3rd March (Issue 236)

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.




Dun Laoghaire, Co Dublin The Irish Times understands that a real estate fund managed by Deutsche Bank subsidiary DWS is closing in on the €210 million purchase of 368 apartments being developed by the Cosgrave Property Group in Dún Laoghaire, Co Dublin (€571k per unit). The proposed deal for Cheevers Court and Haliday House represents the German-headquartered fund’s second acquisition at the Cualanor scheme in under a year. Last May, DWS paid €108 million for 214 apartments (€505k per unit) at the Fairways. The Irish Times, 26th February

Swords, Co Dublin LRC group, has increased the size of its Irish residential portfolio to over 1,600 properties, with the acquisition for €9 million of 47 apartments and one retail unit at Applewood in Swords, Co Dublin (€187k per unit). This represents a premium of 20% on the €7.5 million Hooke & MacDonald had been guiding. The total current rent, and projected rent of the vacant apartments is c.€724,000 per annum. The residential element comprises six one-bedroom apartments and 41 two-bedroom apartments. The Irish Times, 26th February

North Main St, Cork City A development of almost 300 student bed spaces at North Main St in Cork city centre has been cleared to apply for fast-track planning. If the development goes ahead, it will bring more than 700 additional student beds to the city, as 420 student beds are coming on stream at the Lee Point complex on the former Beamish and Crawford brewery site on South Main St. The Irish Examiner, 28th February



Francis Street, Dublin 8 CBRE is guiding €3.2 million for 98-99 Francis Street in Dublin’s Liberties. The property comprises a five storey building extending to 7,094 sq.ft. with a ground-floor retail unit and seven residential units overhead (€451 psf). The residential component consists of three one-bed apartments and four two-bed apartments, including a top-floor penthouse. The apartments are fully let and producing a gross rental income of c.€180,000 per annum. The ground-floor retail unit has own-door access and extends to 1,089 sq.ft. The unit has planning permission for food and beverage use, and offers the prospective buyer the opportunity to increase the building’s current rental income significantly. The Irish Times, 26th February

Donnybrook, Dublin 4 Turley Property Advisors is guiding €2.5 million for a 0.137 acre site adjacent to the Circle K garage in Donnybrook, Dublin 4. The subject site comprises c.6,000 sq.ft of space broken down into four distinct areas, all of which are generating rental income. The forecourt in front of Bridgestone is held on a 35-year lease from June 1991 at an annual rent of €24,000, while the car valet premises, coffee shop and offices to the rear of the site are delivering rents of €35,000, €12,000 and €10,000 respectively. Located on the parcel of land bounded by Donnybrook Road, Brookville Road and Eglinton Road the site would have accommodated a landmark 11-storey building comprising 100 apartments in 2008 if construction had commenced. The Irish Times, 26th February



Ballsbridge, Dublin 4 CBRE is guiding €4 million for Butlers Townhouse in Ballsbridge, Dublin 4. Located at the junction of Lansdowne Road and Shelbourne Road, the property comprises 20 guest bedrooms, all of which have been individually designed and decorated (€200k per room). The guest house is located in close proximity to the IFSC, the Dublin Docklands, and Dublin’s core central business district as well as being a three minute walk away from Lansdowne Road Dart Station. The Irish Times, 26th February

Sandycove, South Dublin Fitzgerald’s Albert House, is for sale in the village of Sandycove in south Dublin with Agent John P Younge guiding c.€2.5m for the property. The bar extends to 1,400 sq.ft. whilst there is also a 43 sq.ft. kitchen and 380 sq.ft. of stores located at ground level. Upstairs is a two-bedroom apartment which is directly accessible from the street and extends to c.1,200 sq.ft. The pub is being sold as a going concern by way of company shares and currently generates c.€950,000 turnover (net of VAT) per annum. The Irish Independent, 27th February



Navan Road, Dublin The Maple Centre on Dublin’s Navan Road has been brought to the market by agent TWM at a guide price of €7.1 million. Located at the junction of the Old Cabra Road, New Cabra Road and Ratoath Road, it is in close proximity to the suburbs of Stoneybatter, Cabra, Castleknock and Ashtown. The property is situated 3km northwest of Dublin city centre and 1.3km west of Phibsborough Luas stop. The centre comprises seven retail units extending to a total area of 27,386 sq.ft. (€259 psf) and benefits from 75 surface car-parking spaces and is currently producing rental income of €550k per annum including a one-year rent underwrite of €50,000 on unit five, which is currently vacant. This unit extends to 2,017sq.ft. and has the advantage of planning permission for change of use from retail to restaurant. The Irish Times, 26th February



Ballycoolin, Dublin 15 Agent Harvey is guiding €2.25 million for a modern warehouse and office facility at 617A Northwest Business Park, Dublin 15. There is also an option to rent the property for €167,000 per annum. The combined area of the premises extends to 19,644 sq.ft. (price psf €114 / rent psf €8.50) of which the warehouse area accounts for 15,844 sq.ft. The premises is two-storey, and contains fully fitted offices, a reception and staff facilities extending to 3,800 sq.ft. in walk-in condition. Located in Ballycoolin between the N2 and N3 with M50 Motorway access via Junctions 5 and 6, the property is convenient to the Port Tunnel and Dublin Airport. The Irish Independent, 27th February



Hatch St, Dublin 2 The Irish Times understands that German asset manager KanAM Grund Group has paid c.€35 million in an off-market transaction for One Upper Hatch Street in Dublin city centre. The building is a grade A, eight-storey, over-basement office building which was redeveloped and extended to its current size of 30,139 sq.ft. (€1,161 psf) in 2006 by its previous owners. The property is fully-let to Deloitte who occupy seven floors and US-based tax adviser, H&R Block, who occupy one. The Irish Times, 26th February

Sandyford, Dublin 18 Agent TWM is guiding individual prices of €8.6 million and €6.5 million respectively for the long leasehold interest of lots 1 and 2 within the Sandyford Business Centre portfolio. The entire is available for sale at an overall guide price of €15.1 million. Lot 1 consists of units 1, 3 and 4 (30,216 sq.ft.) and 117 car spaces, while lot 2 includes units 5C and 6 (18,570 sq.ft.) and 83 car spaces. The combined annual rental income is €1,192,578 and there is a weighted average unexpired lease term of 5.8 years, with breaks at 4.6 years. The Sandyford Business Centre scheme comprises eight blocks in total, units 2, 5A/5B, 7 and 8 were sold on long leases (c.235 years) and are not included in the current sale. The Irish Times, 26th February

Clyde Real Estate has secured €20 million of debt from real estate asset manager, PMM Group. The loan facility will be used to part-finance Clyde’s acquisition of mixed-use office and manufacturing sites in Dublin, Shannon, Dundalk and Carlow, as well as an office and residential development site in Cork. Clyde Real Estate’s current tenants include a mix of Irish businesses, as well as global blue-chip firms such as Intel, Nokia and Citibank. The Sunday Business Post, 1st March


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