9th June (Issue 250)
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.
RESIDENTIAL / LAND
Donnybrook, Dublin 4 As part of its obligations under Part V of the Planning and Development Act, where it is required to allocate 10% of any new private development to social housing, Cairn Homes has reached a deal with Dublin City Council on the former RTE lands at Donnybrook in Dublin 4. 61 apartments, at a cost of €30.2m, will be sold to Dublin City Council for social housing. The apartments put forward by Cairn are comprised of 37 one-bedroom units and and 24 two-bed units and put a value of €521,377 on the two-bed apartments and €472,797 on the one-bed apartments. Cairn Homes lodged a fast track planning application for its €338 million Project Montrose with An Bord Pleanála to secure planning permission for 614 residential units. A decision is expected by 15th September. The Irish Times, 3rd June
Milltown, Dublin 6 Joint Agents Knight Frank and GVA Donal O’Buachalla are guiding €6.5 million for a residential development site of c.1 acre in Milltown, Dublin 6. The site benefits from c.43 metres of frontage onto Milltown Road and comprises the former Murphy & Gunn motor dealership and adjoining former school buildings. The motor dealership extends to c.15,770 sq.ft. while the former school buildings extend to c.4,352 sq.ft. The site is zoned Z1 Residential under the Dublin City Development Plan 2016 – 2022. Milltown Luas stop is within a 1km walk while Dublin Bus runs multiple services on Milltown Road providing easy access to Dublin City centre. Reddy Architecture has produced a feasibility study for the site which, subject to planning permission, allows for the demolition of all structures and for the construction of 67 apartments over a basement car park. Knight Frank, 5th June
East Wall, Dublin 3 Glenveagh Properties has commenced works on Block 1 and Block 2 of a 554-unit apartment development at 1-4 East Road in the East Wall area of Dublin 3. The €120 million apartment scheme includes the construction of a mixed use development with a gross floor area of about 568,000 sq.ft, (excluding below podium parking areas), laid out in nine blocks, over two separate podiums. The blocks range in height from three to 15 storeys and will include commercial/enterprise space, three retail units, a café/exhibition space and a crèche. The Sunday Business Post, 7th June
MIXED-USE
North Main St, Cork City BMOR recently announced its intention to lodge plans for a mixed-use development on Cork’s North Main St. The proposed €25 million mixed-use scheme comprises a 280-bed student accommodation facility and two new retail units along with a gym and several other amenities. One of the key features of the proposal include the planned restoration of Coleman’s Lane, which has provided direct access between North Main Street and Grattan Street for many years and, the development of a pocket park, which will be accessible to the general public. The Sunday Business Post, 7th June
OFFICE
Dublin Office Market The Irish Times understands that Pinterest have engaged JLL to secure between 25,000 and 40,000 sq.ft. of fully-fitted office space to facilitate the expansion of its EMEA headquarter operations here. Such a move would provide Pinterest with the capacity to increase its current office-based headcount by up to 300 employees. The company currently employs 100 staff at its No 2 Dublin Landings building. The Irish Times, 3rd June
RETAIL
Westmoreland St, Dublin 2 Quinn Agnew is guiding €3 million for No 6 Westmoreland St which is located close to Fleet Street and Temple Bar. The mid-terrace redbrick property extends to a net internal floor area of 2,735 sq.ft. over five storeys and is fully let and generating net annual income of €172,500 from four tenants. As much as €140,000 of the rent is generated from Boyle Bookmakers Ltd, which occupies 1,031 sq.ft. at ground floor, mezzanine and basement levels. Its 20-year lease is due to expire in February 2023. Each of the other floors extends to c.419 sq.ft. and the tenants include a travel agency, a hairdresser and a property management company. The Irish Independent, 4th June
INDUSTRIAL
Rathcoole, Dublin 24 Palm Logistics, an affiliate of UK-headquartered Palm Capital and its local partner, Jordanstown Properties are developing two buildings comprising a total of 452,000 sq.ft. at the Greenogue Logistics Park. Building 1 will provide 166,000 sq.ft. of space on an 8 acre site, while building 2 will comprise 286,000 sq.ft. on a 3 acre site. The development is expected to be valued at c.€85 million upon its completion in 2021 and is being forward funded jointly by KKR and Palm Capital. Greenogue Logistics Park is located within a two-minute drive of junction 4 of the M7/N7 and just seven minutes to junction 9 of the M50. The Irish Times, 3rd June
OTHER
Primary Care Centres A CBRE report has highlighted that up to €2.55 billion will need to be spent to deliver the volume of primary care centres required to handle the requirements of Ireland’s growing population. Since the Department of Health first proposed their development in 2001, there has been a relatively low level of investment in primary care centres. CBRE research shows that just 81 new purpose-built primary care centres have been delivered since 2001, with the vast majority of these having been delivered since 2012. Irish Times, 3rd June
BidX1 Auction As many as eight lots with €900,000-plus guide prices will be among the 220 properties which BidX1 will offer in two online auctions this month. The most valuable lots will be among the 25 mainly commercial and investment properties offered on June 18. A mixed-use property at 27-29 and 31-33 Carysfort Avenue in Blackrock in south Co Dublin is among some of those with price reductions. Last December, it was guiding €2.1 million and then in February of this year it was at €1.7 million. Now, for this auction, it is guiding €1.4 million. The two adjoining premises extend to c.10,290 sq.ft. and include the former Dark Horse pub as well as the office of Churches Estate Agents. There are also two apartments and nine office units, two of which are tenanted. They currently generate €148,800 in combined annual rent. The Sunday Business Post, 7th June
Westland Row, Dublin 2 Purcell Construction has begun works on a €17 million college extension at Westland Row in Dublin 2. Works include a six-storey extension to the Royal Irish Academy of Music and is expected to take in the region of 18 months to complete. The extension will make room for an opera studio, lecture theatre, research rooms, practice rooms, teaching rooms, a music technology hub among other amenities. The Sunday Business Post, 7th June
In a note to investors, Yew Grove said it was reporting collections of 97% for second-quarter rent, which is in excess of its expectations of 95% in April. The company has agreed a temporary rent deferral with a repayment plan on an additional 1.9% of the unpaid balance, bringing the total to 98.9% in due course, with the remainder due from non-food retail outlets which have been closed. 95.3% of Yew Grove’s rent roll comes from Government bodies or multinationals and large Irish enterprises and only 1.2% of quarterly rent roll derived from non-food retail outlets. The Irish Times, 5th June
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