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.
HOSPITALITY
Howth, Dublin 13 Tetrarch Capital has secured permission for the demolition and redevelopment of the Deer Park Hotel after its plan for the site was reconsidered by An Coimisiún Pleanála (“ACP”) following a judicial review. In 2022, Tetrarch’s subsidiary Wshi Unlimited Company applied for planning permission to knock down the existing hotel in the grounds of Howth Estate and build a new four-storey, 142-bedroom hotel with a bar, restaurant, gym and spa facility. The application was granted permission by Fingal County Council but that was appealed to ACP. It upheld the local authority’s decision, but that decision was then legally challenged by a local Green Party councillor. ACP said it would not oppose the judicial review and the grant of permission was annulled by the High Court in 2024. The court remitted the case to ACP to be re-adjudicated. Now, the planning appeals board has again granted permission for the project, paving the way for the construction of the new 116,605 sq. ft scheme on site. The Irish Times, 30th July
Tara Street and George’s Quay, Dublin 2 Plans for a bar and food market in Dublin 2 have been modified, three years after the scheme received planning approval. In 2023, permission was granted to Greybirch Limited, for the demolition of six existing units on the site and the construction of a three-storey food market with 13 vendors and a rooftop terrace. The company recently submitted modified plans to Dublin City Council (“DCC”) for a smaller development featuring nine vendors across two floors under a retractable roof, with the rooftop terrace removed. The filings stated that this would result in reduced impact on the adjoining neighbours. In 2019, permission was secured to demolish the nearby Tara Building co-working hub and other buildings to develop a 116-bedroom hotel, but the project never progressed. The Business Post, 27th July
Donnybrook, Dublin 4 DCC has refused a planning application by the owner of McCloskey’s pub to retain an awning over its beer garden after local residents raised concerns about noise and disturbance. Earlier this year, the pub operator, Tagatoni Ltd, sought retention permission for a 1,463 sq. ft retractable barrel-roof awning installed over the existing rear beer garden at the Morehampton Road premises. However, DCC refused permission, finding that the development would result in “an unacceptable level of disturbance” to the area’s residential amenities, including noise impacts on nearby homes. The council also found that the applicant had failed to demonstrate that the awning would not harm “the established character” of the area. The refusal marks the third time plans for an awning over the McCloskey’s beer garden have been rejected. The refusal follows several objections by residents who claimed that the covered beer garden had led to an “unacceptable” level of disturbance in the area. The pub had been put on the market by developer Lispopple Point Limited in 2022, at a guiding price of €1.9m. Lispopple’s owners had purchased the premises in 2017 for less than €1.7m from the McCloskey family, who gave their name to the pub. The Business Post, 30th July
OFFICE
Belfast Harbour’s City Quays 3, Co. Antrim Bank of America has secured the remaining office accommodation at City Quays 3 development, bringing the €58m Grade A office scheme to full occupancy less than three years after its completion. The US banking giant has leased the final four-and-a-half floors, comprising 58,000 sq. ft, as it establishes its new Northern Ireland hub. Last year it announced plans to create up to 1,000 jobs across multiple business functions, beginning with anti-money laundering operations. During the fit-out of its permanent offices, the bank will occupy a further 23,000 sq. ft of serviced office space in the neighbouring City Quays 1 building. Planning permission has already been secured for the City Quays 4 residential scheme and the mixed-use City Quays 5 office development. The Business Post, 29th July
RETAIL
Nationwide According to the latest MSCI / SCSI IPD index, retail property outperformed the office and industrial sectors in Q2 this year, despite the effects of e-commerce and internet shopping. In terms of the value of properties, retail surged 1.5% in the quarter and 4.55% over the 12 months to the end of June. That compares to capital growth of 0.9% and 3.63% over the same periods for industrial and logistics, the sector which has benefitted most from e-commerce. In terms of rent, retail grew by 1.2% during the quarter and 4.58% over the 12 months. In terms of returns to investors, retail provided 3.1% payback for investors in the quarter and 11.5% over the 12 months. The surge in this sector is also reflected in recent deals and the most significant of the quarter was Irish Life’s agreement to sell its 50% interest in the Ilac shopping centre off Henry Street to Hammerson in a deal reported to be worth approx. €45m. Cushman & Wakefield also reported that Frascati Shopping Centre in Blackrock has attracted strong market interest since they launched it for sale last month, asking in the region of €80m. The shopping centre is anchored by Aldi and has a Marks & Spencer together with 42 residential units. It is also understood Nutgrove Shopping Centre has gone sale agreed at a price exceeding the €27.2m guided by Savills. The Irish Independent, 29th July
RESIDENTIAL / DEVELOPMENT
Pearse Street, Dublin 2 Esprit Investments is looking to build a 21-apartment development, with retail units, on Pearse Street in Dublin city centre. Esprit is looking to build a new part-six and part-seven storey apartment building at the back of 32-35 Pearse Street. They want to retain the original buildings facing on to Pearse Street and to turn vacant offices in the upper floors into four two-bedroom apartments. The development will involve the demolition of non-original buildings to the back, and the construction of 17 apartments, a mix of studio and one-bedroom units, in the new building. Latest accounts for Esprit show it had investment property assets worth €362m at the end of 2024. Property filings show that 65 properties are registered to the company. The Sunday Times, 1st August
Nationwide The Land Development Agency (“LDA”) says it will deliver 1,800 homes by the end of this year and plans to invest approx. €1.5bn in housing projects. In the state body’s mid-year update, it promised to deliver more than 8,000 homes between now and 2028, with nearly 3,000 next year and more than 3,500 the year after. The delivery of those 8,000 homes is expected to cost approx. €3.5bn. The agency expects to deliver more than 13,000 homes by 2030 in addition to the 3,215 homes it has completed since being set up. Its development pipeline has grown to more than 28,000 homes with over 6,500 currently under construction across more than 20 developments. The LDA is working to raise about €1bn in borrowing from the European Investment Bank and domestic pillar banks in order to help fund future housing projects. The agency says more than 10,000 people are now living in LDA homes and it expects the figure to be approx. 35,000 by the end of the decade. The Irish Independent, 30th July
Dublin The Digital Hub Development Agency (DHDA) has agreed to sell properties with a book value of €24m to the LDA for €1.25m. The 2025 annual report for the DHDA discloses that heads of terms with the State’s housing body were agreed at a board meeting last February. It states that the agreed sale is in compliance with the Government’s decision to dissolve the DHDA. A note states that when the transaction with the LDA is recorded in the 2026 accounts, it will reduce the DHDA balance sheet valuation of development assets by €24.1m. The cash consideration from the transaction will be €1.25m. In February 2025, the DHDA incurred a zoned tax liability of €575,400 in respect of three vacant development sites it owns. For the financial year ended December 31, 2025, the rate payable was 3% of the market value of three sites – Watling Street Warehouse, Cash and Carry and 24-27 Thomas Street. The Irish Independent, 3rd August
Nationwide New figures released by the Central Statistics Office (“CSO”) show that the number of houses completed between April and June this year is down 3.6% compared to the same three months in 2025. Housing completion figures show that 8,823 new homes were built in the second quarter of this year, according to the CSO. Overall housing completion figures for the first six months of this year are at 16,679 homes this year compared to 15,149 homes between January and June 2025. The Government does not have a standalone target for this year, but under its housing plan it is aiming to build 300,000 homes by 2030. Housing experts continue to say approx. 50,000 units need to be built annually to tackle the housing crisis. According to the CSO figures, 2,658 apartments were built in the second quarter of this year, down 12.2% from the same period last year. More than half of all completions (54%) were scheme dwellings, 30% were apartments, and 16% were single dwellings. RTE.ie, 30th July
Ranelagh, Dublin 6 Transport Infrastructure Ireland (TII) has spent more than €9m to acquire four homes beside a contentious MetroLink station site in south Dublin. A number of homeowners on Dartmouth Square West last year sought to bring a judicial review against the rail project, but dropped the challenge after TII agreed to buy the properties backing on to the Charlemont MetroLink station. MetroLink said the agreement involved a commitment to buy between 10 and 15 homes on the square, with TII chief executive saying details of the agreement with the residents were being kept confidential. New property filings show TII bought four properties on Dartmouth Square last month for a combined price of €9.1m. Based on the average cost of the four homes purchased to date, buying 15 Dartmouth Square West properties could cost TII up to €34m. Three of the properties were acquired from homeowners who were part of the legal case related to MetroLink. The biggest fee was paid for number 10 Dartmouth Square, which cost €2.6m to acquire, while €2.45m was paid for number 8. Numbers 5 and 14 cost €2m and €2.05m respectively. There is no requirement to demolish the Dartmouth Square West homes being acquired by TII. The State body is expected to sell them on once the Charlemont station is completed. The fees paid for the four homes in June are below the market prices paid for two properties on Dartmouth Square North late last year, which were bought for prices of between €2.7m and €2.8m by private individuals. The Irish Times, 31st July
OTHER
Various Clarendon Properties has reported a rise in the value of its Irish property portfolio following a number of revaluations and works to its buildings. The real estate group owns properties in Dublin, including Powerscourt Town Centre on South William Street and several victorian-era buildings on College Green in the city centre. Clarendon Properties does not report group accounts, but financial filings for 11 of its subsidiaries show its Irish-based properties were valued at a combined €147.3m at the end of June 2025, compared to €142.8m the previous year. The portfolio’s value rose due to €1.7m worth of capital improvements to the buildings in the year, while eight firms in the group also revalued their investment property assets upwards by €2.4m. The biggest revaluation gain was reported by Pextell Limited, which owns the Victorian buildings at 34-35 College Green and properties immediately to the rear at 6-10 Suffolk Street. The value of its property rose by €2m to €43.1m. Last year, Clarendon Properties also disposed of some retail assets in a €11.9m deal with French investor Atland Voisin.. It sold the Churchtown-based Nutgrove Retail Centre, south Dublin, which it had acquired in 2015 as part of a €12.8m deal that included the mixed-use Beacon South Quarter in nearby Sandyford. The firm’s most notable purchase was made in 2006 when it struck a €132m deal to buy a 21-storey skyscraper in Boston, Massachusetts, called 265 Franklin Street. The Irish Times, 29th July
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