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
Ballsbridge, Dublin 4 Savills has been appointed by Interpath to sell Shelbourne House and 23 Shelbourne Road. At €34m, the combined guide price represents approx. €386 psf on the 88,000 sq. ft accommodation. The two standalone buildings sit on a 1.2 acre site and are being offered by private treaty, either together or separately. Shelbourne House extends to 62,903 sq. ft over seven floors and produces €2.01m in annual income. It has a number of vacant floors, leaving scope for refurbishment, asset management or repositioning, subject to planning. Its tenants include the Office of Public Works and the Malaysian Embassy. Savills was last appointed to sell Shelbourne House in 2016, when it was guided at €31m. The reported capital value at the time was approx. €482 psf. The second property, 23 Shelbourne Road, extends to 25,329 sq. ft and is multi-let to seven occupiers, generating €1.06m a year. Refurbished in 2016, it provides office suites ranging from approx. 1,400 sq. ft to 5,400 sq. ft, with one floor vacant. The Business Post, 16th
MIXED USE
Suffolk Street, Dublin 2 20 Suffolk Street is being offered for sale by Savills at a guide price of €4m. The property comprises a midterrace three-storey over-basement building extending to a NIA of 5,597 sq. ft and is generating rental income of €284,472. The ground floor and basement are leased to Custom Burger Ltd for a term of 25 years from September 2010, at a passing rent of €160,500 a year. The restaurant is currently subleased to Suffolk Catering trading as Boeuf & Coq until the expiration of the head lease. The upper floors underwent an extensive programme of refurbishment and have own-door street access to Talence Ontology Dental, subject to an annual passing rent of €42,504. The lease provides for a tenant-break option in August 2028. The remaining upper floors comprise three fully furnished one-bedroom apartments. All three units are dual-aspect and have south-facing outdoor terraces along with storage space. The apartments are generating total rental income of €78,468 a year. Should a sale of the property proceed at the €4m guide price, the purchaser would be in line for a NIY of 6.4%. The Irish Times, 16th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
Parnell Street, Dublin 1 Norths is guiding more than €6m for Parnell Plaza, a property with office, retail or leisure potential. The property, which extends to 31,860 sq. ft over ground and first-floor levels, has had planning permission for retail, office and family entertainment uses and open plan and flexible floor plates can accommodate a range of uses including showroom, educational, and medical uses, subject to planning permission. The price equates to €187 psf. Fit-out includes escalator, passenger lift and staircases, cellular rooms, meeting or training rooms, staff facilities, storage, toilets, and ancillary accommodation. Parnell Plaza also contains Lidl, Leonardo Hotel and various shops on its ground floor. The Irish Independent, 17th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
INDUSTRIAL
Donabate, Co. Dublin One of Ireland’s biggest distribution hubs has been put up for sale with a guide price of €165m, according to a report by UK property website Green Street News. The distribution centre, developed and let to Tesco, extends to 788,069 sq. ft and the purpose-built facility is among the largest logistics buildings in Ireland. It also follows the most valuable ever Irish deal in the sector earlier this year, which saw GIC team up with Valor to buy Horizon Logistics Park near Dublin Airport for €500m. The guide price quoted by Cushman & Wakefield for the Tesco hub is €5m more than the €160m that DTZ Investors paid for it, on behalf of KTB Investments & Securities and KTB Asset Management, in 2019 in an off-market deal. It occupies a 48 acre site with immediate access to the M1 motorway. It is equipped with 80 dock levellers, loading bays, 50-metre deep service yards and an on-site wind turbine. An attraction for investors is also expected to be its long-term lease, which will not expire until December 2040, providing more than 14 years of secure income. The Irish Independent, 18th September
Dún Laoghaire, Co. Dublin Mounttown Business Park is being offered for sale through Cushman & Wakefield at a guide price of €3m. It currently comprises seven commercial units, with six of these occupied and generating combined annual rental income of €241,800. The final unit is the subject of lease negotiations at present. Should a deal for this unit be concluded, Cushman and Wakefield estimate the development’s overall rental income will increase to €291,800 a year. All the leases have deeds of renunciation executed. Mounttown Business Park occupies a 0.63 acre site, which is zoned Objective NC (Neighbourhood Centre) under the Dún Laoghaire Rathdown County Development Plan 2022-2028. The subject site has a positive planning history dating back to 2007, when it was the subject of approval for the development of 27 apartments. The Irish Times, 16th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
Inchicore, Dublin 8 A 2.9 acre industrial site primed for regeneration as a residential scheme is being offered to the market by CBRE at a guide price of €10m on behalf of Mashup Group. Located on the northern side of Kylemore Way and Jamestown Road, the site forms part of Phase 1 of the Kylemore Masterplan area. Adopted as a variation to the Dublin City Council Development Plan 2022 – 2028 earlier this year, the masterplan is also a part of the City Edge strategy, an initiative targeting the delivery of between 4,000 and 5,000 new residential units within the wider area. The subject site has the capacity to accommodate at least 400 of those potential homes according to a feasibility study prepared in advance of its sale. The details of this proposed development will be made available by CBRE to prospective purchasers on request. The Irish Times, 16th September
RETAIL
Smithfield Market Square, Dublin 7 The company behind the Light House Cinema has applied to Dublin City Council for planning permission to “upgrade and expand” its premises. The development involves converting a former retail unit on the corner of Queens Street and Blackhall Walk into a cinema. Plans for the unit include two new screening rooms which will expand the cinema’s capacity by 80 seats, accommodating 35 people in the first room and 45 in the second. This will bring the overall seating capacity to 694 people. The proposed works to the former retail unit include removing the entrance lobby and doors, modifying the windows, and installing stone and metal cladding. They also include an emergency escape door, new signage, bespoke artwork, specialised lighting, and a display window. Ancillary zones, including “circulation” paths and restroom facilities, will span approx. 2,314 sq. ft, with direct connectivity to the existing Light House premises. The total gross floor area of the proposed extension is approx. 4,144 sq. ft. The Business Post, 21st September
HOSPITALITY
Castleknock, Dublin 15 D One Five has come to the market and BDM Property are offering interested parties the option of either buying it or taking a lease. It has a guide price of €2.5m or a rental guide of €200,000 pa. The property occupies the ground floor and basement of a two-storey over basement property within the Ashleigh shopping centre. It extends to 5,328 sq. ft over ground and basement levels. The ground floor extends to 3,014 sq. ft and accommodates a lounge bar, restaurant, coffee shop and catering kitchen along with customer toilets. The basement extends to 2,314 sq. ft with additional customer toilets, staff changing facilities, an office, a large food-prep kitchen with dumbwaiters and food cold room, a beer cold room and a walk-in food freezer. Outside, there is a large beer garden with a retractable awning. Adjoining occupiers include a gym, bookmakers, dentist and doctor’s surgery, food takeaway, coffee shop, off-licence/wine shop, boutiques and restaurants. The Irish Independent, 17th September
Residential / Development
Dundrum, Dublin 14 Hibernia Real Estate Group has instructed CBRE to bring a portfolio of 293 rental apartments to the market, with a guide price of €130m. The Irish Times understands that the Dundrum Collection, which comprises 213 apartments in Block 3 at Wyckham Point and 80 apartments in Dundrum View, will be offered for sale as a single lot or separate lots. The proposed sale price equates to an average of €444,000 per apartment. There are 386 car parking spaces. Hibernia is understood to have received several offers in excess of €130m for the Dundrum Collection when it put the portfolio up for sale originally in 2023. They comprise a mix of one-, two- and three-bedroom units. Should a sale proceed at the €130m price, the portfolio would be expected to show a reversionary yield of approx. 6% once it is fully let and stabilised at its full estimated rental value. The Irish Times, 16th September
Ballsbridge, Dublin 4 A pair of period buildings on Pembroke Road containing 25 apartments, together with development land, a mews and income-producing car parking, is being offered for sale by public tender with an asking minimum value of €7.75m. Numbers 69 and 71 Pembroke Road, together with 70 Pembroke Lane, occupy approx. 0.55 acres. The pre-’63 buildings are being offered in three lots: the residential buildings and parking income, the rear site and mews, or the entire holding. The two three-storey-over-garden-level buildings are divided into 25 self-contained apartments comprising 12 studios, eight one-bedroom units and five two-bedroom apartments. The buildings extend to approx. 10,215 sq. ft combined, with No 69 measuring 5,619 sq. ft and No 71 some 4,596 sq. ft. The investment also includes extensive car parking, which generates €72,000 a year under a licence agreement. Presently there are four units vacant. The second lot includes 0.16 acres at the rear, described as having development potential subject to planning permission, together with a derelict mews of approx. 710 sq. ft opening onto Pembroke Lane. The Business Post, 15th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
Capel Street, Dublin 1 A residential investment of 11 apartments is being brought to the market by Colliers with a guide price in excess of €4.25m. Numbers 37 and 38 Capel Street generate gross annual income of approx. €330,192 and extend to 9,031 sq. ft, with an average apartment size of 825 sq. ft. The investment comprises nine two-bedroom apartments and two penthouse one-bedroom apartments. The accommodation is divided between three period apartments at the front of the building and a modern block of eight apartments to the rear. Capel Street has undergone significant regeneration in recent years and is now characterised by a mix of independent retailers, cafés, restaurants and cultural venues. At a guide price above €4.25m, the GIY based on the stated annual income is approx. 7.77%, before acquisition costs and other expenses. The Business Post, 15th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
Tallaght, Dublin 24 Broomhill Road site has been brought to the market by Savills at a guide price of €3.5m. Located at the junction of Broomhill Road and Greenhills Road, the site, which extends to 1.13 acres, comes to the market with full planning permission from An Coimisiún Pleanála (“ACP”) for the development of 75 apartments and duplexes. The subject site is zoned REGEN under the South Dublin County Development Plan 2022-2028. In February 2025, ACP granted planning permission to the current owner, the Atlantico Partnership, for the development of 75 apartments and duplex units across three blocks ranging in height from five to six storeys, together with 6,555 sq. ft of commercial space at ground-floor level, 33 surface car-parking spaces and 190 bicycle-parking spaces. The approved apartment scheme will comprise 37 one-bedroom units, 29 two-bedroom units and nine three-bedroom units. The Irish Times, 16th September
Nationwide The number of new homes granted planning permission increased by 60% in Q2 of this year, reaching its highest level in more than four years. Planning permission was granted for 11,912 homes between April and June, an increase from 7,447 during the same three months last year, new figures from the Central Statistics Office (CSO) show. The increase looks to be driven by apartments, with 5,637 approved during the quarter. This is an increase of 107% from 2,725 recorded in the same period last year. The number of houses granted permission increased by 33%. Houses still accounted for a slightly larger share compared with apartments, with 6,275 approved. Dublin and Cork accounted for more than half of all the homes approved during the three-month period. The Irish Independent, 18th September