23rd June (Issue 252)
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
Tallaght, West Dublin An Bord Pleanála has given the green light for fast-track plans to build 502 apartments on the former Gallaher cigarette factory site in Tallaght, west Dublin. The proposal involves the construction of six blocks up to eight storeys high and the demolition of the existing factory buildings, which have been vacant since 2003, and the provision of three retail units and a crèche. The site is located at the junction of Greenhills Road and Airton Road, only 1.4km from The Square Tallaght shopping centre. The plan for the site envisages construction of 11 separate residential blocks across a 3.8 hectare site. As part of the proposal, the developers proposed the allocation of 50 of the units for social housing. The Irish Independent, 19th June
Arran Street East, Dublin 7 Dublin City Council has granted planning permission to Creekvale Ltd for an eight-storey, 273-bedroom hotel on the site of the existing Begley’s Fruit Market at Arran Street East and Little Mary Street in Dublin’s markets area despite opposition from a rival hotel operator to the plan. Creekvale secured planning permission after lodging revised plans with the council which had expressed concern relating to the overall height and scale of the proposal. As part of the planning conditions, Creekvale is to pay €914,187 in planning contributions towards public infrastructure and the Luas Cross city line. The Irish Times, 19th June
Navan, Co Meath Sherry FitzGerald Reilly is guiding €4.2 million for a 34.62 acre site next to Liscarton Industrial Estate in Navan, Co Meath (c.€121k per acre). The site is zoned E2 General Enterprise and Employment which provide for a number of uses. Planning permission has been granted for infrastructure to accommodate industrial and general employment development. The site is strategically located within minutes of all main road arteries including the M3 and N2 and is just 4km from Navan town. It is also within close distance of the M3 Motorway. The Irish Independent, 18th June
Terryland, Galway An Bord Pleanála has given the go-ahead to Montane Developments for student accommodation at Coolough Road, Terryland, Galway. The plan involves the development of four blocks, ranging from one to four storeys, which will provide 255 single bedrooms for students and a gym and fitness centre. The Irish Independent, 19th June
Drogheda, Co Louth The High Court has ruled that a developer cannot continue to defend a challenge to An Bord Pleanála’s permission for construction of 450 housing units in Drogheda after the board accepted its decision was flawed. The board had earlier this year accepted it should not have granted permission to Ravala Ltd in November 2019 for the proposed development at Marsh Road, east of Drogheda Town Centre, of the housing units, offices and a creche. The Irish Times, 19th June
MIXED-USE
James’ St, Dublin 8 An end-of-terrace investment at 41 James’s Street, Dublin 8, sold for €1 million at a recent BidX1 auction. It generates annual rent of €61,800 from a retail unit and one of its three apartments. Two of its two-bedroom duplexes units are vacant. The retail unit is let to Tranan Holdings (Two) Ltd, trading as Next Door off-licence, with upwards-only rent reviews. Early this year, it had been offered for sale by private treaty with a €1.3 million guide price but BidX1 offered it at €950,000 in its auction. The Sunday Business Post, 21st June
HOSPITALITY
Dingle, Co Kerry At a recent BidX1 auction the most valuable property sold was Ballintaggart House in Dingle, Co Kerry, which sold for its €2.1 million guide price. It includes a five-bedroom guesthouse currently in use as a wedding venue, 12 vacant holiday homes, stables and staff living quarters. The property is set on 19.77 acres and benefits from attractive views over Dingle Bay. The Sunday Business Post, 21st June
RETAIL
Swords, Co Dublin Savills, on behalf of its owners, Aviva is guiding €27 million for the Supervalu premises at the Pavilions Shopping Centre in Swords, Co Dublin. The store, which extends to 48,674 sq.ft, (€554.71 psf) is let to Musgrave Operating Partners Ireland Limited – trading as SuperValu – on a 25-year lease from September 2005, leaving a weighted average unexpired lease term of 10.28 years. The current rent roll is €1.8 million per annum, and this is subject to an open market rent review every five years or a review that is based on the consumer price index, whichever is greater. The next rent review is in September of this year. The Irish Times, 17th June
Artane, Dublin 5 Joint agents Robert Colleran and Lisney are guiding €950,000 for a retail investment property at the Timber Mills development opposite the Artane Castle Shopping Centre on Dublin’s northside. The four retail units have a combined total floor area of c.8,675 sq.ft. (€109.51 psf). Three of the units are let and generate annual rental income of €70,000. The vacant unit, unit 3, extends to almost 3,000 sq.ft. and it is estimated could generate c.€22,000 annually. The Irish Independent, 18thJune
Amiens St, Dublin 1 Units 1-6, Guild Court, Amiens Street, Dublin 1 sold for its €1.05 million guide price at a recent BidX1 auction. The units are facing Connolly Luas stop and the IFSC and are fully let generating €99,600 in annual rent and three of the tenants have upward-only rent reviews. Leases have expired with the other two tenants. Each unit opens onto the street, and their combined floor areas extend to 2,949 sq.ft (€356 psf) A Paddy Power betting shop occupies two of the units. The Sunday Business Post, 21st June
OTHER
Jervis Shopping Centre Marks & Spencer has claimed that plans to overhaul the Jervis Shopping Centre car park to build 24 apartments and 127 co-living units would adversely impact future projects at its Mary Street store. The retailer said it previously sought permission for a residential element to its Mary Street store. In 2009, it received planning permission to build new storeys on the building to create more than 20 apartments, but the plans never progressed. The Sunday Business Post, 21st June
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