Grafton Street and Nassau Street, Dublin City Centre Bagnall Doyle MacMahon is guiding a combined price of €16m for two prime investments in Dublin. The Grafton Port Collection, which is available in three lots, extends to over 17,691 sq. ft in total and sits on an L-shaped site of 0.18 acres between Grafton Street and Nassau Street. Lot 1 comprises nos. 4-5 Grafton Street which extend to 6,114 sq. ft. The retail element of no. 4 trades as O’Brien’s Foodhall, while no. 5 trades as Swarovski Jewellers. The upper floors (second, third and fourth) comprise vacant office space of 2,562 sq. ft. The total passing rent is €490k pa. Offers in excess of €8.7m are being sought for Lot 1. Lot 2 comprises nos. 44-47 Nassau Street which trades as Tapped and Lost Lane and extends to 11,577 sq. ft. This property is held on two long-term leases with a total rent of €521.5k pa. There is a WAULT of over 46 years. Offers in excess of €7.3m are being sought for Lot 2. Lot 3 comprises the entire portfolio and both properties abut one another to the rear of Grafton Street. Lot 3 is guiding at a guide of €16m reflecting a combined yield of approx. 5.75%. The Irish Times, 29th March
City Centre, Limerick Arthur’s Quay Shopping Centre in Limerick is being offered to the market on behalf of Tiernan Properties at a guide price of €15m. The property, located on a high-profile island site in the heart of Limerick city, comprises a mixed-use complex of 77,266 sq. ft. Approx. 53,712 sq. ft of this space is taken up by the retail element of the scheme while 16,049 sq. ft is laid out as office accommodation over four floors. There is also an extensive multistorey car park with 570 spaces and 10 apartments. The shopping centre is anchored by a 33,000 sq. ft Tesco supermarket. The centre is generating approx. €1.45m in rental income annually. Should a sale proceed at the €15m guide price, the new owner would be in line for a net return of 9% on the commercial element of the scheme in addition to the car park and apartments. The Irish Times, 29th March
Fitzwilliam Place, Dublin 2 Nos. 12 and 13 Fitzwilliam Place and their mews buildings at nos. 12 and 13 Lad Lane, are being offered to the market by Colliers at a new and reduced price of €5.6m (guiding €6.5m in October 2021). The entire investment is generating annual rental income of approx. €293.8k. No. 12 Fitzwilliam Place is occupied in its entirety by Reddy Charlton Solicitors under a 10-year lease from January 1st, 2021, at an annual rent of €168k. Reddy Charlton also occupy the basement of no. 13 Fitzwilliam Place under a separate lease that runs co-terminus with no. 12. The annual rent for this portion of their office is €12k. No. 13 Fitzwilliam Place is laid out as office accommodation from hall floor to the second floor with a vacant three-bedroom apartment in need of refurbishment on the third floor. Enright Construction and Fuels for Ireland occupy the hall floor and part of the second floor on short-term letting agreements. The combined passing rent is approx. €43.8k annually. The two mews buildings at 12 and 13 Lad Lane are let to Irish property company Iput on two separate leases that expire in December 2023 at a total passing rent of €70k annually. The Irish Times, 29th March
Adelaide Road, Dublin 2 Deloitte has leased 160,000 sq. ft at Irish Life’s 1 Adelaide Road in Dublin, as the Big Four firm consolidates its presence in the capital. The company had been seeking up to 210,000 sq. ft through Colliers as it plans to exit its five existing bases. Its largest two offices – D&T House and Hardwicke House – have lease expires at the end of 2026. Approx. a third of its current office space is either unused or sublet. The firm’s new office in Dublin 2 is spread over 10 storeys was previously occupied by AIB. React News, 31st March
KBC Bank Ireland has appointed QRE Real Estate Advisers to manage the disposal of its commercial property portfolio. The bank leases a large property portfolio across Ireland, including its 70,000 sq. ft headquarter office building on Sandwith Street, in Dublin 2. KBC also holds leases on 12 retail hubs across the country and recently confirmed that 11 of these hubs will close permanently in 2023, as part of its withdrawal from the market. With this in mind, the bank is now bringing to the market fully fitted serviced office suites from 4,000 sq. ft to 30,000 sq. ft on flexible lease arrangements or alternatively an assignment of the entire 70,000 sq. ft will be considered, with KBC remaining in part occupation. The Business Post, 1st April
Rathcoole, Co Dublin The investment arm of Ingka Group, Ikea’s parent company, has bought a logistics park near Dublin for just over €100m. US private equity firm KKR and joint venture partner Palm Capital have completed the sale of buildings one and two at Greenogue Logistics Park to Ikea, which will operate a national distribution centre from part of the site. The development comprises three high-spec logistics buildings totalling over 450,000 sq. ft. Building one is let to Tosca Services and Napier Couriers, while building two was let to Wincanton. Ikea will run its main Irish distribution hub from the site, with the global retailer noting it will become fully operational in early 2024. React News, 31st March
Grafton Street, Dublin 2 Nos. 2-4 Fade Street, known as Fade Street Social, is being offered to the market by Cushman & Wakefield at a guide price of €7.275m (NIY 6.25%). Prime Steak Restaurant 2012 Ltd, trading as Fade Street Social, has signed a new 20-year FRI lease on the premises and this will begin in April 2023 at an annual rent of €500k. No. 2-4 Fade Street extends to 7,169 sq. ft over ground and first-floor levels with an additional rooftop terrace. The property has a modern fully equipped kitchen and fit-out throughout and can cater for up to 340 covers at any one time. The Irish Times, 29th March
College Green, Dublin 2 Hines and Peterson Group have signed a long lease with Carrolls Irish Gifts for 6-8 College Green, which is part of the newly redeveloped Central Plaza in Dublin city centre. Carrolls has leased the 10,000 sq. ft store at 6-8 College Green and fit-out is to commence immediately with the intention to open in the third quarter of this year. The new store comprises ground floor of 3,778 sq. ft, lower ground floor of 2,131 sq. ft and first floor (4,026 sq. ft) and will serve as Carrolls’ flagship Dublin store. The Irish Times, 29th March
Howth and Dublin 8, Greater Dublin Area Marlet Property Group has agreed a €384m financing facility with AIG and Activate Capital to fund the construction of more than 1,100 apartments in Dublin. The transaction represents the largest financing deal completed in the capital so far this year and will be used for the delivery of 596 apartments at Grand Canal Harbour in Dublin 8 and 512 apartments at Claremont in Howth village. The funding will also provide for the construction of 107,639 sq. ft of retail and co-working space and 32,291 sq. ft of amenity areas across the two schemes. Grand Canal Harbour, next to the Guinness Storehouse on the site of the original Grand Canal terminus, is due to be completed in the first quarter of 2024. The Claremont development is due for completion in 2025. The Irish Times, 29th March
Hanover Quay, Dublin 2 Pontegadea, the company that invests on behalf of Spanish billionaire Amancio Ortega, has bought a super prime residential asset in Dublin from Carysfort Capital for just over €100m (NIY 4.25%). The family office of the Zara founder has bought Opus at Six Hanover Quay, one of the most high-end residential developments in the Irish capital. The build-to-rent scheme includes 120 apartments that are considered to be some of the most prime in Dublin. The asset comprises 24 one-bedroom apartments, 74 two-bedroom apartments and 22 three-bedroom apartments, including two duplexes. Investment manager Carysfort Capital, exiting after a five-year hold period, had bought Opus from Cairn Homes for €100m. React News, 29th March
Donnybrook, Dublin 4 Having seen its earlier application for the development of 62 apartments on the Eglinton Road site knocked back by An Bord Pleanála, Silver Bloom, the consortium headed up by Hong Kong-based businessman Fergus Lynch has secured planning permission for the construction of a bespoke scheme of 20 “very large” 2,000 sq. ft apartments. The 12-storey development will be aimed towards the top end or “super-prime” portion of the owner-occupier market. The Irish Times, 29th March
Sandyford Business District, Dublin 18 Ires Reit, Ireland’s biggest private landlord, is understood to have agreed a deal on the sale of a residential site at Rockbrook in Sandyford Business District, Dublin 18. According to market sources, the price may be approx. €20m. The site comes with planning permission for 428 apartments along with amenity space including gymnasium, lounges, games room and a panoramic function room, a crèche and café. It acquired the site in 2015 and received planning approval in 2019. The Irish Independent, 30th March
Housing Commencements Construction began on more than 3,500 new homes in March, but the level of homebuilding is still 20% behind the rate recorded this time last year. The figure for March was significantly ahead of the rate recorded in February, when construction began on only 1,997 new homes – one of the lowest rates in recent years. The sharp rise meant that March had the third-highest number of housing starts recorded in a given month since the state started to track this data in 2014. In the 12-month period to March 2022, construction started on 34,846 new homes, compared to 27,625 in the year to March 2023. The Business Post, 2nd April
Phibsborough, Dublin 7 A High Court judge has quashed permission for 18 social housing apartments in Phibsborough, Dublin, for reasons including the possible destruction of bat habitats on the site. Mr. Justice David Holland overturned An Bord Pleanála’s permission for the development on the 0.67-acre site, which includes a 19th Century derelict house called Stone Villa, near the Luas stop on the North Circular Road. Developer Lilacstone Ltd was granted permission in 2020 to redevelop Stone Villa as three apartments and to build another 15 apartments in one block on the site. Permission for a second block, which would have meant a total of 32 apartments, was refused in the permission. The Irish Times, 31st March
Sandyford, Dublin 18 Construction has started on 200 social and cost-rental apartments in Sandyford in what will be one of the largest mixed tenure developments built in South Dublin in years. Housing body Respond is developing Lisieux Hall, a complex of 133 social apartments, as well as 67 cost-rental apartments with rents set at an average of 35% below current market rates. The cost-rental apartments include three studios, with rents set at €1,137.50 a month, 28 one-bedroom apartments priced at €1,312.50 a month, 31 two-bedroom apartments at €1,485 each, and five three-bedroom apartments for rent at €1,530. The Irish Times, 2nd April
Santry, North Dublin An Bord Pleanála has granted planning permission to Cosgrave Developments for a 255-unit apartment scheme for Northwood Avenue in Santry in north Dublin. The Whitehaven scheme is to be built on a site 1km southeast of the Ballymun M50 interchange and 4km south of Dublin Airport. The scheme is made up of 229 two-bed units, 11 one-bed units and 15 three-bed units. 26 of the units are to be sold to Fingal County Council for social and affordable housing. The Irish Times, 3rd April
Refugee Housing The delivery of rapid-build homes for Ukrainian refugees has been delayed again. Roderic O’Gorman, minister for integration, said in January that he expected the first 200 modular homes to be ready by Easter to house 800 Ukrainian refugees. These properties will no longer be available until the summer due to site suitability issues as well as manufacturing delays, according to the Department of Children, Equality, Disability, Integration and Youth (DCEDIY). Initially, it was intended that some of the 700 rapid-build homes for refugees would be delivered by late last year. That was pushed back to early this year and now the initiative will be facing further delays. The Sunday Times, 2nd April
College Green, Dublin 2 Bank of Ireland has secured permission for the €36m restoration of its 220-year-old College Green building. The five-year project, the single largest investment in the building since its construction, will involve the repair and upgrading of 280 windows, 45 staircases and 20km of electrical cabling. Work will also be undertaken on the building’s 54 roofs, 80 roof lights and a combined 2.5km of roof walkways. The Irish Times, 31st March
Q1 2023 MyHome Quarterly Report Asking prices for homes fell 0.3% in the first quarter of 2023, with the “modest slowdown” in prices occurring despite continuing constraints in the supply of housing, according to the latest quarterly property price report from MyHome.ie. While asking prices have now retreated for three consecutive quarters, they remain 3.2% higher year-on-year. Homes are now being sold for just 1% more than asking prices, compared to a 6% difference a year ago, said the property website. There were 13,600 properties for sale on MyHome.ie in the first quarter, which is still well below the pre-pandemic figure of 20,000. The Irish Times, 3rd April
Littleconnell, Co Kildare Kildare County Council has given the green light to Diageo for a new €200m brewery on a greenfield site at Littleconnell, near Newbridge. When fully operational the brewery will be the second largest brewing operation in Ireland after Diageo’s operation at St. James’s Gate. The carbon-neutral brewery is to be built on a 52.78-acre site at the IDA Newbridge Business and Technology Park to the east of a Lidl distribution centre. The main brewery will be 98,468 sq. ft. and include a brew house, storage and handling areas. The Irish Times, 30th March
Docklands, Dublin A Dublin docklands building, once part of plans for the construction of a €25m white-water rafting centre, is to be redeveloped by Dublin City Council as a “water activities centre” at a cost of €18m. The former Dublin Docklands Development Authority (DDDA) office at Custom House Quay, close to the disused George’s Dock site, will be demolished and replaced by two new buildings, one of which will be operated as a water activities centre the council said, with the other serving as new offices for the council’s docklands department. The white-water scheme was originally presented to councillors in January 2019 at an expected cost of €12m. By December of that year, when it was approved by councillors, the cost had risen to €23m. When the council sought expressions of interest to build the scheme in January 2021, it had hit the €25m mark. The plans were subsequently abandoned. The Irish Times, 3rd April
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