Oaktree Capital Management is weighing up the sale of its huge portfolio of retail parks in Ireland. The company owns eight retail parks around the nation through its subsidiary Targeted Investment Opportunities (TIO). Green Street News reported last week that the parks were “being touted to a small group of potential buyers”, and Sigma Retail Partners, which manages the retail parks on behalf of TIO, was handling the sale. The Sunday Times understands that no sales process has been initiated for the portfolio, which is thought to be worth in excess of €200m. The Sunday Times, 20th October
Ballyconnell, Co Cavan The Slieve Russell hotel and golf resort in Co Cavan has been sold for €30m. Irish Bank Resolution Corporation liquidators have completed the sale to the Australian-based Brady group for less than the €35m being guided by CBRE. It opened for business in 1990, comprises 224 bedrooms and extensive banqueting and leisure facilities on the outskirts of Ballyconnell. Its buildings extend across a total area of 296,007 sq. ft. The Business Post, 20th October
South Terrace, Cork CBRE is offering a site which comes with full planning permission to develop a 103-bedroom hotel at the rear of No. 31-33 South Terrace. The agent is seeking offers in excess of €3m (€29.13k per key) for the hotel site. Planning permission for the 103-bedroom hotel was received in December 2022 and includes a lobby, restaurant and bar facilities of 3,013 sq. ft. The Business Post, 18th October
Connemara, Co Galway The Denis O’Brien-owned Ballynahinch Castle hotel in Co Galway reported a loss of €288.4k last year to bring its accumulated losses to €5.7m at the end of December 2023, latest accounts show. The deficit for last year was more than three times the loss (€78.3k) recorded by the hotel in 2022. Turnover rose by 1% to just under €8.5m, while the hotel posted an operating profit of €440.4k, down 23% on the previous year. It was dragged into the red by interest costs and the amortisation of finance expenses amounting to €727.4k. The Irish Times, 22nd October
Headford Road, Galway A 1.06-acre site within walking distance of the University of Galway, and with full planning permission for a PBSA scheme, is coming to the market guiding €7.2m. The development opportunity, on the Headford Road, is being brought to the market by Cushman & Wakefield, with full planning for a student accommodation and retail scheme. The approval provides for 272 bed spaces designed over two blocks, along with ancillary student-support facilities. The development also includes four retail units extending to an overall size of 40,214 sq. ft. The Irish Times, 16th October
Parliament Street, Dublin 2 No. 1 Wellington Quay on Parliament Street is guiding €950k. The building is currently let to The Music Cafe, which occupies the basement and ground floor. The next two floors are currently let to a firm of solicitors. The top floor has recently become vacant. In all, the building offers a floor area of 2,066 sq. ft. The property is generating rental income of €55.5k pa. The Music Cafe holds a 10-year lease from May 2019 at a passing rent of €31.5k pa. First- and second-floor offices are let on a 10-year lease from November 2017 at a passing rent of €24k pa. The Irish Times, 16th October
Office Portfolio An investment portfolio from Starwood Capital Group has taken a 50% impairment, equivalent to approx. €13m on its Irish office portfolio due to the “challenging local office market”. Starwood European Real Estate committed a €35.2m loan secured against a portfolio of 12 properties in Central Dublin in early 2020. The company began selling some of the assets in 2021, which continued in 2022, with the balance of the loan dropping to €25.9m secured against 7 properties by the end of September this year. The Irish Times, 21st October
Ballsbridge, Dublin 4 Meta Platforms has brought part of its European headquarters in Dublin to the market as a sublet. Approx. 193,750 sq. ft of space will be available at the development, known as Fibonacci Square. Cushman & Wakefield, Meta’s letting agent, stated on its website last week that the social media company was seeking a headline rent of €59.50 psf for Block 1. The company signed a 25-year lease for Fibonacci Square in 2018, agreeing to pay an annual rent of €22.5m for 360,000 sq. ft, or €62.50 psf. The Sunday Times, 20th October
Dublin and Galway A fund managed by French real estate investor Arkéa REIM has acquired two office investment properties in Citywest, Dublin and Parkmore East, Galway. While the value of the deal was undisclosed, it is understood to be in excess of €20m (NIY approx. 7.5% – 8%) for the combined properties. The properties, Block 5, Parkmore East Business Campus in Galway and Block 5, Waterside Innovation Campus, Citywest, were sold by Fine Grain Property. The properties are the third and fourth acquisitions for the French fund, SCPI Transitions Europe. Both assets are fully let, to two tenants in Dublin and three in Galway. The Irish Times, 16th October
South William Street, Dublin 2 Following a full refurbishment and upgrade, No. 61A South William Street has come to market and is available to let through Colliers as either a single headquarter opportunity or as a multi-let. The building provides 8,266 sq. ft over five floors and a typical floor of approx. 2,249 sq. ft. The agent is quoting a rent of €45 psf and it is a new lease agreement. The Business Post, 19th October
Clonskeagh, South Dublin Knight Frank is offering two three-storey, semi-detached office blocks extending to 32,300 sq. ft, along with 89 surface-level car-parking spaces. Trimleston House, part of the Beech Hill Office Campus in Clonskeagh is guiding €4.6m, offering a discount of approx. 36%, on the amount sought in October 2021, when the buildings were last brought to the market seeking €7.25m. Block 1A is let to Mars Capital until January 15th, 2026. The office block extends to approx. 19,300 sq. ft over three floors. The passing rent roll is €400k pa (€18 psf and €1,000 per car space), with Knight Frank commenting that the building is “significantly under rented”. Block 1B extends to approx. 13,000 sq. ft and is vacant. The Irish Times, 16th October
Hampton Square, Dublin 7 A multi-family investment comprising 26 apartments in Dublin 7 has sold for close to the guide price of €7m (GIY 6.5%; approx. €269.2k per apartment). The 26 apartments, built by the Cosgrave Group, were sold as a single lot in a self-contained block within Hampton Square on the Navan Road. The 26 apartments at Hampton Square generate an annual rental income of €458k. The investment consists of four one-bedroom apartments, 18 one-bedroom + study apartments, two two-bedroom apartments, and two two-bedroom + study penthouse apartments. The Irish Times, 16th October
Ratoath, Co Meath Coonan Property has brought a 21.2-acre land holding in Ratoath to the market for sale by private treaty and with a guide of approx. €5.3m (€250k per acre). The lands at Fairyhouse Road are zoned E2 (General Enterprise and Employment) in the 2021 to 2027 Meath County Development Plan which allows a range of uses on the lands. The zoning provides for an opportunity for commercial and industrial development on the outskirts of the expanding town of Ratoath. The Business Post, 19th October
Construction Costs New research presented to the Department of Housing, which was carried out by Mitchell McDermott, the building consultancy, has provided definitive costs of building apartments in Ireland. It said total development cost of a standard 979 sq. ft two-bed city centre apartment costs €591.8k, with €266.1k of that related to construction costs and €105.5k connected to soft costs. Based on the development costs a household would require an income of at least €168k to secure a mortgage for the apartment. The same sized two-bed apartment unit in the suburbs costs €549k to build, made up of €257.9k in construction costs and €103.8k of soft costs. The Business Post, 21st October
Terenure, Dublin 6 A Dublin developer has applied for planning permission to build 66 apartments on the site of an Orthodox Jewish synagogue in Terenure and demolish the existing structure, more than a year after the property was put up for sale with a guide price of €7.5m. Granbrind Terenure Ltd submitted an application to Dublin City Council on September 20th to demolish the existing synagogue structure and build 66 apartments across three blocks, ranging from three to six storeys over basement. The Irish Times, 15th October
Approved Housing Bodies (AHB) An analysis by the Business Post of the most recent financial records for Clúid, Respond, Tuath, Oaklee Housing, Circle Voluntary Housing Association and Co-operative Housing Ireland, has shown these AHBs now have more than €7bn worth of residential property on their balance sheets. The overall AHB sector controls approx. €8.3bn worth of property, data from the Approved Housing Bodies Regulatory Authority (AHBRA) has said. In 2019, the six AHBs controlled approx. 20,000 homes nationwide. The most recent data showed the overall sector controlled approx. 61,000 dwellings as of September 2023. The Business Post, 22nd October
Vacant Land Tax Since the beginning of August, 80 appeals by landowners against the incoming Residential Zoned Land Tax (RZLT) have been rejected by An Bord Pleanála – only 15 appeals have been successful. The RZLT will involve landowners being charged a 3% levy on the market value of vacant sites from February 2025. In recent weeks, large development firms, including Cairn Homes, Glenveagh, Castlethorn, Hines and Esprit Investments have failed in their attempts to avoid the tax. Other landowners such as Dunnes Stores, Dublin City University, CIE, St James’s Hospital and the Central Bank of Ireland also failed to convince An Bord Pleanála. The Business Post, 18th October
Leeson Street Lower, Dublin 2 The Institute of Education has warned it may be forced to leave its Dublin city centre location unless a new development project is approved. Last week, the Dublin grinds and secondary school was granted permission to refurbish its properties on Leeson Street Lower and build nine new classrooms. A new application to the local authority has now sought permission to convert a residential property at 78 Leeson Street Lower into office space to be used for school administration purposes, with one residential apartment in the basement. Records show the building, which the school has described as a “derelict site”, was recently acquired in 2022 for €1.65m. The Business Post, 21st October
Rathmines, South Dublin A group of South Dublin residents has taken a legal case against Dublin City Council after St Mary’s College was granted a key planning exemption to develop an all-weather sports pitch. The private boys’ school, which owns the site, wants to convert three existing pitches into two full-sized pitches, including an artificial 4G surface for year-round play. The Business Post, 16th October
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