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
Sir John Rogerson’s Quay, Dublin 2 BNY has agreed to buy its new Irish headquarters in Dublin’s south docklands from Marlet Property Group. Property industry sources estimate the deal for the Shipping Office development, comprising 177,000 sq. ft of grade-A office space, amounts to between €140m and €165m. BNY currently employs more than 1,000 staff in the Republic. Excluding floor space in the building that is already let to Danske Bank, BNY will have capacity to accommodate more than 1,300 employees once the deal goes through. The world’s largest custodian bank initially signed a lease two years ago to take on four of the seven floors. Prior to the move, BNY operated from two offices in Dublin. The acquisition follows decisions last year by the company to close regional locations in Wexford and Cork. The Irish Times, 25th September
Ballycoolin, Dublin 15 Channor Real Estate Group has engaged Deloitte to find a buyer for Cobalt House at Blanchardstown Corporate Park. The investment, which comprises three fully let buildings extending to a total area of 37,300 sq. ft and 104 car parking spaces, is guiding at a price of €9.5m, which equates to a NIY of 9.11%. Cobalt House was developed in 2000 and has undergone refurbishment over recent years, which has brought the BER rating of its three buildings up to a range between B to A3. The Cobalt buildings are 100% occupied across seven tenants, namely Emydex, Calligo, Sword Medical, KSNPM, Behan & Associates, Gem Construction, and Therakos, and are generating overall rental income of €951,000 a year. The weighted average unexpired lease term is 5.42 years. The Irish Times, 23rd September
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RETAIL
O’Connell Street, Dublin 1 Lanthorn is selling a retail investment wrapped around the corner of O’Connell Street and Henry Street. Comprised of five retail properties branded The Spire Collection. Savills is guiding €7.75m for the lot which comprises 31, 32 and 33 Henry Street together with 68 and 69 Upper O’Connell Street. They are fully let and generating a combined annual passing rent of €662,500. That price would enable an investor to achieve a NIY of 7.75%. The tenants in the Spire Collection have leases which extend to an average period of 7.3 years to the break option and 9.1 years to expiry. With combined floor areas totalling 8,754 sq. ft of retail and ancillary accommodation, the properties are fully let to established occupiers, including Butlers Chocolates, House of Spells, Lush, Day & Night Convenience Store and Joe Walsh Tours. The Irish Independent, 23rd September
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Tyrrelstown, Dublin 15 Having paid just under €9m for a portfolio of retail units at the Plaza in Tyrrelstown in January 2022, the owner, an Irish family office, has secured just under €10m in total from the sale of the scheme in two tranches. The first of these deals saw the disposal in the first quarter of 2025 of the development’s former public house for €600,000 while the second and more significant transaction saw a UK family office acquiring the main retail portfolio. While the price paid for the retail units has not been disclosed, The Irish Times understands the off-market deal carried a value of €9.25m, or approx. €250,000 more than the €9m which had been guided by Conway Auctioneers. The Plaza consists of a mix of national and local occupiers including SuperValu, Hickey’s Pharmacy, Lemon Food Co, Carry Out Off Licence and Paddy Power. Built by Twinlite 21 years ago, the wider Tyrrelstown scheme comprises one of the largest residential developments undertaken in Ireland, with more than 2,000 residential dwellings, approx. 89,997 sq. ft of town-centre retail and commercial space which includes a large Lidl store, the four-star Carlton Hotel Blanchardstown, along with a number of schools. The Irish Times, 23rd September
HOSPITALITY
Dublin Carved is set to open two new stores in Dublin by next summer. The sub-maker already has stores in Ballsbridge, Grand Canal Dock and Charlemont, and is set to take up an almost 1,300 sq. ft unit in Dundrum Shopping Centre, which is set to open in late 2026. It has also agreed to take up a 1,000 sq. ft unit on Dublin’s Dawson Street, which is due to open during the second quarter of 2027. Carved first opened its doors in Grand Canal Dock in April 2022. This was followed by a second store in Ballsbridge in April 2024. Since then, the group opened up a third location in Charlemont in June of this year. The Business Post, 24th September
MIXED USE
Walkinstown, Dublin 12 EP Mooney Centre on Dublin’s Long Mile Road, a fully let retail warehouse, motor showroom and industrial trade investment is being offered for sale through Bannon at a guide price of €12.9m. The subject property comprises five individual blocks extending to a combined area of 91,672 sq. ft. The property includes a car showroom, four retail-warehouse units and four industrial-trade units. The scheme is fully let and generating a total passing rent of approx. €1.028m pa from a strong tenant base that includes Mooney’s Hyundai, Kube Interiors and Giant Bicycles. The investment has a weighted average lease term-certain of more than 12 years. Should a sale proceed at the guide price, the new owner would be in line for a NIY of 7.25%. The Irish Times, 23rd September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
Grafton Street, Dublin 2 Number 109 Grafton Street is being offered to the market through Colliers at a guide price of €2.35m. Should a sale take place at that level, the incoming owner would be in line for a NIY of 6% based on the property’s current rental income of €155,000. The subject property comprises a mixed-use building of 2,730 sq. ft. The ground floor and basement account for approx. 975 sq. ft of that space while the four upper floors extend to an overall area of 1,755 sq. ft. The ground floor and basement are let to Iris Galerie on a four years and 11 months lease commencing in April 2025 at a passing rent of €110,000 a year, while the upper floors are occupied by Gloss Nail Boss Academy on a four years and 11 months lease commencing in November 2024 at a passing rent of €45,000 a year. The current owner secured planning permission in September 2023 to convert the upper four floors from commercial to residential use. The approved scheme allows for the installation of four one-bedroom apartments across the building’s first to fourth floor levels. The Irish Times, 23rd September
Ballymount, Dublin 24 BDM Property is guiding €2.25m for Units 16 and 17 at Fashion City, the well-known light-industrial and retail showroom complex built by Park Developments. The units are fully let and generate annual rental income of €200,123 pa. The subject property comprises a two-storey industrial/showroom premises extending to a GIA of 17,847sq. ft. The accommodation is distributed across ground and first-floor levels and is configured as a mix of retail, showroom, retail warehousing and ancillary accommodation. Ground floor occupiers include Fairy Godmother, Halpenny Golf and Jessica Graaf, while The Beauty Suite occupies the entire first floor. The Irish Times, 23rd September
Blackrock, Co. Dublin A French property fund is the frontrunner to buy Frascati shopping centre and its adjoining apartments in south Dublin. Arkéa REIM is working with Atland IM to buy the mixed-use scheme. The mall was put on the market this year with an asking price of more than €80m. Its owner Invesco purchased the centre in 2015 for €68m. It went on to redevelop the mall, including the construction of 42 rental apartments on top of it. It also secured planning permission for another 120 units. More than ten parties bid on the centre, according to property website Green Street News. Arkéa REIM entered the Irish market in March when it paid more than €16m for Hawthorn House at Plassey Innovation Campus in Limerick. The Sunday Times, 26th September
Residential / Development
Powerscourt, Co. Wicklow The Slazenger family are preparing to build up to 100 homes if the county council goes ahead with a proposal to rezone nearly 16 acres of the demesne for new residential development. The land is currently unzoned. Brock McClure submitted a proposal this year on behalf of a company controlled by the Slazengers, seeking to rezone the land. The company is seeking a “lower density” approach to the new site, which it said should accommodate between six and eight homes per acre. In its proposed changes to the development plan, Wicklow County Council said the scheme should include a “wide range” of housing types and sizes, including units suitable for older people. The Sunday Times, 26th September
Bray, Co. Wicklow Savills Ireland and Dillon Marshall, on behalf of Ballymore, has brought a recently completed build-to-rent scheme at its Sea Gardens development in Bray to the market for €34.5m. Shoreside at Sea Gardens comprises 62 rental homes on the Bray waterfront, together with approx. 14,000 sq. ft of commercial accommodation. The residential element of the offering comprises 35 one-bedroom apartments, 23 two-bedroom apartments and four three-bedroom townhouses. The scheme forms part of Ballymore’s wider Sea Gardens masterplan, which will ultimately comprise more than 1,200 homes. The homes were launched for rental in early 2026. Rental listings for the scheme have advertised one-bedroom apartments from €2,050 a month, two-beds from €2,550 and three-bedroom townhouse apartments from €3,400. The Business Post, 25th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
Portobello, Dublin 8 Two refurbished residential investments comprising 17 fully occupied units have been brought to the market with a combined guide price of €4.065m. Artis is offering 18 and 35 Synge Street separately, with No. 18 guiding €1.87m and No. 35 seeking €2.195m. Both properties are described as Pre-’63 investments. No. 18 is an end-of-terrace building arranged over three levels and contains eight self-contained units: five studios and three one-bedroom apartments. It was extensively refurbished about five years ago and is fully occupied, generating gross annual rental income of €153,960. At the €1.87m guide price, that represents a gross yield of approx. 8.23%. No. 35, also an end-of-terrace property, extends over four floors and contains nine units: six studios, two one-bedroom apartments and one two-bedroom apartment. It has also been refurbished and is fully occupied, generating annual gross income of €177,804. The €2.195m guide price reflects a gross yield of approx. 8.1%. The two buildings are being offered separately by private treaty. The Business Post, 24th September
For lending terms on this asset please contact rossmetcalfe@origincapital.ie
Tyrellstown, Dublin 15 A large-scale site at Tyrellstown is being offered to the market through Lisney at a guide price of €16.5m. The 30.42 acre site is zoned HT (High Technology) under the Fingal County Development Plan 2023-2029. This designation allows for a range of developments including pharmaceuticals and life sciences, biotechnology, medical technology and devices, advanced and high-technology manufacturing, research and development, technology companies, healthcare-related uses and data centres, together with high-specification industrial and business occupiers. The Irish Times, 23rd September
Michan Street, Dublin 7 Cushman & Wakefield is guiding €3m for a brownfield site with full planning permission for the development of a 48-bedroom boutique hotel. The subject site is directly opposite the city’s Victorian fruit and vegetable market, which is currently undergoing a full refurbishment by Dublin City Council. The €44m project, which is expected to take just over two years to complete, will see the restoration of the 64,583 sq. ft building followed by the installation of 80 market stalls alongside a restaurant, food demonstration space and an outdoor farmers’ market. The hotel development site extends to 0.074 acres and has full planning permission for a 48-bedroom hotel extending to a total area of 22,345 sq. ft distributed across a part seven-storey and part eight-storey building. A feasibility study prepared by HKR Architects in advance of the sale suggests the site has potential alternatively for a hostel-led scheme comprising up to 414 bed spaces, subject to planning permission. The Irish Times, 23rd September
Clonmel, Co. Tipperary A 152 acre landholding is being offered for sale by the HSE with a guide price in excess of €2.95m, with much of the site zoned for employment use. Quinn Agnew and REA Stokes and Quirke have been instructed to jointly sell the Heywood lands. The property is being offered as a single lot and comprises approx. 100 acres of tillage land, with most of the balance in grass. The land forms part of a wider HSE holding in an area associated with Clonmel’s healthcare history. Sections of the wider HSE holding have been sold over time, with the remaining land now being offered as surplus to the HSE’s requirements for service delivery. While the holding is currently in agricultural use, most of the land is zoned E for employment. A further 51 acres fronting the N24 has recently been designated SR, or Strategic Land Reserve. The Business Post, 22nd September