3rd May (Issue 345)

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.




Merrion Square, Dublin 2 Agent Turley Property Advisors has a guide price of €5m for 75 Merrion Square. Built in the early 19th century, the four-storey over-basement mid-terrace building extends to a net internal area of 5,432 sq. ft. and is laid out in a combination of various-sized offices, including two large offices that can be separated by their large double doors. The sale of No. 75 also includes 12 parking spaces accessible via the rear of the property on Fitzwilliam Lane. It is being offered for sale with the benefit of full vacant possession. The Irish Times, 27th April
For lending terms on this asset please contact rossmetcalfe@origincapital.ie


Iveagh Court, Dublin 2 DNG is handling the letting of c. 3,940 sq. ft. of offices at Unit 2 in Block B at the mixed-use Iveagh Court scheme, which is at the junction of Harcourt Street and Charlemont Street. Iveagh Court provides a mix of new and refurbished office accommodation, residential units, ground-floor retail and a substantial underground car park (the subject property comes with two designated car parking spaces). Unit 2 comprises modern office space set out over two floors (at ground and lower ground floor level). The 1,787 sq. ft. ground-floor area consists of the entrance reception and waiting area, several meeting rooms, office and boardroom, WC facilities and a kitchen area. The lower ground floor extends to c. 2,153 sq. ft. and is predominantly open plan in design. The unit has a D1 BER. The Business Post, 1st May



Killamonan, North Dublin Irish property company Iput Real Estate has completed its purchase for €50m (c. €424k per acre) of 118 acres of development land in north Dublin, doubling its logistics portfolio. With 100 acres of the new Killamonan site zoned for industrial use, the acquisition will add c. 1.6m sq. ft. of logistics assets, doubling the portfolio in size to c. 5.5m sq. ft. Iput also has a further 700,000 sq. ft. of logistics space under development at Quantum Distribution Park, a 10-minute drive from the new investment, and at Aerodrome Business Park in west Dublin. The Irish Times, 28th April



Tallaght, Dublin 24 Pan European investor and asset manager M7 Real Estate has paid c. €19m for the Cookstown Collection, a mixed-use portfolio of industrial and commercial units in Tallaght, Dublin 24. Located within the long-established Cookstown Industrial Estate, the seven properties in the sale comprise a total of 151,764 sq. ft. of space distributed across a 7.1-acre site. The collection, which was sold with the benefit of vacant possession, briefly includes units 2 and 3 (68,000 sq. ft. of industrial space on a 3-acre site); unit 81 (26,000 sq. ft. of industrial space on a 1.8-acre site); unit 81A (27,000 sq. ft. of office space on a 1-acre site), and units 1A, B and C (30,000 sq. ft. in total). Following its purchase of the seven Cookstown units, M7’s Irish portfolio now comprises a total of 25 assets extending to just under 1.162m sq. ft., primarily in industrial and logistics space. The Irish Times, 27th April

Harcourt Street, Dublin 2 Located less than 400 metres from Grafton Street, numbers 10 and 11 Harcourt Street are being offered for sale by Colliers with full planning permission from An Bord Pleanála for a new three-storey over-basement office scheme extending to a gross internal area of 31,086 sq. ft. The existing buildings, which extend to Montague Lane, are guiding at a price of €7.5m. Numbers 10 and 11 currently comprise a pair of four-storey over-basement Georgian buildings. The ground floor of number 11 is in retail use while the ground floor of number 10 is in restaurant use. The upper floors of both buildings are in office and residential use. The entire site measures c. 0.19 acres and is zoned as a combination of Z5 and Z8. The Irish Times, 27th April
For lending terms on these assets please contact rossmetcalfe@origincapital.ie


North Docks, Dublin Kennedy Wilson, an American real estate investor, has applied for planning permission for the development of a ten-storey aparthotel in the north docks in Dublin. The company wants to build a 30,000 sq. ft. building on the site of its Coopers Cross development. If granted planning permission the building would have 58 units over nine storeys and a café on the ground floor. The construction of the hotel will mean the demolition of Nos. 1, 2, 3, 4 and 5 Alexander Terrace, which are vacant at present. The company, which bought the lands with its joint venture partners Axa Investment Managers and Cain International for c. €110m in 2018, is building out the 5.9-acre site to the back of Central Bank of Ireland’s North Wall Quay headquarters. It has already received planning permission for offices and apartments at the scheme, which will be known as Coopers Cross. The Sunday Times, 2nd May

Hotel Sector Performance, Ireland Business at Irish hotels is more than 80% of pre-Covid levels, putting the Republic in Europe’s top three, an industry gathering will hear this week. Over the 28 days to April 11th, Irish hotels had 81.3% of room occupancy in 2019, before Covid travel curbs sent tourism and business travel into freefall two years ago. According to STR, this ranked the Republic at number three in Europe, behind the UK, which had 87% of 2019 levels, and Poland, which was at 84.5. Figures from March showed that Irish hotels were showing the highest forward booking rates in Europe for April, with spikes of more than 70%. Hoteliers here also benefitted from travellers arriving for St Patrick’s Day and Six Nations rugby games. The Irish Times, 3rd May



Trading Builders merchanting group Grafton said its trading was positive in the early part of the year, with revenue rising. In the period from January 1st to April 17th, revenue for the group was 15% higher at €766m, the group said in a trading statement, up from €668.6m in the same period in 2021. That excluded the traditional merchanting business in Britain that Grafton sold in December last year. Revenue growth was driven by building materials price inflation. The Irish Times, 28th April



Carlow Town A 14-acre site on the outskirts of Carlow town, which is zoned predominantly for residential development, is being offered to the market by way of public tender on Thursday, May 12th, by agent Coonan at a guide price of €2m (c. €143k per acre). The subject site at Crosneen comprises 10 acres designated for housing and four acres zoned for open space and amenity. The lands in question have significant road frontage along the Leighlin Road which cuts through the border between counties Laois and Carlow. The Irish Times, 27th April

East Road, Dublin 1 Property investment firm Eagle Street Partners Group has doubled down on its investment in Dublin’s north docklands with a deal to purchase a 5.2-acre residential site from Irish homebuilder Glenveagh Properties. Eagle Street, which is headed up by former Glenveagh chief executive Justin Bickle, is understood to have agreed to pay in excess of €60m for the lands at 1-4 East Road. The site comes with full planning permission for 554 apartments distributed across nine buildings ranging in height from three to 15 storeys, along with commercial/enterprise space, three retail units, a foodhub/café/exhibition space, a crèche and men’s shed. The site also provides for 241 car parking spaces and 810 bicycle parking spaces. The Irish Times, 26th April


Social Housing Construction, Ireland Two local authorities built no social homes last year despite having big social housing waiting lists, according to housing expert Lorcan Sirr. At a housing webinar event hosted by homeless charity Simon, Dr. Sirr produced social housing output figures for 2021, which he and Dublin architect Mel Reynolds had obtained from the Department of Housing. They show Fingal and Cork City – in terms of direct delivery – built no social homes in 2021, while South Dublin City Council built just two. Fingal, however, acquired 406 new units from approved housing bodies (AHBs), while Cork City and South Dublin acquired 41 and 244 from AHBs. The figures show “actual new builds” by the four Dublin local authorities last year came to just 175, the lowest level in five years. When AHB builds and turnkeys, those bought from private developers, are added, the four authorities delivered 1,075 additional social units in 2021. The four authorities had a combined social housing waiting list of 25,597 in 2021. Of the 20,433 new homes built last year just 5,698 (28%) made it on to the open market when those purchased by the State, those acquired by BTR investment funds and single, one-off dwellings are removed. This compares with just over 7,000 in 2020.
Separate figures from the Banking and Payments Federation Ireland pointed to continued growth in mortgage activity. A total of 9,910 new mortgages to the value of €2.5bn were drawn down by borrowers during the first quarter of 2022, 9% up in volume terms on the same period last year. The Irish Times, 28th August


House Construction, Ireland The number of new homes built in the first quarter of 2022 was the highest in over a decade. The increased output was, however, largely down to increased apartment completions in Dublin, which has seen a surge in investment in the BTR sector. Goodbody noted that the number of housing schemes completed was flat on a two-year comparison, while the number of one-off units was up just 1%. The latest CSO completions data indicate there were 5,669 new dwellings constructed in the first three months of this year, up 44.5% on the same period last year, when Covid-19 restrictions were in place. The figure was 15% higher than the pre-pandemic first quarter of 2020. It was also the highest level of completions seen in any first quarter since the CSO series began in 2011. The biggest growth area was apartment completions, which grew by 148.5% to 1,742 and accounted for over 30% of total housing output during the quarter. More than four-fifths of all apartment completions were in Dublin (85.5%). Of the 5,669 completions so far this year, 49.8% of the units were in housing scheme developments and 30.7% were apartments while 19.5% were single dwellings. Five of the six regions of the Republic – all except the West region – saw an increase in completions in the first quarter. In Dublin, the number of completions more than doubled in year-on-year terms, rising 120.8%. There were also large relative increases in the Southeast (77.6%) and the Midwest (61.9%). The Central Bank is forecasting that c. 25,000 new housing units will be built this year, rising to 30,000 in 2023 and 35,000 in 2024. The Irish Times, 28th April
Home Sales Glenveagh says 80% of the 1,400 homes it expects to deliver this year have either been sold already or are in the process of being sold. In a trading statement ahead of the company’s annual general meeting, it said it currently has a total order book for 2,160 homes. That includes 358 homes reserved for 2023 and 682 apartments at various stages of development. The Irish Times, 28th April

Killiney, South Dublin A High Court judge has dismissed an application to set aside his earlier decision allowing several Killiney residents to challenge the granting of planning permission for 255 residential units near their South Dublin homes. The residents secured permission to bring judicial review proceedings taken against An Bord Pleanála’s decision to grant permission for the units off Church Road in Killiney. The residents’ judicial review application is against An Bord Pleanála, Ireland and the Attorney General, while Atlas is a notice party. The Irish Times, 28th April

Goatstown, South Dublin A High Court challenge has been brought against An Bord Pleanála’s decision to grant planning permission for 227 apartments at lands in Goatstown in south Dublin. Permission to develop the site was granted to Knockrabo Investments Ltd DAC. The action is against An Bord Pleanála, Ireland, the Attorney General and Dún Laoghaire-Rathdown Co Council. Knockrabo Investments is a notice party to the proceedings. The application for permission to bring the proceedings came before Mr. Justice David Holland, one of the designated judges who deals with cases concerning SHD, on Friday. The judge made the matter returnable to a date in May. The Irish Times, 29th April

Delgany Village, Co Wicklow Developer Johnny Ronan’s firm Ronan Group Real Estate (RGRE) has lodged a planning application to develop 141 luxury houses and apartments at Stylebawn, in Delgany village, Co Wicklow which he originally bought in 2003. Once construction is complete, the development will consist of a mix of dwellings including 60 four-bed houses, 14 three-bed houses, and one two-bed house. Furthermore, there will be two apartment blocks constructed in four- and five- storey developments, consisting of 38 two-bed units and 28 one-bed units mixed across the buildings. The majority of Stylebawn will be available for private sale to families, while 20% will be allocated to social and affordable housing. The developments at Stylebawn will feature communal amenity spaces including children’s play areas, a courtyard and a nature trail. The Irish Independent, 28th April

Dalkey, Co Dublin A detached house with development potential at 1 Knocknacree Road, Dalkey, Co Dublin, is being offered for sale with a €2m guide price. Located at the Ardeevin Road junction adjoining the railway line and overlooking Sorrento Road and Nerano Road, the site extends to 0.2 acres and is zoned as ‘Objective A – Residential’. The existing two-storey house extends to 2,000 sq. ft. The Irish Independent, 28th April

Naas, Co Kildare A ready-to-go development site in Naas town centre with full planning permission for 20 residential units has been sold after auction by Coonan Property for well in excess of its €1.5m guide price. Located on Limerick Road in the Co Kildare town, it comes with planning permission for 11 three-storey town houses, one single-storey house and a four-storey block of eight apartments ranging in size from one to three bedrooms. Bidding opened at €1.25m and was withdrawn at €1.48m. After negotiations with the highest bidder, the property was sold for “well in excess” of the guide price. The Irish Independent, 28th April

Rathgar Village, Dublin 6 AGAR is to seek offers in excess of €1.25m for a site spanning 6,436 sq. ft. on Rathgar Avenue at the former car park of Comans Pub. The south Dublin site is zoned Z2 in the Development Plan which includes Residential. The proposed new 2022-2028 Development Plan seeks proposals for “the establishment of higher density” in new developments. AGAR, 27th April



Liquidation Blackpool Developments Ltd, a property firm part-owned by businessmen Clayton and Neil Love, faces liquidation at a creditors’ meeting next week. The company owned Blackpool Shopping Centre in Cork, which was sold for €116m in 2014, to clear liabilities to one of its main creditors, the State’s National Asset Management Agency (Nama). Accounts for Blackpool Developments for 2020 showed it owed lenders, including Deutsche Bank, €33.65m at the end of that year. Blackpool Shopping Centre was the company’s main asset and source of income, but the 2020 accounts show that the company held some investment properties valued at €4.6m. The company is proposing that creditors appoint Aidan Heffernan of HK Corporate Recovery, Glasheen Road in Cork as liquidator. The Irish Times, 26th April

Curragh, Co Kildare Coonan Property and Dowling Property Kilcullen are jointly handling the sale of a 137-acre farm at Milltown in the Curragh in Co Kildare to the market. The property is being offered for sale by public auction on Thursday, May 26th at the Keadeen Hotel in Newbridge. The agents have advised a minimum value of €1.8m (c. €13k per acre) for the lands. The subject property is a free-draining farm in one large block located in one of Co Kildare’s most sought-after locations. The lands are laid out in three large divisions and enjoy good road frontage. The lands are currently in tillage and would also suit equine or farming interests. The Business Post, 1st May

Retail and Office Investment Demand, Ireland Online shopping and demand for environmentally correct offices have sent investors fleeing from one of central Dublin’s prime addresses, a new report has found. Only one investment property, worth just €1.8m, changed hands in Dublin 2 during the first three months of this year, when BNP Paribas Real Estate Ireland says deals totalled €760m. While developers are building “a considerable amount” of new, higher specification offices, BNP says in a new report that there are few in Dublin that meet the highest environmental standards. Also, overseas institutional investors bought much of Dublin’s grade A offices relatively recently, and are reluctant to sell, the firm noted. Shops and offices accounted for just 9.2% of commercial property deals in the first quarter, less than one tenth of their share of investment trading 11 years ago, BNP said. Homes and warehouses accounted for 73% of the €760m of commercial property that the firm calculated changed hands over the three-month period. Shops made up just 3% of deals while offices accounted for around 6% of the total turnover. Even against this background, BNP Paribas Real Estate expects investors to put €4bn to €5bn into Irish commercial property this year. The Irish Times, 3rd May


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