6th August (Issue 208)

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.



The Old Punchbowl, Booterstown, Co. Dublin Morrissey’s Lisney are guiding €1.25m for the Old Punchbowl Pub at the junction of Booterstown Avenue and the Rock Road, opposite Booterstown Dart station. The property comprises a public bar, restaurant, function room and an enclosed beer garden. Offers should be delivered to Lisney, incorporating Morrissey’s by 3pm August 29th. The pub is being sold on behalf of the O’Rourke Family who are retiring from the trade. The Sunday Business Post, 4th August



6.7 acres, Dock Road, Limerick Joint agents Savills and Power Property are guiding €1.2m (€179k per acre) for a 6.7 acre site with 140 meter frontage to Limerick City’s Dock Road. The site is set in a section of 75 acres which was targeted in 2018 for strategic redevelopment. The site is being sold on behalf of Shannon Foynes Port Company with close access to the M20, M7, Shannon Airport and the ports of Limerick and Foynes. The Irish Examiner, 31st July



Grand Canal Harbour Scheme, Dublin 8 Marlet Property Group has lodged plans for an €84m mixed-use development in Dublin 8, close to the Guinness Storehouse. The plans propose over 500 apartments along with office, retail, leisure and medical facilities in a number of blocks rising to 13 storeys. The Sunday Business Post, 4th August



Green Reit Sale Green Reit has entered exclusive talks over a potential sale to Henderson Park. Dublin-listed offices and warehousing group Green Reit’s market value has risen to €1.29bn since putting itself on the market earlier this year. Henderson Park, was set up in 2016 by former Goldman Sachs and Mount Kellett partner Nicholas Weber. Henderson Park Capital entered the Irish market in recent months when they teamed with Chartered Land to purchase Heuston South Quarter for €222m. Green Reit’s portfolio includes One Molesworth Street, the Central Park office complex in Sandyford and Horizon Logistics Park, close to Dublin Airport. The Irish Times, 31st July


Co-Living, Dun Laoghaire, Co. Dublin Bartra Capital’s €45m shared living development in Dun Laoghaire has been approved by An Bord Pleanála. The scheme will comprise 208 bed spaces, rooftop terrace and other communal facilities. The Sunday Business Post, 4th August

AirBnb Rental Conversion Rejections Dublin City Council has rejected over a dozen applications to convert apartment blocks to AirBnb-style holiday rentals in the last number of months. From July 1st, owners of properties in rent pressure zone must get planning permission to use their housing for short-term lets for more than three months each year. All of the applications made were in advance 1st July and in most cases, Dublin City Council referenced the need to preserve “residential units as a scarce resource”. The Irish Times, 31st</sup July



Industrial Take Up Q2 2019 JLL reports that industrial take up in Q2 was over 1,000,000 sq.ft. across 50 deals, representing a 57% increase YoY. This increase was driven by a number of larger-sized deals with eight deals greater than 50,000 sq.ft. compared to six in Q1 2019 and one in Q2 2018. 50% of the deals in Q2 2019 were for space less than 10,000 sq.ft. In terms of location, 38% was in the south-west and 36% in north-west. Q2 2019 take up was mainly focused on secondary-grade space, accounting for 71% with prime-grade making up the remaining 29%. JLL note that while this suggests that demand is for secondary, this is not the case. Greatest demand is for prime industrial space but limited availability of good quality space is impacting on decisions. The Sunday Business Post, 4th August



Investment Property Market Lisney reports that total spend in the investment property market reached €1.83bn in the first half of 2019. Q2 2019 activity was more than double QoQ with €1.22bn spent in April to June. The private rented sector accounted for 58% of all turnover in Q2 2019, equating to €707.4m across 11 deals. The office segment represented 25% equating to €303.8m. Retail accounted for 12%, mixed use 4% and industrial 1.4%. Investment in Dublin accounted for 84%. There was a noticeable increase in off-market transactions accounting for 25% of total spent and two of the five largest transactions. The purchase of XVI portfolio of 815 homes represented the largest deal at €285m followed by €222m paid by Henderson Park for Heuston South Quarter. The Irish Times, 1st August

Cinema, Dawson Street, Dublin 2 Green Reit has notified Dublin City Council of its intention to apply for planning permission for a cinema next to the Ivy restaurant on Dawson Street. Planning was previously obtained for a retail unit as part of wider plans for the site formerly occupied by Royal and Sun Alliance House. Green Reit has sought a change of use to a 5,102 sq.ft. licenced cinema accommodating two auditoriums with ancillary food and beverage provision. The Sunday Independent, 4th August


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