Harrington St, Dublin 8 Colliers International is guiding €2.7 million for 2 and 3 Harrington Street in Dublin 8. The lot comprises two pre-1963, three-storey-over-basement, mid-terraced adjoining buildings. The two properties collectively feature 26 individual units, with 25 units under occupation. The Agent understands that the current passing rent is approximately €198,960 per annum. Located at the junction of Harrington Street and Camden Street, the properties are located just a ten-minute walk from St Stephen’s Green and Grafton Street. The Sunday Business Post, 6th September
Rathfarnham, South Dublin Agents JP & M Doyle are guiding €2.95 million for a 1.35 acre (€2.185m per acre) residential development opportunity on the Whitechurch Road in Rathfarnham, south Dublin. A feasibility study prepared by Brian Rowe Architects in advance of the site’s sale suggests a development, subject to planning permission, of 20 houses (€147.5k per unit – 19 four-bedroom units and one three-bedroom unit) or an apartment scheme of 38 units (€77.6k per unit). The Irish Times, 2nd September
Cork St, Dublin 8 Stoneweg, the Geneva headquartered property investment firm, is to develop a 397-unit co-living development in Dublin city centre. The firm, with a portfolio worth more than $2 billion, has just acquired seven vacant buildings off market on Cork Street in Dublin 8 as part of a joint venture. Although no price has been disclosed, the Irish Times understands that the cost of the new scheme would be over €100 million. The deal is the fourth investment made by the property firm in Ireland. The adjacent properties acquired on Cork Street are largely derelict and, subject to planning permission being granted, will be demolished. The one-acre site is already zoned for residential development. The Irish Times, 2nd September
Cork City Developer Lyonshall has been granted planning for 554 student beds on a site on the Bandon Road near the Lough in Cork city. It is the third increase in size of the project and incorporates new lands which have been purchased by the developer since it last increased the number of apartments associated with the scheme. In January 2019, Lyonshall was granted planning permission for 57 apartments, with space for some 419 beds, representing an increase from a previously approved development of 49 apartments and some 350 beds, which had been approved by city planners in Aug 2018. The Irish Examiner, 3rd September
Dawson St, Dublin 2 Joint agents TWM and JLL are guiding €80 million for Royal Hibernian Way on Dawson Street, Dublin 2. Royal Hibernian Way is a mixed-use development extending to 92,888 sq.ft. (€861 psf). The bulk of the scheme (72,000 sq.ft.) is comprised of office accommodation while some 21,000 sq.ft. is dedicated to retail and hospitality. The majority of the office space (66,000sq ft) serves as the headquarters for Davy Stockbrokers, while the remaining offices, located at 12 Duke Lane, have been left vacant intentionally by Aviva as planning permission has already been achieved to double the size of the building. The retail quarter underwent a thorough upgrade recently. The overall annual passing rent is c.€2.78 million per annum. The Irish Times, 2nd September
Donnybrook, Dublin 4 The Sunday Business Post understands that Westridge Real Estate has applied for permission to demolish the existing Kiely’s pub in Donnybrook and replace it with a new three to seven-storey shared living complex. The ground floor would be retained for use as a restaurant and café while the shared living element would occupy the rest of the development and include 100 single occupancy units. The rooms would range in size from 196 sq.ft. to 291 sq.ft. The Sunday Business Post, 6th September
Dalata Hotel Group revealed last week in its interim report that the value of its hotel assets declined 12%, or €161 million, in the first six months of the year to €1.2 billion. The asset writedowns drove a loss of €70.9 million in the first six months of 2020 for the company. Dalata also raised €94 million from the sale of new shares last Tuesday. The Irish Times, 6th September
Blackrock, South Co Dublin Agent JLL is guiding €22.50 psf for 6,113 sq.ft. of third floor office space at Temple House, Blackrock. The property is available by way of a short-term sub-lease/assignment from a financial service blue-chip firm with existing operations in the area. The new occupier can benefit from a break option in February 2023 or alternatively remain in place until the expiry of the lease in 2028. The accommodation comes with the benefit of 12 on-site car parking spaces which can be leased at €1,000 per space. The Sunday Business Post, 6th September
Dublin Docklands Bloomberg are reporting that Google has decided against progressing plans to rent c.202,000 sq.ft. of office space at the new Sorting Office development in the Dublin Docklands. Google had been in talks for a number of months about taking up a lease on completion. The development is located on the corner of Cardiff Lane and Hanover Street East, opposite the Bord Gáis Energy Theatre and within close proximity to the European headquarters of several global technology giants including Google, Facebook, and Airbnb. The company continues to develop its new Bolands Quay campus, at nearly 400,000 sq.ft. and still maintains c.1.12 million sq.ft. of office space in Dublin. Bloomberg, 7th September
Georges Quay, Dublin The Sunday Times understands that Henderson Park Capital are to seek c.€400m for the George’s Quay office development in Dublin 2. The landmark office development is the largest single office complex in the Green Reit portfolio, which Henderson Park bought for €1.34 billon last year. The complex — George’s Quay Plaza, George’s Quay House and George’s Court — is fully let and tenants include Ulster Bank and Amundi, a French asset manager. The Sunday Times, 6th September
BidX1 Auctions Reduced guide prices for a number of commercial and investment properties are reflected in some of the more valuable lots which BidX1 will offer at three auctions to be held within the next four weeks. The most valuable of them is No 1 Shop Street in Galway city centre, which has had its guide price reduced from the €1.95 million quoted earlier this year to €1.75 million for a single lot auction on September 10. It is being sold jointly with QRE property advisers. On September 30 and October 1, BidX1 will auction more than 300 lots with combined guide prices expected to exceed €55 million. These lots will include a number of Dublin properties which have had their guide prices cut. One of these is Unit 2 Harmony Court, Harmony Row, Dublin 2, which has had its guide price reduced from the €1.95 million quoted earlier this year to €1.6 million. The Sunday Business Post, 6th September
Irish Construction Sector The Irish construction industry has suffered its worst quarterly decline on record, with output slumping by 45.2% between April and June, according to the Central Statistics Office (CSO). This was nearly four times the euro area average of 12%, and worse than anything seen at the height of the 2008 property crash. The CSO said the largest quarterly decline prior to this was a decrease of 13.9% in the fourth quarter of 2008. The Irish Times, 4th September
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