22nd January (Issue 180)
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.
LICENCED PREMISES / HOTELS
71 South Mall, Cork Planning permission has been lodged by South Mall Hospitality Ltd, for a 58-bed hotel at 71 South Mall, the former National Irish Bank premises. If approved, it has a target opening date of 2021. It is intended to retain the existing five-bay classical banking hall for bar / restaurant / café use. The existing four storey building will be upgraded adding 12,000 sq.ft. behind in a five / six storey building with set-back and roof deck. The application was lodged a month after the 163-bed Dalata / Maldron hotel opened on South Mall / Parnell Place. The Irish Examiner, 17th January
Vicar Street, Dublin 8 Harry Crosbie has been granted planning permission for an eight storey, 185-room hotel on Vicar Street. It is expected to cost in the region of €17m and will take 16 months to complete. Construction is expected to commence in Q1 2019. The Sunday Business Post, 20th January
Dublin Docklands Dalata has entered into arrangements to lease a hotel currently under construction in the Dublin Docklands. The 200-bed hotel will form part of Johnny Ronan’s “Spencer Place” project and will be within walking distance of the IFSC, 3Arena and Convention Centre. The lease will comprise a 35 year operating lease with 5 yearly rent reviews. The Irish Independent, 21st January
The Kestrel Pub, Walkinstown, Dublin 12 The Irish Independent comments that there are a number of interested parties seeking to purchase the Kestrel Pub which was brought to the market in October 2018 guiding €1.8m. The pub located at the Walkinstown roundabout is being sold alongside the adjoining commercial unit let to Ladbrooks at €24k + VAT pa. The Irish Independent, 17th January
0.5 acre site, Dublin 8 CBRE are guiding €5.75m (€11.5m per acre) for a 0.5 acre site in Dublin 8 with planning permission for a nine storey 149-unit apart hotel. The site is adjacent to the planned national children’s hospital and 150m from the Luas stop. The Irish Times, 16th January
INDUSTRIAL
Unit 1, Dublin Airport Logistics Park IPUT Plc has announced that it has completed the off-market acquisition of an 184,886 sq.ft. unit on a standalone site of 8.4 acres, located at Dublin Airport Logistics Park. The property was purchased with the benefit of vacant possession and IPUT will commence upgrading works prior to reletting. Philip Harvey of William Harvey Ltd advised IPUT in the acquisition of Unit 1, and has been appointed as sole letting agent. This purchase follows the successful acquisition and refurbishment of two large scale logistics buildings at North West Business totalling 240,000 sq.ft. https://www.iput.ie/news
Unit H, Aerodrome Business Park, Rathcoole, Co Dublin William Harvey Ltd handled the sale of Unit H on behalf of a group of investors. The 46,177 sq.ft. warehouse was sold for €7.55m (5.19% NIY). The property is fully let to Fannin Ltd on a 25 year term from 2007 at €425k pa rising to €450k in 2022. Peter Flanagan of Knight Frank acted for the purchaser. William Harvey, Industrial Property Specialists
OFFICE
Blanchardstown, Dublin 15 Bretland Construction have commenced works on their €24m office development at Blanchardstown Corporate Park, Dublin 15. The offices when completed will span 169,962 sq.ft. across two six floor buildings. The development is expected to take two years to complete. The Sunday Business Post, 20th January
Dublin Docklands Salesforce have pre-let 430,000 sq.ft. with the potential to increase to 530,000 sq.ft. of grade A office space. The development will form part of Johnny Ronan’s “Spencer Place” project. This is larger than Facebook’s letting of 350,000 sq.ft. at AIB Bank centre. The Irish Independent, 19th & 21st January
Century House, Harold’s Cross, Dublin CBRE have brought a former parochial hall, converted to offices spanning 6,393 sq.ft. over two floors, to market guiding €1.75m (7.3% NIY). The property comes with 12 parking spaces and is fully let to PKF O’Connor, Leddy & Holmes Ltd on a 25 year lease from 2001, with a break option in 2021. The annual rent role is €133,500. The Irish Independent, 17th January
Dawson Street, Dublin 2 It is reported that WeWork, the collaborative workspace providers, are in negotiations to lease the previous New Ireland Assurance headquarters on Dawson Street, Dublin 2. The property was purchased last year for €38m by Paddy McKillen Jr and Matt Ryan and planning has been submitted to refurbish the property adding two setback floors. The property if completed will extend to 99,000 sq.ft. office and 9,160 sq.ft. licenced premises. The Irish Times, 16th January
Bonham Quay Project, Galway Construction work will commence in March 2019 on Gerry Barrett’s €100m Bonham Quay Project. Planning was approved in September 2018 for 370,000 sq.ft. of grade A offices across four blocks on a two acre waterfront site. The Irish Times, 16th January
RESIDENTIAL / LAND
White Heather Industrial Estate, South Circular Road, Dublin 8 U+I, a British property group who purchased a 2.84 acre industrial site in Dublin 8 may seek to get the site rezoned to residential in the next city development plan which comes into effect in 2022. The industrial site produces €555k pa from tenants including An Post and the nearest break option is over five years away.The Irish Times, 22nd January
Malahide Road, Dublin Cairn Homes and NAMA have agreed a joint venture (75% Cairn, 25% NAMA) to create over 550 homes. Cairn announced it had created the vehicle to provide the units on a 14.5 acre development site beside its “Parkside” development on the Malahide Road. Cairn own 33 residential development sites with capacity for over 14,500 homes of which 90% based in the greater Dublin area. The company is currently building on 13 sites in the greater Dublin area, planning to deliver 4,750 homes. The Irish Times, 22nd January
25 Raglan Road, Dublin 4 Lisney have brought a 4,349 sq.ft. three storey over garden level Georgian building built in 1859 to market guiding €3.5m (€805 psf). The Sunday Business Post, 20th January
Dominick Street / Parnell Street, Dublin 1 Works have commenced on the Duggan Brother’s €35m social housing scheme on Dominick Street and Parnell Street. The scheme will comprise 67 apartments and five houses along with commercial units and is expected to be completed by Q1 2021. The Sunday Business Post, 20th January
Belgard House, Tallaght, Dublin 24 Plans for a €64m residential and student accommodation comprising 438 apartments and 403 student beds, located in Tallaght has been submitted to An Bord Pleanála by Atlas GP Limited. A decision is expected in April 2019 The Sunday Business Post, 20th January
New Housing Completions 2018 New housing completions reached a nine year high in 2018 with 18,855 completed, a 31% increase YoY, according to analysis from Goodbody. The southeast of the country saw a 49% increase YoY. Apartment completions accounted for 13% of the year’s total. The Irish Times, 18th January
Terenure, Dublin Borrisron Ltd, of which Greg and Niall Turley, the brothers behind Cartrawler, are the shareholders, have lodged planning to develop a six storey, 55 unit build to rent scheme at a site which previously housed Rathdown Motors in Terenure. The scheme if approved, will comprise 40 one-bed and 15 two-bed apartments along with 37 underground car spaces. The Irish Times, 21st January
OTHER
Athy, Co Kildare Conack Construction has commenced works on an €8.5m primary care centre in Athy, Co Kildare. The property will comprise three stories including HSE, Tusla and general practitioners. The Sunday Business Post, 20th January
Co-Living London based co-living company, The Collective, has purchased its first Irish property in Fumbally, Dublin 8. The business offers flexible leases and their UK properties typically include a bed, an ensuite, private kitchenette and desk along with high end communal areas. It is anticipated they will target the growing number of tech workers in Ireland. The Sunday Independent, 20th January
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