5th April (Issue 341)

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.




Ten Hanover Quay, Dublin US property firm Kennedy Wilson, and its joint-venture partner Nama, have signed a deal with global fintech and payments provider Fiserv for all 68,300 sq. ft. of office space at Ten Hanover Quay in Dublin’s south docklands. The company has committed to occupy the property on a 15-year lease with a tenant break option in year 12. According to market sources, Fiserv has agreed to pay between €55 and €60 per sq. ft. for the property. Located on the waterfront at Kennedy Wilson’s Capital Dock mixed-use scheme, Ten Hanover Quay comprises seven floors of office accommodation housed within a former warehouse and stables. The Irish Times, 1st April

Mespil Road, Dublin 4 French investor Sofidy has paid c. €18m for Fleming Court in Dublin 4. The Paris-headquartered real estate investment manager’s latest acquisition comprises a contemporary five-storey block located just off Mespil Road. Developed originally in 2001 and modernised in 2015, the building, which extends to 29,375 sq. ft., is occupied by seven tenants in total. While the property had been generating c. €883k in annual rental income for outgoing owners, Abrdn, from its existing tenant line-up, there is potential to grow this amount to c. €1.45m pa once the building is fully let. Currently, c. 10,269 sq. ft. of the property’s office accommodation is available to let. Agent TWM handled the sale while BNP Paribas Real Estate acted on behalf of the purchaser. The Irish Times, 30th March

Earlsfort Terrace, Dublin 2 Two office investments with development potential close to the corner of St Stephen’s Green and Earlsfort Terrace in Dublin 2 are being offered for sale in two separate private treaty deals by investment managers State Street and Irish Life.
The larger of the two buildings, St Stephen’s Green House, is quoting in excess of €50m which would reflect a NIY of 5.7%, increasing to 6.2% following the letting of a vacant space. It is let to five tenants, including the OPW, Hayes Solicitors, Aramark and Lisney, and produces a current rent of over €3.12m. The WAULT is 4.25 years to break options. Part of its fifth floor, extending to 5,681 sq. ft., is vacant. However, terms have been agreed to lease this space. In all, this building provides 68,325 sq. ft. of offices plus 106 parking spaces over two basement levels. Its price reflects a capital value of €732 per sq. ft. Joint agents are Savills and Knight Frank.
The neighbouring No. 4, Earlsfort Terrace, which is fully let to three major professional and financial firms – Royal London Insurance, Maples Solicitors, and Alliance Bernstein – is producing annual current income of €772.5k. It’s quoting price of €13m would generate a NIY of 5.5%. No. 4 provides 12,477 sq. ft. of grade-A accommodation over five floors, comes with 15 parking spaces and is currently an eight-storey block. The Irish Independent, 31st March
For lending terms on these assets please contact rossmetcalfe@origincapital.ie

Leinster Street South, Dublin 2 Cushman & Wakefield is quoting a rent of €60 per sq. ft. on new flexible lease terms for Trinity Point on the first and second floors of the building and €4k per car-parking space. The modern, predominantly open-plan space comprises c. 17,900 sq. ft. of grade A offices across both floors and is also available on a floor-by-floor basis offering occupiers the flexibility of leasing 8,900 sq. ft. Generous on-site bike storage and shower facilities are also available to occupiers as part of the package. The Irish Times, 30th March

Sandyford, Dublin 18 QRE Real Estate Advisers are quoting a rent of €26 per sq. ft. for newly refurbished offices at Corrig Court in Sandyford, Dublin 18. The offering comprises 20,500 sq. ft. of space split evenly between the second and third floors of the building. Both floors are undergoing refurbishment to CAT A specification and there are 90 car-parking spaces along with secure bike-parking spaces. The Irish Times, 30th March

East Point, Dublin A three-storey office block with development potential in Dublin’s East Point is being offered for sale with a guiding price in excess of €6.25m. Block H at East Point comprises 22,260 sq. ft. of office space, set across three floors and with 60 surface parking spaces on a 0.69-acre plot. Of particular interest is the potential to expand Block H. The Irish Independent, 31st March
For lending terms on this asset please contact rossmetcalfe@origincapital.ie

Hatch Street Lower, Dublin 2 Cushman & Wakefield has launched the third floor of 20 on Hatch, a third generation plug and play office on Hatch Street Lower in Dublin 2 to the market to let by way of a flexible subletting/assignment until August 2027. The office is available to let immediately and extends to c. 8,482 sq. ft. It comprises mainly open plan areas with seating in place for c. 72 people with a number of cellular offices and canteen area. There are four basement car parking spaces. The agent is guiding €55 per sq. ft. and €3.5k per car parking space pa. The Business Post, 3rd April



Adamstown, West Dublin Agent Bannon is guiding a price of €1.9m (NIY 7.84%) for a community retail investment opportunity comprising four retail units and a standalone creche at Adamstown in west Dublin. The units, which are below a modern residential development called the Sentinel Building, are occupied by Londis (with a guarantee from parent company BWG), Mizzoni’s Pizza and Pamper Yourself, together with one small vacant unit. The creche is operated by Giraffe Childcare. The annual passing rent is currently €163.4k. The properties extend to a total floor area of 15,264 sq. ft. and have a WAULT to break of 6.43 years and a WAULT to lease expiry of 8.72 years. The Irish Times, 30th March

Ex-AIB Branches, Cork Three former AIB bank branches in Cork city have been brought to the market by Lisney. Most valuable is the purpose-built 3,650 sq. ft. building at 64-65 College Road, with high-quality finishes, and vitally, 12 car parking spaces to the rear, on a 0.2-acre site. Lisney is guiding this property at €1.1m. Next most valuable property is at the junction of Kinsale Road and Pearse Road, Ballyphehane, adjoining a local Mace shop and facing an Aldi. The semi-detached former AIB property facing a busy road junction is part two-storey and part single-storey, with a secure enclosed yard and garden to the rear, plus private tarmac surface car parking to the front, all on 0.2 acres. Lisney is guiding €450k. Meanwhile, the ex-AIB branch on the Blackrock Road is guiding €350k. The Irish Examiner, 30th March

Ferrybank Centre, Kilkenny Dunnes Stores has taken over the ownership of Ferrybank in Kilkenny, a €100m shopping centre that was built in 2008 but has lain empty ever since thanks to a long-running dispute between the retailer and its Nama-backed developer. Derry McPhillips, a Kilkenny developer, bought the lands at Ferrybank in 2000 and his company, Holtglen, began construction in 2007. Dunnes agreed in 2007 to buy a 70,000 sq. ft. unit at the centre and become its anchor tenant. However, it then sought to pull out of the deal in 2009. Nama acquired Holtglen’s loans, which had a face value of €83m, in 2010. Several court cases and arbitration hearings followed, concluding at last in February. Deerland Construction, Holtglen’s parent, sold the centre to Dunnes. Any proceeds will go to reduce its debts to Nama. The Sunday Times, 3rd April



Mountpark Baldonnell, Dublin 22 German-headquartered logistics provider DB Schenker has agreed a deal with Mountpark Logistics to lease the fifth and latest unit (133,806 sq. ft.) to be delivered at the Mountpark Baldonnell campus in Dublin 22. The German logistics specialist had several specific operational requirements that Mountpark facilitated to meet the needs of its end user. Unit D is due for practical completion in May 2022. The agreement of the deal for Unit D means all five buildings at Mountpark Baldonnell, which collectively comprise 1,199,264 sq. ft. of logistics space, have been let or pre-let prior to practical completion. CBRE and Cushman & Wakefield are joint agents for Mountpark Baldonnell. The Irish Times, 30th March

Kilbarry Business Park, Cork A substantial detached industrial premises on 10 acres, located at Kilbarry Business & Technology Park, is guiding €6m. While the bulk of the offering consists of a 104,7000 sq. ft. manufacturing facility, incorporating a two-storey office block, it also comes with a 16,792 sq. ft. warehouse and an onsite effluent treatment plant. The Dublin Hill facility, which is up for sale or to let with Cushman & Wakefield, comes with vacant possession, at a time when vacancy rates are extremely low in the sector, just 1.7% in Cork. The Irish Examiner, 31st March
For lending terms on this asset please contact rossmetcalfe@origincapital.ie

Blarney Business Park, Cork Europe’s largest catering equipment suppliers Nisbets are set to double the scale of their operation in Ireland, having just completed a 61,000 sq. ft. national distribution centre deal in Cork’s Blarney Business Park, which is set to have over 400,000 sq. ft. of buildings by year’s end. The company has agreed lease terms on the 61,000 sq. ft. Building 9003 in the 70-acre Blarney Business Park. The Irish Examiner, 31st March



Carrickmines, Dublin 18 Iput plc has made a fresh bid to secure planning permission for its €250m plan for the latest phase of the Park mixed-use scheme for Carrickmines. This follows the property firm lodging a first-party appeal to An Bord Pleanála against the decision by Dún Laoghaire-Rathdown County Council to refuse planning permission for the scheme. Iput is planning to construct a development known as Quadrant 3 at the Park. The scheme comprises a 25.7-acre site made up of 440 residential units, 334,564 sq. ft. of offices and 226,483 sq. ft. of community, retail and leisure facilities, including two supermarkets. No objection was lodged against the scheme, but the council refused planning permission after concluding that due to the significant proportion of residential use proposed within the overall scheme, a satisfactory balance of uses would not be achieved for the site, which is primarily zoned for economic development. The site already has planning permission from 2019 for a neighbourhood centre and 130 residential units and the new scheme will be substantially larger with 80% more office space planned and more than three times the number of residential units. A decision is due on the appeal in July. The Irish Times, 30th March

Dalkey, South Dublin Bartra Property (Dublin) has lodged a first-party appeal against last month’s decision by Dún Laoghaire-Rathdown County Council to refuse planning permission for a mixed-use scheme for the harbour located near Dalkey. Now, the Bulloch Harbour Preservation Association (BHPA) has also lodged an appeal to An Bord Pleanála concerning the council decision. An Bord Pleanála previously granted planning permission for a Bartra Bulloch Harbour scheme in June 2019 but the permission was quashed by the High Court on consent in September 2020 after the appeals board stated that it wouldn’t be defending a High Court judicial review action brought against it by the BHPA. That application was withdrawn and Bartra lodged a new planning application in January. Over 140 objections were lodged against the current scheme and those to object included the Dalkey Community Council and Dublin Port Company. The Irish Times, 30th March

St Andrews Street, Dublin 2 No. 19-24 St Andrew’s Street is being offered for sale by Savills at a guide price of €9.5m. The subject property extends to 21,160 sq. ft., sits on a 0.20-acre site, and comprises a four-storey over-basement building. The first, second and third floors currently consist of a mix of open-plan and cellular offices, with plant machinery and storage spaces available in the basement space. The property is currently owned and occupied by An Post, and is being marketed for sale with the benefit of a new 25-year agreement for lease to An Post of the ground floor and part of the basement with the benefit of vacant possession of the upper floors and remaining basement. An Post has agreed to pay a rent of €350k pa. The Irish Times, 30th March
For lending terms on this asset please contact rossmetcalfe@origincapital.ie



Donabate. Co Dublin Due for completion in the coming quarter, the 23-unit Dunrovin portfolio is being offered to the market by Cushman & Wakefield at a guide price of €11m (€478k per unit) with a NIY of 4.6% based on the projected rental income of €630k pa. The 23 units in the Dunrovin portfolio comprise nine three-bed plus study terraced houses, nine two-bedroom apartments and five one-bedroom apartments. There are three additional one-bedroom apartments which do not form part of the sale and these will be allocated by the developer to fulfil the scheme’s Part V obligations to the local authority. There are 32 surface car-parking spaces for the benefit of the development. The Irish Times, 30th March
For lending terms on this asset please contact rossmetcalfe@origincapital.ie

Ashbourne, Co Meath Knight Frank is guiding €2.5m (c. €463k per acre) for a 5.4-acre site zoned for housing in Ashbourne, Co Meath. The site is to the rear of the existing Ashewood residential development and near Ashbourne town centre. The entire site is zoned Objective A2 New Residential under the terms of the Meath County Development Plan 2021-2027. Ashbourne, just 19km northwest of Dublin city centre, is a well-established town with a population of more than 12,700. The Irish Times, 30th March

SHD Applications, GDA Cairn is seeking permission for a SHD scheme comprising 621 residential units on a 35-acre site at Hollybanks, Swords in north Dublin. The scheme is made up of 145 one-bed units, 278 two-bed units, 187 three-bed units and 11 four-bed units.
It includes 118 houses and 349 apartments in two blocks ranging in height from two to seven storeys, and 154 duplex units. In a separate SHD, Cairn will seek permission for the construction of 154 apartments at Ballymastone, Donabate in north Dublin. The scheme is made up of 54 one-bed units, 87 two-bed units and 13 three-bed units in five blocks ranging in height from three to six storeys.
In the third case, Cairn is seeking permission for 586 residential units for a site at Coolagad, north-west of Greystones town centre. It comprises 351 two-storey houses, 203 apartments and 32 duplex units. Cairn initially proposed a 607-unit scheme, made up of 405 houses and 202 apartments. However, the developer reduced the number of units after An Bord Pleanála told the company that the proposed scheme required further consideration or amendment. The Irish Times, 1st April

Ballyhooly Road, Cork In its latest SHD decision, An Bord Pleanála has granted permission to Cork firm O’Flynn Construction for the development of 275 residential units made up of 205 houses and 70 apartments at Ballyhooly Road, Ballyvolane, Cork. The three-field site is located c. 450m north of the junction with North Ring Road, on the fringe of Cork city. The Irish Times, 1st April

Dundrum, Dublin 16 Hammerson is to lodge fast-track plans with An Bord Pleanála in the coming days for an 881-unit apartment scheme for Dundrum. Hammerson subsidiary Dundrum Retail GP DAC’s planning SHD proposal is to include a “landmark” 16-storey high apartment block at the northernmost point of the site. The scheme is to be made up of 11 blocks across four zones and the developers are seeking an eight-year planning permission to complete the ambitious plan. The project will consist of 335 one-bed apartments, 464 two-bed apartments; and 82 three-bed apartments. Dundrum Retail GP DAC put its plan to Bord Pleanála for a pre-planning consultation last year. The original scheme comprised 889 units and after further consideration, the developers removed eight apartments from the original proposal. The scheme is to also include 10 retail units, a retail foodstore, four cafe/restaurants and a creche. The developers are also proposing 681 car-parking spaces and 3,087 bicycle spaces. An environmental impact statement (EIS) is also to be lodged with the plans. The Irish Times, 4th April

SHD Applications, North Dublin Plans are to be lodged to An Bord Pleanála for two SHD schemes in north Dublin. Jacko Investments is to seek planning permission at The Lord Mayor’s Public House, Main Street, Swords for the demolition of the existing three-storey pub, restaurant and off-licence and construction of 146 apartments made up of 69 one-bed units, 68 two-bedroom units and nine three-bed units. The scheme is to comprise of four blocks ranging in height from four to six storeys. Previously, the appeals board rejected a 172-unit apartment development for the same site in 2020. The Irish Times, 4th April

Whitehall, Dublin 9 Eastwise Construction Swords Ltd is to lodge a SHD application for 472 units for Hartfield Place in Whitehall, Dublin 9. The scheme is made up of seven apartment blocks rising to eight storeys in height. The 472 units are made up of 32 studios, 198 one-bed, 233 two-bed and nine three-bed apartments. The appeals board has a target of making decisions on SHD within 16 weeks though it can also defer making decisions beyond that time-frame. The Irish Times, 4th April

Blackrock, South Dublin Bartra is planning a five-storey, 39-unit, BTR apartment scheme for Blackrock in south Dublin aimed at older people. In the plans lodged for Woodlands Park with Dún Laoghaire Rathdown County Council, a planning consultant for Bartra Property Ltd said the concept was “to provide high-quality, specialist, age-appropriate housing for older people close to their existing communities, promoting vibrant retirement communities where people can enjoy a healthier and more active retirement”. The scheme comprises 35 one-bedroom units and four two-bedroom units. The council is due to make a decision on the proposed Blackrock scheme in May. The Irish Times, 4th April



Co Meath and Co Westmeath A fully equipped 139-acre dairy farm spanning Meath and Westmeath comes to auction with a guide of €1.25m. The non-residential holding is in three sections, divided by the river and a public road. Parcels of 70-acre and 33-acre are in Milltown, Co Meath, separated by the road. A 36-acre piece is across the river at Killua in Westmeath, connected to the rest of the holding by a private bridge. The property is 1.5km from Kilskyre, 2.5km from Clonmellon and 10km from Kells. The property will be sold as an entire or in lots, all with road and river frontage: the 70-acre, which includes the farm buildings; the 33-acre in spring barley; and the 36-acre Westmeath piece, which has cul-de-sac access off the N52 Kells-Clonmellon road. The entitlements with the holding are being retained by the owner. The holding will be sold by auction at The Headfort Arms Hotel, Kells, Co Meath and online via the LSL Auction platform at 3.30pm on Wednesday, May 11. The Irish Independent, 1st April

Investment Activity, Ireland Investment volume in Ireland during the first quarter of 2022 reached €760m, according to the latest data from JLL. The market has been able to weather the economic uncertainty wrought by the pandemic and is expecting c. €1.5bn of assets to enter the market by the second quarter of 2022, while €1.2bn of investments are under offer. The residential sector buoyed the first quarter of investments, dominating with a 50% share, similar to 2021. This was followed by the industrial sector, hitting 25%, and making it the largest first quarter on record for this asset class, having hit €184m in investments. Offices comprised 21% of the market, and retail with 3%. Among the largest industrial and PRS investments during the period were Project Ruby, a €145m student accommodation portfolio in Dublin and Galway. This was followed by a €128m Primark distribution centre deal in County Kildare transacted by both JLL and Savills as joint agents, and a €85m confidential PRS scheme. React News, 4th April


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