28th January (Issue 231)
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.
RESIDENTIAL
Greystones, Co Wicklow An Bord Pleanála has given Cairn Homes permission to construct 426 residential units near Greystones in Co Wicklow through the fast-track planning process despite local opposition. The planned development is on a site within the townlands of Farrankelly and Killincarrig, Delgany located 2.5km south of Greystones. It is comprised of 245 houses and 181 apartments. The plan includes three four-storey apartment blocks at its centre. The Irish Times, 23rd January
Lancaster Gate, Cork City The Irish Examiner understands that work is finally set to start on the first non-student apartment development of any scale in Cork City in 10 years, in an investment worth €40m. O’Callaghan Properties are behind the apartments located at Lancaster Gate which will complete the redevelopment of the seven-acre riverside site which they acquired from Jurys Hotels in the early 2000s. Completion of the 88 apartments is expected by December 2020 and apartments will be available for rent in early 2021. The Irish Examiner, 22nd January
Cork City Planning permission has been granted for the development of an apartment complex on the site of the former Glenanaar pub in Cork city, despite objections from a number of local residents. An Bord Pleanála rejected the recommendation of its own planning inspector in upholding the decision of Cork City Council to approve the demolition of the Glenanaar pub in Ballinlough and construction of two four-storey blocks containing 26 apartments on the site. The 26 apartments will consist of seven studio units, ten one-bedroom units and nine two-bed units. The Irish Examiner, 26th January
MIXED USE
Greystones, Co Wicklow Joint agents Cushman & Wakefield and McGovern Estates are guiding €5.5 million for the Watson & Johnson Centre, a two-storey fully-occupied retail and office scheme located on Greystones’ Church Road, extending to a total area of 11,750 sq.ft.(€468 psf). The centre is occupied at ground level by a range of tenants. The first floor is accessed off Church Road and is let to a number of separate occupiers including a solicitor’s practice and a yoga studio. The property is fully occupied, in good condition throughout, and is currently producing a net operating income of €314,000 per annum. The centre also includes a car park to the side with 26 surface car spaces which represents development potential subject to planning permission. The Irish Times, 22nd January
O’Connell St, Dublin 1 Quanta Capital has acquired No 43/44 O’Connell Street for c.€5 million through agent CBRE. No 43-44 O’Connell Street, located at the intersection with Abbey Street, extends to 10,250 sq.ft. and comprises of a mid-terrace five storey over basement period building; with retail accommodation at ground level and basement, with four further floors of office-space overhead. This is one of a number of recent acquisitions for Quanta Capital; who are understood to have invested over €500 million in the Irish market to date. Quanta Capital Press Release
Dublin 8 Colliers International is guiding €1.3 million for 41 James’ Street in Dublin 8. No 41 comprises a retail unit and three two-bedroom apartments overhead, extending to c.3,659 sq.ft. The retail unit is fully let to Tranan Holdings (Two) Ltd trading as Next Door off-licence on a 25-year FRI lease from June 2008 with upwards-only rent reviews. The passing rent is €61,800 per annum which includes the retail unit and one two-bed apartment. The estimated market rent for the entire building, once the two vacant apartments are let, is in the region of €105,000 per annum. The Sunday Business Post, 26th January
LAND
Moyne, Co Tipperary An 800 acre land portfolio comprising a mix of industrial and agricultural lands, which come with the benefit of a significant income stream through renewable energy and agricultural enterprises has come to the market with Knight Frank guiding €11 million (€13,750 per acre). The lands also include a number of outbuildings and residential dwellings. The Lisheen Mine ceased operations in 2015 and the property has since been successfully rehabilitated to a brownfield industrial site. The subject property also includes a wind farm comprising 18 turbines, subject to a long-term lease through which the incoming purchaser will benefit from the income stream. The Irish Times, 22nd January
Finglas, Dublin 11 Cushman & Wakefield is guiding €6.5 million for a 10.13 acre brownfield site which has been brought to the market on Jamestown Road in Finglas (€641.7k per acre). Located in close proximity to Charlestown Shopping Centre, the M50 motorway and Dublin Airport, the site has the potential to accommodate more than 600 new homes. Occupied formerly by the Mouldpro factory, the land is currently zoned “Z6 – Employment/Enterprise” and lists residential use as “open for consideration”, according to the Dublin City Development Plan. A feasibility study showing capacity for 605 apartment units has been prepared by the vendor. A development of this scale would allow for a fast-track planning application to be made directly to An Bord Pleanála under the terms of the Strategic Housing Development scheme. The Irish Times, 22nd January
Galway City CBRE is guiding €3m for a five-acre greenfield site on the outskirts of Galway city (€600k per acre) on Headford Road. The Headford Road serves as one of the primary arterial routes for Galway, linking with the M6 motorway. The surrounding area comprises a mix of residential and commercial developments. Terryland Retail Park, Dunnes Stores and the Maldron Hotel are all located directly opposite the subject site, while the Gort na Coiribe student and short-term letting scheme is located immediately adjacent to it. Both the Galway-Mayo Institute of Technology (GMIT) and NUIG are located within walking distance of the subject site and cater for a combined student population of 25,000 at present. The Irish Times, 22nd January
INDUSTRIAL
Dublin Airport Logistics Park Iput has secured global logistics specialist Geodis Ireland Ltd as tenant for all 185,000 sq.ft. of space at Unit 1, Dublin Airport Logistics Park. Geodis has agreed to pay an initial rent of €1.6 million per annum (€8.65 psf) and will occupy the premises on a 20-year lease. The company only recently completed an extensive upgrade to the building having acquired it with vacant possession from Eason for €19 million in January 2019. The premises is a high-bay warehouse and office facility on a self-contained site of 8.4 acres. The property benefits from corporate quality offices, 192 car-parking spaces, dedicated trailer parking, a 37m deep secure yard and loading access via 15 dock levellers and five level access doors. Located just 250m from the boundary of Dublin Airport, the building enjoys good connectivity to Dublin Port Tunnel, Dublin city centre, the M1, M2 and M50 motorways and all other arterial routes. The Irish Times, 22nd January
Mulhuddart, Dublin 15 The former Rennicks manufacturing facility on 6.1 acres in Kilbride, Mulhuddart, Dublin 15, has been sold for just below the €2.9m which agents Harvey had been guiding. The buildings have been vacant since 2018. Building one comprises 71,472 sq.ft. and is laid out in manufacturing workshops with storage and dispatch areas, a large canteen and offices. Building two includes 24,682 sq.ft. laid out in production areas on both ground and first floors together with the main administrative offices for the facility, located at the front of the site. There are also 96 car parking spaces. The building also benefits from an onsite sub-station and a green field site. It is surrounded by 67 acres of industrial zoned land and close to the M50 motorway and the Port Tunnel. The Irish Independent, 23rd January
RETAIL
Blanchardstown, Dublin 15 The Eason property in Blanchardstown Shopping Centre is being offered for €16 million as a sale-and-leaseback opportunity with the benefit of a new 25-year lease to its current owner at a market rent of €1.1 million per annum. The subject property comprises a large double unit extending to 12,104 sq.ft. over two floors and is centrally located within the Blanchardstown Centre, enjoying frontage on to both level 1 and level 2 malls. The Irish Times, 22nd January
OFFICE
Capital Collection Portfolio The Irish Times understands that Henderson Park Capital is seeking in excess of €400 million from the sale of a portfolio of five prime Dublin offices it acquired as part of its recent €1.34 billion buyout of Green Reit. Eastdil Secured has been formally appointed to handle the sale of the “Capital Collection” in one or more lots. The portfolio comprises One Molesworth Street, 2 Burlington Road, 5 Harcourt Road, 30 to 33 Molesworth Street, and Fitzwilliam Hall. The Irish Times, 27th January
Haddington Buildings, Dublin 4 Three Haddington Buildings on Percy Place has been sold off-market by joint agents HWBC and Savills to German fund Quadoro Doric for c.€20 million. The building comprises 20,131 sq.ft. net accommodation over four floors with the benefit of 14 parking spaces (€993 psf). The first and second floors were pre-let to international law firm Beachcroft DAC on a new 15-year FRI lease from October 2019 subject to a passing rent of €52 per square foot, while the ground and lower ground floors are currently agreed to a single tenant. The buyer previously purchased Two Haddington Buildings in 2018. The Sunday Business Post, 26th January
Harcourt Centre, Dublin 2 The Irish Times understands that Avestus Capital Partners and Ares Asset Management have sold blocks 4 and 5 Harcourt Centre to Arena Invest for c.€55 million. This represents a return of c.14.5% on their original investment in 2017. Block 4 comprises a six-storey over basement building extending to 28,020 sq.ft. of office accommodation and 1,423 sq.ft. of retail accommodation, together with 23 car-parking spaces. The combined rent roll of the building is c.€1.42 million per annum and is derived from lettings to Regus and Cafe Sol. Block 5 comprises a six-storey over basement building extending to about 26,722 sq.ft. of office accommodation and 968 sq.ft. of retail accommodation, together with 17 car-parking spaces. The combined rent roll of the building is c.€1.6 million per annum, and is derived from lettings to SMT Fund Services, the National Transport Authority and Zara. The Irish Times, 22nd January
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