5th November (Issue 471)
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
Camden Street, Dublin 2 Attestor Capital, a private equity firm based in London, has bought Devitt’s pub on Camden Street in a purchase and leaseback deal with the Mangan Group. It is believed the pub investor has paid approx. €15m for the property. Attestor Capital has now spent approx. €100m on pubs and hotels since it entered the market in 2021. It bought the Brazen Head in Dublin and the former TP Smith portfolio of pubs, including the Auld Dubliner and the Norseman. The Sunday Times, 3rd November
Celbridge, Co Kildare BDM Property has brought the Riverside pub for a guide of more than €1.75m. The pub overlooks the river Liffey and the main bridge in Celbridge. The property occupies a total site area of approx. 0.75 acres. The large rear car park, accessed via an archway from Main Street, provides parking for approx. 65 cars and an additional valuable income stream for the pub. The Business Post, 2nd November 2024
Baggot Street Lower, Dublin 2 A hotel firm owned by Eamon Waters has offered to reduce the scale of a planned hotel in Dublin city centre from 66-bedrooms to 62-bedrooms in order to secure planning permission. The revised plans have been drawn up as part of an appeal by Waters’s firm, Peachbeach UC to An Bord Pleanála against the city council’s refusal of planning permission for a 66-bedroom hotel and 23 apartments over six storeys at 15-16 Baggot Street Lower. The planning appeal has been received by Dublin City Council and is due to be decided by March 4. The Business Post, 31st October
RETAIL
Opera Lane, Cork City Opera Lane is set to be fully occupied for the first time in five years as a deal has just been inked for a large unit to be taken over by Mountain Warehouse. The four-level Unit 14 at Opera Lane will retail out of 15,000 sq. ft of the substantial 20,000 sq. ft store. They have taken on a ten-year lease, at a rent of approx. €400k pa. The Irish Examiner, 31st October 2024
Grand Canal Harbour, Dublin 8 Marlet property development company is seeking a tenant for a creche at its Grand Canal Harbour development, next to the Guinness Storehouse and close to St James’s Hospital campus. The unit is being quoted for €40k pa, which spans 2,465 sq. ft and includes a fully enclosed outdoor play area of approx. 1,722 sq. ft. Irish Independent, 30th October 2024
OFFICE
BNP Paribas Real Estate Ireland Report Take-up of Dublin office space by tech companies shrank to 7.1% in the third quarter, according to a report by BNP Paribas Real Estate Ireland. Approx. 47 transactions were completed, slightly up on the 44 that were completed in the same quarter in 2023. Dublin still has one of the highest office vacancy rates among European cities. The vacancy rate edged up from 15.2% as of the end of June to 15.7% at the end of the third quarter, while the tech sector remained relatively inactive. The Irish Times, 4th November 2024
North Docklands, Dublin 1 Savills have put the 100,000 sq. ft office block known as 2 Dublin Landings up for sale at a guide price of €60m on the instructions of receiver Deloitte, which was appointed by the lender Helaba. The move comes weeks after a restructuring of the lease held by the building’s sole tenant, WeWork, was finalised. According to sources close to the transaction, the new lease signed for 2 Dublin Landings commands an annual rent of €4m. By contrast, WeWork’s initial 20-year lease agreed in 2018 was for €4.9m pa. The Currency, 1st November
MIXED-USE
Lower Baggot Street, Dublin 2 Astogo Holding has acquired the former Ulster Bank premises at 130 Lower Baggot Street. The premises of approx. 8,500 sq. ft had been on the market with a guide price of more than €2.25m. The three adjoining properties on Lower Pembroke have also been acquired. These two-storey buildings benefit from an existing planning permission for demolition and redevelopment of a ground floor commercial space, with apartments overhead. The Irish Times, 30th October 2024
INDUSTRIAL / LOGISTICS
Tallaght, Dublin 24 An investment opportunity in Tallaght is being offered for sale by Savills with a €3.35m (NIY 6.8%) guide price. Unit 13/B1 Cookstown Industrial Estate, Dublin 24, is a semi-detached warehouse which extends to 26,210 sq. ft. It is let to Reward Catering Ltd. under a 10-year FRI lease, which commenced in March 2024, at an annual rent of €250k. Irish Independent, 31st October 2024
Clondalkin, Co Dublin Urbeo has acquired a Dublin logistics facility with ICG Real Estate. It’s understood that the duo paid approx. €27m for the facility in Kilcarbery Distribution Park. The 215,000 sq. ft facility is in southwest Dublin, between the N7 and N4 motorways. The building is currently multi-tenanted, with PRL Group and JMC Van Trans occupying the approx. 185,000 sq. ft of logistics space. The Irish Times, 30th October 2024
Residential / Development
Ratoath, Co Meath A site for development of 57 apartments and 3 retail units has come to the market in Ratoath at a guide price of €1.5m. The development site, brought to market by Knight Frank, is in the town centre and is approx. 2.57 acres. The first block comprises the commercial accommodation, while the second block comprises the residential accommodation. The Irish Times, 30th October 2024
Santry, North Dublin A proposed construction of more than 300 apartments in Santry has been granted permission with revised conditions by An Bord Pleanála despite objections from Chadwicks, Ireland’s largest building materials provider. Dwyer Nolan Developments applied for permission to build the €120m, 13-storey residential project at the junction of Santry Avenue and Swords Road in April. Dublin City Council then granted the development firm permission for the project in June. The Business Post, 30th October
Housing Commencements There were 11,385 homes commenced in September 2024, more than four times the number from September last year when 2,607 units were commenced, according to the latest figures. For the first three-quarters of 2024, there were 49,007 units commenced, which is up 105% from 23,923 in the same period last year. In the last 12 months, there have been 57,885 units commenced, up 93% from 29,961 in the prior 12 months. Of the 11,385 homes commenced in September 2024, 43% are scheme dwellings and 53% are apartments, while only 4% are for one-off homes. The Business Post, 31st October
Housing Targets The Coalition is to agree new housing targets averaging 50,500 new homes per year during the lifetime of the next government. The full Cabinet is expected to agree to the targets outlined in the updated draft plan on Tuesday, which envisages 303,000 homes being built from 2025-2030. Coalition leaders agreed to a 41,000 home target for next year, rising to 43,000 homes in 2026, 48,000 in 2027, 53,000 in 2028, 58,000 in 2029 and 60,000 in 2030. The Irish Times, 4th November
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie