7th April (Issue 241)
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.
RESIDENTIAL / LAND
Ringsend, Dublin 4 The Irish Times understands that the National Asset Management Agency (Nama) has written to developers who took part in the second round of its tendering process confirming that the deadline for final bids on the former Irish Glass Bottle site in Ringsend, Dublin remains April 20th. It is one of the last large-scale development sites left in the city, with capacity for 3,500 homes, and has been valued at c.€130 million. The Irish Glass Bottle site sold in 2007 for a record €412 million to a consortium that included the now wound up State body, the Dublin Docklands Development Board. The property, which once housed a bottle manufacturing plant, has lain undeveloped since then. The Irish Times, 7th April
Drogheda, Co Louth Lisney is guiding €1.75 million for a site in Co Louth with full planning permission for a 123-bed nursing home. The regular shaped site extends to 1.73 acres (€1.011m per acre) and is located on the northern side of the R166 Termonfeckin Road in Drogheda. It is located 3km north east of Drogheda town centre and forms part of a larger development of 200 residential homes that is currently under construction by J Murphy Developments. As part of the sale, the vendor will construct an access road and provide services to the boundary of the site. In addition, an extensive landscaping plan will be completed. The Sunday Business Post, 5th April
Aungier St, Dublin 2 A number of major site sales have been affected by the Covid-19 outbreak, including the €100 million former Dublin Institute of Technology building on Aungier Street in Dublin city centre. The Sunday Business Post are reporting that the sale of the 2.5 acre campus, which went on the market at the beginning of March, has been put on hold indefinitely. The Sunday Business Post, 5th April
OFFICE
IFSC, Dublin 1 Trinity College Dublin has acquired the landmark Stack B office building at the IFSC for €16 million. Located overlooking George’s Dock, the property comprises 14,000 sq.ft. with a substantial basement of 3,000 sq.ft (€941 psf). Trinity have occupied the building since 2016 having taken an assignment of the original lease held by AIB. The €16 million paid by Trinity is almost double the purchase price paid for the property in 2012. The vendor had been in receipt of €735,000 per annum in rental income from AIB and Trinity over the period. The Irish Times, 1st April
Dublin Docklands The Irish Times understands that Unity Technologies, which recently acquired Irish software company Artomatix, in a deal valued at up to $60 million (€52.8 million), has secured a new office in Dublin’s south docklands to facilitate the expansion of its workforce. Unity Technologies has taken a three-year lease with a break option at the end of year two to take 7,765 sq.ft. of space on the first floor of Dillon Eustace law firm’s headquarters at number 33 Sir John Rogerson’s Quay. It is thought that the rent will be c.€65 psf. The Irish Times, 1st April
St Stephen’s Green, Dublin 2 Cushman & Wakefield is guiding a rent of €45 psf for office space on the fourth floor of Stephen’s Court in Dublin city centre. The subject space extends to 15,586 sq.ft. and is being made available by way of a flexible subletting from the building’s main tenant, Intercom, until July 2021 with an option to extend until 2022. Stephen’s Court is owned by Irish Life and extends to a total area of 95,000 sq.ft. Intercom occupies 51,000 sq. ft. within the building currently and is due to move to its new headquarter office at the Cadenza building in 2022. Other tenants include KBC and DLA Piper, while Starbucks have an outlet on the ground floor. The Irish Times, 1st April
HOSPITALITY
Bray, Co Wicklow The Bray Head Hotel is on the market with an asking price of €3 million through Lisney. The developer and current owner, IDV Developments, recently secured a planning grant to build 44 apartments on the site together with a café bar, a restaurant and a bistro on the ground floor. The existing hotel’s upper floors will be converted to apartments with a new block built to the rear. The scheme involves the partial demolition, refurbishment and reconfiguration of the hotel, including alterations to the front façade. The building has unobstructed sea and beach views looking towards Bray Head and Killiney. The hotel has the benefit of a seven-day publican’s licence and full vacant possession. The Sunday Business Post, 5th April
Hanover Quay, Dublin Docklands Dublin City Council has approved pub group JD Wetherspoons application to convert the former HQ bar and restaurant on Hanover Quay, which Wetherspoon’s bought last year for an undisclosed sum, and amalgamate it with the former Nutbutter restaurant on Forbes Street. However, there is now a question mark over whether it will proceed as a spokesman for Wetherspoon said all building projects were being “put on hold” currently due to the Covid-19 crisis. The Irish Times, 1st April
RETAIL
Roscrea, Co Tipperary TWM have relaunched the sale of the Tesco supermarket in Roscrea with a guide price of €8.8 million. The property comprises a modern detached retail building with supermarket at ground-floor level and car parking at lower ground floor. The property extends to c.46,640 sq.ft. together with 224 car spaces. The property is let to Tesco Ireland on a 35-year full repairing and insuring (FRI) lease from July 1st, 2011. There is a tenant break option after 15 years. The annual passing rent is €950,000 per annum and the lease provides for the rent to be adjusted in-line with the compounded annual proportionate change in the consumer price index after year 10 and five-yearly thereafter. The Irish Times, 1st April
Naas, Co Kildare CBRE is guiding €4.75 million for the Applegreen Service Station at Millennium Park in Naas, Co Kildare. The service station generates €310,000 rental income per annum and is on a 1.41 acre site. Services also include a Bakewell Café, a Burger King and a delicatessen as well as a general shop. Its forecourt accommodates four double-sided petrol pumps, a car and jet wash and heavy goods vehicle fast-filling pumps. The Sunday Business Post, 5th April
Naas, Co Kildare Coldwell Banker is guiding €1.9 million for the Applegreen Service Station on the Sallins Road, Naas, Co Kildare. It generates €130,000 a year in rental income and this will rise to €145,000 in 2021; from 2026 there will be rent reviews every five years at market rents. Sitting on c.1 acre, its two-storey building accommodates a convenience store with an off-licence, a deli with seating area and WCs, an ATM, self-service Launder-Mat, Parcel Motel, automatic truck refuelling, stores, workshop and office. The Sunday Business Post, 5th April
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