25th February (Issue 235)

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.




Cabinteely, South Dublin A 1.36 acre south Dublin site with full planning permission for the development of 34 new homes has been brought to the market by agent Hooke & MacDonald at a guide price of €4 million (€118k per site). Located at the junction of Brennanstown Road and the old Bray Road in Cabinteely village, the subject site comes with planning permission for the delivery of 10 houses, 13 apartments and 11 duplexes. The site is well served by public transport, with numerous Dublin Bus routes available along the N11 bus corridor, which is just a three-minute walk away. The Laughanstown Luas green line stop is situated nearby, while the M50 motorway is located within a five-minute drive of the site. The Irish Times, 19th February

Cork City Longview Estates, backed by Temporis Capital, is seeking permission from An Bord Pleanála to build 753 houses and apartments in Ballyvolane on the northside of Cork City. Its proposal for 531 houses and 222 apartments is one of the biggest developments submitted under the fast-track planning scheme. A decision will be made on the application by April 28th. The Irish Times, 25th February

Rathmines, Dublin 6 An Bord Pleanála has given the all clear to Bartra Capital to construct a seven storey “co-living” residential development in Rathmines, Dublin 6. It will have 102 bedrooms with shared facilities for the residents such as kitchens and living areas. The ruling by the appeals board overturns a decision by Dublin City Council to refuse planning permission for the proposal last September. The council planner had found the level of shared facilities on each floor to be “objectionable”. The Irish Times, 19th February

Clontarf, North Dublin An Bord Pleanála has granted permission for an apartment complex in Clontarf that had been subject to a series of objections and protests. The development of 657 apartments and a crèche at former school playing pitches near St Anne’s Park was approved on appeal. Crekav, a company controlled by developer Marlet, plans to build 378 two-bedroom apartments, 224 one-bedroom apartments and 55 three-bedroom units across nine blocks with heights ranging between five and nine storeys, 66 apartments will be for social housing. The planning application drew 659 observations. The Sunday Business Post, 18th February

Windmill Lane, Dublin 2 The Irish Times understands that the remaining 47,500 sq.ft. of space at the 2WML building has been let to online fashion platform Zalando Ireland on a 15 year lease, with term certain of seven years, at initial rent of €2.9 million per annum (€61 psf). The building is now let to Zalando, Udemy and gym firm Perpetua, at a contracted rent of €3.9 million per annum. The Irish Times, 25th February

Prime Rents A detailed analysis of the Residential Tenancies Board‘s register by the Business Post has shown that a number of recently developed apartment schemes – charging between €2,000 and €10,000 a month – have a large number of vacancies. It was revealed last month that 100 of the 190 apartments in the 22-storey Capital Dock were empty. The units in the Dublin Docklands tower, available for between €3,500 and €10,000 a month, were put on the market in January 2019. The Number One Ballsbridge development has 61 luxury build-to-rent apartments that have no registered tenancy. Units in the 89-apartment complex cost between €3,850 and €5,500 a month.  The Sunday Business Post, 23rd February



Lower Ormond Quay, Dublin 1 The Irish Times understands that Dublin’s Morrisson hotel is to be offered for sale in the coming weeks at a guide price of between €80 million and €85 million. The hotel was acquired from Nama in 2012 for €22 million and has undergone significant refurbishment works believed to be c.€10 million. The hotel occupies a prime city centre location overlooking the river Liffey, within walking distance of Temple Bar, Henry Street, Grafton Street, and the IFSC. The Irish Times, 19th February

Great Denmark St, Dublin 1 JLL is guiding €8 million for Barry’s Hotel at 1 – 2 Great Denmark St. The 33-guestroom townhouse is being offered for sale as a going concern with freehold title and vacant possession. The hotel also comes with the benefit of approval given by An Bord Pleanála in 2019 for the development of a 32-guestroom extension to the rear of the property. Barry’s Hotel includes a pair of prominent four storey over basement townhouses with 22 metres frontage to Great Denmark Street, a large ground floor bar and ballroom, all situated upon a 0.27 acre city centre site. The Irish Times, 19th February

Camden St, Dublin 2 No 39, Camden St has been brought to the market by agent CBRE at a guide price of €2.2 million. The ground and first floors of No 39 are occupied by the restaurant Delahunt on a new 10-year lease, while the second and third floors comprise a studio and two-bed apartment, which are being offered with vacant possession. Projected rental income is €160,000 per annum (7.3% gross yield). The Irish Times, 19th February

Grand Canal St, Dublin 2 Becky Morgans pub on Grand Canal Street Lower is being offered for sale through CBRE with a guide price of €1.3 million. The purpose-built three-storey over-basement licenced premises extends to 2,443 sq.ft. and includes a ground floor lounge bar. On the first floor there is a bar and function room while on the second floor there is a catering kitchen. Outside, to the front, there is a terrace/smoking area with seating. The Irish Independent, 20th February



Point Square, Dublin 1 The Irish Times understands that Savills Ireland is expected to bring the retail-led Point Square portfolio to market this September at a guide price of c.€100 million. The sale will comprise 246,000 sq.ft. of retail space; 100,000 sq.ft. of office accommodation; a six-screen cinema; a 32,500 sq.ft. leisure unit; 25,000 sq.ft. of restaurant and cafe space; and a 750-space car park. Some 90,000sq ft (8,350sq m) of the retail space is held by Dunnes Stores through a long-leasehold interest, while the complex’s multi-screen cinema is let to Odeon Cinemas. Verizon and Voxpro operate from Point Square and also included in the portfolio is the Glassbox, a new purpose-built restaurant building of 2,217sq.ft, which is under construction adjacent to the main Point Square complex. The Irish Times, 19th February

Winding Stair Portfolio The Woollen Mills & the Yarn, the Washerwoman and the Legal Eagle are being offered to the market in one or more lots as part of the Winding Stair portfolio at a guide price of €8 million.

The Woollen Mills & the Yarn (Lot 1) occupy a prominent position on the corner of Ormond Quay and the soon-to-be pedestrianised Liffey Street. The 5,651 sq.ft. property comprises a refurbished five-storey listed period building with a modern rooftop terrace at first-floor level and a retractable roof that separates the original building with the three-storey Yarn building at the north side of the site. Guide price of €4.5 million (€796 psf).

The Washerwoman site (Lot 2) is on the south side of Glasnevin Hill. The 0.056 hectares site is zoned as Z3 – Neighbourhood Centre in the Dublin City Development Plan 2016-2022. The site comprises three self-contained commercial buildings with 29m of road frontage. Guide price €2.4 million.

The Legal Eagle Pub (Lot 3) is the 3,640 sq.ft. pub premises directly opposite the Four Courts in Dublin 1. The Winding Stair Group has agreed to take on a 25-year full FRI lease at an annual rent of €100,000. Guide price in excess of €1.6 million (€440 psf). The Irish Times, 19th February

48-49 Clontarf Road, Dublin 3 The property which comprises of a mid-terrace three-story building extending to 5,429 sq.ft. has been sold for €1.6 million (€295 psf). The building is fully let to 10 well-established tenants and is producing total rental income of €145,471 per annum (9.1% gross yield). The building underwent an extensive refurbishment prior to its sale. The accommodation is laid out to provide two ground-floor retail units, seven office suites and a penthouse apartment. The Irish Times, 19th February



Grand Canal St, Dublin 2 The Irish Times are reporting that Google has completed the purchase of the Treasury Building on Dublin’s Grand Canal Street for c.€120 million. Google’s purchase of the property provides it with the capacity to grow its existing 8,000-strong Dublin-based workforce by up to 1,200. The Irish Times, 22nd February

Galway City An Bord Pleanála has refused planning permission for a major office development in Galway city centre because of the excessive scale of the proposed building. Initial plans were for a seven storey office block incorporating a new children’s library on St Augustine Street in Galway together with a substantial renovation and expansion of the adjoining Hynes Building, which houses Galway City Library. The Irish Times, 20th February

Maynooth, Co Kildare An office building at Maynooth Business Campus in north Co Kildare is for sale or rent with the agent quoting rents of €22 psf and a sale price of c.€230 psf. The premises, Unit K8, extends to 17,500 sq.ft, suggesting an overall price of c.€4m. Extending over two floors, the end of terrace building with own-door access offers flexible floor plates and also includes 30 car parking spaces. The campus is c.2km south of Maynooth town centre at Junction 7 on the M4 motorway, and Maynooth train station is also within easy walking distance. The Irish Independent, 20th February

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