16th September (Issue 514)

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

Dublin Landings, Dublin 1 IPUT, the biggest office landlord in Dublin, said it had leased approx. 80,000 sq. ft at No 3 Dublin Landings. This includes 47,000 sq. ft on the second, third and fourth floors to Mediolanum International Funds, who will move its Irish headquarters to the new location in January 2026. No. 3 Dublin Landings is 119,000 sq. ft in total. Bought by IPUT in 2020, it holds a LEED Platinum accreditation and a BER A3 energy rating. Mediolanum originally took 8,000 sq. ft in IPUT’s Shelbourne Buildings in 2014, before moving to The Exchange in 2019 where they occupied 20,000 sq. ft and the company is now again more than doubling its leased space at No 3 Dublin Landings. The company also said that an additional 30,000 sq. ft of available workspace has been reserved at No 3 Dublin Landings, with details of lease agreements to be announced shortly. Rte.ie, 15^th September

RETAIL

Cabra, Dublin 7 A neighbourhood retail centre in Cabra has been launched on the market with Savills guiding €7.3m. Known as The Maple Centre, it is located on a corner site on the Navan Road/N3 and next to Tesco. It is fully let and produces €526,500 pa in passing rent (6.55% NIY). It is anchored by fast-food retailer McDonald’s and Polonez, the Polish supermarket. Both have recently signed new long-term leases so the weighted lease term averages 4.6 years to break option. Other tenants are: EuroGiant, Maple Pharmacy, Café Enzo, O’Brien’s Wines and Millennium Chinese restaurant. The private vendor purchased the centre after it was offered for sale in 2021 with a €7.1m asking price. At that time, during the Covid pandemic, it was generating €550,023 in annual rent, including from a former ATM. The current vendor succeeded in attracting Polonez and Café Enzo as tenants. The Irish Independent, 11^th September

INDSUTRIAL

Parkmore West Business Park, Co. Galway French investor Atland Voisin has purchased Building 1 in Galway’s Parkmore West Business Park for €7.2m. The price paid represents a discount of 4% on the €7.5m which had been guided by Cushman & Wakefield when it offered the property on behalf of M7 Real Estate in March of this year. The asset was originally acquired by M7 in early 2022 as part of its EREIP VI fund. Building 1 comprises a modern manufacturing and warehouse unit with a total gross external area of 61,903 sq. ft. Loading access is provided by one dock leveller and one grade-level door. There are 70 car-parking spaces located to the side of the building, which sits on a 2.25 acre site. The subject property is fully let to electronics manufacturer Celestica Inc until July 31st 2030, and is generating a passing rent of €519,812 a year. The Irish Times, 10^th September

MIXED-USE

City Gate, Co. Cork City Gate Park has added three new tenants to its line-up this year, with a total of 44,000 sq. ft being signed for across the scheme. City Gate, which is owned by ILIM, comprises a mix of offices, medical accommodation and retail space distributed across a total area of 300,000 sq. ft, along with more than 500 car-parking spaces. It occupies a suburban location next to the Mater Private, Mahon Point Shopping Centre and Mahon Retail Park. Veonet, a provider of comprehensive ophthalmology services, has signed for 13,000 sq. ft of space in Block A. Block B has also seen significant office letting activity, with John Sisk & Son having recently completed a fit-out of 11,000 sq. ft on the first floor to facilitate the establishment of their Cork HQ. Infineon, a provider of automotive, power management and energy-efficient technologies, is also set to open for business in Block B, having recently signed a long-term lease for the fourth floor of the building. Infineon’s new office will extend to 20,000 sq. ft and fit-out works are in train. The Irish Times, 10^th September

Connacht/Ulster Disposals The HSE is stepping up its campaign to dispose of properties around the country. In order to accelerate the process, it is offering eight of them for auction on September 19th through auctioneers O’Donnellan & Joyce. Located across six counties in Connacht and Ulster, they include former town centre buildings as well as residences in Galway, Mayo, Sligo, Leitrim, Donegal and Cavan, some of which could appeal to homebuyers seeking opportunities to convert them to residential properties with the help of government grants. The most valuable of them is a three-storey building on Main Street, Loughrea, Co. Galway with a €280,000 guide price which could have commercial potential. The Irish Independent, 11^th September

HOSPITALITY

Killarney, Co. Kerry The Coyne family has engaged CBRE to find a buyer for the International Hotel, which is guiding €18m to €20m. It has been over a decade since a major Killarney hotel last came to the market. In 2014, the 172-bedroom Malton Hotel was sold by Nama to the owner of Cork’s five-star Hayfield Manor for over €15m (€87,209 per key). The recovery in the wider economy and more specifically in the tourism sector since then is reflected in the price per key expected to be paid for the 98-bedroom International Hotel. Should a sale proceed at the guide of €18m to €20m, the price per key would come in between €183,673 and €204,081. The four-star property has benefitted from substantial investment and is recognised for its consistently strong trading performance, with year-round occupancy at a high level. The hotel also features Hannigan’s Bar and Restaurant, along with a range of event and lounge spaces. The Irish Times, 10^th September

MacCurtain Street, Cork City Cork is set to get its second Premier Inn, after it was given planning permission for a new hotel on the Leisureplex complex site on the northside of the River Lee. The city council has granted permission for the development, which had seen Premier Inn seek the green light for a 173-room hotel along with a public bar and licensed restaurant on site on the corner of MacCurtain St and Brian Boru St. Its parent company Whitbread PLC acquired the Leisureplex site in February 2024, shortly after it opened its first Cork City hotel on Morrison’s Quay. That site south of the city centre comprised a €30m 187-bed hotel with this new development set to employ a further 40 staff. The Irish Examiner, 15^th September

Purpose Built Student Accommodation

Stoneybatter, Dublin 7 Cushman & Wakefield, on behalf of Marlet Property Group, is selling The Residence, a purpose-built 193-bedspace scheme. Located on Prussia Street and in close proximity to TUD’s Grangegorman campus, the complex is guiding €42m (€217,000 per bedspace). Arranged across seven low-rise buildings, the A2 BER-rated development comprises a mix of single (4%), double (87%), and twin ensuite rooms (9%) arranged across 33 own-door clusters. The scheme’s amenities include a gym, games area, study spaces, lounge room, and landscaped courtyard gardens. The Irish Times, 10^th September

Amiens Street, Dublin 1 Sea Strand Properties is seeking a buyer for the site of the well-known Top petrol station on Amiens Street. Having failed to secure a sale of the 0.4-acre property at a price of €12m in 2022, when it had full planning in place for a 177-bedroom hotel, the company sought and secured approval earlier this year from DCC for a 246-bed-space PBSA scheme on the site. The property has now returned to the market and is guiding at a price of €11.5m through Knight Frank. The approved scheme comprises a building ranging in height from six to nine storeys over a lower ground floor. The bed spaces comprise 204 single bedrooms within 27 cluster model units, and 21 twin studio units incorporating 42 bed spaces, all with en suites and shared kitchen/living/dining areas. The grant also allows for the scheme to be used for short-term tourist or visitor accommodation outside of academic term times. The Irish Times, 10^th September

Global Student Accommodation (GSA) Portfolio GSA has paused the sales process for five Irish assets due to uncertainty surrounding the government’s changes to rent control laws, according to senior executives at the company. The company, which entered the Irish market in 2014, has developed a portfolio of 4,000 student bedspaces across 11 assets following an investment of nearly €1bn. Earlier this year, the company started a process to sell or recapitalise part of its Irish portfolio valued at €500m. GSA told the Business Post that in the middle of that process, the government came out with their announcement on rent pressure zones (RPZs), but unfortunately, they didn’t say anything about PBSA, and it created uncertainty. The changes by government expanded RPZ rules nationwide, which means rent increases will be limited to 2% or the rate of inflation, whichever is lower. James Browne, the housing minister, also announced relaxed rent caps for new-build apartments, but no guidance has been issued on how student housing would be impacted. The Business Post, 14^th September

Residential/Development

Santry, Dublin 9 Ardstone has agreed a deal to acquire a 180 build-to-rent apartments in Birchwood Court. The company has confirmed it has paid €79m (5.25% NIY). The 180 apartments are currently vacant with Ardstone planning to bring the units to market for letting in November. The sale of the development has come after Castlehaven Finance appointed Receivers over the project earlier this year. The appointment of Receivers was made after Urbeo, the housing investor, sought a High Court order to wind up Linbiz Limited. Urbeo previously agreed to acquire apartments in the Birchwood Court complex, but the €82m deal was terminated. The latest two deals by the company now mean Ardstone has control over a portfolio of more than 3,000 residential homes, both houses and apartments, across the greater Dublin area. The Business Post, 10^th September

Dawson Street, Dublin 2 The Royal Irish Automobile Club (RIAC) has instructed JLL to seek expressions of interest for its longstanding home at 33/34 Dawson Street. While a guide price has not been set, offers are expected to be in the region of €10m. The Irish Times understands that the RIAC is open to a range of deal structures including joint ventures. Located directly across from the Mansion House, the subject property comprises two five-storey over-basement Georgian buildings extending to a combined area of 19,871 sq. ft. The overall site meanwhile extends to 0.45 acres, with both buildings listed on DCC’s Record of Protected Structures. Two feasibility studies prepared in advance of the sale suggest the site offers scope for the development of either a five-storey over-basement, 54-bedroom hotel with two rental suites extending to 32,500 sq. ft, or a five-storey office development 27,500 sq. ft. The Irish Times, 10^th September

Rathmines, Dublin 6 Developed by Bain Capital in partnership with Lugus Capital, and with Grayling Properties currently acting as operator, Rathmines House comprises a 110-unit co-living scheme complemented by a range of on-site amenities including a large gym, co-working space, communal lounges and roof terraces. Located on Lower Rathmines Road, the seven-storey property is guiding €37.75m through Knight Frank. The building, which opened for business as a co-living scheme in 2023, is now fully occupied and generating a gross annual income of €2.7m (NIY of 5%). Almost 60% of the building’s residents are under 30 years of age. The Irish Times, 10^th September

Balbriggan, Co. Dublin Ballymore has agreed a deal with the LDA to deliver hundreds of affordable, cost-rental and social homes in Balbriggan, with construction set to get under way within weeks. Located on a site of 62.6 acres on the southern edge of Balbriggan, the Hampton Demesne development will, upon completion, comprise 817 homes along with a range of amenities. These will include a new public park with a playground, multi-use games areas and landscaped green areas for residents and the wider Balbriggan community. The first phase of the Hampton Demesne development has a timeline of three years and will involve the construction of 259 homes along with necessary infrastructure works. The Irish Times, 10^th September

North Wall Quay, Dublin 1 Greystar is considering the sale of Quayside Quarter. The US residential sector investor moved into the Irish market in 2019 and now has a portfolio of close to a thousand rental homes in Dublin. Greystar’s first move into Ireland was its €175.5m deal to acquire Quayside Quarter from Ballymore, six years ago. The Business Post understands that the company is now considering the sale of the 268-unit apartment complex, located beside the Central Bank’s headquarters. Property industry sources said Greystar has appointed JLL to advise the company on the sales process. They added that the process for Quayside Quarter is at a very early stage. It is understood the property could be listed for a guide price of close to €180m and Greystar is not exploring a recapitalisation but would be open to staying in place as operator of Quayside Quarter post-sale. A source familiar with the matter said the potential deal to sell the apartment block is not part of plans by Greystar to exit the Irish market. The Business Post, 10^th September

Bishopstown, Co. Cork Plans have been lodged for nearly 250 new homes near Bishopstown, across the road from where another large housing scheme has been constructed. Bridgewater Homes has submitted a bid for planning permission to Cork City Council for 143 houses and 103 apartment units on 12.7 acres at Waterfall Road in the townland of Ardarostig. The mix of one, two, three and four-bed housing units would be accompanied by a creche for up to 140 children in the envisaged Waterfall Manor development. While it is opposite the Waterfall Heights development where permission for 276 homes was granted by An Coimisiún Pleanála in 2021, it is also located near another Waterfall Road site where plans for 164 new homes were declined by the council earlier this year before the planning board later granted permission. The Irish Examiner, 10^th September

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Origin Capital funds senior debt transactions in the CRE investment sector, typically in excess of €3m, and has lent over €400m to clients since April 2015.