22nd September (Issue 265)
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
Leixlip, Co Kildare Knight Frank is guiding €5 million for a zoned development site in Collinstown, Leixlip, Co Kildare. The lands extend to 12.95 acres (€386k per acre) and are located immediately adjacent to Intel Ireland’s campus. The site, which has 443 metres of frontage to the R449, is zoned under the Leixlip Local Area Plan 2020–2023 as ‘Objective Q’ – Enterprise & Employment. The plan aims to support the delivery of a high-quality, attractive and sustainable business campus environment on the site. Exit 6 on the M4 motorway is situated just 500m away, providing easy access to the M50 and the wider motorway network. Knight Frank Press Release, 17th September
Ballincollig, Cork O’Flynn Construction has been granted permission by An Bord Pleanála to develop 123 apartments in Ballincollig on the outskirts of Cork city. The project will see a mix of one and two-bed apartments built in three blocks on the Old Fort Road. The three blocks of apartments will range in height from three to six storeys and the development will also provide for a creche, gym and 98 car parking spaces. As part of the development, 12 apartments – six 2-bed and six 1-bed units – will be transferred to Cork City Council for social housing under the Part V proposal. The Irish Examiner, 21st September
Dublin 4 An Bord Pleanála has granted permission to Cairn Homes for its contentious apartment complex plan on former RTÉ lands at Montrose in Dublin 4. The house builder has secured planning permission for 611 apartments in nine blocks ranging from four to 10 storeys in height, along with three townhouses. In total, 19 objections were lodged against the application. The decision comes more than three years after Cairn Homes paid RTÉ €107.5 million for the 8.64 acre site (€12.4m per acre & €176k per unit). The documentation lodged with the application puts a value of €521,377 on the two-bed apartments, and €472,797 on the one bed apartments. The Irish Times, 16th September
Dundrum, South Dublin Lioncor Properties has applied for permission to fast-track the construction of 628 build-to-rent apartments in Dundrum, south Dublin. The site spans nearly 10 acres on zoned residential lands on Wyckham Avenue. The development, if approved, would consist of seven apartment blocks up to nine storeys high. A mix of one-, two- and three-bedroom units would be built. Amenities and residential services would include co-working spaces, a residents’ lounge, games room, cinema/function room, music room and gym. It would also feature a creche, cafe, retail unit, 278 car parking spaces and 1,354 bicycle spaces. The Sunday Times, 20th September
Cabinteely, South Dublin The McGrath Group has pre-sold a development of 101 apartments at Johnstown Road near the N11 and Cabinteely Village in south Dublin. Its Johnstown Road project includes Johnstown Place, located on a property formerly known as New Prague and it will be completed by the end of this year. The project will comprise 25 one-bedroom units and 26 two-bedroom units. The second part, to be known as Elm Wood, will be fully completed in the third quarter of 2021 and it will comprise 21 one-bedroom units and 29 two-bedroom units. The Business Post, 20th September
Dublin 8 Hines has secured planning permission for 416 new homes at the former Bailey Gibson Site in Dublin 8. The development will comprise of 404 new apartments, two duplexes, six triplex apartments and four houses. Hines hopes to start construction on the Bailey Gibson site early next year. The Irish Independent, 15th September
MIXED USE
College Square, Dublin 2 Marlet Property Group has been granted permission from An Bord Pleanála to increase the height of the 11-storey office block it is planning to deliver on the site of the former Apollo House in Dublin to 21 storeys. The proposal had already been approved by Dublin City Council last December but its decision was appealed by An Taisce. In upholding the council’s original ruling, the appeals board has cleared the way for Marlet to add a 10-storey tower comprising 54 build-to-rent apartments to the top of the office scheme. The apartments will comprise 45 one-bedroom and 9 two-bedroom units. Upon completion the College Square development will comprise a total of 404,960 sq.ft. of office space distributed across the sites occupied formerly by Apollo House and the neighbouring College House. The Irish Times, 17th September
Tuam, Co Galway DNG John Joyce is guiding €1.25 million for a mixed use building on Shop Street in Tuam, Co Galway. The building comprises two ground floor commercial units, a further two commercial units at first floor level with seven apartments and a bin storage area taking up the remainder of the building. The apartments range in size from 458 sq.ft. to 740 sq.ft. and are being sold with vacant possession. The commercial units span 7,674 sq.ft. in total, and the tenants are unaffected by the sale. The Business Post, 20th September
OFFICE
Harbourmaster Place, Dublin 1 CBRE is guiding €54 million for No 1 Harbourmaster Place in the IFSC. The entire property is let to KPMG under a 35-year lease from February 1991, which expires in 2026. The building extends to a total area of 62,090 sq.ft. and has 53 dedicated car parking spaces. The tenant is currently paying an annual rent of € 3,054,863 (€46 psf and €3,750 per car space). Rent reviews are upwards-only at five-year intervals, leaving one final review to be completed in 2021. Subject to planning permission, CBRE estimate that an additional 37,500 sq.ft. of net floor area could be added to the building. The Irish Times, 16th September
Cork City JCD Group have announced that 75% of the 250,000 sq.ft. Penrose Dock office scheme is now leased. Penrose Dock opened its doors earlier this month with the first four occupiers moving in: Grant Thornton; Sophos; Remitly and Minelab. October meanwhile will see three large publicly-traded US tech companies completing their office fit outs. The Irish Times are reporting that another large US tech company, expected to be announced in the coming weeks, is taking two floors in Penrose One while Matheson will be occupying the fifth floor also in Penrose One from early next year. Penrose Dock is set on a prime 1.8 acre site fronting onto the River Lee and consists of two Grade A office blocks. Penrose One extends to 80,000 sq.ft. over seven floors while Penrose Two is 170,000 sq.ft. over nine floors. The Irish Times, 16th September
Stephens Green, Dublin 2 Savills is seeking in excess of €18 million for Nos 92 and 93 St Stephen’s Green. The properties comprise two interconnected period structures, with an arched alleyway providing access to a rear car park. The four-storey over basement building extends to 19,105 sq.ft. (€942 psf) and is currently occupied under the terms of a series of licence agreements producing an annual income of c.€344,000. (€18 psf). The entire site is 0.3 of an acre, with c.0.2 of an acre available to develop at the rear. RKD Architects has prepared a feasibility study option which shows extensive redevelopment potential to include the existing building connecting to a new modern office extension to the rear comprising c.50,332sq.ft. in total over six floors. The Business Post, 20th September
Dublin 2 Finnegan Menton is guiding €2.25 million for a Georgian office investment at 16 Fitzwilliam Street Upper in Dublin 2. The subject property comprises a mid-terrace, four-storey over-basement period office building extending to 3,540 sq.ft. (€635 psf). The property comes to the market fully let to TAI Consultants, trading as Tax Accounting Ireland, who are in the building under a 10-year FRI lease from July 20th, 2018, with just under eight years unexpired. The property is producing total net income of €130,000 per annum (€36.72 psf). The Irish Times, 16th September
RETAIL
Galway City A retail investment property at 1 Shop Street in Galway City centre sold at an online auction last week for €2.006 million which was €256k over its €1.75m guide price and also over the previous €1.95m guide price quoted for the property earlier this year. It was sold jointly by BidX1 and QRE Property Advisers. The building is let entirely to Three Ireland and Three’s 10 years lease runs from May 2016 at a contracted rent of €160,000 per annum. The Irish Independent, 17th September
HOTEL
Belfast CBRE’s hotel division is seeking offers in the region of €18 million (£16 million) for the four-star Radisson Blu Hotel Belfast and adjoining Lighthouse office building. The hotel comprises 120 guest bedrooms, along with seven meeting rooms which can be combined to accommodate 300 delegates. The adjoining Lighthouse office building comprises 60,000 sq.ft. of office space. The six-floor building has onsite parking and is situated in the campus-style Gasworks development in close proximity to the city centre and a few minutes’ walk from Belfast’s CBD. The Irish Times, 16th September
Cork City Quakeside Ltd has been granted permission for the redevelopment of the Moore’s Hotel in Cork city centre. Permission had previously been granted by Cork City Council but the decision was subsequently appealed to An Bord Pleanála by a third party. The developer has withdrawn that application and resubmitted revised plans to Cork City Council, which have now been approved. What was proposed to be a four to six storey hotel development with 183 bedrooms has now shifted to a four to five storey development with 187 rooms. The Irish Examiner, 16th September
INDUSTRIAL
Dublin Airport Logistics Park Rohan Holdings has commenced construction of a further 120,000 sq.ft. of industrial and logistics space at its flagship Dublin Airport Logistics Park. At the park, Rohan has appointed Mannings to deliver a 70,000 sq.ft. unit and a 50,000 sq.ft. unit. Both units will benefit from substantial profile onto the M2 motorway, and will feature air-conditioned offices. Rohan is quoting a rent of €10.45 psf and expects to secure occupiers for both buildings prior to their completion in the final quarter of 2021. The park is located less than a two-minute drive from the M50 and the country’s wider motorway network, 250m from Dublin Airport’s campus, and 2km from the Dublin Port Tunnel. The Irish Times, 16th September
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