12th February (Issue 183)
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.
OFFICE
Seamark Building, Elmpark Green Business Park, Dublin 4 Chartered Land and Starwood Capital have completed their €45m refurbishment of Seamark Building, a 182,500 sq.ft. office building located at Elmpark Green Business Park, beside the Merrion gates. The property, which is the largest vacant office space available in Dublin currently, will be brought to market to let and is anticipated to achieve €35 psf or €6.4m pa. The Irish Times, 12th February
Charlemont Exchange, Dublin 2 Marlet Property Group has sold Charlemont Exchange to South Korean-based fund, Vestas Management for €150m, representing a 4.5% yield. Marlet acquired Charlemont Block A, B and C in March 2017 and Block D in December that year. The entire property totalling 121,270 sq.ft. was let to WeWork at €55 psf. The Irish Independent, 7th February
Albert Quay, Cork City The Irish Examiner reports that JCD Group has acquired a 0.9 acre site located at Albert Quay which has been occupied by Carey Tools , including the Sextant bar in an off market deal for €7m to €8m. The site which will be redeveloped as offices, is located between JCD’s fully occupied €60m, 170,000 sq.ft. One Albert Quay and alongside O’Callaghan Properties’ 350,000 sq.ft. Navigation Square office scheme. The Irish Examiner, 7th February
Merrion Square, Dublin 2 Colliers are guiding €12m (€720 psf) for 46 and 47 Merrion Square, two adjoining four storey over basement Georgian buildings with two modern mews buildings to the rear. The properties are being sold as one or two individual lots.
47 extends to 6,329 sq.ft. and its mews is 2,190 sq.ft. and are let to NewsWhip Media at €311k pa under two ten year leases from 2016, with a tenant break option in year five. Colliers are seeking €6.25m (€734 psf) for 47 and its mews. 46 extends to 5,866 sq.ft. and is let to three tenants, at €486k pa. Its mews, 2,282 sq.ft. is vacant with an ERV of €85k. Colliers are seeking €5.75m (€706 psf) for this 46 and its mews. The Sunday Business Post, 10th February
20 Merrion Road, Ballsbridge, Dublin 4 Planning permission has been sought to demolish a 25,490 sq.ft. two-storey building and replace it with a 111,890 sq.ft. property ranging from four to six storeys over a two storey basement. Bellucci’s, a restaurant within the existing building is currently the sole opponent to the development. The Irish Times, 6th February
LICENCED PREMISES / HOTELS
The Marker Hotel, Dublin 2 It is reported that the owners of the Marker Hotel, Dublin 2, Midwest Holding AG and an investor group led by Brehon Capital Partners, are considering bringing the five star hotel to market guiding between €120m and €125m. The Sunday Independent, 10th February
Newtown Inn, Maynooth, Co Kildare Agent Sherry Fitzgerald Brady O’Flaherty is guiding €1.9m (€1.58m per acre) for Newtown Inn, a licenced premises along with two retail units and adjoining site. One of the retail units is let as an off licence, the other unit is vacant. The total site is 1.2 acres and has planning permission for nine retail units, medical centre, a crèche and 22 apartments. The site is easily accessible to the M4 and within 800m of the University and train station. The Sunday Business Post, 10th February
RESIDENTIAL / LAND
3-9 Lucan Road, Chapelizod, Dublin 20 Knight Frank are guiding €1.6m (€4.3m per acre) for a residential development opportunity extending to c 0.37 acres. The property comprises Mayfield House at 3-5 Lucan Road and four derelict cottages at 6-9 Lucan Road. The site has planning to demolish the cottages and restore Mayfield House to create nine, three storey, three-bed terraced houses ranging from 1,356 sq.ft. to 1,722 sq.ft. The Sunday Business Post, 10th February
Newbridge, Co. Kildare Joint agents Savills and Jordan’s Estate Agents are guiding over €13m (€386k per acre) for a 33.65 acre site in Newbridge with planning permission for 361 houses comprising 21 two-bed, 253 three-bed, 85 four bed and two five bed houses along with planning for a crèche. The Irish Times, 6th February
1.77 acre site, Titanic Quarter, Belfast CBRE has brought a 1.77 acre site to market in Belfast guiding €39m (€22m per acre) for Plater’s Yard, a waterfront location and positioned within an area that has planning permission for two hotels, 152 apartments and 12 commercial units and 382 space underground car park. The Irish Times, 7th February
3 Vesey Place, Monkstown, Co Dublin Sherry Fitzgerald are guiding €2.4m (€572 psf) for a 4,198 sq.ft. five-bed Victorian house overlooking Vesey Park off York Road. The Sunday Business Post, 10th February
Millrace Court, Clonskeagh, Dublin 6 Knight Frank are guiding €2.6m for a two storey over ground level, standalone apartment block of six apartments and 14 car spaces. The property which comprises two one-bed, three two bed and one three bed apartments produces €160.2k pa (6.16% GIY). The Sunday Business Post, 10th February
Herbert Hill, Sandyford Road, Dundrum The Irish Independent reports that Glenveagh Properties are in discussions with Patrizia, a German fund, to purchaser all 90 apartments they are developing at Herbert Hill Sandyford Road, Dundrum. It is expected any sale will be in the region of €50m. The Irish Independent, 7th February
Monkstown, Co Dublin An Bord Pleanála has approved a proposal for 56 apartments in two four storey blocks on the site of the former Cheshire Home off Monkstown Road, comprising 21 one-bed, 21 two-bed and 14 three bed apartments with basement level parking with 76 spaces. The Irish Times, 6th February
Killiney, Co Dublin Sherry Fitzgerald are guiding €2.75m (€580 psf) for a 4,736 sq.ft. six bedroom detached house in Killiney. The Sunday Business Post, 10th February
John Player Site, South Circular Road, Dublin Hines and APG Asset Management are set to develop hundreds of homes on the site of the former John Player factory and Bailey Gibson industrial premises. This will be the first development to be delivered as part of Hines and APG’s plan to invest an additional €700m building apartments in the capital. The Irish Independent, 9th February
Beach Road, Sandymount, Dublin 4 Joint agents Cushman and Wakefield and Eoin Conway are guiding €11.5m (€12.1m per acre) for a 0.95 acre site with planning permission for 83 apartments at Beach Road, in Sandymount. The site is currently occupied by Maxol garage and an adjoining car dealership. The Irish Times, 6th February
RETAIL
M1 Retail Park, Drogheda, Co Louth EZ Living Interiors are opening a new store in M1 Retail Park and have signed a 15 year lease for 11,692 sq.ft (€10.50 psf). The retail park extends to 250,000 sq.ft. and tenants include Woodies, Smyths Toys, Dealz and Sports Direct. The Irish Independent, 7th February
16, 17 and 45 Henry Street, Dublin 1 Savills are guiding over €26m (3.95% NIY) on behalf of Iput for a portfolio of prime retail units located at 16, 17 and 45 Henry Street. The properties total 13,360 sq.ft. GameStop occupy number 16 at €450k pa, Holland and Barrett occupy number 17 at €280k pa and Fat Face occupy number 45 at €385k pa. The Irish Times, 6th February
GENERAL
Private Rental Sector In 2018, €1.1bn was spent on multi-family transactions, accounting for one third of the market and was the second most dominant sector in the market behind offices. The €1.1bn was across 36 transactions, 24 of which were in Dublin. Two deals in Dublin related to forward funded units in Fernbank in Dublin 14 and 6 Hanover Quay. The most notable outside Dublin was the sale of the Elysian Building in Cork to Kennedy Wilson for over €90m. The Sunday Business Post, 10th February
Tayto Park Roller Coaster Tayto Park has secured planning permission for a €14m steel red rollercoaster. It is anticipated that it will increase visitor number by 15% from 630,000 to 725,000 in 2023. The rollercoaster will be the same size as the park’s existing 32 metre high Cú Chulainn rollercoaster but will be 400 metres longer. The Irish Times, 10th February
Dublin Crane Count reached 121 on 1st February, an increase of 12 cranes / 11% on January’s 109 cranes. This is the fourth month in a row of record scores. There were 75 cranes on the south side and 46 on the north side. The Irish Times, 6th February
Build to Rent Yields CBRE note that build to rent prime yields have hardened to 3.85% due to strong investor appetite for this asset class. It compares with 4% yields for prime office properties and 5.1% for industrial. Build to rent investments accounted for 30% of the market in in 2018, up from 5% in 2015. The Irish Independent, 7th February
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