31st March (Issue 240)
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
Santry, Co Dublin An Bord Pleanála has approved Cosgrave Developments’ 329-unit development on former Santry Demesne grounds off Northwood Avenue near the Gullivers Retail Park and M50. The Cosgrave plan envisions four eight-storey blocks of mostly two-bedroom units with penthouses on top. An Bord Pleanála said the Santry development must have at least 62 child places in its crèche. It eliminated two proposed ground-floor apartments to increase space for day-care services. The Irish Independent, 27th March
Cabra, Dublin 7 An Bord Pleanála has given the green light to a 485-unit residential development on the Carnlough Road in Cabra, Dublin 7, on lands originally purchased from CIÉ 16 years ago. The build-to-rent scheme by UK firm Tristan Capital Partners – which acquired the site last year from Marlet Property Group for a reported €39 million – includes nine blocks up to eight storeys tall. The Board approved the plans subject to several conditions, including provisions for adequate traffic flow and a parking management plan. These stipulate the development should have a maximum of 403 car parking spaces and a minimum of 529 spaces for bicycles. The design includes a neighbourhood centre with space for a café, a convenience store, a gym and child care facilities, while one block will be devoted to community space, including co-working areas, meeting rooms and a cinema. The Irish Independent, 26th March
Malahide, Co Dublin House builder Ballymore has secured planning approval from An Bord Pleanála for a residential development and a crèche on eight acres off Seamount Road, Malahide, in Co Dublin. The new Seamount Rise development will be within walking distance of the coastal village of Malahide and Dart station and will include 58 four and five-bedroom homes and 76 apartments in two buildings of five to six storeys. Planning was secured under the Strategic Housing Development scheme and is subject to compliance with a number of planning conditions. The Irish Independent, 25th March
Castleknock, Dublin 15 An Bord Pleanála has given the green light to Glenveagh Homes to construct 192 apartments in Castleknock, Dublin 15, despite widespread local opposition. In total, 125 objections were lodged against the proposal. An Bord Pleanála stated that “the provision of a higher-density residential development at this location is desirable with regard to its intermediate suburban location and its proximity to high frequent transport services” The scheme will comprise five five-storey apartment blocks at Balroy House, Carpenterstown Rd, Castleknock. The Irish Independent, 24th March
Ireland Residential Market While it’s too early to tell what the overall impact will be for the New Homes market from Covid-19, so far there has been very little evidence of a reduction in the desire to purchase a new home, particularly with first-time according to the Knight Frank report on the Covid-19 impact on the residential market. The report indicates that buyer sentiment is mostly that people expect there to be an unavoidable slow-down in volume of transactions over the next two or three months most likely followed by a surge immediately thereafter. Knight Frank Report, Ireland’s Residential Market
OFFICE
Henry Street, Limerick WP Engine, the WordPress digital experience platform (DXP), is to occupy the 12,000 sq.ft. prime office building at 12 Henry Street in Limerick city centre. The premises is owned by local property firm Kirkland. The Irish Independent understands that the rent will be in excess of €25 psf. Kirkland is now advancing the next phase of development which will provide over 85,000 sq.ft. of LEED Gold Grade A office accommodation on the waterfront along the city’s Bishops Quay. It is due to commence construction later this month and will also include a residential element comprising 34 apartments overlooking the River Shannon. The Irish Independent, 26th March
Dublin Docklands US cybersecurity firm Tenable has put a plan to relocate its existing international headquarters in Dublin to a new and bigger office in the city’s docklands “on hold” due to the Covid-19 crisis. Prior to the outbreak, the company had been at the advanced stage of discussions in relation to leasing c.40,000 sq.ft. of space at 76 Sir John Rogerson’s Quay, a new grade A office scheme being delivered by Targeted Investment Opportunities (TIO), an umbrella fund involving Nama, LA-based Oaktree Capital and Bennett Construction. The Irish Times, 27th March
Q1 2020 Office Occupier Update Dublin office take-up reached over 800,000 sq.ft. in Q1, the second highest opening quarter to a year behind only Q1 last year. The number of deals decreased to 29 from the 48 recorded during the same period last year. This reduction was due to the emergence of Covid-19 in Ireland in March which led to a rapid reduction in activity, something which will continue into Q2 at least. Knight Frank, Office Occupier Report
RETAIL
Retail Market Hammerson, which part owns the Dundrum Town Centre, the Ilac Centre in Dublin and the Pavilions in Swords, revealed that by Friday the 27th March, two days after deadline, it had only been paid 37% of the rent that was billed in the UK for the second quarter of the financial year. After stripping out rent that has been waived, deferred or switched to monthly payments, the figure climbs to 57% of what was due. Hammerson expects to collect more money as it puts more temporary agreements in place. Similarly, Intu, owner of Manchester’s Trafford Centre, revealed that it had only received 29% of the rent payments that were due on Wednesday 25th March, the deadline for the second quarter payments. The Irish Times, 30th March
In February the Irish Independent reported that both Penneys and Brown Thomas were in negotiations to split the retail space in Ireland’s largest shopping centre that is held by House of Fraser. However, Penneys have now stated that it has put on hold plans to expand at Dundrum Town Centre due to the Covid-19 pandemic. The Irish Independent, 31st March
OTHER
Q1 2020 Investment Market Update €505.4 million worth of investment transactions changed hands in Ireland during Q1, marginally behind the €546.0 million that was invested during the same quarter last year. Office and multi-family assets accounted for 89% of transactional activity with the remainder comprised of retail, mixed-use and industrial assets. Knight Frank, Investment Market Report
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