5th May (Issue 545)
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.
RETAIL
Henry Street, Dublin 1 TWM is guiding €4m (9.6% NIY) for number 35 Henry Street. The property comprises a four-storey over-basement building, extending to a net internal area of 2,671 sq. ft. It is fully let to Three Ireland, which has occupied the property on a 25-year lease since November 2006. The lease is on a full repairing and insuring basis, and the rent is €425,000 per year, with reviews every five years. Three has recently completed a substantial refurbishment of the shop. Three Ireland is Ireland’s largest telecommunications provider, serving more than 1.7m customers. The company, which is owned by CK Hutchinson Holdings, employs approximately 1,200 people nationwide and operates 34 directly managed retail stores. 35 Henry Street operates as a flagship store, with the upper floors used for staff training and wellness. The Irish Times, 29th April
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INDUSTRIAL
Naas, Co. Kildare Palm Logistics, an affiliate of the pan-European real estate private equity firm Palm Capital, has struck a deal with DSV Road that will see it deliver a new purpose-built facility of 130,297 sq. ft for the logistics specialist on a 10.9-acre site at Momentum Logistics Park in Naas. DSV Road is the dedicated road-freight division of DSV A/S, a global transport and logistics company headquartered in Denmark. Subject to planning permission, construction of DSV’s new facility is expected to start in the third quarter of this year with completion targeted for the final quarter of 2027. Upon completion, the property will be let to DSV Road on a long-term lease. The proposed unit will include a main warehouse/logistics facility, two-storey management offices and a dedicated yard to support site operations, including segregated HGV movements, trailer standing and staff and visitor parking. The Irish Times, 29th April
Ballymount, Dublin 12 Park Developments’ Logistics Division has completed three significant transactions at their Apex Hub development in Ballymount. Unit 1, extending to 34,000 sq. ft, has been sold to Demesne Electrical, a leading importer and distributor of electrical controls and switchgear. It has also agreed a pre-let of Unit 6 which extends to 45,000 sq. ft. Thirdly, it has sold a site at the entrance to Apex Hub to Costa Coffee which will build a two-level drive-thru cafe there this year. Park Developments is now seeking a tenant for Unit 2 which will extend to around 41,000 sq. ft with construction due to commence in Q3 2026. Joint agents Savills and CBRE are quoting €18.75 psf for this space. The Irish Independent, 30th April
CBRE Q1 2026 Report states industrial occupier demand remained resilient in Q1, however broader macro-driven cost pressures warrant close monitoring. Persistent inflation across energy, labour or transport inputs could temper expansion activity, particularly within the logistics segment. Ireland’s 12-month CPI increased by +3.6% to the end of Q1, from +2.8% at the end of the previous quarter, driven largely by a sharp acceleration in the energy component (+12.9%). Dublin industrial & logistics take-up totalled 424,712 sq. ft in Q1 2026, representing a 28% decline compared with Q1 2025 (588,054 sq. ft). The largest transaction of Q1 was Evri’s 92,484 sq. ft letting at Airport Business Park, reflecting continued demand from last-mile and parcel logistics operators. Demand linked to the data centre sector is becoming an increasingly important component of Dublin take-up.. Prime rents remained stable at €14.25 psf in Q1, having risen by 6% in Q4 2025, bringing cumulative rental growth since Q1 2022 to 24%. Investment activity totalled €41m in Q1, below longer-term quarterly averages. CBRE Dublin Industrial & Logistics Q1 2026
Industrial and Logistics Portfolio Investors Ares and Kennedy Wilson are back in the frame to snap up EQT ‘s industrial and logistics portfolio, with the two underbidders reemerging after U.S. investor Baupost pulled out, Green Street News reported. Baupost had been granted exclusivity to acquire the assets, but the deal fell apart following a significant lowering of the offer from the hedge fund, which vendor EQT rebuffed. EQT Real Estate put its portfolio up for sale last year, with Eastdil Secured and JLL mandated to sell the properties, managed by EQT on behalf of Singapore’s sovereign wealth fund, GIC. It was acquired in 2020 from Morgan Stanley Investment Management, and there are 32 assets in all, totalling around 1.3m sq. ft, including units in Greenogue Business Park and Baldonnell Business Park, with an annual rent roll of circa €13m. Working with partner Palm Capital, Baupost had secured exclusivity to acquire the collection in January, with the agreed price in excess of €215m. However, Green Street reported that sales discussions with two underbidders, Ares Management and Kennedy Wilson, were reignited following Baupost’s exit, with the portfolio expected to go under offer again in the coming weeks. All parties declined to comment. Biz Now, 4th May
MIXED USE
Sandymount, Dublin 4 BDM Property is guiding €1.2m for Hillview House, 15D Gilford Road. The 3,725 sq. ft property sits on a 0.19-acre site and currently comprises a mix of commercial and office accommodation, including a vacant street-facing commercial unit to the front and a two-storey office building to the rear which is occupied by two tenants generating €74,000 pa. The tenants plan to leave this coming July. In 2024 the vendor was refused planning permission for the demolition of the two-storey office building and the development of a mixed-use property including four apartments, a cafe and 5,845 sq. ft of office space. However, it was refused because of the inclusion of a 3,800 sq. ft basement car park. An Bord Pleanála pointed out that the site might be more suitable for a car-free development because of its proximity to good transport links. The Irish Independent, 30th April
Tallaght, Dublin 24 A new phase of commercial accommodation has been launched at Tallaght Cross West, as leasing agents BDM Property bring a range of units to market on behalf of I-Res Reit. The units are essentially large format shell and core retail units that would ideally suit leisure or large retail occupiers. The scheme is located opposite The Square Shopping Centre and adjacent to Tallaght University Hospital. The available units range in size from approximately 2,260 sq. ft to 35 ,521 sq. ft, with potential for a variety of uses across retail, leisure, office and medical sectors. Existing occupiers at the development include Aldi, Flyefit and healthcare operators such as Reeves Day Surgery Centre and CRY Ireland. The Business Post, 30th April
Phibsborough, Dublin 7 Twinlite has lodged a planning application to redevelop Phibsborough Shopping Centre into a 150-room hotel with co-working space and a bar and restaurant. The redevelopment will include a nine-storey purpose-built student accommodation building adjacent to where the shopping centre now stands, with 411 beds, study rooms, a gym and communal open spaces across several floors. The application was lodged with Dublin City Council by Stormborn Capital Acquisition Three, a company associated with Twinlite. It details the construction of an additional four-storey mixed use building fronting North Circular Road with a market hall for retail outlets, cafés and restaurants on the ground floor and 23 cost-rental apartments across the first to third floors. The Business Post, 30th April
Cork City RTE is to begin the search for new studios in Cork after abandoning plans to refurbish its existing base in the city. Kevin Bakhurst, director-general of the broadcaster, told staff last week it would seek “alternative premises”. It is unclear if the company will look to sell its southern regional studios, on Father Mathew Street, where it has operated from since 1995. It put the building on the market for €2m in 2024 but later withdrew it as it considered a refurbishment. Between 40 and 50 people work out of the Cork studios. Rising construction prices have driven up the cost of revamping older properties over the past few months. In February, RTE said the estimated cost of refurbishing its Donnybrook campus had risen above a previous estimate of €350m. The Sunday Times, 3rd April
OFFICE
South Frederick Street, Dublin 2 Investment and stockbroking firm Cantor Fitzgerald is to relocate its Dublin headquarter office from its current home at 23 St Stephen’s Green to nearby South Frederick Street. The company has signed a long-term lease for all five floors of Bindery House, the office building completed recently by Hope Street Property. Knight Frank represented the landlord in the transaction while QRE acted for Cantor Fitzgerald. The company is expected to make the move to its new offices by the end of this year. Hope Street Property is understood to have acquired the building early last year. The property was first offered to the market in October 2023 at a guide price of €12m. Now known as Bindery House, the property comprises 30,000 sq. ft of office space and 2,000 sq. ft of external terraces. The Irish Times, 29th April
Canal Road, Dublin 6 Joint agents Savills and FQP are guiding €16m for the fully vacant, former headquarters of the Construction Industry Federation (CIF). The figure represents a 30.4% discount on the €23m the developer Osborne + Co had been set to pay to secure ownership of the building and its 1.24-acre site during Covid. The property’s owners secured planning permission in September 2024 to demolish the existing property and to replace it with Canalside, a new office scheme comprising 146,000 sq. ft of grade-A office space distributed across two buildings of five and eight storeys respectively, along with 65 car-parking spaces. The Canalside site occupies a high-profile position on the banks of the Grand Canal at the intersection of Ranelagh, Charlemont and at the approach to the central business district in Dublin 2. The Irish Times, 29th April
RESIDENTIAL / DEVELOPMENT
Kilmartin, Dublin 15 Joint agents Knight Frank and Lydon Farrell are guiding €16m for 268 acres at Kilmartin. Situated immediately next to the existing residential areas of Kilmartin itself, and Hollystown, Tyrrelstown and Ongar, the lands, are zoned for agricultural use at present. The location is well connected, with ready access to the N2 and N3 via the new link road, providing direct connectivity to the M3 and M50 motorways and the wider national road network. Dublin Airport is 13km to the east of the lands, while Dublin city centre is approximately 23km away. Fingal consistently records the strongest population growth of any local authority in Ireland, with a populace of more than 330,000, making it the second-most populous local authority in the State. The Irish Times, 29th April
Chapelstown, Co. Carlow Lisney is guiding €9.5m for 33.5 acres located at Chapelstown. The lands are zoned ‘New Residential’ under the Carlow County Development Plan 2022-2028. The site’s potential is evidenced by the fact that it was the subject of a previous grant of planning permission in 2006 for a 275-unit residential scheme. While that development did not proceed, Lisney believes that this original planning permission establishes a precedent for development on the site and reinforces its suitability for residential use. The subject site is located about 2.5km from Carlow town, and has direct access to the N80 national road and ready access to the wider road network, including the M9 motorway. The Irish Times, 29th April
Sandyford, Dublin The Sentinel building in Sandyford will be completed and occupied by the end of next year according its owners, the Comers. In 2022 Dún Laoghaire-Rathdown County Council voted to rezone the Sentinel site, removing the requirement for an office element. Instead, the new county development plan included a “specific local objective” to “facilitate completion of the unfinished block and allow consideration of a maximum of 110 residential units”. In early 2023 the Comers bought the adjoining RB Central site from Ires, gaining permission for the construction of 428 apartments. Later that year they submitted plans to convert the Sentinel to 110 apartments. Sixty would be two-beds with 22 one-beds and 28 three-beds. The council granted permission for the development but with a condition requiring the number of three-bed apartments be increased to a minimum of 40%. Building commenced two years ago, and Sentinel is the last phase of the development. It will be starting early next year and be completed by the end of next year. The Irish Times, 4th May
OTHER
MSCI / SCSI Index Q1 2026 The latest MSCI/ SCSI IPD index shows key sectors of the Irish commercial property market continued to strengthen in Q1 2026, however values for older offices continued to decline. The strongest performers in Q1 were retail warehouses, Grafton Street investments, newer offices and industrial properties. Retail warehouses continued as the overall star performer returning 3.81% in the quarter to their investors, bringing their 12-month returns to 17.17% on the back of 13.7% rental growth and 9.4% growth in capital values over the 12 months. The sector showed quarterly growth of 2.1%, similar to Q4 2025, in both rents and capital values. Older offices are generating rental growth, albeit a modest 0.3% in Q1 and 1.5% in the 12 months. However, they continue to suffer a fall in capital values, down 1.1% in the last quarter and 39% since Q4 2021. The Irish Independent, 30th April
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