24th March (Issue 539)
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.
ORIGIN CAPITAL KVIKA FUNDING PARTNERSHIP
New Origin Kvika Deal Under Origin Capital’s strategic relationship with Kvika banki hf, Origin Capital recently arranged a two year, €9.5m, interest only facility, secured on a mixed-use property portfolio in Limerick and Dublin. If you have a funding request for €2m+, please contact Ross Metcalfe at rossmetcalfe@origincapital.ie Origin Capital, 24th March
MIXED USE
Carrickmines, Dublin 18 Joint agents Colliers and Savills are guiding €40m (8.7% NIY) for The Park Collection, a substantial mixed-use portfolio at Carickmines Park. Located immediately adjacent to the wider Carrickmines Park, the large-scale retail park owned and managed by Iput, the Park Collection comprises a total of 132,000 sq. ft of office, medical and retail accommodation distributed across four buildings along with 207 car-parking spaces. The portfolio is 90% occupied, has a WAULT of approx. four years, and is generating €3.85m pa. The tenant profile is diverse across the four buildings and includes OPW, HSE, Highfield Energy, Avoca Clinic, Cognate Health, O’Briens Wines, Thérapie Fertility Clinic, AIB and Venus Medical. The Park Collection is being offered for sale either as one lot or in four separate lots.. The Irish Times, 18th March
HOSPITALITY
Letterkenny, Co. Donegal The Radisson Blu Letterkenny has been acquired in an off-market deal by Lanthorn for the TMR Hotel Collection, the portfolio of four and five-star hotels assembled by Austrian investor, Thomas Röggla. While the value of the transaction has not been disclosed, The Irish Times understands the 114-bedroom four-star venue was sold for a figure in excess of €16m (c.€145,000 per key). The Radisson Blu Letterkenny is TMR’s third acquisition in the last 14 months and follows on from its purchase of the Fleet Hotel in Temple Bar in Dublin and the Kilkenny Ormonde Hotel. The collection also includes: Aghadoe Heights Hotel in Killarney; Ballymascanlon Hotel & Golf Resort in Dundalk; Farnham Estate in Cavan; Dunboyne Castle Hotel in Meath; Harvey’s Point in Donegal, and Mount Wolseley Hotel in Carlow. The Irish Times, 18th March
Newport, Co. Mayo TLD Horizons has been appointed to sell Hotel Newport, a three-star hotel on Main Street, Newport guiding €1.95m. The 31,000 sq. ft property was built in 2005 and includes 30 en-suite bedrooms, the highly regarded Seven Arches Bar and Bistro and the Cobblers Restaurant. Its dedicated function room with independent bar facilities can cater for up to 175 guests attending banqueting and other events. On-site it also has parking for 35 cars. Situated just 11km north of Westport, the current vendors, Greenway Hotels, bought it approx. five years ago and undertook a €220,000 capital investment programme. The Irish Independent, 19th March
INDUSTRIAL
Tallaght, Dublin 24 Colliers are quoting €13 psf for a new 10-year term for Unit 13-B1 at Cookstown Industrial Estate. The property has only recently been vacated following the appointment of liquidators to its previous tenant, Reward Catering. Unit 13-B1 comprises a fully refurbished warehouse property with two-storey office accommodation extending to a total area of 26,210 sq. ft. The warehouse has sealed concrete floors, LED spot lighting and gas‑fired warm-air blowers, with efficient functionality supported by two electric roller-shutter doors and a clear internal height of approx. 5.5m. The warehouse is complemented by 7,491 sq. ft of two‑storey office accommodation positioned at the front of the building. The property has an enclosed yard and 19 designated car parking spaces. The Irish Times, 18th March
RETAIL
Nutgrove, Dublin 14 Nutgrove Shopping Centre in South Dublin is guiding €27.2m. A controlling interest in the company that owns much of the property, including its large surface car park and a mix of shops on a site of 12.5-acres, as well as managing the entire development is being sold through Savills. It includes control of the management company and the 810-car surface car park, together with 66 of the 90 units within the scheme. Nutgrove Shopping Centre dates back to the early 1980s, is home to Europe’s oldest drive through McDonald’s, and the centre is anchored by owner-occupied stores including Dunnes Stores, Tesco and Penneys. There is also a new Omniplex LUX cinema within an owner-occupied unit. The property generates c. €2.9m pa and vacancy is c. 3%. Key tenants within the subject holding include Maxi Zoo and Circle K filling station. The Irish Independent, 19th March
Dún Laoghaire, Co. Dublin DNG is guiding €1.4m for 89 George’s Street Lower, Dún Laoghaire. The retail investment is let to Danish homewares retailer Søstrene Grene, which occupies the ground floor and basement under a new 10-year FRI lease from January 2025 at €110,000 pa, with a break option in 2030. Extending to 6,426 sq. ft, with frontage onto George’s Street, the ground floor is laid out for retail use with storage and staff facilities at the rear, while the basement, accessed from Sussex Street, provides additional storage and operational space, supported by a goods lift. The upper floors of the building comprise residential accommodation in private ownership, offering a degree of separation from the commercial element. The property is held on a long leasehold title, and VAT is not expected to be charged on the sale. The Business Post, 20th March
Main Street, Wexford Town An extensive retail premises in the heart of Wexford town is available to lease through Kehoe and Associates following the sudden closure of EuroGiant after liquidators were appointed to the loss-making chain of discount retail stores. The three-storey over-basement commercial building at 26 North Main Street boasts extensive ground floor retail space and sits on a prime location on the busy pedestrianised street. The property is on the rental market for an annual rent of €65,000 or €5,417 monthly. In addition to the ground floor retail area, the building includes substantial storage and ancillary space across the lower ground/basement, first floor and second floor, making it suitable for a variety of retail uses. The Irish Independent, 20th March
Purpose Build Student Accommodation
Santry, Dublin 9 CBRE Ireland confirmed the sale of a 0.74-acre purpose-built student accommodation development site at Northwood on behalf of Interpath with the purchaser understood to be MKN Property Group. The site comes with full planning permission for a scheme of 170 student bed spaces, arranged predominantly in eight-bed clusters, and includes a range of student amenities such as study rooms, games rooms, laundry facilities, breakout areas and outdoor space. Located within the established Northwood Campus at Santry Demesne, the site sits less than 2.5km from DCU and is within close proximity to Beaumont Hospital and Dublin city centre. The site was brought to market last year with a guide price of €3.4m, and the sale was just shy of the guide price. The Business Post, 19th March
RESIDENTIAL/DEVELOPMENT
Rathmines, Dublin 6 DNG is guiding €3.6m for 31-35 Grosvenor Square. The property comprises a three-storey block extending to 7,621 sq. ft and contains 12 one-bed, self-contained apartments. Each has a floor area of about 484 sq. ft. Eight of the 12 apartments are occupied. Their rental income would present an opportunity for a value-add investor to generate income while enhancing the vacant apartments which were constructed in the mid-1970s. Alternatively, it would provide income for a developer while waiting for the planning system to process a redevelopment planning application which could increase the number of units and enhance their appeal. DNG believes that an option is to add an L-shaped extension to the block. Currently its 0.39-acre site area accommodates off-street resident parking to the rear. The Irish Independent, 19th March
Dún Laoghaire, Co. Dublin DWS, a subsidiary of Deutsche Bank, has launched the sale of two apartment schemes in Dún Laoghaire guiding €220m. The price represents a c.12 % premium on the amount the German fund paid for the homes in 2020. Earlier this year, the German asset management firm hired Savills to prepare 368 apartments spread across Cheevers Court and Haliday House for sale, as reported by the Sunday Times. The Frankfurt-listed firm acquired the Dún Laoghaire apartments for €195m from the Cosgrave Group in 2020. A guide price of €220m would equate to more than €597,000 per home. DWS, led by Stefan Hoops, has more than €1trn in assets under management worldwide. The firm entered the Irish market in 2018 and within two years spent close to €1bn across a range of real estate sectors, including commercial and residential. The Business Post, 16th March
Kinsale, Co. Cork Sheehy Brothers Auctioneers is guiding €1.75m for a prime development site in Kinsale with planning permission for 18 luxury homes. The 1.3-acre land parcel is located at Rampart Lane and Blind Gate Street, in the Townplots area of Kinsale and adjoins the Convent Garden development, an 85-unit residential scheme. Having acquired the site for an undisclosed sum, the vendors Park Developments, subsequently sought planning permission for 18 homes, including two semi-detached five-beds; four end-of-terrace four-beds; six mid-terrace four-beds; three two-bed ground floor apartments (simplex units) with three three-bed duplexes overhead. Permission was granted, under appeal, by An Coimisiún Pleanála, in November 2024, and the site is now being sold with the benefit of a full planning grant. The Irish Examiner, 19th March
Cherrywood, Dublin 18 Plans to accelerate the delivery of a long-awaited town centre at Cherrywood have taken a significant step forward following a key vote by Dún Laoghaire-Rathdown County Council. A central feature of the revised framework is a shift towards a more integrated mix of residential, retail and employment uses. The plan provides for about 2,000 additional homes, with scope for further delivery in line with updated apartment guidelines. The revised approach also updates employment zoning within the core town centre area, replacing traditional office designations with a more flexible mixed-use category, while maintaining Cherrywood’s role as a strategic employment location. The decision follows an extensive consultation and review process aimed at addressing one of the most persistent criticisms of Cherrywood’s development to date, the lag between residential delivery and the emergence of a defined urban core. The Business Post, 19th March
Naas Road, Dublin 12 The Land Development Agency (LDA) in partnership with the O’Flynn Group has announced plans to deliver 542 new homes in Dublin. The apartments are being delivered as part of Southwest Gate, a residential scheme on the Naas Road. The first phase of 542 new homes is being delivered through the LDA’s Project Tosaigh, its affordable housing initiative. When completed, the scheme will include 1,140 new homes along with a hotel, ancillary retail and commercial accommodation. All 542 new homes will be made available as cost rental, while 52 social homes will be delivered separately. The Business Post, 23rd March
House Prices The Central Statistics Office’s (CSO) latest Residential Property Price Index indicated that while the national property price increase is 7% in the year to January 2026, there are disparities across the State. Prices are rising fastest for houses in the Midlands, up 15.9%, and lowest in Fingal where houses were costing just 3.8% more than last year. Prices for apartments (9.1% nationally) are rising faster than for houses (6.6%) over the past 12 months. And, within the apartment sector, apartments outside the capital are seeing increased demand, with prices 12.9% up on January 2025. The figures indicated that the average price of a home purchased in the 12 months to January was €432,082 while the average in Dublin was €592,594. The average price paid in Dún Laoghaire-Rathdown, the most expensive local authority area, was €789,619. The Irish Times, 18th March
Other
Credit Unions The Irish credit union movement is close to having €1bn of mortgage loans, following strong growth in recent years amid an easing of sector lending restrictions, according to the Irish League of Credit Unions (ILCU). The league, which represents 90% of active credit unions in the country, said that the mortgage book of its members surged 26% last year to €754m. However, it estimates that the wider sector ended 2025 with a home loans portfolio of €992m and is “closing fast on the €1bn milestone”. This equates to less than 1% of the total €109bn of Irish owner-occupier mortgages outstanding in December, according to Central Bank data. Mortgages represented 11.5% of the overall loan portfolio of ILCU members at the end of last year, up from 10.1%, reflecting a decisive shift in how members are using their credit union. The Irish Times, 20th March
Blanchardstown, Dublin 15 Equinix has commenced construction of a new data centre in Blanchardstown. The new building, DB7x, located close to two of Equinix’s existing data centres, will require no additional grid power connectivity, as it will be constructed on an existing Equinix site and use power already allocated to that facility. Equinix said it anticipates an investment of €68m into the new data centre facility, plus an additional €12m to support its buildout. Data centres accounted for 22% of electricity usage in Ireland in 2024, up from 5% in 2015. It is estimated that the consumption level will grow to almost a third of the national electricity demand by 2030. In December, the Commission for the Regulation of Utilities announced that data centres could be built where they meet at least 80% of their annual energy demand through new renewable electricity sources. RTÉ.ie, 20th March
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