21st April (Issue 243)
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.
RESIDENTIAL / LAND
Blackrock, Co Dublin The developers of the Frascati Centre in Blackrock, Co Dublin, are looking to more than double the number of apartments planned for the site. The owners of the centre, which recently underwent a c.€30 million programme of extension and refurbishment, have entered into a pre-planning consultation to build 105 apartments on the site located in Blackrock village. The centre has doubled in size and now has more than 170,000 sq.ft. of retail and other uses after its recent refurbishment and extension. In addition to its anchor tenants Marks & Spencer and Aldi, the centre has an extensive retail offering and several restaurants. The Irish Times, 15th April
Kilternan, Co Dublin An Bord Pleanála has given the green light to fast-track plans to construct 197 residential units at a site in Kilternan in south Co Dublin despite concerns from Dún Laoghaire Rathdown County Council. In its recommendation to the appeals board, the council found that the proposal would be premature due to the existing deficiencies in the road network. However, the appeals board concluded the plan would not seriously injure residential amenities. The proposal is made up of 62 houses, 115 apartments and 20 duplex apartments, plus a crèche. The Irish Independent, 15th April
Ringsend, Dublin 4 The National Asset Management Agency (Nama) closed bids for the development of the Irish Glass Bottle site in Ringsend, Dublin on Monday. The State agency had been seeking partners to develop the 37-acre site on the south bank of the River Liffey, thought to be worth up to €130 million before Covid-19 struck, since last year. Proposals were invited to join with Nama and build 3,500 apartments, along with offices and retail on the site. The Irish Times, 21st April
Residential Investment Market Q1 2020 saw the highest volume of Q1 spend ever recorded in the residential investment sector in Ireland. In total, €672 million was invested in the residential sector during the first three months of 2020, compared to less than €115 million invested in the sector during the same quarter last year. The residential sector accounted for 53% of total investment transactions in the Irish market in Q1 2020, with offices comprising 39% of spend in the three-month period by comparison. Forward-commit transactions accounted for 56% of residential investment transactions in Q1 2020 – a similar split to 2019. The remaining 44% of Q1 2020 transactions comprised standing stock trades. CBRE Ireland Residential Investment Marketview, Q1 2020
Residential Market Home completions are likely to fall sharply in 2020 to below 18,000 units, with growth already showing signs of slowing before the coronavirus pandemic restrictions stopped building work, research by Goodbody’s has found. Goodbody Analytics’ BER Tracker said growth in home-building activity slowed in the first quarter of the year to the lowest rate since 2013. New dwelling completions grew by 6% year on year to 4,500 units, compared to 18% growth in the fourth quarter of 2019. That brought the rolling four quarter total to 21,500. The Irish Times, 21st April
OFFICE
Baggot Street, Dublin 2 The Irish Times understands that No 95 Lower Baggot Street has sold for c.€2 million. The mid-terrace Georgian building is already in full office use, however, the site to the rear of the property has the capacity to accommodate the development of a small apartment scheme. Given the properties close proximity to the LinkedIn EMEA headquarters at Wilton Place, the site and property represented a significant residential development opportunity. The Irish Times, 15th April
Capel Street, Dublin 1 Autoaddress, Ireland’s leading supplier of Eircode address solutions, has signed a lease with Inismore Portfolio Limited for the recently refurbished ground-floor office accommodation at 89-94 Capel Street, Dublin 1. While Autoaddress’ new premises had been in use as a bar and restaurant previously, Inismore secured planning permission to convert the property to grade A office space extending to 3,571 sq.ft. Its signing of the lease in Capel Street will see it join the Office of Public Works which occupies the remainder of the building. The Irish Times, 15th April
HOSPITALITY
Charlemont, Dublin 2 Hotel group Dalata has agreed the sale and leaseback of its Clayton Hotel Charlemont in Dublin, Ireland, to German investor Deka Immobilien for €65 million which includes the purchase price of €61.95 million and a rent-free period of one year. The agreement will see the hotel let on a new fully repairing and insuring lease for a 35-year term, with a rent of just over €3 million per annum. The rent will be reviewed on a five-yearly basis. The four-star hotel currently has 187 air-conditioned bedrooms, a bar and restaurant, a fitness suite and meeting room facilities. The Irish Times, 21stApril
RETAIL
Carrigtwohill, Co Cork French asset management company Corum has increased its overall investment in Ireland and Northern Ireland to more than €211 million with the acquisition of the Aldi supermarket in Carrigtwohill, Co Cork, for c.€5.6 million (€328.50 psf). Aldi occupies the premises on a 25-year lease from January 2008 with a passing rent of €451,719 (€26.50 psf). The subject property briefly comprises a ground-floor retail store extending to 17,046 sq.ft. within a larger multi-storey building at the mixed-use Castle Square development. The Irish Times, 15th April
Liffey Valley, Dublin Hines has lodged a €135m plan for a major extension to the Liffey Valley Centre in Dublin. The plan covers a two-storey commercial extension comprising over 503,000 sq.ft. The Irish Independent understands that the new plan is to provide a contemporary mixed leisure, entertainment and retail extension to Liffey Valley that is to be centred around a new landmark feature, a large public plaza and creating a new east-west street at the centre. The proposed extension is to be anchored by two large retail units either side of the public plaza. The Irish Independent, 15th April
INDUSTRIAL
Ballycoolin, Dublin 15 A logistics and storage space at Northwest Business Park, Dublin 15, has become available for letting with CBRE quoting an annual rent of €395,600. The unit comprises a total of 55,400 sq.ft and is located in part of TPN House, which fronts onto Cappagh Road in Ballycoolin (€7.14 psf). Its accommodation includes high bay warehousing with a clear internal height of 10 metres. There is significant additional storage capacity by way of an extensive concrete mezzanine with clear height of 3 metres. There are three dock levellers and one grade loading door. The site also has ample communal parking. The Irish Independent, 16th April
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