Half Moon Street Development, Cork City Joint agents CBRE and Savills are seeking €34m (7.07% NIY) for the 120,000 sq.ft. Half Moon Street Development in Cork City. The property generates €2.6m annually from Boots flagship pharmacy in the ground retail space and Apple Europe in the overhead office space. The Irish Examiner, 10th April
31-32 Wellington Quay, Temple Bar, Dublin 2 Cushman & Wakefield are guiding €1.275m (6.86% NIY) for 31-32 Wellington Quay. The 2,930 sq.ft. fully let property is located between the Ha’penny and Millennium bridges on the Liffey and generates €94,960 pa from Cut & Sew Barbers, E&S Doctors and the apartment and duplex overhead. The Irish Times, 10th April
120 Pembroke Road, Dublin 4 Joint agents JLL and Lisney are guiding €1.75m (5.78% NIY) for 120 Pembroke Road. The property generates €109,800 pa from Orchid Restaurant which lets the garden level and from a legal practice and financial firm who occupy the hall and first floors. The 3,811 sq.ft. end of terrace property size could be increased by a further 778 sq.ft. if the attic is converted. The Irish Times, 10th April
The Reflector Building, Hanover Quay The Irish Times reports that six parties are thought to be bidding on the 121,089 sq.ft. six storey over basement Reflector Building at Hanover Quay. Bidders are believed to include Hines, Patrizia, Union Investment and Generali. The property was brought to market with CBRE guiding €155m (4.2% NIY) but reports suggest bids will be in excess of €160m. The Irish Times, 10th April
Charlemont Exchange, Dublin 2 Vestas Investment Management has bought Charlemont Exchange for €145m. The Korean firm purchased blocks A, B and C and a have a forward commitment to purchase block D upon completion of the refurbishment works. The four blocks will total 121,270 sq.ft. WeWork agreed a 20 year lease for the entirety at €55 psf and will sublet between 40,000 sq.ft. and 50,000 sq.ft. to Amazon. The Irish Independent, 10th April
CBRE Q1 2019 Dublin Office Report Dublin Office take up in Q1 2019 was the highest ever recorded in the capital at 1,153,891 sq.ft. a 28% increase YoY. Prime rents remain at €65 psf and prime office yields remain at 4%.
Silverdale Facility, Rialto, Dublin 8 Harvey are quoting a rent of €160k pa for an industrial and office unit in Rialto. The 19,568 sq.ft. Silverdale facility sits on a 1.5 acre site and includes a dry storage building of 11,452 sq.ft. there are three grade level doors with clear internal height of 5 meters. The Irish Times, 10th April
CBRE Q1 2019 Industrial Report notes that take up in Q1 2019 in Dublin was 1,029,277 sq.ft. with lettings of industrial units accounting for 66% of this. Of the 33 transactions in Q1, 24 were lettings and nine were sales. Prime industrial rents are €985 psf but expected to rise by 6.5% in the next year. Prime industrial yields in Q1 were 5.1%.
14-16 Dartry Road, Dublin 6 DNG is guiding €5.25m for three period houses on a 0.66 acre site on Dartry Road, Dublin 6. The listed properties range in size from 3,067 sq.ft. to 4,435 sq.ft. and are a combination of two and three storeys over garden level. The properties come with planning to refurbish and extend the properties, allow for the division of the large front garden currently in use for open plan car parking and for the construction of three 1,894 sq.ft. mews dwellings to the rear. The properties had previously been used as pre ‘63 accommodation. The Irish Times, 10th April
69 Sydney Parade Avenue, Sandymount, Dublin 4 Sherry Fitzgerald is guiding €1.595m for a 2,314 sq.ft. four bedroomed house located in Sandymount. The property is beside Sandymount Strand and is a minute walk from Sandymount village and Sydney Parade Dart station. The Sunday Business Post, 14th April
Ballsbridge Court, Dublin 4 Allied Real Estate Group is offering €69.3m for all 90 apartments at the Ballsbridge Court in Dublin. If successful, they intend to demolish the apartments and build 300 or more build to rent units on the site. The Ballsbridge Court apartments backs on to the AIB headquarters which will be the new Facebook European base. It is believed the process of acquiring all of the apartments is almost completed and that two bed apartments are being acquired for more than €800,000. The Irish Independent, 15th April
33 Kenilworth Park, Dublin 6W DNG is guiding €950,000 (€477 psf) for a five bedroom 1,991 sq.ft. red bricked terraced house. The property is located within walking distance of Harold’s Cross, Terenure, Rathgar and Rathmines. The Sunday Business Post, 14th April
City Hotel and Trinity Bar, Dame Street, Dublin 2 has been sold to a Singapore Business man, Dr Stanley Quek and his business partner, a hotelier and restaurateur, Peng Loh, for €12m. Savills acted for the vendor, BNP acted for the purchasers. Dr Quek and Mr Loh have previously bought Trinity Lodge on Frederick Street in 2016 for €7m and the Sheen Falls hotel in Kenmare in 2018 for €17m. The Irish Times, 10th April
2.2 Acres Watson Road, Co. Dublin CBRE is guiding €6.25m (€2.84m per acre) for a 2.2 acre site accessed from Watson Road and bounded to the rear by Church Road, Killiney. The site has planning permission for 43 units including 24 one and two bed apartments and 19 three and four bed houses. The Irish Times, 10th April
7.2 Acres Damastown Industrial Estate, Dublin 15 CBRE is guiding €2.5m (€347k per acre) for a 7.2 acre site at Damastown Industrial Estate which has 150 meters of frontage onto Damastown Road. The site is zoned general employment GE which allows for a variety of uses including industrial, warehousing, petrol station. The Irish Independent, 11th April
0.19 Acre Site Harold’s Cross, Dublin 6W Savills is guiding €3m (€15.7m per acre) for a 0.19 acre site with frontage on to Harold’s Cross Road. Two feasibility studies were carried out by Andrew Lohan Architects. One shows potential for 35 apartments divided as six studios, 10 one-bed and 19 two-bed apartments with basement parking. The second shows student accommodation with 103 bedrooms. The Irish Independent, 11th April
Dublin Crane Count has dropped for the first time in six months and is down to 117 from the record high of 123 in March 2019. There were 70 cranes on the south side of the Liffey and 47 cranes on the north side. The Irish Times, 10th April
Green Reit which has a €1.48bn portfolio of office and logistics assets, 95% of which is located in Dublin has put itself up for sale. The Reit earns €75.5m per annum. The Irish Independent, 15th April
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Circle K Filling Station, Donnybrook, Dublin 4 Kelly Walsh is guiding €4m for the Circle K filling station which sits on a 0.26 acre site in Donnybrook. The property was brought to the market in November 2018 along with a 3,810 sq.ft. commercial building occupied by First Stop Tyres for €5m but the commercial unit has been removed from the sale. The filling station is let to Ard Services on a ten year lease from 2014 at €165k pa. The tenant signed a deed of renunciation so full vacant possession is possible in five years, if required. The Irish Times, 3rd April
Eason Sale and Leaseback Limerick, Kerry and Tipperary Eason has launched the sale and leaseback of three of their units in Limerick City, Tralee, Co. Kerry and Clonmel Co. Tipperary. Bannon is seeking €2.2m (7.5% NIY) for the 12,573 sq.ft. mid terraced property in Cruise Street, Limerick city and offering a 25 year lease at €180k pa. Joint agents Bannon and Walsh O’Sullivan are guiding €1.23m (9% NIY) for the 6,483 sq.ft. unit at 25 The Mall Tralee, Co. Kerry with an annual rent of €120k. Joint agents Bannon and Moynihan Curran are guiding €560k (11.5% NIY) for the Clonmel store located at 19/20 Gladstone Street with an annual rent of €70k. The Irish Independent 4th April
Liffey Valley Complex, West Dublin From Summer 2019, there will be four drive thru restaurants at Liffey Valley. KFC has leased a 3,208 sq.ft. unit, Burger King has leased a 2,906 sq.ft. unit and Starbucks has taken the 1,991 sq.ft. unit. The last remaining 2,099 sq.ft. unit is being quoted by CBRE at €120k pa. The Irish Independent, 4th April
Smithfield, Dublin 7 The Office of Public Works (OPW) has pre let The Distillers Building, a 162,470 sq.ft. office block currently being developed in Smithfield for €40 psf. The property will include 47 car spaces, 188 bicycle spaces and roof terraces. The OPW have also taken 47,000 sq.ft. of space at the Bishops Square development in Dublin 2 at €49 psf. The Irish Times, 3rd April
77 Sir John Rogerson’s Quay Hibernia Reit has sold 77 John Rogerson’s Quay to a German Pension fund for €35.6m (4.65% NIY), a 24% increase on the €28.7m they paid for the building 14 months ago. The 34,400 sq.ft. six storey office building is let to Regus on a 25-year lease from 2018 at €1.8m pa. Bannon acted for the vendor, Knight Frank acted for the purchaser. The Irish Times, 3rd April
Dundrum Business Park Lisney is guiding €1.05m for two own-door office units at Dundrum Business Park. Unit 4A is a 2,432 sq.ft. property with five car spaces and Unit 4B is 4,496 sq.ft. with three car spaces. Both units are let to FundAssist at €55,250 pa with a weighted average lease term of 1.33 years until expiry. The Irish Times, 3rd April
22 Sandymount Green, Dublin 4 Bennetts Auctioneers is guiding €1.45m (€822 psf) for a 1,765 sq.ft. listed building at 22 Sandymount Green. The property, being sold with vacant possession, had been in use by two legal practices for 40 years. As there is no back garden or car parking, it is likely to remain as office use rather than change planning to residential. The Irish Times, 3rd April
Parkmore East Business Park, Galway Property investor and developer, Fine Grain Property, has agreed to lease 23,000 sq.ft. of newly developed office space to FotoNation, a division of Experi. Block 5 Parkmore East Business Park is a 45,000 sq.ft. three storey office block which was completed five months ago. Joint agents JLL and Power Property are seeking €19.50 psf for the remaining 22,000 sq.ft. which may be rented by one or more tenants. The Irish Times, 3rd April
Q1 2019 Office Takeup According to a BNP Paribas Real Estate Report, Q1 2019 office take up in Dublin reached 1,434,894 sq.ft. across 57 deals, an increase of 66% YoY. Large tech companies expanding within the technology, media and telecom (TMT) sector accounted for 57% of overall take up. The largest letting was to Salesforce for 462,848 sq.ft. of space at Spencer Place. 31% related to public sector take up with the OPW taking space in Smithfield and Bishops Square and the Central Bank taking 215,278 sq.ft. at Nos 4 & 5 Dublin Landings. Brexit has also had an impact with more than 70 companies announcing plans to move or expand within Dublin since the 2016 vote. The Sunday Business Post, 7th April
Tara Street Tower, Dublin 1 An Bord Pleanála has approved Johnny Ronan’s 22 storey, 88 metre high, 178,218 sq.ft. office and hotel development. Planning permission for the property has been sought on four separate occasions. The property will be capable of accommodating 890 office workers and a 106 bedroomed hotel over four storeys and a top-floor restaurant. The Sunday Independent, 7th April
3 Lombard Street East, Dublin 2 McNally Handy is guiding €955k (9.4% GIY) for 3 Lombard Street, a 3,042 sq.ft. mixed used property. The property is divided into a two bed apartment in the basement, two retail units at ground floor let to Lunch ,a restaurant / café, and Mailboxes Etc, and two further two-bed apartments overhead. The property produces €93.6k pa. The basement tenant has long term tenancy rights, the retail units are on ten year leases from 2016 but have been in occupation since 2014 and the overhead apartments are let on Air BnB. The Irish Times, 3rd April
Unit 1 Northern Cross Business Park, Dublin 11 CBRE has brought Unit 1 Northern Cross Business Park, a 36,123 sq.ft. logistics unit, to the letting market and is seeking €323k pa (€8.95 psf). The property comprises 4,112 sq.ft. of office space internal height of 12m, three dock levellers and one roller shutter door. Industrial take-up in 2018 was up more than 20% YoY. The Irish Times, 3rd April
An Culu, Kenmare, Co Kerry Savills is guiding €4.5m (€496 psf) for a four storey, 9,074 sq.ft. castle built on the shores of Kenmare bay in 1998. The six bed property includes an underground grotto style swimming pool. The Sunday Business Post, 7th April
12 Hillside Drive, Rathfarnham, Dublin 14 DNG is guiding €1.5m (€569 psf) for a 2,637 sq.ft. four bed detached house in Rathfarham located on Hillside Drive, Rathfarham. The Sunday Business Post, 7th April
52 Bedroom Hotel, Mount Street, Dublin 2 An Bord Pleanála has approved a 52 bedroomed hotel on the site of the old Howl at the Moon venue on Mount Street. Dale Vision, a company associated with Paddy McKillen Jr’s Oakmount development group, bought the site for €3.2m in 2016 and construction is scheduled to commence immediately. The original 53 bedroomed hotel over six storeys over basement proposal was blocked by An Bord Pleanála. The renewed planning application reduced the rooms by one with the top floor set back slightly and retaining the Victorian shop front. The Irish Times, 4th April
The Sands Hotel, Tramore Waterford Sherry Fitzgerald John Rohan has sold the 20 bedroomed, 22,066 sq.ft. Sands Hotel in Tramore Waterford for more than €600k. The Irish Independent, 4th April
River Liffey Cycle Route A report submitted to Dublin City Council’s Transport Committee has recommended that a 4.7 km segregated cycle track along the north and south quays of the River Liffey from the East Link Bridge to Heuston Station be completed. It is proposed that 1.7km of the western section of the route will be located on the building side and 1.2km central section will be on the river side. The change from building side to quay side will occur near the O’Donovan Rossa Bridge by way of a designated cycle crossing. The final eastern section will be a two way track alongside the river on both sides. It is thought the project will cost €20m. A public consultation on the proposal is expected later this year and will require an environmental impact assessment before being submitted to An Bord Pleanála. The Times, Irish Edition, 3rd April
Crane Count Less than a dozen cranes are located on building sites outside Dublin, 11 times less than the Capital. Seven cranes are on sites in Cork City, two cranes are on sites in both Galway and Limerick, compared with 123 cranes in Dublin. The Sunday Business Post, 7th April
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77 Sir John Rogerson’s Quay Hibernia Reit has announced that they will sell 77 Sir John Rogerson’s Quay, which is fully let to International Workplace Group, for €35.5m (€1,040 psf). Hibernia acquired the 34,400 sq.ft. office property in 2018 for €28.7m and simultaneously agreed a long lease with IWG at €1.8m pa (€50 psf). Hibernia will return the net sale proceeds to the shareholders and has announced an initial on market share buyback programme of up to €25m, the first time Hibernia has bought back its own stock. The Irish Times, 1st April
5 Hanover Quay, Dublin 2 DocuSign, an electronic signature software company has leased 100,000 sq.ft. of space in the seven-storey office block located at 5 Hanover Quay. DocuSign will occupy the ground to third floor. Aptiv, a vehicle technology company, already leases the three upper floors totalling 60,000 sq. ft. at €58 psf. Although not specified, it is thought that the rent will be in line with what Airbnb signed for their space at the Reflector building at €56 psf. The Irish Times, 29th March
Harcourt Centre, Dublin 2 €55 per sq.ft. is being quoted by Knight Frank for newly refurbished office space (5,250 sq.ft.) at the Harcourt Centre in Dublin 2. A rent of €4,500 per space is also being quoted for the four car-parking spots that come with the unit. The second-floor self-contained office unit has recently been upgraded and its fit-out includes data cabling, comms room, canteen and two private offices. Tenants at the Harcourt Centre include EY, Regeneron, Travelers Insurance and NTT Communications. The Harcourt Centre is within walking distance of St Stephen’s Green and Grafton Street, and is close to the Luas and Dart services. The Irish Times, 27th March
One Building, Lower Grand Canal Street, Dublin 2 was sold for €49.5m (€1,094 psf) in an off-market transaction. The One Building was sold by Savills with BNP Paribas Real Estate understood to have acted for the buyer. Stripe leased the 45,208 sq.ft. building in 2015 at an annual rent of more than €2m which breaks back at c€50 per sq.ft. It was reported in 2016 that Stripe subsequently sub-let about 15,000 sq.ft. of the space on a short-term lease at €60 per sq.ft. The building has 51 car spaces and is within walking distance of the Silicon Docks area, the city centre and the Dart. The Irish Times, 27th March
Office Block, Cherrywood Accenture has agreed to lease a further 14,000 sq.ft. of space in Building 11, a modern Grade A 120,000 sq.ft. four-storey office block extending in Cherrywood. The firm is believed to have agreed a rent of about €25 per sq.ft. on half of the ground floor at Building 11 on a new 10-year lease with a break option in year five. Accenture is also to rent 25 secure basement car-parking spaces at €1,500 each pa as part of the deal which also includes tenant incentives at the start of the lease. Last March Accenture opened its fourth base in Cherrywood when agreeing to lease 30,000 sq.ft. at Building 11. The Irish Times, 27th March
Citywest Quarter Development, Dublin 2 82 apartments currently under construction are being offered for sale in one lot by Cairn Homes for €90m (€320k per apartment). Apart from these apartments, the Citywest Quarter will also offer c170 units which will be offered for sale individually. The Irish Independent, 2nd April
122 BTL Apartments in D24 An investment portfolio of 122 apartments in two separate complexes in Tallaght, Dublin 24, is being offered for sale as the Acorn Collection. CBRE are quoting €29.8m (7% NIY) for the entire portfolio (€244k per apartment) to be sold in a single lot, with current gross passing rent of c€2.08m pa. 59 apartments are in the Abberley Square complex and include 20 one-bedroom, 34 two-bedroom and five three-bedroom units. 63 apartments are at the Arena Centre overlooking Blessington Road and Tallaght Stadium, consisting of 20 one-bedroom units, 35 two-bedroom units and eight three-bedroom units. The Irish Independent, 28th March
The Wave, Harbour Road, Dalkey Located within a one-minute stroll of Bullock Harbour, The Wave is a four-bedroom residence on the market with Colliers guiding €1.595m. The C1 energy-rated home offers c3,600 sq.ft. of space as well as a self-contained studio of c240 sq.ft. The architecturally designed home is set back from the road and is accessed via a covered entrance that leads to a parking area with a large car port. The Sunday Business Post, 30th March
Dawson Street, Dublin 2 Dublin City Council has given approval for a €35m development that includes a new 117-bedroom hotel on Dublin’s Dawson Street and also includes the redevelopment of the Royal Irish Automobile Club’s (RIAC) private members’ facility. The project is being led by Tetrarch Capital that counts the Marker Hotel and the Citywest Hotels in its portfolio. Tetrarch purchased the Dawson hotel on Nos 35-36 Dawson Street & Anne’s Lane in 2015. The RIAC is located next door at 33-34 Dawson Street and the plan reconfigures the HQ of the RIAC and creates the 117-bedroom hotel. The build is expected to take two years. The Irish Times, 1st April
1.9 acres, Kilternan Collliers is guiding €3m (€1.58m per acre) for a 1.9 residential acre site on the Enniskerry Road in Kilternan, Dublin 18. It has c150m of road frontage and is zoned “lower density residential” under the local development plan. This zoning allows for up to 40 dwellings per hectare which suggests it could accommodate, subject to planning permission, about 30 dwellings.The site is a short drive from the Luas stop at Ballyogan, 2.5km from Dundrum Town Centre and is within easy reach of the M50. Shopping at The Park in Carrickmines is also close by. The proposed Glenamuck Distributor Road should alleviate traffic through the village while improving access to Carrickmines and the M50. The Irish Times, 27th March
0.85 acre East Wall Road Site MKN Property Group has acquired a 0.85 acre site on East Wall Road, Dublin 3. The property was occupied by the Canavan Ford & Seat car showroom, which is relocating to the North Circular Road, and was marketed for sale in recent months by the McCormick agency with a guide price of €6m. A feasibility assessment carried out by the vendor identified two options for the site, including a development of 96,875 sq.ft. of commercial space in addition to 101 apartments. Alternatively, 178 hotel rooms could be accommodated instead of the apartment element. This feasibility assessment was carried out prior to December 2019, when the cap on heights for urban developments were effectively removed and therefore MKN may well secure permission for a higher development capable of accommodating a greater number of units when it lodges a planning application. The Irish Times, 27th March
48 William Street, Galway City Centre Lambert Smith Hampton has sold 48 William Street, a property comprising 915 sq.ft. retail on the ground floor and 2,658 sq.ft. of office space over the three floors above for more than its guiding price of €2m. The property was brought to the market for sale in October and the quick disposal bodes well for the sale of the Eason Shop at 33 Shop Street which is being sold on a sale and leaseback basis guiding €8m through Bannon. The Irish Times, 27th March
AIB sale of €1bn Loan Portfolio AIB has agreed to sell a €1bn portfolio of non-performing loans, consisting of mostly buy-to-let properties. The portfolio, which consists of 2,200 customer loans, is being sold to Everyday Finance as part of a consortium arrangement with Everyday and affiliates of Cerberus Capital Management. The portfolio is predominantly made up of investment properties, with limited agriculture exposure, with an average balance of €500,000 across 5,000 assets. However, for 10% the loans, the family home has also been included as it is cross-secured to wider commercial connected debt. Once the deal is completed, AIB will receive cash consideration of approximately €800m. From 2013 to end-2018, AIB has reduced NPEs from €31 billion to €6.1 billion. AIB Investor Relations Website, 1st March 2019
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Project Redwood: AIB has reduced the size of the Project Redwood loan book from €3.75bn par loan value to €1.6bn. US private equity funds Cerberus, Lone Star and Goldman Sachs are believed to be the final three in the running with final bids expected in the coming weeks. Once Redwood has been sold, AIB is believed to be working on a follow-up loan sale called Project Beech. The Sunday Business Post, 22nd April
Development Site Killiney: Agent Knight Frank has brought a 3.74 acre site beside the Glenageary Roundabout in Killiney to the market guiding €9m (€2.4m per acre). The site which has capacity to accommodate c. 150 apartments is expected to generate significant interest from a number of developers, including quoted house-builders Glenveagh Properties and Cairn Homes. The Irish Times, 18th April
Sycamore Court, Rathgar: Agent Hooke & MacDonald has brought the 18 apartment Sycamore Court Development on Rathgar Road to the market guiding €5.5m (€305k per apartment). The complex is fully let producing an annual rent roll of €304k, equating to a gross yield of 5.5% against guide price. There is also potential for an extension to the existing building, subject to relevant planning permission being obtained. The Sunday Business Post, 22nd April
Lansdowne Place, Ballsbridge: The latest collection of 22 high end apartments and penthouses at the Lansdowne Place development in Ballsbridge has come to market with prices ranging from €800k to €2.3m for the apartments and up to €7.5m for the penthouses. The apartments on offer include three one-bedroom units and 15 two-bedroom apartments ranging in size from 1,900 sq. ft. to 2,100 sq. ft. Believed to be the largest penthouse ever offered on the Irish market and with a guide price of €7.5m, the “Nicholson” penthouse is a four-bedroom unit with a study spanning 4,250 sq. ft. of living space with an additional 3,500 sq. ft. of terraces and garden space. The Sunday Business Post, 22nd April
Townsend Street Site: Knight Frank is seeking offers in excess of €3m for a 0.23 acre site on the corner of Townsend Street and Shaw Street in Dublin 2. The site is zoned “Z5” City Centre – “To consolidate and facilitate the development of the central area, and to identify, reinforce, strengthen and protect its civic design character and dignity”. Planning permission was previously granted for a nine-storey over retail mixed-use development in 2009, however this has since lapsed. A feasibility study has been conducted for the site with plans for five different office-over-ground-floor retail building options. The Sunday Business Post, 22nd April
Ballyvolane Site, Co. Cork: Cushman and Wakefield has brought an extensive landholding on the northern outskirts of Cork city to the market guiding €5.5m (€53k per acre). The two greenfield sites totalling 104 acres are contained within the Ballyvolane Urban Expansion Area (BUEA) and earmarked for the provision of a new, mixed-use, neighbourhood incorporating residential, business, retail, community, recreation, open space and servicing infrastructure. The Irish Examiner, 19th April
South William Street, Dublin: Agent Lisney is guiding €9m (€590 psf) for Maryland House, a landmark building with dual frontage onto South William Street and Drury Street in Dublin 2. The five-storey building which extends to 15,244 sq. ft. is fully let producing a rental income of €611k (€40 psf) with anchor tenant AA accounting for 92% of this amount. A €9m sale would equate to an initial yield of 6.27%. The Irish Times, 18th April
Merchants Quay, Dublin 8: Agent Knight Frank has brought five adjoining office buildings on Dublin’s Merchants Quay, to the market guiding €25m (€231 psf). The mixed portfolio is 87% occupied, producing a rental income of €2.1m, equating to an initial yield of 7.8%. The overall development extends to more than 108,000 sq. ft. and includes 180 car spaces. The largest tenant BDO, accounts for 66% of the total rent under a lease due to expire in 2027. The block has an average unexpired lease term of 7.1 years. The Irish Times, 18th April
Sir John Rogerson Quay: Agent CBRE is quoting €5.2m (€700 psf) for a first floor 7,448 sq. ft. office unit at 57/59 Sir John Rogerson’s Quay, Dublin 2. The office is let to Moneymate, a supplier of market data to domestic and international funds, at a rent of €343k (€46 psf) until 2022. The Irish Times, 18th April
No. 2, The Landings, Dublin Docklands: Irish property firm Ballymore and its partner Oxley are to lease c. 100,000 sq. ft. of office space in the Dublin docklands to office-sharing start-up WeWork. The US firm, will occupy No 2 on North Wall Quay beside the new Central Bank headquarters and the new head office of the National Treasury Management Agency (NTMA). Lease terms have not been disclosed and it is expected WeWork will move into the building in October. The Irish Times, 18th April
Portview House, Dublin Dockland’s: Agent JLL have brought 5,250 sq. ft. of office space in the Dublin Docklands to the market for €3.25m (€620 psf). The entire fifth floor of Portview House is being offered with vacant possession. The Irish Independent, 23rd April
Northwest Business Park, D15: Iput has paid €12.3m (€91 psf) for a vacant 117,000 sq. ft. modern warehouse building in Northwest Business Park in Dublin 15. The property includes c. 17,000 sq. ft. of office space and is on a 6.45 acre self-contained site. Iput has already embarked on a €2m upgrade of the facility which is expected to be completed by next July. Joint agents William Harvey and Savills have been appointed to lease the building, quoting an annual rent of €1.15m, or €8.55 psf. The Irish Times, 18th April
Press Up Group Galway Hotel: Press Up Entertainment group, is understood to have acquired a site in Galway with planning permission for a 134-bedroom hotel. The site, at Prospect Hill in Galway city, received planning permission in September last year following an application by Highgate Properties Limited. It is understood Press Up paid €4.5m for the land which encompasses four properties on Prospect Hill. In addition to the 134-bedrooms, there is permission for two bars within the building, which will ultimately have a total gross floor area c. of 57,000 sq. ft. The Irish Times, 18th April
JLL Commercial Property Index: The latest JLL Property Index Report found that the commercial property market continues to show stable growth, despite the recent increase in stamp duty from 2% to 6%. The report shows that overall returns increased by 2.7% in the last three months and by 10.7% over the last year. Capital values increased by 1.5% in the last quarter and by 5.5% over the past 12 months, led predominantly by the industrial sector. The capital value index has increased by 90.4% since the trough in 2013 but remains 37.5% below the peak in 2007. The Irish Times, 18th April
April Property Auctions: Five April property auctions have generated more than €32.4m in property sales, including four Dublin lots which sold for more than the €1m level. Of these, BidX1 generated €28.5m from 159 lots sold at its online auctions, REA Dempsey Sothern generated €2.99m from the sale of 15 Leinster and Dublin lots, and REA O’Connor Murphy’ Munster and Connacht auction sold eight lots, to generate a combined €912k. Development properties, including unfinished developments, were the outstanding performer at BidX1’s auctions reflecting increased activity as developers respond to the housing shortage. The Sunday Business Post, 22nd April
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Hanover Quay Development: The sale of the Cairn Homes 120 unit apartment development at Hanover Quay in Dublin’s Docklands is attracting considerable interest from a number of international property funds. Six offers were received in the first round of bids ranging from €90m to €96m (between €750k and €800k per unit) and bids are expected to go beyond €100m in the next round. Cairn Homes bought the Hanover Quay site for €22m, and are expected to spend around €40m on its development. The Irish Independent, 15th April
Elysian Tower, Cork: Ireland’s tallest building will change hands for c. €95m after competition regulators approved its sale. Landlord Kennedy Wilson recently agreed to buy the 17-storey Elysian Tower in Cork from private equity investor, Blackstone, for a fee of c. €90m to €95m. The commission investigated the sale to ensure that it would not damage competition before approving it. The Irish Times, 13th April
Hampton Wood, Dublin 11: Ireland’s largest private landlord, Ires Reit, has been selected as the preferred bidder on the sale of 128 apartments at Hampton Wood in Dublin 11. Ires are likely to have to pay more than the guide price of €32m (€250k per apartment) for the portfolio which is within walking distance of Ikea in Ballymun. The apartments will provide an annual projected rent roll of c. €2.4m when fully let, equating to a gross yield of 7.25% based on a €32m sales price. The Irish Times, 10th April
Blackrock Site Sale: Cushman & Wakefield are guiding €7m for a large period house and adjoining 3 acres in Blackrock, Co. Dublin. A feasibility study has been completed on the site which identifies several development opportunities ranging from 43 to 67 residential units. Cushman & Wakefield are confident there will be significant interest in the property due to the acute shortage of new homes in the area. The Irish Times, 11th April
Malahide Site Sale: Lisney are guiding €5.5m for a detached Victorian home on 1.6 acres in Malahide with potential to accommodate a new development of 30 to 40 high-quality residential units. The protected Victorian house has an overall floor area of 3,232 sq. ft. and the grounds are marked by extensive lawns and mature shrubs and trees, which would greatly enhance a variety of new houses and apartments. The Irish Times, 11th April
Saggart Site Planning Permission: A joint venture between NAMA and Harcourt Developments has received planning permission to build 526 new homes in Saggart, Co Dublin. The development will consist of 262 three-bed houses, 197 four-bed houses, 37 two-bed duplex units and 30 two-bed apartments with 52 units allocated for social housing. The approval is subject to 39 conditions, which include converting a residential unit to a community floor space, and providing a crèche. The Irish Times, 10th April
Marlet Property Group: The Marlet Property Group is continuing its sell-off of suburban development sites across the greater Dublin by bringing two further sites to the market. Joint agents CBRE and Leahy Estate Agents are guiding €7m (€1.15m per acre) for their 6.1 acre site in Finnstown, Lucan, which has planning permission for 94 units. Elsewhere, CBRE and McPeake Auctioneers are guiding €13m (€633k per acre) for a 20.5 acre site in Hollywoodrath, Dublin 15, with full planning permission for 183 houses. The Irish Times, 13th April
CSO Property Price Report: Latest figures released from the CSO show that residential property prices increased by 13% nationwide in the 12 months to February. Dublin saw prices rise by 12.7%, while outside of the capital the pace of the rise was even faster at 13.1%. The midlands region showed the greatest price growth, with house prices increasing 14.8% while the south-east region showed the least price growth, with house prices increasing 8.6%. Dublin prices are 23% lower than their February 2007 peak, while prices in the Rest of Ireland are 27.5% lower than their May 2007 peak. The Irish Independent, 12th April
Ballycoolin Business Park: CBRE have concluded the sale of three interconnected office buildings and a light industrial unit at Ballycoolin Business Park in Dublin 15 to an unnamed investment company for c. €24m. The four buildings are occupied by PayPal who are paying a total rent of €2.2m (€14 psf on office and €11 psf on industrial), equating to a net yield of 9%. Included in the sale is an undeveloped site of 6.9 acres with obvious development potential. The Irish Times, 11th April
36 Upper Mount Street: BNP Paribas have concluded the sale of 36 Upper Mount Street in Dublin 2 for €2.62m (€583 psf), a full €1m above guide price. The five-storey classic Georgian house attracted bidding from four parties and is the highest price paid for a Georgian house in Dublin in the past eight years. The property was offered with vacant possession having been occupied by the OPW in recent years. The Irish Times, 10th April
CBRE Q1 2018 Report: CBRE’s Q1 2018 report on the Dublin industrial market shows that take-up totalled 770k sq. ft. across 56 deals in the quarter, up 41% compared to the same quarter last year. The Dublin South-West (N7) corridor led the way with 37% of all take-up in this period. Prime industrial rents also rose in Q1, and stand at c. €9.50 psf. Prime industrial yields remain stable at 5.5% at the end of Q1. CBRE Dublin Industrial Market Report – Q1 2018
Dublin Crane Count: The latest report from The Irish Times concluded that there were 71 construction cranes visible over Dublin city on April 1st, a drop of seven from the previous month. The total is still more than double the 31 recorded on February 1st 2016 when the newspaper commenced its survey. There were 53 cranes visible on the Southside (down seven) and 18 on the Northside. The Irish Times, 10th April
Cork Events Centre: The development of the long awaited €73m Cork events centre is expected to commence in September of this year. The developers, BAM Ireland, have confirmed that the funding issues that have delayed the project for over two years have now been resolved. The events centre is set to cost the State c. €23m more than first anticipated with both the developers, and the operators, LiveNation, also committing more funding to the revised design. The development is aimed at giving Cork a complex to rival Dublin’s 3Arena and Belfast’s Odyssey centre. The Irish Independent, 10th April
Kiely’s Bar Donnybrook: Agent Knight Frank has launched the sale of the famous Dublin 4 rugby pub, Kiely’s of Donnybrook, guiding €5m. The pub and restaurant is located in the heart of Donnybrook village on a 0.2 acre site with significant development potential. The site is zoned Objective Z4 under the current Dublin City Development Plan 2016–2022, which would allow for residential, office, hotel, hostel, restaurant and/or retail use. The Sunday Business Post, 15th April
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Charlestown Shopping Centre: Joint agents Bannon and Savills are quoting €35.5m for the sale of the Charlestown Shopping Centre in Dublin 11. The centre has 26 individual units providing an annual income of €2.8m with a weighted unexpired term of c. 9 years, equating to an 8% return. The sale also includes the benefit of an adjoining development site with planning for 247 apartments and ground floor commercial space. The Irish Times, 4th April
South King Street, Dublin: Real estate investor Hines has completed the purchase of the Chatham & King mixed use development on South King Street in Dublin city centre for c. €150m. The development comprises 33,000 sq. ft. of retail units occupied by Zara, H&M and Warehouse and 31,000 sq. ft. of office space occupied by data analytics firm Qualtrics with a combined rent roll of €6.8m. Also included in the sale is the Chatham Court building, the second phase of the asset with five retail units to be developed and delivered in the next 24 months. The Irish Independent, 6th April
Blanchardstown Shopping Centre: Plans to create 54 retail kiosks totalling c. 60,000 sq. ft. inside the Blanchardstown Centre in Dublin have been scaled back after objections from anchor tenant Dunnes Stores, who claimed the kiosks would adversely affect the centre and its own store. Planning consultants have now told the local council that they will reduce number of kiosks to 38 totalling 49,000 sq. ft. The Irish Independent, 9th April
Haddington Road, Dublin 4: German fund Quadoro Doric, has completed the purchase of a newly refurbished 28,000 sq. ft. office development on Haddington Road in Dublin 4 for €24m (€857 psf). The building is let to Dentsu Aegis, a multinational media and digital company on a 20-year lease at €1.4m p.a., equating to a net initial yield of 5.4%. The Irish Times, 4th April
Dublin Office Market Q1: Demand for office space in Dublin is showing no sign of slowing as the capital recorded a record volume of take-up in the first quarter of 2018. A CBRE report shows that 900k sq. ft. of office space was leased in the Dublin market in the first three months of the year, up more than 69% on the same period in 2017. Some 60 lettings were signed in Dublin in the period, with 28 transactions agreed with Irish companies, 16 to US companies and seven lettings to UK companies. CBRE also reported that prime headline rents have remained stable at c. €65 psf, despite analysts suggesting last year that they would drop to c. €62 psf. The Irish Times, 6th April
Metropole Hotel, Cork: Plans have been approved for the €50m redevelopment of the Metropole Hotel in Cork city centre. The planned development will extend to c. 280k sq. ft. and will include the expansion and refurbishment of the existing hotel and the construction of a new hotel on an adjacent site to accommodate 400 bedrooms in total. The two hotels will be linked through a first-floor bridge and the construction work is expected to take c. 3 years. The Sunday Business Post, 8th April
Q1 Hotel Market Activity: CBRE have reported that four hotels with a combined value of c. €199m have changed hands so far this year, equating to almost half the volume of spending on hotels recorded for the whole of 2017. The four hotel sales concluded in the first quarter were: the Citywest Hotel in Dublin, the McWilliam Park Hotel in Claremorris, Co Mayo, the Radisson Blu Hotel in Sligo, and the Hilton Garden Inn Dublin Custom House which was sold as part of the Amaris portfolio. The most significant transaction to have been concluded during the period was the sale of the Citywest Hotel by US private equity giant Pimco to Tetrarch Capital. The Irish Times, 10th April
South Docklands Site, Cork: The former Ford distribution site in Cork’s south docklands has been brought to the market by CBRE with a guide price of €8.5m (€752k per acre). The 11.3 acre site, which was previously sold for €35m, has planning permission for the development of 564 apartments, offices extending to 340k sq. ft., a 200-bedroom hotel and a 5,000-seater events centre. The Irish Times, 4th April
Harold Court, Dublin 12: Savills have brought a 23 apartment development on Parnell Road in Dublin 12 to the market guiding €7.25m (€315k per apartment). Harold Court which was built in 2006 and was recently refurbished, is being offered for sale with full vacant possession. The development comprises 4 one-bed apartments and 19 two-bed apartments ranging in size from 440 sq. ft. to 760 sq. ft. and includes 25 underground car spaces. The Irish Independent, 5th April
Glanmire, Co. Cork: O’ Flynn Construction has received planning permission from An Bord Pleanála to develop 608 residential units at a site in Glanmire, Co. Cork. The development will consist of c. 500 two, three and four-bed terraced houses with the remaining units in apartment blocks ranging from three to five storeys tall. The company expects to start working on the development in the summer and expect first homes to go on sale in February 2019. The project includes a neighbourhood centre with a crèche, retail services, a community building and a site for a school. The Irish Times, 4th April
Raheny, North Dublin: An Bord Pleanála approved a 500-unit residential development in Raheny, North Dublin. The decision, which was made under a fast-track planning process, is subject to 24 conditions and with a requirement that at least 10% of all homes will be for social housing. Some 1,102 submissions were made, most opposed to the plan, which centred on concerns around the impact on St Anne’s Park, traffic and Brent Geese which use the pitches as a feeding ground. The Irish Independent, 9th April
Mortgage Arrears Update: The Central Bank has reported that the owners of c. 14,000 homes that are in long-term arrears in Ireland could lose their properties. In total, 28,046 private dwelling homes were in mortgage arrears as of December 2017 and the Central Bank has said that more than half of those cases were “classified as involving the potential for loss of ownership outcomes”. Since the middle of 2009, 8,195 owner-occupied properties have either been voluntarily surrendered by the mortgage holders or have been repossessed by the lender, due to the borrowers’ inability to keep up with mortgage payments. The Irish Times, 10th April
Q1 Investment Market Activity: CBRE Ireland released investment spend figures for the Irish market Q1 of 2018, which show that almost €930m was invested in commercial property in Ireland during the first three months of the year. Almost three quarters of Irish investment activity occurred in the Dublin market although CBRE note that investors are now exploring good investment opportunities in other cities such as Cork, which accounts for 11% of total spend. CBRE Website, 5th April
Student Accommodation Cork: A newly acquired student accommodation block at Copley Street in Cork city centre is to be enlarged and upgraded by the Irish-owned company Hatch Student Living. A €25m investment package will be used to double the bed numbers to c. 250, as well as provide a gym, laundry, student spaces and communal lounges. Hatch Student Living was founded in 2016 and invests in the refurbishment of older properties and currently operates 230 student beds in Cork and Carlow. The Irish Times, 3rd April
Connolly Quarter, Dublin: Ballymore Properties is to partner with CIE on the delivery of a major mixed scheme development next to Connolly Station in Dublin’s IFSC. The Connolly Quarter will comprise c. 540k sq. ft. of office space, a hotel and apartment complex. Ballymore’s success in securing the tender for the 7.9 acre site comes weeks after Bartra Capital was selected as CIE’s partner for a new high-rise office scheme at Grand Canal Quay in Dublin’s south docklands area. The Irish Independent, 8th April
Ardmore Lodge Nursing Home, North Dublin: Nursing home specialists CareChoice, has completed the purchase of the 89-bedroom Ardmore Lodge Nursing Home facility in North Co. Dublin for €15m from the owners of the Mercantile pub group. CareChoice, which was purchased by the French Investment fund InfraVia for €70m last year, has ambitions to become Ireland’s largest care home operator through acquisitions and organic growth. The Sunday Business Post, 8th April
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Project Redwood: AIB’s largest sell-off of non-performing loans is nearing its conclusion with final bids on the €3.7bn Project Redwood expected by the end of April. The loan sale, which excludes owner-occupier mortgages, has reduced slightly and is expected to exchange for c. €2bn, equating to a discount of c. 46%. Lone Star, Cerberus and Goldman Sachs are the three parties remaining in the sales process. The Irish Independent, 29th March
4 Henry Street, Dublin: Agent TWM is seeking €8.35m (€1,452 psf) for the Skechers footwear store located at 4 Henry Street, next door to the Arnotts department store. The 5,750 sq. ft. property has been let to Skechers on a 15-year FRI lease since September 2010 with a break option in 2020. Skechers are currently paying €360k p.a. (€62.60 psf) for the unit, equating to a 4% return based on €8.35m sales price. The Irish Times, 28th March
Abbey Street, Dublin 1: Irish Life has found two new tenants for its newly developed office block on Lower Abbey Street, Dublin 1. Depfa Bank has signed contracts to lease c. 20,000 sq. ft. on the third and fourth floors at a rent of €45 psf. Depfa Bank has recently notified Hibernia REIT that it intends to terminate its leasehold interests in the Forum, in Dublin’s North Docks, in March 2019. The bank currently occupies 47,000 sq. ft. of office space in the building at a rent of €2m p.a. (€42.50 psf). Apex Fund Services is the second tenant understood to have agreed to lease 15,000 sq. ft. at similar rents to Depfa Bank. The Irish Times, 28th March
Windmill Lane, Dublin 2: Hibernia Reit confirmed it has let two floors of office space in its 1 Windmill Lane building for an initial rent of €2.8m p.a. (€57 psf). Autodesk, the technology company, will take c. 48,500 sq. ft. of space across two floors on two separate leases. The first lease commences in March 2019 and the 20-year leases will have an average term certain of 11.5 years from commencement. The Irish Independent, 29th March
Radisson Blu Hotel Sligo: Hotel group iNua Hospitality has bought the 132-bedroom four-star Radisson Blu Hotel and Spa in Sligo for between €15m and €16m. This will bring to 760 the number of bedrooms it manages in seven regional hotels. The group is reported as saying that its hotels are currently valued at c. €90m and it has invested €10m in capital expenditure improvements. The Irish Independent, 2nd April
Leixlip Development Sites: Agent Knight Frank has brought a 2.92 acre site at Easton in Leixlip Co. Kildare to the market guiding €2.5m (€856k per acre). The site which is located c. 800m from the Intel Ireland campus, is zoned for residential use and could accommodate between 35 and 41 residential units.
Knight Frank has also brought an adjoining 36.5 acre site zoned for business and technology developments to the market with a guide price of €6m (€164k per acre). The site has c. 170m of road frontage and is suitable for uses such as motor sales, petrol station, light industry, office, medical consultant/health centre, restaurant, shop and tourist-related facilities. The Irish Times, 28th March
Howth Road, Clontarf: Quillsen Auctioneers have brought a residential development opportunity at 126 Howth Road, Clontarf in Dublin 3 to the market guiding €3m. The property stands on a site of 0.84 acres and is zoned Z1 ‘To protect, provide and improve residential amenities’, with the capability to provide up to 25 apartment units. The Irish Independent, 29th March
Live Planning Applications: Plans for 636 residential properties in two developments have been submitted to An Bord Pleanála under the Government’s strategic housing development initiative. Cairn Homes, is seeking permission to build 320 houses, 142 apartments and a 106-unit student development in Maynooth, Co Kildare. Separately, O’ Mahony Developments has applied for permission to build 164 houses and 10 apartments in Glounthaune, Co Cork. Both developers have applied under a fast-track planning scheme whereby builders apply to An Bord Pleanála directly for permission after consulting the local council and a decision will be made within 16 weeks. The latest submissions bring to 12 the number of applications currently with An Bord Pleanála for strategic developments (3,420 properties and 691 student beds). The Irish Times, 27th March
Clay Farm, Leopardstown: Viscount Securities, one of Michael Cotter’s companies, has applied to An Bord Pleanála to build 355 houses and 572 apartments, a childcare facility and 1,458 parking spaces at Clay Farm in Leopardstown. The company’s previous application in January 2018, the first submitted under the Government’s strategic housing development initiative, was previously rejected over inadequate information on storm water management and concerns over insufficient open space for the development. The Irish Independent, 29th March
Goodbody Housebuilding Tracker: Despite year on year increases in housing unit completions, Goodbody Housebuilding Tracker report notes there remains a “significant gap” between the demand of c. 35,000 units and the supply of less than 10,000 units in the last 12 months. The report notes year on year increase of 38% in February 2018, when nearly 800 housing units were completed and year on year increases of 46% in January and February 2018 with 1,608 units completed. The Irish Independent, 27th March
MyHome.ie / Davy Report: The latest house price report from Myhome.ie and Davy has shown that the prices of newly listed properties nationally rose by 4.8% in Q1, while prices in Dublin rose by 3.3%. Nationally, asking prices for the previous 12 months are up 9.5%, with Dublin up 8.2%. The report reasons the slowdown in Q1 is due to tighter bank lending and stretched affordability in Dublin. The median asking price for new sales nationally is €260k (€210k excluding Dublin) while in Dublin it’s €345k. Myhome.ie, 3rd April
BidX1 Commercial Auction: The upcoming BidX1 Commercial auction on April 18th includes five licensed premises for sale. Most notable of these is the former Walters Pub in Dun Laoghaire which has a €1.25m guide price. The pub is currently let to the Clancy Group at a rent of €100k p.a. representing a gross yield of 8% on sale at guide price. The four other pubs going under the virtual hammer are located in Kildare, Louth and Monaghan and range in value from €150k to €375k. BidX1 Commercial Catalogue
April Auctions: There will be five property auctions with over 400 properties held in April 2018 between BidX1, REA and O’ Donnellan and Joyce. The largest lot, with a reserve of €3.5m, is an apartment block with 31 units in Inchicore and will be auctioned online through BidX1. 30 of the apartments are let generating €430k p.a. rental income. The reserve of €3.5m represents a gross initial yield of 12.57%. The Irish Independent, 29th March
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Projects Emerald and Ruby: Last Thursday was the deadline for first round bids for NAMA’s Projects Emerald and Ruby, which have a combined par value of c. €4.7bn. It is understood that the initial bidders for the portfolios include Deutsche Bank, Lone Star, Cerberus and a joint bid from Goldman Sachs and CarVal. The portfolios are expected to sell for c. 10c in the Euro. The Irish Times, 22nd April
Childers Road: Irish Life look set to expand on their €2.5bn Irish commercial property portfolio after being chosen as the preferred bidder for Childers Road Retail Park in Limerick. Irish Life is understood to have bid just under €46m for the retail park, which is nearly €2m above the guide price. The underbidders for the retail park, which has an annual rental income of €3.22m, were a private individual and Savills Investment Managers. The Irish Times, 20th April
Stradbally Shopping Centre: Lisney has set an asking price of €3m for the nine year old Stradbally Shopping Centre in Co. Laois. The property consists of nine retail units, 15 apartments and 80 car spaces, however only ten of the apartments are included in the sale. The total rental income from the commercial units is c. €241k p.a., with Supervalu being the anchor tenant. The total rental income from the apartments is c. €44k p.a., with one apartment still in a shell and core condition. The €3m sale price equates to a net initial yield of 9.08%. The Irish Times, 25th April
Blanchardstown Shopping Centre: The shortlist of bidders for Blanchardstown Shopping Centre has reduced to two after second round bids were submitted last Wednesday. Both Blackstone and the Canada Pension Plan Investment Board have progressed to the final round. The shopping centre, which has an annual rent roll of c. €50m, is valued at c. €1bn. The Irish Times, 23rd April
12 / 13 Exchange Place: QRE has set an asking price of €4.3m for a four storey office block located at 12 / 13 Exchange Place in Dublin’s IFSC. The 11,351 sq. ft. office block is fully let and six car spaces are also included in the sale. At the current annual rental income of c. €291k, the sale price equates to a net initial yield of c. 6.5%. The tenants include Reuters, Elix Aviation and Willis Mitsui. The Irish Independent, 24th April
Markland Group Complex: CBRE is quoting €24m for a high quality office block and three former distillery buildings (converted for office and residential use) known as the Markland Group complex at Fumbally, Dublin 8. The complex will show an initial yield of 7.25%, and the new owners will have an opportunity to strengthen returns by increasing rents, leasing currently unoccupied space (which would drive the current rent roll of €1.7m to over €2m), and renewing planning permission for a further 16 apartments which lapsed in 2002. The current tenants include FCR media, CMC Coal Marketing company and Infineon Technologies. The Irish Times, 20th April
1SJRQ Building: Joint agents JLL and DTZ have begun seeking tenants for Hibernia REIT’s new 1SJRQ building, which is under development at 1-6 Sir John Rogerson’s Quay in the south Dublin docklands. The 110,000 sq. ft. building is scheduled for completion in mid-2018, and will form part of a quadrant of buildings Hibernia owns in the area around Windmill Lane. Nearby is another of Hibernia’s development projects, 1WML (120,000 sq. ft.), which is being developed in a joint venture with Starwood Capital. The Irish Times, 20th April
Setanta Centre: The Sunday Business Post reports that Larry Goodman is contemplating the sale of the Setanta Centre, which is located on Nassau Street in Dublin 2 and is understood to be worth c. €100m. The paper also reports that the Hardwicke Group has held preliminary discussions with Goodman about acquiring the asset. The Setanta Centre is a mixed use office and retail building which Goodman purchased in 2003 from Green Property for c. €85m. Should Goodman decide to dispose of the asset, then it will be his second time doing so, after he sold the property to Green in 1993. The Sunday Business Post, 24th April
Heather House: DTZ is managing the sale of Heather House, a multi-let office building in Sandyford, Dublin 18, which has a price tag of over €6.5m. There are currently eight tenants in situ in the four storey over basement building, which extends to 38,740 sq. ft. There are also 79 car spaces included in the sale. The current rent roll is c. €456k p.a., offering investors an initial return of 6.71%. The capital value of the property equates to c. €167 psf. The Irish Times, 20th April
Burlington Hotel: Blackstone has retained Savills to handle the off-market sales process for the former Burlington Hotel in Dublin 4, with offers in the region of €140m being sought. Blackstone acquired the hotel in November 2012 for c. €67m, and spent an additional €16m in giving the hotel a complete overhaul. The 501-bed hotel currently trades as a DoubleTree by Hilton, however potential bidders can acquire the asset with or without the DoubleTree management agreement. The hotel sits on a 3.8 acre site and was previously acquired by Bernard McNamara in 2006 for €288m. The Sunday Times, 24th April
Kilronan Castle and Lough Rynn Castle: The continued recovery in the hotel sector has been further evidenced by the sale of Kilronan Castle in Co. Roscommon and Lough Rynn Castle in Co. Leitrim, which have sold for nearly €6m above their asking price. The two hotels were placed on the market in 2015 with a combined price tag of €8m, however they have now been purchased by a group of Irish investors for almost €14m. Kilronan Castle has 84 beds while Lough Rynn has 44 beds. There are also 16 holiday homes included in the sale, with the homes based on the 260-acre Lough Rynn estate. The Sunday Times, 24th April
Montenotte Hotel: The Montenotte Hotel in Cork is to undergo a €5m refurbishment which will see all of its 107 rooms being upgraded. The hotel is also to be extended, and some of the new facilities lined up include a new bar and restaurant, a private cinema, a library and additional conference facilities. There will also be an outdoor terrace built which will cover the full length of the hotel. The hotel is currently owned by Choice Hotels, which is run by Frankie Whelehan. The Irish Independent, 22nd April
Fashion House: Goldman Sachs, along with their hotel operator subsidiary Tifco, is planning to expand their newly acquired Parliament Hotel, which is located on Lord Edward Street. Goldman Sachs is seeking to acquire the adjacent Fashion House to facilitate the expansion. Once the transaction is complete, Goldman Sachs will seek to convert the three-star, 64 bed Parliament Hotel into a four star, 127 bed hotel. Fashion House is currently owned by the Fitzgerald Group. The Sunday Business Post, 24thApril
Viking Hotel: JLL, under the instruction of the receiver Deloitte, is guiding in excess of €4m for The Viking Hotel in Waterford city. The three star, 98-bed hotel is located on the Cork Road, near the Waterford by-pass. The current operator of the hotel is the Prem Group, however the hotel is being offered for sale with full vacant possession. JLL are anticipating significant interest in the hotel given its strong cash flow and improving trading performance. The Irish Times, 20th April
Roslyn Park: Roslyn Park, one of the best remaining residential sites in Dublin 4, has come on the market with a price tag of €12m (€2.33m per acre). The 5.16 acre site in Sandymount fronts onto Seaford Avenue, Newgrove Avenue and Beach road, and is expected to facilitate a mixed development of high-end apartments and town houses. The site is currently owned and occupied by the Rehab Group. As a condition of the sale, developers are being asked to allow the Rehab Group to occupy their offices for four months following the closing of the sale. Joint agents Lisney and Savills describe Roslyn Park as one of the finest development opportunities to be offered for sale in the Dublin suburbs in recent years. The Irish Times, 20th April
Richmond Cheshire Home: An unnamed developer has paid over €5m (€2.14m per acre) to acquire the Richmond Cheshire Home near Monkstown Village in south Dublin. The Richmond Cheshire Home sits on a 2.34 acre site which could facilitate up to 48 apartments. The primary property on the site at present is a single storey complex with 18 bedrooms, and there are also five studio apartments to the rear. The seller is the Cheshire Foundation, who is following the HSE policy of moving service users with disabilities from a central location into the community. The Irish Times, 20th April
Mount Merrion Developments: Two new apartment complexes are being lined up in Mount Merrion, south Dublin, in what would be the first developments completed in the area in c. 30 years. The first scheme is a 42-unit, seven storey block, which will be built on the site of Flanagan’s furniture shop. The second development is proposed on the site of Union Café / Kennedy’s. The owners of this site are currently in discussions with residents to determine the most suitable scheme for the site, however it is envisaged that planning permission for c. 70 units will be sought. The Irish Times, 21st April
Residential Property Sales: Property funds have spent more than €1.9bn purchasing thousands of houses and apartments throughout the country in recent years. An analysis of transactions shows that almost 9,000 units have been purchased in 300 deals since 2010. The units were sold by a variety of interests, including receivers, the banks and NAMA. The vast majority of purchases (7,500) were in Dublin, Cork and Galway. The record year for sales was 2014, when €666m of transactions were completed, and €140m of sales have been completed so far this year. The background for these sales is the ongoing housing crisis, where last year only 12,000 new homes were completed, significantly below the 25,000 required to keep pace with demand. The Irish Independent, 23rd April
Smurfit Buildings: Knight Frank is quoting €6.25 million for two industrial buildings rented by Smurfit at Lower Ballymount Road, Dublin 12. The investment will show a yield of 10%. The two detached units extend to 27,000 sq. ft. and 59,500 sq. ft. The larger building is let to Smurfit Irish Paper Sacks under a 25 year lease from 2005 at c. €619k p.a. The smaller unit is currently vacant and is expected to rent for c. €95k p.a. when a suitable tenant is found. The Irish Times, 20th April
Mater Private: The German healthcare firm Fresenius is understood to have been chosen as the preferred bidder for the Mater Private group, and will pay c. €500m to complete the transaction. The Mater Private group is 51% owned by CapVest, with the remainder split between management (32%) and staff (17%). Fresenius is a publicly listed firm with 111 medical centres and seven hospitals in Germany. Their acquisition of the Mater Private group will be their first outside of Germany. The Sunday Business Post, 24th April
Commercial Property Returns: JLL’s Q1 2016 report on the Irish CRE market shows that commercial property values rose by 2.6% in the quarter. Prices at the end of Q1 2016 were 18% higher than they were 12 months ago. The best performing sector was industrial, where prices rose by 9.8% in the quarter and have risen by 32% in the past year. JLL also report that CRE rents increased by 3.5% in Q1 2016 and have now risen by 16% in the past twelve months. The best performing sector in the quarter was office, where rents rose by 4.4%. NAMA Wine Lake, 24th April
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Projects Emerald and Ruby: With first round bids for NAMA’s Emerald and Ruby loan portfolios due by the 20th of April, it is understood that Cerberus, CarVal and Lone Star are among the interested parties. Project Emerald has a par value of €2.5bn, split across 16 borrowers. There are 236 properties securing the Project Emerald loans. Over 20% of the Project Emerald properties are residential, and over 20% of the properties are located in Dublin. Project Ruby is a €2.2bn par value portfolio with 15 borrower connections. The Project Ruby loans are secured by 253 properties, with over 97% of the properties located in Ireland. The Irish Independent, 19th April
NAMA Figures: Last week the acting Finance Minister Michael Noonan provided an update on the NAMA loan book. Between 2010 and 2012, NAMA acquired loans which had a par value of €74bn for the discounted price of €32bn. The loans were linked to 779 debtor connections. Following a number of portfolio sales in recent years, 442 debtors have exited NAMA. Of the 442 who exited, only 44 debtors repaid their debt in full. According to Minister Noonan, the 442 borrowers who exited NAMA accounted for €18.5bn of the €74bn of par value debt. NAMA Wine Lake, 17thApril
Industrial Portfolio: Goldman Sachs and CarVal Investors are inviting offers of €30m for a portfolio of industrial properties. The properties are located between Dublin and Limerick and it is believed that c. 40% of them are vacant. Goldman and CarVal purchased the assets from NAMA as part of a larger loan portfolio. Goldman and CarVal had previously intended to sell 36 properties for c. €50m, however they have since decided to retain five or six of the most attractive assets. Some of these prized assets are located at Northwest Business Park at Ballycoolin and Greenogue Business Park in Rathcoole. The Irish Times, 13th April
Childers Road: Three bidders have progressed to the second round of bidding for Childers Road Retail Park in Limerick, which has a guide price of €44m. The bidders are Irish Life, Savills Investment Managers and Dolores McNamara, who previously won €115m in the Euromillions lottery. The 257,000 sq. ft. retail park has an annual rent roll of €3.22m. Joint agents HWBC and DTZ Sherry FitzGerald are managing the sale of the retail park, which was developed over ten years ago by Alan and Brian McCormack. The Irish Times, 13th April
Dublin Market Review: JLL’s report on the Dublin office market for Q1 2016 shows that 34 lease transactions were completed in the period for a total take-up of 485,935 sq. ft. of floor space. This level of take-up was 50% lower than the Q4 2015 take-up however it was 43% higher than the Q1 2015 take-up. Prime rents in Dublin city centre are now ranging from €55 – €65 psf while rents in the suburbs range from €25 – €30 psf. The report also shows that 54% of the take-up was in Dublin city centre with the remaining 46% in the suburbs. On the development side, JLL estimate that c. 2.8m sq. ft. of new office space is being constructed, with a further 662,000 sq. ft. of space being refurbished. JLL, Dublin Office Market Report Q1 2016
Ballykisteen Hotel and Golf Resort: CBRE has set an asking price of over €2m for Ballykisteen Hotel and Golf Resort, which is near Limerick Junction in Tipperary. The four star, 40-bed hotel is situated on a 114 acre site which also features the Des Smyth golf course. The hotel is a popular choice for weddings and has also been voted as one of the top 10 resorts for family breaks. The Irish Times, 13th April
Andrews Lane Theatre: A group of private investors have completed the purchase of Andrews Lane Theatre, which is located between Trinity Street and Exchequer Street in Dublin. The €4.4m purchase price was significantly above the €3.1m guide price for the property, which went on the market in March. The new owners are now expected to seek planning permission to replace the existing property with a new seven-storey, 115-bed hotel, which will cost c. €10m to develop. There is currently a two storey property on the site, which extends to 6,497 sq. ft. The Hangar nightclub is currently operating from the property. The Irish Times, 18th April
Dublin Castle: A company owned by Eamon Waters, the owner of the Panda waste group, has sought planning permission to develop a new 136-bed hotel near Dublin Castle in the city centre. The proposed seven-storey, c. 61,000 sq. ft. hotel will be developed on Ship Street Great on a 0.2 acre site. The company paid c. €2m for the site in December 2015. Industry experts estimate that the overall cost of the development is c. €25m – €30m. The Sunday Times, 17th April
ESB Sandyford: The ESB has sought planning permission for the development of three new five-storey office blocks in Sandyford, south Dublin. The blocks would provide c. 269,000 sq. ft. of office space with 250 car spaces also proposed for the site. The ESB are proposing to complete the development on a 14 acre site they own, with the development set to occupy c. 5.5 acres. Market sources estimate the cost of the project at €100m. The Sunday Times, 17th April
Spencer Dock: Developer Johnny Ronan looks set to reacquire a six-acre waterfront site in Dublin’s Spencer Dock in a c. €50m deal. The site is being purchased by Ronan Group Real Estate, with the US private equity firm Colony Capital funding the acquisition. The site was previously owned by Treasury Holdings, a company which Ronan jointly owned, before NAMA appointed receivers over the assets. Planning permission has already been obtained for the site, with approval in place for the development of a 169-bed hotel, 165 apartments and c. 340,000 square feet of office space. The Sunday Business Post, 17th April
Abbeville Development: The Japanese Nishida family has sought planning permission for the development of 46 homes on the former estate of Charlie Haughey in Abbeville, Kinsealy, county Dublin. Should planning be granted, the homes will be developed on the 5.5 acre site which is located to the rear of the Ashgrove / Baskin Cottages. The projected sales price for the houses to be developed is between €400k and €500k. The Nishida family previously founded the Toyoko Inn hotel group. The Sunday Business Post, 17th April
Housing Development: New figures from the CSO show that, in 2015, planning permission was approved for the development of 13,044 homes. While this is a 76% increase on the 2014 figure, it is still well below the estimated annual requirement of 25,000 homes. From analysing the figures, it was apartments which enjoyed the largest percentage increase in planning approvals, rising by 256% to 2,794. Estate homes also rose by 89% to 6,658 while one-off homes rose by 16% to 3,592. The news comes as The Irish Independent also reports that NAMA controls enough land to develop over 80,000 homes, however a large number of the sites cannot be developed on until planning issues are resolved. The issues include poor sewerage, lack of infrastructure and a lack of transport and schools. The Irish Independent, 15th April
Clontarf Site: CBRE are expecting substantial interest in a 0.96 acre development site in Clontarf, Dublin 3, which is guiding €3.85m. The site on Vernon Avenue has planning permission for 17 three-bed homes, with permission granted by An Bord Pleanála in June 2014. Under the terms of the planning approval, the homes will range in size from 1,055 sq. ft. to 1,927 sq. ft. The Irish Times, 13th April
Tully Road: A 21 acre site in Kildare town with planning permission for 164 homes had to be withdrawn from public auction on April 7th after an extremely competitive bidding process. Bidding for the site began at €2.6m and quickly rose to €4.725m before it was withdrawn. The site was later sold for a significantly higher price to an unnamed investor. The site is c. 32 miles from Dublin city and c. 15 miles from Naas. Planning permission was granted by An Bord Pleanála for 10 years in April 2013. There may be scope to increase the number of properties to be developed on the site as the current planning permission is viewed as low density. REA Coonan, 12thApril
Kilmacud Road: After previously purchasing Kemnay, a single storey property in Upper Kilmacud Road in south Dublin, Davy has sought planning permission to develop 19 units on the 0.74 acre site. The application seeks approval for 3 four-bedroom houses, 8 three-bedroom duplex apartments and 8 two-bedroom apartments. The Irish Times, 14th April
Ulster Bank Mortgage Rates: Following the latest One Big Switch campaign, Ulster Bank has introduced a number of new mortgage products which will offer homeowners cheaper rates on their mortgage. For those who signed up to the One Big Switch campaign, Ulster Bank will offer a four-year fixed rate mortgage of 3.29%. The offer will apply to mortgages where the loan-to-value is less than 60% of the loan, and is also available to existing Ulster Bank customers as well as new customers. For mortgage holders who are considering switching providers, Ulster Bank will pay €1,500 of the legal fees and also provide a free valuation. Ulster Bank has also introduced new three and five year fixed rate products, with the rate dependent on the loan to value. The Irish Independent, 18th April
Danes Hollow: Moya Doherty and John McColgan, the producers of Riverdance, are to sell their Danes Hollow home in Howth, north Dublin. The c. 9,000 sq. ft., five-bed property is now on the market through Ganly Walters for €9.5m. In 1997 Doherty and McGolgan paid £900k for Danes Hollow, which at the time was a bungalow on a one acre site. Shortly afterwards they purchased an adjacent 2.35 acre site and replaced the bungalow with a more lavish residence. While the main residence is now being sold, Doherty and McColgan will retain a three bed guest house which lies on the Danes Hollow site. The Irish Times, 14th April
IPUT Facility: The latest annual report from IPUT reveals that the fund has obtained a €150m revolving credit facility from the US lender Wells Fargo. Per the report, the facility is for a three year term from January 2016, with IPUT having already drawn down €52.7m. The facility is expected to be used to part finance IPUT’s development projects while also funding dividend payments. In 2015, IPUT spent c. €163m acquiring assets. The total rental income for IPUT’s portfolio last year was c. €85.8m. IPUT also expect their rental income to increase significantly over the next 24 months, as 30% of the rental income will be subject to rent reviews. The Irish Times, 15th April
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NAMA Portfolios: First round bids are understood to have been submitted for NAMA’s Project Abbey, the c. €700m par value portfolio linked to Pat Doherty. The bidders are believed to have included Apollo, Davidson Kempner and Starwood. The portfolio is expected to sell for c. 45c in the Euro. First round bids for NAMA’s other portfolios on the market, Emerald and Ruby, are anticipated by 20th April. Emerald and Ruby have a combined par value of c. €4.5bn and are expected to close for c. 10c in the Euro. NAMA Wine Lake, 10th April
SV4 Collection: Savills are guiding over €80m for the SV4 Collection, a four asset portfolio which has an annual rent roll of c. €5.38m. The prized asset in the portfolio is the 129,252 sq. ft. Lucan Shopping Centre in west Dublin, which is valued at over €40m. The other assets in the portfolio are Kilbarry Shopping Centre in Waterford (€16m) and SuperValu stores in Rathgar (€12m) and Ranelagh (€12m). Of the €5.38m of annual rent, the Musgrave Group are believed to guarantee c. 68%, largely because SuperValu accounts for 59% of the total rent roll. In total the portfolio comprises 247,031 sq. ft. spread across 37 commercial properties and 12 apartments. Should a buyer not emerge for the entire portfolio, the assets will be sold individually. The Irish Times, 6th April
River Portfolio: QRE Real Estate Advisers is inviting offers of €21.5m for the River Portfolio, which consists of 29 properties with a combined annual rent of c. €1.83m. The most valuable section of the portfolio is 17 retail units situated on the ground floor of the Liffey Street / Bachelor’s Walk apartment complex, which are generating annual rental income of c. €553k. On Cork Street, a 20,000 sq. ft. Lidl store and The Tannery offices produce further rental income of c. €552k. Tetrarch Capital owns the River Portfolio, having previously purchased the assets as part of the €152.5m Ulysses Portfolio. The Irish Times, 6th April
Boland’s Quay: NAMA is to issue the construction tender for the €170m Boland’s Quay development within the next month. The interested parties are expected to include BAM, Sisk and Bennett Construction. NAMA has appointed Savills as receiver over the site and they will also oversee the marketing of the project. Should a contractor be appointed by the end of July and work commences in September, a Q3 2018 completion date should be achievable. The completed development is expected to provide 274,000 sq. ft. of office space, 41 apartments and 15,000 sq. ft. of retail and commercial space. The Irish Times, 6th April
Clarion Hotel Liffey Valley: NAMA looks set to include their stake in the 360-bed Clarion Hotel Liffey Valley in Dublin in the upcoming Emerald and Ruby loan sales. Tax investors own 57% of the rooms in the hotel, while NAMA control 155 bedrooms and the common areas of the hotel, with ACC Bank also controlling a section. In 2011 both NAMA and ACC Bank appointed receivers over their stakes in the hotel. Due to the split ownership of the hotel, the tax investors had previously expected the entire hotel to be sold within the next few months. The situation now looks to have changed as NAMA has included their €30m of loans in the loan sales. The hotel is reported to be trading very profitably and given the strong recovery in the sector, it is believed it could achieve a sales price of up to €70m on the open market. The Sunday Times, 10th April
Dublin City Council Homes: Dublin City Council (DCC) is expected to finalise its plans to develop over 1,300 homes on land it owns in the coming weeks. The homes are to consist of social housing, affordable “starter” homes, “affordable rental” homes and private housing. Starter homes are defined by the government as those costing €300k or less. Following a meeting by councillors in January, it was agreed that 30% of the homes to be developed on DCC’s 74 acres must be social housing. The Irish Times, 12thApril
Mortgage Approvals: Figures from the Banking and Payments Federation Ireland (BPFI) show that for the three month period ending February 2016, the number of mortgages approved fell by 15.1% when compared to the same period a year ago. There were 1,951 mortgages approved during the period, with first time buyers accounting for over 50% of the figure. The value of the mortgages approved in the three month period ending February 2016 was €374m, which was 14.6% lower than the same period twelve months ago. When comparing the February 2016 figures to the February 2015 figures, first time buyers suffered the largest declines. The value of first time buyer approvals fell by 21.8% while the volume of first time buyer approvals fell by 21.7%. Banking & Payments Federation Ireland Mortgage Approvals, February 2016
NAMA 2015 Sales: Last week the Property Price Register announced that 48,438 residential units were transacted in 2015. When analysing the sellers of these units, it has emerged that NAMA accounted for 5,345 (11%) of the units sold. NAMA has advised that 4,783 (89%) of these units were sold to individual buyers, with the remaining 562 units sold on the open market as part of group or portfolio sales. 440 of the 562 units are believed to have been sold in one transaction, when IRES acquired the Tallaght Cross development in Dublin. NAMA Wine Lake, 10th April
Dalkey Site: Savills has set an asking price of over €7m for Dalkey Manor, a six-bedroom property situated on a 2.32 acre site in Dalkey, south Dublin. The site is seen as having strong development potential with the successful bidder expected to demolish Dalkey Manor. Under the zoning for the site, the primary use is residential. Jill Horan of Savills estimates that should Dalkey Manor be demolished, the site could facilitate 52 apartments over two blocks or else 22 three-storey houses. There is currently no planning permission granted for the site. The Irish Times, 6th April
Development Land Sales: New figures from CBRE indicate that there has been a strong start to the year for development land sales, with over €350m worth of transactions completed in Q1 2016. This figure is almost half of the full year figure for 2015, when over €770m of transactions were completed. Transactions completed in Q1 2016 include Knockrabo, Dublin 14 (€25m) and Magee Barracks, Kildare (€8.2m). The outlook for the remainder of 2016 is strong with Cairn Homes having recently agreed to purchase six residential sites in the greater Dublin area for c. €100m. The Irish Times, 6th April
Rental Increase: The CSO figures on private residential rents reveal that the monthly increase for March 2016 was the lowest in two years, at just 0.2%. The increase was also significantly below the January (1.2%) and February (1.1%) growth rates. The annual rate of inflation in the private rental market is now 9.3%, which is the lowest since June 2015. The highest level of annual inflation was achieved in August 2015, at 10.5%. NAMA Wine Lake, 10th April
Ardstone Funding: Ardstone Capital has secured €110m of funding for Ardstone Residential Partners, their newly established residential development fund. The funding was provided by two Irish pension funds and two European institutions. Ardstone hope to develop up to 3,500 homes in Ireland in the next two to five years, with a focus on the Dublin Commuter Belt, Cork and Galway. The fund has already acquired two sites in Kildare and Meath, which are understood to be able to accommodate c. 250 homes in total. The Sunday Business Post, 10th April
Sherry Fitzgerald Analysis: Sherry Fitzgerald has released their Q1 2016 House Price Index, which states that the average property price in Ireland rose by 1.3% in the quarter. Prices in Dublin rose by 0.7%, while outside the capital the increase was 2%. However their chief economist, Marian Finnegan, believes the market is dysfunctional and will get worse before it gets better due to three factors. Firstly, the supply of properties for sale has fallen to its lowest on record, with just 1.4% of private housing available for sale in January 2016. Secondly, there is a mismatch of private investor purchasers and sellers, as 46% of sellers in Q1 2016 were investors, while they only accounted for 19% of all buyers in the period (as more investors exit the market, the number of properties available for rent decreases). Finally, the rate of growth of transactions slowed in 2015, when activity was only up by 10% on the 2014 figures. The Irish Times, 11th April
Commercial Property Transactions: New data from JLL shows that the total value of commercial property transactions completed in Q1 2016 was c. €600m. Of particular interest however is the breakdown of the assets sold. 80% of transactions completed were between €1m and €10m, while transactions outside of Dublin accounted for 44% of the figure. These figures suggest that the private equity funds who purchased Irish assets are now beginning to work through their portfolios. Only two transactions in Q1 2016 were greater than €50m; Whitewater Shopping Centre in Kildare (€180m) and Central Quay in Dublin 2 (€51.3m). In 2015 the total value of commercial property transactions was c. €3bn. The Irish Independent, 6th April
All Hallows College: Dublin City University has agreed to purchase the c. 16.65 acre site of All Hallows College in Drumcondra, north Dublin, in a deal worth €14m. The €14m consists of €10m cash and €4m to facilitate the closure of the existing college. As part of the deal, Dublin City University has agreed to develop a new primary school on the site, which should cater for c. 450 students. The Irish Independent, 9th April
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