20th January(Issue 528)
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.
INDUSTRIAL
Kylemore Industrial Estate, Dublin 10 Harvey is guiding €5.5m for Block 3, which comprises two semi-detached warehouse and office buildings, along with two annexes, and extends to a gross external area of 50,866 sq. ft. The two warehouse buildings which make up approximately 98% of the property, are occupied under two 15-year leases by Wholefoods Wholesale Limited. The property is generating a total rent of €368,067 a year, which is highly reversionary. Wholefoods Wholesale Limited’s occupancy expires at the end of August 2027, and deeds of renunciation have been signed. The property is zoned ‘Z6 Employment/Enterprise’ under the Dublin city Development Plan 2022-2028 and is designated ‘Residential Led’ under the City Edge Project. Should a sale proceed at the guide price of €5.5m, the new owner would be in line for a net initial yield of 6.1% and a capital value of €108 per sq. ft, which is significantly below replacement cost. The Irish Times, 14th January
Portfolio Purchase Chancerygate has completed the purchase, for more than €60m, of a large-scale industrial portfolio comprising a range of assets at two of Dublin’s foremost industrial parks. Chancerygate saw off competing offers for The North Gate portfolio, a collection of 12 properties distributed across a total gross external area of 341,900 sq. ft at Furry Park Industrial Estate and North Dublin Corporate Park. The portfolio, which is fully let, was offered to the market by Savills on behalf of Iput at a guide price of €55m last September. Seven of the properties are located at the Furry Park scheme, while the remaining five units are located in North Dublin Corporate Park. The portfolio occupier base includes UPS, Euro Car Parts, the Panelling Centre and Arkray Ireland. Chancerygate is also speculatively developing a €45m, 120,620 sq. ft grade A urban logistics park at Santry in north Dublin called Airport Trade Park. The scheme will comprise 13 leasehold units ranging from 3,610 sq. ft to 22,665 sq. ft upon completion. The Irish Times, 14th January
OFFICE
Cork City John Cleary Developments (JCD) has bought Cork City’s Half Moon St development in an off-market deal believed to be valued at approx. €30m. JCD purchased the city centre building from Kennedy Wilson, who paid O’Callaghan Properties €36.3m for the mixed-use development in 2019. JCD pledged to spend an additional €5m to upgrade the vacant office space. JCD already has terms agreed on one floor and is in detailed discussions with a number of occupiers in relation to the other floors. The first office occupiers are expected to be in place by mid-April. Tech giant Apple Europe previously had offices in the building, before relocating in 2021 to BAM/Clarendon’s new development at Horgan’s Quay. Work on the €5m upgrade is already underway. The total office floor area is 54,000 sq. ft, with floor plates up to 18,000 sq. ft, which are fully fitted and ready to occupy. The upgrades will bring the building’s energy rating to an A3. A previously unused basement that extends to over 20,000 sq. ft is the subject of ongoing discussions with a number of interested parties. The Examiner, 16th January
Fitzwilliam Square, Dublin 2 No. 66 Fitzwilliam Square has come to the market at a reduced price. In 2024 it was offered for sale through an agent guiding €3.8m. Now the current agent, Lisney Sothebys, is quoting €3.25m for it, a 14.5% reduction. The building has been well maintained and retains many of its period features, including fan lights, ornate cornicing, sash windows, ceiling roses and high ceilings, most notably in its hallway and two living rooms. Both it and a mews to the rear are in office use and could be converted into residential home use. The house itself is currently divided into multiple office units and extends to approximately 6,100 sq. ft with four-storeys over garden-level and serviced by a lift. The mews, which is connected to the house, extends to approximately 1,120 sq. ft and has separate access from Pembroke Lane. In all the two buildings offer 12 rooms which are described as offices and a further two front rooms facing onto the square with its garden are described as living rooms. The Business Post, 18th January
St. Stephen’s Green, Dublin 2 Kennedy Wilson, one of Ireland’s biggest commercial landlords, has secured permission to develop a new nine-storey office block at Stokes Place. Last year, the company applied for planning permission to redevelop the site of KPMG’s office on the corner of St Stephen’s Green and Harcourt Street. The office is currently used by KPMG to house its audit, tax and advisory support teams. Kennedy Wilson proposed redevelopment of the current seven-storey office block into a nine-storey development, which would provide 440,000 sq. ft of office space, 5,200 sq. ft of event space and 600 sq. ft of amenity space. DCC has now approved the application, which will increase office space in the development by 37,700 sq. ft. Kennedy Wilson previously secured permission in 2023 to demolish Stokes Place and build a seven-storey office development. The Business Post, 13th January
HOSPITALITY
Killarney, Co. Kerry The International Hotel, a four-star historic hotel in Killarney town centre has been sold for €22m. The 98-bed high-end hotel owned by the Coyne family has just found a local buyer, the O’Donoghue Ring family, bringing to five the number of Kerry hotels now owned by that family, with four to date alone in Killarney, as well as other hotels in the UK as well as owning Munster Joinery. The hotel went to the open market in September, and a sale has now taken place within a swift four months, via CBRE who had launched it with a €18m-€20m price guide. The Irish Examiner, 16th January
RETAIL
Dundalk, Co. Louth Marshes Shopping Centre has added four new tenants to its line-up, with Lovisa, Golden Discs, Camile Thai and Next all either open or due to open for business. In the case of Lovisa, the fast-fashion jewellery brand began trading at the centre just before Christmas after signing a 10-year lease for Unit 29 (1,058 sq. ft). Golden Discs opened for business at Marshes last November and occupies Unit 36 (1,782 sq. ft) under a 10-year lease, while Camile Thai is operating from Unit 4 (223 sq. ft) in the shopping centre’s food court under a 10-year lease. UK-headquartered fashion retailer Next is set to open at Marshes Shopping Centre shortly, marking one of its first big signings since the opening of its Henry Street store in 2018. Next will take possession of Unit 6 (11,592 sq. ft) over the coming week to commence its store fit-out and will occupy the store on a 10-year lease. The Irish Times, 14th January
RESIDENTIAL / DEVELOPMENT
Sandymount, Dublin 4 Colliers is guiding €1.1m for a 0.24-acre site in Sandymount. Located just off St John’s Road and 650 metres from Sydney Parade Dart station, the subject site comprises numbers 1 and 2 Radcliff Mews, two detached mews dwellings with garages dating from the 1970s. Number 1 Radcliff Mews comprises a two-bedroom dwelling measuring 850 sq. ft with livingroom, kitchen, patio and a private garden. Number 2 Radcliff Mews comprises a three-bedroom dwelling (one en suite) measuring 740 sq. ft with kitchen, livingroom, patio and a private garden. There are four lock-up garages and parking for a further three cars to the front of the units. The entire site is zoned “Z2 Residential Neighbourhoods (Conservation Areas)”. The objective of this zoning is to “protect and/or improve the amenities of residential conservation areas” in accordance with the Dublin City Development Plan 2022‐2028. The Irish Times, 14th January
Cabra, Dublin 7 Planning permission is being sought for a six-storey, 249-bed student housing development at the “derelict” Matt’s of Cabra pub site on Fassaugh Avenue, according to newly filed planning documents. The purpose-built student accommodation development will include 249 student bed spaces which, if granted, will be arranged into 32 groupings of between four and 10-bedroom blocks which will share living and cooking areas. Ten studio units will also be included. The development will be spread across two blocks of housing, which will range in height up to a maximum of six storeys. In addition to bedrooms, the development is expected to deliver a student lounge area, laundry facilities, a postal room as well as kitchen and eating facilities. Outside of the college term, the development will hope to be used as short-term tourist and visitor accommodation. R&D Developments Ltd is the applicant company, with the application noting it is undergoing a receivership by Grant Thornton. The Irish Times, 14th January
Housing Commencements Construction began on just 16,412 housing units last year, the lowest total since 2016. The number came off the back of a far higher number of units started in 2024, when a total of 69,311 notices were filed. However, this was fuelled by a waiver of development levies and a rebate from Uisce Éireann for water-connection charges. Announcing the figures yesterday, the Department of Housing pointed out that, across 2024 and 2025, a total of 85,723 units were started. It said this was 43% more than the combined total for the preceding two-year period. The department is also taking heart from an increase in the number of units started last month, when the number rose to 3,065, double that of the previous month. The second-highest month was 1,656 units in September. Apartments accounted for more than half of all units started last month, at 1,820. This was more than three times higher than the figure for November and could be an early indication that confidence is returning to that sector. The Irish Independent, 16th January
South Circular Road, Dublin 8 Griffith College Dublin has applied for planning permission from DCC to develop a multimillion-euro expansion to its campus which would involve four new campus buildings being built, according to newly filed planning documents. The university is looking to adapt its existing campus in order to allow for a doubling of its on-campus student numbers from about 3,500 students to up to 7,000 students. These plans fit into a wider master plan for the future expansion of the college which could cost an estimated €200m. The expansion would mean a four-storey, 56,000 sq. ft building between the existing Arthur Griffith and Daniel O’Connell buildings to house classrooms, lecture halls, offices, plant rooms and breakout spaces. An existing building, known as the Photography Studio, would also be demolished as part of the works, with a new four and five-storey teaching and learning building being built on the site. The 49,700 sq. ft building would include a gym and changing areas, as well as an exhibition and event space. The total floor space of the proposed works would mean 131,500 sq. ft of floor space added to the college’s footprint, the applications details. The wider expansion will also see further student accommodation being built. The Irish Times, 14th January
Baggot Street Upper, Dublin 4 The Raglan Townhouse Hotel Ltd is seeking permission for an 87-bedroom hotel on Baggot Street. In June 2024, DCC refused permission to the company for a 100-bedroom hotel at numbers 46, 48 and 52 -54 Baggot Street Upper and at 46, 48, 50 and 52-54 Eastmoreland Lane, Dublin 4. The new notice states that the hotel would include a cafe/bar, hotel reception and 12 guest rooms at ground floor level. It also involves a change of use at number 48 Baggot Street Upper from offices to hotel bedrooms. In addition, the scheme involves the change of use of Nos 52 to 54 Baggot Street Upper from bank branch and offices to a hotel and the construction of a new four-storey building to the rear of numbers 46, 48, 50 and 52-54 Baggot Street. The council blocked the 100-bedroom hotel plan after concluding that it would be overly dominant, would not conserve nor enhance the special architectural character of the setting of the protected structures and their curtilage, and would result in extensive and unjustifiable demolition of the original historic fabric. The Irish Times, 19th January
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