30th July (Issue 207)

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.



156-158 Capel St, Dublin 1 Agar Commercial Property Consultants is guiding €3.25 million (6% GIY) for 156-158 Capel Street, Dublin 1. The properties comprise three retail premises with eight overhead self-contained apartments with a rear yard with potential to construct a further five two-bed apartments. The properties are currently producing rental income of €195,430 per annum, with a potential uplift of €25,000 as 157 Capel St comes with vacant possession. Agar Commercial Property Report 23rd July

Heuston South Quarter European private equity company Henderson Park has completed its acquisition of Heuston South Quarter (HSQ) in Dublin from Marathon Asset Management for €222 million. The development includes six buildings with office, residential and retail accommodation. Additionally, the purchase comes with a 3.63 acre development site with zoning. The existing 226 residential units are a mix of one, two and three-bedroom apartments and duplexes. The development also has more than 78,800 sq.ft. of office space in addition to retail space anchored by SuperValu. The Irish Times, 23rd July



Dublin Landings Singaporean property developer Oxley has agreed to sell the residential element of its Dublin Landings development for €154.6 million. In a filing to the Singaporean stock exchange, Oxley said its subsidiaries had entered into an agreement with Greystar Europe Holdings to sell part of Blocks B and E in Dublin Landings. Under the agreement, Greystar will acquire the 268 residential apartments and 210 car parking spaces. Greystar has already paid a €15.5 million deposit on the property. The full amount will be paid upon completion of the sale, which will take place from November until June 2020. The Irish Times, 24th July

Public Private Partnership Programme Torc Consortium has been selected as a preferred bidder for the second stage of Ireland’s €300 million social housing public private partnership (PPP) programme, which aims to deliver 465 new social housing units in counties Cork, Kildare, Clare, Galway, Waterford and Roscommon. This is the second bundle of the government’s PPP programme to invest approximately €300 million in social housing. The programme is expected to develop 1,500 housing units as a number of “bundles” of sites with provision of services to the developments over a 25-year period after construction and the return of the asset after this time. The Sunday Business Post, 28th July

Dundrum Town Centre Hammerson, which owns half of the Dundrum Town Centre, is searching for an architect to plan a residential-led scheme on its “Phase 2” land to the north of the shopping centre in Dublin 14. Separately, the retail landlord is also currently in the process of submitting a final planning application in respect of a residential development of over 100 apartments adjacent to Dundrum, which will enable a start on site next year. The Irish Independent 29th July

Green Reit Sale Final bids for Green Reit’s Dublin offices and warehousing group were received by the deadline on Thursday. The Irish Times understands that all three remaining bidders circling the company; Kennedy Wilson, Henderson Park and a unit of German savings bank DekaBank, met the deadline. The Green Reit portfolio includes Horizon Logistics Park, close to Dublin Airport and the M50 motorway; One Molesworth Street in Dublin city centre, which is partly let to British bank Barclays and Canadian investment bank TD Securities; and the Central Park office complex in Sandyford, in south Dublin. The Irish Times, 26th July



Spencer Dock, Dublin 2 Spencer Place Development Company has reapplied to add two floors to a building in Dublin’s docklands, which Salesforce will rent as its Europe, Middle East and Africa headquarters. Dublin City Council had previously refused permission for two extra floors to the building, which is already under construction in the North Lotts and Grand Canal Strategic Development Zone (SDZ) at Spencer Dock. The company are seeking permission to add the two floors at a different point on the building – Station Square – and pursuant to a different set of rules, namely chapter five of the SDZ guidelines. The Irish Times, 26th July

A Cushman & Wakefield report on the Dublin office market has outlined that a total of 680,580 sq.ft. of office space was occupied in Q2 2019, bringing activity levels for H1 2019 to 1,322.346 sq.ft. This reflects an increase of almost 215,278 sq.ft. on the same period last year and is in line with activity levels seen in 2016 and 2017. It also represents the sixth consecutive year that activity is above the long run average. The Central Business District (CBD) accounted for almost 68% of space occupied in the opening six months. Cushman & Wakefield Dublin Office Market Q2 2019


Former Irish Glass Bottle Site A minimum price of €125 million has been set for an 80% stake in the former Irish Glass Bottle site in Ringsend, which sold for more than €400 million at the height of the boom. The successful bidder will have the benefit of fast-track planning following the approval by An Bord Pleanála in April of a “strategic development zone” (SDZ) status for the lands. The project, “Pembroke at Dublin 4” will see NAMA retain a 20% shareholding with bidders invited to submit expressions of interest for the remaining 80% cent stake by Friday, September 13th. According to the expression of interest document, only cash bids above €125 million that are not subject to debt finance will be entertained. The Irish Times, 26th July

Mount St Josephs, Passage West, Cork Lisney is guiding €750,000 for Mount St Josephs in Passage West, Cork. The 6.9 acre site incorporates a two storey detached protected structure residence built in 1855. There is significant development potential, subject to planning permission. The site is located 12km from Cork city centre, 5km east of Rochestown, and 2.5km north of Monkstown. The surrounding area is mainly residential in character, with a series of one-off houses in the vicinity. The Sunday Business Post, 28th July



Doughlcloyne Industrial Estate, Cork Cohalan Downing Associates is guiding €775,000 (8.5% NIY) for a 15,200 sq.ft. commercial building let to Jump Nation, a trampoline centre for adults. The property is let on a 20 year lease from 2014 at €71,000 pa. The Irish Examiner, 25th July



Thomas Fletcher Pub, Naas Town, Co. Kildare Joint agents Jordan Town & Country and John P Younge have sold the Thomas Fletcher Pub for €1.14 million at auction. The 4,900 sq.ft. property includes a public bar, lounge and snug at ground level with the upstairs having potential for residential, office or restaurant. The property was initially guiding €600,000. The Irish Independent, 25th July



A Cushman & Wakefield report on the Irish Investment market has outlined that H1 2019 was a very active period for the Irish investment market with assets attracting both domestic and overseas investors. Total transaction activity in H1 2019 accumulated to €1.74 billion across 69 deals, this represents an 8% increase in value when compared H1 2018. Residential assets accounted for 34% of investment turnover in H1 2019. Appetite from international investors remains strong with overseas capital accounting for €831.2 million of total turnover. Cushman & Wakefield Irish Investment Market Q2 2019


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