Eoin and Colin Pardy, and Rory Keogh. The trio own and operate The Bad Ass Café in Dublin’s Temple Bar, as well as The Grand Social on Liffey Street. The approx. 8,500 sq. ft two-storey sports-oriented bar comprises three separate bars, one at ground level and two at first-floor level. The Irish Times, 29th January
Dublin Landings, Dublin 1 CBRE is quoting €4.5m for 9 retail units at the Dublin Landings mixed-use development in the city’s north docklands. The retail units extend to a combined floor area of approx. 13,750 sq. ft. Five of the retail units are currently leased producing an annual income of €275k with a WAULT of approx. eight years. The scheme is anchored by Fresh supermarket, while the other tenants are Grindstone Café, Grafton Barber, Dry & Fly and Bakehouse. The Irish Times, 29th January
N1 Road, Tyrone Softdrive, a holding company for Supermac’s, is seeking to open a new €12m Supermac’s Plaza on the N1 road between Aughnacloy and Ballygawley in Tyrone. It will be the firm’s first forecourt operation in Northern Ireland but its second outlet. The current application has put forward a detailed proposal for a petrol filling station, retail unit, food court and drive thru. The development will comprise of a two-storey building that has a floorspace of approx. 10,750 sq. ft and a retail unit of approx. 1,075 sq. ft. The site in question is spread across a 4.5 acre site of land. The Business Post, 30th January
Ely Place, Dublin 2 QRE has successfully closed the sale of 19 Ely Place. It was sold to a domestic purchaser, for just under the guide price of €1.19m. The property, a three-bay, four-storey over-basement, mid-terrace Georgian building, extends to 2,551 sq. ft and had been occupied by a laser and lens eye surgery clinic under a long-term lease. The Business Post, 1st February
Pembroke Road, Dublin 4 A long-income office building is coming to the market through CBRE guiding €16m, reflecting a running yield of 7.8%. 87-89 Pembroke Road is owned by Irish Life Property Fund and extends to approx. 30,000 sq. ft, with 42 car parking spaces. Bank of Ireland occupies the 3,000 sq. ft ground floor bank branch on a 150-year lease from 1968, and the 8,300 sq. ft first-floor office on a 25 year lease, due to expire in 2031. The third floor extends to 7,935 sq. ft and is currently leased to the US embassy until 2033, with a tenant break option in 2031. The remaining accommodation on the part ground floor (736 sq. ft) and second floor (8,413 sq. ft) is currently available to let. The Irish Times, 29th January
Park Place, Dublin 2 Apple has been given an 18-month rent-free period at its Park Place offices in Dublin. The terms of the tech giant’s lease agreement are revealed in recently filed property price register documents. The company signed a ten-year lease with no break clause for the offices at 4 and 5 Park Place. Apple has agreed to pay an annual rent of €2.27m and will occupy floors eight and nine at the scheme. The offices comprise approx. 37,500 sq. ft of floor space, which would accommodate approx. 350 people. Apple agreed to pay for its own fit-out and will also pay a service charge of €385k. The Sunday Times, 2nd February
Ormond Quay Lower, Dublin 1 Xestra Asset Management is seeking expressions of interest for 9 and 10 Ormond Quay Lower and 3-10 Strand Street Great. It is guiding in excess of €12m for the plot, which extends to approx. 0.31 acres and benefits from Z5 City Centre Land Use Zoning under the Dublin City Development Plan 2022–2028. The assets are located beside the Morrison hotel, which was put on the market for between €90m-€95m last week. Number 9 was most recently used as office accommodation, while number 10 functioned as a high-end private event venue. The Irish Times, 29th January
Cabinteely, Dublin 18 QRE is launching a mixed-use investment opportunity at 35/35A Johnstown Road and guiding €1.25m for the investment, which equates to a net initial yield of 6.5%. The investment is anchored by Centra on a long-term lease, which is currently paying €54k pa with the next rent review in March 2027. Upstairs the property is occupied by MF Properties/Castlepark, which is signing a new 10-year lease with a break at year five for approx. €24k pa. The remaining office suite is occupied by Johnstown Therapy Centre, which has been in occupation for over eight years at a current passing rent of €11.5k pa. Total income equates to approx. €89k pa. The Business Post, 1st February
Carrigtohill, Cork GE Healthcare, the health division of US giant General Electric, has said that it plans to invest €132m in a new facility at its Irish base in Cork. The approx. 32,300 sq. ft facility will see the expansion of its contrast media production and will enable the firm to produce 25m additional patient doses pa upon completion in 2027. The Business Post, 31st January
Swords, Co Dublin TWM is guiding €17m for a portfolio of enterprise units in Swords Enterprise Park. The sale comprises a portfolio of 61 enterprise units, which are a combination of light industrial and workspace/office buildings extending to over 78,000 sq. ft. The units are contained within a larger development of 72 units overall on a site of approx. 6.9 acres. The guide price equates to a net initial yield of 8.1%. The current passing rent of the portfolio is over €1.5m pa, with 95% of the units leased. Tenants include Fingal County Council, Newport Pharmaceuticals and Quay Logistics. The Irish Times, 29th January
Laragh, Co Cork Hodnett Forde is guiding €2.5m for a vacant industrial unit located in the IDA industrial estate in Laragh, 4km west of Bandon. The property extends to 44,000 sq. ft on a 6.1 acre site and comprises 22,000 sq. ft warehouse and 22,000 sq. ft of offices over two floors. The property formerly occupied by French telecoms company Alcatel, has planning permission for conversion to a distillery with visitors’ centre which runs until May 2026. The Irish Examiner, 30th January
Supply Just 116 of the more than 3,700 student accommodation beds the Government has promised in the years since 2022 have so far made it to construction, according to new analysis. Just one student accommodation development – the 116-bed facility in Maynooth, Co Kildare – is currently under construction. Two other developments the Government said it would fund – 405 beds at DCU and another 478 beds at UCD – are now out to tender. But there has been no progress on another 2,500 student beds promised by the Government in their announcements. There are currently 50,000 student beds available in the market but demand in the sector is set to hit 90,000 beds this year, according to new analysis by construction and planning consultancy Mitchell McDermott. It predicts that, in total, just 576 more new student accommodation beds are due to be delivered this year in time for the commencement of 2025/2026 academic year. By 2030, it is expected that there will remain a shortfall of 40,000 beds in the sector. The Sunday Independent, 2nd February
Moygaddy, Co Kildare Glenveagh has acquired land spanning 250 acres on the Kildare-Meath border for €55m. The site was reported to be valued at €40m in 2023 during a court case over plans to develop the site. Based on residential density guidelines, more than 2,000 homes could be built at the site. Glenveagh’s land bank now has capacity for an estimated 20,000 homes. The developer has targeted to deliver between 2,600 and 3,600 units pa through to 2029. The Business Post, 2nd February
Naas Road, Dublin 12, The Land Development Agency (LDA) has bought a site on Dublin’s Naas Road with the potential to deliver over 1,200 cost rental homes. The Agency has reached an agreement with the owners to purchase the approx. 2.5 acre Royal Liver site. It follows an independent valuation process and is part of the LDA’s private land acquisition initiative. The Royal Liver site is located next to the Red Luas line and close to the Grand Canal at the junction of Naas Road and Kylemore Road. There is existing planning permission for housing development on the land, with an initial first phase delivering at least 465 new homes. Rte.ie, 31st January
Bettystown, Co Meath Agents CBRE are quoting in excess of €4m for Bettystown Caravan Park. Unlike many caravan parks which accommodate holiday makers, this is a residential park which generates all-year-round income from renting out its 285 pitches to caravan owners. Although the 11 acre site is surrounded on three sides by residential developments, it is not considered to have development potential in the near future because of the nature of the tenancies with the caravan owners. The Irish Independent, 30th January
Malahide, Co Dublin CBRE has brought to market a 2.66 acre residential development site off Seamount Road with a guide price of €2.95m. The site has planning permission for four three-bedroom terraced houses. The site is approx. 1.2km south of Malahide Main Street and is zoned ‘RS – Residential’. The four planned terraced houses extend to 1,679 sq. ft and are located at the front of the site. The property is being offered to the market in three lots, including Lot 1, which includes the portion of the site with planning in place, extending to approx. 0.47 acres, Lot 2 at the rear of the site, which extends to approx. 2.19 acres; and Lot 3 is the entire. The Business Post, 1st February
Leeson Street, Dublin 2 A high-profile refurbishment or development opportunity, incorporating the former Hourican’s pub, has come to the market through Lisney, quoting €1.25m. The sale comprises three properties and offers an opportunity to renovate the properties or transform the site into a mixed-use development. The sale also includes a derelict site (6 Lower Leeson Street) and a three-storey-over-basement retail and office premises (5 Leeson Street Lower). When combined, the development opportunity extends to a total site area of approx. 0.1 acres. The Irish Times, 29th January
BidX1 February Auction The most valuable lot in the BidX1 February 20th auction is a residential investment portfolio comprising 8 residential units at Long’s Place, Dublin 8 which is guiding €2.25m. The portfolio is fully let to private tenants and generates €214,104 in annual rents which at the guide price would equate to a gross yield of 9.51%. Four vacant apartments at Units 7, 7A, 10 and 10A Simmonscourt, Simmonscourt Road are also among the million euro lots and are guiding €1.9m. These units comprise two ground-floor 2-bedroom apartments ranging in size from 645 sq. ft to 678 sq. ft and two first and second-floor 3-bedroom duplex apartments ranging in size from 1,205 sq. ft to 1,291 sq. ft. The Business Post, 1st February
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Ormond Quay Lower, Dublin 1 The Morrison Hotel has been put up for sale by CBRE for between €90m-€95m. It was regraded to five-star status in 2023 with the hotel trading at more than 90% occupancy. The hotel comprises 157 bedrooms and suites but is expanding. The conversion of the Printworks conference room on the ground floor will provide eight new bedrooms and there will be a further four bedrooms on the fourth floor. The Morrison has three dining outlets: the Morrison Grill; the Halo restaurant; and the Quay 14 cocktail bar. The Irish Times, 22nd January
Kilkenny City An opportunity to develop a large-scale hotel facility in Kilkenny city is being brought to the market for €1.7m. The price reflects a discount, of more than 50%, on the last time the land came to market. Back in April 2023, it was marketed at a guide price of €3.75m. The hotel site, which is located on Wolfe Tone Street and John’s Green, is being offered for sale by joint agents, Savills and BDM. The 0.64-acre site has full planning permission for a 114-bedroom hotel and is just a short walk from Kilkenny Castle and the town’s entertainment district. The Irish Times, 22nd January
Temple Bar, Dublin 2 Lanthorn has purchased The Fleet Hotel on behalf of the TMR Collection. The 104-bed, four-star hotel was recently upgraded, with 11 rooms added to the existing 93 bedrooms, with the on-site bar and restaurant facilities also refurbished. The hotel was put on the market last summer at a guide of €45m. It is understood from property market sources that it was bought for less than the guide price. The TMR Collection includes the five-star Aghadoe Heights in Killarney, the 130-acre Ballymascanlon Hotel and Golf Resort in County Louth and the Connemara Coast Hotel along the Wild Atlantic Way. The Currency, 24th January
Lisney 2024 Review The value of Dublin pubs which changed hands in 2024 increased by over €22m to €69.6m, although the number of sales was unchanged at 20. Four of the sales accounted for 43% of the value. Eight of them sold for below €2m, and seven sold for between €2m and €4m. Attestor Capital continued to set near-record prices as it bought Devitt’s in Camden Street for over €14m, bringing to more than €130m the amount it has spent since 2021 buying Dublin and Cork pubs and hotels. The Business Post, 26th January
Camden Street, Dublin 2 Wetherspoon’s has been accused of trying to turn a “super-pub” into a “mega-pub” by planning to reopen a courtyard at its Keaven’s Port hotel. A Residents Association has told the council that the opening of the courtyard would mean that the super-pub would become a mega-pub “which is totally unsuitable to Camden Street’s scale and character.” Another Residents Association has told the council that the increase in customer numbers is likely to exacerbate issues in relation to public nuisance. Consultants for Wetherspoon contend that a glass screen will result in noise levels being kept within acceptable limits. Wetherspoon closed its beer garden at the venue in April 2022 in response to locals’ noise complaints. The Irish Times, 27th January
Lucan, Co Dublin Dunnes Stores paid €38m for a shopping centre in Lucan, where the anchor tenant is one of its biggest rivals. Cork-headquartered Musgrave runs a SuperValu in the centre, where it also has offices. In April last year, it signed a 20-year lease at an annual rent of €1.6m. The sale price is a steep discount on the €43m that Savills Investment Management paid for the centre on behalf of its European retail fund in 2017. The shopping centre has 24 outlets in total, including a McDonald’s, Starbucks and O’Brien’s wine shop. It opened in 1991, and the SuperValu store represents 60% of the centre’s present €2.7m rent roll. The Irish Times, 26th January
Dooradoyle, Limerick Colliers has completed the sale of Bank of Ireland on St Nessans Road for €1.9m. The sale achieved €200k above its €1.7m guide price, reflecting a net initial yield of 5.78%. The modern, single storey detached property comprises 3,625 sq. ft, which was extended and fully refurbished in 2014. It comes with 20 surface car parking spaces and sits on a site of approx. 0.34 acres. The Business Post, 24th January
Greystones, Co Wicklow JLL has brought an AIB branch located on Church Road to market for a guide price of €1.2m. Spanning 4,639 sq. ft, the two-storey redbrick building on the main street features a modern extension and includes three car parking spaces at the rear of the building. The entire property is in use as an AIB banking branch and is let to Kaval Limited on a 20-year lease from July 6, 2007, with Allied Irish Banks plc acting as a guarantor. There is 2.41 years of secure income remaining as of February 2025, with a current passing rent of €149k pa. The Business Post, 25th January
64 St Patrick’s Street, Cork Leased for 35 years by CIE who used it as an on-street ticket office before sub-letting it in more recent years, the 861 sq. ft ground floor retail space is available at an annual rent of €75k. This early-year activity on St Patrick’s Street sets the tone for what is predicted to be a busy 12 months on Cork’s main street. Retail giant Penney’s is expected to kick off its long-awaited expansion plan by April. The move will deliver a near 50% expansion of its flagship St Patrick’s Street store. The Irish Examiner, 23rd January
2-5 Warrington Place, Dublin 2 In plans lodged with Dublin City Council (“DCC”) in recent days, the Larry Goodman Trust owned Blackrock UC is seeking planning permission to change the use of an office development to a women’s health centre over four floors. A McGill planning report lodged with the application states that “Its proximity to key institutions such as The National Maternity Hospital, Holles Street and nearby specialised clinics ensures it is well-positioned to complement public healthcare services”. The planning report adds that “where more advanced treatments or invasive surgery are required, these will be referred to Blackrock Clinic and other hospitals”. A decision is due on the application in March. Rte.ie, 21st January
Kevin Street, Dublin 8 The High Court has ordered the winding up of GA Development Fund, an ICAV sub-fund involved in the beleaguered €475m Camden Yard development in Dublin. Myles Kirby has been appointed as liquidator. The move comes just weeks after the senior lender on the project, BentallGreenOak, appointed receivers to the development. The receivership is not impacted by the winding-up order. Bennett Construction, the main contractor, sought the order over outstanding debts (approx. €7.85m) owed to it by the sub-fund. The Currency, 27th January
Blessington, Co Wicklow Unit 1 in Blessington Industrial Estate is being offered for sale with vacant possession and comprises a total of approx. 33,096 sq. ft across three interconnected warehouses. Selling agents Savills are guiding €2.4m (€72.5 psf) for a receivership sale. The buildings boast clear internal heights of 4.1m to 6.5m as well as loading access via four automated roller shutter doors. Situated on a prominent corner site of approx. 1.4 acres, its outdoor area is laid out with 24 parking spaces and two electrical vehicle charging stations. The Irish Independent, 23rd January
James Street, Dublin 8 New Beginning, the debt advisory and housing firm, has paid €54.5m for a block of 111 apartments which Marlet has developed at its Grand Canal Harbour project off James Street. Known as Block 6, the premises has been let to DCC on a 25-year lease at approx. 75% of the market rent prevailing at the time of the deal with DCC. Marlet’s Grand Canal Harbour is a mixed-use development comprising 596 apartments and over 76,000 sq. ft of retail and amenity space. The Irish Independent, 23rd January
Finglas, Dublin 11 A site with planning permission for an apartment lead development in Finglas village has returned to the market guiding €1.3m, reduced from the €1.5m previously sought. The site of the former Drake Inn public bar has permission for a development of 25 apartments (eight 1-beds, 11 2-beds, six 3-beds) with a retail unit and café included. Cushman & Wakefield explains that the change in price reflects a change in the planning permission, as a previously proposed gastropub and basement level accommodation have been omitted. The scheme will extend to six storeys and will also include storage for 78 residential bicycle spaces. The Independent, 23rd January
An Bord Pleanála are facing appeals and judicial reviews for approx. 30,000 units in large-scale housing developments, it has been claimed. The Construction Industry Federation (CIF) estimates that over 16,000 units are subject to objections to the planning authority, and 13,000 are subject to judicial review. CIF director of housing and planning Conor O’Connell said the notion that sufficient numbers of construction workers are not present to build 50,000 housing units pa is “nonsense”, and that the industry doubled its housebuilding capacity from 2016 to 2019 – and then doubled it again from 2019 to 2023. Rather, “by far and away the biggest concern of housebuilders at the moment is the pipeline of work. We have enough for 2025, but we will be very concerned about the pipeline from 2026 onwards”. Mr O’Connell pointed to figures in the first nine months of 2024 indicating that only about 32,000 to 33,000 units will have been given planning permission last year. The Irish Times, 27th January
CIF Submission The CIF also made a detailed submission to the Government-formation talks on how to accelerate housebuilding in the State to meet targets of more than 50,000 units pa. The CIF wants the “headroom” of zoned land to be increased from 25% of estimated need to at least 50%. Currently, if a local authority feels that 1,000 homes are needed, it zones land for 1,250 homes. The CIF wants that increased to 1,500 units. The CIF called in its submission for Uisce Éireann to have ringfenced spending of €500m pa to ensure that more homes can be built. The Irish Times, 27th January
Old Station Road, Cork The Land Development Agency is to ramp up its housing delivery in Cork City with plans to build 140 affordable homes on a site currently used as a carpark by Cork City Council (CCC) workers. The majority of homes will be cost rental apartments with a percentage going to the council for social housing. The agency intends to lodge a planning application later this year with the hope of beginning construction by 2027 and delivering the first homes by 2030. CCC expects to publish the design for the project shortly. The Irish Examiner, 27th January
JLL Market Report Q4 2024 reached €1.3bn of investment across 35 deals. In terms of volumes, this was an upward trend of 88.2% from Q3 and 156.7% from the same period in 2023, being the first quarter to surpass €1bn since Q4 2022. Q4 2024 had the largest single asset sale since 2016, with Blanchardstown Shopping Centre signing at €562m. This renewed focus on retail assets, particularly shopping centres, is primarily attributed to their strong cash-on-cash returns relative to traditional commercial real estate sectors such as offices and logistics. After a challenging 2024, the outlook for 2025 appears more optimistic. JLL Ireland, 22nd January
CBRE Market Outlook 2025 Ireland’s domestic economy will continue to grow in 2025, given its healthy financial profile and employment levels. Ireland has re-elected a broadly centrist government, which will seek to address key issues influencing real estate, from rent regulation to taxation and planning. This will provide more opportunities for investors and developers, particularly in the residential sector this year. Despite inflation in the Euro area and a selloff in the bond markets in early 2025, base interest rates will continue to tick down over the next 12 months. Irish investment spend was 40% below the long-term average in 2024 but will improve in 2025. CBRE Ireland, 23rd January
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Malahide, Co Dublin FBD Hotels and Resorts (FBD H&R) has acquired the Grand Hotel in a deal worth approx. €55m. The Grand Hotel, which has 202 bedrooms, has been in the ownership of the Ryan family since 1974. The agreement, subject to approval by the Competition and Consumer Protection Commission, will see it become the seventh property in FBD H&R’s luxury four-star and four-star superior hotels and resorts portfolio. FBD H&R signalled that it plans to invest in upgrading the Grand Hotel over the coming period. The Business Post, 16th January
Dame Street, Dublin 2 A project to create a rooftop bar at the revamped Central Bank building, which stalled this month, is expected to resume in the coming weeks. Works stalled on the fit-out project due to financial issues that arose at Pure Fitout, the Belfast-based retail and commercial shop fitter, that is the main contractor on the project. Last year, NolaClan agreed a €1.2m annual rent deal to take on the space, which is spread across the top two floors of One Central Plaza. A spokesman for NolaClan, the hospitality group behind 37 Dawson Street and House, has now confirmed that works on the rooftop bar and restaurant will resume next month. The Business Post, 18th January
Santry, Dublin 9 Permission for a 221-bedroom purpose-built student accommodation scheme is being brought to market by Cushman & Wakefield at an asking price of €7.5m. The site comprises 0.57 acres and is on a prime corner pitch at the junction of Santry Avenue and Swords Road, close to Dublin City University. Architect John Fleming designed the scheme, which comprises 221 bedrooms of 151 sq. ft – 269 sq. ft in size, all within a seven-storey structure. On the ground floor there is a reception area, communal lounge/social room, co-working area, a library/meeting room, a games room, a gym, and a cafe. The Irish Times, 15th January
St Stephen’s Green, Dublin 2 Aviva’s Irish Commercial Property Fund sold three prime properties off the corner of Grafton Street and St Stephen’s Green for approx. €10.5m. The purchaser is believed to be the Treacy Group which already owns shopping centres and retail parks in Kildare and Tipperary. The price is understood to be a substantial discount to the €13.5m which had been quoted by Savills. The deal comprises Numbers 1, 3 and 5 St Stephen’s Green, as well as a separate mews building to the rear at 7 Anne’s Lane, comprising 15,758 sq. ft. A feasibility study prepared by SSA Architects for Number 3 and the Anne’s Lane mews demonstrated potential for a development of 11 apartments, including an open courtyard. The Irish Independent, 15th January
Francis Street, Dublin 8 QRE Real Estate Advisers has brought the ground floor and basement levels at 144/145 Francis Street to market for lease with a guide of €45k pa on flexible terms. The property comprises a mid-terraced retail unit extending to approx. 1,180 sq. ft over ground and basement levels. The unit is suitable for a variety of uses, subject to planning permission and has excellent street frontage. The property was previously in use as a tattoo parlour and barber shop and is fitted out to provide for a retail occupier split over ground and first floor. The Business Post, 17th January
Donnybrook House, Dublin 4 The Brazilian Embassy is moving into Donnybrook House this week following a deal brokered by Savills on behalf of Mm Capital. The embassy has signed a 12-year lease and joins other tenants such as Mark Anthony Brands, DRES Properties, Spaces, Logicalis, Quooker, Raw Gyms and Giraffe Creche. Just 4,000 sq. ft remains in Donnybrook House. Savills Press Release, 17th January
Monaghan County Council is seeking approx. €4m for three prime industrial development areas, a short distance east of Monaghan town. The three areas (A, B, C) are being brought to market by Avison Young, and are approx. 16 acres in total (€250k per acre), comprising of area A of 2.4 acres, area B of 6 acres and area C of 7.6 acres. The lands are positioned in an accessible and high-profile location off the N2 at Annahagh Roundabout. The Irish Times, 15th January
North Docklands Yahoo has moved into new offices at the EXO building in the Dublin Docklands. The 35,703 sq. ft space will be used to house staff working in engineering, R&D, legal, finance, sales, operations, customer care and security, the web services company said. Yahoo has been in Ireland for 29 years and its last office move was 10 years ago when it took a nearby unit in the Docklands that could hold up to 450 staff. The Irish Independent, 21st January
Rathnew, Co. Wicklow Permission is being sought for the construction of 99 homes and a créche at Ballybeg on a site zoned residential comprising of 9.85 acres, owned by Rathnew Partnership. The lands, subject of this application, are one of three separate sites which adjoin each other. Separate applications have been submitted in relation to the two other sites. The 99 houses will consist of 18 four-bedroom homes, 55 three-beds and 26 one and two-bedroom homes. The western boundary of the site abuts the N11 motorway, between junctions 16 and 17. The Irish Independent, 17th January
Malahide Road, Dublin 17 Plans are in the pipeline for a €42m apartment development. The application, lodged by Kilbarron ICAV Sub Fund 1, will see the creation of 138 units at site 10 on Mayne River Avenue. The JSA Architects-designed scheme will see a mix of one and two-bedroom apartments across two blocks rising to eleven storeys. A planning decision is expected in late Q1 2025. The Business Post, 18th January
County Roscommon Plans have been submitted to Roscommon County Council for a €25m residential development. The development designed by Turner Design Services, proposes 99 residential units comprising 97 houses and two apartments. The scheme, located in Monksland will see a mix of two, three and four-bedroom units and a crèche facility. A planning decision is expected in late February. The Business Post, 18th January
Ratoath, Co Meath Planning has been approved for a €25m Large Scale Residential Development at Ballybin Road. The planning was for the demolition of two existing houses, and agricultural sheds to allow for the construction of 141 residential units. Designed by John Fleming Architects, the scheme proposes 117 houses and 24 apartments. The Business Post, 18th January
Blarney, Co. Cork Plans for a €50m Large Residential Development at Shean Road in Blarney has been approved by Cork City Council. The project for Clockstrike Limited will see a mix of 130 houses and 116 apartments built over the coming years. The Ringwood LRD scheme will bring housing supply to the Cork town, which will also see the creation of a 61-space childcare facility. The Business Post, 18th January
Oughterard, Co Galway The green light has been given by Galway County Council for a €10m residential development in Oughterard. The project for Solus Holdings ILC and designed by ONOM Architects, will see 35 houses and eight two-bedroom apartments constructed on the Main Street of the Galway village. The Business Post, 18th January
Portmarnock, Co Dublin Works are expected to commence in the coming weeks on the construction of CN1 – CN7 blocks, comprising 107 units, as part of a €51m residential development on Station Road in Portmarnock. The Maynetown Large Residential Development for Quintain will see a total of 195 units delivered over the coming years in a mix of 169 houses and 26 duplexes/apartments. The Business Post, 18th January
2024 Land Sales New data released by CBRE has shown that land sale transactions topped more than €900m in 2024, with €415m worth of land sales recorded in the final 3 months of 2024. The top five deals of the year represented half of the total spend in 2024 and approx. 60% of all land sales were linked to the residential sector. The level of spending on development land was approx. three-times the total spendings recorded in 2023. In Q1 of 2024, just under €50m worth of land sales were recorded in Ireland, with developers feeling uncertain about purchases due to the impact of higher interest rates and building inflation. The Business Post, 14th January
Cost Rental The Minister for Education has confirmed that teachers will have housing reserved for them in cost-rental developments to alleviate recruitment shortages at both primary and secondary school levels. Cost-rental is available for those with a net household income of less than €66k a year in Dublin and €59k elsewhere in the State. It is typically between 20% and 40% below market rent. The high price of rental accommodation for young teachers is one of the factors that has led to acute shortages especially in the greater Dublin area. The Government’s Housing for All plan envisages the building of 18k cost-rental units between now and 2030 though the targets may well be revised given the demand for the scheme. The Irish Times, 18th January
Luas Extension The State agency behind the proposed Finglas Luas extension rejected submissions from Dublin City Council for the tram line to cross the M50 to a park-and-ride facility near Dublin Airport. Transport Infrastructure Ireland (TII), which is developing the 4km extension from Broombridge to Charlestown, also rejected a proposal from the council to have the line link up with the proposed Metrolink near Santry. TII’s preferred route would see the line terminate at Charlestown, east of the junction of the M50 and N2, with a large park-and-ride facility at St Margaret’s Road. A planning application was submitted in November and the line is expected to be built within four years of permission being granted. The Irish Times, 17th January
Carna, Co Galway Plans are to be lodged with An Bord Pleanála for a 450MW wind farm, with 30 turbines more than 304m high. The 30-turbine Sceirde Rocks Offshore Wind Farm by Fuinneamh Sceirde Teoranta (“Fuinneamh”) is to be located 5km to 11.5km off the west coast, with Carna in Galway the nearest settlement. Accounts recently filed by Fuinneamh show the company has already invested €31.7m on project costs in 2023 and 2024 and is to bring investment of up to €70m in local community initiatives. Subject to the 10-year consent being granted, construction is currently expected to begin in 2026, with the first generation of electricity from 2030. The wind farm is to be operational for 38 years. The Irish Times, 16th January
An Bord Pleanála has published its decision record on green energy project applications. The board said it has granted planning permission to approx. two thirds of the 69 wind and solar applications in the last two years. It said it approved 47 wind and solar development applications in 2023 and 2024 and refused permission for 21 proposals. Just one of these refusals was for a solar project while the rest were wind energy developments. The board also partially permitted one other wind energy project. The Irish Times, 17th January
Apollo made a 16% return on €626m worth of commercial loans it acquired in 2017 and which were primarily linked to the Harcourt Group. The loans were bought by Apollo for just €300.2m from NAMA. Apollo used a Luxembourg special purpose vehicle, EPF Acquisitions 65, to acquire them. The loans had been held against a raft of assets, including six Harcourt-controlled shopping centres. The shopping centres were the last remaining significant asset charged to EPF, and these were sold in July 2023. A guide price of €100m had initially been put on the shopping centres. They were sold for a reported €75m. Accounts for the Apollo vehicle in Luxembourg show that at the end of 2023, it had received cash collections of €348m in relation to the loans, with no amounts remaining apparently outstanding at that time. The Irish Independent, 20th January
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Dalkey, Co. Dublin The board of the group of investors who own the famous Queens pub in the coastal village of Dalkey have voted to close the business ahead of its sale. The pub was put on the market for €3.95m last year after it secured planning permission to add a 30-bedroom guesthouse at the back of the venue. The Queens pub was bought by its current owners for €3.5m in 2021 from its previous owners, who paid an estimated €7m for it in 2003. The Currency, 9th January
Tourism Sector Government contracted beds for asylum seekers and refugees has fallen by 15% since last May, according to new figures from Fáilte Ireland. As of last November, there were 65,457 beds under contract which, despite the reduction, is estimated to cost the tourism sector between €400m and €670m in lost revenue. Of contracted beds, 27% (17,632) are now in hospitality accommodation officially registered with Fáilte Ireland. The remaining 73% of facilities are not registered, although approx. half are in facilities considered likely to have been trading within the tourism economy. The Irish Times, 10th January
Dublin City A six-storey building at One Westmoreland Street, that has full planning permission for a 38-bedroom hotel, has been sold by CBRE Ireland to a private buyer. The original guide price was €6m. The property, which has been on the market since 2022, is situated on one of the widest and busiest streets in Dublin city centre and is situated opposite the five-star College Green Hotel. Fexco currently operates a currency exchange at ground floor level in the building. The Irish Times, 13th January
Plassey Innovation Campus, Limerick Fine Grain Property has completed the off-market sale of Hamilton House II for €14m, reflecting a Net Initial Yield of 7.75%. Acquired in 2018, Hamilton House II was fully let at the time of acquisition and has since been transformed through strategic asset management, including re-letting the entire property to H&MV Engineering under a long-term FRI lease. Targeted enhancements and capital investments have upgraded the building to institutional standards, making it an attractive asset for buyers like the investment fund managed by Inter Gestion REIM. Fine Grain Property Press Release, 9th January
CBRE Report Dublin office take-up totalled close to 550,000 sq. ft in Q4, bringing full year take-up to just over 2.26m sq. ft, 12.5% below the 10-year annual average. Annual take-up rose 66% year on year (“YoY”) from 2023, signifying the renewed occupier confidence in the market, particularly for well-located sustainable stock. The largest leasing deal of the year was signed in Q4 by Deloitte at 1 Adelaide Road, a pre-let of approx. 155,000 sq. ft of space. The Dublin office vacancy rate is now 18.6% but given the lower level of construction completions forecast for 2025 and the uptick in leasing activity, vacancy appears to have peaked and will likely decline through 2025. Annual office investment rose 32% in 2024 to €510m (21% of all Irish investment). The largest office investment transaction of the year was the sale of One & Two North Dock for approx. €85m to Starwood Capital Group. CBRE Press Release, 14th January
Marks & Spencer Group said the economic outlook is uncertain after comparable sales for the retailer in the UK and Ireland rose 6.4% in the 13 weeks to December 28th. M&S has invested in larger food stores and a more extensive range of items, helping it gain a bigger share of household spending on groceries. The chain’s clothing division — for many years pilloried for being unfashionable — has also shown continued uplift in demand with comparable sales climbing 1.9% in Q3. The Irish Times, 9th January
Shaws Pre-tax profits at department chain Shaw & Sons declined by 68.5% to €787k as Revenue increased by 2% from €68.8m to €70.5m for year-end January 2024. Numbers employed increased from 686 to 702 as staff costs increased from €17.5m to €18.37m. In the year under review, the company paid a dividend of €225k. The principal activity of the company is the operation of 16 department stores throughout Ireland, though it also operates several investment properties which generates rental income. The Irish Independent, 9th January
Tallaght, Co Dublin Housing association Clúid purchased Airton Plaza, a 328-unit residential development of approx. 270,000 sq. ft, from property investment group ESR Europe for approx. €160m, which it is putting on the market for social housing as well as its biggest cost rental scheme to date. The scheme was developed by Mableground, while Glenbrier Construction was the main contractor. Rent for the 75 one-bed cost rental apartments is €1,400 pm, which represents a saving of 26% on the market rent for a similar apartment in the area. For the 148 two-bed cost rental apartments, rent is €1,715 each pm, a 27% discount on market rents. The seven three-bed cost rental apartments at €1,800 pm offer the greatest discount on market rents, representing a saving of 34%. The Irish Times, 10th January
Dundrum An Bord Pleanála (ABP) refused planning permission for the construction of 881 apartments on the site of a former shopping centre in Dundrum village. Dundrum Retail GP DAC, which is co-owned by Hammerson and Allianz Real Estate, sought an eight-year permission to demolish the existing buildings, and construct apartments, a crèche and a food store. However, ABP stated that the proposed 11 block development “would seriously detract from the architectural character of the area”, particularly against the local conservation area, the Holy Cross Church, and the associated Parochial House. As 95% of the proposed development would be of a residential nature, ABP determined it would be inconsistent with the plan’s aims. The planning application, which was submitted on April 5th, 2022, also included plans for a 60,008 sq. ft communal open space, as well as a 70,913 sq. ft public open space. The Business Post, 7th January.
Wicklow Town Planning permission has been lodged to develop a new 116 room hotel and 107 residential units at the Murrough. The site of the old Veha factory went up for sale in 2022 after the radiator plant closed in 2005 with the loss of 93 jobs. The site has also been designated as part of the Murrough Opportunity Area, a mixed-use urban area extending from the northern boundary to as far as Urban Villas and the village park to the south. East Coast.fm, 9th January
Cork City Apartment Building at Kennedy Quay is due to get underway as part of a €350m docklands transformation plan by O’Callaghan Properties (OCP). While the developer had hoped to begin construction work on the 4.1-acre site in the middle of last year, the timeline has been pushed out. OCP previously partnered with Clúid Housing to deliver 88 apartments at Cork city’s first cost-rental scheme at Lancaster Gate on Lancaster Quay, while directly across the river from Kennedy Quay, the LDA is partnering with BAM/Clarendon Properties at Horgan’s Quay in the construction of a 302-unit apartment scheme. The Irish Examiner, 9th January
Inchicore, Dublin 8 Autofill, an ecommerce fulfilment company, has spoken with the LDA over a site that has the potential for a 167-apartment project in Inchicore. The 1.2-acre industrial property in question is located to the rear of a strategic site earmarked for affordable housing. Under the “City Edge Project,” the LDA has plans to redevelop 69-acres of land owned by Iarnród Eireann, alongside sites belonging to the ESB and the Office of Public Works. The development, which was announced in 2021, is set to make 5,000 affordable homes available to buyers under the government’s ‘Housing for All’ policy. It planned to build a further 5,000 homes on nearby surrounding sites. The Business Post, 13th January
Mortgages The average mortgage loan for a house purchase exceeded €300k for the first time last year, according to the latest quarterly report by property website MyHome.ie. The average residential mortgage loan was approx. €308k in the third quarter, up 7% YoY. In October the average mortgage approval rose to a fresh high of €321k, up 8% YoY, the report noted. In the fourth quarter the median asking price for properties listed on MyHome was €365k, up 8.4% YoY. In Dublin, the figure was €450k, up 5.9% YoY. Irish Times, 9th January
Glenveagh Results Homebuilder Glenveagh Properties said it had completed and sold a total of 2,415 homes in 2024, an increase of 77% on the previous year’s total of 1,363. In a statement, Glenveagh said its revenue rose by 43% to €869m from €608m, while its profit before tax jumped by 106% to €113m from €55m in 2023. The builder said its group forward order book is worth €950m, an increase of 48% on 2023. It added that planning permission has been granted for 2,487 units ensuring that all targeted output for 2025 is fully approved. Rte.ie, 10th January
Cairn Results An increase in the number of affordable homes Cairn produced for State partners led to a decline in average price from €389k in 2023 to €383k last year. However, output rose 29% over the year to 2,243 units. Commencements also ramped up during 2024, with more than 4,100 new homes started, including 19 large-scale developments, compared to 2,162 commencements in the prior year. Revenue was approx. €860m for the 12-month period, up 29% YoY. Operating profit was 32% higher at €160m, beating guidance of €145m. The Irish Times, 14th January 2025
Data Centre operator Equinix has given €33m to landowners as it continues to invest in Ireland despite grid lockouts. The US company operates 260 data centres across more than 30 countries and has assets valued at $108bn. In Ireland it has four co-location data centres and operates two hyperscale data centres around Dublin city. It recently signed a deal with telecommunications company BT to acquire two of these co-location facilities for €59m in a deal that is set to close Q1 of this year. The company has been buying land which was previously leased to Equinix on long-term contracts. The company has paid €20m to Bartra Capital that owned the land BT built its two data centres on. In April 2024, the company purchased land worth €7m that it had leased from a landlord in Kilcarbery, near Profile Park in Clondalkin. The company also paid €6m for a site in Blanchardstown which is adjacent to its current data centres. The Business Post, 8th January
Investment Market Real Estate Investment in Ireland reached €2.4bn in 2024, with retail the standout performer. JLL unveiled new research which found that while the total investment volume last year was up 30% from 2023, the figure is still 42.7% below the ten-year annual average. Retail accounted for approx. half of the market, with €1bn invested across 31 deals. This marks a 142% increase on 2023 and is 43% above the ten-year average. Office was the second largest sector, with investment totalling €508m across 37 deals, 62.3% below the ten-year annual average. The private rental sector was the third largest sector for investment, with €461m invested in 2024. This represents a marginal 6.1% increase YoY but remains 55.3% below the ten-year annual average. The Business Post, 8th January
BNP Paribas Ireland Construction PMI Report The headline seasonally adjusted BNP Index moved back above the 50.0 no-change mark during December, rising to 51.6 from 47.5 in November. The reading signalled an expansion in total activity that was the first for eight months. The increase in total construction activity reflected growth in two of the three monitored categories. Housing continued to lead the way, posting a fourth consecutive monthly expansion. Commercial activity returned to growth for the first time in four months. Meanwhile, civil engineering activity continued to fall. New business increased for the ninth time in the past ten months. BNP Paribas, 13th January
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Dundalk, Co. Louth Pharma giant MSD is buying the three-storey, 167,055 sq. ft vaccines plant, located at Dundalk Science and Technology Park, from Chinese rival Wuxi in a €500m deal. Wuxi invested €200m in 2019 to build the plant, which employs 200 people. MSD says it will add 150 jobs to the plant over the coming year. The plant has been working exclusively with MSD on a 20-year vaccine supply contract since it formally opened. The two companies said the transition is to complete in the first half of 2025. MSD will now have 8 sites in Ireland, employing approx. 3,000 people. The company said it expects to grow job numbers by approx. 1,000 over the next year in the State. The Irish Times, 6th January
Docklands, Dublin 1 Global real estate company Greystar has completed the purchase of Point Campus in Dublin, the largest off-campus student accommodation complex in the country, from global asset manager DWS Group for approx. €150m. The student accommodation centre comprises 966 bed spaces and is fully occupied. Amenities include a gym, cinema, common room and roof terrace. The accommodation will be managed by Canvas, the European student platform operated by Greystar with locations in the UK, France, Netherlands and Spain. Greystar also has schemes at Dublin Landings, Griffith Woods and the newly completed Brickfield Square in Dublin 12. RTE, 20th December
Haddington Road, Dublin 4 Plans to demolish Smyth’s pub and replace it with a pub and apartments is facing opposition. Courtney Lounge Bars Ltd is proposing the demolition of all existing buildings on site at 10 Haddington Rd and the construction of a four-storey and part five-storey mixed-use building comprising a pub at basement and ground floor and six residential units at the upper floors. However, the Pembroke Road Association has told the council that “a local pub can be a wonderful social amenity in a mixed residential area, as Smyth’s has been over the years, but a ‘super’ pub in the same type of area is a problem”. The Irish Times, 6th January
Druid Lane, Co Galway A liquidator has been appointed to the company behind the Michelin-star restaurant Loam and its sister-bakery/wine bar Éan in Galway City. Loam first opened on Fairgreen Road in Galway city in 2014 and received a Michelin star the following year. In November 2020, they opened Éan on Druid Lane. After facing the crosswinds of operating a hospitality business post-pandemic, they decided to close Loam in January 2023. It was the second of Galway’s Michelin-star restaurants to close at the time following the closure of Tartare the previous August. The Business Post, 6th January
Tara Street, Dublin 2 Workday is finalising a lease on its new European headquarters in Dublin. The company selected College Square, a mixed-use development of 540,000 sq. ft of office space located on a corner of Tara Street, Poolbeg Street and Townsend Street, developed by Marlet Property Group. Newly filed accounts show it is to take an €8m hit relating to its decision to ditch plans for a custom-built European headquarters in Grangegorman earlier this year. The company established its European headquarters in Dublin 15 years ago following its acquisition of Irish company Cape Clear Software. The Business Post, 30th December
Docklands, Dublin 1 Kennedy Wilson has made its first office letting at Coopers Cross. The Sunday Times understands that the company has rented two floors to Wells Fargo, the American multinational bank. A filing on the commercial property price register in mid-December shows the fourth and fifth floors in Block 1 of Coopers Cross have been leased at an annual rent of approx. €1.44m. Wells Fargo has been leasing space in a 1990s office block, Harbourmaster Place, at the IFSC. The two floors comprise 25,609 sq. ft and the deal equates to €56 psf. Coopers Cross was jointly developed by Kennedy Wilson and Cain International, who purchased the site in 2018. The mixed-use scheme, which sits on six acres, consists of two office blocks, in addition to apartments and retail spaces. The Sunday Times, 5th January
Cork Market The retail market in Cork has shown significant improvement in the last 5 years according to Savills. Occupancy rates on Patrick Street has increased notably, climbing from 69% in 2020 to nearly 75% approaching 2025. Patrick Street has welcomed an impressive roster of new retailers since 2021, including The North Face, Dune Shoes, Carrolls Gifts, Flannels, JD Sports, Mango, Krispy Kreme, and more recently Austen & Blake and Lovisa. Savills also understand a Spanish brand is reportedly taking a significant 40,000 sq. ft in the former Debenhams store, which will see the occupancy rate go from 75% to almost 95%, which indicates the importance of having this anchor store occupied, in the city’s prime retail street. Opera Lane now has full occupancy for the first time since Q4 2019, with Victoria’s Secret, Bath & Body Works opening last week and Mountain Warehouse due to open early 2025. Typical leases now range from five to ten years, often with break clauses at years three and six. The Irish Examiner, 27th December
Fenian Street, Dublin 2 A firm linked to the O’Callaghan hotel group received permission from Dublin City Council to demolish a range of derelict homes and build 82 apartments across three blocks ranging from eight to ten storeys. The properties cover approx. 0.5-acres. In June 2024 Gold Run Properties Ltd applied for permission to demolish several buildings on Fenian Street, Bass Place and Sandwith Street Upper in Dublin 2. The local homeowners who live in the city centre opposed, saying the project was out of character with the area and heavy machinery used for the construction work could damage their old houses that are in a “fragile” state. The concerns were not upheld by the council. The Business Post, 2nd January
Williamstown Road, Waterford City Liam Neville Developments is seeking permission for the construction of a 3,078 sq. ft two-storey creche, and 95 houses, consisting of 26 three-bed semi-detached homes, 33 three-bed terraced/end of terrace homes, 8 two-bed terraced houses,16 two-bed units and 12 one-bed units. The development will be accessed from the existing Cul Dara access road, and will include public open spaces, car parking of 110 spaces, cycle parking and all associated site works and infrastructure services. The Irish Independent, 2nd January
Nationwide Construction Outlook According to Construction Information Services (CIS), the number of housing construction starts will decline this year and in 2026. CIS said construction of 55,000 new housing units had started by the end of Q3 last year. CIS is also projecting that the number of all construction projects valued below €100m this year in Ireland will halve. It said that investment in new hospitality jumped 240% in the first three quarters of 2024 compared to the corresponding period in 2023 but that the commercial sector faces a 45% decline in investment in respect of 2024. It reckons that Ireland’s civil construction sector will see a 49% fall in investment for 2024. The Irish Independent, 3rd January
Derelict Site Levy An enforcement drive to eradicate derelict sites has seen more than 2,000 statutory notices issued by local authorities to site owners in Dublin, Cork, Galway and Limerick, new figures show. Council officials have ramped up investigations during 2024 and new dedicated derelict sites teams have been established to tackle the problem. Councils have also begun taking a hard line on levies with several councils kicking off new charging regimes since January 1. At least one – Cork City Council (CCC) – has now also begun making legal moves to obtain charges over derelict sites where levies have not been paid. A CCC spokesman said that it “applies a robust approach” to derelict site levies and had collected €517,000 in levies in 2024, three times what it collected in 2023. Local authorities are increasingly hitting owners of derelict sites with a levy of 7% on the market value of the site once it has been placed on its derelict sites register. The Irish Independent, 6th January
Rental Costs According to cost-of-living website Numbeo, Dublin is the 9th most expensive city to live in Europe. The rankings are based on prices of consumer goods like groceries, restaurants, transportation, utilities and rent across 141 cities, and are given an index reading relative to living costs in New York City, driven by rental expenses. Looking only at rent costs Dublin came fourth, behind London, Zurich and Geneva and ahead of Amsterdam and Luxembourg. Average monthly rents in Dublin ranged between €2,294 and €2,704, depending on location in Q3 of 2024, compared to the national average of €1,955. The Irish Times, 6th January
FHS Scheme Overview Only around half of over 6,000 would-be home buyers approved for the First Home Scheme (FHS) have completed a purchase and gotten their keys. The FHS is a shared equity scheme launched in July 2022 to bridge the so called “affordability gap” between the price of new homes and the amount that a typical first-time buyer can borrow. Under the scheme, the State will pay up to 30% of the market value of a home in return for a stake in the ownership of the property. Over 3,000 homes have been bought and 6,047 first-time buyers have been approved under the FHS since its launch in 2022. Since its introduction, 13,587 potential buyers have registered their interest. Of those approved, 74% are based in Dublin, Cork, Kildare, Meath and Wicklow. The Irish Independent, 5th January
Year In Review In last year’s Sunday Times Property Price Guide, most of the Dublin estate agents surveyed predicted price increases of 2-3% for 2024. One year on, the actual hikes they’ve seen range from 5-6% up to 15% for certain properties. The latest Residential Property Price Index from the Central Statistics Office shows that house prices in Dublin rose by 10.9% in the 12 months to October, while apartment prices went up by 8.4%. The highest median price for a dwelling in the entire country was €645k, in Dun Laoghaire-Rathdown, while Dublin 6 was the most expensive Eircode in the capital with a median price of €725k. The Sunday Times, 5th January
Blackrock, Dublin 4 The Blackrock Clinic has secured planning from Dún Laoghaire-Rathdown County Council for a new cardiology department, eye centre and additional inpatient bedrooms at its south Dublin site. The new facilities are the first phase of a 16-year plan which will also include a second hospital building on site. McGill Planning stated that some of the main elements of the expansion will include the provision of a dedicated cancer centre, a new specialised women’s health centre, additional theatre capacity and additional high-tech interventional cardiology laboratories. The clinic admitted 52k inpatient and day-care patients in 2023 and this figure is expected to grow to 78k by 2033, which is an approx. 50% increase over the next decade. McGill Planning revealed that the existing St Catherine’s site will host the second hospital building and deliver additional theatres; additional cath lab capacity to meet growing demand in existing services; the development of a new cancer centre; and the addition of new inpatient bed capacity. The Irish Times, 6th January
Rochfortbridge, Co. Westmeath Lumcloon Energy has initiated plans to build a €1bn data centre. A pre-application consultation with An Bord Pleanála has been submitted to develop a giant 250-megawatt data centre near Rochfortbridge. The project is being developed in partnership with Korean engineering company, SK Ecoplant. The centre will have 6 two-storey data halls. Lumcloon is also finishing the construction of a €500m gas plant in Westmeath. The Business Post, 5th January
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