30th June (Issue 253)
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
Drogheda, Co Louth Joint agents Lisney and Robert B Daly & Son are guiding a price of €5.75 million for a 15.11 acre (€380.5k per acre) residential development site with full planning permission for 217 new homes (137 houses and 80 duplexes) in Drogheda, Co Louth (c.€26,500 per unit). The houses comprise 15 four-bedroom units, 100 three-bedroom units and 22 two-bedroom units while the duplexes comprise a mix of 40 three-bedroom units, 38 two-bedroom units and two one-bedroom properties. The residential element of the development will be complemented by a two-storey building at the entrance to the scheme comprising a creche, gym, cafe and meeting room. The site is located on the Termonfeckin Road, just 2.5km from Drogheda town centre. The Irish Times 24th June
County Kildare Joint agents Coonan Property and DNG Doyle are guiding €1.8 million for a 6.84 acre (c.€263k per acre) site with full planning permission for 49 housing sites (€37k per unit) near Prosperous in Co Kildare. The five-year planning permission was granted last month. There is easy access to Naas and Maynooth via the M4/M7 motorways and Sallins and Maynooth train stations are both located within driving distance. The Sunday Business Post, 28th June
Western Road, Cork Planning permission has been sought for the development of a five-storey apartment building at Carmelite Place on the Western Rd in Cork. The proposal includes some 30 apartments, 11 car parking spaces, 69 bicycle spaces, and a roof terrace. The development comprises of three studio apartments, seven one-bed apartments, 16 two-bed apartments, and four three-bed apartments. The Irish Examiner, 25th June
Blackpool, Cork City Planning permission has been sought to build 42 new apartments on a site in Blackpool, Cork City. Located on Brocklesby St, the development is earmarked for a site that currently houses a creche. If approved, developers plan to build 23 one-bedroom apartments, 18 two-bedroom apartments, and one three-bedroom apartment in four blocks of two to four storeys in height. The Irish Examiner, 25th June
Dublin Residential Market Both rent collection and occupancy within many residential rental schemes in the Irish capital have performed exceptionally well over recent months despite the economic backdrop. In addition, demand for residential units to rent has remained consistently strong since the beginning of the year, it remains to be seen if this trend continues over the coming months as the Irish economy gradually emerges from lockdown. However, CBRE are of the opinion that with supply of modern rental accommodation remaining severely constrained, the likelihood is that this trend will continue. CBRE & MD Residential Report, June 2020
OFFICE
Balbriggan, North Dublin The Brenta Group has secured the OPW as tenants for an additional 24,300 sq.ft. of office space in Paramount Place at the Balbriggan Business Campus in north Dublin. The letting, which was handled on Brenta’s behalf by agent TWM, brings the total floor area occupied by the State at the campus to just over 31,000 sq.ft. The new lease is a 20-year full repairing and insuring lease with a break option at year 10. The rent equates to €15 psf and €250 per car space. Paramount Place is well-located within the Balbriggan Business Campus, and is just 22 minutes drive from Dublin Airport on the M1 motorway. The scheme also offers occupiers quick access to Dublin city centre by rail thanks to its proximity to Balbriggan train station. The Irish Times 24th June
Barrow St, Dublin 2 Savills is guiding €55 psf for the Bottleworks on Barrow St, Dublin 2. The new office scheme will comprise 28,000 sq.ft. of fully-serviced working spaces and meeting rooms arranged across five floors within a self-contained building. The property has been designed to suit a range of working options capable of accommodating multi-occupancy tenants or small to medium-sized companies seeking a headquarter premises. The Irish Times 24th June
Harmony Row, Dublin 2 QRE Real Estate Advisers has brought a city centre office suite with vacant possession to the market with a guide price of €1.95 million. The 3,093 sq.ft. (€630 psf) unit in Harmony Court on Harmony Row, Dublin 2 comprises a ground floor self-contained office suite in a six-storey over-basement level office block, with a curved glass facade. There are also two basement car parking spaces. The Sunday Business Post, 28th June
HOSPITALITY
Cork City Cork City Council planners are due to make a decision on whether the Leisureplex on MacCurtain St and Brian Boru St, Cork, can be redeveloped to accommodate a 171-bedroom hotel. The plans were lodged by International Investment ICAV who proposed to redevelop the site to allow for a new five- to seven-storey hotel. It would include the demolition of existing structures, and the retention and modification of the facade of the former postal sorting offices, which is a protected structure. The Irish Examiner, 25th June
Irish Hotel Sector A recent sentiment survey conducted by Crowe addressing the impact of Covid-19 on the Hotel industry found that 87% of hotels were fully closed for the last three months, with all hotels expected to re-open. For the respondent’s sample, 2019 occupancy of 73% is set to fall dramatically to 32% for 2020 and their average room rate of €111 in 2019 is set to fall to €94 for 2020. 53% of hotels are operating with just three months’ working capital reserves, highlighting the need to reopen and trade profitably. In addition, extending the temporary work scheme supports, reducing the VAT rate, extending the rates waiver and other supports are seen as critical to the hotel sector until demand levels allow for revenue and profit recovery. Crowe 2020 Irish Hotel Sector Sentiment Survey
OTHER
Bid X1 Auction A total of 15 properties generated more than €11.49 million in sales as a result of a recent BidX1 online auction. The largest sale was a portfolio of five vacant apartments in Dublin’s suburbs for just over €1m. The lot had a €1.1m guide price. They are dispersed across several locations in Dublin including Belgard Square, Tallaght; Westend Village, Blanchardstown; Valencia House, North Circular Road and The Bridge complex, Shankill and they range in size from 527 sq.ft. to 753 sq.ft. The Irish Independent, 25th June
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