Kildare Village Hammerson, the UK-based shopping retail giant that part owns the Dundrum Town Centre scheme in Dublin, has sold its stake in Value Retail, the parent firm of Kildare Village. Hammerson said it was disposing of its “overweight, non-controlling and yield-dilutive interest” in Value Retail, which generated cash proceeds of €712m for the company. The Business Post, 22nd July
Blanchardstown, Dublin 15 US-headquartered private equity giant Strategic Value Partners (SVP) has become the latest party to enter the competition for the Blanchardstown Centre. The Irish Times understands that SVP has tabled an offer of between €550m and €600m for the largest shopping centre in the State. It remains to be seen if SPV’s offer is accepted. The Irish Times, 16th July
Jervis Street, Dublin 1 Jervis Street Shopping Centre’s owners JSC Properties Ltd has brought proceedings against Tessuti (Ireland) Ltd and Tessuti Ltd. JSC is asking the court to order the specific performance of a 10-year lease agreement last January with Tessuti (Ireland) to keep open for trade a ground and upper floor unit in the shopping centre. It also seeks declarations that the defendants are required to pay rent and associated charges on the premises under the lease and that Tessuti Ltd is obliged to perform the lease as guarantor for Tessuti (Ireland). It further seeks judgment for approx. €1.72m, primarily comprising rent due. The Irish Times, 22nd July
Bolands Mills, Dublin 2 The mixed-use space at Bolands Mills is due to open on a phased basis between late 2024 and early 2025. The list of occupiers includes a bakery, pilates and yoga studio, a bar and food market, a speciality coffee shop and a hair salon. Two units remain available to let at Bolands Mills. The 150-year-old Miller’s Lodge measures 6,000 sq. ft while Unit 7 extends to 4,000 sq. ft. The Irish Times, 17th July
Temple Bar, Dublin 2 Hard Rock Hotels is set to close down its first and only Irish operation after Leonardo Hotels snapped up the property it trades from. The hospitality giant has taken over Hard Rock’s premises in Temple Bar, which it intends to rebrand under its umbrella of NYX hotels. It comes less than five years after the hotel first opened its doors. The value of the transaction has not been disclosed. However, company filings valued the property in excess of €30m in 2022. The Business Post, 18th July
Armagh The City of Armagh Hotel is to be launched for sale at the end of July with a £9m (approx. €10.7m) guide price. Following recent investment the venue is being upgraded from a 3 star to 4 star status and is being offered for sale with CBRE Ireland on the instructions of the owners. The Business Post, 19th July
Clonliffe Road, Dublin 3 Work has commenced this week on a new four-star Dalata hotel situated 140 metres from Croke Park in the grounds of the former Clonliffe College. Set to open in 2026, the 200-bedroom property will be operated by Dalata under its Maldron hotel brand under the terms of an agreement with the GAA. The hotel is situated at the junction of Clonliffe Road and Jones’s Road. The Irish Times, 23rd July
Earlsfort Terrace, Dublin 2 Intercom has completely jettisoned plans to relocate to new headquarters in Earlsfort Terrace in Dublin. The company, which in 2019 agreed a deal to pre-let the entire Cadenza building on an 18-year lease, has decided instead to remain at its current offices on St Stephen’s Green. The move is not totally unexpected as Intercom last year leased half of the Earlsfort Terrace building to KKR and recently relocated to Indeed’s former offices at 124-127 St Stephen’s Green. The Business Post, 21st July
Sandyford, Dublin 18 Following the recent sale of an office suite at The Mall, Beacon Court, Sandyford for 8.6% over its guide price, BidX1 is bringing two more suites in the building to auction on July 25. This time the guide price is €1.6m. The July lot comprises Suite 28 and 29 whose combined floor area extends to approx. 6,770 sq. ft (€245.6 per sq. ft). Suites 28 and 29 are vacant and their accommodation is spread over ground, first, second and third floor levels. The Irish Independent, 18th July
George’s Quay, Dublin 2 Premier Lotteries Ireland, operator of the National Lottery, has confirmed that it will move from its long-standing offices on Dublin’s Abbey Street to a new base at 1 George’s Quay (1GQ) later this summer. The move southside across the river follows 36 years at the Irish Life Centre on Abbey Street. 1GQ, which can house up to 180 staff, was modernised, extended and renamed by Irish Life in 2017. The Irish Times, 18th July
Clonshaugh, Dublin 17 French investor Alderan has made its first investment in Ireland’s commercial real estate market, paying €10.75m (€155 psf) for Grattan Business Park at Clonshaugh. Grattan Business Park comprises 69,363 sq. ft of logistics space distributed across 33 units within three buildings. There are 24 active leases, with an average lease length of 3.8 years. The overall occupancy rate is 96%, and a 24-month rental guarantee covers the two vacant units. The transaction has resulted in a yield of approx. 8%. The Irish Times, 17th July
Baldoyle, Dublin 13 Quality Building Materials has acquired Unit 81A at Baldoyle Industrial Estate in Dublin 13 for approx. €2.4m (€123 psf). Unit 81A is a detached industrial/warehouse and office facility that extends to 19,494 sq. ft including 2,508 sq. ft of two-storey offices to the front. The Irish Times, 17th July
Haddington Road, Dublin 4 The owner of Smyth’s of Haddington Road has plans to demolish the bar and build a mixed-use site that includes flats. Courtney’s Lounge Bars recently submitted a planning application to Dublin City Council seeking to demolish Smyth’s and build a development that includes a new pub and six flats. The proposed mixed-use building would increase in size from two floors to four with part of the building rising to five storeys along the Percy Place frontage. The Irish Independent, 21st July
Housing Investment Ireland’s sovereign wealth fund has announced four new investment commitments worth approx. €230m that will be earmarked for the delivery of new housing. The investments include a total of €100m to Avenue Capital Group. The Ardstone Residential Income Fund (ARIF) will also receive €75m for the delivery of mid-market rental properties in the GDA. Summix Capital, a UK-based property developer, will receive €29m in funds to help fund its regeneration projects around the country. A further €25m will be invested in the Irish Homebuilding Equity Fund, a collaboration between Pearl Property Managers and Bank of Ireland. The Business Post, 19th July
Mount Street Lower, Dublin 2 An Bord Pleanála has given the green light to Hibernia to demolish the former Scruffy Murphy’s pub off Dublin’s Mount Street Lower to construct 15 apartments in a six-storey scheme. The scheme was put on hold after objectors, Power’s Court Residents Association and The Residents of Verschoyle Court, lodged third-party appeals to An Bord Pleanála. Hibernia paid €2m for the storied pub in 2021. In the appeal on behalf of the Power’s Court Residents Association, a spokesperson raised concerns that during construction both owners and pets will suffer disrupted sleep leading to increased anxiety and stress. The Irish Independent, 17th July
John Sisk & Son has seen a surge in its profits last year, according to its latest filings, as the company benefited from strong activity in the Irish construction industry. Operating profits jumped from €5.2m in 2022 to €34m in the twelve months to the end of December 2023. Turnover grew by 51% from €1.03bn to more than €1.5bn. The Business Post, 23rd July
Investment Activity A rebound in commercial property investment activity could see as much as €2bn worth of Irish property change hands this year, according to TWM. This follows figures which show that 29 deals saw €514m worth of property sell in the second quarter of the year bringing the first half total to €676m. The full-year forecast would be ahead of the €1.85bn of Irish investment trades completed in 2023, but that was the lowest level of spend since 2013. Second-quarter activity was spread across a range of sectors including retail (28%), office (18%), healthcare (18%), residential (17%) and industrial (8%). The Irish Independent, 18th July
Clearance Sale Nama is weighing up a clearance sale of its most troubled loans as it nears its end date of December 2025. A portfolio sale of the loans, which run to hundreds of millions of euros, would face challenges, however, because of the nature of the assets. In the agency’s annual report, Brendan McDonagh, the chief executive, said that at the end of March this year there were 98 debtors in Nama. The rump loans consist of a large number of individual debtors with a low value of assets. McDonagh also raised the prospect of some debt being written off. The Sunday Times, 21st July
Dublin Port Dublin Port Company is to lodge €1.1bn plans with An Bord Pleanála for a 15-year permission for its 3FM Project. The overall planning application site area extends to approx. 2,471 acres and the 3FM Project is to be developed on existing brownfield lands in the port, focusing primarily on the Poolbeg Peninsula. The project is to deliver approx. 20% of port capacity required by 2040. The 3FM Project includes the construction of a new bridge across the River Liffey as part of the southern port access route. The Irish Independent, 23rd July
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