8th March (Issue 337)

Eastpoint Business Park The P1 block in Dublin’s Eastpoint Business Park is being brought to the market by Savills at a guide price of €12.5m, offering a net initial yield of 6.72% and a capital value of €292 per sq. ft. The subject property comprises a standalone office block of 42,865 sq. ft. distributed over four floors, along with car parking for 61 cars. The building is 73% let at present with a tenant line-up that includes Tedcastles Oil Products, Citrix Systems International, and IQVIA. The investment is producing a total rental income of €923.52k pa and has a WAULT to break of c. 2.5 years and a WAULT to expiry of more than three years. The Irish Times, 2^nd March

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South Circular Road, Dublin 8 Bloomfield House on the South Circular Road is being offered to the market by BNP Paribas RE at a guide price of €3.5m. The property comprises a detached two-storey office building of 8,203 sq. ft. with 12 car-parking spaces on a 0.26-acre site. The ground floor and mezzanine levels are let on a 10-year lease from September 2014 to a marketing agency Boys + Girls with an annual rent of €160k pa. This letting includes eight car-parking spaces. The first floor of the property is let on a five-year lease from July 2021 to mechanical and electrical building services company Delap and Waller. The annual rent averages out at €71.25k pa over the five years and includes three car-parking spaces. The combined rent between the two tenancies equates to €230.2k pa, offering an initial yield of c. 6%. The Irish Times, 2^nd March

For lending terms on this asset please contact rossmetcalfe@origincapital.ie

Dublin Docklands TikTok is understood to have agreed heads of terms to rent both the 177,000 sq. ft. of office space at the Marlet Property Group’s Shipping Office scheme and the 80,000 sq. ft. available at Iput’s Tropical Fruit Warehouse in Dublin’s south docklands. According to market sources, the Chinese-owned social media giant is likely to enter into a 12-year lease on the properties at a rental level in excess of €60 per sq. ft. The combined 257,000 sq. ft. of office accommodation will give TikTok the capacity to add c. 2,500 workers to the 2,000 people it expects to accommodate in its new headquarters at the Sorting Office. Taken together, the three offices give TikTok’s Irish operations an overall footprint of 459,000 sq. ft. across three buildings within a short walk of each other in the city’s south docklands. The Irish Times, 2^nd March

Blackrock, South Dublin Front Line Defenders, the human rights organisation chaired and co-founded by businessman Denis O’Brien, has agreed to relocate its international headquarters to Avoca Court in Blackrock, Co Dublin. The letting, which was handled by Knight Frank, will see Front Line Defenders occupy the first floor on a 12-year lease. The organisation joins an existing tenant line-up that includes HJ Heinz, and Plan Life Pensions and Actuarial Services (IFG). Avoca Court comprises a four-storey detached office building located in Blackrock village. The building is now fully let except for the second floor which comprises 3,809 sq. ft. of office space. The Irish Times, 2^nd March

Pembroke Row, Dublin 2 MRP, the property development and investment division of Tyrone-based developer McAleer & Rushe, has secured its first two tenants for Kildress House, a new grade A office building it has developed on Dublin’s Pembroke Row. Proximo Spirits, a drinks company which includes Bushmills whiskey among its brands, is well advanced in fitting out the fourth floor. The fifth floor of the building has been let to Muzinich & Co, an international institutionally focused investment firm specialising in public and private corporate credit. Proximo and Muzinich have committed to leases of 10 and 15 years respectively and are understood to be paying rents in excess of the €55 per sq. ft. rate quoted by letting agent Savills prior to the building’s completion in December 2019. The remainder of Kildress House is available to let in self-contained floors of 4,500 sq. ft. The Irish Times, 2^nd March

Dundrum, Dublin 16 Penthouse offices extending to 11,302 sq. ft. have been launched at the Pembroke District in Dundrum town centre. Joint agents Savills and CBRE are quoting €32.50 per sq. ft. for the office space to let under new lease terms. Hammerson, which manages the town centre on behalf of the Dundrum Retail Limited Partnership, has created the open plan offices from space which was previously part of the Hamleys toy store. The Irish Independent, 3^rd March

North Docklands, Dublin Quanta Capital is seeking occupiers for Two Gateway, a 77,995 sq. ft., high quality, modern office in Dublin’s north docklands. The building on East Wall Road was until recently occupied by the ESB and this rapidly evolving area of the city is home to occupiers such as Facebook, Fenergo, Salesforce, the NTMA, the Central Bank and WeWork. Joint agents QRE and JLL are quoting a rent of €35 per sq. ft. The Business Post, 6^th March

HOSPITALITY

Clonskeagh, South Dublin The Press Up Group has completed its purchase of the Ashton’s pub in Clonskeagh, south Dublin. According to market sources, the premises changed hands for c. €3m. The Press Up Group moved to acquire the freehold interest in the property with the benefit of vacant possession. Bagnall Doyle MacMahon brokered the off-market transaction on behalf the pub’s previous owners. The two-storey licensed premises extends to c. 5,000 sq. ft. and comprises a lounge bar with a restaurant, catering kitchen and stores on the lower-ground floor. The Irish Times, 2^nd March

South Terrace, Cork The JMK group has lodged a fresh application seeking permission to convert three late-Georgian homes on South Terrace into a 103-bedroom aparthotel. The group is hoping to open its second Cork hospitality venture, the Adagio Aparthotel, in summer 2024. The planning application is for the redevelopment, conservation, refurbishment, and change of use of Nos. 31, 32, and 33 South Terrace, which are protected structures, with some demolition work to the rear of No. 31. The proposal at South Terrace includes an application for permission to construct a five-floor over-ground floor and lower-ground floor annex to the rear of the buildings, as well as an external landscaped courtyard and green roof. The Irish Examiner, 3^rd March

Aparthotels, Ireland The supply of aparthotels in Dublin is forecast to increase by 96% in 2022, recent data from property adviser Savills Ireland shows. When 2022 started, aparthotels accounted for only 3.8% of the Irish capital’s total hotel stock compared with 8.1% in London and 9.5% in Manchester. Dublin’s total stock is expected to rise to 6.8% by year end. The opening of two Staycity aparthotels (388 bedrooms) this year added to the supply, which is predicted to increase by another 40% (542 bedrooms), considering that there are construction works under way, including the 340-unit Staycity development on Little Mary Street, Dublin 7. React News, 7^th March

Rosslare Strand, Wexford The 32-bedroom Coast Hotel in the popular seaside resort of Rosslare Strand in Wexford has gone on the market at a guide price of between €3.5 and €4m. The hotel launched in early 2018, following a major modernisation and refurbishment of what was formerly Crosbie Cedar’s Hotel. Coast Rosslare will go under the hammer in an online auction through the offices of Keane Auctioneers, Wexford on April 8 at 12.30 p.m. The former Crosbie Cedars Hotel was previously placed on the market in August 2015 for €700k but the past few years have seen a surge in interest in Rosslare as a holiday and residential location, with a corresponding rise in property prices. The Irish Independent, 7^th March

INDUSTRIAL / LOGISTICS

Core Portfolio, Dublin GDA Barings has agreed two loans totaling €225m to KKR and Palm Capital to finance their acquisition of industrial and logistics assets in Dublin and the Greater Dublin Area (GDA). In the first instance, Barings has provided a five-year €188.5m senior secured, floating-rate loan to support KKR and Palm Capital’s €195m purchase of the Core portfolio, a collection of 73 industrial and logistics assets distributed across Dublin and the GDA. The portfolio is 97% let to a range of occupiers. Its largest single asset is the 125-acre Naas Enterprise Park in Kildare. The second loan facility comprises a €36.7m floating-rate, first-mortgage loan, to fund the acquisition of a portfolio of six last-mile, light-industrial properties in Dublin. With an initial three-year term, plus two one-year extension options, the debt is secured against a portfolio comprising a total area of 345,000 sq. ft., which is 95% occupied with a WAULT of 7.5 years. The Irish Times, 2^nd March

RETAIL

Killarney Outlet Centre A sale worth €7-€8m has been completed on Killarney’s Outlet Centre – just as anchor tenant Nike is set to vacate at the end of this week, after over 20 years trading there. The Outlet Centre complex has been on the open market for several years via CBRE. It had been offered on behalf of the original developers, with a total income of c. €900k pa quoted, with Nike the single largest tenant, paying a contracted rent of €109k pa on a lease from 2014. Nike had occupied just over 75,347 sq. ft. in Killarney and the ‘Top Five’ tenants contributed over €400k pa in rental income. The centre has 39 retail units but a large number of first-floor units never found occupants in the 23 years of operation to date. The 1998-developed scheme is in the town centre, by the rail station, and has coach parking plus 230 car spaces. The Irish Examiner, 2^nd March

HEALTHCARE / NURSING HOME

Co Cork and Co Clare A development company is pursuing a High Court challenge seeking to overturn a decision that it must pay financial contributions totalling c. €470k to local councils for three primary healthcare centres it is planning to build for the HSE. Glencar Healthcare Limited, along with its development partners, argues it should not be required to pay levies to the local councils for developing the centres in the southeast as the HSE, as lessee, is the end-user of each of the facilities. The centres are in Ennis, Co Clare, and Ballincollig and Fermoy in Co Cork. It was held that it must pay €130.5k to Clare County Council, c. €297.4k to Cork City Council and c. €43.5k to Cork County Council prior to the commencement of development, said the applicants. Under the Planning and Development Act 2000, local authorities adopted schemes enabling them to require a development contribution as a condition of a grant of planning permission. The Irish Times, 2^nd March

RESIDENTIAL / DEVELOPMENT

Dooradoyle, Limerick A residential investment in the Dooradoyle suburb in south-west Limerick city has come to the market. Fully occupied, the properties comprise 16 apartments and duplexes at Heridan Crescent for which agents O’Connor Murphy with Property Partners are guiding €3.75m. The units currently generate annual rents of €252.3k equating to a net initial yield of 6.5%. The units are made up of eight two-bedroom apartments ranging in size from 700 to 720 sq. ft. and eight three-bedroom duplexes ranging in size from 1,140 to 1,420 sq. ft. The Irish Independent, 3^rd March

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Dublin, Kildare and Meath Cairn Homes has purchased three residential sites in Dublin, Kildare and Meath for €38m from Tyrone-based developer McAleer & Rushe. In the first instance, the publicly listed home builder has secured ownership of a 3.5-acre site with full planning permission from An Bord Pleanála for 193 apartments across four blocks ranging in height from five to eight storeys in the south Dublin suburb of Shankill. Upon completion, the scheme will comprise a mix of 12 studios, 110 one-bedroom apartments and 71 two-bedroom apartments. The second element of the portfolio is located at Kilmacredock in Leixlip, Co Kildare and comprises a 16-acre site with full planning permission from An Bord Pleanála for the development of 239 homes. The units in this case consist of 136 two-, three- and four-bedroom houses, 73 one- and two-bedroom apartments and 30 two- and three-bedroom duplexes. The third and final site acquired by Cairn Homes is in Navan, Co Meath. The lands in this case have a long-standing planning permission in place for the development of 90 houses. The Irish Times, 2^nd March

Laytown, Co Meath Lisney is guiding €2.5m (€72.7k per acre) for a strategic landholding offering the potential in the medium to longer term for the delivery of a large-scale residential scheme in Laytown, Co Meath. The subject site comprises a freehold parcel of land extending to 34.4 acres located just off the newly constructed Tara link road immediately north of the town. Laytown is a coastal town situated c. 45km north of Dublin city centre. The lands are predominantly zoned ‘white lands’ under the Meath County Council Development Plan 2021-2027. The Irish Times, 2^nd March

Cobh, Co Cork 54 acres at Ticknock, Cobh, by the Tay Road, elevated and adjoining a trio of supermarkets, has come to the market. The majority is zoned for medium-density house building. This 54-acre holding has frontage to two roads allowing for separate access points and phased development/housing profile and mix. Of this, 34 acres is at present zoned for medium density residential development, with a further 13.7 acres as ‘Special Policy Area X-01’, and 5.8 acres for business and general employment. The land is due for auction on April 21, with a reserve of €1.6m, or an average of €30k per acre. The Irish Examiner, 3^rd March

North Docks, Dublin Glenveagh Properties is exploring forward funding options of €300m+ for a prime residential site in Dublin’s city centre. The process – one of the largest single-site residential funding opportunities to come to the market in Ireland – is expected to attract interest from the European fund managers and US BTR operators that have been active in the Dublin market. The East Road development, known as Marshall Yards, is located near the North Docks. The site represents one of the largest city centre development opportunities with planning consent in Dublin. An Bord Pleanála, in 2019, approved Glenveagh’s plans to build c. 550 residential units on the site. The development will have nine blocks ranging from three to 15 storeys. Dublin City Council has agreed to pre-let c. 30% of the development on a long-term indexed linked lease for affordable housing, underpinning the estimated rental value the asset is anticipated to deliver. A German investor is in talks to provide c. €200m of funding for Ireland’s tallest residential tower. React News, 2^nd March

Kinsale Road, Cork Developers have submitted fresh plans to An Bord Pleanála for 609 new homes at the former CMP Dairy site on the Kinsale Road in Cork. It is the second such application made by Watfore Ltd, a property management and development subsidiary of Dairygold after the planning board sought further consideration to the proposals first lodged last August. The site is a 8.38-acre brownfield location lying between Cork Airport and the city centre. The site was rezoned to “residential, local services and institutional uses” by Cork City Council in 2019. The SHD has now reached the application stage and will consist of 561 apartments and 48 townhouses, along with a community hub facility, a gym, a retail unit and a café. The housing will be split across 189 one-bed, 338 two-bed, 48 three-bed and 34 four-bed dwellings. Furthermore, 257 of these will be BTR apartments. The scheme would also incorporate 209 shared car parking spaces, along with electric vehicle charging points, 1,145 bicycle spaces and 21 motorcycle spaces. An Bord Pleanála is due to make a decision in this case by 16 June 2022. The Irish Examiner, 2^nd March

Dundrum, Dublin 16 Dún Laoghaire-Rathdown County Council has recommended that plans for a new €316m BTR scheme for Dundrum be refused. In a report lodged with An Bord Pleanála, the council planners have recommended that planning permission be refused on six separate grounds. The fast-track SHD scheme before the appeals board comprises 531 BTR units made up of 28 studios, 297 one-bed units, 197 two-bed units and nine three-bedroom units. The council refusal recommendation follows more than 80 parties objecting to the plans by 1 Wyckham Land Ltd for the BTR apartments across five apartment blocks at Marmalade Lane, Gort Muire, Dundrum, Dublin 16. In January last year, the developer secured planning permission for 466 BTR units in apartment blocks rising to nine storeys at the same site, with the new proposal having an additional 65 units. The Irish Times, 2^nd March

Cairn Homes, Plans for c. 50,000 new houses in the Republic could end up in court according to Cairn Homes. This follows after Cairn confirmed its operations sold new homes for a total of €424m. Proposals for 11,000 new dwellings in the Republic faced High Court challenges, while 87,000 more were in the planning system. It is estimated that 50% of the 98,000 total “could be stalled” by opponents seeking judicial reviews of planners’ decisions to allow those projects. The Irish Times, 3^rd March

Dundrum, Dublin 14 Telecommunications firm Eir has given notice that it is to lodge “fast track” plans in the coming days to An Bord Pleanála for a 111-unit apartment scheme for Sommerville House on the Dundrum Road in Dublin 14. Eir has already completed pre-planning consultation with An Bord Pleanála concerning the scheme and the appeals board concluded that the plans form a reasonable basis for a SHD scheme. The 111-unit scheme put before the appeals board consisted of two courtyard blocks reaching to six storeys in height. The scheme is made up of 57 two-bed units, 49 one-bed units and five studios. The Irish Times, 7^th March

Mulhuddart, Dublin 15 An Bord Pleanála has refused planning permission to Wexford-registered firm MNE Capital Ltd to construct 189 BTR apartments at Canterbury Gate, Old Navan Road, Mulhuddart, Dublin 15. The site is located 500m west of Mulhuddart village and 2km northwest of the Blanchardstown shopping centre. The apartments consisted of 63 one-bed apartments and 126 two-bed apartments in four blocks ranging in height from five storeys to 10 storeys. Fingal County Council had recommended that planning permission be refused on three grounds. The Irish Times, 7^th March

Clontarf, Dublin 3 A local resident has initiated a High Court action seeking to overturn permission for the development of 131 BTR apartments in Clontarf, north Dublin. The resident wants an order quashing the €52m SHD scheme which received fast-track permission from An Bord Pleanála last December. Prior to the approval, more than 350 objections were lodged against the plans for the Redcourt site at Seafield Road. The applicant takes issue with the grant of permission for a development that has allegedly failed to provide the required amount of communal open space as per the requirements of the local development plan. Also among the core grounds of challenge is a claim the board erred in law in finding there would be adequate public transport capacity to serve the proposed build. The applicant will look to ask the court for a stay on the operation of the planning board’s decision pending the conclusion of his proceedings. The judicial review proceedings are against An Bord Pleanála, Ireland, the Attorney General and the Minister for Housing, Local Government and Heritage. Developer Savona Ltd and Dublin City Council are notice parties in the action. The Irish Times, 7^th March

South Quays, Dublin A dispute over the distribution of part of the proceeds of the €40m sale of a Dublin property between the receiver and liquidator of the wound-up Pierse Contracting firm has been entered into the fast-track Commercial Court. The dispute centres on how the net proceeds of the sale of the property at Moss Street, City Quay and Gloucester Street, on Dublin’s south quays, should be distributed. Under mortgages entered by Pierse Contracting Unlimited Company, the properties were charged as security for all Pierse liabilities owing to the fund Dengrove DAC. The property was formerly owned by two partnerships. The loan agreements provided recourse to the individual members of the partnerships should there be default. After the discharge of partnership loans and other deductions, the Receiver believes the net proceeds will be attributable to the interest of the company pursuant to its interest in the partnerships and the respective members of the partnership. The Receiver says a dispute has arisen with the liquidator about the application of the company’s share of the proceeds of sale and in particular the extent to which those proceeds can be applied in the discharge of certain non-partnership liabilities owed by Pierse to Dengrove. The Irish Times, 7^th March

Bray, Co Wicklow CBRE is guiding a price of €6.75m for a site with full planning permission for the development of 92 apartments and associated commercial space on the seafront in Bray, Co Wicklow. The site extends to 1.47 acres and is occupied by a commercial car park and two residential units fronting on to Coastguard Terrace. The property is zoned SF-Bray Seafront – “To provide for the development and improvement of appropriate seafront uses” under the Wicklow County Council Development Plan 2016-2022. Existing planning permission has been in place since November 2017 for the development of 92 residential units comprising 11 three-bed apartments, 60 two-bed apartments and 21 one-bed apartments, along with 22,819 sq. ft. of commercial space. The Irish Times, 2^nd March

Dalkey, South Co Dublin Dún Laoghaire-Rathdown County Council has refused planning permission to Bartra Property (Dublin) Ltd for a mixed-use scheme near Dalkey in south Co Dublin. The scheme for the former Western Marine Building at the harbour sought the demolition and clearance of the existing industrial single-storey warehouses and sheds. The proposal also included the construction of a three-storey building incorporating a cafe and one four-bedroom apartment, a single-storey seafood sales outlet, four fishermen’s huts, a new public square and three three-storey detached houses. More than 140 objections were lodged against the scheme. Bartra now has the option of appealing the decision to An Bord Pleanála. The Irish Times, 3^rd March

Carrickmines, South Dublin Dún Laoghaire-Rathdown County Council has rejected Iput’s €250m plan for its latest phase of The Park mixed-use scheme for Carrickmines in south Dublin. The Quad Three scheme put forward by Iput comprised of 440 residential units, 334,564 sq. ft. of offices, and 226,483 sq. ft. of community, retail and leisure facilities, including two supermarkets. The 440 planned residential units were to include 308 BTR apartments across four blocks, including one reaching to 11-storeys in height. The council refused planning permission after concluding that due to the significant proportion of residential use proposed within the overall scheme, a satisfactory balance of uses would not be achieved for the site, which is primarily zoned for economic development. The scheme did not face any objections. The Irish Times, 2^nd March

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