3rd September (Issue 212)

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.



Project Chase Portfolio Chartered Land is seeking offers of c.€650 million for a portfolio of 1,695 new apartments (€383k per apartment) it plans to deliver across four landmark Dublin sites located at Parkgate Street in Dublin city centre, and the surrounding suburbs of Rathborne, Finglas and Kellystown. The proposed units will be constructed in phases by Chartered Land’s sister company, Castlethorn, between 2021 and the final quarter of 2022. On completion the purchaser will take ownership of the entire portfolio. The portfolio will include a mix of private, affordable (Part V) and co-living residential units, and will be offered at a range of rental levels from €1,825 to €2,725 per month depending on their location and size. Upon completion, the Project Chase portfolio is expected to have an estimated rental value of c.€37 million per annum with a gross yield of 5.7%. The Irish Times, 28th August

Station Road, Portmarnock, Co. Dublin Knight Frank has brought to the market a residential development opportunity located on Station Road in Portmarnock, Co. Dublin at a guide price in excess €4 million. The site extends to approximately 2.5 acres (€1.6 million per acre) and has planning permission for the development of a residential scheme comprising of 49 apartments and 12 townhouses (€66k per site). Planning advice received indicates that an increased density residential scheme for in excess of 100 units could be achievable on the site (subject to planning) having regard for recent statutory changes to apartment design guidelines and development height restrictions. The site adjoins Portmarnock Train Station and is within easy reach of Dublin Airport, along with the M1 and M50 motorways. Knight Frank Report, 2nd September

Clonmel, Co. Tipperary Knight Frank is guiding €1.4 million for a 9.68 acres site (€145,833 per acre) located on the Tipperary side of the Coleville Road, just to the east of Hotel Minella in Clonmel, Co. Tipperary. The site is zoned 8.05 acres New Residential and 1.63 acres Amenity. The site also benefits from a positive planning history with planning granted in 2007 for the construction of 133 houses and apartments on the site which has since expired. Located 1.5km from Clonmel town centre, the site is highly accessible being situated close to the N24, which links Limerick and Waterford while Junction 10 on the M8 Motorway is within 15km.Knight Frank Report, 2nd September

Dundrum, Dublin 14 An Bord Pleanála has approved the application by Marlet’s subsidiary, Crekav Trading GP, for 253 apartments on the properties, which span 4.35 acres and include Drumahill House and the adjoining former convent site known as Green Acres on the Upper Kilmacud Road in Dundrum, Dublin 14. The Irish Independent understands that Marlet will try to sell the whole development in one lot – potentially to a cuckoo fund or housing association. The Irish Independent, 29thAugust



Brunswick Street North, Dublin 7 QRE is guiding €1.35 million for five apartments at Brunswick Court on Brunswick Street North in Dublin 7. The multi-family investment is fully let and generates a gross rent of c.€109,000 per annum. The five apartments are in a development of 33 units and consist of four large four-bedroom apartments and one three-bed duplex. The Sunday Business Post, 1st September

Orwell Park, Rathgar Walthill Properties has launched eight high-end three and four-bedroom residences to the market at Orwell Park in Rathgar in Dublin 6 with prices starting from €1.25 million. Orwell Park Gardens range in size from 1,910 sq.ft to 1,950 sq.ft. and boast a number of high-end features including extensive living and bedroom accommodation, high ceilings, bay windows and views over the Dodder Valley. The Sunday Business Post, 1st September

Donnybrook, Dublin 4 An apartment block complex on the site of a former Magdalene Laundry in Donnybrook has been given the green light for 44 apartments in three, three-to-four storey blocks. As part of the planning permission, the council asked that the developers put in place an appropriate memorial to honour the memory of the women who worked in the former Magdalene Laundry in a location that is accessible to members of the public. Consultants for the developers, Tom Philips & Associates told the city council that “the proposal has been approached and designed in a manner that is respectful of its past and also to the structures of significance on site”. The Irish Times, 28th August



Burgundy House & Court, Swords, Co Dublin Artis, a new commercial and residential investment agency and auction house will hold their first auction on Thursday, September 5th that will see the sale of Burgundy House & Court, in Swords, Co Dublin. The property is a mixed-use investment extending to an overall area of 21,328 sq.ft. comprising six retail units, one apartment, a restaurant, and over 10,000 sq.ft. of offices with a guide price of €1.7 million. There is significant scope to secure additional income through asset management as the subject property has a 46% occupancy rate at present with a passing rent of €104,000 per annum. The Irish Times, 28th August



Blanchardstown Centre Blackstone have commenced their €32 million expansion of Blanchardstown Centre which will see the addition of 55,000 sq.ft. of new retail space. Upon completion, the development will comprise eight units, two of which will house flagship stores for supermarket giant Aldi and fashion retailer JD Sports. These units will extend to 20,000 sq.ft. and 15,000 sq.ft. respectively. The scheme currently includes over 180 stores and is anchored by Dunnes Stores, Marks & Spencer, Penneys and Debenhams. The Irish Times, 28th August

Eye on Dublin Retail Parks Report A BNP Paribas Real Estate Ireland report on the retail sector has highlighted that Dublin’s retail parks continue to be the top performing retail sub-sector in the country. The report gives a comprehensive overview of Dublin’s 14 main retail parks and examines ownership, occupancy rates, occupiers and rental levels for the biggest parks across the city and county. Ten of the 14 retail parks are fully occupied (compared with seven in BNP’s 2017 report). There is an overall vacancy rate of just 1.8% of retail warehousing space, compared with 4% in 2017 and 6% in 2016. There have been six new retail warehouse store openings across the sample since the 2017 report, with three more deals in progress, subject to planning permission. The Sunday Business Post, 1stSeptember



Glasson Country House Hotel & Golf Club Oakmount has acquired the 175-acre four-star Glasson Country House Hotel & Golf Club in Athlone, Co Westmeath, for c.€9 million. Press Up Entertainment will take responsibility for the day-to-day running of the hotel and golf club. The Irish Times understands that while Oakmount are exploring possibilities for further investment at Glasson, there are no immediate plans for changes at the venue. The Irish Times, 28th August



Blanchardstown Business and Technology Park, Dublin 15 CBRE is guiding a rent of €475,000 per annum (€7.78 per sq.ft.) for a ground-floor manufacturing and production space of 61,021 sq.ft. in Clyde House at Blanchardstown Business and Technology Park, Dublin 15. The subject unit briefly comprises a main production area with a clear internal height of 4.1 metres and two dock levellers. There is an extensive loading yard to the rear with a maximum depth of 35 metres. The area also incorporates office and amenity areas totalling 4,273 sq.ft. for the tenant’s sole use. The Business Park is located 4.8km from the interchange of the M50 motorway with the Navan Road (N3) and is situated just 12km from Dublin city centre. The Irish Times, 28th August



BidX1 Auction A number of the commercial properties for sale in BidX1’s auction starting on Tuesday, September 24th, have guide prices substantially down on their quotes from earlier this year. The most valuable of them is a 5.55-acre development site which includes a former nursing home known as St Joseph’s House on Manor Hill in Waterford. Earlier this year, the vendors were quoting €3 million, now its guide price has been reduced by 23% to €2.3 million. Similarly, there was a decrease of 22.5% for a former fish and chip shop known as Luigi’s at 116 Ranelagh Road in Dublin 6. The space now has a €775,000 guide price compared to the €1 million-plus quoted earlier this year. Extending to more than 1,800 sq.ft., the vacant mid-terrace red-brick property also includes a two-bedroom apartment and a one-bed apartment. The Sunday Business Post, 1st September

Cushman & Wakefield Student Accommodation Report The purpose-built student accommodation market has seen continued growth in both development and investment activity over the 12 months to the end of June 2019. According to a report by Cushman & Wakefield, a total of 2,133 Purpose Built Student Accommodation (PBSA) bed spaces have completed construction during the period bringing total standing stock in Dublin to 13,476 bed spaces. As of June 2019, c.4,313 bed spaces were under construction in Dublin, with a further 968 under development across Cork and Galway. Although there remains a high volume of bed spaces in the planning pipeline, the report says it is less clear what proportion of these will reach construction stage, as some schemes may be considered for alternative uses. The Irish Independent, 29th August

The CBRE Bi-Monthly Research Report has highlighted that, with the exception of the development land sector, transaction volumes in all other sectors look on target to match or in some cases exceed last year. The report outlines how there has been strong investor appetite for ‘alternative’ sectors such as healthcare and Build-to-Rent, which accounted for 43% of investment in Ireland during the first half of 2019. CBRE Bi-Monthly Research Report, September 2019


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