20th October (Issue 269)

Welcome to the Origin Capital Weekly Irish Property Review. This update is designed to provide you with a full recap of the latest property news from the media over the last seven days.




Dublin 8 A 0.6 acre site has come to the market in the heart of the Liberties guiding €8 million. Located on Steeven’s Lane and less than 2km west of St Stephen’s Green, the subject site comes with the potential for up to 124 residential units, according to the feasibility study prepared for the sale. The feasibility study also noted that the site is capable of accommodating a hotel consisting of 266 bedrooms. The property, which is occupied currently by a three-storey office building and surface car park, is also located 250m from the 12.6 acre mixed-use scheme Ballymore is set to deliver on lands at Guinness’s St James’s Gate brewery. The Irish Times, 14th October


South County Dublin Ditton Investments has been granted a strategic housing development application for a c.€35 million mixed use development comprising 151 apartments, five commercial units, a medical centre and a restaurant/cafe on the Deansgrange Road next to Frank Keane Motors in south Co Dublin. The breakdown of apartment units for the project includes 75 one-bed apartments and 76 two-bed apartments. The Business Post, 18th October


Arklow, Co Wicklow Knight Frank has recently launched to the market a c.99 acre, zoned development site in Arklow, Co. Wicklow with a guide price of €1.95 million. The lands are zoned under the Arklow & Environs Local Area Plan 2018 – 2024. Under this Plan, the lands form the majority of Area Action Plan 2. Under the Concept Plan of Area Action Plan 2, c.39 acres of the holding are zoned Residential while c.22.6 are zoned for Employment, c.2 acres are zoned for Local Shops and c.9.76 acres are zoned for Education. A 10 year planning permission was granted on the lands in May 2004 for a mixed use development comprising 8 office blocks, retail outlets, transport terminus, hotel, 47 apartments and crèche. This grant has since lapsed. The site is accessed currently from the R772 over the Dublin and southeastern railway line. Exit 21 on the M11 is within 2km while Arklow train station is within 1km. Knight Frank Press Release, 14th October


Whitehall, Dublin 9 Roseberry Investments has been given the green light to build 124 build-to-rent apartments at the lands of the Bonnington Hotel on Swords Road in Whitehall, Dublin 9. It consists of 48 one-bedroom units and 76 two-bedroom units, each with a private balcony or terrace. The Business Post, 18th October


South County Dublin Agar has been instructed to sell a 45 acre site with development potential on the Old Quarry Road in Rathmichael in South Co Dublin. Four acres are currently zoned residential under the Dun Laoghaire-Rathdown County Council 2016-2022 Development Plan. There will be potential to increase that by another six acres in the county council’s next development plan in 2022. The property is three miles from the M50 and Leopardstown Racecourse and two miles from Cherrywood and comes with farm buildings, a derelict three-bedroom cottage fronting onto Pucks Castle Lane, and panoramic sea views from Dalkey to Bray Head. Agar is guiding c.€3 million (€67k per acre) and is open to selling the site in one or two lots. The Business Post, 18th October


Waterford Construction works are expected to start in Q2 2021 on a €20 million residential scheme in Knockboy on the Dunmore Road in Co Waterford. The Hollyhill Developments-owned site has planning permission to allow for the construction up to 89 units. The project breakdown provides for 57 houses and 32 apartments. The Business Post, 18th October


Sandyford, Dublin 18 Park Developments has submitted a strategic housing application to build 249 apartments in three blocks of up to eight stories, with a part 12/part 13-storey element in Block 1, over lower and upper basement levels. The c.€54.7 million apartment development is located at Murphystown Way, Dublin 18. A decision is expected to be made on the application by January 2021. The Business Post, 18th October



Dublin 2 BNP Paribas Real Estate is guiding €27 million for numbers 90 and 91 St Stephen’s Green. The property currently comprises a four-storey over lower-ground floor office building. The property extends to a net internal area of 26,587 sq.ft. (€1,015 psf). Standard Life currently occupy the entire property on a 10-year lease expiring on September 15th 2021 at a passing rent of €1.25 million per annum. The lease expiry in 2021 offers the prospective purchaser the opportunity to redevelop thereafter. Numbers 92 and 93 St Stephen’s Green are on the market currently with Savills Ireland at a guide price of €18 million. The Irish Times, 14th October

If you are interested in purchasing this asset and require financing, please contact Origin Capital as we can arrange senior debt facilities of up to €18m for the purchase of this Asset.


Killester, Dublin 3 Mason Owen & Lyons are guiding €1.4 million for 189 Howth Road, Killester, Dublin 3. It is currently let in its entirety to The Governor & Company of Bank Of Ireland, on a 25 year lease from September 2007 at a passing rent of €91,762 per annum. The property comprises a two-storey detached building with two storey extension to the rear. 4 car spaces are included in the sale and Bank of Ireland has exclusive use to these spaces. Mason Owen & Lyons Press Release, 14th October

If you are interested in purchasing this asset and require financing, please contact Origin Capital as we can arrange senior debt facilities of up to €1m for the purchase of this Asset.


Office Sector The office sector saw €216 million invested across 8 transactions during Q3 2020, bringing the total investment year-to-date to more than €841 million. Prime office assets have attracted significant interest from international investors, indicating their confidence in the Irish commercial property market and the longer-term trajectory of the Dublin office market and Ireland’s economy overall. BNP Paribas Real Estate Press Release, 19th October


Dublin Office Market Total office take-up in Dublin reached c.229,572 sq.ft. during Q3 2020. While this is a good increase on Q2 take-up, it is still very low compared to pre-pandemic levels of market activity. This brings total take-up for the first nine months of the year to c.1,454,473 sq.ft. which is a decline of 32% relative to the same period in 2019. There were 29 lettings completed during Q3, up from just 13 in Q2, while the average deal size was just under 8,000 sq.ft. The largest letting of the quarter saw Microsoft take 43,916 sq.ft. across three floors at No. 3 Dublin Landings. BNP Paribas Real Estate Press Release, 19th October



Cork City Cork City Council has granted the Tower Holdings Group planning permission for the proposed mixed-use development at the old Port of Cork site on the Custom House Quay. The scheme will include a hotel, a retail offering and a substantial maritime culture and heritage attraction. The new hotel accommodation will offer five-star luxury including a spa, swimming pool and gym facilities. The new tower will incorporate and restore the Custom House, and will feature a sky-bar and restaurant. The Business Post, 16th October



Cork City Planning has been granted to revamp The Easons building at 113-115 St Patrick’s Street, Cork City.  The landmark building is due to be transformed into a Sports Direct later this year. Now, Heaton’s Unlimited Company, which is owned by Sports Direct, has been granted planning permission to commence works on transforming the building. Its plans propose the change the use of the space on the second floor of the building from storage to retail, expanding the retail element of the building. The Irish Examiner, 13th October



Dublin 8 Dublin City Council has given the green light to plans to turn James Joyce’s ‘House of the Dead’ on Dublin’s quays into a 50-bed tourist hostel despite numerous objections. The Council has granted planning permission for the proposal after the planner in the case concluded that the proposed change of use to a tourist hostel “will be the best way to secure its long-term conservation”. Among the objections was the Department of Heritage who claimed the proposal “will undermine, diminish, and devalue a site of universal cultural heritage, importance and part of the Unesco City of Literature designation”. The Irish Times, 16th October


Dublin 8 Raag Hotels, a joint venture between Britain’s Queensway Group and the €30 billion Wellcome Trust, confirmed on Monday that it has received permission to build a 95-bedroom property on St Augustine Street in Dublin City. Raag’s low-cost Point A division will run the new hotel, which will be the second to operate under this name in Dublin when it opens. The joint venture is preparing to open its first Point A hotel on Parnell Street on the city’s northside in April 2021. The Irish Times, 19th October



Irish Investment Market Irish investment turnover reached just under €700 million during the third quarter of the year, representing an increase of 63% relative to Q2. This brings total investment for the first nine months of the year to just over €1.8 billion, down 40% on the same period in 2019. Supply shortages and rising investor demand have meant that the private rented sector (PRS) accounted for 67% of total turnover in Q3 2020, with a total of €470 million invested and 1,016 residential units traded. Year-to-date, the residential sector has accounted for 42% of turnover, up from 36% in 2019, with the majority of this relating to the forward purchase of houses and apartments for rental across Dublin. BNP Paribas Real Estate Press Release, 19th October


If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie

Origin Capital funds senior debt transactions in the CRE investment sector, typically in excess of €3m, and has lent over €200m to clients since April 2015.

Origin Capital is a wholly owned subsidiary of LeBruin, a leading provider of corporate finance solutions.

If you would like to discuss how Origin Capital can help with your funding requirements, please contact us on 01 662 9264.