9th July (Issue 204)

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.



Liffey Portfolio, Dublin Savills is guiding €11.75 million for a portfolio of prime commercial properties distributed across Upper and Lower Liffey Street in Dublin city centre and the suburbs of Ranelagh and Blackrock. The Liffey Portfolio includes eight investment assets in total, extends to 19,989 sq.ft.,(€587 psf) and currently generates a net passing rent of €487,500 p.a. However, there is potential to increase the rent to €850,000 once the vacant elements of the portfolio are leased and forthcoming rent reviews are completed. The Irish Times, 3rd July

Upper Abbey Street, Dublin 1 It is thought that almost €5 million has been paid for a premises let as a Spar store and café at the corner of Upper Abbey Street and Millennium Walkway in Dublin 1 next to the Jervis Luas stop. Extending to 6,846 sq.ft. Spar undertook a major redesign of the convenience store last year. The property generates a passing rent of €392,575 which is guaranteed by the tenant’s parent company BWG Foods. It came with the added benefit of eight underground car spaces. The Irish Independent, 4th July



Glentworth Street and Catherine Street, Limerick City Pery’s Hotel in Limerick city has come to the market with a guide price of €3.5 million. Located a short walk from the city’s main thoroughfare O’Connell Street, the property comprises 61 en suite bedrooms, three conference rooms, a bar and restaurant, gym and sauna facilities and 25 underground car parking spaces. The property which is being sold as a going concern also benefits from €14,000 of rental income from two commercial tenants on Catherine St. The Irish Times, 3rd July



Leeson Lounge, Dublin 4 CBRE is seeking offers in excess of €1.75 million for the Leeson Lounge at 147/148 Leeson Street Upper, Dublin 4. The four-storey over basement licensed premises extends to 5,403 sq.ft. and includes a ground floor of 1,506 sq.ft. comprising the lounge bar and service areas. The basement accommodates a keg store and cold room. The upper three floors are part residential accommodation and part storage. The three residential units are occupied and generate combined rents of about €36,000 a year. With their own separate access from the street, they comprise a one bed apartment and a pair of two-bedroom units. The remaining rooms located on the upper floors are accessed from the bar area and are currently unused. The Irish Independent, 4th July



Howth, County Dublin QRE are quoting €1.25 million for a block of four apartments in Howth, north Dublin. The development comes with the benefit of vacant possession and comprises of 2 two-bedroom single-storey apartments and 2 two-bedroom duplex units. The total estimated rental value is thought to be in the region of €96,000 p.a. The Irish Times, 3rd July



Bishops Square The Irish Times understands that the South Korean real estate investment firm IGIS Asset Management has been selected as the preferred bidder for the 182,774 sq.ft. Bishop’s Square office scheme in Dublin city centre. The firm has agreed to pay in excess of the €180 million guide price. The current rental income is €7.88 million. (Net Initial Yield 4.04%) The current owners, Hines, acquired the building for €92.5 million in 2015 and the building has undergone a significant programme of improvement works since coming under Hines’s ownership four years ago. The Irish Times, 3rd July

Windy Arbour, Dublin 14 CBRE are guiding €1.2 million for TRC House, a detached office building extending to 7,403 sq.ft. over three floors in Windy Arbour, on the Dundrum Road in Dublin 14 (€162 psf). Occupiers can avail of off-street parking at the front and to the rear of the property with a private yard to the rear which can be accessed by a side gate. The building is close to Dundrum Business Park as well as being close to the Central Mental Hospital, which is earmarked for a major residential development. The property comes with the benefit of vacant possession. The Irish Independent, 4th July

North Road, Dublin 11 CBRE are seeking offers in excess of €1.5 million for Unit 7 North Park, North Road, Dublin 11. The entire property spans 12,959 sq.ft. (€115 psf) and comprises to the front, three-storey modern offices extending to 4187 sq.ft. The remainder is a warehouse area with a three-storey steel mezzanine. The building also comes with ample staff and customer parking to the front. The Irish Independent, 4th July



Ashbourne Business Park, Co. Meath Harvey has been instructed by Oasis Group to bring to market a sale & leaseback investment opportunity with a guide price of €5.2 million (€126 psf). The 41,118 sq.ft. warehouse will be let on a new 20 year lease with fixed rental uplifts in years 5 and 10 to the Oasis Group producing rental income of €400,000 per annum. The warehouse is used as a document storage facility and is situated just 10 minutes’ drive from the M50 Motorway in Ashbourne, Co. Meath. The Irish Times, 26th June



Carysfort Avenue, Blackrock QRE are guiding in excess of €2.1 million for a mixed-use investment at 27-29 and 31-33 Carysfort Avenue in Blackrock, Co Dublin. The passing rent from the buildings is approximately €149,000 p.a. with vacant possession of the former licensed premises Dark Horse and several smaller office suites located on the upper floors. The portfolio has a total estimated rental value in the region of €220,000, which reflects a reversionary yield of approximately 9.65%. The Irish Independent, 4th July



Old Navan Road Knight Frank is guiding €1.2 million for a 0.55 acre development site at Clonross on the Old Navan Road. The site is currently occupied by a dormer bungalow. Its planning permission would permit five four-bedroom detached houses, one three-bedroom detached house and one five-bedroom detached house, ranging in size from 1,431 sq.ft. to 2,314 sq.ft. The Irish Independent, 4th July

South Docklands Cork Agri-services group, Origin Enterprises, has agreed to sell 31 acres of land at South Docklands in Cork to O’Callaghan Properties for €47.5 million (€1.532 million per acre). The firm’s existing business on the land will have to be relocated to another location as part of the deal. The Cork Docklands area has been designated for future urban development in the Government’s National Development Plan 2040. RTE News, 9th July



Dublin Office report CBRE’s report shows that a total of 1,638,277 sq.ft. of transactions were signed in the Dublin market in the first half of 2019. CBRE noted that “the Dublin office market continues to perform well with 50 office transactions signed in the last three-month period alone and demand at an all-time high of almost 4.3 million sq.ft. at the mid-year point” CBRE Office Market View, Q2 2019

Dublin Industrial & Logistics CBRE has reported that the take-up in the Dublin Industrial & logistics sector in H1 2019 was up almost 60% on the same period last year. There were 37 industrial transactions in Q2 2019, which brings the total number of transactions in H1 2019 to 70. Prime industrial yields remained steady at 5.1% at the end of Q2, however prime industrial rents are expected to rise by as much as 6.5% in H2 2019. CBRE Dublin Industrial & Logistics Market View, Q2 2019


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