7th January (Issue 228)
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
The Liberties, Dublin 8 An Bord Pleanála has granted Summix FRC Developments Ltd planning permission under fast-track planning rules for 368 student bed spaces in Dublin’s Liberties despite local objections. The scheme which will range in height from two to eight storeys, is to be located at the Brewery Block site bounded by St Luke’s Avenue, Brabazon Place/Row and Ardee Street and will be operated by “luxury high-end” UK-based student accommodation operator, Nido Student. The approval supersedes existing approved plans for a 349 student bed scheme on the site. The Irish Times, 19th December
Clongriffin, Dublin 13 Through the fast track planning process, An Bord Pleanála has granted planning permission for 1,416 apartments at Clongriffin in north Dublin which comprises 943 ‘build to rent’ apartments and 473 build to sell units. One of the blocks reaches to 17 storeys and will comprise of 210 build-to-rent apartments. Gannon Properties had sought permission for 1,530 apartments across 12 blocks, but the appeals board omitted one block of 114 apartments, ordering that the associated land be retained for a maximum period of five years for potential use as a school site. The new plans also contain 10 shops and two crèches. The Irish Times, 19th December
South Douglas Road, Cork Approved housing body, Clúid Housing has completed the purchase of 62 apartments at Park Avenue on the South Douglas Road in Cork. The scheme comprises of 18 one-bedroom apartments, 40 two-bedroom apartments and four three-bedroom apartments. The development is broken into four apartment blocks and has 82 car parking spaces at basement level. Clúid’s purchase of Park Avenue follows its acquisition in March of the Leeside Apartments on Bachelor’s Quay in the city centre. In total, they now own and manage more than 7,200 homes across Ireland. The Sunday Business Post, 29th December
Mountjoy Street, Dublin 1 One of America’s largest co-living operators is planning a 121-unit development in Dublin’s north inner city. An application was lodged to Dublin City Council for permission for a scheme to be operated by New York-based Common Living. It is proposed for a derelict site on Mountjoy Street. Units will start at 161 sq.ft, with the average unit being 234 sq.ft. The Sunday Times, 29th December
2019 Residential Sales An analysis of the Residential Property Price Register (RPPR) has indicated that the registered number of sales of houses and apartments across Ireland in 2019 was down almost 4% on the previous year. Although some transactions completed in December have still to be filed, almost two-thirds of counties are expected to have experienced a downturn in property sales when figures are finalised. However, the analysis highlights that the main growth in sales last year was in counties within commuting distance of Dublin. The Irish Times, 5th January
Asking prices for houses in Dublin and around the country are falling, but the “froth” from the market has been transferred into rental increases. Prices were down quarter-on-quarter by 0.5% in Dublin and 0.45% nationally, according to the myhome.ie property report for the third quarter of 2019. The report found that annual asking price inflation in Dublin is now flat and 0.72% nationwide. The average asking price for a Dublin property is €374,000, and for the rest of the country — if you exclude Dublin — the average is €222,000. Nationally, rents rose by 2.1% in the third quarter, up 8.3% on the year. The Sunday Times, 2nd January
INDUSTRIAL
Ballycoolin, Dublin 15 Primeside Park in Ballycoolin, Dublin 15 has been acquired by M7 Real Estate for €6.75 million (€94.67 psf) from a private investor in an off market transaction. The industrial estate has 71,300 sq.ft. of floor area split over 25 units (€270k per unit). Situated on a self-contained 3.15 acres site, Primeside Park is adjoining Northwest Business Park, and is within close proximity to Dublin Airport, Dublin Port Tunnel and the M2 and M3 motorways. The Irish Times, 2nd January
Donabate, Co Dublin Ireland’s largest building, the Tesco distribution centre in Donabate, Co Dublin, has been sold in an off market transaction to a South Korean investor, KTB Investments & Securities and KTB Asset Management for c.€160 million. The warehouse, which stretches to 788,000 sq.ft. (€203 psf) was previously purchased by a South African property fund who are set to secure a significant return on the €129 million it paid to secure ownership of the property in 2014. The warehouse benefits from a lease guaranteed by Tesco Plc until 2032 with annual upwards-only rent reviews in line with the consumer price index (CPI). The Irish Times, 23rd December
HOTEL
The Clarence Hotel, Dublin 2 Dublin City Council has approved plans by Brushfield, the operator of the Clarence Hotel, for an extension which will see the number of rooms at the hotel almost double. Planning permission for a change of use of Dollard House on its three upper floors from vacant offices to add 56 bedrooms to the hotel, which already has 59 guest rooms and suites, has been granted. The planning permission also allows for an interconnection between the existing hotel and the adjoining Dollard House – a protected structure located between Wellington Quay and East Essex Street. The Irish Times, 27th December
LAND
Rathgar, Dublin 6 An Bord Pleanála has refused planning permission for a small development of luxury homes on the site of the former Highfield nursery in Rathgar, Dublin 6. Dublin City Council had previously approved the development of 14 mostly four-bedroom houses. The application was submitted by Crekav Trading GP, a subsidiary of Marlet group. An Bord Pleanála said the proposed density of 22 housing units per hectare would not provide an acceptable efficient use of serviceable land. The board said the density was contrary to ministerial guidelines which generally recommend permission should only be granted for projects in excess of 30 units per hectare in urban areas. It also refused permission because access to the site was through land not under the control of Crekav. The Irish Independent, 2nd January
Newcastle, Co Dublin An Bord Pleanála has approved plans by Cairn Homes for 380 homes on more than 16 hectares in Newcastle south county Dublin under the fast-track planning system. The project will consist of 248 houses, 36 duplexes and 36 apartments on the main site with the remaining units on three smaller sites at the corner of Burgage Street and Newcastle Boulevard. The board ruled that an additional 26 houses originally proposed by Cairn should be omitted from the scheme, with that site instead developed as public open space. The development will also reserve a site for a new school to serve the area. The Irish Times, 3rd January
Cherrywood, South Dublin Planning permission for a development of 367 housing units in Cherrywood, south Dublin, has been quashed by the High Court. Dún Laoghaire-Rathdown County Council must now reconsider the matter in line with the court’s findings. The planning approval for the 16-acre site where Tudor Homes wants to construct a €130 million scheme was challenged last January. The property is located at Brennanstown within the Cherrywood Strategic Development Zone (SDZ), a special government designation which means once a local authority grants permission there is no right of appeal to Bord Pleanála. The Irish Times, 20th December
Upper Abbey Street, Dublin 1 Balark Trading, a subsidiary of Marlet group, has secured permission to add two extra storeys to their €62 million planned nine-storey hotel and aparthotel development on Upper Abbey Street in Dublin city. The ruling will allow 64 additional bedrooms at the new hotel, bringing the overall accommodation to 303 guest rooms. The Irish Times, 2nd January
OFFICE
Naas, Co Kildare Yew Grove has acquired a portfolio of six office buildings at Millennium Park, Naas, Co Kildare for €25.3 million. It consists of 141,000 sq.ft. (€179 psf) of modern offices over six buildings, as well as 773 car parking spaces and a six acre greenfield site. Five of the office buildings are tenanted by foreign direct investment and large Irish enterprises, with one of the buildings currently vacant. The current rental income is c.€1.6 million. This represents a NIY of 5.8% with reversionary potential once the vacant office has been let. The combined leases have a weighted average unexpired lease term to break of c.2.5 years and to lease expiry of c.5 years. The Irish Times, 19th December
Amiens St, Dublin 1 German real estate manager Union Investment has bought Gandon House, an office building at 1 Amiens Street in Dublin. The 38,750 sq.ft. property, close to Connolly Station, was constructed in 1972 and has been let to the Office of Public Works since 1979. This represents Union’s third acquisition in Dublin in 2019, previously they bought Ballast House on Westmoreland Street and the office property at 5 Hanover Quay. The Irish Times, 20th December
Earlsfort Terrace, Dublin 2 The Irish Times understands that, Intercom, the Irish-founded technology company has signed a deal to lease more than 113,000 sq.ft. in the new Cadenza building on Earlsfort Terrace in Dublin 2. The tech company has agreed an 18-year lease with Irish Life at a rent of €60 psf and is expected to move into the new building in January 2022. Designed by Henry J Lyons Architects, the building, which has yet to be constructed, will be located at the junction of Earlsfort Terrace and Adelaide Road. The Irish Times, 19th December
RETAIL
Tallaght, Dublin 24 The Sunday Times understands that the US investment fund which bought the Square for €250m last year is planning a €100m expansion to make the Tallaght retail centre a “destination” for shoppers. Oaktree Capital Management plans two separate expansions at the west Dublin mall, which it bought from Nama and existing owners in early 2018. Oaktree last week lodged plans for an expansion on the south side of the centre to include a foodhall, nine restaurants and bars, and public plaza with outdoor seating. The 107,000 sq.ft. extension, on an existing car park, would also include six new shop units and retail kiosks. There is existing planning approval for a retail-led expansion to the north of the centre, including a new department store and several large shop units. The northern extension will also include a multi-storey car park and a new entrance to a plaza. The Sunday Times, 29th December
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