9th April (Issue 191)

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.



Circle K Filling Station, Donnybrook, Dublin 4 Kelly Walsh is guiding €4m for the Circle K filling station which sits on a 0.26 acre site in Donnybrook. The property was brought to the market in November 2018 along with a 3,810 sq.ft. commercial building occupied by First Stop Tyres for €5m but the commercial unit has been removed from the sale. The filling station is let to Ard Services on a ten year lease from 2014 at €165k pa. The tenant signed a deed of renunciation so full vacant possession is possible in five years, if required. The Irish Times, 3rd April

Eason Sale and Leaseback Limerick, Kerry and Tipperary Eason has launched the sale and leaseback of three of their units in Limerick City, Tralee, Co. Kerry and Clonmel Co. Tipperary. Bannon is seeking €2.2m (7.5% NIY) for the 12,573 sq.ft. mid terraced property in Cruise Street, Limerick city and offering a 25 year lease at €180k pa. Joint agents Bannon and Walsh O’Sullivan are guiding €1.23m (9% NIY) for the 6,483 sq.ft. unit at 25 The Mall Tralee, Co. Kerry with an annual rent of €120k. Joint agents Bannon and Moynihan Curran are guiding €560k (11.5% NIY) for the Clonmel store located at 19/20 Gladstone Street with an annual rent of €70k. The Irish Independent 4th April

Liffey Valley Complex, West Dublin From Summer 2019, there will be four drive thru restaurants at Liffey Valley. KFC has leased a 3,208 sq.ft. unit, Burger King has leased a 2,906 sq.ft. unit and Starbucks has taken the 1,991 sq.ft. unit. The last remaining 2,099 sq.ft. unit is being quoted by CBRE at €120k pa. The Irish Independent, 4th April



Smithfield, Dublin 7 The Office of Public Works (OPW) has pre let The Distillers Building, a 162,470 sq.ft. office block currently being developed in Smithfield for €40 psf. The property will include 47 car spaces, 188 bicycle spaces and roof terraces. The OPW have also taken 47,000 sq.ft. of space at the Bishops Square development in Dublin 2 at €49 psf. The Irish Times, 3rd April

77 Sir John Rogerson’s Quay Hibernia Reit has sold 77 John Rogerson’s Quay to a German Pension fund for €35.6m (4.65% NIY), a 24% increase on the €28.7m they paid for the building 14 months ago. The 34,400 sq.ft. six storey office building is let to Regus on a 25-year lease from 2018 at €1.8m pa. Bannon acted for the vendor, Knight Frank acted for the purchaser. The Irish Times, 3rd April

Dundrum Business Park Lisney is guiding €1.05m for two own-door office units at Dundrum Business Park. Unit 4A is a 2,432 sq.ft. property with five car spaces and Unit 4B is 4,496 sq.ft. with three car spaces. Both units are let to FundAssist at €55,250 pa with a weighted average lease term of 1.33 years until expiry. The Irish Times, 3rd April

22 Sandymount Green, Dublin 4 Bennetts Auctioneers is guiding €1.45m (€822 psf) for a 1,765 sq.ft. listed building at 22 Sandymount Green. The property, being sold with vacant possession, had been in use by two legal practices for 40 years. As there is no back garden or car parking, it is likely to remain as office use rather than change planning to residential. The Irish Times, 3rd April

Parkmore East Business Park, Galway Property investor and developer, Fine Grain Property, has agreed to lease 23,000 sq.ft. of newly developed office space to FotoNation, a division of Experi. Block 5 Parkmore East Business Park is a 45,000 sq.ft. three storey office block which was completed five months ago. Joint agents JLL and Power Property are seeking €19.50 psf for the remaining 22,000 sq.ft. which may be rented by one or more tenants. The Irish Times, 3rd April

Q1 2019 Office Takeup According to a BNP Paribas Real Estate Report, Q1 2019 office take up in Dublin reached 1,434,894 sq.ft. across 57 deals, an increase of 66% YoY. Large tech companies expanding within the technology, media and telecom (TMT) sector accounted for 57% of overall take up. The largest letting was to Salesforce for 462,848 sq.ft. of space at Spencer Place. 31% related to public sector take up with the OPW taking space in Smithfield and Bishops Square and the Central Bank taking 215,278 sq.ft. at Nos 4 & 5 Dublin Landings. Brexit has also had an impact with more than 70 companies announcing plans to move or expand within Dublin since the 2016 vote. The Sunday Business Post, 7th April



Tara Street Tower, Dublin 1 An Bord Pleanála has approved Johnny Ronan’s 22 storey, 88 metre high, 178,218 sq.ft. office and hotel development. Planning permission for the property has been sought on four separate occasions. The property will be capable of accommodating 890 office workers and a 106 bedroomed hotel over four storeys and a top-floor restaurant. The Sunday Independent, 7th April

3 Lombard Street East, Dublin 2 McNally Handy is guiding €955k (9.4% GIY) for 3 Lombard Street, a 3,042 sq.ft. mixed used property. The property is divided into a two bed apartment in the basement, two retail units at ground floor let to Lunch ,a restaurant / café, and Mailboxes Etc, and two further two-bed apartments overhead. The property produces €93.6k pa. The basement tenant has long term tenancy rights, the retail units are on ten year leases from 2016 but have been in occupation since 2014 and the overhead apartments are let on Air BnB. The Irish Times, 3rd April



Unit 1 Northern Cross Business Park, Dublin 11 CBRE has brought Unit 1 Northern Cross Business Park, a 36,123 sq.ft. logistics unit, to the letting market and is seeking €323k pa (€8.95 psf). The property comprises 4,112 sq.ft. of office space internal height of 12m, three dock levellers and one roller shutter door. Industrial take-up in 2018 was up more than 20% YoY. The Irish Times, 3rd April



An Culu, Kenmare, Co Kerry Savills is guiding €4.5m (€496 psf) for a four storey, 9,074 sq.ft. castle built on the shores of Kenmare bay in 1998. The six bed property includes an underground grotto style swimming pool. The Sunday Business Post, 7th April

12 Hillside Drive, Rathfarnham, Dublin 14 DNG is guiding €1.5m (€569 psf) for a 2,637 sq.ft. four bed detached house in Rathfarham located on Hillside Drive, Rathfarham. The Sunday Business Post, 7th April



52 Bedroom Hotel, Mount Street, Dublin 2 An Bord Pleanála has approved a 52 bedroomed hotel on the site of the old Howl at the Moon venue on Mount Street. Dale Vision, a company associated with Paddy McKillen Jr’s Oakmount development group, bought the site for €3.2m in 2016 and construction is scheduled to commence immediately. The original 53 bedroomed hotel over six storeys over basement proposal was blocked by An Bord Pleanála. The renewed planning application reduced the rooms by one with the top floor set back slightly and retaining the Victorian shop front. The Irish Times, 4th April

The Sands Hotel, Tramore Waterford Sherry Fitzgerald John Rohan has sold the 20 bedroomed, 22,066 sq.ft. Sands Hotel in Tramore Waterford for more than €600k. The Irish Independent, 4th April



River Liffey Cycle Route A report submitted to Dublin City Council’s Transport Committee has recommended that a 4.7 km segregated cycle track along the north and south quays of the River Liffey from the East Link Bridge to Heuston Station be completed. It is proposed that 1.7km of the western section of the route will be located on the building side and 1.2km central section will be on the river side. The change from building side to quay side will occur near the O’Donovan Rossa Bridge by way of a designated cycle crossing. The final eastern section will be a two way track alongside the river on both sides. It is thought the project will cost €20m. A public consultation on the proposal is expected later this year and will require an environmental impact assessment before being submitted to An Bord Pleanála. The Times, Irish Edition, 3rd April

Crane Count Less than a dozen cranes are located on building sites outside Dublin, 11 times less than the Capital. Seven cranes are on sites in Cork City, two cranes are on sites in both Galway and Limerick, compared with 123 cranes in Dublin. The Sunday Business Post, 7th April

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