28th April (Issue 544)
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.
INDUSTRIAL
Clonshaugh, North Dublin Harvey is guiding €7m for a modern detached warehouse and office facility in north Dublin. Unit B at the Willsborough Industrial Estate in Clonshaugh extends to 46,336 sq. ft, including 9,488 sq. ft of office accommodation arranged over three floors. It comprises a twin-span steel portal frame warehouse with a clear internal height of 9.5 metres and an insulated metal deck roof. Loading is via four dock levellers and two level access doors, while externally a gated yard extends to 37 metres in depth. Car parking is provided to the front and side for about 40 vehicles. A defining feature of the asset is its power provision. The property includes a dedicated ESB substation delivering 2 MVA, a level of electrical capacity that significantly exceeds standard industrial requirements and positions the building for a broader range of occupiers. The Business Post, 23rd April
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Mitchelstown, Co. Cork Sandymark Group will commence construction shortly on the first phase of a new logistics scheme in Mitchelstown, with practical completion anticipated in the second half of 2027. Located next to junction 12 of the M8 motorway the development is situated adjacent to Aldi’s regional distribution centre and is near the headquarters of both Kerrygold and Dairygold. The first phase of the scheme will comprise three detached units with a total combined floor area of approximately 293,000 sq. ft. Each unit will have a 12-metre clear internal height, multiple dock levellers, level-access doors and generous HGV service yards ranging in size from 40m to 50m in depth and Cat-A office accommodation and staff facilities. Units will be available for sale or to let from Cushman & Wakefield. The Irish Times, 22nd April
HOSPITALITY
Ardagh, Co. Limerick Joint agents CBRE and GVM auctioneers have brought Cahermoyle House in Co Limerick to market. The 36,500 sq. ft property comprises 49 guest bedrooms along with a restaurant, lounge, whiskey bar, banqueting and meeting facilities. The wider 43-acre estate comprises a mix of farmland and mature woodland and features a private chapel, traditional outbuildings, a walled garden, a gardener’s residence and an outdoor swimming pool. While a guide price has not been set, the property and its 43-acre estate are expected to secure in the region of €3m. Constructed originally in 1871, Cahermoyle House has both historical and architectural significance. The Irish Times, 22nd April
Sandymount, Dublin 4 Colliers are guiding €1.5m for Martello Tower No 16, a landmark hospitality venue. Overlooking Dublin Bay, the 19th century Martello Tower sits directly on Sandymount Strand. Constructed in 1804 as part of a chain of coastal defence towers during the Napoleonic Wars, Martello Tower No 16 forms part of a wider network of 28 towers positioned around Dublin Bay. Designed to withstand attack from the sea, its thick circular masonry walls and elevated roof level reflect the robust engineering of the period. The property comprises the original circular tower over three levels, together with later extensions dating from the mid-19th and 20th centuries. These alterations introduced internal stair access, additional openings and a modern seaward-facing extension. Large windows to the seaward side provide panoramic views across Dublin Bay. The entire property now extends 6,641 sq. ft. The Irish Independent, 23rd April
Earlsfort Terrace, Dublin 2 A project to significantly expand the five-star Conrad Hotel near St Stephen’s Green in Dublin has been approved by Dublin City Council. In January, Earlsfort Centre Hotel Proprietors Limited, the operator of the property, applied for permission to increase the capacity of the hotel from 192 to 308 bedrooms. To facilitate the expansion, it proposed the development of a new eight-storey extension over an existing two-storey space currently used for events. The planning application also proposed upgrades to the existing bar and restaurant areas of the hotel. The proposal for the hotel, devised by BKD Architects, would increase the size of the hotel from 155,054 sq. ft to 220,509 sq. ft. Archer Hotel Capital, the owner of the Conrad Hotel previously secured permission in 2022 to expand the hotel from 192 to 280 bedrooms, but did not proceed with the plans. The Business Post, 22nd April
Capel Street, Dublin 1 Beannchor Group has started construction of a new hotel in Dublin after securing a fresh €35m financing package with Ulster Bank. The hospitality group has a vast portfolio of hotels, pubs and restaurants, including The Merchant Hotel, a five-star property, and the four-star Bullitt Hotel in Belfast. In 2018, the company signalled plans to make its first move in the Dublin market and develop a Bullitt-branded hotel on the former Boland’s Bakery site, at Capel Street/Mary Street Little. The company faced a protracted process to secure permission to develop the site. Works stalled in 2023 after a burial site dating back to the 11th Century was discovered during excavations. Construction of the hotel has now formally commenced, with the completion scheduled in late 2027. The new eight-storey Bullitt Hotel will include 97 bedrooms and ground floor bar and restaurant. The Business Post, 22nd April
Glengarriff, West Cork The Eccles hotel and spa in west Cork, one of Ireland’s oldest hotels, is set to be sold to an American businessman. The owners have agreed to sell the four-star hotel to Brian Patrick Martin, a hospitality investor from Connecticut. The Eccles was put on the market in 2024 with an asking price of €5m but withdrawn after the owners refinanced it. They repaid money owed to the Irish Diaspora Loan Fund, which helped fund the purchase of the hotel in 2016. Martin is expected to pay below €5m. In accounts filed last week for 2025, the directors put the latest valuation of the hotel at €4.4m. Martin owns the Hampton Inn by Hilton in Princeton, Indiana, and a Holiday Inn Express in Los Alamos, New Mexico, through his investment company BPM & Company. The Sunday Times, 26th April
MIXED USE
Cork City Centre Knight Frank is guiding €6m for The Loft, a 21,000 sq. ft furniture store on a 0.5-acre site, between Cornmarket Street and North Main Street. The vendors, guided by Douglas Wallace Architects, have prepared a preliminary scheme for a mixed-use project that includes ground floor retail space and 206 student bedspaces. The proposed redevelopment of what is a protected structure includes the retention of the existing elevations of The Loft building and would comprise a part three, part five, and part seven-storey building, featuring communal amenity spaces in three courtyards, a public outdoor seating area, general landscaping, and boundary treatments. While the current proposal is for retail and student bedspaces, the vendor said the property was “sufficiently flexible to accommodate a range of alternative uses, including hotel or hostel development, subject to planning permission”. The Irish Examiner, 23rd April
St Stephen’s Green, Dublin 2 The owners of Stephen’s Green Shopping Centre have secured permission from Dublin City Council for their plans to redevelop the property. Last year, DTDL Limited, a subsidiary of Lanthorn, lodged planning permission to redevelop the property. The redevelopment project would primarily involve the removal of the existing facade, internal reconfiguration of the centre to create more appealing retail units for letting, the development of 314,855 sq. ft of office space, and the creation of a new two-screen cinema. Further changes proposed included the creation of many new restaurants units that would face onto South King Street. In late March, DTDL Limited lodged revised plans which included a new facade design. Dublin City Council has granted the owners of the shopping centre permission to proceed with the latest application in full, with no conditions attached that would restrict development. The Business Post, 23rd April
RETAIL
Grafton Street, Dublin 2 Mint Velvet, a British fashion brand is to open a store in Grafton Street, Dublin. The retailer already has two standalone shops in the Republic of Ireland, in Dundrum Town Centre and Kildare Village. It is understood the company is in talks to take over 76 Grafton Street, which was vacated by Russell & Bromley, the troubled UK footwear group which opened its only Irish store in 2022 but shut in February after being bought by Next as part of an insolvency process. As well as the standalone stores in the Republic, it also has concessions in Brown Thomas stores. Accounts for its Irish entity show it had a pre-tax profit of €250,000 on sales of €6.8m in 2024. The Sunday Times, 26th April
OFFICE
Dublin Office Rents Prime Dublin office rents are expected to climb by 10% over the next year, driven by increased demand and a tightening supply, according to new research. In its annual wealth report, Knight Frank, said offices are now the most targeted asset class globally for 2026, with Europe seeing a return of large-scale transactions led by office deals. Private investors deployed €16.1bn into European offices in 2025, with institutional capital expected to follow, focusing on prime, ESG-compliant assets. Knight Frank said a number of prime Dublin office assets on the market with lot sizes in excess of €100m will “test the depth of investor demand and also current prime yields, at 5%”. 80% of the office space that is due to complete in the Dublin market throughout the rest of 2026 is already pre-let. The Business Post, 23rd April
RESIDENTIAL / DEVELOPMENT
Dublin South Docklands Knight Frank is guiding €17.94m for the Alto Vetro building in Dublin’s south docklands. The property comprises a 16-storey apartment tower incorporating 24 two-bedroom apartments, two three-bedroom triplex penthouses and two ground-floor retail units. Kennedy Wilson paid approx €11m for the property in 2013. Designed by Shay Cleary Architects as a “pristine glazed rectangular free-standing object”, the Alto Vetro has the highest plot ratio of any building in the city at 17 to one, a record for Dublin because part of the tower was allowed to encroach on the campshire of the quayside. The investment currently produces a gross annual income of €1,099,950. Should a sale proceed at the €17.94m guide price, the new owner would stand to secure a net initial yield of 4.75%. The Irish Times, 22nd April
Stepaside, Dublin 18 Having secured full planning permission last December for a large-scale development comprising 209 new homes at Stepaside, Twinlite has instructed agent Savills to find a buyer for the site. The lands, which are located in the established Aiken’s Village scheme, are being offered to the market for €19.75m. The approved development comprises 209 own-door units and consists of a mix of 191 apartments and duplexes and 18 triplexes arranged across 11 blocks ranging in height from three storeys to part-three/part-four storeys. The accommodation will have a total of 205 car-parking spaces, with 58 of these located underground, and 550 bicycle spaces. Aiken’s Village in Stepaside is well connected by public transport and by road. The Luas green line stop at Glencairn is within walking distance while the M50 motorway and N11 are just a short drive away. The Irish Times, 22nd April
Dundalk, Co. Louth Harvey is guiding €1.85m for 22.27 acres of land in Dundalk suitable for development of industrial and logistics units. As only approx. 17 acres is developable land, the price equates to approx. €105,000 per acre for the developable area. The site adjoins Xerox Technology Park and is located 2.5km from Junction 16 on the M1 motorway at a point which is 80km equidistant from Dublin city and Belfast city. Dundalk is the commercial hub of the north-east with an established cluster of successful global foreign direct investment companies located in the immediate vicinity. Nearby occupiers include WuXi Biologics, Paypal, Wasdell Europe and National Pen. Zoned E2 Business and Technology under the Louth County Development Plan, the types of premises that could be developed include: digital innovation hub/co-working space; high-technology manufacturing; industry light; offices; research and development; science and technology-based enterprises. The Irish Independent, 23rd April
Stepaside, Dublin 18 Six apartments in Stepaside, were sold at a recent auction for €1.75m, well over their guide price of €1.245m as guided by estate agent Galvin and auctioneer BidX1. The price achieved for apartments 2,4,5,7,8 and 9 at Old Castle View, Kilgobbin Road, Stepaside equates to an average of €291,667 each. The apartments comprised five two-bedroom units and one one-bedroom unit ranging in size from 614 sq. ft to 710 sq. ft and four of the six were tenanted. Last October, a group of four other apartments in the same complex sold for €1.081m which equates to an average of €270,250 per apartment. The premium achieved in this month’s auction is even greater when it is considered that some of the October units were larger, ranging in size from 700 sq. ft to 1281 sq. ft and were all vacant. The Irish Independent, 23rd April
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