21st May (Issue 448)
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.
HOSPITALITY
Blanchardstown, Dublin 15 Blanchardstown Centre’s multiplex cinema is being offered for sale by Colliers on behalf of Davy Real Estate at a guide price of €17m (NIY approx. 7%). The property is leased to United Cinemas International (Ireland) Limited, which is part of Europe’s largest cinema operator the Odeon Cinemas Group. There is a WAULT with no breaks of 9.25 years. The cinema’s nine screens are complemented by a coffee shop, serving counters, office space and back-of-house facilities, and extends across a total area of 45,510 sq. ft. The Irish Times, 15th May
RETAIL
Kildare A private equity fund backed by the luxury goods group LVMH is reported to be close to buying a majority stake in the Kildare Village outlet centre. British property group Hammerson is in talks with L Catterton, which is backed by LVMH and the family office of Bernard Arnault, on a sale of its interests in nine fashion outlets across Europe The Sunday Times, 19th May
O’Connell Street Upper, Dublin 1 JLL has brought 1-2 O’Connell Street Upper to market with a €9m guide price. The property is being sold together with two attached buildings at 29 North Earl Street and 10 Cathedral Street. The corner, six-storey over basement building includes a vacant retail unit at ground and basement along with full planning permission for a 38-bedroom hotel from the first to fifth floors. 10 Cathedral Street has a vacant ground floor retail unit extending to approx. 237 sq. ft along with 10,000 sq. ft of storage from basement to second floor, which is currently occupied by Dunnes Stores which is overholding at a rent of €80k pa. The Business Post, 17th May
Grafton Street, Dublin 2 Dublin City Council has refused planning retention for a souvenir shop on Grafton Street because, the council said, the outlet would set an undesirable precedent for similar type development and would devalue property in the vicinity. In refusing planning permission to Fashionflo Investments Ltd for planning retention for the Seasons of Ireland souvenir shop at 111 Grafton Street, the council also concluded that the retention of the unit would “not achieve an appropriate mix and balance of uses on this part of Grafton Street”. The Irish Times, 20th May
OFFICE
Fitzwilliam Place, Dublin 2 Nos. 12 and 13 Fitzwilliam Place and their mews buildings at nos. 12 and 13 Lad Lane are being offered to the market for €4.4m (32% discount on the original asking price). Nos. 12 and 13 comprise two adjoining four- and five-storey over-basement Georgian buildings extending to 4,737 sq. ft and 4,371 sq. ft respectively. The two-storey mews buildings at nos. 12 and 13 Lad Lane extend to 759 sq. ft and 1,623 sq. ft respectively and come with 14 car parking spaces. The entire investment is generating an annual rental income of €293.8k. The Irish Times, 15th May
Ship Street Little, Dublin 8 Developer Padraic Rhatigan has secured Liberty IT, a part of the Liberty Mutual Group, as tenant for the sixth-floor penthouse offices at One Le Pole Square on a 10-year lease. Other lettings to date include the fifth floor, which has been let to ecommerce company Etsy, on a 10-year lease term and financial services firm Alantra. The Irish Times understands that Liberty have agreed to pay €55.50 per sq. ft for the 8,700 sq. ft penthouse space while Etsy is paying €56.50 per sq. ft for the fifth-floor accommodation, which extends to 16,000 sq. ft. The Irish Times, 15th May
Rutland Place, Dublin 1 TWM is guiding a price of €1.2m for the former An Post delivery service premises at no. 9-11 Rutland Place in Dublin city centre. The subject property comes for sale with full vacant possession. The building comprises a two-storey mid-terrace property with a pitched roof extending to 9,845 sq. ft. The Irish Times, 15th May
MIXED-USE
Docklands, Dublin Ronan Group Real Estate (RGRE) is contesting Dublin City Council’s rejection of its planned 17-storey mixed-use scheme for Dublin’s Docklands. This follows RGRE lodging an appeal to An Bord Pleanála against last month’s council refusal. RGRE is seeking permission for the redevelopment of Citigroup’s current European headquarters at 1 North Wall Quay in Dublin’s docklands. The Irish Independent, 18th May
INDUSTRIAL/LOGISTICS
Ballymount, South Dublin M7 Real Estate Ireland has engaged CBRE to find an occupier for Ballymount Logistics Hub, a 151,000 sq. ft logistics facility located next to junction 10 of the M50 motorway. The property is undergoing an extensive refurbishment programme at present with a view to having it available for use by this September. The Irish Times, 15th May
RESIDENTIAL / DEVELOPMENT
Adamstown, West Dublin The LDA has done a deal with the homebuilder Quintain Ireland for approx. 400 apartments in Adamstown. The LDA will buy the 392 apartments when they are completed in 2026 and provide them for cost rental. Construction of the scheme, which is already under way, is being financed by AIB. The Sunday Times, 19th May
Mungret, Co Limerick The LDA is to join with Limerick City & County Council to deliver 183 affordable purchase and social-rental homes in Mungret. The development includes 183 houses and duplexes. Limerick Council has already secured planning permission for 252 homes at the greenfield site, and the LDA is partnering with the local authority to build 181 of the homes for affordable purchase for low-to-middle income earners. The remaining homes, creche and community uses will be delivered by Cluid, an Approved Housing Body, as part of an integrated scheme for older people. The Irish Examiner, 20th May
Middle Abbey Street, Dublin 1 UK-headquartered property developer Summix Capital has acquired the former headquarter offices of Independent Newspapers on Middle Abbey Street. The Irish Times understands the company paid Penneys approx. €8m to secure ownership of the asset. The price represents a premium of approx. 33% on the €6m Penneys’ parent company, Primark, paid when it acquired the building from receivers in 2013. Independent House is a protected structure comprising several buildings extending to an overall floor area of 114,000 sq. ft on a site of 0.72 acres. The Irish Times, 15th May
Ratoath, Co Meath Agent Grimes has brought residentially zoned lands to market on the Fairyhouse Road in Ratoath. The lands are located 700m from the town and have a €3.75m guide price. The lands extend to approx. 5.56 acres (€674.5k per acre). The Business Post, 17th May
Kimmage, Southwest Dublin A developer has failed to prevent the High Court overturning one of two planning permissions it has for 208 apartments on an L-shaped site in Kimmage, southwest Dublin. An Bord Pleanála, as the defendant decision-maker, had conceded it erred in how it applied a section of urban development guidelines in making its decision. It did not contest Kimmage Dublin Residents’ Alliance’s application to quash the approval granted in September 2022 under SHD. Opposing the application was developer 1 Terenure Land Limited, a subsidiary of Lioncor Developments. The Irish Times, 14th May
OTHER
Abbotstown, Dublin 15 Funding for Dublin’s new international-class velodrome has been included in the €165bn National Development Plan, which looks to have cleared the way for an €87m shared cycling-badminton facility to be built in Abbotstown. The venue will also provide 12 badminton courts with 1,000 permanent seats for spectators, plus room for an additional 2,500 temporary seats for nonsporting events, while a café, changing rooms, offices, training facilities and bicycle storage will be created beneath the track level. Bisnow, 20th May
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