4th February (Issue 232)

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.




Dublin Student Accommodation Global Student Accommodation (GSA) has acquired a portfolio of Dublin student residences from its joint venture partner, Harrison Street, in a deal valued at €400 million. The buildings comprise 1,971 bed spaces (c.€203k per bed space) and include Ardcairn House, Kavanagh Court, New Mill, The Tannery, and Broadstone Hall, all of which primarily serve students at Trinity College Dublin, the Royal College of Surgeons in Ireland, TU Dublin Grangegorman and University College Dublin. The properties within the portfolio have an average occupancy rate of 97% and all properties have been delivered to date with the exception of Kavanagh Court Phase II, which is expected to be completed in the first half of 2020. The Irish Times, 3rd February

Blanchardstown, Dublin 15 UK-headquartered SeaPoint Capital, has paid €7.2 million for a portfolio of 30 apartments (€240k per unit) at the Grove Court development in Blanchardstown, Dublin 15, slightly more than the €7 million agent Hooke & MacDonald had been guiding. The 30 apartments SeaPoint has acquired sit within a development of 79 units located directly adjacent to the Blanchardstown Centre. The 30 apartments include four one-bedroom apartments, 20 two-bedroom apartments and six three-bedroom apartments. The majority of the units are occupied on standard residential tenancies with the exception of 12 vacant apartments. Eighteen of the apartments are let and are producing a current gross rental income of approximately €265,000 per annum. The Irish Times, 29th January

Sandyford, South Dublin Marlet Property Group has purchased a 1.8 acre development site in Sandyford, south Dublin, for c.€17 million following the withdrawal by a rival bidder of an offer of €23 million for the property. The €17 million price now agreed with Marlet is significantly less than the figure the vendors had been aiming for previously, however, it still represents a premium of 60% on Prime Living and its Irish joint venture partner Cara Cove Holding’s original investment. While Prime Living secured approval from An Bord Pleanála in May of 2019 for the development of 820 student bed spaces on the site, it is understood Marlet is considering a fresh planning application with a view to delivering up to 400 apartments instead. The Irish Times, 29th January

Belgrave II Collection Orange Capital Partners (OCP), a Dutch property investment company, has acquired a second portfolio of refurbished Georgian buildings in the Dublin 2, 4, 6 and 8 postcodes for c.€75 million, known as the Belgrave II Collection. OCP made its first investment in the Irish market in 2018 when it acquired the Belgrave Collection, comprising 30 buildings that were split into 265 individual apartments for €70 million. The Irish Times, 29th January

Stillorgan, Co Dublin European property firm LRC Group has purchased 19 apartments at Whately Place, Upper Kilmacud Road, Stillorgan, Co Dublin for c.€6.2 million (€326k per unit). This represents €1.3 million less than the guide price. All the units are own door units and comprise nine two-bedroom units with an average unit size of 765 sq.ft; eight three-bedroom units with an average of 900 sq.ft; and two four-bedroom units averaging 907 sq.ft. The Irish Times understands that the 19 units could generate gross annual rents of €332,100, suggesting a gross yield of c.5.3%. The Irish Times, 29th January

Dundrum, South Dublin The Sunday Times understands that Glenveagh Properties is considering a deal to develop up to 2,500 homes on the site of the former Central Mental Hospital in Dundrum in south Dublin. The property group included the prospect of developing the 35-acre site — which is in the hands of the newly formed Land Development Agency (LDA) — among a pipeline of existing opportunities in a presentation to investors recently. The hospital site was among the first batch of publicly owned lands to transfer to the LDA, which was set up to make better use of state lands for housing. The Sunday Times, 2nd February



Connemara, Co Galway BV Commercial Real Estate Advisors has brought an industrial unit of c.60,000 sq.ft. on a parcel of land extending to c.4.66 acres in Rossaveal, Connemara, Co Galway to market. Rossaveal is the main ferry port for the Aran Islands, with c.2,000 passengers per day travelling to the islands in the holiday season. The port is a major fisheries harbour, and planning permission is in place to build a deep-water pier in the port and a new 150-berth marina has recently been opened adjacent to the factory. The property has potential for a multiple of purposes such as manufacturing, distribution, food processing, distillery or combination with a tourist attraction visitor centre. The property is located about 35 kilometres west of Galway city. The Sunday Business Post, 2nd February

Greenogue Business Park, Dublin 24 KKR and Palm Capital have agreed to forward fund the development of two Grade A logistics warehouses at Greenogue Business Park, Dublin by Jordanstown Properties. The development is expected to be worth c.€85m once completed. The c.452,000 sq.ft. development is being undertaken speculatively and is due for completion next year. The Irish Independent, 3rd February

Finglas, Dublin 11 Savills is guiding €2.2 million for Unit 9, Century Business Park in Finglas, Dublin 11. The property is occupied by Barsan Global Logistics IE on a four-year lease from March 2017 at an annual rent of €132,000. The unit spans 20,742 sq.ft, (€106 psf), which includes 1,797 sq.ft. of two storey office space. It benefits from being located in an accessible location, being 1km from Junction 5 on the M50. The Irish Independent, 30th January



Ballybough, Dublin 3 German retailer Lidl has been confirmed as the buyer of a former Annesley Motors premises in Dublin’s Ballybough after successfully appealing the designation of the site as being vacant, which would have attracted levies. The site was sold last year, having been put on the market with a €5.5 million guide price. Dublin City Council put the site on the vacant sites register in September last year. The owners of such sites must pay a levy to the local authority every year until the location is removed from the register. Lidl appealed the inclusion of the site on the register. Their agent said the retailer had engaged a design team to complete a mixed-use development at the location that would include a supermarket and residential accommodation. An Bord Pleanála ordered the site to be removed from the register. The Irish Independent, 30th January


Dublin 2 Flexible workspace provider, Knotel, has signed the leases on two more properties in Dublin; 8,783 sq.ft. at the Bloodstone Building on Sir John Rogerson’s Quay and 8,664 sq.ft. at Ashford House on Tara Street – both also in Dublin 2 – which will bring Knotel’s total space in Dublin to 25,435 sq.ft. Last November, Knotel took space at Riverview House on City Quay in Dublin 2. The Sunday Business Post, 2nd February

Baggot Street Upper, Dublin 2 Joint agents Savills and Farley Property are seeking occupiers for the remaining 4,400 sq.ft. of office space at the Lumen Building on Baggot Street Upper, with rents ranging from €48 to €55 psf. The former FÁS headquarter building was redeveloped by Burlington Real Estate, creating 12,000 sq.ft. of grade A office and retail space. The available office space is on the ground, third and the penthouse floors, all of which afford the prospective occupier the use of generous tenant amenities including dedicated showers, lockers, changing facilities, secure bicycle parking and car parking spaces. The Irish Times, 29th January

2 Grand Parade, Dublin, 6 German-based real estate investment manager Union Investment has acquired 2 Grand Parade, Dublin, from Hines and Peterson Group. The building, which is currently being constructed and is scheduled for completion by end of 2022, comprises of c.103,300 sq.ft. of rental space. The development at 2 Grand Parade consists of two building sections. A third of the rental space is located in a historic existing building dating from 1964, known as the Carroll’s Building, previously used by PJ Carroll’s Tobacco for many years. This building is being extensively upgraded as part of the development. The remaining two thirds of the rental space is located in a new build linked to the existing building. The Irish Independent, 31st January



BidX1 Auction As many as five lots in the €1 million-plus price bracket are among the 70 lots in BidX1’s Irish commercial property auction on Wednesday, February 26. The most valuable lot is a Galway city centre multi-let retail investment at 1-8 Eglinton Court, Eglinton Street, close to Eyre Square with a €2.9 million guide price. The annual rent roll is €344,609 per annum and leases with five of the six tenants include upward-only rent reviews and another of the units, a restaurant, is vacant. The Sunday Business Post, 2nd February


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