30th July (Issue 458)

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.

 

Hospitality

Newbridge, Co Kildare The sale of the Keadeen hotel in Newbridge has been agreed. The current owners of the 69-bedroom property, the O’Loughlin family, have agreed to sell it to the O’Callaghan family, who own both The Fairways Hotel and The Gateway Hotel in Dundalk. The owners indicated that they have plans to invest in the property, which currently has 160 staff. The Keadeen will be managed by Cliste Hospitality. The Irish Independent, 26th July

Capel Street, Dublin 1 An Bord Pleanála has granted planning permission for an eight-storey hotel on Dublin’s Capel Street, undercutting Dublin City Council’s de facto ban on the construction of new hotels in parts of the city. In January 2023, The July group, a Dutch hospitality company, was told by Dublin City Council it cannot build a 105-bedroom hotel on a derelict site on Capel Street. The company appealed the decision and the local council’s initial ruling has now been overturned by An Bord Pleanála. The Business Post, 25th July

Cork The 153-bedroom Moxy Hotel and 53-bedroom Residence Inn, co-located at Camden Quay, are due to open in Cork after the half acre site was developed by the JMK hospitality group. The group also has plans for an Adagio-aparthotel on South Terrace. The Irish Examiner, 25th July

Wellington Quay and Essex Street East, Dublin 2 An application to retain a new Temple Bar superpub, the Giddy Dolphin, which has been operating without planning permission, has been refused by Dublin City Council planners. The new owners of the Clarence Hotel and Dollard House lodged plans in May seeking retrospective approval for a change of use from retail (artisan delicatessen) to licensed premises with food service at the Giddy Dolphin in Dollard House on Wellington Quay and Essex Street East. The Irish Times, 24th July

 

mixed use

Ashtown, Dublin 15 A mixed-use investment property in Ashtown is being offered for sale with a €8.5m guide price. The investment comprises 15 units in The Village Centre and nine units in the River Centre at Rathbourne/Ashtown. The passing annual rent is €996.8k. There are four vacant units in the River Centre that could generate a further €100k pa. The total floor area of the units amounts to 38,765 sq. ft. The Irish Independent, 25th July

Crumlin, Dublin 12 Lidl Ireland has secured planning permission to develop a new supermarket plus more than 40 apartments on the site of a former Ford dealership in Crumlin despite strong opposition from local residents. The development will involve the construction of a six-storey building with 41 apartments on the upper floors. The Irish Independent, 25th July

 

RETAIL

Dundrum, Dublin 14 Hammerson is close to refinancing the debt secured against Dundrum Town Centre according to its CEO. The property group and its 50:50 Dundrum joint venture partner, Pimco are seeking to refinance €600m of loans secured against Dundrum Town Centre, which fall due in September. The Irish Independent, 24th July

Hammerson wrote down the value of its flagship Irish shopping centre interests by a further 7.7% in the first half of this year. The value of the Irish portfolio, which also includes 50% stakes in the Ilac Centre and Pavilions shopping complex in Swords declined by £49m (€58.3m) over the period. Following an additional foreign exchange rate hit, the combined value of its stakes in the three centres fell to £568m. All told, Hammerson has reduced the value of its Irish flagship malls since the start of 2020 by £320m. The Irish Times, 25th July

 

OFFICE

Charlemont Square, Dublin 2 Global drinks giant Mark Anthony Brands International has signed a new 12-year lease to occupy the sixth and seventh floors at One Charlemont Square in Dublin city centre. The agreement will see the company move from its existing base at Donnybrook House in Dublin 4 and expand its footprint to 44,000 sq. ft. The new office will serve as Mark Anthony’s European headquarters. The Irish Times, 25th July

Dublin Office Market 1.55m sq. ft of office space was delivered in Dublin in Q2. Of this, Block N, Central Park in Sandyford was the only building to complete in the suburbs, delivering 200k sq. ft of space. The remaining 1.35m sq. ft was located in city centre locations of Dublin 1 and 2. There are eight buildings due to complete throughout the rest of 2024 with approx. 53% of the space already pre-committed. Two components, grey space coming back to the market and a significant delivery of new space, have driven up the vacancy rate over the last two years. The Business Post, 27th July

North Docklands, Dublin 1 Glenveagh Properties has partnered with XDanu, a work space designer and real estate management company, which is to open a 12,916 sq. ft serviced office in the Freight Building in Dublin’s North Docklands. XDanu’s planned space will deliver a blend of office, meeting, content and podcast studios. It has been reported that XDanu has taken a lease for a ten year term, and that Glenveagh is fitting out the office space and profits from its operation will be split between the parties. The Business Post, 27th July

 

Healthcare / Nursing

Cork Plans for a €20m+ 55,000 sq. ft four-storey primary health care centre have been lodged for a site at Cork’s St Patrick’s Woollen Mills, along the side of the N40 south ring road. The July application from an entity listed as Infrastructure Investment Fund IVAC Valley Healthcare Fund is for a four-storey building to include two GP practices plus 1,334 sq. ft retail unit. The application was made by the private developer Valley Healthcare. The Irish Examiner, 24th July

 

Residential / Development

Housing Completions Fewer houses may be built this year than were completed in 2023, the latest survey by the CSO indicates. In the first six months of 2024, there were 12,730 new dwelling completions, down 8.6% on the same period last year, the CSO said. This suggests last year’s figure of 32,695 new houses being built may not be matched. The survey shows there were 6,884 new dwelling completions in the second quarter, down 5.4% on the same three months of 2023. Apartment completions fell particularly steeply, down 15.1% YoY to 1,566 in the quarter. Dublin had the second-biggest decrease, at 10.6%. The Irish Independent, 26th July

Citywest, West Dublin An Irish developer is selling a commercial development site in Citywest, Dublin. The site is 3002 Lake Drive which extends to 1.9 acres and Lisney is guiding €1.35m for it. The vendor of site 3002 purchased it after it was offered for sale in 2022 as part of a portfolio of three sites at the business campus which had a combined 5.3 acres and a guide price of €2.5m. They were divided into 1.1, 1.9 and 2.3-acre plots. The Irish Independent, 25th July

Mortgage Activity A rebound in first-time buyer (FTB) activity helped the Irish mortgage market to return to growth in the second quarter of 2024, new figures indicate. According to the BPFI, the value of overall mortgage drawdowns grew 3.3% YoY in the second quarter of the year, following four consecutive annual declines. The 6,300 FTB drawdowns represented the single largest segment by volume (62.3%) and by value (63.9%), with volumes reaching their highest second-quarter level since 2007. Overall, the second quarter of the year saw 10,110 new mortgages totalling €2.85bn drawn down. The Business Post, 29th July

 

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