31st March (Issue 540)
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.
ORIGIN CAPITAL KVIKA FUNDING PARTNERSHIP
New Origin Kvika Deal Under Origin Capital’s strategic relationship with Kvika banki hf, Origin Capital recently arranged a two year, €9.5m, interest only facility, secured on a mixed-use property portfolio in Limerick and Dublin. If you have a funding request for €2m+, please contact Ross Metcalfe at rossmetcalfe@origincapital.ie Origin Capital, 24th March
RETAIL
Excise Walk, Dublin 1 HWBC is guiding €5.25m (10.54% NIY) for eight retail units and seven car spaces at Excise Walk in the IFSC. The eight units extend to 16,418 sq. ft and form part of a parade of multi storey residential buildings with the retail units located on the ground floor of each block. Units range in size from 334 sq. ft to 4,809 sq. ft. Of the 16,418 sq. ft, six tenants, Grafton Barbers, Ladbrokes, AIB, Subway, Milanos and Nero Holdings Ltd occupy 10,918 sq. ft and generate €454,940 pa with a WAULT of 4.35 and WAULB of 3.46. Three units and the seven car spaces are vacant. The subject units are located on the west side of Excise Walk in the heart of the IFSC. HWBC Press Release, 26th March
For lending terms on this asset, please contact rossmetcalfe@origincapital.ie
Ladbrokes, Nationwide Bookmaker Ladbrokes has stated that up to 39 of its shops in Ireland are to close. Ladbrokes operate just more than 100 shops across the country. The company said 226 roles were at risk, subject to consultation, with staff informed on Monday. Ladbrokes, owned by London-listed Entain, will continue to employ more than 350 people in Ireland and operate more than 66 shops nationwide. Late last year, rival Flutter, the owner of Paddy Power, made a similar move when it announced the closure of 28 shops in Ireland, citing “increasing cost pressures and challenging market conditions.” The group, which also owns Coral and BetMGM, said total group net gaming revenue (NGR), the amount of money the company retains after paying out winnings to customers, increased by 7% at constant currencies, slowing from 10% growth in the first half of the year. The Business Post, 31st March
Office
IFSC, Dublin 1 German investor Real IS has instructed Colliers to offer the offices at 2 Harbourmaster Place to the letting market. Located in the heart of the city’s International Financial Services Centre, the property comprises 43,000 sq. ft of Grade A office accommodation distributed across five floors. The floor plates average 9,000 sq. ft and each floor is available to lease individually or combined to create larger, self-contained headquarters. The building is finished to a high specification, with raised-access flooring, suspended ceilings, air conditioning, LED lighting and shower facilities. In addition to its internal features, 2 Harbourmaster Place also has 31 secure underground car parking spaces along with ample bicycle storage. Colliers are quoting €47.50 psf, with car spaces available for €4,000 per space annually. The Irish Times, 25th March
Baggot Street, Dublin 2 A private Irish investor is in line for a net initial yield (“NIY”) of 8.75% following their purchase for just over €3.3m of a multi-let office investment on Baggot Street. Located within a short walk of the offices of the Department of Finance, Government Buildings and the five-star Merrion Hotel, 142-143 Baggot Street was offered for sale by QRE Real Estate Advisers last September on the instruction of receivers Deloitte at a guide price of €3.5m. Although the property, which comprises three floors of office space above ground-floor level, had been generating about €202,000 in annual rental income from several occupiers when it first came for sale, QRE secured additional tenants for the vacant first and third floors alongside the regearing of the existing second-floor lease. The building’s annual rental income increased to €320,000 as a result of this strategy. The Irish Times, 25th March
HOSPITALITY
Ballina, Co Mayo Joint agents Colliers and Property Partners Garrett Loftus are quoting €1.75m for The Downhill Inn Hotel, a 45-bedroom three-star hotel. Set on 3.13 acres of mature, landscaped grounds, each of its bedrooms is ensuite and they range between a variety of room types including double, twin, triple and family accommodation. Facilities include a restaurant, bar/lounge, sun terrace and landscaped garden areas. The property also benefits from a seven-day licensed premises and extensive on-site parking. The property is located just outside Ballina town centre, on the Sligo Road, and is 41km from Ireland West Airport Knock. The Irish Independent, 26th March
Baggot Street, Dublin 2 An Coimisiún Pleanála (“ACP”) has refused planning permission for a seven-storey luxury hotel proposed for Dublin’s Baggot Street. In May last year, plans for a 30-bedroom hotel at 73 Lower Baggot Street were lodged by the Corcoran family, who operate the four-star Perryville House in Kinsale, through their firm The Kilcolman Partnership. Plans for the proposed development included changing the use of the site from offices to hotel, as well as the demolition of the existing single-storey side extension and the construction of the seven-storey hotel block. Considering the adjacent protected structure and conservation area, ACP decided the development would be “overly dominant and overbearing” and would detract from the prevailing height, scale and appearance of the surrounding street. The Business Post, 27th March
Purpose Build Student Accommodation
Ireland Student Accommodation Review 2025. Strong student demand continues to build. Full-time enrolments keep rising, reinforcing long-term need for high-quality purpose build student accommodation (PBSA) across Ireland. Growth in the student-aged population and sustained international interest point to a steadily expanding demand base for PBSA. New delivery is still well below what the market requires, maintaining significant accommodation shortfalls in key cities. 2025 saw another weak year of supply with total stock barely shifting, ending the year at approx. 47,000 beds. Limited supply, strong occupancy and persistent demand help underpin robust rental dynamics for existing and future schemes. Updates to design standards, taxation and rental regulation are creating a clearer, more supportive environment for PBSA delivery. Capital interest in PBSA has rebounded, with €183m invested in 2025, and is supported by clearer policy signals, resilient demand and a maturing investment landscape. Cushman & Wakefield Report, 27th March
RESIDENTIAL/DEVELOPMENT
Clongriffin, Dublin 13 Joint agents Hooke & MacDonald and Knight Frank are guiding €120m for 282 apartments at Two Three North in Clongriffin. The price equates to an average of €425,531 per apartment. The Two Three North portfolio comprise a mix of 236 private rented sector (PRS) apartments and 46 apartments let to Dublin City Council on a 25-year lease, with more than 21 years remaining.The PRS element of the portfolio is 13% under-rented, offering significant reversionary potential once these units turn over. If sold for €120m, it would equate to a NIY of 4.83% on the PRS element of the scheme and 4.5% on the Dublin City Council income. This equates to a blended NIY of about 4.79% and a reversionary yield of 5.47% once the scheme is fully occupied with market rents applied to new tenancies. The Irish Times, 25th March
Smithfield, Dublin 7 Having sought and secured planning permission on appeal from An Bord Pleanála in 2017 for the construction of 30 apartments next to Dublin’s Smithfield Square, Co-operative Housing Ireland has abandoned its plan to develop the site. While that planning permission has expired, agent Hooke & MacDonald believes it establishes a strong precedent for the incoming purchaser of 84 North King Street to seek approval for the development of a multi-storey residential scheme with ground-floor commercial space. The guide price for the property is only being made available to interested parties upon application to the selling agent, but the site is expected by market sources to command in the region of €2m. Number 84 King Street is immediately adjacent to Smithfield Square. The property has dual frontage on to North King Street and North Brunswick Street. The Irish Times, 25th March
Rathcoole, Co. Dublin Coonan Property is guiding €1.05m for 23.5 acres located at Crockshane, to the south of the growing commuter town of Rathcoole. That guide is a reduction of €100,000 on the guide price which Coonan quoted when offering it for sale last November. The lands will be sold by auction and while the lands are not zoned currently, the price suggests strong hope value on the prospect of rezoning the land for either residential or logistical use. The Irish Independent, 26th March
Blackchurch and Tuckmilltown, Co. Kildare Jordan Auctioneers are offering 41 acres of high-quality agricultural land for €900,000 by auction. Located at Blackchurch and Tuckmilltown, it is just off Junction 6 Castlewarden on the M7 dual carriageway, bestowing it with connectivity to Dublin, the M50 and the wider national motorway network. Dublin city centre lies approximately 23km away, the M50 at Red Cow can be reached in around 12 minutes, while Naas is just 10km to the south. The Irish Independent, 26th March
Peakcockstown, Co. Meath Coonan Property is auctioning an 80.6-acre holding at Peacockstown, Co Meath. The lands are being offered in four lots, comprising 17.8 acres, 41.55 acres and 21.25 acres, or as a single lot. Laid out in grassland and described as “good quality lands which have been well maintained over the years,” the property has traditionally been used for agricultural purposes. However, it is the location that is likely to drive interest beyond the farming sector. Positioned close to Ratoath town and the Meath-Dublin border, the lands benefit from frontage onto the Kilbride Road, as well as access via Glascarn Lane and a cul de sac known locally as Brennan’s Lane. The agent noted the land’s proximity to the M2 and M3 motorways and the M3 Parkway rail station at Dunboyne The Business Post, 26th March
Dublin Apartments Kennedy Wilson has struck a deal to take over three projects to build €1bn worth of apartments in Dublin from Hines Ireland, the Business Post can reveal. In 2017, APG Asset Management and Hines set up a joint venture to build more than €1.3bn worth of apartments in Dublin. CWTC Multi Family ICAV, majority controlled by APG, has spent close to €450m to develop a 1,200-apartment project in Cherrywood. The fund also has permission to build an additional 2,500 apartments on the former Holy Cross College site in Drumcondra, and the former Player Wills and Bailey Gibson adjoining sites on Dublin’s South Circular Road. These projects are expected to cost more than €1bn to complete. Hines Ireland has reached an agreement to exit its interest in CWTC Multi Family ICAV, with Kennedy Wilson, one of Ireland’s biggest landlords, stepping in to take over as APG’s development partner in Ireland. The Business Post, 28th March
Ringsend, Dublin 4 More than 700 apartments being developed at Dublin’s former Irish Glass Bottle site will be part of an Oaktree UK property portfolio, which it plans to float on the stock market in London. The Ringsend apartments are part of the initial phase of a wider 37-acre scheme expected to deliver about 4,000 homes. They will account for around a quarter of a 2,750-unit seed portfolio Oaktree plans to float. Oaktree is expected to launch an Initial Public Offering in London, with property publication Green Street News valuing the portfolio at €1.73bn. In January, Deutsche Bank agreed a financing deal worth €415m for the site, being developed by a consortium led by the Ronan Group. The deal was agreed by Pembroke Beach DAC, a joint venture between Lioncor, Oaktree Capital Management and Johnny Ronan’s Ronan Group Real Estate. The Business Post, 26th March
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie