21st July (Issue 256)
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
Ropemaker Place, Dublin 2 Marlet Group has closed the sale of its residential scheme, Ropemaker Place, to German fund Real IS for c.€46 million. The deal was agreed in October 2019. The scheme consists of 56 apartments (€821k per unit), set over seven floors with 28 parking spaces, and is located on Cardiff Lane adjacent to Grand Canal Dock. The portfolio consists of 10 one-bed apartments, 29 two-bed apartments, six two-bed duplexes and 11 three-bed apartments. The Sunday Business Post, 19th July
Dublin 12 Seabren Developments has completed the sale of 12 three-bedroom houses in Dublin 12 to the registered charity, Acorn Housing. The Irish Times understands the deal carried a value of between €5.5 million and €5.7 million (€458k to €475k per house). Seabren Developments has, to date, completed seven residential schemes within the south inner city and west Dublin suburbs. The Irish Times, 15th July
Dublin 6 Knight Frank are guiding €2.5 million for a prime residential infill site in Rathgar, Dublin 6. Situated to the rear of Rathgar Villas, and off Rathgar Avenue, the site extends to 0.44 of an acre and is capable of accommodating a scheme of up to 31 apartments and duplexes. It would also be suitable for a townhouse scheme, according to the feasibility study prepared in advance of the sale by Ferreira Architects. The subject site currently comprises two warehouse buildings of c.3,000 sq.ft. and c.5,400 sq.ft. respectively and an enclosed yard. The entire property is zoned objective Z1, which provides for the development of ‘sustainable residential neighbourhoods.’ The Irish Times, 15th July
Lucan, County Dublin Quintain, a UK-based property developer, has received planning permission to build 244 new homes in Lucan, County Dublin. The homes, which are all build-to-sell, are made up of 213 houses, 16 duplexes and 15 apartments. The Irish Independent understands that the GDV is c.€82 million with work due to begin at the end of the year and the first homes coming onto the market in the middle of next year. The Irish Independent, 17th July
Cherrywood, South Dublin A legal challenge to planning permission for 367 new homes in Dún Laoghaire Rathdown is to be fast-tracked in the Commercial Court. The action concerns the decision to grant Tudor Homes permission to build apartments, four-bedroom houses, a childcare facility, and duplex and triple units at a 6.57 hectare site within the Cherrywood Strategic Development Zone. The action has been brought on grounds including that the council’s decision breaches EU directives on habitats and on environmental impact assessment. Tudor estimates the value of the proposed housing at €130 million. The Irish Times, 20th July
MIXED-USE
Baggot St, Dublin 2 50 Upper Baggot Street has been purchased for c.€1.75 million. The property comprises a mid-terrace mixed-use investment property divided between commercial use on the ground floor and three floors of residential accommodation. The total floor area of the property is 2,631 sq.ft. (€665 psf) comprising Miller’s Pizza Kitchen on the ground floor and three apartments on the upper floors. The total annual rent receivable of the entire property is €127,000 per annum (€48.27 psf). The Irish Times, 15th July
Waterford City Falcon Real Estate Development Ireland has just received planning permission from Waterford City and County Council for its joint €500 million Waterford North Quays venture. The project comprises an eight-hectare real estate mixed-use scheme. It will be built over five years using a mix of private and public investment. The project will include a seven-storey twin block comprising more than 161,000 sq.ft. of prime office space. There will be five residential buildings ranging in height from seven to 17 storeys, with 298 riverside apartments. A 15-storey 200-room four-star hotel and conference centre is also planned, as well as open and green community public space and a riverside promenade. Other features include a mixed-use commercial building that will include tourism, retail, food & beverage marketplace, cinema and crèche. The Sunday Business Post, 19th July
Old Naas Road, Dublin 12 Dublin City Council has given the green light to plans for 1,102 residential units made up of 992 build-to-rent apartments and 110 apartments at the Royal Liver Assurance Retail Park on the Old Naas Rd, Dublin 12. The full plans comprise of nine buildings ranging in height from seven storeys to an 18-storey building that will accommodate offices on the site. The plan also includes a 203 unit build-to-rent shared accommodation scheme. The Irish Independent, 15th July
HOTEL
Dublin 2 An application has been lodged for a major new development that consists of the reconfiguration, partial sundry demolition, and expansion of the Central Hotel into a new 70,546 sq.ft. five storey hotel with 125 bedrooms and a rooftop extension. The planned development includes an extensive refurbishment and reconfiguration of the Central Hotel and associated premises at 11-16 South Great George’s Street. The Irish Times, 19th July
OFFICE
Dublin Office Market Take-up of office space in Dublin has fallen to a level not seen since 2013, according to data from Cushman & Wakefield. Just under 646,000 sq.ft. of office space has been newly occupied so far this year. The report highlights that in an average year, there would be c.990,000 sq.ft. of space occupied by this point. Between April and May, c.158,000 sq.ft. of space was occupied, significantly lower than the long-run quarter average of c.497,000 sq.ft. The second quarter figures show that take up fell to under a third of what it ordinarily would be under normal circumstances. The volume of space signed in the quarter was in line with the opening quarter of this year at c.923,000 sq.ft. with an additional 2.85 millon sq.ft. of space signed under construction. The Irish Times, 16th July
IFSC, Dublin 1 Agent TWM is quoting a rent of €45 psf for a well-located office suite at the IFSC in Dublin city centre. Located on level four in Custom House Plaza 2 the subject property is being made available on a five-year lease with a break option at year three. The prospective tenant will benefit from an initial rent-free period of three months. In its current layout the 4,883 sq.ft. floor can accommodate around 35 employees, exclusive of meeting rooms. An alternative layout could accommodate up to 50 desks. The Irish Times, 15th July
OTHER
City West, Dublin Singapore headquartered developer K2 Data Centres has paid just over €3 million for a 4.6-acre site at Citywest Business Campus in Dublin (c.€652k per acre). The site already has planning permission for a data centre. The acquisition further enhances the schemes status as a hub for data centres with BT, Equinix, Keppel and Eir all having major facilities there already. The Irish Times, 15th July
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