8th April (Issue 491)
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.
MIXED-USE
Carlow Agent TWM is guiding €8.5m for a substantial investment opportunity in Carlow town. The portfolio comprises Hatch Student Living, a 106-bed space purpose-built student accommodation (PBSA) block, the former Hanover Shopping Centre and the Jones Building (office space let to Carlow County Development Partnership). The investment offers net operating income of €673,000 and a net initial yield of 7.13%. The Hatch Student Living scheme has 83 bedrooms comprising 106 bed spaces arranged across two four-storey-over-basement apartment blocks. Hatch Student Living is the only single-ownership PBSA block in Carlow Town. The Irish Times, 2nd April
Blessington, Co. Wicklow A fully-let, mixed-use landmark in Blessington has come to the market through JP&M Doyle with a €1.95m guide price. Known as The Civic Building, it extends to 9,144 sq. ft and generates annual rental Income of €163,000 which would equate to a gross yield of 8.36%. The Lemon Tree restaurant operates at street level and a gym at lower ground level. Over its first and second floors are four two-bedroom apartments, and one one-bedroom apartment. All floors are serviced by a lift. The Irish Independent, 3rd April
RETAIL
St Patrick’s Street, Cork The former AIB banking hall at No. 26 St Patrick’s Street, linking to 19 Winthrop St and measuring 11,650 sq. ft, is guiding €3.5m. The vacant property in a prime position between Brown Thomas and Penneys, where a very significant extension is expected to begin soon. The €60m investment will extend the current Penneys on 27–30 St Patrick’s Street into premises it acquired in a major site assembly on Cook St and Oliver Plunkett St. It will add 17,000 sq. ft to bring Penneys’ city centre presence in the southern capital to 54,000 sq. ft. Separately, Penneys invested €4m in upgrades to its store at Wilton Shopping Centre, part of the Primark strategy to invest €250m in its Irish presence by 2031. The Examiner, 2nd April
INDUSTRIAL
Rathcoole, Co. Dublin ILIM have secured the largest logistics letting of the year to date with the agreement of a new long-term lease of Unit Q1 at Aerodrome Business Park to PRL. The deal will see the Irish-owned logistics specialist occupy the detached warehouse facility, which extends to 173,000 sq. ft on a 7.5-acre site, on a FRI lease for 25 years, with a tenant-break option in March 2037, at an annual rent of €12.75psf. Irish Life acquired the property for €28.1m in 2017. At the time, the building was fully let to Culina Logistics Ireland Ltd – backed by rental guarantees from two major UK logistics businesses – on a long lease from January 2010, at a rent of €1.8m. The new long-term lease agreed with PRL will see Irish Life generate some €2.2m in annual rental income. The Irish Times, 2nd April
Little Island, Cork Lidl Ireland’s plans for a new €200m distribution centre could create up to 350 jobs. The retailer recently submitted an application seeking a seven-year planning permission to build the approx. 640,000 sq. ft regional distribution centre on part of the former Mitsui Denman Site. Lidl told the Sunday Independent the potential distribution centre, which it hopes will come on stream by 2030, is part of a wider €600m investment. The retailer hopes to deliver 35 new stores and the centre over the next five years. The proposed distribution centre would be in operation 24 hours a day seven days a week, the planning files said. The operational hours were needed to fulfil Lidl’s “logistical and operational requirements”. The Sunday Independent, 6th April
OFFICE
Naas Road, Dublin 12 With John Sisk having relocated its office operations in June 2024, the firm’s former headquarters on Dublin’s Naas Road is being offered to the market by BNP Paribas at a guide price of €5.25m. Occupying a high-profile site fronting on to the Naas Road, it is also well served by local road infrastructure and public transport facilities. The property comprises the original two-storey office building occupied by John Sisk since 1964 along with an interlinked, modern three-storey Grade A office building which was constructed in 2002. The total combined floor area extends to a gross internal area of 38,578 sq. ft together with 96 on-site car parking spaces. The development has a C3 Ber rating. The site extends to 2.4 acres. The Irish Times, 2nd April
Retrofit A study by The Society of Chartered Surveyors in Ireland has flagged a need for retrofit grants. The study found that in an analysis of seven case studies, retrofitting was not financially viable in four cases. This was due to the high cost of the works, particularly mechanical and electrical, which exceeded the increase in the building’s value. Among the viable cases, the potential increases in building values ranged from 40% to 66%. “According to the Central Statistics Office, almost 60% of offices have BER of D1 or lower. Unless owners of poor performing commercial buildings with low BER ratings can find a route to retrofitting they face the risk of their assets becoming stranded and unoccupiable,” the report added. The Business Post, 7th April
Barrow Street, Dublin 4 The Irish arm of US tech giant Google has secured the green light for a large public mural across seven storeys at its European headquarters in Dublin that incorporates interactive and virtual elements through Google’s own modern technology and AI tools. This follows Dublin City Council granting planning permission to Google Ireland Ltd for the 7,600 sq. ft “Urban Growth” mural, at the northern elevation of South Bank House, Barrow Street. In granting planning permission to the mural for a five-year period, the Council’s planner’s report concluded that the proposed mural “will be a positive addition to the Bolands Mills development and the wider area”. Rte.ie, 8th April
RESIDENTIAL/DEVELOPMENT
Cabinteely, Dublin 18 The LDA has agreed to buy Marlet’s Brenannstown Road development of 222 apartments and 12 duplexes and, it is understood, will offer the units as cost-rental accommodation. The deal was conducted through the LDA’s Home Building Partnership with the Agency targeting the delivery of 5,000 homes through the initiative. The development is built across four blocks, ranging from one to eight storeys high. Situated within 1km of the Laughanstown Luas stop and 500m of Cabinteely village, the site is opposite the 45-hectare Cabinteely Park. Cost-rental accommodation offers secure long-term lets at below-market rents to households with an income of less than €66,000 in Dublin or €59,000 everywhere else. Sunday Times, 6th April
Francis Street, Dublin 8 Lisney is guiding €3.5m for 8, 9, 10 and 11 Dean Swift Square. Located at the junction of Francis Street, Dean Swift Square comprises a four-storey end-of-terrace building extending to approx. 6,000 sq. ft. The development consists of 11 apartments: six one-bedroom and five two-bedroom units. The apartments have recently undergone significant restoration works and present to a high standard. The incoming purchaser will be free to let the units at market rents due to the length of time they have been vacant during restoration. The Business Post, 4th April
Grand Canal, Dublin 2 The Cosgrave family has secured approx. €4.7m from the sale of a residential investment comprising 14 apartments at 17 Hogan Place and 2A Hogan Avenue. Hooke & MacDonald handled the sale. The portfolio was first offered to the market in one or more lots at a guide price of €4.6m in June 2024. Lot 1 is located at 17 Hogan Place and comprised six self-contained two-bedroom apartments, five of which are let at present. Lot 2 is located at 2A Hogan Avenue and comprised eight self-contained apartments with a mix of three one-bedroom units and five two-bedroom units. The Irish Times, 2nd April
Hook Peninsula, Co. Wexford Paddy McKillen Jnr has instructed Colliers to find a buyer for Loftus Hall and its estate. While a price has not been set, offers in excess of €4m are expected for the property, which sits on 68 acres overlooking Hook Peninsula and the landmark Hook Lighthouse. Loftus Hall comprises a detached nine-bay, three-storey house with a total gross internal area of 26,487 sq. ft. The property, which is recognised as a protected structure, has already undergone extensive renovations, with phase one of the project close to completion. The Irish Times, 2nd April
Naas, Co. Kildare The former Leinster Leader newspaper premises in Naas is back on the market only 16 months after it was sold for €1m. Now the offering includes a much larger development site and the price has almost trebled to €2.9m. When sold in 2023, the auction lot comprised 19 and 20 South Main Street which consisted of a three-storey office building extending to 5,705 sq. ft, a two-storey residence extending to 1,906 sq. ft, and a former printing works to the rear extending to 10,495 sq. ft. Now the much bigger site includes 21 South Main Street and extends to 1.4 acres. The Irish Independent, 3rd April
Carrigtwohill, Co. Cork Commercially zoned lands valued at upwards of €3.7m are expected to attract wide-ranging interest due to their proximity to good transport links and several large-scale housing developments. For sale via Hegarty Properties, on behalf of BAM, the strategically located sites are for sale in three lots and are on Station Road and in Castlelake, just off the N25 Cork-Waterford road, and within immediate reach of the Carrigtwohill commuter rail line. Lot 1 includes 4.2 acres of commercial-zoned land on Castlelake Avenue; Lot 2, on Station Rd, extends to four acres and Lot 3 is a site in Castlelake with full planning permission for a large creche (10,527 sq. ft). The Examiner, 3rd April
Terryland, Galway City Plans have been lodged by Galway City Council, in partnership with the LDA, to An Bord Pleanála (ABP) for the development of 219 homes. The project, known as ‘Corrib Causeway’, comprises phase one of the redevelopment of the Dyke Road Car Park site. If approved, the development will deliver 219 apartment units in the form of one new residential block (5 – 9 storeys over lower ground floor). 90% (197 homes) are set to be affordable while 10% (22 apartments) are set to be social. The development also includes the removal of 389 existing car parking spaces to provide for the new development while an overall total of 165 existing car parking spaces will be maintained. ABP is due to decide on this case by September. The Irish Independent, 4th April
Cavan Town Galetech Sustainable Living Ltd have tabled plans to bring 22 “own door” homes on stream in two blocks set over two floors on near one acre site at Tullymongan Upper. The first of those blocks will see 12 apartments being equally divided between one and two bedroom residences with a second block being made up of five ground floor two bedroom homes and five single bedroom duplex equivalents above it. The Irish Independent, 1st April
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