26th August (Issue 511)
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.
HOSPITALITY
Exchequer Street, Dublin 2 JLL and Eastdil have been approached by Deutsche Finance International (“DFI”) and BCP Capital to sell the former Central Hotel. One source said the agents plan to put the hotel on the market for around €100m. In July 2019, DFI and BCP acquired the Central Hotel from the Gerry Conlon-led Bridlewood Family Trust. Financial details of the acquisition were never disclosed however the property had been put on the market in October 2018 for €40m. At the time, it had 70 rooms across four floors. DFI and BCP planned to refurbish the building, adding rooms and improving its food and drinks offering. In 2022, DFI and BCP agreed a long-term deal with hospitality group Ennismore to operate the hotel as the country’s first Hoxton hotel. The plan would see the hotel renovated and restored, including its famous Library Bar, and extended to 129 bedrooms. The Sunday Independent, 24th August
Dún Laoghaire, Co. Dublin Downton Ventures Limited has sought planning permission to develop a new REZz hotel near the Dún Laoghaire seafront. The company has applied to DLRCC for permission to change the use of the lower floors of various buildings in the Century Court complex from office to hotel accommodation. The application applies to the first, second and third floors of blocks A and B in the complex, as well as the second and third floors of blocks C and D, a total of approx. 17,500 sq. ft with 71 bedrooms. According to the application, no demolition works would be necessary. An Post, along with several others, are current tenants in the complex, however Downton Ventures stated in the application that these would be unaffected by the change of use, and added that the residential apartments building would also be unaffected. The Business Post, 24th August
Pub Conversions Local authorities have received notification of more than 150 developments turning vacant pubs into housing units since the need for planning permission for such conversions was dropped. In 2018, the Department of Housing introduced new rules removing a requirement to secure permission to convert certain vacant commercial buildings into residential units. In 2022, the exemption was extended to include vacant former pubs. Between 2018 and 2024, local authorities received 1,457 notifications to convert vacant commercial properties into housing units, of which 154 relate to vacant pubs. These 154 conversions could create up to 459 new homes, the department said. The Irish Times, 19th August
INDUSTRIAL
Little Island, Co. Cork Unit 1 Nova Business Park has come to market for sublet at an annual rent of €127,195 (€10.55 psf). Unit 1 is one of eight warehouses in Nova Business Park given a comprehensive makeover by Kennedy Wilson after the US investor bulk-bought the units around four years ago, from O’Connell Transport Warehousing, in what was then known as O’Connell Commercial Park. Sherry FitzGerald is acting on behalf of tenant Fáilte Solar, who are subletting the A rated Unit 1. The location is just minutes from the M8 Cork/Dublin motorway via the upgraded Dunkettle interchange (3km away) as Cork city centre. Unit 1, which extends to 12,045 sq. ft, consists of a high-quality ground floor warehouse (11,084 sq. ft), ground floor office (480 sq. ft) and first floor open plan office accommodation (480 sq. ft). The Irish Examiner, 21st August
MIXED-USE
Harcourt Street, Dublin 2 Kennedy Wilson (KW) has lodged new plans for a nine-storey “mixed-use office-led campus” at KPMG’s current office on the corner of St Stephen’s Green and Harcourt Street that could hold more than 3,000 office workers, as well as a folk music club and refurbished apartments. In the new planning application, KW Investment Funds ICAV is seeking revisions to its office scheme that was granted planning permission at Stokes Place in January 2023. At the time, An Coimisiún Pleanála (“ACP”) granted planning permission to demolish the existing office complex, and to construct an eight-storey office block. In the new scheme, the applicants are seeking permission to add a 9th floor. The new application will add 38,000 sq. ft of office floor space to bring the office space to approx. 439,000 sq. ft. The applicants are also proposing that a permitted retail space of a cafe/restaurant be replaced by an event/entertainment space and “a reimagined 95 Folk Club for young and established folk musicians” is proposed. In addition, nine of the existing Russell Court apartments are to be refurbished as part of the proposals to provide a residential component. The Irish Times, 20th August
Parliament Street, Kilkenny City A bank branch let to Bank of Ireland has been bought by a private investor for its €4m guide price. Generating a passing rent of €263,387 pa, the price equates to a net initial yield of 5.98% which is a keener yield than those achieved for prime Dublin shopping centres at 7.75%. A key attraction for investors in the property is that its lease allows the landlord to receive upwards-only rent reviews with the next due in December 2026. The 0.22 acre site includes a small car-park with frontage on two sides offering future development potential. The building itself extends to about 9,550 sq. ft over two-storeys and a basement, and its layout comprises an open-plan customer banking hall at ground level, open-plan and cellular offices on the upper floor, and ancillary accommodation at basement level. There are also 13 car-parking spaces. The Irish Independent, 20th August
OFFICE
Westland Row, Dublin 2 Colliers has launched 35 Westland Row to the market with a sale price of €3.25m or €45 psf to lease. This four-storey over basement period building, directly opposite Trinity College, has been refurbished in recent years and extends to 5,629 sq. ft. Features include a modern, open-plan floor plate at the rear, which is suitable for co-working, collaboration and event functions. The central location will also appeal to commuters as it is within a minute’s walk of Pearse Street Dart station, a few minutes walk from both Green and Red Line Luas stops and a host of Dublin Bus routes. While primarily suited for office use, its flexible layout could also accommodate educational or medical purposes, subject to the necessary planning permissions. The Business Post, 24th August
Residential/Development
Dublin City Conversions Almost €3m was spent by DCC buying two commercial buildings that have been left vacant due to a lack of resources to convert them into social housing. The two 19th-century buildings were bought as part of the council’s “adaptive reuse” programme, a city regeneration scheme designed to combat dereliction and provide homes through the reuse of vacant properties. The adaptive reuse unit was set up by the council in October 2022 and had already assessed more than 500 buildings’ suitability for conversion into homes. Feasibility studies were prepared for 15 conversion projects and the first three properties were bought at a total cost of €6.35m. However, the scheme has been radically curtailed and just one project is proceeding, the adaptation of a Ringsend office block at 14-15 Fitzwilliam Quay, which is attached to a larger apartment scheme. The council paid €3.55m for the offices and plans to convert them into 15 apartments. The council bought Kerr House, a protected structure at 114-116 Capel Street, for €1.7m last year. The top two floors were to be converted into four apartments with the ground floor retained for commercial use. The Bank of Ireland at 371-373 North Circular Road in Phibsborough closed in 2021. The council bought it for €1.1m early this year, with the intention of converting it into four apartments at ground and first-floor level. The Irish Times, 25th August
Kimmage, Dublin 12 Planning permission for the construction of 145 apartments at the Carlisle site in Kimmage has been granted by DCC. The apartments, which will be spread across five blocks ranging in height from three to partially-five storeys, are set to be built to the side of the BD Gym. The apartments will be made up of 70 one-bed and 75 two-bed apartments, which are intended to be built to be sold, the applicant said. A creche will be included in the development as well as 89 car parking spaces and more than 400 bicycle spaces. The planning application was submitted by Lioncor Developments subsidiary, 1 Terenure Land Ltd, whose ultimate parent company is Oaktree Capital Management LP. This is the third planning application for the site. An application for 208 units at the site was quashed by the High Court in May 2025, a further application at this site was granted by the council and upheld by ACP on appeal but is subject to a judicial review. Some 17 planning objections were submitted by residents of the area. The applicants will be required to pay a sum of €1.33m to the council as a contribution to the cost to public infrastructure from the scheme. The Irish Times, 23rd August
Ballymun, Dublin 9 Plans have been submitted for a major new housing development on a site in Ballymun that was once home to some of the area’s most recognisable tower blocks. Tuath Housing Association has lodged a large-scale residential development application with DCC for the construction of 463 new homes on a 7.6 acre site along Coultry Road and Ballymun Road. The proposed scheme includes a mix of apartments and duplex units spread across 10 separate blocks, ranging in height from three to six storeys. The development will include 190 one-bedroom, 226 two-bedroom, and 47 three-bedroom homes, along with community facilities and a crèche. As part of the plans, four existing residential units at Nos 62-65 Coultry Gardens are to be demolished. In addition to housing, the proposal includes a crèche and a cultural or community space. A total of 144 car parking spaces and over 1,000 cycle parking spaces are proposed, alongside green roofs, landscaped open spaces, balconies and terraces. The Irish Independent, 19th August
Wilton, Co. Cork The LDA has been given the green light by Cork City Council to proceed with a major housing scheme, set to deliver 348 affordable homes. The development, on land transferred from the ESB at its Wilton site, will include 296 cost-rental apartments, 16 two-storey affordable townhouses, and 36 social housing units. The site, just off the Sarsfield Road roundabout, was handed over to the LDA in August 2024, with planning lodged in April of this year. The project, which features several five- and six-storey apartment blocks, will also include a crèche, podium gardens, parking, and pedestrian and cycling links. On Wednesday, CCC granted planning permission subject to 51 conditions. The LDA has said that, pending no appeal, construction could begin in early 2026, with the first homes due in late 2028. However, the decision may still be appealed to ACP, which could cause delays. The Irish Independent, 22nd August
Glasnevin, Dublin 11 The number of homes planned for a new suburb at the former Dublin Industrial Estate opposite Glasnevin Cemetery has been revised upwards by 40% to a potential 8,500. DCC last April published the Ballyboggan draft master plan for the development of 6,000 homes within a 185 acre zone, the largest industrial land bank to be regenerated since the Dublin docklands. However, the plans were criticised for lacking ambition in the midst of a housing crisis, with landowners and State agencies seeking the highest possible densities to ensure the maximum number of apartments are built. The area, just 3km from the city centre, is surrounded by the established suburbs of Glasnevin to the east, Cabra to the south, Finglas to the north and the expanding neighbourhood of Pelletstown to the west. More than 140 submissions were made to the council on the draft master plan, most of which called for increased housing density and height on the lands. Many of these were from existing industrial landowners, though Irish Rail and the National Transport Authority, as well as several members of the public, called for maximum densities to be pursued on the site. The Irish Times, 23rd August
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