29th September (Issue 266)

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 / LAND

Kilternan, Dublin 18 Joint agents Savills Ireland and Kelly Walsh are guiding €19 million for a 33.32 acre site on the Glenamuck Road in Kilternan in Dublin 18. According to the agents, the sale presents an opportunity to develop in the region of 500 residential units on the site (€38k per stand), taking account of the Kilternan/Glenamuck Local Area Plan. The site benefits from ease of access to all major national routes, Dublin city centre and Dublin Airport. It is also close to the Green Luas line and a choice of Dublin Bus services. The Business Post, 27^th September

North Dublin Glenveagh has been chosen as the preferred bidder to construct a mix of private, social and affordable homes on the greenfield site located on the Oscar Traynor Road in north Co Dublin. The development site has an estimated minimum capacity for 640 units (subject to planning permission). The Oscar Traynor Road site is a 17-hectare site situated on the junction of the M1, port tunnel and Oscar Traynor Road. The Business Post, 27^th September

Cork City A proposal for 45 apartments in Dennehy’s Cross, west of Cork city has been rejected by Cork City Council. Dennehys Cross Construction Ltd was seeking to demolish an existing disused garage to build 4 three-bed, 29 two-bed and 12 one-bed apartments in two blocks, one five and one six storey. Planners have rejected the project saying that the height, bulk and massing of the scheme meant it would be “visually overbearing” in the Bishopstown and Wilton area. The Irish Examiner, 24^thSeptember

Stillorgan, South Dublin Cairn Homes is currently in a consultation phase to alter planning permission for the €44 million residential/student accommodation development at the former Blake’s restaurant and Esmonde Motors Sites on the Stillorgan Road, just off the N11 in south Co Dublin. The consultation application wishes to omit the student accommodation aspect of the planning permission and increase the number of apartments from 103 to 464 units. Cairn Homes is currently in the process of acquiring an adjoining site to this development. The Business Post, 27^th September

Balbriggan, Co Dublin Joint agents Cushman & Wakefield and Sherry FitzGerald Cumisky are guiding €10.5 million for a multi-unit residential investment opportunity at the Hampton Gardens scheme in Balbriggan, Co Dublin. The portfolio comprises 40 ground-floor apartments with two-storey duplexes overhead. There are 14 two-bedroom units, 25 three-bedroom units and one four-bedroom unit. 36 of the units are occupied, averaging rents of €1,250 per month for the two-bedroom units, €1,300 for the three-bedroom units while the four- bedroom unit is rented for €1,356 per month. The four most recent lettings have yielded rents of €1,650 for two-bed units. The remaining four duplex units are on the market for €1,850-€1,950 per month. Once fully occupied, the overall investment will produce a total gross income of c.€626,000 per annum. However, the ERV is closer to €880,000 per annum, based upon recent lettings in the scheme. The Irish Times, 23^rd September

Palmerstown, Dublin 20 Randelswood Holdings has been granted permission for 250 build to rent apartments on a site located at the Palmerstown Retail Park, Kennelsfort Road Lower, in Palmerstown, Dublin 20. The build to rent (BTR) development will consist of the demolition of all existing structures on site. The development includes 134 one-beds and 116 two-beds in five blocks, with a café and ancillary residential amenity facilities on site. The Business Post, 27^th September

Saggart, South West Dublin Marlet Property has submitted a strategic housing development application to An Bord Pleanála for a €49 million apartment development at Garters Lane in Saggart in south-west Dublin. The development will consist of 224 apartment units comprising 82 one-beds, 121 two-bed units and 21 three-bed units arranged in four blocks. A decision is expected to be made by An Bord Pleanála by the start of January 2021. The Business Post, 27^th September

Ballycoolin, Dublin 15 REA Grimes is guiding €10 million for a 45.7 acre greenfield site located next to Northwest Business Park in Dublin 15 (€219k per acre). The site at Mooretown is located just off Ratoath Road, south of the N2-N3 link, and is zoned General Employment (GE) making it suitable for industrial uses such as data centres, logistics and warehousing. The sites location is approximately 12km from Dublin Airport, 12km from Dublin city centre and 3.5km from the M50 motorway, providing convenient access to Irish and international transport networks. The Business Post, 27^th September

Dunboyne, Co Meath A 27.3 acre site situated on the Navan Road in Dunboyne town has come to the market with a guide price of €6.75 million (€247k per acre). The lands are zoned under the Meath County Development Plan 2013-2019 as follows: A2 Residential –13.34 acres; F1 Open Space – 5.24 acres; and Un-zoned –8.72 acres. Under the Meath County Development Plan 2021-2027, the residential and open space zoning of the subject site is to be increased to 15.14 acres and 12.16 acres respectively. The lands are located within a 1km walk of Dunboyne train station, while the M3 and wider motorway network are readily accessible via exit 5 on the M3 which is located nearby. The Irish Times, 23^rd September

OFFICE

Dublin South Docklands JLL is guiding €9.8 million for 16 Sir John Rogersons Quay in Dublin’s south Docklands. The 9,675 sq.ft. property (€1,013 psf) comprises ground and five upper floors and is fully let to Core, Ireland’s largest marketing communications company with c.14 years to expiry. The tenant has recently removed a break option in January 2025 and pushed it out until January 2030. The current rent is €489,319 per annum (€48.25 per sq ft and €3,750 per car space). The Irish Times, 23^rdSeptember

Westland Row, Dublin 2 Savills is quoting a rent of €52 psf for 42 Westland Row. The grade A office building extends to 10,900 sq.ft. and comprises a restored period building to the front linked through a feature glazed atrium to a new build extension to the rear and is ready for tenant fitout. The building is situated less than 100m from the entrance to Pearse Street Dart station and is within a short walk of both the Luas green and red lines. The Irish Times, 23^rd September

Cherrywood, South Dublin The French asset Management Company Corum has purchased Block 12 at The Campus in Cherrywood in south Dublin for €27.7 million, increasing its overall investment in the Republic and Northern Ireland to just under €257 million. Block 12 is fully occupied by Aviva on a 25-year FRI lease from July 2002 with no break options. The annual rental income is €1.81 million. The building provides 73,810 sq.ft. of flexible office accommodation over three floors (€375 psf), situated on a 2.5 acre site which includes 222 car parking spaces. The Irish Times, 23^rd September 

Herbert Place, Dublin 2 No 17 and 18 Herbert Place comprises 5,584 sq.ft. of office accommodation and is available for sale or to let through agent Bannon. There is a gated courtyard to the rear of the property providing parking for six cars. There are two modern residential mews buildings here, extending to 514 sq.ft. and 800 sq.ft. respectively (tenants not affected). The mews buildings produce an income of €24,000 per annum. The mews buildings and car parking are accessed via Herbert Lane. Bannon is quoting a rent of € 38 psf for the office accommodation, however consideration will also be given to a sale of the entire (to include the mews buildings) at a guide price of €4.75 million. The Irish Times, 23^rd September

INDUSTRIAL

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