2nd July (Issue 203)
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
Ashtown, Dublin 15 Ballymore has sold their 26,318 sq.ft. supermarket premises at its Royal Canal Park scheme in Dublin 15 for c€6.3 million (€239 psf) to an Irish family office. The property comprises a retail store, ancillary storage, offices and staff accommodation. There is also a dedicated provision of 75 car parking spaces made up of 52 under-croft and 23 surface spaces. The building is fully-let to Aldi Stores (Ireland) Limited on a 25×5 year FRI lease at an estimated passing rent of €412,320 p.a (€16 psf). The Irish Times, 26th June
Grand Canal Dock Savills is guiding in excess of €5.5 million for the HQ Gastro Bar in Dublin’s Grand Canal Dock. The current owner occupier is offering prospective purchasers the opportunity to acquire the property’s freehold and will subsequently enter into a new long-term (20 year) lease subject to a net annual rent of €300,000 per annum. HQ Gastro Bar occupies 2,842 sq.ft. of the ground floor. This portion of the property features wraparound floor-to-ceiling glazing overlooking Grand Canal Dock and an extensive heated outdoor terrace which allows for year-round outdoor dining. The Irish Times, 26th June
10/11 West Street, Drogheda Quinn Agnew are guiding €1.45 million to acquire a prime investment at 10/11 West Street, Drogheda. This property extends to 6,650 sq.ft. (€218 psf). The ground floor shop, rear stock rooms and yard areas are let to Hickey’s Pharmacy Limited under a Lease for a term of 15 years from February 2019 producing rental income of €130,000 p.a. The property presents potential investors the immediate opportunity to increase the rental income by letting the vacant self-contained offices on the upper floor. Quinn Agnew Report, 27th June
HOTEL
The Clarence Hotel Press Up Entertainment, who recently took over the leasehold of the property has lodged plans to almost double the bedroom capacity of the four-star Clarence Hotel in Dublin. The planning comprises an additional 54 bedrooms at the Clarence which currently has 59 bedrooms. The new rooms are to be located on the second, third and fourth floors of the adjacent Dollard House which is a protected structure. The Irish Independent, 2nd July
Druid’s Glen Hotel and Golf Resort The five-star Druid’s Glen hotel and golf resort has been sold to the Neville Hotel Group in a deal worth €45 million. Druids Glen first opened in 1995, and is located on a 349-acre site in North Wicklow. It has 145 bedrooms and suites, as well as a spa and health club, eight conference and event rooms, and a restaurant that can seat up to 160. The function room overlooking the golf course can accommodate up to 400 people, while the clubhouse at the property, known as Woodstock House, dates back to 1770. The Irish Independent, 28th June
Tallaght, Dublin 24 The Plaza complex in Tallaght has been acquired by Davy on behalf of a private client for €18 million which represents a premium of 20% on the €15 million guide price set by agent Knight Frank. The Plaza consists of a six-storey over double-basement block, comprising the 122-bedroom Plaza Hotel, three floors of office accommodation, three ground-floor retail units and over 500 car-parking spaces provided in the double basement and at surface level. The office accommodation extends to 77,489 sq.ft. over three floors and is let to the OPW under long-term leases at a current rent of €540,200 p.a. (€6.97 psf) The Irish Times, 26th June
Marlin Hotel Dublin Marlin Group, one of London’s largest privately owned hospitality operators, is set to open its first hotel in Dublin 2 next month. Marlin Hotel Dublin, will be a 300-bedroom, €55 million development, located at 11 Bow Lane East, beside St Stephen’s Green Shopping Centre. The building spans almost 110,000 sq.ft. Each bedroom will include the latest technology including 43-inch HD Smart TV. The ground level will comprise a co-working area, an indoor garden, an outdoor terrace, a meeting space for 12 and a 24-hour gym. The Sunday Business Post, 30th June
RESIDENTIAL
Dublin Docklands RGRE and Colony Capital are seeking in excess of €250 million in forward funding for a scheme comprising up to 471 new homes in the Dublin docklands. Located immediately adjacent to Salesforce’s new European headquarters, the Spencer Place Residential portfolio is being offered for sale as two private rented sector blocks. Prospective purchasers are being invited to submit offers on both a “current scheme” comprising 349 apartments and a 100-bed aparthotel, and for an “enhanced option” consisting of 471 apartments and 105 co-living units. While planning permission has already been granted in the case of the current scheme, the enhanced offering is currently the subject of a planning application to An Bord Pleanála. The Irish Times, 26th June
Dalkey, South Co. Dublin Sherry Fitzgerald have brought a 3,444 sq.ft. 5 bedroom home on Ardeevin Road, Dalkey to the market with a guide price of €2.275 million (€660 psf). There is a recently converted attic which is currently being used as a sixth bedroom. The detached home also comprises of outstanding grounds of 0.48 acres with landscaped gardens. The property is within walking distance of Dalkey village and surrounding amenities. The Sunday Business Post, 30th June
OFFICE
23 Shelbourne Road, Ballsbridge U+I and Colony Capital have purchased 23 Shelbourne Road for in excess of €25 million. This represents a significant return on the €18 million Friends First paid for the property in 2016. However, the property underwent significant refurbishment and a number of new long term lettings were secured. The Irish Times, 27th June
25 Mountjoy Square, Dublin 1 CBRE is guiding €2 million for a prime Georgian investment property in Dublin city centre. Located at 25 Mountjoy Square the property is a four-storey over-basement building extending to 6,187 sq.ft. The entire of the property is in office use with the lower ground floor/basement accommodation fitted out primarily as canteens with adjacent kitchen and ancillary storage space. The Irish Times, 26th June
MIXED USE
Ballast House, Dublin 1 Ballast House, a landmark in James Joyce’s Ulysses, has been acquired by Union Investment, the investment arm of the German DZ Bank Group with the purchase price believed to be in the region of €27 million. The property is fully let on long term leases and comprises both office and retail units across more than 29,000 sq.ft (€929 psf). The Sunday Business Post, 30th June
29/30 Usher’s Quay and 1, 1A & 2 Usher Street, Dublin 8 Knight Frank are currently marketing a superb City Centre located, mixed-use redevelopment site with full planning permission for 27 apartments and ground floor commercial space, at a guide price in excess of €2.75 million. The site benefits from having full planning permission in place for the demolition of all existing buildings and the construction of a new part 6/7 storey building comprising 27 apartments (5 x 1 bed units and 22 x 2 bed units), above ancillary residential amenities and a commercial unit at ground floor level. Knight Frank Report, 26th June
INDUSTRIAL
Finglas, Dublin 11 Knight Frank have brought the Jamestown Business Park in Finglas to the market with a guide price of €10.75 million. The portfolio comprises 20 industrial and own-door office units spanning 167,205 sq.ft. with six tenanted land plots (4.5 acres). In addition to this, there is a development site of 6 acres that includes partially-completed warehouse units. The investment is producing rental income of c€919k p.a. with approximately 75% of this income derived from blue-chip tenants. The Irish Times, 26th June
LAND
Limerick City Agent Cushman & Wakefield is guiding €3.5 million for a prime 24.41 acre (€143k per acre) residential development opportunity in the Clonmacken area, just 2km from Limerick city. The site has full planning permission for 110 homes. Located adjacent to the North Circular Road, the proposed scheme will comprise a mix of 88 houses and 22 apartments, all of which will be accessed from the Condell Road. The Irish Times, 26th June
OTHER
CBRE report that Ireland’s commercial property market experienced a “very busy” first half to the year, with demand strong across most sectors. With the exception of the retail sector, CBRE say that prime yields in the Irish market remain stable at the mid-year point, and, in some cases, have potential to harden further during the second half of the year. With the outlook for interest rates to the downside, CBRE believe that this “bodes well” for continued investment. CBRE Half Year Report, 30th June
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