12th May (Issue 546)
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
Grafton Street, Dublin 2 Savills is guiding €3.4m for Number 2 Grafton Street and 50 Nassau Street. Located at the junction with Nassau Street, the asset comprises a 2,615 sq. ft five-storey over-basement building in a prominent corner position in Dublin city centre’s foremost shopping area. The building is occupied by a diverse tenant mix and is anchored at street level by coffee chain, Starbucks, and by Claddagh Jewellers. The upper floors of the property are home to a number of office and service occupiers. The investment is currently generating total annual rental income of €242,426, and the weighted average unexpired lease term is approximately 6.5 years to break. Should a sale proceed at the guide price, the new owner would stand to secure a NIY of 6.48%. The Irish Times, 6th May
For lending terms on this asset, please contact rossmetcalfe@origincapital.ie
Blackrock, Co. Dublin Failing to find a buyer for the Frascati Centre in Blackrock when it offered it in a quiet, targeted process for about €100m in 2023, the owners are preparing to offer it for sale on the open market. Cushman & Wakefield and Eastdil Secured will be joint agents and the price is expected to be between €75m and €80m. Acquired by Invesco Real Estate for €68m in 2015, a further €80m was spent on its renovation and extension. The Blackrock property comprises 177,000 sq. ft of retail space and 43,000 sq. ft of residential accommodation distributed across 42 apartments. The scheme is generating an annual rent roll of €6.9m. There is an opportunity to increase the Frascati Centre’s net operating income substantially, with full planning permission in place for the development of an additional 123 rental apartments across two phases. The Irish Times, 6th May
North Dublin Docklands US real estate investor Kennedy Wilson said it has bought out its co-owner in Coopers Cross, a mixed-use development in the North Dublin docklands. The company said in its latest quarterly report that it paid Cain International $24m to buy its 50% stake in Coopers Cross. This resulted in a $16m remeasurement gain for the firm. Coopers Cross is spread across 394,000 sq. ft and includes 471 apartments. The office block was completed early last year. The Business Post, 10th May
RETAIL
Parnell Street, Dublin 1 Cushman & Wakefield is guiding €6.925m, exclusive of VAT for Unit 2 at the Ivy Exchange. Developed by the Cosgrave Property Group in 2006 as part of the wider, mixed-use Ivy Exchange, Unit 2 comprises ground and mezzanine floor accommodation extending to 28,068 sq. ft. The subject property is fully let to Tesco Ireland on a 25-year lease which commenced in November 2007. The current passing rent is €495,000 a year with approximately 6.8 years income remaining until lease expiry. The financial accounts for Tesco Ireland for the year ending February 22nd, 2025, show total sales in the year grew 5.8% with a turnover of €3.445bn. Should a sale of Unit 2 proceed at the guide price, the incoming owner would stand to secure a NIY of 6.5%. The Irish Times, 6th May
For lending terms on this asset, please contact rossmetcalfe@origincapital.ie
Navan, Co. Meath JD Sports has opened a new store at Navan Town Centre. The European sportswear retailer has agreed a deal to occupy the 7,535 sq. ft which had been left vacant by UK fashion retailer New Look following the liquidation of its Irish operations. JD Sports was represented in the negotiations by Bogle Estates while Cushman & Wakefield and Savills acted as joint letting agents for Navan Town Centre. Developed originally in 1980, Navan Town Centre was extended on a number of occasions between 1995 and 2009. The scheme today extends to 303,383 sq. ft with 1,388 car-parking spaces. Navan Town Centre is anchored by Tesco, Penneys and Dunnes. Other well-known retailers at the centre include Sports Direct, River Island, Boots, Starbucks and Costa Coffee. The Irish Times, 6th May
HOSPITALITY
Killester, Dublin John P Younge is guiding €6m for The Beachcomber, a 6,000 sq. ft landmark bar over two levels located at 179 Howth Road. Turnover is believed to be heading for over €2.7m. At ground floor level its lounge bar extends to 2,938 sq. ft. A kitchen extending to 102 sq. ft is also located at ground level, as are a store, cold room, toilets and an office. At first floor level is a lounge/carvery/restaurant in two sections: one to the front of 1,324 sq. ft while a back section extends to 1,690 sq. ft. At this level a catering kitchen measures a much larger 370 sq. ft and it is complemented by a food cold room. The Irish Independent, 7th April
Laragh, Co. Wicklow McDonnell Properties is guiding €1.5m for a café and delicatessen and a heritage property located in the heart of the Wicklow Mountains National Park. The sale involves the well-established 8,611 sq.ft Glendalough Fayre cafe and shop, and an historic stone house built in 1865 as a Royal Irish Constabulary building. With a long-standing presence in the village, the cafe deli is better known as Glendalough Green or the Glendalough Cafe, with its iconic red signage. Next door is the Royal Irish Constabulary building, which comes with a period slate roof and striking Victorian entrance door and five bedrooms. To the rear, a courtyard leads to a built-in BBQ area. The Irish Independent, 10th May
OFFICE
Sir John Rogerson’s Quay, Dublin 2 Commercial property firm Iput has agreed a long-term lease with Beauchamps LLP at Two Riverside on Sir John Rogerson’s Quay to support the firm’s expansion. Beauchamps has committed to 27,000 sq. ft under a new 10-year lease running to May 2036, extending its existing lease, which had been due to expire in 2030. The Dublin-based law firm will now occupy the entire ground, first and second floors of the building. Other occupiers at Two Riverside include Harvey AI, the legal tech firm, and Interpath. Following the upgrade works, Two Riverside has achieved leadership in energy and environmental design (LEED) operations and maintenance gold certification. Iput said it has secured approximately 100,000 sq. ft. of lettings and lease renewals in 2026. The Business Post, 6th May
Dublin Office Market According to Knight Frank’s Q1 2026 Dublin office market outlook, the squeeze on Dublin’s prime office space is set to intensify this year as geopolitical headwinds spark uncertainty. Knight Frank said the “biggest risk” lies in the lack of development in the city centre. Two buildings were completed in the first quarter of 2026, totalling 163,000 sq. ft, the largest of which was 160 Townsend in Dublin 2. Of the six buildings due for completion during the remainder of the year, three are already pre-let. For 2027, about 60% of upcoming space has already been secured, with “no new space” under construction and due to be delivered after that. Prime rents remain steady, ranging from €65 to €67.50 psf but this is forecast to heighten, with rental growth of €70 psf expected in 2026, and up to €75 for pre-lets. The Business Post, 7th May
PURPOSE BUILT STUDENT ACCOMMODATION
Church Street, Dublin 7 Ireland and UK student accommodation firm LIV has agreed to sell its 211-bed student building at Church Street. It is owned by Valeo Groupe, a US-based investment firm with student accommodation facilities across Spain, Scandinavia and the US. According to accounts filed for LIV Dublin Church Street Student Residence Limited, the firm put the property up for sale in 2025 and received an offer from an “unrelated third party”. Directors said it was “probable” the property’s sale would complete in 2026. Although the value of the deal was not disclosed, the company reclassified the property in its accounts as an asset held for sale during the year. Its fair value was reduced by €7.2mn after a revaluation, with the property on the balance sheet at a €37m “sale valuation”. The Business Post, 6th May
RESIDENTIAL / DEVELOPMENT
Killarney, Co. Kerry An opportunity to develop a hotel on Muckross Road, known as Killarney’s Golden Mile, is being offered for €3m through CBRE Hotels. The vacant site extends to approx. 0.75 acres and is strategically positioned on Muckross Road next to Kerry Brewing Company and 500m from Killarney town centre. A feasibility study indicates that the site has the capacity for a hotel rising from four to six storeys which could accommodate about 150 bedrooms. The sale will be subject to planning permission and that the preferred bidder will be selected on the basis that the bidder’s proposed design for the planning application could offer a viable prospect of achieving planning approval. The site is currently zoned under the Kerry County Development Plan 2022-2028 to support mixed-use general development, including hotel use, indicating favourable conditions for a project of this nature. The Irish Independent, 7th May
Clontarf, Dublin 3 A 1.14-acre residential development site on the Howth Road in Clontarf has been brought to the market with full planning permission for a 65-unit apartment scheme. The properties at 110 and 114 Howth Road are being offered for sale by private treaty through Sherry FitzGerald, with price on application. The existing holding comprises two vacant detached dwellings. Planning permission has been secured for a five-storey residential scheme comprising 65 apartments, including 29 two-bed units, 28 one-beds, five studios and three three-bed apartments. Unit sizes range from approximately 431 sq. ft to 1,130 sq. ft. The scheme incorporates a central landscaped courtyard, rooftop terraces, a crèche and café space, along with 47 car parking spaces and 161 bicycle spaces. The Business Post, 9th May
Kyrl Street, Cork City A Cork city centre riverside site that has been idle for several years is being cleared with a view to redevelopment as part of Cork City Council’s ongoing battle to tackle dereliction. The 0.96-acre site between Kyrl’s Quay and Kyrl’s St near the Bridewell Garda Station was previously earmarked for a major hotel/leisure and apartment project but the development never went ahead. A spokesman for the local authority said the current site clearance and stabilisation work is to “facilitate access to undertake a series of site surveys and investigations to inform project information documents and enable advertisement of a tender process seeking redevelopment proposals”. “It is envisaged this tender will be advertised over the next few weeks,” the spokesman added. In October 2024 Cork City Council posted a notice of its intention to compulsorily acquire the site under the Derelict Sites Act 1990. The Irish Examiner, 7th May
Ellistown, Co. Kildare A 149-acre agricultural holding at Mynagh, Ellistown is being brought to auction, offering a sizeable land parcel within reach of the M7 corridor. The property is being marketed by Coonan Property and will be offered for sale by public auction on June 11 at Lawlor’s Hotel in Naas. Extending to approximately 149 acres in a single block, the lands are currently laid out in seven divisions and have been used for tillage in recent years. The holding also includes a derelict two-bedroom residence and associated farmyard structures, presenting potential for redevelopment subject to planning permission. The farm will be offered in three separate lots: a 48-acre parcel; a 101-acre portion including the derelict residence; and the entire 149-acre holding. The holding is positioned between the towns of Kildare, Monasterevin and Rathangan, with access to the M7 via Junctions 13 and 14. The Business Post, 7th May
Ballymun, Dublin 11 Tuath Housing, the social housing provider, has been granted approval by An Coimisiun Pleanala to develop 446 homes on lands including the site of the former Ballymun flats. The proposed development consists of 28 duplex units and 418 apartment units. The apartments will be a mix of social and cost-rental homes, none of which are to be sold on the open market. Dublin City Council currently owns the land, but has an agreement in place with Tuath whereby the housing body will buy the land from the council after the development is completed. Cairn Homes is the construction partner for the project. The Business Post, 8th May
OTHER
Newbridge, Co. Kildare Diageo officially opens its new Kildare brewery on Monday as part of a near €1bn investment in its Irish operations. The brewery at Littleconnell, outside Newbridge, represents an investment of almost €300m, 50% more than planned when announced in 2022. Diageo is moving production of all its ales and lagers, Rockshore, Harp, Smithwick’s and Kilkenny, alongside licensed beers such as Carlsberg from St James’s Gate. At full capacity, the brewery will produce two million hectolitres, making it Ireland’s second largest brewing operation after St James’s Gate. The project was originally intended to free up space for expanded Guinness production in Dublin. However, Diageo has since secured permission for a further €400m investment to build a second Kildare brewery dedicated to Guinness and Guinness 0.0 production. Work on that phase is expected to begin this year. The Irish Times, 11th May
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