26th October (Issue 320)

Rathfarnham, Dublin 14 Am Alpha, the Munich-based investor, has bought Nutgrove Retail Park in Rathfarnham, Dublin 14, for a sum believed to be more than €64m. It was sold by Davidson Kempner, which had bought it as part of a wider portfolio of retail assets for €170m. Facing Nutgrove Shopping Centre, the retail park is fully let and tenants include Harvey Norman, Homebase, Harry Corry, Costa Coffee and Aldi. Extending to 197,800 sq. ft., its space includes 168,000 sq. ft. of retail and 29,800 sq. ft. of offices. The Health Service Executive holds the office lease. CBRE advised the vendor and TWM the purchaser. The Irish Independent, 21^st October 

Patrick Street, Cork Aviva is selling a retail investment on Cork’s main shopping boulevard at 43/44 Patrick Street, with a €3m price tag. Extending to 7,000 sq. ft., it is currently let to health-food chain store Holland & Barrett, at €215k p.a. That suggests a gross initial yield of 7.17%. The premises is adjacent to the English Market with its world famous food stalls. Double-fronted, the unit has a ground-floor footprint of over 3,000 sq. ft. The lease to Holland & Barrett covers the entire three to four-storey property and is due to expire in 2025. Agent Savills is handling the sale. The Irish Independent, 21^st October

Townsend Street, Dublin 2 The asking price on a mixed-use investment on Dublin’s Townsend Street has been cut to €2.75m, from the previous guide of €3m. According to selling agent TWM, the new price provides the purchaser with an initial net yield of 7.5% off an income of €227k a year. The property occupies a prime corner site with elevations to Townsend and Creighton streets, just opposite the Westland Square apartment development. Number 88-92 Townsend Street is currently fully let to Darmody Architecture, City Break Apartments and the offices of the Irish National Organisation of the Unemployed. The Irish Times, 20^th October

Capel Street, Dublin 1 37/38 Capel Street, a mixed-use investment property in Dublin 1 has been brought to the market by joint agents JLL Ireland and Dillon Marshall guiding €6.5m in a private treaty sale. It consists of two retail units with 11 overhead apartments. The agents say the building has the potential to generate a gross annual rent of €428k and this could generate an initial yield of c. 5.5%. It was previously offered for sale in 2017 when it had a €2.95m guide price, and the group of private investors who purchased it undertook refurbishments. The Irish Independent, 21^st October

Capel Street, Dublin 1 Agent Knight Frank is bringing 119 and 120 Capel Street to auction with a €1m guide price. Extending to 4,998 sq. ft., the building’s ground floor and part basement is let to a Korean restaurant, and most of the upstairs offices are let to The Simon Community. Current annual contracted rent is €69k. The Irish Independent, 21^st October

Drogheda, Co Louth A Bank of Ireland branch has come to the market in Drogheda, Co Louth. The building is fully let to Bank of Ireland on a FRI lease until 2031 with no break option and is seeking €3.9m. The sale of the branch comes as the bank readies a portfolio sale of some 82 closed branches across the State. The building at 14 St. Laurence Street extends to c. 6,943 sq. ft. and is being brought to market by way of private treaty by CBRE. The property benefits from an excellent location, covenant and lease term at a sustainable rental level, which is insulated by upward only review. The guide price of €3.9m, reflects a net initial yield of 7.22%, and a capital value per square foot of €562. The building is situated on the northern side of the street in the heart of Drogheda and benefits from excellent frontage of 14m to one of Drogheda’s busiest shopping streets. The Irish Times, 20^thOctober

Lancaster Gate, Cork A portfolio of 10 apartments at Lancaster Gate in Cork is being brought to the market by agents O’Connor Murphy for €4.2m. Constructed in 2007, it is laid out in three separate blocks, The Fastnet, The Sherkin and The Garnish. Pitched as a PRS investment, the 10 apartments, which have been refurbished to “like-new” standards, come with an estimated annual rent roll of €238k. The yield is of the order of 5.5%. There may be potential for an uplift however, given that the apartments are currently let at €1.9k-€2.1k a month. They are all two-bedroom units, varying in size from 710 sq. ft. – 1,019 sq. ft. and come with one designated car parking space per apartment within a secure basement car park. The portfolio is being sold with the benefit of vacant possession and all apartments are furnished and available for immediate lease. Accommodation in the area is in high demand, given the central location occupying a prominent position overlooking the river Lee. Lancaster Gate is c. 3.1km from Hollyhill Industrial Estate, home to Apple. The Irish Times, 20^th October

Ranelagh, Dublin 6 A portfolio of three period houses and two additional mews, called the “Ranelagh Collection”, has been brought to the market in the heart of Ranelagh village for €4.285m by joint agents Cushman & Wakefield and Sherry Fitzgerald. This offers potential for a developer to bring the properties back into residential use. The houses at 122, 126 and 128 Ranelagh comprise three prime two-storey over garden level Victorian homes. They form part of a terrace of four houses which are set back from Ranelagh Road, with pedestrian gates fronting directly on to Ranelagh and vehicular access to the rear via Cullenswood Place. All properties are being sold with vacant possession, having been in commercial use. Recently refurbished, the accommodation currently provides 9,354 sq. ft. of office space, split across 38 rooms. There are 27 private car spaces in total, all located to the rear of the properties. Given the residential zoning of the properties, all could be converted to residential use, either as individual dwellings or multi-unit dwellings. The Irish Times, 20^th October

Brennanstown, South Dublin A substantial residential development site of c. 29.4 acres, with the capacity to build c. 400 homes in one of Dublin’s premier postal addresses, close to the villages of Cabinteely and Foxrock, has come to the market seeking what is understood to be in excess of €23m. The land at Brennanstown is being brought to the market by CBRE, on the instruction of Declan McDonald of PwC, acting as receiver on behalf of NAMA. The land is for sale in one or more lots. Lot 1, known as “Druid’s Glen”, comprises c. 8.8 acres of residential development land and 11.1 acres of forestry land, while Lot 2, “Lehaunstown”, consists of c. 9.5 acres of residential development land, with a small portion zoned for town centre use under the Cherrywood SDZ. The third lot comprises the entire 29.4 acres, with development potential for more than 370 residential units and c. 6,458 sq. ft. of commercial space. The Irish Times, 20^th October 

Ashford, Co Wicklow An Bord Pleanála has given the go-ahead for a €35m housing development in the Co Wicklow village of Ashford. The appeals board granted planning permission for the 117 unit development in the face of local opposition and a recommendation by Wicklow County Council that the scheme be refused planning permission. The scheme comprises 99 houses and 18 duplexes in the townland of Ballinalea, Ashford. However, the board has inserted a condition in the permission banning corporate entities purchasing the houses and duplexes en masse and restricting the sale to individual purchasers. The board said it included the condition to ensure an adequate choice and supply of housing in the common good. The Irish Times, 20^th October

Finglas, North West Dublin The appeals board has granted planning permission at Ruirside Developments for 191 apartments in blocks ranging from five to six storeys just outside Finglas in Dublin despite strong local opposition. The appeals board granted planning permission for the scheme at the former Premier Dairies site on Finglas Road after concluding that the proposal would not seriously injure the residential or visual amenities of the area or of property in the vicinity. The Irish Times, 20^th October

Blackrock, Co Dublin A Strategic Housing Development application has been submitted to An Bord Pleanála by Clonkeen Investments DAC for the construction of 299 apartment units on lands adjoining Clonkeen College on Clonkeen Road in Blackrock, Co Dublin. The development includes 111 one-bed, 150 two-bed and 38 three-bed units. The total gross floor area of the proposed development is 364,369 sq. ft. A full design team has been engaged to work on the €67m development, with a decision expected in early January 2022. The Business Post, 24^th October

Sandford Road, Dublin 6 A Strategic Housing Development application has been lodged for the construction of a €115m build-to-rent apartment development on Sandford Road in Dublin 6. Sandford Living Limited has submitted an application to build 671 BTR apartment units comprising 370 one-bed, 274 two-bed and 27 three-bed units, a creche and gym. A decision is expected in early 2022. The Business Post, 24^th October

Baldoyle, Dublin 13 An Bord Pleanála has approved an SHD application lodged by Shoreline Partnership/Redmond Homes for the €170m ‘Shoreline 2’ Development at lands at Stapolin and Baldoyle, also known as “the Coast” in Baldoyle, Dublin 13. The extensive development will measure over 904,168 sq. ft and will include 1,221 apartment units in 11 blocks ranging in height from two to 15 storeys with a café, restaurant and a creche facility. The Business Post, 24^th October