18th March (Issue 538)
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
Coopers Cross, Dublin 1 Transport Infrastructure Ireland has signed a new long-term lease on Metrolink’s behalf for 49,500 sq. ft of space at Coopers Cross, the major-mixed use campus developed by Kennedy Wilson. Metrolink’s new offices in Building Two is expected to provide it with sufficient space for more than 400 workers, and will sit alongside Wells Fargo, which recently relocated its EU bank operations to the campus. Located just off North Wall Quay, Coopers Cross extends to six acres and takes up a city block fronting Mayor Street Upper, Castleforbes Road, Sheriff Street Upper and New Wapping Street. The campus comprises 381,000 sq. ft of grade-A office space across two blocks. The 18.8km Metrolink railway line, which is expected to cost more than €10bn to build and begin operations in the mid-2030, is to have 16 stops between Swords and Ranelagh. The Irish Times, 11th March
Plassey Innovation Campus, Co. Limerick Fine Grain Property has completed the sale of Hawthorn House at Plassey Innovation Campus to a French investment fund. While the price paid by Arkéa REIM has not been disclosed, The Irish Times understands the office block, which is fully let to General Motors and Kneat Solutions, secured in excess of €16m. Arkéa REIM has acquired the property on behalf of its SCPI Transitions Europe fund. Developed by Fine Grain Property in 2019, Hawthorn House extends to 50,000 sq. ft across four floors. The building is highly sustainable and holds LEED Gold certification and a B1 Ber rating. There are 199 dedicated car-parking spaces. Fine Grain’s sale of Hawthorn House follows its acquisition for €7.5m of the neighbouring Three Building, and its sale for €14m of the neighbouring Hamilton House II, both in late 2024. The Irish Times, 11th March
Hospitality
John Street, Waterford City Sherry FitzGerald John Rohan is guiding €2.4m for two hospitality venues, Kazbar and Davy Mac’s in Waterford. The properties face onto The Apple Market, a prime city-centre location. While the combined floor areas of the two extend to 6,889 sq. ft, the two adjoining premises are separated from each other. It is the preference to sell them in one lot, although separate lot sales may be considered. Kazbar, located at 57 John Street, comprises 5,769 sq. ft across four floors and is a late-night venue. Davy Mac’s, at 7 John’s Avenue, has its entrance around the corner from Kazbar and is a smaller pub. The Irish Independent, 12th March
North Docklands, Dublin 1 Staycity Group has agreed to take a lease on a new aparthotel to be built on Dublin’s north docklands. Ronan Group will shortly submit a planning application for the new 288‑room scheme to Dublin City Council. To be branded under Staycity’s upmarket Wilde portfolio, it will be located at Ronan Group’s 4.6‑acre Waterfront South Central (WSC), near the 3 Arena. Last year Ronan Group received planning permission for a landmark 25-storey block to form the centrepiece of the mixed-use WSC development to sit alongside the new nine-storey European headquarters that Ronan Group is building for global banking giant Citi. At 83.6 metres tall, that 25-storey block will be the city’s tallest. On the WSC site, the new Wilde aparthotel will rise to eight storeys. WSC will also accommodate other commercial buildings and 550 residential units. The Irish Independent, 11th March
Industrial
Vantage Business Park, Dublin 11 Bain Capital and its local partner, Newpark Real Estate, have secured two significant new lettings at Vantage Business Park, the large-scale logistics campus they are developing near Dublin Airport. Musgrave Group has agreed a deal to occupy Building 6, which extends to 104,000 sq. ft on a new long-term lease. Sims Lifecycle Services occupy Building 4, which extends to 76,000 sq. ft. While the rental levels have not been disclosed, The Irish Times understands both tenants are paying in the region of €14 psf. The overall Vantage Business Park development has four detached logistics units within phase two extending to a total area of 422,000 sq. ft, with Buildings 3 and 5 available for lease and ready for immediate occupation. The two remaining units extend to 121,000 sq. ft and 68,000 sq. ft respectively. The Irish Times, 11th March
Retail
O’Connell Street, Dublin 1 Colliers are seeking to let number 47/48 O’Connell street following the recent expiration of the lease with UK footwear retailer Schuh. Located on the busiest section of O’Connell Street between its intersections with O’Connell Bridge and Middle Abbey Street, the property comprises more than 3,375 sq. ft of retail accommodation at ground and mezzanine levels with additional ancillary accommodation at its basement and upper-floor levels. The building has a feature glazed facade extending over five storeys and over 13 meters of retail frontage. Other notable adjoining occupiers include Foot Locker, McDonald’s, Eason, Supermac’s, H&M, Burger King, Decathlon and Asics. The location benefits from passing annual footfall that exceeded 10 million in 2025. The Irish Times, 11th March
Purpose Build Student Accommodation
Cork City Developer John Fleming has purchased three sites in the Victoria Cross/Dennehy’s Cross area of the city with planning permission for almost 600 student-bed spaces. Mr Fleming’s company, Furadino Developments (Cork) Ltd, is currently building a €17m multi-storey, 137-bed student accommodation complex called The Haven on the former Kelleher Tyres site, with bookings already being taken for the next academic year. Furadino also owns the nearby Kellehers Auto Centre site, where the auto service business continues to trade. The site has full planning permission since 2021 for a 243-bed student complex. The third site, formerly home to the Finbarr Galvin motor dealership, has planning permission for a 206-bed student complex secured by Bellmount in September 2024. No development has yet taken place on either of these two sites. The Irish Examiner, 12th March
RESIDENTIAL/DEVELOPMENT
Sutton, Dublin 13 The high-spec coastal development at Seafield Strand has been sold by German fund manager Union Investment to another German institutional investor, MEAG, the asset management arm of Munich Re, in what market sources believe was approx. €70m. The transaction was conducted off-market under strict non-disclosure agreements. Located on Greenfield Road close to the Barracks area, Seafield Strand comprises 140 purpose-built rental apartments across six blocks overlooking Dublin Bay. Developed by Park Developments, the scheme includes a mix of one-, two- and three-bedroom apartments, along with duplexes and penthouses, as well as a crèche facility and landscaped courtyard. Union Investment acquired the scheme in September 2023 for approx. €75m as part of its expansion into Ireland’s residential investment sector. The latest transaction implies a capital loss for the vendor, reflecting the repricing that has affected European property markets amid higher interest rates and increased funding costs. The Business Post, 12th March
Ratoath, Co. Meath JLL is guiding €3m for a 5.65-acre development site in Ratoath, located on the Fairyhouse Road on the outskirts of the town. The subject site has full planning permission from Meath County Council for a nursing home scheme comprising 118 en-suite bedrooms along with ancillary facilities including a cafe, hair salon, nurse stations, kitchen and communal spaces. The permission also provides for the development of eight independent living units. While the lands are currently being used as a BMX track and associated parking for BMX Ratoath, the operator is relocating to an adjoining site under a separate planning application, allowing for vacant possession of the nursing-home site to be provided. The Irish Times, 11th March
Killiney, Co. Dublin Bannon is guiding €7m for Dún Mhuire, a 13,665 sq. ft period residence on a 3.7-acre site in Killiney. While the house is a protected structure, the site is zoned “objective A – residential” within the Dún Laoghaire-Rathdown County Development Plan 2022-2028 and offers development potential. A feasibility study drawn up by CDP Architects in preparation for the property’s sale suggests the site could accommodate a scheme of 81 residential units with surface car parking subject to planning permission. The proposed development would incorporate the retention of the original house. Dún Mhuire comprises a substantial two-storey over-garden level period residence constructed in 1882 with an accompanying gate lodge. There are 10 bedrooms, all are en- suite. The Irish Times, 11th March
Carlow Town, Carlow Coonan Property is guiding €5m for a ready-to-go residential development site for 113 houses and 18 own-door duplex apartments in Carlow. Situated at Crossneen, just two kilometres south-west of Carlow town centre, the holding extends to c. 14-acres and is primarily zoned with a Residential Objective in the Carlow Graiguecullen Joint Urban Local Area Plan 2024–2030. The Irish Independent, 12th March
Rathfarnham, Dublin 16 D/Res has done a €70m deal to buy one of the last significant housing sites within the M50. Last year, the Dublin-based residential builder secured significant backing from Avenue Capital, a large American investment fund. D/Res has now completed a €70m deal to buy a 54-acre site that borders Edmondstown Golf Club and the M50. The site near Marlay Park, which was sold by a private family, has capacity for between 1,000 to 1,200 apartments and houses. D/Res was founded in 2018 by Durkan and Lone Star, the private equity giant. In recent weeks, it was reported by the Sunday Times that Avenue Capital has invested €27.5m to take a minority stake in the builder. The deal for a 20% stake is understood to have valued the company at more than €80m. The Business Post, 15th March
Ballycullen, Dublin 16 Permission has been granted by An Coimisiún Pleanála (“ACP”) for the development of 494 residential units in Ballycullen across more than 25 acres. Lagan Homes received permission for the development which comprises 189 two-storey houses and 305 apartments, spread across 28 apartment blocks, three to four storeys in height. The development had initially comprised 502 residential units. Six were removed from proposals by ACP following additional surveys that were carried out on the site. Permission for the development was granted, subject to 33 conditions. One such condition was that each unit “shall not be sub-divided or used for any commercial purpose (including short-term letting) without a separate planning permission.” It also added that no more than 100 units should be made available for occupation prior to the completion of the childcare facility to an operational standard, unless it was otherwise agreed with the planning authority. The initial 502-unit site was granted planning permission by South Dublin County Council last October but was appealed by Ballyboden Tidy Towns. The Business Post, 12th March
Nationwide Local authorities are set to rezone more than 12,350 acres of land to ensure there is enough zoned land available for more than 500,000 new homes, the Sunday Independent has learned. The amount of land available for house building will jump to almost 37,000 acres after a controversial government order forced local authorities to identify new ready-to-go building land. In a letter to the Government outlining the new figures, the organisation that represents Ireland’s county and city managers warned that “pressures on serviced land capacity – particularly in relation to water and road services – continue to impact timelines.” In its update to the Government sent last week, the County and City Management Association, said that all 31 local authorities throughout the country are “actively engaged” in the city/county development variation process that was ordered last June by the Minister for Housing. The Sunday Independent, 15th March
Other
Tivoli Docks, Cork City A critical step in the multi-million-euro regeneration of Tivoli Docks has been taken following the submission by the Port of Cork Company (PoCC) of a planning application designed to open up access to the site. The planning application focuses on essential infrastructure including a €80m new eastern multi-modal access interchange at the Glanmire Road roundabout and vital road, bus and cycleway upgrades to the Silversprings western access. The application is aimed at preparing the Tivoli lands for long-term regeneration as port operations are gearing up to move downstream out of Tivoli Docks and the city quays to Ringaskiddy and Marino Point. The Port of Cork is the second largest natural harbour in the world. Long-term plans for the 153-acre site, once the infrastructure is in place, include housing, schools, and parking/mobility hubs. The Irish Examiner, 12th March
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