23rd October (Issue 169)

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.



51 & 52 Capel Street, Dublin 1 A 5,235 sq.ft, four storey over basement with commercial at ground floor and five two-bed, four one-bed and one studio accommodation above, has been brought to market by Turley Property Advisers guiding €2.2m (€420 psf). The commercial unit was previously in use as a restaurant / karaoke bar. Turley believe the property when fully let, will achieve €300k pa. The Irish Times, 17th October

Carlow Retail Park a 100,000 sq.ft facility has been bought by Friends First for c€16.75m in an off market deal representing a 7.8% NIY. Friends First already control Kilkenny Retail Park and the Globe in Naas and purchased Citypoint in Galway a couple of weeks ago. Tenants in Carlow Retail Park include Woodies, Harry Corry and Halfords amongst others. The Irish Times, 17th October

32, 35 and 36 Aungier Street, Dublin 2 Savills have bought three ground floor retail units opposite DIT Aungier Street, D2 guiding €775,000 generating €64k pa from tenants who all renewed their leases for another 15 years with no breaks. Tenants include Dublin Pizza Company and Mobile Fix. The Irish Times, 17th October

13 St Stephen’s Green the 1,482 sq.ft ground floor and basement, previously occupied Elverys Rugby Store is available to let for €140,000 pa through Finnegan Menton. The Irish Times, 17th October

24 South Great George’s Street, Dublin 2 a 3,595 sq.ft, four storey over basement property, has been brought to market by Murphy Mulhall guiding €1.8m (€501 psf). Total annual rent from The Good Food Store (retail) and three self-contained apartments above is €109,000. The Irish Times, 16th October

North Point Retail Park, Tuam Road, Galway comprising seven retail warehouse units, three warehouses and six offices totally 118,750 sq.ft sold at BidX1 for €2,225,000, €1.8m above its €400k guide price.  The Irish Independent, 18th October

Retail Statistics The Sunday Business Post draws on JLL and CBRE reports noting that increases of 0.4% were seen in retail rents and capital values in Q3 2018. Despite this increase however, retail rents have only increased 36.8% since the trough, far behind office rents which have almost doubled. The Sunday Business Post, 21st October



5 Harbourmaster Place, Dublin 2 BNP Paribas is seeking €18.5m (€559 psf) for a 33,052 sq.ft, three storey office building with 49 car parking spaces. The property produces an annual income of €1,026,557 (5.5% yield) The Irish Times, 17th October

The Capel Building, St Mary’s Abbey, Dublin 7 Knight Frank has brought a 5,662 sq.ft, four storey office building with 10 basement car spaces, owned and occupied by McDowell Purcell Solicitors, to market guiding €3.1m (€547 psf). The current owners will then leaseback the property at €235k (€41 psf) for 8 years. Irish Times, 17th October

Sandyford, Dublin 18 Knight Frank are guiding €1.1m (€335 psf) for Suite 34, the Mall, Beacon Court. The 3,286 sq.ft vacant office unit is spread across three floors with four basement car spaces. The Irish Times, 17th October



Bray, Co. Wicklow DNG are seeking €1.1m for “The Anvil Stores” premises at 22-24 Main Street extending to 0.247 acres. The site has planning permission for five three-bed townhouses, offices and a large retail unit. The Irish Times, 17th October

Dundrum Gate, Dundrum Sherry Fitzgerald have brought six apartments to market guiding €2.2m (€366.6k per apartment) within Dundrum Gate comprising three one-bed and three two-bed with an annual rent roll of €117k pa. The Irish Times, 17th October

Milltown Road, Dublin 6 Sherry Fitzgerald are seeking €2.1m for seven apartments at Shanagarry Scheme on Milltown Road, Dublin 6. The properties comprise three one-bed and four two-bed apartments and generate €107,400 pa. The Irish Times, 17th October

Residential Market Statistics Hooke and MacDonald Q3 report notes residential investment sales in Dublin in the first three quarters of 2018 reached €500m across 15 transactions with €150m of this in Q3. The most substantial transactions were 262 apartments at Fernbank, Churchtown (c€138m), The Grange Stillorgan (c€126m) and 120 apartments Hanover Quay (c€101m). The Sunday Business Post, 21st October



Greenogue Business Park, Dublin 24 A sale and leaseback deal involving the 100,000 sq.ft Zeus Packaging Group headquarters has been closed by Aviva Irish Property Fund for €12m (€120 psf). The Irish Times, 17th October



Groody Student Park, Castletroy, Limerick 37 student units, comprising 24 three-bed and 13 six-bed apartment / duplexes has been brought to market by REA O’Connor Murphy guiding €5.2m. The properties are located in a scheme of 88 units, 4km from University of Limerick and generate €565,066 pa. The Sunday Business Post, 21st October



Project Lee a €300m portfolio of fully performing loans has been bought by Deutsche Bank from NAMA. The loans were associated with the late Cork Developer, Owen O’Callaghan, and are secured on assets in and around Cork city. The Irish Examiner had previously reported that the loans had an income stream of c€12m pa. Irish Times, 17th October



The Devlin Hotel, Ranelagh, Dublin 6 a 40 bed boutique hotel is due to open this week and take its first bookings from November 1st. The sister hotel of the Dean on Harcourt Street will be Ranelagh’s first hotel.  The Sunday Business Post, 21st October

Issacs Hostel, Dublin 1 located on Frenchman’s lane adjacent to Busáras and Connolly Station has been brought to market by JLL guiding €9.3m. The property, comprising 53 dormitories with 290 bed spaces, is being offered with full vacant possession. The Irish Independent, 18th October



JLL Property Index noted little movement in property values during Q3 2018 based on a portfolio comprising 56% office, 33% retail and 12% industrial. Capital values rose by 0.4% in retail but were flat for office and industrial. The report also noted that rental values plateaued during the same quarter. The Irish Times, 17th October


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.