31st July (Issue 157)
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.
LOAN / PORTFOLIO SALES
Project Waterfront: The last remaining waterfront development site in Dublin’s north docklands has been placed on the market by Nama with a guide price of €120m. Project Waterfront, comprising two adjacent sites extending to 4.6 acres with full planning permission for a mixed-use development, is in the docklands strategic development zone (SDZ) and near to the 3Arena. The residential aspect of the site has permission for a scheme with buildings ranging in height from six to 11 storeys, accommodating 420 apartments. Additionally, a crèche, café and retail units are provided for in the planning. The commercial site has permission for four office buildings ranging in height from six to eight storeys and a net office area of around 300,216 sq. ft. The commercial scheme was granted a 10-year planning permission in December 2017, while the residential development has a five-year permission granted at the same time. The Irish Times, 31st July
RESIDENTIAL / LAND
Tyrrelstown Site, Dublin 15: Listed housebuilder Glenveagh Properties has purchased land capable of delivering c. 1,250 homes, subject to planning permission, for a price in excess of €65m. The 113 hectare site, 39 hectares of which are zoned residential, is located in Tyrrelstown, Dublin 15 and located adjacent to the group’s existing site at Hollystown Golf Club. The Group expect to deliver units from the combined site from 2019. The Irish Independent, 31st July
Magee Barracks Site, Kildare: Developer Ballymount Properties has been refused planning permission to construct 200 houses and 64 apartments, a number of retail units, and a crèche at the former Magee Army Barracks in Kildare Town. The proposal also called for the demolition of 16 buildings on the site. An Bord Pleanála rejected the proposed development, which was submitted under the Government’s fast-track strategic housing development process, on the grounds that the plan contained too many three and four-bedroom homes. The barracks, which has been empty since it was closed by the Department of Defence in 1998, made more than four times its €2 million guide price when it was acquired in early 2017. The Irish Times, 26th July
Maynooth, Co. Kildare: Cairn Homes has secured permission under the fast-track process to build 320 houses, 142 apartments and a 106-unit development offering 483 student bed spaces, in Maynooth, Co. Kildare. Cairn is planning a mix of three and four-bedroom houses and one, two and three- bedroom apartments. Amenities being planned for the site include a crèche with an outdoor play area, a cafe, a gym and a retail unit. The Irish Times, 26th July
HOTEL
Hotel Ibis, Dublin: JLL have completed the sale of the 150-bedroom Hotel Ibis at the Red Cow roundabout in west Dublin for c. €14m (€93k per key). The hotel was sold subject to an existing franchise agreement with Accor, and will continue to be managed by US hotel managers Interstate Hotels & Resorts. The sale comes shortly after a report from CBRE which foresees total hotel transactions in 2018 comfortably exceeding last year’s total of €400m, with €214m already completed in the first six months of 2018. The Sunday Business Post, 29th July
Newmarket Hotel, Dublin 8: An Bord Pleanála has upheld a decision from Dublin City Council to grant planning permission to the developer, Newmarket Partnership Ltd, for a c. €37m hotel and office development at Newmarket Industrial Estate, Dublin 8. The proposed eight-storey development will provide 92 hotel bedrooms and c. 75,000 sq. ft. of office space. The Sunday Business Post, 29th July
Zanzibar Site Hotel, Dublin 1: Work has commenced on a new 165-bedroom hotel overlooking the River Liffey at the former Zanzibar site in Dublin 1. Demolition works are expected to last until Q4 2018 with main construction works to commence in Q1 2019 on the €17m project. The Sunday Business Post, 29th July
RETAIL
Retail Market Update: New figures released by the CSO have shown that retail sales in June rose by 7% year on year but dropped by 3.4% when compared with May. When motor sales were excluded, there was a 0.1% monthly rise in core retail sales and an increase of 4.6% year on year. The number of new vehicles sold in Ireland has been on the slide for much of this year, owing to an increase in the number of second-hand imports from the UK. The weakness in sterling against the euro since the Brexit vote has been cited as the reason for the used-car boom. Leaving motor sales aside, analysts said that the June figures, particularly the strong annual increase of almost 5%, were evidence that the economy was performing well. The Times, Irish Edition, 26th July
OTHERS
Student Accommodation Site, Dublin 8: US-based Invesco Real Estate has agreed to pay €47m in a “forward funded” transaction for a 270-bedroom student accommodation on Brickfield Lane in Dublin 8. The site, which was purchased by Bain Capital earlier this year for €8m, is expected to cost c. €30m to complete and is planned to be open in time for the 2019/20 academic year. The Irish Times, 31st July
College Green, Dublin: An Bord Pleanála has given the green light to the Marlet Property Group to demolish the nine-storey College House on College Green in Dublin and replace it with a 10-storey mixed-use development. The plan is to include a 520-seated venue and Paddy McKillen Jnr’s Press Up is understood to be at an advanced stage of negotiations with Marlet Group to operate the venue. Last December, consultants for the team’s leading the redevelopment of the adjoining Apollo House site and Hawkins House put the College House plans on hold when they appealed the city council planning permission to An Bord Pleanála. Now, in a comprehensive decision giving the project the go-ahead, the appeals board states that the plan will “integrate satisfactorily with the surrounding existing development including the proposed redevelopment of adjoining sites at Hawkins House and Apollo House”. The Irish Independent, 26th July
St. James’ Gate Site, Dublin: Three developers have been shortlisted to partner with Diageo in building a new urban quarter at the historic St. James’ Gate site in Dublin. In total Diageo received 16 expressions of interest in the major rejuvenation project, which has been narrowed down to Sean Mulryan’s Ballymore Properties and their partner Oxley, the London-based U&I Group and US multinational Hines. The development will consist of a mix of residential, office and commercial spaces across 12.6 acres. The Sunday Business Post, 29th July
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