4th November (Issue 521)
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.
MIXED USE
Kevin Street, Dublin 2 Camden Yard is set to come back on the market after a European real estate fund failed to close its acquisition of the site by last Friday. Orange Capital Partners (OCP) had been in exclusive negotiations to purchase the site since last August, having submitted a €91m offer, just above the €90m guide price. OCP failed to complete the purchase by last Friday and instead sought an extension to its exclusivity period at a reduced offer price. The receivers, John Boland and Nicholas O’Dwyer of Grant Thornton, are understood to have rejected the proposal and are now preparing to invite new bids for the site. Despite its prime location, Camden Yard has been hit by repeated delays and financial problems. Work was halted in September 2024 when the project ran into difficulties, before it was placed into receivership by its lenders. The Currency reported in August 2025 that contractors, who are owed over €10m, were seeking assurances from OCP about payment and future work in relation to the site. The Currency, 31st October
Dawson Street, Dublin 2 Having come to the market at the end of August, number 54, which is fully let to a range of occupiers, sold in just eight weeks for €3.25m (5.85% gross yield) to a private investor. The price paid represented a 14% premium on the €2.85m which had been guided by Colliers. Located immediately adjacent to the Dawson Street Luas Green Line stop and within a short walk of Grafton Street, the 4,882 sq. ft property is fully let and generating €189,650 in annual rental income from four tenancies. It has a weighted average unexpired lease term (WAULT) of just over 2 years to break and 7.6 years to expiry. The ground floor and basement level are let to Carebrook Partnership Ltd, trading as Pret A Manger, on a 15-year lease commencing February 2022 at €110,000 pa, with a tenant-break option in February 2029. Knight Frank advised the Purchaser. The Irish Times, 29th October
OFFICE
Galway City Centrepoint, a fully let office block at Liosbán Business Park, is being offered for sale by Harvey at a guide price of €2.75m. The property, which extends to 16,881 sq. ft, is let to Galway County Council, at a passing rent of €280,000 a year, equating to €16.60 psf. The tenant occupies the building under a 10-year full repairing and insuring lease commencing in December 2024, following their original lease which began in 2006. The lease includes tenant-break options in June 2030 and December 2031 along with a rent review scheduled for December 2029. Centrepoint is occupied by the council’s Environment Water Services unit. A €2.75m sales price would equate to a 9.25% yield and an underlying capital value of only €163 psf. The Irish Times, 29th October
North Wall Quay, Dublin 1 Knight Frank is quoting a rent of €65 psf for new office space at the Heysham, a nine-storey property comprising a total of 25,000 sq. ft of office accommodation. Located beside the headquarters of the Central Bank and Dublin Landings, the building is being made available to let on a floor-by-floor basis with floor plates ranging in size from 2,500 to 3,000 sq. ft. The office accommodation has 2.7m floor-to-ceiling heights, a business lounge within its reception area along with a range of on-site facilities that include 60 bicycle parking spaces. A joint venture comprising Derek McGrath’s Core Capital and Paddy McKillen jnr’s Oakmount acquired the property with the Brennan family as equity backers in 2019 from Arthur Molloy and Michael Sherry, of Molloy & Sherry Logistics for approx. €10m. The Brennan family’s Fusion Investments has since assumed full ownership of the building. The Irish Times, 29th October
Newmarket Square, Dublin 8 Digital marketing agency Dept has agreed a deal with the Rhatigan Group for new offices at Newmarket Square. Dept will occupy all three floors (7,271 sq. ft) of Thomas Burgh House on a new 10-year lease. While the rental level has not been disclosed, the company is understood to be paying about €42 psf. Known formerly as St Luke’s Church, the building was restored and redeveloped as an office building by the Rhatigan Group and served as its own Dublin headquarter offices until recently. The building’s office space and breakout areas have views through its original church windows while the property is surrounded by landscaped gardens with seating and secure bike parking. The Irish Times, 29th October
Swords Road, Co. Dublin Windward Management has signed a new long-term lease for the fourth-floor penthouse offices at Corballis Hall. While the rent has not been disclosed, The Irish Times understands the company has agreed to pay approx. €35 psf for its accommodation. Completed in 2020, the subject property comprises 19,999 sq. ft of sustainable grade A office accommodation. The building’s floor plates are regular in shape, with 32 underground car-parking spaces coupled with secure bike-parking spaces. The building carries an A3 BER rating. Three floors are still available, with an average size of 5,300 sq. ft. Corballis Hall is located within a five-minute drive of the M50 and M1 motorways. The adjacent Dublin Airport campus is home to more than 200 businesses, which together employ more than 19,000 people. The Irish Times, 29th October
Eastpoint Business Park, Dublin 3 Enterprise Ireland, the state agency with responsibility for promoting Irish-owned companies, is weighing up a move from its Eastpoint business park headquarters. The agency has hired CBRE to see whether it can find more than 118,000 sq. ft of office space in Dublin City. When the agency moved into newly built offices in Eastpoint in 2006, it brought all of its 650 employees in Dublin under one roof. The letting was one of the largest in the office market that year, with Enterprise Ireland agreeing to pay approx. €22 psf. It occupies two office blocks in the business park, comprising approx. 142,000 sq. ft. It signed two separate leases, paying an annual rent of over €1.85m for each office block. Both leases are due to expire in 2031 but the agency has a break clause in 2027. The Sunday Times, 2nd November
INDUSTRIAL
CBRE Report The deglobalisation threat and the subsequent volatility in goods tariffs around ’Liberation Day’ led to some hesitancy among occupiers in the industrial sector in Dublin in early 2025. However, occupiers began to re-engage with decision-making as the year progressed. This momentum continued into Q3, where take-up was solid, if not spectacular, but there is now visibility on a potentially bumper quarter of deal closures ahead in Q4. Dublin take-up totalled approx. 550,000 sq. ft in Q3, down 10% on Q2, but taking total YTD 2025 deal activity to approx. 1.77m sq. ft, 60% ahead of the same period in 2024. The largest transaction of Q3 was JMC Van Fleet’s lease of an approx. 151,000 sq. ft refurbished facility at Ballymount Logistics Hub (owned by M7 Real Estate). A number of impending deal closures point to an imminent uplift in rental levels before year-end, with prime rents projected to exceed €14.0 psf. CBRE Q3 Industrial & Logistics Report, 30thOctober
RESIDENTIAL/DEVELOPMENT
Clonmel, Co. Tipperary A 20-acre residential development site near Clonmel town will go for public auction on 18th November. Joint agents Sherry FitzGerald Pollard FitzGerald and REA Stokes & Quirke are guiding an advised minimum value of €2.2m. It is believed that a developer might get permission to build up to 20 homes per acre as demand is strong in the town and the site will benefit from its extensive frontage onto the R688 Clonmel-Cashel Road at Ard Gaoithe. This location represents one of the last remaining major zoned residential landbanks in close proximity to Clonmel town. The lands are level, easily accessible, and positioned on a key gateway route. The property is surrounded by well-established residential neighbourhoods and positioned within walking distance of Clonmel’s largest employment hub, home to leading global companies including Boston Scientific and Abbott Vascular. The Irish Independent, 30th October
Clonburris, Dublin 22 The State’s Housing Agency has entered into a contract with Cairn Homes to deliver 332 apartments for sale to owner-occupiers at a newly built town under a scheme designed to bridge the affordability of apartment construction. The one- and two-bedroom apartments will be available for €225,000 and €350,000, respectively, at Seven Mills, a new urban development on the banks of the Grand Canal between Clondalkin and Lucan. The contract will comprise 83 one-bedroom and 249 two-bedroom units. The housing body said its call for proposals under the Croí Cónaithe scheme, which closed in August, generated more than 40 submissions for nearly 6,000 apartments. The scheme was launched in 2022, aimed at subsidising the cost of building apartments to address the viability gap for the sale to owner-occupiers. The scheme is expected to spend €450m to support the delivery of 5,000 apartments by the end of 2027. Cairn Homes had initially agreed prices for one- and two-bedroom apartments of €245,000 and €365,000 respectively under the scheme. However, the reduction of the VAT rate on apartments in the budget from 13.5% to 9% further reduced the cost. The Irish Times, 3rd November
OTHER
MSCI/ SCSI Returns index Retail warehousing retained its position as the strongest performing sector of the Irish investment property market in Q3. Retail warehouse capital values rose 1.7% in Q3 bringing their 12-month growth to 5.27%, values which have not been seen since June 2023. The sector’s recovery was partly due to a 0.93% rise in rents during the quarter bringing its annual rental growth to 9.16%. On the back of stable rents, Grafton Street capital values rose 1.33% in the quarter, paring back its annual losses to 0.14%. Investors achieved healthy 2.93% Q3 returns from Grafton St trophy properties and 6.16% over the 12 months. However, the tentative signs of a recovery seen in shopping centres at the start of the year appear to have run out of steam as rents stagnated during the quarter, paring back their annual improvement to 1.8%. But capital values for these centres fell by a sharper 2% during the quarter and 2.9% over the 12 months. In overall terms, office rents have been firming up slightly over the last nine months with a further 0.3% rise in Q3 leading to a 0.8% rise over 12 months thanks to city centre properties. However, in capital value terms offices stagnated during the quarter and have declined 2.4% over the 12 months. Most offices built between 1970 and 2009 saw their values fall by about 1% during the quarter and by between 4% and 8% over the 12 months depending on their age, quality and location. The Irish Independent, 30thNovember
Junction 6, Dublin 15 Manna Air has been refused retention planning permission by Fingal County Council on a site in west Dublin, where it has been operating a drone delivery hub. The permission was sought by the drone company on September 8th. It related to the development of an aerial delivery facility, an existing switch room, perimeter metal fencing, and all associated site works necessary to facilitate the development at the Junction 6 centre in Blanchardstown. However, it was refused by the council on three main grounds, including incompatibility with existing land uses, a lack of detail on the noise impact and the “visually incongruent” nature of the steel fencing. A spokesman for Manna told the Business Post that the company has now removed the two rubber landing mats at the site and will appeal the decision to An Coimisiún Pleanála. He added that in the meantime, it will serve the local community from its other hubs, including one near the Blanchardstown Shopping Centre, which is unaffected by this refusal. The Business Post, 31st October
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