23rd July (Issue 206)

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.



BlackBee Healthcare Fund Cork-based financial firm BlackBee Investments has announced details of a €250 million healthcare investment fund which will operate a residential care group under the name Aperee. The investment will see the construction of 1,000 new single en-suite beds at 10 sites around Munster which have already been identified by the group. Construction is due to start in early 2020 and there are also plans to acquire 750 existing beds in 12-14 existing facilities. It is believed that some €30 million has been raised to date with the fund targeted at both institutional and professional private investors. The Irish Times, 22nd July



1 Fitzwilliam Place, Dublin 2 Knight Frank is guiding in excess of €995,000 for a fully-let Georgian investment property at 1 Fitzwilliam Place, Dublin 2. The property is a four- storey over lower garden-level extending to 4,636 sq.ft. in total. The property is currently producing €103k of rental income per annum. The ground, first and third floors extending to 2,729 sq.ft. are occupied by the ESB on a 10-year lease with a break on the expiry of the fifth year (June 1st, 2024). The second floor is let to Guaranteed Irish on a 35-year lease that expires on the February 29th, 2020. There is also a tenant at garden level on a nine-year, six-month lease from June 1st, 2014. The Irish Times, 17th July

Blackrock Village Centre BNP Paribas Real Estate is quoting a rent of €31.50 psf for office space and €2,250 per car space at the new office development in Blackrock Village Centre which will be available for occupation in Q1 2020. The total area spans 16,833 sq.ft. across three floors and also has access to a secure underground car park. The property can accommodate requirements ranging from 5,102 sq.ft. to 16,833 sq.ft. The Irish Times, 17th July



Grand Parade, Cork City A number of objections have been lodged against plans for a 48-room hostel and ground floor bar to be located on the Grand Parade in Cork City. The development would bring an additional 264 bed spaces to Cork City. One of the main reasons for objection was the planned height of three storeys would negatively impact on surrounding buildings and should be reduced to two storeys. The Echo, 22nd July


North Park Business Park, Dublin 11 CBRE is guiding €1.5 million for an industrial and office facility at North Park Business Park in Dublin. The 12,895 sq.ft. property has been owner occupied since its development in 2003. There are three-storey modern offices located to the front elevation totalling 4,187 sq.ft. There is a three-storey steel mezzanine of 13,713 sq.ft. in part of the warehouse. There are two electrically operated loading doors and the property comes with ample customer/staff parking. The business park benefits from direct access to the M50. The Irish Times, 17th July



Eglinton St, Galway JD Wetherspoons have purchased the Carbon Nightclub on Eglinton St in Galway for an undisclosed sum. It is believed that there are plans to invest €2.5 million into the premises which will contain a 1,700 sq.ft. first floor beer garden in addition to the 4,000 sq.ft. of ground floor space. The Irish Independent 17th July



The Central Hotel & Trinity Street Car Park Deutsche Finance International, in a joint venture with BCP Capital in Dublin, have acquired the Central Hotel and Trinity Street car park. The Central Hotel, located on Dublin’s Exchequer Street, was put on the market last October for €40m. It has over 70 rooms across four floors. Meanwhile, Trinity Street car park, within walking distance of the hotel, comprises 171 car-parking spaces with ancillary retail and office use over five floors. The Irish Independent 22nd July

6-12 Sackville Place A tourist accommodation provider has purchased 6-12 Sackville Place just off O’Connell Street for €5.5 million (€252 psf). The premises will remain in educational use by TU Dublin up until the relocation of its operations to its new Grangegorman campus in 2020. The 21, 750 sq.ft. property comprises a mid-terrace mainly four-storey over basement educational building together with some single- and two-storey sections. The Irish Times, 17th July



Poolbeg, Dublin The Irish Times understands that Nama is to begin a search for property developers with which to partner in the development of the former Irish Glass Bottle site and adjacent 12 acre site in Poolbeg, Dublin. The sites combined total 37 acres and have the potential to deliver 3,500 homes for 8,000 people, 10% of which would comprise social housing and a further 15% affordable housing. Up to one million square feet of commercial space as well as school sites and community areas are also envisaged for the site. The Irish Times, 22nd July

Carmelite Site, Gort Muire Irish house builder Lioncor Developments is understood to be closing in on a deal to acquire 8 acres of the Carmelite site at Gort Muire in Ballinteer for up to €35 million. The land is being sold without planning permission, however, a feasibility study prepared in advance of the sale suggests it could accommodate more than 400 apartments comprising a mix of one-, two- and three-bed units along with retail space. The site is located close to Dundrum Town Centre. The Irish Times, 17th July

Cabra and Sandyford Sites A fund managed by Tristan Capital Partners has acquired two ready-to-go development sites in Dublin for €54.5 million, which it will develop alongside local development partners to deliver 663 new homes to the rental market. In two separate deals, the investor has acquired Marlet Property Group’s 9.63 acre site in Cabra, Dublin 7, where planning permission is in place for 420 new homes, and a 7.2 acre site in Sandyford, Dublin 18, which has existing planning permission for 243 new units. The Irish Times understands that the required investment to deliver both schemes is likely to exceed €200 million, making it one of the largest investments in the property market this year. The Irish Times, 22nd July



A new report on the residential property investment market from agent Hooke & MacDonald outlines that Dublin’s private rented sector (PRS) accounted for a record 55% of all property investment transactions in the capital in Q2 2019. Four of the five largest Dublin property investment transactions in Q2 2019 were PRS sales.

In the year to date, Hooke & MacDonald’s report finds that some €703 million in sales were conducted across 12 schemes in the private rented sector. In relation to upcoming sales activity, the report states that there are 18 residential investment transactions with a combined value of €516 million currently at sale agreed stage in Dublin. Six of these deals involve new-build developments, comprising 696 units, while the other 12 are accounted for by existing stock comprising 518 units. Hooke & McDonald PRS Investment Report, Q2 2019


If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie

Origin Capital funds senior debt transactions in the CRE investment sector, typically in the €3m – €15m range. If you would like to discuss how Origin Capital can help with your funding requirements, please contact us on 01 662 9264.

Origin Capital is a wholly owned subsidiary of LeBruin, a leading provider of corporate finance and debt advisory solutions.