Chivers Jam Factory, Coolock An Bord Pleanála have given the go ahead for a 471-apartment complex at the site of the former Chivers jam factory in Coolock. The proposal, by London-based developers Platinum Land, was approved under the new fast-track Strategic Housing Development scheme. While An Bord Pleanála reduced the height from ten to eight and nine storeys as a condition of granting the application, the planning body’s senior inspector Joanna Kelly concluded that the project should not go ahead at all following her inspection last month. However, the board rejected Ms Kelly’s concerns, saying the development would be located “within sufficient distance of several major employment centres”. It also rejected her concerns that the project would set an undesirable precedent for similar developments or that the overall design was “monolithic”. The board said the scale and proposed population density is “fully in accordance” with the new Urban Development and Building Heights Guidelines for Planning Authorities. The Irish Independent, 27th August
Benson Building, Dublin Docklands German fund Patrizia AG has agreed to pay €52.5 million for the Benson Building in Dublin’s Docklands (which is due to be ready for tenants by early 2020) from Targeted Investment Opportunities, an umbrella fund involving Nama, Los Angeles-based Oaktree Capital and Bennett Construction. There are 72 apartments in the complex (€729k per unit) comprising 14 one-bed apartments, 43 two-bed apartments and 15 three-bed apartments. The apartments are located in an 11-storey-over-basement building which will likely have a rental value of c.€2.9 million. Additionally, the building will have two ground-floor retail units as well as accommodation for a gym. Concierge facilities will also be provided as well as underground parking for 72 cars. The Irish Times, 21st August
The Quarter, Citywest Cairn Homes has sold 282 apartments at The Quarter in Citywest to Urbeo for €94 million (c.€333k per unit). Urbeo is an affiliate of US investment company Starwood Capital. The 282 units which are being built across six apartment blocks will be launched to the private rental market on a phased basis from late next year. This is Cairn’s second large private sector rental transaction following the forward sale of 120 apartments at Six Hanover Quay in Dublin city centre. The Irish Independent, 27th August
Lehaunstown Park House A 19th century farmhouse and stables on 7.11 acres located in the heart of Cherrywood Strategic Development Zone has been placed on the market with a guide price of €2.75 million. The Lehaunstown Park site is one of a number of large residential plots being sold on by investment firm Hines, which acquired 412 acres at Cherrywood for €270 million in 2014. A feasibility study, prepared by Mahony Architecture, outlines the development potential of Lehaunstown Park House, including a potential scheme of 42,948 sq.ft. subject to planning permission that could incorporate retail, leisure, food and beverage designed around the preservation of the existing protected structures. The property and the majority of its curtilage has been identified as protected structures (about four acres), while a further portion of the site is identified as Green Infrastructure (about three acres). The Irish Times, 21st August
Glenveagh Properties The construction company has reported it completed 158 units in the first half of the year generating revenue of c.€45 million (8% higher than Goodbody forecasts), generating a gross margin of 16.5%. The group is currently selling from 13 sites with 800 units sold, signed or reserved. Of these, 490 units have now been sold or have a signed binding contract in place. Furthermore, 455 of these are now through practical completion. Goodbody Research Report, 27th August
Sandyford, Dublin 18 Ires Reit has received planning permission through the Strategic Housing Development (SHD) planning process to build 428 new units at Rockbrook in Sandyford, Dublin 18. The development will be made up of two apartment blocks containing 32 studio apartments, 122 one-bed apartments, 251 two-bed apartments, and 23 three-bed apartments. There will also be a crèche, four retail units, and a communal space for residents. The Irish Independent, 22ndAugust
Shannon Town, Co Clare BidX1 has gone sale agreed after auction for €2.3m (€52,270 per unit on 44 units) at Brú na Sionna, Shannon Town, Co Clare. The portfolio comprises 26 two-bed units, 17 three-bed units and a four-bed apartment. When offered for auction 43 of the units generated €357,000 in annual rent suggesting a gross initial yield of 15.52%. The Irish Independent, 22nd August
Drogheda, Co Louth Savills are guiding in excess of €1.5 million for a 60.9-acre (€24.6k per acre) residential/open space landholding in Drogheda. Located to the west of Drogheda Town Centre, on the banks of the River Boyne, the site comprises 27.1 acres which is zoned residential and 33.8 acres closer to the river zoned for amenity/ recreational uses. The Irish Independent, 22nd August
St James Gate Redevelopment Scheme The Irish Independent understands that Diageo has decided to partner with UK property firm U+I as the preferred bidder for its St James Gate redevelopment scheme. The 12-acre city centre site to be carved out of the world famous brewery will be worth as much as €1 billion as a mixed commercial and residential district in Dublin city centre. The St James Gate site is one of the biggest ever development schemes in Ireland. The Irish Independent, 26th August
BidX1 Online Auction Up to €19 million worth of commercial, investment and development properties are expected to be among the lots featured in the BidX1 online auction on September 18th and 19th. Among the more valuable investment properties is an Applegreen service station on Main St, Tullamore, Co Offaly which has a €950,000 guide price with a current annual rent of €95,000 (10% gross initial yield). The most significant of the development properties is a site in Kells, Co Meath, which was granted planning permission for 15 two-bed apartments and 15 three-bed apartments in three blocks. The site extends to 1.11 acres and has a €1.2 million guide price (€40,000 per unit). The Irish Independent, 22nd August
GeoDirectory Report A report published by GeoDirectory has highlighted that the vacancy rate of commercial properties has increased across Ireland in the past year with 28,063 units empty (13.3%) by the end of June 2019. Connacht recorded the highest provincial vacancy rate at 16.6%. Leinster, excluding Dublin, had the lowest provincial vacancy rate at 12.9%. However, rural issues still exist with Offaly and Longford recording vacancy rates of more than 15% and the five Connacht counties recorded vacancy rates considerably higher than the national average, with increases in every county except Galway. GeoDirectory found that Edenderry had the highest commercial vacancy rate of 28.8% and Greystones had the lowest vacancy rate at 5.8%. Dublin had just under a quarter of the commercial stock and the vacancy rate stood at 12.1%, flat on the same period last year. The Irish Times, 22nd August
Cushman & Wakefield Development Land Research Report The report has highlighted that the value of development land sales rose to €490 million in the first half of this year in spite of a more than 50% fall in transactions. The 16% increase came as the number of transactions fell from 112 in the first half of 2018 to 54 between January and June 2019. Cushman & Wakefield said the fall in transaction volumes may be linked to rising development costs and mortgage limits for buyers. Dublin and its neighbouring commuter counties accounted for 83% of the overall value transacted in the period. In the second quarter, the largest transaction was Lone Star’s acquisition of 118 acres in Cherrywood for a price reported to be in the region of €127 million. The land has capacity for more than 2,600 homes. The Irish Times, 22nd August
Walls Construction Ltd Pretax profits at Walls Construction Ltd, the firm that built the Central Bank HQ last year declined marginally to €4.1 million. However, revenues increased by 17% from €162.6 million to €190.32 million in the 12 months to the end of December 2018. Walls is one of Ireland’s oldest and largest construction firms and the directors state that the business has a strong order book for 2019 and a good line of sight into 2020 and they expect that the company will continue its growth and build on its financial trading position. The Irish Times, 27thAugust
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