26th March (Issue 189)

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.



Druids Glen Hotel and Golf Resort, Co. Wicklow It is reported that Neville Hotel Group are in talks with the owners of Druids Glen. The Neville Hotel Group own the Royal Marine Hotel in Dun Laoghaire, the Kilkenny River Court Hotel and the Tower Hotel in Waterford City. Savills brought Druids Glen to market in August 2018 guiding €45m. The Irish Independent, 21st March

Donnybrook, Dublin 4 Knight Frank is seeking offers in excess of €4m for a 0.21 acre site on Donnybrook Road, beside the fire station which has planning for a 71 bedroomed six storey hotel. The site currently comprises of four retail units and one dental practise on short term letting agreements with an annual rental income of €130,000 pa. Knight Frank, 22nd March

Bruxelles Pub, Dublin 2 Louis Fitzgerald has bought Bruxelles pub in a deal thought to be worth c€10m and now owns 21 pubs including the Gin Palace in Dublin and the Quays bars in Temple Bar and Galway. Louis Fitzgerald told the Sunday Independent that he will not be bidding on Copper Face Jacks. The Sunday Independent, 24th March

Harvey’s Point Hotel, Donegal The Irish Independent reports that the four star Harvey’s Point hotel is being sold to an investment fund managed by Davy Real Estate. The hotel is located at Lough Eske at the foot of the Blue Stack Mountains. Savills managed the sale on behalf of the vendors. The Irish Independent, 25th March



Gorey Retail Park, Co Wexford A local investor has paid €1.33m (9.66% NIY) for a retail park in Gorey Co Wexford. The property was brought to market with Colliers guiding €1.3m (€65 psf). The park comprises six retail units and two office units, 20,000 sq.ft. in total and produces €139k pa in rental income. The Irish Times, 20th March



10 Talbot Street, Dublin 1 A private investor paid €1.4m (6.78% NIY) for a mixed use investment property at 10 Talbot Street Dublin 1. The property was sold by Lisney on their click to purchase online sales platform. The property has an annual rent roll of €103k. The Irish Times, 20th March

21 Herbert Place, Dublin 2 Colliers is guiding €1.8m (€653 psf) for a 2,756 sq.ft. four storey property with a derelict mews. The property is laid out as offices on the ground, first, second and third floors and the basement was previously in use as an apartment but could be converted back to offices with the benefit of planning. The Sunday Business Post, 24th March

The Circle Collection Savills are guiding €46m (7.2% NIY) for a portfolio, called The Circle Collection, of 27 pre-63 properties with 213 residential units and three commercial units in the city Centre. The portfolio produces €3.49m pa in rental income and is “effectively fully let”. All properties are fully compliant with planning, fire regulation and local authority housing standards. The properties are located in Clontarf, Rathmines, Rathgar, Phibsborough and South Circular Road. The Irish Times, 20th March



Kilcarbery Business Park, Dublin 22 QRE is guiding €875k (8.23% GIY) for a 4,219 sq.ft. three storey office investment which is let to Forensic Technology (Europe) at €72k pa with 7.8 years unexpired on a 25 year lease. The Sunday Business Post, 24th March

Block B, Nutgrove Office Park, Dublin 16 Lisney has reduced the asking price for Block B, Nutgrove Office Park to €5.8m (€145 psf) which falls below the cost of replacement. The property was brought to market in May 2018 guiding €7m (€176 psf). The 39,845 sq.ft. vacant four storey property built in 2007 includes 45 car parking spaces. The property is subdivided into three units which are 21,159 sq.ft., 11,443 sq.ft., and 7,243 sq.ft. respectively. The Irish Times, 20th March

23 Shelbourne Road, Dublin 4 Three tenants are now occupying 9,300 sq.ft. of the refurbished office block at 23 Shelbourne Road, Ballsbridge. Friends First are seeking €50 psf for the remaining 10,000 sq.ft. through Lisney and BNP Paribas. Friends First bought the property in 2015 for €18m and have refurbished the entire building. The Irish Times, 20th March

Bishop’s Square, Dublin City Centre CBRE have been instructed to bring Bishop’s Square to market on behalf of Hines. Hines bought the property in 2015 for €92.5m and commenced construction works in 2017 of a new penthouse floor and extension to the fourth and fifth floors. Once completed the property will total 187,500 sq.ft. The property currently produces €8.7m pa in rental income and is expected to achieve c€180m. The Irish Independent, 21st March



14 Warrington Place, Dublin 2 A UK purchaser paid €2.1m (6% GIY) for a 3,085 sq.ft. three storey over basement period property which is divided into five apartments. Savills brought the property to market guiding €1.95m. The property is let to Adoor Premium Services Apartments on a five year lease at €130k pa. The Irish Times, 20th March

27 Ailesbury Road, Dublin 4 Savills is seeking €6.5m (€1,385 psf) for an end of terrace 4,962 sq.ft. redbrick four bedroomed house on Ailesbury Road. The Sunday Business Post, 24th March

54 Heytesbury Lane, Ballsbridge, Dublin 4 Knight Frank is guiding €1.2m (€785 psf) for a 1,528 sq.ft. three bedroomed mews residence built in 1990. The Sunday Business Post, 24th March

32 Carrickmines Chase McMorrow Properties is seeking €1.395m (€451 psf) for a 3,089 sq.ft. five bed roomed house with a sixth room in a self-contained annexe on 0.4 acres located in Carrickmines. The Sunday Business Post, 24th March



0.84 Acres Goatstown Road, Dublin 14 Knight Frank is guiding €6.5m (€7.7m per acre) for a 0.84 acre site with 90m of road frontage on Goatstown Road. According to a feasibility study carried out by O’Mahony Pike, the site could accommodate a scheme of 75 apartments over a basement carpark, subject to planning. The property is currently occupied by Charles Hurst Premium used-car sales showroom but is being sold with the benefit of vacant possession as the occupier is relocating to the Naas Road. The Irish Times, 20th March

8.6 Acres Ballyboden GVA O’Buachalla is guiding €18m (€2m per acre) for 8.6 acres at Taylor’s Lane in Ballyboden. John Fleming Architects suggest the site could accommodate 212 homes or 436 build to rent units subject to planning. The Irish Times, 20th March

Development Land Sales 2018 witnessed the highest volume in development land sales since the economic crash. €1.39bn of land was bought and sold in Dublin, Cork, Galway and Limerick, which is  almost double the 2017 figures according to Cushman & Wakefield. €928m or 67% of the 2018 total was spent on residential sites. The Irish Times, 20th March  

7.6 Acres Rathmichael Savills is guiding €3m (€395k per acre) for a 7.6 acres site with planning for ten five-bedroom detached houses ranging from 3,875 sq.ft to 5,167 sq.ft. The site is within the grounds of Shankill House, off Ferndale Road. The Irish Times, 20th March

0.2 Acres Dundrum, Dublin 16 O’Mahony Auctioneers is guiding €1m (€5m per acre) for a 0.2 acres site at Ballawley Lodge on Sandyford Road, Dublin 16 with planning for five three storey 2,000 sq.ft. houses. The site may have potential for a higher density scheme subject to planning. The Irish Times, 20th March



Student Accommodation Construction Information Services (CIS) notes that 6,060 bed spaces were buillt in 22 student projects in Dublin, Cork and Galway between June 2016 and February 2019. Planning was granted in 2018 for a further 2,309 in Dublin and 810 in Cork. Plans have been submitted for another 2,216 bed spaces in the last four months. In the last 15 months, student accommodation accounted for 21% of the 65 applications under the fast track planning. The Irish Independent, 21st March

Floating Wind Turbine A floating wind turbine will be built off the coast of Mayo. The project which will demonstrate the potential of harnessing the wind and wave conditions in the Atlantic received €31m in funding and is expected to be completed by 2022. The Times, Irish Edition, 21st March

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