27th March (Issue 139)
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.
RETAIL
Tesco, College Green: Agent TWM has brought the Tesco store building at College Green to the market with a guide price €4.1m (€410 psf). The six-storey over basement building has an overall floor area of 10,000 sq. ft. and has an annual rental income of €220k (€22 psf) from its two tenants (Tesco and IT Solutions), equating to a net initial yield of 5%. Both the landlord and tenants have break options in 2022. The Irish Times, 21st March
Cavan Town Centre: JLL have brought an attractive commercial investment offering in Cavan town to the market guiding €3m (€250 psf). No 2-6 Church View Square Cavan comprises five interconnecting office units totalling c. 12,000 sq. ft. occupied by the Cavan and Monaghan Education and Training Board on a 35-year FRI lease from November 2009 with no break option. The current rent is €235k (€19.60 psf), representing an initial yield of 7.2% on a €3m sales price after standard purchaser costs. The Irish Independent, 22nd March
RESIDENTIAL / LAND
Shanakiel, Co. Cork: Agent Lisney has brought a prime 14 acre development site to the market in Shanakiel, Co Cork guiding €2.95m (€210k per acre). The site is located 2.5km west of Cork city centre and includes a number of vacant buildings including the former St. Kevin’s Hospital. Given the predominance of residential use in the surrounding area and the zoning of the property (‘Residential, Local Services and Institutional uses’) it is likely that the site will be redeveloped for housing. The Irish Independent, 21st March
Castle Farm, Naas: Ardstone Homes are launching phase one of their 178 unit development in Castle Farm in Naas, Co Kildare. Phase one, totalling 23 units, includes three-bed mid and end terrace houses along with three and four-bed semi-detached houses. Joint agents DNG New Homes and Naas based DNG Doyle have been appointed. Ardstone Homes, backed by Ardstone Capital intends to provide 3,500 new homes to the market within five years. The Irish Times, 22nd March
Tara Street, Dublin: Johnny Ronan’s company Ronan Group Real Estate’s plan to build Dublin’s tallest building, comprising 22-Storey office, hotel and rooftop restaurant beside Tara Street Dart station has been rejected by An Bord Pleanála. The company’s appeal of the decision has also been rejected on account of the “significant and detrimental visual impact on the city’s skyline” The Irish Independent, 21st March
Brennanstown Road, Cabinteely: Marlet Property Group has applied for planning permission for 115 residential units comprising 89 apartments and 26 houses on Brennanstown Road in Cabinteely, Dublin 18 under the Government’s strategic housing development initiative. The proposed development will comprise 18 three-bed houses, two four-bed houses and six houses which can be four or five beds. There will be five apartment buildings with 13 one-bed, 54 two-bed and 22 three-bed apartments along with on street parking and a 190 space basement car park. The Irish Times, 22nd March
HOTEL
South Great George’s Street, Dublin: A company linked to Warren Private has drawn up plans to develop a 100-bedroom hotel on a building that has lay vacant for several years on South Great George’s Street in Dublin city centre. The distinctive redbrick George’s Street building lies opposite the headquarters of Dunnes Stores and the proposed 56,000 sq. ft. development would span five-storeys over basement and include retail units, a restaurant and hotel. The Times, 25th March
35/36 Abbey Street, Dublin: Work is set to commence on a nine-storey over basement hotel development at the former Liam Carroll site at 35/36 Abbey Street. An Bord Pleanála has granted permission subject to certain conditions being met for a 144-bedroom 45,000 sq. ft. tourist hostel with a café and bar. Conditions include the setting back of the upper two floors and roof of the development and the recording and preserving of any archaeological material on the site. The hotel is being developed by The Clink Group, which is owned by Irish businesswomen Anne and Shelley Dolan. The Sunday Business Post, 25th March
Radisson Blu, Dublin 8: Initial site works have commenced on the construction of an additional 103 bedrooms at the Radisson Blu Royal Hotel, Golden Lane Dublin 8. The €35m extension will increase the total bedrooms to 255 and is expected to be completed in late 2019. The project is expected to create 125 construction jobs and 20 to 30 hotel jobs when completed. The Sunday Business Post, 25th March.
LICENSED PREMISES
Clancy’s Bar, Cork: Barry Auctioneers have brought the long-established Clancy’s Bar, at the junction between the South Mall and Oliver Plunkett Street in Cork to the market guiding €2.25m (€187 psf). The 12,000 sq. ft. bar which ceased trading a year ago, is expected to be converted into an aparthotel, having received positive feedback to redevelopment plans from city planners. The Irish Examiner, 22nd March
STUDENT ACCOMMODATION
Stillorgan Student Accommodation: An Board Pleanála has approved Cairn Homes’ 179 student accommodation units and 130 residential apartment development in Stillorgan. The student accommodation will include 576 beds, a gym and study areas, along with 9,762 sq. ft. of retail and restaurant space and a 3,106 sq. ft. community sports hall. Cairn Homes was also granted approval recently for 90 student accommodation units in Cork Street, Dublin 8. The Irish Times, 21st March
OFFICE
One Molesworth Street: TD Global Finance, the Irish subsidiary of a Canadian multinational bank, Toronto-Dominion Bank, has signed a 20-year lease for the fifth floor (10,600sqft) in the Green Reit development of One Molesworth Street. Their annual rent is €740,000 (€69.80 psf) with a break option at the end of year 13 along with an initial 9 month rent free period. The development is now 88% full. The Irish Times, 21st March
Cherrywood Business Park: The Irish Times reports that Accenture have agreed a rent of €750k p.a. (€25 psf) for the 30,000 sq. ft. 1st floor of Building 11, Cherrywood Business Park. DLR Properties, a subsidiary of Dun Laoghaire Rathdown County Council, who own Block 11 have been granted planning permission for office Block 12. There has been no new development in the park since 2010. QRE have stated Block 12 could be delivered in c. 21 months at rents of €30 psf. The Irish Times, 21st March
INDUSTRIAL
Swords Business Park: Industrial agent William Harvey Ltd is quoting a rent of €250k p.a. (€9 psf) for a recently refurbished industrial unit with office facilities at Swords Business Park. The 27,760 sq. ft. building on a 2.57 acre site includes c. 8,200 sq. ft. of office space and there is ample car parking provision to the front and a yard to the side and rear. The Park is located off the R132, a five-minute drive from Dublin airport and in close proximity to the M1 and M50 motorways and Dublin Port Tunnel. The Irish Independent, 22nd March
OTHERS
Wind Farms: Coillte has commenced the process of selling its stake in four wind farms it co-developed with ESB, SSE and Bord Na Móna. The semi-state body is looking to sell its 50% stake in its joint venture wind farms at Raheenleagh, Cloosh Valley and Castlepook, and a 25% stake in Sliabh Bawn. The four farms are the product of a €25m investment by Coillte in the past four years and the body expect their investment could now achieve a return of €125m for the state. Coillte would also continue to receive long term lease income from the farms, as they are located on its lands. The Irish Times, 22nd March
St. Andrew’s Church, Dublin: Howth restauranteur Michael Wright has released plans to spend €5m renovating St. Andrew’s Church in central Dublin into a licensed food court, banquet hall and culture centre. The proposed building will be granted a seven-day license provided the redevelopment is carried out in accordance with Dublin City Council planning requirements and an existing license held is extinguished. Up to 70 chefs will be employed at St Andrew’s which will be modelled on the Marquette food hall the Wright’s operate at Dublin Airport and work would be expected to be completed within nine months. The Irish Times, 22nd March
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