21st May (Issue 197)
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.
MIXED USE
23 Rock Hill, Blackrock Village, Co. Dublin Savills are guiding €3.5m for a mixed-use investment comprising two substantial split-level retail units while the upper floor provides for a fully-fitted vacant own-door, open-plan office of 3,261 sq.ft. with unobstructed sea views. The premises are located directly opposite Blackrock Shopping Centre and immediately adjacent to Blackrock Dart Station. One of the ground-floor retail units is leased to Irish Permanent TSB plc for a term of 35 years from February 1st, 1987, subject to a passing rent of €150k p.a., while the adjacent retail unit is let to Fine Bottles Ltd T/A Blackrock Cellar Fine Wines for a term of 12 years from February 22nd, 2012, at a passing rent of €60k p.a. The Irish Times, 15th May
80 Philipsburgh Avenue, Dublin 3 Agent Robert Colleran has brought 80 Philipsburgh Avenue (used by the Billie Barry Stage School and a crèche) and the leasehold interest in the adjoining Fairview Pitch and Putt grounds to market guiding €3.5m. The property consists of a two-storey club house building extending to 10,828 sq.ft. and parking for 50 cars. This 0.52-acre freehold property is zoned Z1 – Sustainable Residential Neighbourhoods. It is thought that the site could accommodate houses or an infill apartment development of about 32 units. The Irish Independent, 16th May
30 Wexford Street, Dublin 2 Lisney are guiding €1.8m (€796 psf) for a 2,259 sq.ft. four-storey, mid-terrace, mixed use property which has a retail unit at ground-floor level and three two-bedroom apartments on the upper floors. The retail unit will be sold with vacant possession and the residential units are leased on informal agreements. The Irish Times, 15th May
RESIDENTIAL
Phoenix Park Racecourse, Castleknock An Bord Pleanála has approved Flynn & O’Flaherty Construction’s plans to build 88 apartments at the former Phoenix Park racecourse in Castleknock. The homes will be constructed in four blocks ranging from four to six storeys. The 0.6 hectare site forms part of a much larger housing development of 40 hectares. The Sunday Times, Irish Edition, 19th May
2A Pecks Lane, Castleknock, Dublin 15 Sherry Fitzgerald are guiding €1.15m (€545 psf) for a 5-bed detached 2,110 sq.ft. property beside the Phoenix Park and Castleknock Village. The Sunday Business Post, 19th May
No 17 Leeson Street Upper Hunters are seeking €1.75m (€535 psf) for a 4-bed 3,272 sq.ft. terraced house in close proximity to the canal and St Stephens Green. The Irish Times, 20th May
HOTEL
The Conrad Hotel, Dublin 2 The sale of Dublin’s five-star Conrad Hotel is expected to conclude shortly for c.€118m, through CBRE who offered the hotel for sale at a guide price of €115m four months ago. It is reported that the hotel’s current owners have entered exclusive talks with European hotel investor, Archer Hotel Capital BV. The Irish Times, 16th May
The Marker Hotel, Dublin 2 CBRE are guiding €125m for the five-star Marker Hotel. The current owners, Midwest Holding AG, and an investor group led by Kevin McGillycuddy’s Brehon Capital Partners, acquired the Marker Hotel and the adjoining Marker Residences in 2011 for c.€30m and undertook significant refurbishment works before opening for business in 2013. The Irish Times, 15th May
LICENCED PREMISES
Brady’s Castleknock Inn, Dublin 15 Bartra has bought the 0.783 acre Brady’s Castleknock Inn site on the Old Navan Road, Dublin 15 for c.€3.3m, €450k over the €2.85m quoted by estate agents Finnegan Menton. The site has planning permission for 36 two-bed and three-bed apartments and penthouses. It is reported that Bartra are considering developing the site as a co-living development. The Irish Independent, 16th May
Bray Town, Co Wicklow John P Young Auctioneers are auctioning Chrissy D’s pub (4,097 sq.ft.) located on the southside of Bray town, Co Wicklow, on May 30th guiding between €1.4m and €1.6m. (€341 psf.) The premises includes a lounge and public bars as well as a function room, kitchen and apartment. The Irish Independent, 16th May
RETAIL
34-35, Liffey Street, Dublin 2 Savills is guiding €1.95m for 34-35 Liffey Street which comprises a double-fronted property with two- level retail trading. The entire building is leased to the Scout Association of Ireland Trust Ltd for a term of 35 years from December 1st, 1994 subject to a passing rent of €120k p.a. The lease provides for upward-only rent reviews. The Irish Times, 15th May
31 Liffey Street, Dublin 2 Savills are guiding €1.4m for a property located next door to Marks & Spencer’s flagship Mary Street store and is leased to D&L Household Goods & Gifts Ltd T/A All Seasons for a term of 35 years from 1986 subject to a passing rent of €80k p.a. The lease provides for upward-only rent reviews. The Irish Times, 15th May
32 Lower Liffey Street, Dublin 2 Savills are guiding €850k (€712 psf) for two freehold units spanning 656 sq.ft. and 538 sq. Ft. The units are being sold with vacant possession. The Irish Times, 15th May
OFFICE
Henley Bartra Henley Bartra has paid €125m in an off-market deal for a portfolio of office and data centre assets in Dublin and Cork. This transaction represents Henley Bartra’s largest single acquisition to date and means it secures ownership of nearly 500,000 sq.ft. of property distributed across the Citywest Business Campus in Dublin and Cork Airport Business Park. The Citywest campus is a 369,000 sq.ft. portfolio comprising 11 buildings, development sites and car parks. The Cork portfolio extends to 140,000 sq.ft. The Irish Times, 17th May
No 30 Merrion Square and No 1 Holles Street, Dublin 2 Lisney is guiding €2.5m and €800k for No 30 Merrion Square and No 1 Holles Street respectively. No 30 Merrion Square, currently in use as an office, is a 5,160 sq.ft. mid terraced four-storey over-basement Georgian building with a part two-storey and part three-storey return to the rear along with parking for six cars. No 1 Holles Street is a 2,835 sq.ft. semi-detached, four-storey over-basement period building located directly opposite the National Maternity Hospital. This property is in need of a full refurbishment. The properties are available to purchase separately or combined. The Irish Times, 15th May
No 29 Merrion Square, Dublin 2 HWBC is guiding €4m for a 4,768 sq.ft. fully restored Georgian building together with a tenanted mews to the rear of the property. The property comprises a four-storey over-basement, mid-terrace building and is being offered for sale with vacant possession. The mews at Holles Place is let to Workgroup at a rent of €30.5k p.a. and comprises a 1,582 sq.ft. self-contained two-storey property with one parking space. The tenant is in occupation under a 10-year lease from May 2017, with a break option in year five. The Irish Times, 15thth May
Numbers 1 – 4 Sussex Street, Dun Laoghaire Cushman & Wakefield is guiding €2.15m for two office investments in Dún Laoghaire. The buildings comprise two adjoining two-storey detached office buildings extending to 6,932 sq.ft. No 1 Sussex Street, guiding €450k is a two-storey office, let to a private accountancy and business advisers’ practice producing an annual income of €18k p.a. Number 2-4, guiding € 1.7m, is being sold with vacant possession. The Irish Times, 15th May
LAND
Kilbride House, Herbert Road, Bray, Co Wicklow CBRE, on behalf of Marlet Property Group, are guiding €6m for the former Danish embassy site in Bray, Co. Wicklow. The 9.1 acre site comes with planning permission for 42 houses (€143k per site) ranging from 4-bed detached to 3-bed terraced homes. The Irish Times, 15th May
Sandymount, Dublin 4 Knight Frank sold a prime 1.26 acre residential site in Castle Park, off Gilford Road, Sandymount, Dublin 4 for €7m to an Irish house builder. The site has existing planning permission for the construction of 25 residential units (€280k per site) comprising nine three-bed houses, seven two-bed ground-floor apartments, one three-bed ground floor apartment, and eight four-bed duplex apartments. The Irish Times, 15th May
Usher’s Quay, Dublin City Centre Knight Frank is guiding €2.75m for a 0.14 acre mixed-use site with full planning permission for 27 apartments and commercial space at Usher’s Quay in Dublin city centre. The site comes for sale with full planning permission from Dublin City Council for the demolition of all existing buildings and the construction of a new part six/seven storey building comprising 27 apartments (five one-bed units and 22 two-bed units), above ancillary residential amenities and a commercial unit at ground floor. The Irish Times, 15th May
Lusk, Co. Dublin Knight Frank is guiding €3.8m (€442k per acre) for an 8.6 acre residential development site distributed across two lots on either side of the Lusk Relief Road. The site is situated close to Lusk Village and adjoins the new village centre (currently under construction) which will provide a comprehensive retail offering including a supermarket of over 43,055 sq.ft. The Irish Times, 15th May
OTHER
Stella Maris Convent, Howth Joint agents Lisney and Farley Property are guiding €3.5m for the Stella Maris Convent and Retreat House on Howth Head. The property currently comprises a complex of buildings extending to an overall area of 8,000 sq.ft. The various buildings include an extended two-storey Victorian residence; a second two-storey house offering retreat accommodation and a large single-storey prefabricated building used for seminars. There are 23 bedrooms in total, numerous reception rooms, dining rooms and kitchens together with a single-storey chapel built in 1929 and two prefabs. The Irish Times, 15th May
Circle K Filling Station Citywest, Co. Dublin Savills is guiding €3.85m (6.75% NIY) for the Circle K filling station in Citywest Co. Dublin. There is 15.7 years remaining on the lease producing €283k in rental income p.a. The prospective purchaser will also benefit from fixed 25% rental uplifts in December 2024 and December 2029, reflecting net running yields of 8.45% and 10.54% respectively. The site has an area of about 0.76 acres and occupies a high-profile location immediately off the N7/Naas Road. The Irish Times, 15th May
Cork City CBRE released a detailed report for the rationale for locating and investing in Cork City, which stated that there is currently almost 950,000 sq.ft. of office stock under construction in Cork, with a further 1,840,000 sq.ft. with planning permission that can be delivered in the short to medium term. CBRE Ireland, 17th May
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