28th May (Issue 198)
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.
HOTEL
Luttrellstown Castle, Dublin 15 is to get eight new bedrooms as part of a multimillion renovation of the walled estate. This will bring the number of bedrooms at the hotel and golf resort to 20, with a completion date of April 2020. This will result in the nightly hire rate for the entire resort increasing from €7,000 upwards at present to €12,000 or more once the new rooms are opened. The resort is used for weddings, parties, corporate entertainment and other events, with those hiring the property having to book all of the bedrooms. The expansion will mean that up to 54 guests can stay there at any one time. The Irish Times, 26th May
Townsend Street, Dublin 2 The hotel group Tifco, which was acquired last year by Apollo Global Management, has agreed to buy a 393-bedroom venue being built in Dublin city centre by John Sisk on behalf of Tetrarch, for c.€100 million. It is being reported that the new eight storey hotel on Townsend Street will become a Travelodge. The Sunday Times, 26th May
OFFICE
Sorting Office, Dublin Docklands The Irish Times understands that Mapletree Investments, a Singapore-headquartered real estate investment trust is closing in on a deal to buy the Sorting Office, a 202,000 sq.ft. office scheme being developed in the Dublin docklands. They are set to pay €240 million (€1,188 psf) for the seven-storey office block, which is now under construction on the site near Grand Canal Dock. The sale does not include the 56 apartments Marlet is delivering as part of the wider Sorting Office development. The Irish Times, 25th May
Reflector Building, Dublin 2 The Sunday Times understands Hana Financial Group, one of South Korea’s largest bank holding companies, is believed to be in advanced talks to buy the Reflector, a six-storey block in Grand Canal Dock. The property was developed by Park Developments, and put on the market for €155 million. The Sunday Times, 26th May
19-22 Lower Baggot Street A private investor has paid just under €8 million to acquire a portfolio of four interconnecting Georgian properties. The properties comprise a total of 12,723 sq.ft. with four basement car parking spaces. Numbers 20 and 21 are interconnected at all levels while numbers 19 and 22 are connected at basement level. No. 22 can also be used as a self-contained unit. The Irish Times, 22nd May
RESIDENTIAL
Foxrock, Dublin 18 A three storey detached family home (4,110 sq.ft.) on 0.4 of an acre has come to the market for c.€2.45 million (€596 psf). The upper floors consist of six bedrooms and seven bathrooms. The professional landscaped gardens have a wrap-around timber deck and back on to the Leopardstown Racecourse. The Sunday Business Post, 26th May
Rathmichael, Dublin 18 A five bedroom detached family home built in 2014 on 0.4 of an acre (3,799 sq.ft.) is guiding €1.195 million (€314 psf) through Sherry Fitzgerald. The Sunday Business Post, 26th May
52 Castlepark Road, Sandycove Agent Tom O’Higgins is guiding €1.495m for the 1,937 sq.ft. four bedroom home. The extensive gardens have planning permission for a detached 1,668 sq.ft home with separate access. The Sunday Business Post, 26th May
MIXED USE
Park Avenue, Cork Agent CBRE is quoting €17.5 million for Park Avenue on South Douglas Road, Cork. The scheme comprises six standard one-bed apartments (652sq.ft.), 12 large one-bed apartments with an additional study/dressing room (836sq.ft.), 40 two-bed apartments (855sq.ft.) and four three-bed apartments (1,132sq.ft.). The property has 82 car parking spaces at basement level. 53 of the 62 apartments are being offered for sale with full vacant possession. There are also two commercial units part of the sale, occupied by a crèche and a cookery school. The Irish Times, 22nd May
Lennox Building, South Richmond Street Oakmount and Core Capital have secured €27 million from the sale of the Lennox Building in Dublin city centre to a fund managed by Swiss Life Asset Managers. The price achieved for the property represents a significant return on the estimated costs of c.€18 million incurred by Oakmount and Core in acquiring and developing the site on the corner of South Richmond Street and Lennox Street in Portobello. The Lennox Building’s sale price of €27 million meanwhile provides its new owners with a net initial yield of 4.8%. Completed in March 2019, the property comprises an office and restaurant premises over basement, ground and three upper floors totalling 33,448 sq.ft. The Irish Times, 22nd May
LAND
Aungier Street, Dublin 2 The Marlin Group has been granted planning permission from Dublin City Council for the delivery of 20 serviced apartments and a bar and restaurant on Aungier Street in Dublin city centre. The proposed development will, upon completion, form an annex to the group’s 300-bedroom Marlin Hotel, which is due to open for business on the adjoining Bow Lane on July 19th. An on-street entrance from Aungier Street will lead to the Marlin Hotel restaurant, bar and outdoor terraces leading on to Bow Lane. The Irish Times, 27th May
Ballymun Town Centre, Dublin 11 Hooke & MacDonald is quoting €2m (€595k per acre) for a site in Ballymun Town Centre (3.36 acres), which is situated on the southern side of Silloge Road adjacent to the College View apartment development and Ballymun Shopping Centre. The site is zoned Z4 mixed use under the Dublin City Development Plan and has the capacity to be developed into a number of uses including build-to-rent and student housing. The Irish Independent, 23rd May
Citywest, Dublin 24 Goldman Sachs and US investor Carval plan to build almost 300 apartments at Citywest Shopping Centre. The centre has begun talks with An Bord Pleanála and the local council on a proposal to build the apartments at its site in west Dublin under the fast-track initiative for residential projects. Goldman Sachs bought Citywest Shopping Centre several years ago. The Irish Times, 25th May
55 Fumbally, Dublin 8 Oakmount has sold a c.0.55 acre site (55 Fumbally) in Dublin 8 to international co-living company The Collective for c.€10.5 million through joint selling agents JLL and Knight Frank. They have purchased the site with planning permission for a large, mixed-use scheme ranging in heights of up to six storeys incorporating 34 apartments, 287,000sq.ft. of office space, a restaurant and 24 under-croft parking spaces. The Irish Times, 22nd May
0.23 acres, Dublin 4 Knight Frank and Colliers International are guiding a price of €4.5 million for a residential development site at the junction of Appian Way and Leeson Street Upper in Dublin 4. The site extends to 0.23 acres and is being offered to the market with full planning permission for a scheme of 16 apartments (€281k per site). The planning allows for a single five-storey over-basement property consisting of four one-bed apartments, eleven two-bed apartments and one three-bed penthouse and thirteen car parking spaces. The Irish Times 22nd May
22.7 acres, Kildare Town A ready-to-go development site of 22.7 acres in Co Kildare with full planning permission for 187 houses is for sale with a €6.5 million guide price (€35k per site). Located on the northern side of Kildare Town, the site is in close proximity to transport links, schools and Kildare town centre. The Irish Independent, 23rd May
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