Tallaght, West Dublin An Bord Pleanála has given the green light for fast-track plans to build 502 apartments on the former Gallaher cigarette factory site in Tallaght, west Dublin. The proposal involves the construction of six blocks up to eight storeys high and the demolition of the existing factory buildings, which have been vacant since 2003, and the provision of three retail units and a crèche. The site is located at the junction of Greenhills Road and Airton Road, only 1.4km from The Square Tallaght shopping centre. The plan for the site envisages construction of 11 separate residential blocks across a 3.8 hectare site. As part of the proposal, the developers proposed the allocation of 50 of the units for social housing. The Irish Independent, 19th June
Arran Street East, Dublin 7 Dublin City Council has granted planning permission to Creekvale Ltd for an eight-storey, 273-bedroom hotel on the site of the existing Begley’s Fruit Market at Arran Street East and Little Mary Street in Dublin’s markets area despite opposition from a rival hotel operator to the plan. Creekvale secured planning permission after lodging revised plans with the council which had expressed concern relating to the overall height and scale of the proposal. As part of the planning conditions, Creekvale is to pay €914,187 in planning contributions towards public infrastructure and the Luas Cross city line. The Irish Times, 19th June
Navan, Co Meath Sherry FitzGerald Reilly is guiding €4.2 million for a 34.62 acre site next to Liscarton Industrial Estate in Navan, Co Meath (c.€121k per acre). The site is zoned E2 General Enterprise and Employment which provide for a number of uses. Planning permission has been granted for infrastructure to accommodate industrial and general employment development. The site is strategically located within minutes of all main road arteries including the M3 and N2 and is just 4km from Navan town. It is also within close distance of the M3 Motorway. The Irish Independent, 18th June
Terryland, Galway An Bord Pleanála has given the go-ahead to Montane Developments for student accommodation at Coolough Road, Terryland, Galway. The plan involves the development of four blocks, ranging from one to four storeys, which will provide 255 single bedrooms for students and a gym and fitness centre. The Irish Independent, 19th June
Drogheda, Co Louth The High Court has ruled that a developer cannot continue to defend a challenge to An Bord Pleanála’s permission for construction of 450 housing units in Drogheda after the board accepted its decision was flawed. The board had earlier this year accepted it should not have granted permission to Ravala Ltd in November 2019 for the proposed development at Marsh Road, east of Drogheda Town Centre, of the housing units, offices and a creche. The Irish Times, 19th June
James’ St, Dublin 8 An end-of-terrace investment at 41 James’s Street, Dublin 8, sold for €1 million at a recent BidX1 auction. It generates annual rent of €61,800 from a retail unit and one of its three apartments. Two of its two-bedroom duplexes units are vacant. The retail unit is let to Tranan Holdings (Two) Ltd, trading as Next Door off-licence, with upwards-only rent reviews. Early this year, it had been offered for sale by private treaty with a €1.3 million guide price but BidX1 offered it at €950,000 in its auction. The Sunday Business Post, 21st June
Dingle, Co Kerry At a recent BidX1 auction the most valuable property sold was Ballintaggart House in Dingle, Co Kerry, which sold for its €2.1 million guide price. It includes a five-bedroom guesthouse currently in use as a wedding venue, 12 vacant holiday homes, stables and staff living quarters. The property is set on 19.77 acres and benefits from attractive views over Dingle Bay. The Sunday Business Post, 21st June
Swords, Co Dublin Savills, on behalf of its owners, Aviva is guiding €27 million for the Supervalu premises at the Pavilions Shopping Centre in Swords, Co Dublin. The store, which extends to 48,674 sq.ft, (€554.71 psf) is let to Musgrave Operating Partners Ireland Limited – trading as SuperValu – on a 25-year lease from September 2005, leaving a weighted average unexpired lease term of 10.28 years. The current rent roll is €1.8 million per annum, and this is subject to an open market rent review every five years or a review that is based on the consumer price index, whichever is greater. The next rent review is in September of this year. The Irish Times, 17th June
Artane, Dublin 5 Joint agents Robert Colleran and Lisney are guiding €950,000 for a retail investment property at the Timber Mills development opposite the Artane Castle Shopping Centre on Dublin’s northside. The four retail units have a combined total floor area of c.8,675 sq.ft. (€109.51 psf). Three of the units are let and generate annual rental income of €70,000. The vacant unit, unit 3, extends to almost 3,000 sq.ft. and it is estimated could generate c.€22,000 annually. The Irish Independent, 18thJune
Amiens St, Dublin 1 Units 1-6, Guild Court, Amiens Street, Dublin 1 sold for its €1.05 million guide price at a recent BidX1 auction. The units are facing Connolly Luas stop and the IFSC and are fully let generating €99,600 in annual rent and three of the tenants have upward-only rent reviews. Leases have expired with the other two tenants. Each unit opens onto the street, and their combined floor areas extend to 2,949 sq.ft (€356 psf) A Paddy Power betting shop occupies two of the units. The Sunday Business Post, 21st June
Jervis Shopping Centre Marks & Spencer has claimed that plans to overhaul the Jervis Shopping Centre car park to build 24 apartments and 127 co-living units would adversely impact future projects at its Mary Street store. The retailer said it previously sought permission for a residential element to its Mary Street store. In 2009, it received planning permission to build new storeys on the building to create more than 20 apartments, but the plans never progressed. The Sunday Business Post, 21st June
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Cherrywood, South Dublin Hines, and its Dutch joint venture partners, APG Asset Management, have “capped off” the first of several apartment blocks they intend to develop at Cherrywood in south Dublin. The building, which is expected to be ready for occupation by tenants by the second quarter of 2021, comprises 421 units. A total of 1,326 apartments, aimed mainly at the private rented sector, are due to come on stream at Cherrywood over the next three years. Upon completion, the Cherrywood scheme will comprise over 7,700 new homes, six schools, three public parks and leisure facilities, with four Luas stops serving an eventual planned population of 25,000 people. The Irish Times, 10th June
Residential Property Market The latest CSO planning statistics show that An Bord Pleanála approved plans for 9,698 apartments in the first quarter of this year – and just 5,091 houses. The gap between apartment and house approvals has surged in 2020. In the first quarter of 2019, An Bord Pleanála and other planning authorities cleared the way for 4,091 houses to be constructed versus just 2,592 apartments. Approvals for apartments in the first quarter were 274% higher than a year ago. More than 91% of all apartment approvals in the first quarter of 2020 were for developments in Dublin and its commuter belt. Total planning permissions in the first quarter for all developments totalled 6,660, down 4.1% from a year ago. The Irish Independent, 12th June
Deansgrange, Dublin 18 Ditton Investments has applied for fast-track permission from An Bord Pleanala for 151 apartments at a site near Mooney’s Hyundai dealership on Deansgrange Road. If given the go-ahead, the existing buildings at the site would be demolished to make way for a mixed-use development ranging in height from four to six storeys. The project will provide studio apartments and one- and two-bedroom units, with a restaurant or cafe and five commercial units that could house a shop, offices, a medical centre or a gym. The Deansgrange development would provide parking space for 99 vehicles and 320 bicycles, as well as two designated car-sharing parking spaces. The Times Ireland, 14th June
Rathgar, Dublin 6 The Sunday Business Post understands that Cairn Homes is seeking to convert a space allocated for a crèche into seven apartments at its Marianella scheme on the site of a former Redemptorist monastery in Rathgar in Dublin 6. The scheme comprises 308 houses and apartments and has its own cinema screen as well as a gym with a steam room and sauna. There is also an empty crèche designed to accommodate 73 children. Cairn have applied to turn the crèche space into seven apartments and build a smaller crèche elsewhere on the site for 28 children. The Sunday Business Post, 14th June
Student Accommodation An Bord Pleanála gave developers and universities permission to build student accommodation blocks with space for more than 9,500 students in the three years 2017, 2018 and 2019. Student accommodation benefits from a fast-track planning system for large housing developments that allows builders to sidestep local councils and seek permission direct from An Bord Pleanála. The biggest development to get approval in 2019 was a 1,240 bedroom complex in Glasnevin proposed by Dublin City University. The college was hoping to complete the blocks, some of up to seven storeys, in time for the academic year beginning in the autumn of 2023. The Irish Times, 12th June
Residential Property Market The latest data from Daft.ie showed that property prices staged a minor rebound in May having fallen sharply the previous month, while the stock of rental properties available in the month continued to rise. Sale prices rose by an average of 3.7% cent in May, in contrast to a 5.5% fall in April. However, the average listed sales price of homes was still 1.6% lower than a year ago, coming in at €245,545. The substantial rise in May was the biggest one-month increase since early 2015, following April’s fall which was the largest on record. In the rental market, despite the substantial increase in stock, the average monthly rent across the State was €1,398 in May, 0.7% higher than in the same month last year. In Dublin, the average sale price was €368,000, 1% lower than in April, while the average monthly rent was €2,021, flat on the previous month. The Irish Times, 9th June
The latest Housing Market Monitor for Q1, issued by the Banking & Payments Federation Ireland, has projected that there will be a shortfall of up to 12,000 new houses in 2020 due to the coronavirus shutdown and the workplace restrictions currently in place. Early estimates predicted as many as 26,000 new homes would be built in 2020 but these have been revised down to between 14,000 and 16,000 due to the shutdown and the existing restrictions on construction sites. The Irish Examiner, 16th June
Dublin Docklands The Irish Times understands that An Post has entered into exclusive negotiations to rent at least 120,000 sq.ft. at the Exo building at Point Square in the Dublin docklands. The Exo, which is under construction, will comprise 169,150 sq.ft. of Grade A office space upon completion later this year. An Post is looking to relocate its headquarters from the GPO to facilitate an extensive refurbishment of the building. The GPO hasn’t been subject to any form of substantive works since the 1980s, and now requires significant mechanical and engineering repairs as well as a complete interior redesign. The public post office and the GPO Witness History Museum will continue in their current location. The Irish Times, 10th June
Dawson St, Dublin 2 The world’s largest law firm, Dentons, has committed to a new two-year sub lease for the second floor of Joshua House on Dawson Street at a rent in the region of €54 psf per annum together with three car parking spaces. Dentons’ new offices extend to 4,500 sq.ft, giving it the capacity to accommodate up to 45 employees. Joshua House is a five- storey over basement Grade A office building constructed in 2002. Located immediately adjacent to the Mansion House, the building is occupied currently by Irish biotech firm Nuritas. The Irish Times, 10th June
Dublin Office Market In a recent interview between Owen Reilly and Willie Dowling of CBRE, it was highlighted that there is currently 5 million sq.ft. of office stock under construction in the Dublin market, 2.5 million sq.ft. of which is reserved, 1 million sq.ft. of which is due to complete this year. Last year, office take-up was 3.5 million sq.ft. and it is thought that up to 2 million sq.ft. could still be taken up in 2020 despite the uncertainty caused by the Covid-19 pandemic. Another impact of the Covid-19 pandemic could see the reduction of prime rents from €65 psf to €60 psf. Owen Reilly, 9th June
Henry St, Dublin 1 Vodafone is set to open its first Vodafone experience store at 22-23 Henry Street in Dublin city centre. As part of the move, Vodafone will exit its two existing locations on Henry Street and will occupy the entire of 22-23 Henry Street on a 10-year lease. The building extends to c.6,800 sq.ft. and is occupied currently by fashion retailer Pull & Bear, part of the Inditex group. Vodafone is understood to have agreed to pay a rent of c.€450,000 per annum for its new premises. While the figure is higher than the €375,000 Inditex had been paying for the property, Vodafone’s own rental costs are not expected to increase following the consolidation of the operations of its two existing stores at numbers 32 and 51 Henry Street into one location. It is understood that Vodafone are taking advantage of break options in its leases on both premises. The Irish Times, 10th June
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Donnybrook, Dublin 4 As part of its obligations under Part V of the Planning and Development Act, where it is required to allocate 10% of any new private development to social housing, Cairn Homes has reached a deal with Dublin City Council on the former RTE lands at Donnybrook in Dublin 4. 61 apartments, at a cost of €30.2m, will be sold to Dublin City Council for social housing. The apartments put forward by Cairn are comprised of 37 one-bedroom units and and 24 two-bed units and put a value of €521,377 on the two-bed apartments and €472,797 on the one-bed apartments. Cairn Homes lodged a fast track planning application for its €338 million Project Montrose with An Bord Pleanála to secure planning permission for 614 residential units. A decision is expected by 15th September. The Irish Times, 3rd June
Milltown, Dublin 6 Joint Agents Knight Frank and GVA Donal O’Buachalla are guiding €6.5 million for a residential development site of c.1 acre in Milltown, Dublin 6. The site benefits from c.43 metres of frontage onto Milltown Road and comprises the former Murphy & Gunn motor dealership and adjoining former school buildings. The motor dealership extends to c.15,770 sq.ft. while the former school buildings extend to c.4,352 sq.ft. The site is zoned Z1 Residential under the Dublin City Development Plan 2016 – 2022. Milltown Luas stop is within a 1km walk while Dublin Bus runs multiple services on Milltown Road providing easy access to Dublin City centre. Reddy Architecture has produced a feasibility study for the site which, subject to planning permission, allows for the demolition of all structures and for the construction of 67 apartments over a basement car park. Knight Frank, 5th June
East Wall, Dublin 3 Glenveagh Properties has commenced works on Block 1 and Block 2 of a 554-unit apartment development at 1-4 East Road in the East Wall area of Dublin 3. The €120 million apartment scheme includes the construction of a mixed use development with a gross floor area of about 568,000 sq.ft, (excluding below podium parking areas), laid out in nine blocks, over two separate podiums. The blocks range in height from three to 15 storeys and will include commercial/enterprise space, three retail units, a café/exhibition space and a crèche. The Sunday Business Post, 7th June
North Main St, Cork City BMOR recently announced its intention to lodge plans for a mixed-use development on Cork’s North Main St. The proposed €25 million mixed-use scheme comprises a 280-bed student accommodation facility and two new retail units along with a gym and several other amenities. One of the key features of the proposal include the planned restoration of Coleman’s Lane, which has provided direct access between North Main Street and Grattan Street for many years and, the development of a pocket park, which will be accessible to the general public. The Sunday Business Post, 7th June
Dublin Office Market The Irish Times understands that Pinterest have engaged JLL to secure between 25,000 and 40,000 sq.ft. of fully-fitted office space to facilitate the expansion of its EMEA headquarter operations here. Such a move would provide Pinterest with the capacity to increase its current office-based headcount by up to 300 employees. The company currently employs 100 staff at its No 2 Dublin Landings building. The Irish Times, 3rd June
Westmoreland St, Dublin 2 Quinn Agnew is guiding €3 million for No 6 Westmoreland St which is located close to Fleet Street and Temple Bar. The mid-terrace redbrick property extends to a net internal floor area of 2,735 sq.ft. over five storeys and is fully let and generating net annual income of €172,500 from four tenants. As much as €140,000 of the rent is generated from Boyle Bookmakers Ltd, which occupies 1,031 sq.ft. at ground floor, mezzanine and basement levels. Its 20-year lease is due to expire in February 2023. Each of the other floors extends to c.419 sq.ft. and the tenants include a travel agency, a hairdresser and a property management company. The Irish Independent, 4th June
Rathcoole, Dublin 24 Palm Logistics, an affiliate of UK-headquartered Palm Capital and its local partner, Jordanstown Properties are developing two buildings comprising a total of 452,000 sq.ft. at the Greenogue Logistics Park. Building 1 will provide 166,000 sq.ft. of space on an 8 acre site, while building 2 will comprise 286,000 sq.ft. on a 3 acre site. The development is expected to be valued at c.€85 million upon its completion in 2021 and is being forward funded jointly by KKR and Palm Capital. Greenogue Logistics Park is located within a two-minute drive of junction 4 of the M7/N7 and just seven minutes to junction 9 of the M50. The Irish Times, 3rd June
Primary Care Centres A CBRE report has highlighted that up to €2.55 billion will need to be spent to deliver the volume of primary care centres required to handle the requirements of Ireland’s growing population. Since the Department of Health first proposed their development in 2001, there has been a relatively low level of investment in primary care centres. CBRE research shows that just 81 new purpose-built primary care centres have been delivered since 2001, with the vast majority of these having been delivered since 2012. Irish Times, 3rd June
BidX1 Auction As many as eight lots with €900,000-plus guide prices will be among the 220 properties which BidX1 will offer in two online auctions this month. The most valuable lots will be among the 25 mainly commercial and investment properties offered on June 18. A mixed-use property at 27-29 and 31-33 Carysfort Avenue in Blackrock in south Co Dublin is among some of those with price reductions. Last December, it was guiding €2.1 million and then in February of this year it was at €1.7 million. Now, for this auction, it is guiding €1.4 million. The two adjoining premises extend to c.10,290 sq.ft. and include the former Dark Horse pub as well as the office of Churches Estate Agents. There are also two apartments and nine office units, two of which are tenanted. They currently generate €148,800 in combined annual rent. The Sunday Business Post, 7th June
Westland Row, Dublin 2 Purcell Construction has begun works on a €17 million college extension at Westland Row in Dublin 2. Works include a six-storey extension to the Royal Irish Academy of Music and is expected to take in the region of 18 months to complete. The extension will make room for an opera studio, lecture theatre, research rooms, practice rooms, teaching rooms, a music technology hub among other amenities. The Sunday Business Post, 7th June
In a note to investors, Yew Grove said it was reporting collections of 97% for second-quarter rent, which is in excess of its expectations of 95% in April. The company has agreed a temporary rent deferral with a repayment plan on an additional 1.9% of the unpaid balance, bringing the total to 98.9% in due course, with the remainder due from non-food retail outlets which have been closed. 95.3% of Yew Grove’s rent roll comes from Government bodies or multinationals and large Irish enterprises and only 1.2% of quarterly rent roll derived from non-food retail outlets. The Irish Times, 5th June
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Cork City An Bord Pleanála has given the green light for plans to construct 753 residential units in Ballyvolane on the northside of Cork city in spite of its own inspector recommending that planning permission be refused. The scheme is made up of 531 homes and 222 apartments on lands located in the townland of Lahardane, 3km north of Cork city. The developers were seeking a 10-year planning permission for the development over six phases that will also include a local centre that includes retail, a doctor’s surgery, a creche and community centre. However, the appeals board has granted a seven-year permission in order to speed up the delivery of the homes. The decision has 32 conditions attached. The Irish Examiner, 29th May
Goatstown, Dublin 14 Charjon Investments Ltd has entered formal consultation with An Bord Pleanála for 290 apartments and a four-star, 50-bedroom hotel on lands adjacent to the Goat pub in south Dublin. The Irish Times understands that the apartments will be built in four blocks and would be sold on the open market rather than through the buy-to-rent model. There was an unsuccessful planning application lodged at the site 15 years ago. The Irish Times, 28th May
Donnybrook, Dublin 4 Cairn Homes has lodged a planning application to build 611 apartments, three town houses, a creche, cafes and other amenities on the former RTÉ Montrose site in Donnybrook. Cairn has applied for permission to build the homes under the fast-track strategic planning scheme for large housing projects. The land was bought for €103 million in 2017, significantly more than the original guide price of €75 million. The Irish Times, 27th May
South Circular Road, Dublin 8 41 social housing units will be clustered in a 49-unit block of the development, as opposed to spread throughout the complex at the new Player Wills residential development. Plans have been submitted to build 416 homes on the former Player Wills and Bailey Gibson site. The units, off South Circular Road, will be spread across five residential blocks. Hines’s planning application said they “reserve their right” to lease the social housing units to the state as opposed to sell and they would rent the homes to the state for a period of 15 years. The Sunday Business Post, 31st May
Lotus Investment Group has appointed receivers over a number of the assets of housebuilder Victoria Homes, company documents show. The assets include the Corrybeg Way development in Templeogue, Co Dublin and a residential house in Athgarvan in Co Kildare which is held by a related company called Ladywell Homes. Victoria Homes bought the land in 2016 for c.€4.8 million. The Sunday Business Post, 31st May
Cork City Plans to revamp the former Moore’s Hotel in Cork city have been hit with a delay. The proposal which was approved by Cork City Council in recent weeks has been appealed to An Bord Pleanála. Approval was granted to demolish a number of existing buildings and to conserve and restore three protected structures on Morrison’s Quay to accommodate three new office buildings. The plan also included the construction of a four- to six-storey mixed-use office and hotel development, containing some 183 bedrooms. It had been previously reported this would be operated by the Premier Inn brand. The Irish Examiner, 27th May
Sandyford, South Dublin A private Irish investor has paid €1.35 million to acquire Unit 3 at Sandyford Business Park in south Dublin. The property which extends to 4,660 sq.ft. with 10 car parking spaces is fully let to Phone Watch Limited under a 35-year full repairing and insuring (FRI) lease from 1991, with no breaks at a passing rent of €100,000 per annum. There are six years remaining on the current lease, and the property has the benefit of “upward-only” rent reviews. The Irish Times 27th May
Dublin Office Market Leases for a third of the office space agreed in the first quarter of 2020 have fallen through or been placed on hold since the Covid-19 outbreak, according to a survey of the Dublin office market from Savills. Savills Ireland said of the Q1 agreements on new leases for 952,046 sq.ft. of office space, some 166,410 sq.ft. had fallen through, with 147,788 sq.ft. postponed indefinitely “pending greater certainty on the impact of Covid-19.” The report found that only six lease deals have concluded since the onset of restrictions, including software firm Guidewire’s take-up of 85,000 sq.ft. of space in Blanchardstown. The Irish Independent, 2nd June
Burlington Plaza, Dublin 2 The Irish Independent understands that Amazon is in talks to lease an office building with space for up to 750 workers at the 2 Burlington Plaza office block in central Dublin. The building which extends to almost 75,000 sq.ft. is currently occupied by Bank of Ireland. The company already has offices nearby in the Burlington Plaza complex and is in the process of setting up its first fulfilment centre in Ireland on the outskirts of the city. The Irish Independent, 30th May
IPUT has secured a new and increased revolving credit facility of €300 million from Wells Fargo Bank, an increase of €50 million. Some €200 million of the funds raised will be used specifically for ‘green’ projects that meet a defined set of sustainability criteria under Iput’s “green finance framework”. The most notable project in this regard is the company’s ongoing development of LinkedIn’s new European headquarter campus at Wilton Park in Dublin 2. Due for completion in 2023, the 600,000 sq.ft. mixed-use scheme will comprise 580,000 sq.ft. of grade A office space, all of which will carry BER A3 energy certifications. Iput also raised an additional €200 million from 11 institutional investors in the US private placement market in the first quarter of this year. The Irish Times, 27th May
The Sunday Business Post reports that Dublin is at risk of missing out on “big spender” tourists if it does not address the shortage of five-star hotel accommodation. Prominent figures within the hospitality industry have written to Dublin City Council to express support for plans to convert the former direct provision centre in Hatch Hall into a five-star hotel. The property has been acquired by Red Carnation Hotels, a South African-based firm that operates the Ashford Castle hotel in Mayo, for a price in the region of €20 million. The Sunday Business Post, 31st May
County Wicklow Primary Health Properties (PHP) is to invest €18 million in a new purpose-built primary care centre in Co Wicklow. The Irish Times understands that lease agreements had been signed for an initial 30-year term with the HSE and a local GP practice for use of the centre in Arklow. The property is due for completion at the end of 2021. The acquisition increases the company’s portfolio of operations in the Republic to 17. It has 511 centres across the whole group internationally. The portfolio’s gross value is just under £2.5 billion with a contracted rent roll of £132 million. PHP has said it intends to invest up to €300 million in Irish acquisitions up to the end of 2021. The Irish Times, 27th May
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St Stephen’s Green Shopping Centre Two separate shareholdings amounting to a 62% stake in Dublin’s St Stephen’s Green Shopping Centre are being quietly offered for sale in a targeted process at a guide price of €130 million. The shares in question are held by New York-headquartered Madison International Realty (35%) and businessman Pierce Molony (27%). The centre has more than 90 shops over three levels with an overall floor area of 320,000 sq.ft. and is currently producing rental income of €8 million. The Irish Times, 19th June
O’Connell Street, Dublin 1 The flagship Eason store on O’Connell Street has been brought to the market with Bannon guiding €24.5 million. The shop has 61,630 sq.ft. of space over seven storeys with four floors of retail extending to a combined 41,680 sq.ft. The property is being sold with a 25-year lease to Eason Ltd at an initial rent of €1,341,500 a year which equates to €21.50 psf and a 5% net initial yield. The Irish Times, 19th June
Mount Merrion, Dublin 4 Oakmount has commenced the construction of 52 apartments on the prominent Flanagan’s of Mount Merrion site in south county Dublin, where all of the available units will be offered for sale to individual buyers. The development of the apartments represents the first phase in Oakmount’s plan to transform the overall 1.88 acre site occupied by the former Flanagan’s furniture store and the adjacent Union Cafe. The Irish Times, 19th June
Dolphin’s Barn, Dublin 8 Twenty apartments in the six-storey Ice Rink development in Dolphin’s Barn, Dublin 8, which was built in 2006 has been brought to the market through Hooke and MacDonald on behalf of Nama with a guide price of €4.6 million. Seven of the apartments are one-bedroom units (473-602 sq.ft.), twelve are two-bedroom units (645-796 sq.ft.) and there is one three-bedroom 1,011 sq.ft apartment. Fourteen of the apartments are let and are producing a current gross rental income of €188,772 per annum. The current estimated rental value is €417,600 per annum. The Sunday Business Post, 23rd June
Ashbourne, Co Meath REA Grimes are quoting €1.25 million for a portfolio of seven apartments in Ashbourne, Co Meath. The units are distributed across three blocks and comprise six two-bedroom apartments and one three-bedroom apartment. All seven apartments are being sold with the benefit of vacant possession. Based on the selling agent’s net rental income estimate of €110,207 per annum, the prospective purchaser could expect to secure a reversionary yield of 8.11% on the portfolio. The Irish Times, 19th June
Co-Living Apartments, Tallaght An Bord Pleanála has refused planning permission for a development of more than 200 co-living units in Tallaght. Bartra Capital had proposed to build 40 co-living units on each floor with a kitchen/living area, cinema and library for residents to use. Sighting the reason for the refusal, An Bord Pleanála said the co-living format would “fail to provide an acceptable living environment,” highlighting what it called a “notable shortfall in the provision of sufficient communal facilities”. RTE News, 24th June
South County Business Park, Leopardstown, Dublin 18 Knight Frank is guiding a price in excess of €5 million for a 0.84 acre site with significant redevelopment potential. The site currently comprises a two-storey office premises let in its entirety to Soft-ex Communications Ltd. There are seven years remaining on the current lease at an annual rent of €162,500 per annum with a rent review due in 2021. A feasibility study, prepared by Reddy Architecture in advance of the sale, suggests the site could accommodate a new office scheme extending to 54,900sq.ft. in a five-storey over-basement office block which is permissible under the current development plan (subject to planning permission). The Irish Times, 19th June
Dublin Docklands Bartra has been granted planning for a new high-rise 200,000 sq.ft. office scheme at the Boston Sidings site in Dublin’s Docklands. Bartra is developing the site at Grand Canal Quay and Macken Street in Dublin 2 in conjunction with site owner, CIE. A pre-condition of the permission being granted was that Bartra must pay Dublin City Council €1.49 million in development contributions. The Irish Independent, 25th June
12 Rathfarnham Road, Terenure Browne Corrigan Chartered Surveyors is guiding in excess of €775,000 for the freehold interest in AIB’s 4,370 sq.ft. (€177 psf) former bank branch premises in Terenure village, Dublin 6. The building is Z4 zoning which makes it suitable for a wide range of possible uses including retail, bookmaker, residential, office and healthcare. The Irish Times, 19th June
Maynooth, Co. Kildare A high-profile mixed-use investment has been sold for €1.4 million (16% above guide price) by joint agents Sherry FitzGerald Brady O’Flaherty and Cushman & Wakefield. Desmond House comprises a two-storey commercial premises which is occupied at ground-floor level by Picaderos Restaurant under a 10-year lease from September 5th, 2011 paying €45,000 per annum. The first floor, which has a separate access from Main Street, is currently occupied by two office tenants producing a combined net income of €21,600 per annum. The sale also included a two-storey mid-terrace residential dwelling consisting of three one-bedroom apartments to the rear of Desmond House. Two of the apartments are let on short-term residential tenancies generating an income of €21,900 per annum while the third apartment is currently vacant. The Irish Times, 19th June
Northwest Business Park, Dublin 15 Harvey is quoting an annual rent of €438,000 for a modern, high-bay warehouse and office facility extending to a total of 49,460 sq.ft. (€8.85 psf) at Northwest Business Park in Dublin. The subject property comprises a bright warehouse area of 36,210 sq.ft. and benefits from a clear internal height of 39ft with loading access provided via two full-height, ground-level doors with overhead canopies and two dock levellers. There are also non-structural mezzanines on two levels comprising 9,537 sq.ft. There are three storeys of office, reception and staff welfare facilities and a car park to the front and a large yard to the rear. The Irish Times, 19th June
24-25 Fenian Street, Dublin 2 A derelict site with planning permission for 10 short-term residential letting units near Merrion Square, Dublin 2, is for sale with Turley Property Advisors quoting a €950,000 guide price. The planning permission granted is to develop the existing three storey over basement protected structure facing Fenian Street and to develop a new five-storey building to the south of the site overlooking Denzille Lane. The development will also include a covered urban courtyard which will connect the two buildings. The Irish Independent, 20th June
Clonmel Park Hotel, Co. Tipperary A fund controlled by Davy has acquired the four-star Clonmel Park Hotel in Co Tipperary for c€5 million which represent €200k over the guide price set by JLL. The hotel comprises 99 guest rooms, state-of-the-art conference and banqueting facilities and a leisure centre and spa. The hotel is operated under the terms of a leasehold agreement by the Tetrarch Hospitality Group. Tetrarch entered into the lease in 2015. The Irish Times, 19th June
Old Navan Road, Dublin 15 Knight Frank is guiding €1.2 million for a 0.55 acre site on the Old Navan Road with full planning permission for 7 detached houses (€171k per unit). The approved scheme consists of five four-bed detached houses, one three-bed detached house and one five-bed detached house. The detached units range in size from 1,431 sq.ft. to 2,315 sq.ft. The Irish Times, 19th June
Fota Island Resort, Cork Development land on the grounds of the five-star Fota Island Resort, with full planning in place for 88 houses has just come to the market via agents Lisney, guided at €4 million. The planning granted allows for 44 big detached houses, from 2,700 sq.ft. up to 3,500 sq.ft. which can be full time residences, and for 44 two-storey lodges, which are for short term rentals only. This equates to €143,000 an acre, or over €45,000 per unit, and services are already in place from prior development to allow immediate construction. The Irish Examiner, 20th June
BidX1’s Online Auctions 270 lots are scheduled for inclusion in BidX1’s online auctions on July 10 and 11. The most valuable, comprising five vacant apartments at Eaglewood, Rochestown Avenue, Dún Laoghaire has seen its guide price increase from €1.45 million earlier in the year when it did not sell to €1.5 million. The next most valuable lot comprises six of the commercial units at the Courtyard Shopping Centre, Newbridge, Co Kildare, with a combined €1.25 million guide price. Four of the units are generating total annual rent of €154,373 (12% passing yield). The Irish Independent, 24th June
EY-DKM Economic Advisory A new report on housing affordability from EY-DKM Economic Advisory has found that nearly half of all counties in the State are unaffordable for first-time buyers on average incomes. For the purpose of the report, the average income was set at 89% of average earnings and has assessed affordability in terms of the salary required to qualify for a mortgage, as well as the ability to save enough for a 10% deposit. The report found that the Government needs to achieve a better balance between owner-occupied and build-to-rent developments to deliver affordable rents. The Irish Times, 25th June
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Phase 1 Facility, St Margaret’s, North Dublin Lambert Smith Hampton is guiding €12m (6.43% NIY) for the sale and leaseback investment of a cold storage facility at the Food Central scheme in St Margaret’s. The property, built in 2018, extends to 28,793 sq.ft. with full planning in place for an additional 20,099 sq.ft. which is due for completion in October 2019 (Phase 1). Kool4Logistics will lease back the property with a 15 year guarantee from their UK parent company Oakland International and a tenant only option agreement for an additional 10-year lease extension. Kool4Logistics are in advance discussions for the construction of an additional 32,800 sq.ft. of space subject to planning, which if approved, will be completed by 2020 (Phase 2). Bids are being requested for the entire lot. Phase 1 rental income will generate €501k pa increasing to €837k upon the completion of Phase 2. The Irish Times, 12th June
Airport Logistics Park Rohan Holdings has secured Harvey Norman and airline catering specialists, Gate Gourmet, for 110,000 sq.ft. of speculatively-built warehouses in their flagship Dublin Airport Logistics Park. It is thought the long term leases will be between €9.25 and €9.50 psf. To date blue chip operators such as DHL, Holland & Barrett and Gilead have been secured for 750,000 sq.ft. of space at the scheme. The Irish Times, 12th June
Industrial Rents Prime industrial rents increased in Q1 2019 but agents differ on how much they have increased. Cushman & Wakefield note that prime rents were €9.29 psf, an increase of 9.9% YoY and forecasts increases to €10.03 psf by year end 2019 and €10.22 psf by 2020. Savills notes that the rise is 5% to €9.75 psf. CBRE note prime rents are €9.85 psf and expects those to increase by 6.5% to €10.50 psf by year end. The Sunday Business Post, 16th June
XVI Portfolio A portfolio comprising 815 homes has been purchased by Ires Reit for €285m. The assets are spread across 16 developments with all but one development located in Dublin. The portfolio includes 142 homes in Santry, 101 at Beechwood Court Stillorgan, 128 in Northern Cross, Malahide Road and 50 in Harty’s Quay in Cork. Almost all homes are leased to tenants. The Irish Independent, 13th June
Citywest Quarter Scheme Urbeo Residential is reported to be “closing in” on a deal to purchase a scheme of 282 apartments being developed by Cairn Homes at Citywest in Dublin. It is reported that the portfolio will be purchased for more than the guide price of €90m (€319k price per unit) as advertised by joint agents Savills and Hooke & MacDonald in April this year. Cairns are anticipated to deliver the first apartment block by Q4 2020 with final delivery expected by Q3 2021. Urbeo are an Irish residential investment platform backed by Starwood Capital Group and Ireland Strategic Investment Fund. The Irish Times, 12th June
44 Apartments, Shannon, Co. Clare A portfolio of 44 apartments at Bru Na Sionna in Shannon, Co. Clare will be auctioned online with BidX1 on June 19th with a guide price of €2.65m (€60.2k per unit). Two units are vacant with the remaining 42 generating €395.4k pa. The portfolio comprises 26 two-bed, 17 three-bed and one four bed unit. The portfolio is being auctioned on its own rather than in a bumper auction. The Irish Independent, 13th June
Blackrock, Co Dublin An Bord Pleanála has approved Paddy McKillen Jnr’s Oakmount’s plans to deliver 291 apartments on a 4 acre site on Temple Hill in Blackrock. 284 units will be across 13 blocks ranging in height from one to eight storeys while six units will be within the protected structure of St Teresa’s House and one final unit in the protected St Teresa’s Lodge. Oakmount acquired the site for €30m in 2017. The development was applied for under the “fast-track” planning system. The Irish Times, 12th June
24 Apartments Fairview Close, Richmond Avenue, Dublin 3 Hooke & MacDonald is guiding €6.3m (5.96% GIY) for a portfolio of 24 apartments being sold on behalf of Receivers Duff & Phelps. The portfolio comprises one to three bed apartments. Seven of the 24 units are vacant. The 17 let generate €251k which could increase to €375k pa if re-let at market rents. The Irish Times, 12th June
10 Hillfield, Rathmichael, Co Dublin Sherry Fitzgerald Foxrock are guiding €1.45m (€377 psf) for a 3,843 sq.ft. five bedroomed detached house. The property is located within a development of 11 houses. The Sunday Business Post, 16th June
Capital Dock Development Kennedy Wilson has increased their stake in the Capital Dock Development to 50% following a buy out of Nama’s share in the scheme. Kennedy Wilson and Axa are now the sole shareholders. The development comprises 690,000 sq.ft. of offices commercial and residential units. The Irish Independent, 13th June
J&M Orwell Shopping Centre, Templeogue, Dublin 6W An Irish investor has purchased the 23,853 sq.ft. Orwell Shopping centre for €7.8m (6.9% GIY), €300k above CBRE’s guide price. The property is fully let, anchored by SuperValu and generates €537k pa with a WAULT of 9.2 years. The property also includes 95 surface car parking spaces. The Irish Independent, 13th June
Sorting Office, Dublin Docklands Mapletree Investments, a Singapore real-estate investment trust, has completed its purchase of the Sorting Office, a 210,000 sq.ft. office scheme being developed on the corner of Cardiff Lane and Hanover Street East, opposite the Bord Gáis Energy Theatre. The acquisition represents Mapletree’s first office acquisition in Ireland and eighth investment in Europe. The Irish Times, 12th June
Ashleaf Shopping Centre, Crumlin has been brought to the market by CBRE for €10.75 million. The Centre produces annual rental income of €1.18m per annum however there is significant scope for an increase with nine vacant retail units extending across 39,424 sq.ft. and 12,450 sq.ft. of office space respectively. CBRE believe that there is potential to grow the rental income by €410,000. The Irish Times, 5th June
3.2 Acre Site, Blackrock, Co Dublin Savills is guiding €6m (€1.875m per acre) for a 3.2 acre site located on Newtownpark Avenue in Blackrock. The site has full planning permission for 16 houses and 30 apartments (€130k per site). The Irish Times, 12th June
9.7 Acre Site, Citywest Business Campus Savills are guiding €5.6m (€577k per acre) in one or two lots for a site at Citywest Business Campus. Lot 1 is 5 acres and Lot 2 is 4.7 acres. The site is zoned Objective EE with an aim “to provide for enterprise- and employment – related uses”. The site has accress from Junction 3 on the N7 Naas Road with 152m of dual-carriageway frontage. The Irish Times, 12th June
19 Acres, Drumcondra Ballymore, Hines, Sean Reilly and Chartered Land are thought to be amongst the shortlist of bidders on a 19 acre site in Drumcondra, which is on the market for c €100m (€5.2m per acre) The Irish Times, 15th June
22.91 acres Clonee, Co Meath McPeake Auctioneers are guiding €2.291m (€100k per acre) for 22.91 acres of zoned E2 / E3 lands. The site is adjacent to Facebook’s 925,696 sq.ft. facility, on the periphery of the Dublin Enterprise Zone. The site includes a 1,722 sq.ft three bed bungalow, 21 loose boxes and a large yard. The Sunday Business Post, 16th June
Copley Street, Cork City A 265-room student accommodation is set to open this week in Cork following a €25m upgrade. Hatch Student Living and Elkstone acquired the property in 2018 and have upgraded the property from 137 bedrooms. The Irish Times, 17th June
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Frascati Centre, Blackrock, Co. Dublin An Bord Pleanála has rejected several appeals against the decision of Dún Laoghaire-Rathdown county council to approve the residential development above the Frascati shopping centre. Planning permission has been granted for 45 apartments despite objections from a number of local residents. The development is part of a major revamp of the centre estimated at €40 million which will double the retail space at the facility. The 45 apartments are planned over three storeys, and there will be a new first-floor car park and roof garden. The Sunday Times, 10th June
St Mary’s Road, Dublin 4 Colliers International is guiding €1.5 million for the 2,606 sq.ft. (€575 per sq.ft.) 1 St Mary’s Road in Dublin 4, which is being sold with vacant possession. The property currently has planning permission for restaurant use, which covers a variety of other uses including residential, medical and childcare facilities. The Sunday Business Post, 9th June
48-49 Clontarf Road has come to the market fully occupied with a guide price of €1.6 million. The rental income of €144,075 represents a net yield of 8.3%. The property comprises a mid-terrace, three-storey building extending to 5,429 sq.ft. (€294 per sq.ft.) and has undergone an extensive refurbishment recently. The accommodation is laid out to provide two ground-floor retail units, seven office suites and a penthouse apartment. The Irish Times, 5th June
53 Dawson Street Cushman & Wakefield is guiding €1.65 million for the 3,620 sq.ft. 53 Dawson Street (€455 per sq.ft.), a four-storey over-basement Georgian property. The property, which is a protected structure, produces rental income of €44,304 per annum with two floors currently vacant. The Irish Times, 5th June
1 Northumberland Avenue, Dun Laoghaire Mason Owen & Lyons has brought a 5,536 sq.ft. single storey former supermarket premises to the market, seeking offers in excess of €1 million. The property is zoned Town Centre in the Dun Laoghaire-Rathdown Development Plan and it is a policy of the plan to encourage residential development on mews lane ways in the town. It is thought the site has potential for 5 Townhouses. Mason Owen & Lyons, 4th June
Naas Road, Dublin 12 Harvey has been instructed by the Harris Group to let their entire 257,593 sq.ft. (16.4 acre) site on the Naas Road. The site comprises of three buildings, with building 1 being the smallest at 9,419 sq.ft. Building 2 is an assembly/workshop with potential warehouse use and spans 49,844 sq.ft. Building 3 (198,316 sq.ft.) comprises various industrial and assembly areas with ancillary offices, yard space and car parking and is being offered in sections from 86,920 sq.ft. down to 6,519 sq.ft. The quoted rents range from €4.50 per sq.ft. to €7.50 per sq.ft. The Irish Times, 5th June
Unit B at Xerox Technology Park, Dundalk has been brought to the market through JLL with a guide price of €4.5 million (€81 per sq.ft.). The 55,000 sq.ft. premises is a state-of-the-art R&D and office headquarters and is being offered for sale in walk-in condition due to an investment of about €20 million in 2008 by its current owners. The Irish Times, 5th June
J&M Cleary Pub, Amiens Street The historic Dublin pub, where scenes for Michael Collins and The Commitments were filmed, has come to the market with a guide price of €2.75m. Situated on Amiens St, and across the road from Connolly Station in Dublin 1, it is close to the IFSC and Busáras. The premises also comes with retail and residential space with rental income potential of more than €80,000 a year. To one side of the premises is a barbershop of 220 sq.ft. which generates €1,200 per month in rent. On the other side is a locksmith shop of 326 sq.ft which produces €1,600 per month. Two of the two bed apartments are let at €1,200 per month and have separate access from Amiens St. The third apartment has been recently refurbished. The Irish Independent, 6th June
Numbers 11 and 13 Lower Grand Canal Street, beside Becky Morgan’s pub in Dublin 2 have come to the market with residential development potential guiding €1.2 million through Lansdowne Partnership. The site is occupied currently by two terraced houses on 1,830 sq.ft. There is full planning permission for internal and external alterations, and the construction of a two-storey over-basement rear extension covering a total area of 1,485 sq.ft. to both dwellings. The Irish Times, 5th June
Malahide, Co Dublin Savills is guiding €1.6 million for a detached family home located along Streamstown Lane in Malahide, Co Dublin. The four bedroom property spans 3,150 sq.ft. (€506 per sq.ft.) The Sunday Business Post, 9th June
Ashleaf Shopping Centre, Crumlin has been brought to the market by CBRE for €10.75 million. The Centre produces annual rental income of €1.18m per annum however there is significant scope for an increase with nine vacant retail units extending across 39,424 sq.ft. and 12,450 sq.ft. of office space respectively. CBRE believe that there is potential to grow the rental income by €410,000. The Irish Times, 5th June
Project Shoreline located in Baldoyle which extends to 125 acres and comes with full planning permission for 546 homes has been brought to the market by Savills at a guide price of €42 million (€76,293 per unit). However, there is scope to increase the land’s density to 1,592 units through further planning permissions (€26,250 per unit). The Irish Times, 6th June
A 10.46 acre site in Ranelagh, Dublin 6 zoned “Z15 – Institutional and Community” which identifies a mix of “permissible uses” and “open for consideration” uses for the site including residential, medical, hotel, educational and community has come to the market guiding €55 million (€5.25 million per acre). The site currently forms part of the Jesuit order’s Milltown Park campus, and is being offered for sale with a number of original period buildings. The Irish Times, 5th June
A 22.7 acre site in Kildare Town with full planning permission for 187 houses has come to the market with a guide price of €6.5 million (€286k per acre). The site is located just 600 metres from the train station and is the only major residential development opportunity in Kildare town which is ready for development with the benefit of access to all services. The Irish Times, 5th June
Howth/Bray: Glenveagh has acquired two sites located in Howth, County Dublin and Bray, County Wicklow for €24 million, which have the capacity to deliver 375 homes. The land acquired in Dublin is a portion of the Howth Castle site, which was recently purchased by Tetrarch Capital. The Irish Times understands that Glenveagh paid around €15m for this 2.7 acre site that has zoning for residential development. The Irish Independent, 7th June
12.5 acres, Co. Cork CBRE are listing €4m for a 12.5 acre site in Ovens, Co. Cork (€320k per acre). The site is located next to Dell/EMC Campus and has planning permission for 46 houses and a crèche over an 8 acre section and it is believed that 100 houses may be able to be accommodated over the whole site. The Irish Examiner, 6th June
BidX1 Auction The recent auction generated €21.4 million in sales from 133 lots which is more than two-thirds of the 198 lots offered. The highest price was achieved by a commercial investment property on Main Street, Celbridge, Co Kildare, which sold for €850,000 – €100,000 over its €750,000 guide price. The property generates €89,000 rental income per annum (10.47% gross yield). The Irish Independent, 6th June
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Balbriggan, North Dublin Savills is seeking offers in excess of €6.65 million (€912 per sq.ft.) for the freehold interest of the Bank of Ireland’s 7,286 sq.ft. branch premises at Balbriggan in north Dublin. The lease has a weighted average unexpired lease term of 14.53 years with current total passing rent of €432,456 per annum (€59.35 per sq.ft.) Lease reviews are on an upward-only basis and benefit from the higher of either open market rent or 15 per cent fixed uplifts. The asset is currently producing a net initial yield of 6% with this expected to rise to 7.92% once the fixed uplifts take effect. The Irish Times, 29th May
Musgrave Retail Park, Waterford Knight Frank is guiding €4.75 million for the 96,808 sq.ft. Musgrave Retail Park in Waterford. Developed in 2009, the scheme is fully-occupied by two high-profile tenants, Musgrave and The Range, and is delivering total rental income of €407,712 per annum (€4.21 per sq.ft.) which equates to a net initial yield of 7.91%. A fixed rental increase is due in 2022, rising to €433,676 per annum (€4.48 per sq.ft). The rental uplift offers the buyer a potential yield of 8.89%. The Irish Times, 29th May
Number 4 O’Connell St, Dublin 1 A five story over-basement mid-terrace 3,350 sq.ft. building has come to the market through Knight Frank with a guide price of €1.5 million (€447 per sq.ft.) The fully refurbished building consists of a retail element extending to 1,370 sq.ft. with separate access provided to the upper floors from O’Connell Street, with direct access also available from the ground-floor shop. The property is being sold with the benefit of vacant possession. The Irish Times, 29th May
Howth Castle Tetrarch Capital has completed the purchase of the estate of Howth Castle and demesne in a multimillion euro sale which also included the Deer Park hotel and golf courses. Tetrarch plans to redevelop and reopen the hotel as a luxury property, to transform the golf courses whilst also including a new leisure centre, retail elements and significant sports and recreational amenities and facilities. The Irish Times, 30th May
Portmarnock Hotel and Golf Links Kennedy Wilson has launched the Portmarnock Hotel and Golf Links on the market with a guide price of €50 million. The estate was acquired in 2014 for €27 million and has undergone significant refurbishments since. The 134 guestrooms, banqueting and conference facilities were upgraded along with the addition of a spa and enhanced golf experience. The Irish Times, 29th May
Parnell Place, Cork A planned new 162-bed hotel on Parnell Place in Cork City can now proceed after an appeal against the plan was dropped. Tetrarch Capital sought planning permission for the hotel which would stretch back to Deane Street and onto the rear of homes and businesses on Lower Oliver Plunkett Street. Buildings to the rear of the premises facing Deane Street will be demolished which is also where the entrance to the hotel will be located. The Echo, 31st May
Nassau Street, Dublin 2 An Bord Pleanála has granted planning permission for a new €100 million office development on Nassau Street in Dublin. The proposed development by Ternary Ltd will have a gross floor area of 406,036 sq.ft. (€246 per sq.ft.) The existing office block is largely vacant and according to the applicants not suitable for modern office needs. The Irish Times, 30th May
Prism Building, Cork City The developers of the triangular Prism Building have said work could start within months on the site next to the city’s central bus station, and bounded by Clontarf St, Deane St and Lower Oliver Plunkett St. The building was granted planning despite senior planners recommending it be refused due to its height. Architects have designed the Prism to provide 60,000 sq.ft. of office space over floors one to 14, with a roof-top terrace on the 15th floor, with room for 600 workers. The Irish Examiner, 28th May
Lugus Capital and Broadhaven have acquired a portfolio of 142 residential properties for c.€29.9 million. The properties are located in Dublin, Meath, Kildare and Galway. The portfolio includes 34 apartments at Swiftwood in Saggart (€6.9 million purchase price), 16 apartments at Garrison Mews in Dublin 18 (€3.46 million), 19 apartments at the Clontarf Bay development (€5.3 million), and 10 units at Wilford Court in Bray (€2.52 million). There are also a number of individual properties in portfolio. The Irish Times, 29th May
Dún Laoghaire, Co. Dublin A real estate fund managed by Deutsche Bank subsidiary DWS has agreed to pay €108 million to acquire 214 apartments in the Fairways development in Dún Laoghaire, Co Dublin. The price tag equates to an average of €504,000 per unit, and a gross yield of 4.89%. The apartments are due for completion in stages between September 2019 and February 2020. The scheme will incorporate 29 one-bedroom units, 156 two-bedroom units, five two-bedroom plus study units, 23 three-bedroom units and one four-bedroom penthouse. The Irish Times, 29th May
Anglesea Avenue, Blackrock, Co. Dublin Sherry Fitzgerald has brought the 4 bedroomed 7 Anglesea Avenue, Blackrock to the market guiding €1.375 million. The 2,300 sq.ft. double fronted late Georgian terraced property has been restored, refurbished and extended, maintaining many of the period features. The Sunday Business Post, 2nd June
23 Hatch Street Lower, Dublin 2 Knight Frank is guiding €2.6 million for the 5,124 sq.ft. Georgian investment property. The four-storey over lower-ground period building comprises both commercial and residential accommodation. Located at lower ground, ground, first and second floors, the office accommodation extends to 3,934 sq.ft. This portion of the property is fully let along with seven car parking spaces. The lease has 14 years remaining and a passing rent of €152,200 with parking at €3,500 per space. The two apartments are being sold with vacant possession with an estimated rental value of between €43,000 and €45,000 per annum. The Irish Times, 29th May
Q1 2019 Dublin Industrial Report Take up in the Capital was 829,897 sq.ft. in Q1, comprising mainly small leasehold transactions. Prime rents are €9.29 psf, a 9% increase YoY, and are expected to rise to €10.03 in 2019 and €10.22 psf in 2020. 227,119 sq.ft. of industrial space was completed in Q1 with a further 450,470 sq.ft. of space under construction Cushman and Wakefield Report
Naas Road Industrial Park, Dublin 12 Quinn Agnew is seeking offers in excess of €7.5 million for the Naas Road Industrial Park, a 4.2-acre managed business park property in Dublin 12. Naas Road Industrial Park comprises six units extending to a total gross external area of 87,611 sq.ft. Four of the units produce an annual income of €408,250. The site comes with development potential (SPP) as it is zoned Objective Z6 under the Dublin City Development Plan 2016-2022. The Sunday Business Post, 2nd June
18.24 acres, Enniskerry Road Cushman & Wakefield has brought an 18.24 acre site on the Enniskerry Road to the market at a guide price of €17 million (€932k per acre). The site has the capacity to accommodate c.200 homes (€85k per site). As this is a NAMA appointed sale, purchasers will have the opportunity to bid to acquire the site outright or to enter into a licence agreement (subject to planning permission) for the delivery and disposal of units in the development. The Irish Times, 29th May
3 acres, Blackrock Co. Dublin A 3 acre site on Cross Avenue, South Dublin adjacent to Blackrock College has come to the market with GVA Donal O’Buachalla seeking offers in excess of €20 million (€6.6 million per acre). The site falls within “objective A” in the Dún Laoghaire Rathdown Development Plan 2016-2022. A site feasibility study was conducted and examined the potential for two development options for the site – 121 units in build-to-sell (€165k per unit) and 154 units in build-to-rent (€130k per unit) layouts. The Irish Times, 29th May
Poolbeg Housing Site NAMA has announced that the country’s biggest housing development site Poolbeg will be brought to the market within weeks. The site has the potential to see upwards of 3,000 homes built. The site is one of the last remaining large-scale residential development opportunities still available near Dublin city centre and 25% of all new homes there will be either social or affordable housing. The Irish Independent, 31st May
Rathcoole, Dublin 24 Coonan Property is seeking offers of €3 million for a Rathcoole development opportunity. The 1.27 acres comes with full planning permission for a 58 bedroom aparthotel, nine retail units and four market stalls. The Sunday Business Post, 2nd June
A Cushman & Wakefield report has highlighted that development land transactions worth an estimated €240 million were sale agreed in the first quarter of 2019. In greater Dublin alone, a total of 14 deals closed in the first three months of the year, for a combined value of €160.8 million. The largest deal being the sale of 84.5 acres in Newbridge and Leixlip for €50 million. Sandyford, Dublin 18 had the second-largest deal, for the sale of a site with full planning permission for 459 apartments to Avestus for €38 million. The Irish Times, 28th May
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Ulster Bank Loan Sale: Ulster Bank has begun shortlisting bidders for the sale of a €1.6bn portfolio of non-performing loans and intends to complete a sale by the end of the year. The portfolio, which comprises 3,600 owner occupier loans and 2,900 but-to-let properties has attracted the usual players, with Cerberus, Goldman Sachs, Oaktree and Loan Star all displaying interest to date. The Irish Times, 21st June
Parkgate Street, Dublin 8: Turley Property Advisors have brought two modern office building totalling 35,500 sq. ft. on Parkgate Street, Dublin 8, to the market guiding €19m (€535 psf). The buildings are currently rented by two Government agencies and produce a rental income of €1,109,200 p.a. (€31 psf), with seven and ten year’s unexpired terms. The buildings were previously purchased by an Israeli investment fund in 2014 for c. €14m (€394 psf). The Irish Times, 20th June
Century House, Harold’s Cross: Estate agent Agar has brought a former parochial hall converted to 6,292 sq. ft. of office space in Harold’s Cross, Dublin, to the market guiding €1.75m (€278 psf). The building is let on a long-term lease to accountants PKF O’ Connor, Leddy & Holmes at €133,500 p.a. (€21 psf), equating to an initial yield of 7%. The Irish Times, 20th June
The Grange, Stillorgan: Kennedy Wilson Europe has completed the purchase of 274 apartments and a 4-acre site at the Grange in Stillorgan, Co. Dublin, for €160m, taking their overall spend in Ireland to over €1.5bn since 2008. Some of their purchases include Clancy Quay at Kilmainham, Sandyford Lodge in Ranelagh and the Alliance development on South Lotts Road. Recently they paid c. €90m for Ireland’s tallest building, the Elysian Tower in Cork, with 206 apartments as well as offices and shops. The Irish Times, 20th June
Tyrrelstown Land Bank: Agent Knight Frank is guiding €45m (€173k per acre) for a substantial 260-acre land bank at Tyrrelstown, Dublin 15, with potential to accommodate 830 to 890 houses. The land already has planning permission to develop 172 houses as well as a mixture of zoning objectives, ranging from residential and local amenities to rural and greenbelt reservations. The Irish Times, 20th June
Santry Demesne, Dublin 9: Agent Hooke & MacDonald is quoting €80m (€370k per apartment) for the 216 apartments being developed by the Cosgrave Property Group at Santry Demesne in Dublin 9. The Bridgefield apartments at Northwood are due to be completed by the end of 2019 and expected to bring in an annual rent roll of €4.65m to €4.9m, reflecting a yield of c. 6%. The Irish Times, 20th June
2018 Daft.ie Wealth Report:Figures in the 2018 Daft.ie Wealth Report show 4,583 homes are now valued at more than €1m, an increase of 762 (20%) compared to this time last year. Year-on-year residential property values have risen by 7.3% in total and there is now €420bn of housing wealth in the country. The highest concentration of property millionaires is in affluent parts of Dublin, with Dalkey, Blackrock and Rathgar accounting for more than 1,500 of those with homes with a value in excess of €1m. Over the past 12 months, an average of 15 properties worth €1m or more have been sold every week in Ireland. Since January 1st, 266 transactions of €1m+ have been completed. The Irish Independent, 21st June
Buy to let loans:The level of buy-to-let investor activity may be about to accelerate if recent trends in the mortgage market are considered an indicator. The first three months of this year saw a 12.8% increase in the drawdown of buy to let mortgages across Irish banks and lenders compared to the same period of 2017. In the month of April, the number of residential investment property mortgage approvals saw a 27.3% increase according to the Banking and Payments Federation of Ireland (BPFI). Almost 16,100 investors have joined the residential land lord ranks between the beginning of 2015 and the third quarter of 2017. The latest figures recorded by the Residential Tenancies Board show as many as 176,251 landlords at the end of September 2017. While that is a huge drop on the 212,306 recorded in 2012, it is about 10% above the low of 160,160 recorded in 2014. The Sunday Business Post, 24th June
Fitzpatrick’s Bar, Cooley: Agent Sherry Fitzgerald Carroll has brought the award winning gastropub, Fitzpatrick’s Bar and Restaurant, in the Cooley area of Louth, to the market guiding €1.5m. The property has been extended to cater for 180 diners and stands on 8.57 acres, which offers extensive development potential. The Irish Independent, 21st June
Miller & Cook, Mullingar: Joint agents CBRE and Power Property have brought a 9,600 sq. ft. food hall, bakery, café and restaurant building in Mullingar to the market guiding €1.5m (€156 psf). The building is producing an annual rental income of €130,000 (€13.50 psf), equating to an initial yield of c. 8%. The property may also have development potential at the rear as there is an extensive car park. The Irish Independent, 21st June
Vicar Street Hotel: Irish entrepreneur Harry Crosbie, the man behind a string of iconic buildings in Dublin’s docklands, is set to build a new 4-star hotel at Vicar Street in Dublin 8. The new hotel will give clients a package that includes tickets to shows at Vicar Street with a hotel room and meal. There will be a membership club on the top floor with a 7,000 sq. ft. bar looking out over the city with the same views as the Guinness Storehouse. The Irish Independent, 19th June
Grand Central, Belfast: Northern Ireland’s newest hotel, the £53m (€60m) 300-bedroom Grand Central, has opened in Belfast. The 23-storey hotel, will be the North’s largest hotel and includes the Grand Café, the Seahorse bar and restaurant, a lounge for private receptions, offices, retail units and two conference suites. The luxury hotel has been developed by the Hastings Group, owners of a 50% stake in the five star Merrion Hotel in Dublin. It will be the seventh hotel in their portfolio and represents the largest single investment by the family-owned hotel group, which has been in business in Northern Ireland for more than 50 years. The Irish Times, 19th June
Tribeca, Ranelagh: Agent QRE, has brought the building home to the Tribeca restaurant in Ranelagh, to the market guiding €2.1m (€1,100 psf). Tribeca has been trading successfully for the past 16 years and has a lease in place with an annual rent of €156,000 (€82 psf), with 8 years to run. A sale at the guide price will return a net initial yield of c. 5.85%. The Irish Independent, 21st June
Northwest Business Park: Agent William Harvey is seeking tenants for a warehouse and office facility at Northwest Business Park, Ballycoolin, Dublin 15. The agent is quoting a rent of €695,000 p.a. (€7.50 psf) for the 92,700 sq. ft. property situated on a 5.3 acre site. Core Industrial REIT bought the property in 2016 and purchased an adjoining one acre site to facilitate the redevelopment of the existing buildings. The Irish Independent, 21st June
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City Gate Park, Cork: Agent CBRE has brought a high-quality office building at City Gate Park, in Mahon, Co. Cork, to the market guiding €21m (€240 psf). The 87,309 sq. ft. four-storey office is owned by Quest Software International Ltd, an IT solution company with turnover of €330m in 2017, and is available on a sale and leaseback basis, with a new 15-year lease in place at €1.6m p.a. (€18.30 psf), providing the new owner with an initial yield of 7%. The Irish Times, 13th June
East Wall, Dublin: Yew Grove real estate investment trust (REIT) has acquired two office buildings in East Wall Dublin for €29m (€306 psf), reflecting a net initial yield of 6.5%. The buildings which extend to 94,793 sq. ft. are let to the Electricity Supply Board, Whirlpool Corporation and Colt Technology Services, at 97% occupancy, and have a weighted average unexpired lease term of 2.8 years to break and four years to expiry. Earlier this month Yew Grove raised €75m in an IPO. The Irish Independent, 18th June
Parkgate Street, Dublin 8: Bidding on the landmark 1.65 acre Hickey’s Site at Parkgate Street, Dublin 8, has reached €25m, 25% above the guide price offered by agent Finnegan Menton. The site is located adjacent to Heuston Station at the western approach to Dublin city centre and has been in use as a wholesale warehouse for Hickeys for over 40 years. The site is ideal for a number of alternative uses including residential, hotel and office development. The Irish Independent, 18th June
Central Plaza, Dublin: Shared workspace provider WeWork is to lease all of the eight floors of c. 134,000 sq. ft. of office space at the former Central Bank on Dublin’s Dame Street. The building is being redeveloped by US property giant Hines and Hong Kong Company Peterson at a cost of up to €100m. Plans for the redevelopment, which also include fashion, food and beverage outlets were approved by An Bord Pleanála last week. The Irish Independent, 18th June
Hanover Quay, Dublin: A joint venture between NAMA and Kennedy Wilson for an 87,000 sq. ft. office development at Hanover Quay in Dublin’s south dockland has received planning permission. The site is adjacent to Kennedy Wilson’s Capital Dock development where JP Morgan and Indeed are confirmed as anchor occupiers. Construction on the office building is expected to commence in Q4 2018 with completion expected by the third quarter of 2020. The Irish Times, 18th June
Enterprise House, Blackrock, Dublin: A plan by Friends First to increase the floor space of Enterprise House in Blackrock, South Dublin, has been thrown into doubt, following an appeal to An Bord Pleanála. While Friends First had already received planning permission in November 2016 to replace the original 1980s Enterprise House building of c. 33,000 sq. ft. with a new structure of c. 87,000 sq. ft. the company is now seeking to increase the property’s floor space by a further 4,700 sq. ft. Zurich Life has agreed to pre-let c. 223,000 sq. ft. on a 20-year lease term at a rent of €30 psf, one of the highest rents ever achieved in Dublin for a suburban office block. The Irish Independent, 14th June
Christchurch, Dublin: Savills have brought a four-storey over-basement 14,323 sq. ft. office building in Christchurch, Dublin 8, to the market guiding €4m (€279 psf). The building is fully occupied by two tenants, Trilogy Technologies and Mindshare, on rolling agreements at a total rent of €247,344 (€16 psf), equating to a net initial yield of 5.7%. The Irish Times, 13th June
Planning Permission, Q1 2018: Latest CSO figures show 8,405 planning permissions were granted for dwelling units in the first quarter of 2018, compared with 4,650 units for the same period in 2017, an increase of 80%. This quarter saw the first permissions granted by An Bord Pleanála through Strategic Housing Development Applications, which accounted for 62% of the quarterly increase. Planning permissions were granted for 5,917 houses (+57.6% YoY) and 2,488 apartments (+177.7% YoY) in the period. One-off houses accounted for 16.5% of all new dwelling units granted planning permission. CSO Press Release, 15th June
New Dwelling Completions, Q1 2018: The CSO has published a report on New Dwelling Completions, the first of a quarterly series which includes data on new dwellings built in Ireland since 2011. The report shows that the number of new dwellings built declined from 6,994 in 2011 to 4,575 in 2013. However, over the following four years the numbers of new dwellings built has increased steadily each year to stand at 14,446 in 2017, a year-on-year increase of 45.7%. In the first quarter of 2018 there were 3,526 new dwellings built. CSO Press Release, 14th June
Residential Property Price Index: Residential property prices in Ireland at national level increased by 13% in the year to April. This compares with an increase of 12.6% in the year to March and an increase of 9.5% in the twelve months to April 2017. In Dublin, residential property prices increased by 12.5% in the year to April with houses up 11.7% and apartments up 15.9%. The highest house price growth was in Dublin City (+14.9%) while the lowest growth was in South Dublin (+6.9%). Prices in the Rest of Ireland (i.e. excluding Dublin) were 13.6% higher in the year to April, with The Mid-West region showed the greatest price growth (+18.7%). Overall, the national index is 21.1% lower than its highest level in 2007 and a 76% increase from the trough in early 2013. CSO Press Release, 13th June
Dublin Housing Market: New figures released from MyHome.ie has shown the number of houses available for sale in Dublin has risen by 32% in the past 12 months. The report found that there are currently 5,083 houses for sale in the capital, compared with 3,860 this time last year. The main increases of 45-50% were in the Dublin postcodes of 1, 4, 5, 6, 7 13, 22, and 24, while the smallest increases were in Dublin 3 and11. The Irish Times, 15th June
Global House Price Index: A global house price index report released by Knight Frank has found that property prices in Ireland are rising at the fourth fastest rate in the world at 12.7% in the year to March 2018, behind only Hong Kong (+14.9%), Malta (+13.6%) and Iceland (13.2%). Overall, house prices are rising in 86% of the 57 countries tracked by the index, with prices falling in Greece (-0.2%), Italy (-0.3%), Norway (-1.1%) and Finland (-1.3%). The Irish Times, 18th June
Ashtown House and Estate, Dublin: Chartered Land has outbid several other developers to complete the purchase of a classical 6,500 sq. ft. period house and 28 acres of land in close proximity to the Phoenix Park for €6.65m. The land which has significant development potential but needs to be rezoned having previously traded for €26m in 2006. The Irish Times, 13th June
Hawkfield House Stud, Kildare: A stud farm on 93 acres in Newbridge, Co. Kildare, is expected to attract significant interest from the equestrian world and developers when it goes for auction with Jordan Auctioneers on July 5th. The land has major development potential given its location is just 700m from zoned land which was recently granted planning permission for 361 residential units. Jordan’s are quoting a price of €1.3m for the land, which includes a 2,700 sq. ft. house and 915 sq. ft. guest house. The Irish Independent, 18th June
Barnacles Hostels: Agent CBRE has brought two hostels with 289 bed spaces in prime tourist locations in Dublin and Galway to the market guiding €11m. The portfolio which also includes a convenience shop and leased restaurant in Galway is for sale in one or more lots. CBRE stated the two hostels were being offered for sale in turnkey condition with no substantial capital expenditure required, and the businesses were highly profitable with ever increasing revenues. The Irish Times, 13th June
Dublin Airport Hotel: A 10-storey 421-bedroom hotel close to the airport has received planning permission following a lengthy planning battle. The proposed hotel, promoted by developer Carra Shore (Dublin) will be over 330,000 sq. ft. and located in Clonshaugh, near the junction of the M50 and M1 motorways, next to an existing Clayton Hotel, which is being extended. The plans come at the same time as the DAA has moved ahead with its own plans for a similarly-sized hotel at the airport. The Irish Independent, 18th June
Tifco Hotel Portfolio: Goldman Sachs is pushing ahead with plans to sell its €600m Tifco Irish hotel portfolio. GS took control of Tifco when it purchased the debts of the Irish company from IBRC. Hotels in the portfolio include the Hilton in Kilmainham and the Crowne Plaza hotels in Santry, Blanchardstown and Dundalk. Austrian hotelier Thomas Roeggla, US investment fund Apollo and private investment fund TBG are understood to be among the front runners for the portfolio. The Sunday Business Post, 17th June
Clery’s Sale: Natrium, the consortium which purchased the iconic Clery’s department store on Dublin’s O’ Connell Street in 2015 for €29m, has instructed Knight Frank to handle the sale of the building. The building and adjoining sites have planning permission for a new mixed use development to include a boutique hotel, high-end retail units, office space and other entertainment and leisure facilities. The sale price of the development is likely to exceed €60m. The Sunday Business Post, 17th June
Donegal Place, Belfast: French investment company, Corum, has paid c. €18.8m (€280 psf) to acquire its first investment property in Northern Ireland, a 67,000 sq. ft. retail property occupied by Next and Eason at Donegal Place, in the heart of Belfast city centre. Corum, which was established in 2012, manages a property portfolio of c. €800m and has invested c. €80m in Ireland to date across all sectors. The Irish Times, 14th June
George’s Street, Dublin: Danish home and craft chain Sostrene Grene is to open a new store at the former Walton’s music shop on South Great George’s Street. Sostrene Grene, currently have six stores in Ireland, and have agreed to take the prominent 6,000 sq. ft. space at a rent of c. €260,000 p.a. (€43 psf). Walton’s decided not to renew its 25-year lease in February, opting instead to move the business to its existing branch at Blanchardstown Retail Park. The Irish Times, 13th June
Swords Pavilion Shopping Centre: The owners of the Swords Pavilion Shopping Centre in north Co. Dublin have named American burger chain Five Guys and pizza brand Milano’s as the first restaurant’s to sign up for the new leisure quarter, which is due to open in late 2018. A new glazed bridge has been designed as part of a €3.3m scheme to create a link for customers from the first-floor retail mall to the new restaurant quarter, on the upper level adjacent to the cinema complex. Five Guys will have a floor area of c. 3,000 sq. ft. while Milano’s will open a 3,400 sq. ft. restaurant, their 16th in Ireland since first setting up here in 1995. The Irish Times, 13th June
Temple Bar, Dublin: CBRE expect considerable interest in a Victorian-style restaurant in the centre of Dublin’s busy Temple Bar area, which is for sale at €2.5m (€873 psf) or for letting at €200,000 p.a. (€70 psf). The building extends to 2,862 sq. ft. over basement, ground and first floor and is a high-profile building at the corner of Sycamore Street and Essex Street East. The Irish Times, 13th June
Greenhills Industrial Estate: Industrial agentWilliam Harvey has brought a 20,500 sq. ft. detached industrial and office building at Greenhills Industrial Estate to the market guiding €860,000 (€42 psf). The building has alternative development potential having recently been re-zoned ‘Regen’, which allows for residential and or enterprise developments, subject to planning permission. The Irish Independent, 14th June
North Park, Finglas: Agent Savills is quoting rent of €325,000 p.a. (€8.60 psf) for a prime 37,781 sq. ft. car showroom and workshop at North Park Finglas, just off junction 5 of the M50 motorway. The unit comprises an 18-car display showroom and workshop at ground floor, a display area for 70 cars on first floor, and a forecourt with parking for 38 cars. Joe Duffy Motors have recently vacated the unit to move to a new Porsche and Volkswagen showroom close by. The Irish Independent, 14th June
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