Western Industrial Estate, Dublin 12 Harvey has secured the sale of two older-style industrial facilities, totalling over 37,000 sq. ft., at the Western Industrial Estate in Dublin 12. In the first instance, the former Actavo facility at Knockmitten Lane North secured c. €2.52m, close to 40% over the €1.8m asking price. The sale was concluded by way of best bids with nine parties vying for the asset. The property comprises 18,934 sq. ft. of semi-detached industrial and office space, split between two buildings. The main attractions of the unit were its REGEN zoning and generous site area totalling 1.56 acres, which represents 0.6 of an acre over the standard industrial site coverage. Unit 182/183 Holly Road represented the more typical Western Industrial Estate stock, comprising of a semi-detached industrial and ancillary office unit of 18,180 sq. ft. on a fenced and secure site of 0.8 acres. The property was sold for just shy of its €1.65m asking price. The Irish Times, 16th March
IFSC, Dublin Hibernia REIT is selling the Forum in Dublin’s IFSC in a deal worth €30.8m. The company said it has exchanged contracts to sell the Forum to a company controlled by Spear Street Capital for €30.8m, a price that is in line with the September 2021 carrying value. Built in 2003, the Forum includes 47,000 sq. ft. of office space over two floors, above a four-storey car park with 370 spaces. The vacant offices benefit from the use of 50 car parking spaces, with the remaining 320 used by parking company Park Rite Limited, on a €600k pa lease that expires in mid-2033. The deal is expected to complete in the second quarter of 2022. The Irish Times, 17th March
Tallaght, Dublin 24 CBRE has brought the penthouse floor of 1 Tuansgate in Tallaght in west Dublin to the market to let. The fully fitted office suite extends to c. 5,410 sq. ft. and also boasts over 1,000 sq. ft. of additional basement storage and 24 car parking spaces. 1 Tuansgate is close to the Square Tallaght and is well served by public transport. CBRE is offering the space to the market by way of flexible lease terms with a quoting rent of €18.6 per sq. ft. The Business Post, 20th March
Docklands, Dublin An Post is relocating its headquarters from the General Post Office in Dublin to the Exo, the tallest office building in Ireland, after securing a 15-year leasing agreement with Tristan Capital Partners. In the largest office letting in Ireland this year so far, the state-owned postal service will take 77,300 sq. ft. across five floors at the 17-storey tower in Dublin’s north docklands. The 224,500 sq. ft. property targets the highest sustainability credentials, having already achieved LEED Platinum, NZEB, Wired Platinum and a Building Energy rating of A3. Tristan and its partner SW3 Capital purchased the Exo building, which had been funded by Nama, in late December 2017. The Exo is 70% leased or reserved, with a leading Irish fintech company taking 35,000 sq. ft. on a 15-year lease in a separate deal. Upon completion at the end of March, the overall development will comprise workspace for more than 1,950 people, with a 10,760 sq. ft. roof garden as well as a bar and restaurant. React News, 17th March
Blanchardstown, Dublin 15 Premium fashion group Flannels has signed a deal for its second Dublin store. The luxury retailer is to open for business at the Blanchardstown Centre. Flannels will occupy the ground floor of the former Debenhams unit. At 45,000 sq. ft., the space will be the larger of the two outlets committed to by the retailer in the Irish market to date. Flannels’ premises at the redeveloped Clerys store will extend to 30,000 sq. ft. BNP Paribas Real Estate and Bannon are the joint leasing agents for the Blanchardstown Centre. The Irish Times, 16th March
Greenman European Supermarkets (GES) Greenman, the Irish-based investor in European retail property, has launched GES, an open-ended fund which aims to own €500m worth of property by 2025. It will invest primarily in grocery-anchored EU real estate, logistics and omni-channel grocery distribution assets as well as retail platforms. GES has already collected subscriptions of c. €10m. Its acquisition strategy is targeting primary and secondary sale and lease back transactions. The fund recently made its first investment in a portfolio of six Carrefour supermarkets based in France. Greenman had already built long-term relationships with four of the European Union’s top five retailers: Edeka, Rewe, Aldi and Kaufland. Now with GES, they have gained access to Carrefour, locking in relationships with all the EU’s top five grocers. The Irish Independent, 17th March
Castletownbere, Co Cork Property developer Paddy McKillen Jr has acquired Dunboy Castle, the stalled luxury hotel development in Castletownbere in Co Cork. The purchase has been made by Oakmount, Mr McKillen’s property development company, while his Press Up hospitality group will ultimately operate the resort complex when completed and launched. While no purchase price has been confirmed, Dunboy Castle was on the market for more than €2.5m. The 84-bed, 120,000 sq. ft. castle is located on more than 40 acres of land overlooking Bantry Bay. The new owners said they will bring the historic property to completion and open it as a “destination” hotel and resort, which will include luxury rooms and suites, a spa and swimming pool, gym, and a separate space for weddings and events. The Irish Examiner, 21st March
Castleknock, Dublin A third Belgian nursing home investor has entered the Irish market with the purchase of nursing homes in Dublin and Cork. Care Property Invest has agreed to pay €26.7m for Elm Green Nursing Home, a 120-bed care centre with 27 independent living apartments in Castleknock, Dublin. It comes a month after the completion of its first transaction, the €6.2m purchase of Ballincurrig Care Centre, a 55-bed nursing home in Cork. The French operator DomusVi will run the Dublin nursing home, while Silver Stream Healthcare will operate the Cork property. Care Property Invest joins Aedifica and Cofinimmo as Belgian investors that have entered the market here over the past 15 months. The Sunday Times, 20th March
Finglas, Dublin 11 NAMA has sold 54 apartments in Finglas for c. €14.5m (€269k per apartment) to LRC Group according to market sources. Colliers had offered the portfolio to the market last June on the instruction of receivers BDO. The portfolio consists of 49 two-bedroom apartments – 30 of which are duplex – and five one-bedroom apartments distributed across five blocks at the scheme. Each apartment has at least one parking space at basement level, while 18 apartments have the benefit of two spaces. Currently 26 of the units are fully-occupied at an average monthly rent of €1.2k, which is relatively low when compared to the rents being achieved across the capital at present. The remaining 28 units are vacant and 26 of these can be let at full-market rent as they have not been let previously. Market rents are in the region of €1.7k a month for a two-bed and €1.5k for a one-bed. At the time of the sale Colliers estimated the portfolio will have a market rental value of c. €1.092m once it is fully let. The sale also included an opportunity to provide eight additional apartments, as planning permission has been granted to convert six retail units and a medical unit into five two-bed apartments, two one-bed, and one three-bed. The Irish Times, 16th March
Naas, Co Kildare Coonan Property is guiding €1.5m for a site in Naas Town Centre with full planning permission for the development of 20 residential units. Located on the Limerick Road (R445), the site offers the opportunity to deliver a mix of one-, two- and three-bedroom townhouses and apartments. The approved scheme provides for the demolition of an existing derelict two-storey house and outbuildings, and the construction of 11 three-storey houses, one single-storey house and a four-storey block of eight apartments. The development will also include the provision of 11 car parking spaces and will be offered for sale by public auction in Lawlor’s Hotel, Naas on April 12th. The Irish Times, 16th March
Blackpool, Cork An Bord Pleanála has rejected fast-track plans for a €70m 191-unit BTR apartment scheme for Cork city. Last year, Eichsfeld Ltd lodged plans for the scheme for Distillery Quarter, Blackpool, on the N20 leading out of Cork city. The scheme across three parcels of land comprises five apartment blocks with two reaching to nine storeys in height and is made up of 99 one-bed apartments, 69 two-bed apartments and 23 three-bed apartments. Eichsfeld had proposed to provide 19 units to Cork City Council and had put an indicative price tag of €6.94m on the units. The apartment blocks included two four-storey buildings already in place and the council recommended to the appeals board that planning permission be granted for the proposed developments at Parcel A and Parcel C but to refuse planning permission for the proposed development at Parcel B. Several objections were also received from locals against the scheme. The Irish Times, 15th March
Blackrock, South Co Dublin A Dublin local authority has granted planning permission for a 41-unit apartment scheme for the Frascati Centre in Blackrock, despite local opposition. Last August, IMRF II Frascati Ltd Partnership lodged plans for the 41 apartments as part of Phase Two of the overall development plan for the Frascati Centre on Frascati Road in south Dublin. The 41-unit scheme is comprised of 15 studios, 18 one-bed units and eight two-bed units in a U-shaped residential block, arranged around a central communal courtyard space. Third parties have the option of appealing the grant of permission to An Bord Pleanála. The Irish Times, 16th March
Wetland, Co Kilkenny, An Bord Pleanála has granted planning permission for fast-track plans from Cairn Homes for 183 residential units in Kilkenny city. In the scheme, Cairn Homes is to build 20 four-bedroom homes, 67 three-bed homes and five duplex blocks containing 32 two-bedroom units and 32 three-bedroom units 2km from Kilkenny city. The scheme also includes a block containing 17 one-bedroom units and 15 two-bedroom units at a site in the townland of Wetland, Callan Road, Breagagh Valley, Kilkenny. The Irish Times, 16th March
Bray, Co Wicklow Finnegan Menton has brought a ready to go, mixed-use development site at 22-24 Main Street in Bray, Co Wicklow to market for sale guiding €1.5m. The property, known as Anvil, was a well-known homeware retail store for almost 50 years. The property extends to c. 0.3 acres and has several storage units and outbuildings totalling c. 8,610 sq. ft. at the rear. The site has full planning permission for six large townhouses (ranging in size from c. 1,194-1,313 sq. ft.) with courtyards, terraces and surface parking to the rear of the site. There are nine spacious apartments offering a mix of one, two and three-bedrooms. There is also a ground-floor retail unit of c. 1,010 sq. ft. on Main Street and offices of 750 sq. ft. The Business Post, 20th March
Dartry, Dublin 6 Residents in Dublin 6 have claimed that anti-social behaviour by students living at Trinity College Dublin’s (TCD) student accommodation at Dartry, Dublin 6 would worsen if a new accommodation scheme proceeds. Earlier this year, TCD lodged fast-track plans to An Bord Pleanála for a 358-bed student residential scheme for Trinity Hall in Dartry. TCD currently provides 995 bed spaces at Trinity Hall and planning consultants for the college, Declan Brassil & Company, state that the proposed development would “assist in addressing the current undersupply of student accommodation in Dublin city and reduce pressure on the private rental market”. An Bord Pleanála previously granted TCD the go-ahead for the student accommodation scheme at Trinity Hall in August 2020 despite local residents’ concerns. However, after a local resident challenged the decision in the High Court, the appeals board in February of last year consented to quashing the planning permission and to a costs order in the case. TCD lodged a new application in January and a decision is due in May. The Irish Times, 21st March
Land Dezoning McGarrell Reilly, which has been building homes since the early 1980s, would typically have capacity to build c. 300 homes a year, but in the coming years the firm’s residential activity could come to a standstill due to the scarcity of land. The company currently has a site in Kilcock in Co Meath which been zoned for residential use for c. 20 years and has capacity for 800 to 900 homes. In 2013, Meath County Council set a limit on how many homes could be built in its county development plan, which covered 2013 to 2019. McGarrell Reilly was told it could build the first phase of 350 homes on its Kilcock site, and could deliver the rest after 2019. It commenced work on the first phase of 350 homes, and the units are due to be finished this year. But it cannot proceed to phase two because, in the latest Meath development plan, the lands are no longer zoned for residential development. As part of its new development plan, Meath County Council has dezoned more than 300 hectares of residential lands which have the capacity for over 9,500 homes. The local authority’s decision has been influenced by the National Planning Framework, which aims to promote compact development in urban areas, and prevent urban sprawl by limiting the amount of available residential land in the Dublin commuter belt. Other developers in Ireland are faced with their lands being dezoned or are struggling to find new sites to develop.
Deloitte has estimated that c. 30,304 homes were commenced in 2021, compared to c. 21,000 in 2020 and 26,000 in 2019. More than 81,000 apartments have been granted planning permission in recent years, according to an analysis by EY Economic Advisory. Only one in five of those apartments have been built or commenced. The Business Post, 20th March
Barna, Co Galway The High Court has rejected a challenge to an approved plan for 121 homes in Barna, Co Galway. The challenge was brought by Heather Hill Management Company CLG, which represents residents of the neighbouring Cnoc Fraoigh housing estate. Burkeway Homes Ltd was granted permission by An Bord Pleanála for the development – comprising 52 houses, 69 apartments, a creche and a linear park – on a 13.1-acre site. The park and a creche will be on what is essentially the floodplain of the Trusky East stream. The challenge was against An Bord Pleanála, Ireland, the Attorney General and the Minister for Housing. Burkeway Homes was a notice party. The Irish Times, 21st March
Duleek, Co Meath The High Court has dismissed a judicial review challenge brought by a development company over An Bord Pleanála’s refusal to grant planning permission for 142 homes in Duleek, Co Meath. Manley Construction Ltd had applied directly to the planning board early last year for fast-track approval for a SHD of 82 houses and 60 apartments proposed for a 13.8-acre site off the Navan Road. The board refused permission citing a contravention of the Meath County Development Plan in relation to the zoning of the lands. Categorised as “A2 New Residential Phase II”, the site was “not available for residential development” within the life of the 2013-2019 plan. The Irish Times, 21st March
Burlington Real Estate Gresham House has bought Irish commercial property manager Burlington Real Estate for an initial consideration of €1.8m. Burlington has been in partnership with Gresham for five years as an adviser on its property fund. It manages or advises on assets of €340m. In addition to the €1.8m initial consideration, the sellers have agreed to subscribe to new shares in Gresham. The Burlington team will be integrated into Gresham over the coming months. React News, 16th March
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Eastpoint Business Park, Dublin 3 Block H at Dublin’s Eastpoint Business Park, which comprises 22,260 sq. ft. of office space across three floors at present, is being offered to the market by HWBC at a guide price of €6.25m. The building sits on a plot of 0.69 acres and comes with full vacant possession and 60 surface car parking spaces. There is currently over 1.3m sq. ft. of prime office space leased in East Point. The Irish Times, 9th March
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Albert Quay, Cork Planning permission has been granted for Cork City’s tallest office block, a €100m building of 16-storeys facing the River Lee on Albert Quay and Albert Street. The approval comes after the developers, the JCD Group, last year switched plans to offices, from a proposed €125m 25-storey BTR apartment tower with 200 apartments, citing the financial non-viability of apartments on the site which would need rents of €2.8k per month to work. Much of the site has been cleared in advance of any building works starting, with the Sextant bar – which was not a protected structure – demolished in August of last year. The Irish Examiner, 10th March
Dublin Ireland’s National Transport Authority (NTA) is currently compiling a shortlist for a new head office in Dublin of up to 100,000 sq. ft. Avison Young is working on behalf of NTA and is searching around Dublin city centre and is focused on the sustainability credentials of potential options. The requirement has a preference for an ‘own-door’ building that is available for occupation by Q4 2023 – Q1 2024. The National Transport Authority plans to bring all their staff, currently based in four different locations, under one roof. It has an office at Iveagh Court on Harcourt Lane and also leases space from WeWork in the city. React News, 14th March
Cobalt Collection US investment group Davidson Kempner has brought the “Cobalt Collection”, which comprises Letterkenny Retail Park in Donegal, Tullamore Retail Park in Co Offaly, and Deerpark Retail Park in Killarney, Co Kerry, to the market. CBRE has been instructed to sell the portfolio of three retail parks. The guide price for the portfolio of €67.5m equates to a blended NIY of 8.72%, although Davidson Kempner will also entertain offers for individual assets. The portfolio generates a rent roll of €6.47m pa (NOI), with an overall WAULT of eight years to expiry. The tenant mix is diversified and includes brands such as Woodies DIY, TK Maxx, Homebase and M&S. React News, 8th March
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Bettystown, Co Meath A retail investment property with potential for a 6.74% yield has come to the market in Bettystown, Co Meath. Artis Real Estate is guiding €1.35m for the property let to Mr. Price on a 20-year FRI lease under an initial stepped rent that will rise to €100k pa in September. While the NIY is currently at 4.72%, it will rise in September to 6.74% and provides opportunities to grow at further rent review. Extending to 10,535 sq. ft., it is located on the ground floor of an apartment block. The Irish Independent, 10th March
AIB Branches, Ireland Browne Corrigan Chartered Surveyors has been instructed by the bank to find buyers for four of its former premises in Dublin, Galway and Limerick. The properties are being offered for sale with vacant possession.
Guiding at a price of €3.75m, 37/38 O’Connell Street comprises 14,500 sq. ft. over five floors. 69/70 Morehampton Road, Donnybrook, Dublin 4, which is guiding at a price of €2.5m, extends to 3,930 sq. ft. over ground and first floors.
The former AIB branch at Newcastle Road in Galway city is a two-storey property with on-site car parking and extends to 6,850 sq. ft. It is being offered for sale for €1.75m.
The former AIB bank branch at Northtown Shopping Centre on Limerick’s Ennis Road meanwhile is guiding €300k. The unit comprises 2,450 sq. ft. on the ground-floor level of the centre. The Irish Times, 9th March
Stephen’s Green, Dublin 6-7 St Stephen’s Green in Dublin, a mixed-use building has been put on sale for €17.25m. BNP Paribas RE and Savills have been appointed to market the property, which covers 26,716 sq. ft. with three floors in retail use and three floors of self-contained offices overhead. The agents are also open to leasing just the retail section of the building for €875k per year. It extends to 22,271 sq. ft. and until recently was Topshop’s flagship outlet in Ireland. The overhead offices cover 4,434 sq. ft., with the second floor currently vacant and the third and fourth floors let to Cundall (Ireland) on a short-term lease which expires in August 2024 at an annual rent of €89.37k pa. The Irish Times, 9th March
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Dawson Street, Dublin 2 Dawson House which is located at 29-30 Dawson Street is being offered to the market by Colliers at a guide price of €3.8m. The investment is fully let and producing total rental income of €263k pa, resulting in a NIY of 6.29%. The WAULT is 6.3 years to the earliest break option. Caffé Nero pays a rent of €150k pa, occupying the ground floor and basement, under a 35-year lease, expiring in August 2030. The lease allows for upwards-only rent review provisions. The first, second and third floors are in office use and held under three separate leases. The total passing rent here is €100k pa. Bagnall Doyle McMahon occupies the first floor on a 15-year lease from January 2018 with a tenant break option in December 2023. BPL Management Ltd occupies the second floor under a 10-year lease from October 2016 with a tenant break option in October 2022. Coast Adventures, occupies the third floor under a 10-year lease, expiring in June 2027. The penthouse floor comprises a spacious apartment, producing €13k pa. The five-storey, over-basement property extends to 6,434 sq. ft. . The Irish Times, 9th March
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Cherrywood, South Dublin A High Court dispute relating to a demand for €31.5m in public infrastructure contributions for a new town centre in Cherrywood, south Dublin, has been settled. Hines Cherrywood Development Fund ICAV brought the case against Dún Laoghaire Rathdown County Council claiming there was no lawful basis for the demand because it had an express understanding and legitimate expectation it could offset the c. €57m costs of certain works done to date against development contributions due. In 2018, it obtained permission for construction of a new town centre development, including 15 blocks comprising 1,269 residential units, retail use, high intensity employment uses, non-retail uses, community uses and all associated roads, streets and public spaces and services. The Irish Times, 9th March
Howth, Co Dublin A planned €10m redevelopment of Howth Castle in Co Dublin to transform it into a retail, food and tourist destination is facing opposition, including from the local Church of Ireland. The focus of the objectors’ attention is a new road to serve the redevelopment plan by Tetrarch Capital and the Michael J Wright hospitality group. The joint venture last month lodged plans with Fingal County Council that include a new 150-seat restaurant built in a glass-covered pavilion within the castle’s stable yard. The church claims the roadway seems to be intended to open substantial parts of the Howth Estate lands. A decision is due on the application later this month. The Irish Times, 11th March
Hook Peninsula, Co Wexford Oakmount, a vehicle of Paddy McKillen Jr and Matt Ryan, has emerged as the buyer of Loftus Hall on the Hook peninsula. The 22-bedroom mansion was put on the market for €2.5m in July 2020 and was sold the following year. Its previous owners bought it in 2011 for €625k. Oakmount says it will bring the Co Wexford property “back to life under new ownership as a luxury destination hotel”. The venue will be operated by Press Up group. The group is reportedly set to spend €7m transforming the property. The Sunday Times, 13th March
Student Accommodation, Dublin and Galway Bain Capital has sold a portfolio of student accommodation in Dublin and Galway to Ares Real Estate Group for €145m. The portfolio, consisting of three separate student blocks, with a total of 813 beds, was put on the market late last year. Ares, a US fund, beat rival bidders KKR and Round Hill to secure the portfolio. The purchase price represents an investment yield of below 5%. Bain purchased the student projects in 2018 alongside Carrowmore Property from Cairn Homes. They paid €45m to buy the completed 112-bed student scheme at Blackhall Place in Dublin, as well as development sites at Cork Street in Dublin and Eyre Square in Galway. The Sunday Times, 13th March
Clongriffin, Dublin 13 European property firm the LRC Group paid c. €3.1m (€194k per unit) for 16 apartments at the Station Point scheme in Clongriffin, Dublin 13. The sale of the portfolio was handled by Hooke & MacDonald. 16 designated car-parking spaces were included in the sale. The Station Point scheme, completed in 2008, is on Main Street in Clongriffin. The Irish Times, 9th March
Naas, Co Kildare Coonan Property is guiding €6m for a land bank on the outskirts of Naas Town Centre in Co Kildare. The Knocks, as it is known, comprises 57 acres of land, which offers an opportunity to develop a “sustainable urban district and decarbonised zone” near the town. The lands have two objectives listed in the Naas Local Area Plan 2021-2027. 43.84 acres have been designated as “Strategic Reserve” and are slated for future development in line with the expansion of Naas town. A further 13.2 acres are to be used as open space and amenity. The Irish Times, 9th March
Harcourt Street, Dublin 2 A vacant Georgian property at 26 Harcourt Street, Dublin 2, has been brought to the market with a €1.3m guide price. QRE says the property comprises a mid-terrace four-storey over basement building extending to c. 3,900 sq. ft. NIA, with a small yard to the rear. The building benefits from educational use following a change of use from offices in 2009 and has recently been used as a language school. A protected structure, the property is zoned ‘Z8’ and is suitable for a variety of uses including hotel, medical, office and residential. The Irish Independent, 10th March
Rialto, Dublin 12 More than 60 parties are opposing a planned 137 BTR unit apartment scheme for Herberton Road in Rialto, Dublin 12. Herberton Road Developments Ltd had lodged “fast-track” plans for the scheme which comprises six apartment blocks, with one rising to eight storeys, at the former G4S property on Herberton Road. The company bought the site in November 2019. A planning report lodged with the scheme claims the redevelopment of the existing site, which houses vacant buildings in a state of disrepair, will greatly enhance the character and appearance of the Grand Canal Conservation Area. Opposition to the scheme has been boosted by Dublin City Council recommending a refusal to An Bord Pleanála. The Irish Times, 10th March
Housing Supply According to Glenveagh, Ireland needs 400,000 new units – including apartments, social and affordable homes and student rentals – over the next decade, which works out at more than 35,000 new builds a year. Figures from the Banking and Payments Federation of Ireland show there were 20,433 completions in 2021, down slightly on the previous year, due to Covid and a 13-week construction sector shutdown. The Government says housing commencements passed the 30,000 mark last year, with the BPFI expecting 50,000 new homes to be built between now and the end of 2023. Glenveagh expects to deliver 1,400 suburban units this year, on top of its apartment developments and commercial businesses. It is aiming for 3,000 a year in the medium term. The developer closed 1,150 home sales in 2021, up 64% on 2020 and up 36% on 2019. It has also managed to reduce the average cost of a suburban home from €311k in 2020 to €308k (net of VAT) last year, despite a 6% rise in construction costs. Glenveagh said revenues doubled in 2021 to €476m from €232m in 2020, driven by an increase in sales. The group reported a core gross margin of 19.6%, with core gross profit of €78.7m, up 164% on 2020. The Irish Independent, 9th March
Blackrock, South Dublin Dún Laoghaire Rathdown County Council has recommended that “fast-track” plans by co-owners of the Press Up Hospitality group for a €200m 493-unit apartment scheme near Blackrock be rejected. The scheme comprises 11 apartment blocks, with one block rising to 10 storeys, on lands at St Teresa’s, Temple Hill. As part of its report, Dún Laoghaire Rathdown County Council states that the site is ideally suited to a higher-density scheme. Mr. McKillen’s Oval Target previously secured planning permission for 291 residential units in June 2019 on the same site and that permission remains in place. In total, 41 objections have been lodged with An Bord Pleanála against the new scheme. The Irish Times, 9th March
Glenageary, South Dublin In a report lodged with An Bord Pleanála, Dún Laoghaire Rathdown County Council is recommending refusal for a “fast-track” scheme by Keith Craddock’s Red Rock Glenageary Ltd for a 147-unit BTR apartment scheme for Glenageary. Refusal of permission is recommended because it constitutes overdevelopment due to its scale, height, massing and layout. More than 80 objections have been lodged against the scheme for a site at the junction of Sallynoggin Road Lower and Glenageary Avenue. The Irish Times, 9th March
Smithfield Market, Dublin 7 A multi-family investment of 19 apartments at Smithfield Market in Dublin 7 is guiding €8.5m (€447k per apartment), handled by Hooke & MacDonald. The development is directly beside the Maldron Hotel overlooking Smithfield Market. The sale comprises 19 apartments containing seven one-bedroom and 12 two-bedroom units located on and taking up the entire fourth, fifth and sixth floors. Five of the apartments are located at penthouse level. There is direct access via two lifts to 19 car spaces in the basement car park. The apartments are occupied on standard residential tenancies and are being sold with tenants in situ who will not be affected by the sale. The Business Post, 13th March
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Terryland, Galway O’Donnellan & Joyce is handling the sale of a city development opportunity consisting of c. 5.38 acres of zoned residential lands in the townland of Terryland, c. 1km from Galway city centre. The lands are currently zoned “Residential” under the Galway City Development Plan 2017-2023 and are within 200 metres of the Dyke Road which leads to Galway city centre. Due to the lack of availability of high-density landbanks in such a central location, demand for the 5.38 acres is anticipated to be competitive. The Business Post, 13th March
Residential Development, Ireland Based on a review of more than 67,000 homes granted planning permission through the SHD process since 2017, 17,850 one-bed and 28,400 two-bed apartments have been approved. These two housing types alone make up 68% of all the homes in line to be built. Traditional three-bed homes only make up 13.6% of permitted homes. Only 6.7% of apartments in the pipeline are three-beds. The analysis is based on examination of 219 applications approved under the SHD system. The dataset shows 90.2% of the units approved in Dublin are apartments. Further research published by Irish Institutional Property has found a two-bed apartment in Dublin that costs €400k to develop would require a monthly rent of €1.62k to allow the developer break even. That would mean a married couple would need a gross annual income of €100k to afford rental payments. Only 14% of Irish households earn in excess of €100k, according to the CSO. The Business Post, 13th March
Dublin, Ireland A team of developers led by Ronan Group Real Estate (RGRE) has applied for permission to build additional apartments at the former Irish Glass Bottle site in Dublin 4. The consortium of RGRE, Lioncor Developments and Oaktree Capital Management has lodged planning permission for more than 350 units on top of a separate application for c. 600 units currently being considered by Dublin City Council. Developer Johnny Ronan and Oaktree Capital bought an 80% stake in the lands in 2020 for c. €200m with NAMA retaining a 20% stake. According to the planning application, the developers propose to build 356 apartments, 55 of which would be sold for affordable housing and 37 social units, ranging in height from five to 18 storeys. Separately, the consortium announced the first phase of the development last July after it applied to build 570 units at Poolbeg. A decision on this application is expected later this month. The Business Post, 11th March
The Hooke & MacDonald Residential Investment Report Property agent Hooke & MacDonald’s latest half-year investment report on residential investment in the GDA shows that the multi-family/PRS has been the most active investment asset class in Ireland for the past three years. The report, a comprehensive analysis and review of all aspects of the multi-family investment sector, notes that in the past five years, the multi-family/PRS sector has attracted more than €7bn in investment and is facilitating the construction of more than 12,000 new homes which will house more than 25,000 people. Some of the key findings of the report show that the ‘living sector’, which includes multi-family properties as well as logistics and life sciences, continues to attract increased allocations of funding from international capital markets. The report cited 4,670 multi-family properties as selling in Dublin last year across 36 main transactions of over €2bn. The agent also highlighted a disconnect between local council aspirations for development, national policy and market realities which could put the future of the apartment construction and rental sectors at risk. Hooke & MacDonald, 10th March
Dalkey, Co Dublin A 0.2-acre site with full planning permission for 3 large luxury residential homes at Ard Mhuire, Dalkey, Co Dublin has been acquired by Crowley Residential. The site was acquired off-market for a price thought to be in the region of €1.6m (€533k per site). The property obtained approval by An Bord Pleanála for the construction of three high spec luxury residential homes. Crowley Residential, 8th March
Goatstown, Dublin 14 An Bord Pleanála has given the green light to fast-track plans for 227 apartments at Knockrabo at Mount Anville Road, Goatstown, Dublin 14. The appeals board has granted planning permission to Knockrabo Investments DAC for the four-apartment block scheme rising to eight storeys despite local opposition and strong recommendation of Dún Laoghaire Rathdown County Council that permission should be refused. The site already had planning permission for 93 units. The scheme will comprise 76 one-bed units, 145 two-bed and six three-bed. The Irish Times, 14th March
Ronan Group Real Estate (RGRE) Developer Johnny Ronan’s RGRE is looking for six months’ grace to refinance €142m of loans attached to 12 properties after receivers were appointed last week over the assets. Grant Thornton was appointed as receiver over the properties by UK-based M&G Investments. The loans, which were due to be repaid at the end of January, stem from the investment group’s backing of RGRE’s refinancing of Nama loans in 2015, which allowed the developer to exit Nama. The portfolio includes office building Connaught House on Burlington Road in Dublin 4, a stake in a nearby Percy Place property that is majority-owned by a Davy property fund, the Bewley’s Café property on Grafton Street, and a mansion in Paris. It is understood that New York-based Fortress Investment Group is a junior lender to the 12-property portfolio. The Irish Times, 15th March
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Sir John Rogerson Quay, Dublin 2 Developer TIO is understood to have secured upwards of €95 million from the sale of a newly-completed prime office building in Dublin’s south docklands to the German family-office investor AM Alpha. The sale of 76 Sir John Rogerson’s Quay comes just four months after Rabobank agreed to take 23,500 sq ft of space at the scheme on a 10-year lease with an option to renew for a further 10 years. The Dutch-headquartered lender is understood to have agreed to pay a rent of about €57 per sq. ft. AM Alpha made its last acquisition in the Irish market in November 2019, when it paid €50 million to secure ownership of Northside Shopping Centre. The Irish Times, 24th March
Bonham Quay, Galway US software company Diligent’s plan to establish a European hub in Galway has moved up a gear with the selection of Bonham Quay as the location for its new offices. The company is expected to move its Irish-based workforce into Bonham Quay by early 2022. Diligent’s new office forms part of the wider 370,000 sq ft Bonham Quay campus being constructed by developer Gerry Barrett’s Edward Capital. Upon completion, the scheme will comprise 349,000sq ft of offices distributed across four buildings, 21,000 sq ft of retail/restaurant space and 91,435 sq ft of new landscaped public space. The letting of the overall development is being managed by the Galway offices of Cushman & Wakefield. The Irish Times, 24th March
Ballsbridge, Dublin 4 It was reported in the Irish Times that the Killeen Group is to press ahead with the delivery of a new office scheme next to Facebook’s new Dublin 4 campus and directly opposite the RDS on the Merrion Road. Designed by Reddy Architects, the six-storey over double-basement Glencar House will comprise 77,500 sq ft upon completion in 2023. The Merrion Road site has been occupied since 1991 by a pavilion-style building as part of the overall Sweepstakes Centre scheme. In recent years, the property has been occupied by a range of corporate tenants including Nuance Communications and BNP Paribas Real Estate. Walls have been appointed as the main building contractor, while Mitchell McDermott have been retained as the project managers. Cushman & Wakefield and BNP Paribas Real Estate have been engaged as joint letting agents for the property. The Irish Times, 24th March
Grafton St, Dublin 2 Foot Locker has won the first round in a battle over rent with the landlord of its Grafton Street store. In a request for discovery, it was ruled that the sportswear and footwear retailer does not have to provide documents about all seven of its Irish stores to Percy Nominees. Foot Locker has been in dispute with Percy, the investment company associated with Davy Stockbrokers, over liability to pay instalments on its €750,000 annual rent after it had to close because of Covid. The retailer claims that the lease it holds on the Grafton Street store “has been frustrated” by the restrictions brought about by the pandemic. It says that government restrictions led to “an unprecedented and dramatic collapse in the pre-existing level of footfall in Grafton Street” and has sought a declaration that it has “no liability for rent” for when it was closed. Percy had requested to see all correspondence between Foot Locker and its other landlords in the run-up to the closures in March last year. It argued that the documents would show whether Foot Locker had “conducted itself in a uniform manner in respect of all leases”. Sunday Times, 28th March
Penney’s, Cork After a year of retail devastation, Cork City centre is set for a significant boost following confirmation that Penney’s is planning a major expansion of its St Patrick St store. The fast fashion retailer has confirmed to the Irish Examiner that, pending a successful planning outcome, it intends to increase its retail space by almost 50%, adding 17,000 sq ft to its existing 37,000 sq ft. The store will not close during the expansion, which will take place on a phased basis. A spokesperson for Penneys said: “We have embarked on the planning process to redevelop our Patrick Street store. If our application is successful, we will increase the retail space by 17,000 sq ft to 54,000 sq ft, which will bring an enhanced shopping experience to our customers. We will plan a phased building schedule to allow the store to remain open during construction. We have partnered with the O’Flynn Group to support on the planning and development process”. The Irish Examiner, 24th March
Camden Quay, Cork Plans for a 194-bedroom hotel on a prime Cork city centre site have been unveiled. A planning application has been lodged with Cork City Council by Carra Shore Hotel (Camden Place) Limited for the former McKenzies Circuit Courthouse site on the bank of the River Lee. Located directly opposite Cork Opera House on Camden Place and Pine Street, the development proposal includes the redevelopment, renovation and conservation of the building to allow for the development of a city centre hotel. This would include 194 bedrooms, 41 of which would be long-stay suites, and the construction of a rear annex, ranging in height from two to six storeys. The building was purchased for €3.5m late last year by the UK/Irish group headed by John Kajani, associated with companies Carra Shore and the Seraphine Group, who owns hotels in London, Dublin and Waterford. The Irish Examiner, 25th March
Hotel Conversions With increasing demand for Irish nursing home investment opportunities and some Irish hotels expected to come under pressure because of the effects of the Covid-19 pandemic on the tourism sector, two recent deals illustrate the conversion potential of hotels. Maureen Bayley of CBRE said that one of the big advantages that many hotels offer for nursing home conversion is the size of their bedrooms, which at 12.5 square metres comply with standards being imposed by the Health Information and Quality Authority (Hiqa). Hotels also offer en suite bathrooms, which are a major requirement for infection control. It was confirmed in the media last week that the HSE have bought the Blarney Hotel in Cork to use it as a care home for the elderly. Among other hotels to be converted by other operators are the Ardmore Lodge Hotel in Dublin, which was converted to Care Choice Finglas, and the former 123-bedroom Two Mile Inn motel on the Ennis Road near Limerick city. The Business Post, 28th March
Ashtown, Dublin 15 The German investor Union Investment has paid over €200 million to acquire 435 apartments (>€460k per apartment) and a health centre being developed by Sean Mulryan’s Ballymore Group at Royal Canal Park in Ashtown, Dublin 15. The agreement of the forward-funding deal for the 8th Lock portfolio will be seen as a significant vote of confidence by international investors in the capital’s PRS market. Notably, the transaction is Union’s first investment in the Irish residential market, and one of its first residential deals in Europe. The German-headquartered fund manager’s purchase of the apartments at Royal Canal Park brings the overall value of its real estate holdings in Ireland to €770 million. The remainder of Union’s Irish portfolio is comprised of six prime Dublin office assets boasting a combined value of €570 million, which it acquired between 2015 and January 2020. The Irish Times, 24th March
Rathgar, Dublin 6 The former Murphy & Gunn Hyundai dealership in Rathgar has been put up for sale. Located at the corner of Kenilworth Square South and Rathgar Avenue, it occupies a site of 0.9 acres and is being offered to the market by agent Knight Frank at a guide price of €8.5 million. The sale of the property comes just over three months on from Rohan Holdings’ €7 million purchase of Murphy & Gunn’s former BMW car showroom site in nearby Milltown. The Rathgar site is zoned objective Z2 Residential Neighbourhoods (conservation area within the current Dublin City Council Development Plan) and enjoys significant frontage to Rathgar Avenue and Kenilworth Square South. It is is ideally positioned witin a 0.5km walk of Rathgar Village while Rathmines Village is within 1km. A feasibility study prepared by Ferreira Architects suggests it could accommodate a scheme of 90 apartments (€94k per site), subject to planning permission. Knight Frank Press Release
Sutton, Co. Dublin A site with potential for a prime residential development has gone up for sale in Sutton with a guide price of €1.525m. Located on Carrickbrack Road in Sutton, “Fairways” comes with full planning approval for the demolition of the existing house and its replacement with three substantial detached homes (€508k per site). The new properties comprise two five-bedroom dormer bungalows (265 sq m/2,852 sq ft) and one four-bedroom dormer bungalow (206 sq m/2,217 sq ft). The precise details of the planning permission may be viewed on the Fingal County Council website under planning reference F19A/0442. The subject site extends to 0.34 hectares (0.84 acres) and contains mature trees, a number of which will be retained in the new development to provide an attractive blend of old and new in the planned landscaping. The Irish Times, 24th March
Donnybrook, Dublin 4 An Bord Pleanála has consented to a High Court order quashing its permission for 614 residential units on former RTÉ lands. Three Ailesbury Road residents had brought proceedings challenging the board’s fast-track permission for the proposed development by Cairn Homes close to their homes. They also challenged the constitutionality of strategic housing provisions of the Planning and Development (Housing) and Residential Tenancies Act 2016 providing for the fast-tracking of large housing developments. Their case was against the board, the Minister for Housing, Planning and Local Government, Ireland and the Attorney General with Dublin City Council and Cairn Homes as notice parties. The proposed development comprises 611 apartments in nine blocks up to 10 storeys high, three townhouses, two cafes, one childcare facility, and change of use of an existing Regency villa to a private members club and gym. The applicants said the development is of a scale and density far in excess of what is permitted under the Dublin City Development Plan, would overlook and overshadow their homes and be “totally out of keeping” with an area consisting of low rise Victorian or Edwardian type houses. The Irish Examiner, 25th March
UCD Dublin University College Dublin (UCD) has announced it will build more than 900 new rooms for students before next September – but the plans are subject to the reopening of construction sites in the coming weeks. Phase One of the 3,000-bed development – that includes a village centre for the students – was due for completion last year but was delayed due to the closing of the construction sector. The current number of resident spaces on campus is 3,168 and will rise to 4,092 when the 924 beds open. UCD also expects to start construction of a further 1,254 beds once the Government allows construction to open up, giving a total of 5,346 beds. A further project to deliver another 700 beds is in the pipeline. Irish Independent, 28th March
Goatstown Dublin 14 Two Government Ministers are supporting locals’ objections to plans for a 698-bed student accommodation development across eight blocks in Goatstown in south Dublin. Minister for Tourism and Culture Catherine Martin and Minister of State for Special Education and Inclusion Josepha Madigan have each made submissions to An Bord Pleanála concerning the plan where the blocks range in height from three to seven storeys. The plan has been lodged by Colbeam Ltd, an Irish arm of Michael Cox’s UK-based building company Hollybrook Homes, for a site located at Our Lady’s Grove, Goatstown, 850m from UCD. A previous fast-track plan for the site for 132 apartments was granted planning permission by the board but the permission was quashed by the High Court following judicial review proceedings by a local resident. In total, the appeals board has received 67 submissions, mainly from local residents, concerning the planned scheme. Irish Times 30th March
Clonee, Meath Bannon’s have launched a site in Clonee for sale which has potential for a 400,000 sq. ft. logistics facility with a guide price of €10m. Located next to junction 4, less than five-minutes’ drive from the M50 and 15km from Dublin city centre, the M3 Gateway site is fully serviced and offers the potential for a logistics/distribution or data-centre development of about 400,000 sq ft (subject to planning permission.) The land adjoining the site has in recent years been transformed by the development of two hyper-scale data centres by Facebook. Further data centres are situated nearby in Blanchardstown and Mulhuddart where Amazon Web Services is progressing a 223,000 sq ft facility. The area has also proven to be popular among pharmaceutical and logistics companies, with MSD, Astellas, Helsinn Birex, Geodis and Masterlink all situated nearby. The property is being offered for sale by tender on Thursday, May 6th. The Irish Times, 24th March
Dundalk, Louth Harvey is guiding a price of €2.125 million for a significant land holding on the outskirts of Dundalk, Co Louth. Extending to 9 hectares (22.27 acres) and zoned “employment mixed use” under the current Dundalk and Environs Development Plan 2009-2015, the land enjoys an excellent location just 2.5km east of the M1 motorway at junction 16. The property is surrounded by the operations of a number of major multinational employers including Paypal, Xerox Europe, WuXi Biologics and the Wasdell Group. The required road infrastructure is already in place and services are available to the edge of the site. While 2.1 hectares (5.28 acres) of the site is taken up by roadways and an attenuation pond, the vast majority of the land (6.8 hectares/17 acres) is suitable for development. The subject site is being offered to the market with an asking price of €2.125 million with no VAT applicable to the sale. The Irish Times, 24th March
Exchequer Street, Dublin 2 A high-profile, mixed-use investment in Dublin city centre is coming to the market through joint agents Hooke & MacDonald & Agar Commercial Property Consultants. No 16-18 Exchequer Street is located opposite Fallon & Byrne food store, close to South Great George’s Street and some 200 metres west of Grafton Street. The investment comprises two mid-terrace, four-storey over basement mixed-use period properties extending to about 4,893 sq ft. The properties comprise two ground and basement retail/restaurant units extending to some 3,013 sq ft. Overhead on the first, second and third floors are six luxury apartments, three within each property, with two separate self-contained entrances from street level. The two-ground floor commercial units currently produce a combined income of €130,000 per annum (€65,000 per annum per unit). The six apartments overhead are in walk-in, lettable condition. The agents anticipate the ERV of the residential element to be in the region of €140,000 per annum. The Business Post, 28th March
East Wall, Dublin 3 Dublin City Council has approved plans to construct a 195-bedroom hotel and 88 build-to-rent apartments in East Wall. The proposal, put forward by private developers MKN Property Group, will see two existing motor showroom outlets demolished and a mixed-use scheme, developed in three blocks, built in its place. The three blocks at East Wall Road, located a little over 500 metres from Facebook’s 800-worker-capacity office, will consist of a mix of hotel, residential, retail and commercial developments. MKN, headed up by real estate developer Sean McKeon, plans to build a 15-storey hotel comprising 195 bedrooms, conference facilities and a restaurant, bar and lounge in the development’s first block. The second block will consist of six office units over three floors and 28 build-to-rent apartments, 16 of which will be one-bed units, with the remaining 12 set to be two-bed units. It will also include a games room, residents’ lounge and “multi-purpose” facility for residents indicated for use for “yoga or other activities”. A further 60 build-to-rent one-bed and two-bed apartments will be constructed in a ten-storey block, and the site will also include an “urban plaza” at ground level. The Business Post, 23rd March
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Tik Tok It is reported in the Irish Times that Tik Tok has narrowed down the search for their new office to three locations. Having engaged Cushman & Wakefield to conduct a search for sufficient space to grow its Irish-based headcount to 5,000 over the longer term, the Chinese-headquartered social-media company has begun assessing proposals relating to three newly-built office properties in the city capable of accommodating up to 2,000 workers onsite immediately. The three locations being considered for occupation are the Sorting Office, the south docklands scheme developed by Pat Crean’s Marlet Property Group; TIO’s North Dock development in the north docklands; and McGarrell Reilly’s Charlemont Square campus on Charlemont Street in Dublin city centre. TikTok is understood be keen to bring its Dublin workforce together as soon as is permissible to foster the culture of collaboration which it and other companies believe cannot be replicated with remote working. The Irish Times, 17th March
Leeson St, Dublin 2 Oakmount, the development company headed by Paddy McKillen Jnr, is offering a long lease for a refurbished Georgian office premises, 41 Leeson Street Lower, Dublin 2. Extending to 4,600 sq. ft, the four-storey premises includes a reception hall with two large offices to the front and rear. The hall return comprises a waiting area and modern integrated kitchen. Its first and second floors comprise four further offices/boardrooms, with an additional two offices on the third floor. There are two further offices and modern shower facilities with a locker room on the lower ground floor from which there is also access to a Georgian city garden. The rent has not been advertised but it has been estimated it could achieve €220,000 (c€48psf) a year. Irish Independent, 18th March
Rathmines, Dublin 6 Dublin City Council has approved plans for a four-storey, 78-room hotel in the centre of Rathmines. The development will involve demolishing the existing buildings at 10 Wynnefield Road, which were formerly coach houses, save for two arched gables on the street front. Rathmines Hospitality Limited, a company set up by boutique hoteliers Ray Byrne and Eoin Doyle in February 2020, plans to build the hotel with co-working spaces and an associated café on the ground floor. Byrne and Doyle have also submitted plans to construct a 57-bedroom hotel in the Helys Building, which is located between Dame Court and Dame Lane. The pair own the Eccles Hotel in Glengarriff in Co Cork, and intend to open Cork’s first “micro sleep” hotel under a new low-cost, boutique hotel brand named “REZz”. The Business Post, 21st March
Blarney, Cork It was reported in the Irish Times that the HSE has purchased a well-known Cork hotel “The Blarney Hotel” for use as a public residential care facility for older people. The hotel, developed in 2004 as part of a €25 million golf resort, is understood to have been acquired by the HSE on behalf of Cork Kerry Community Healthcare for about €3 million. While the price paid represents a fraction of the hotel’s original build cost, it is understood the HSE will need to invest a significant sum to convert the property into a Hiqa-compliant facility. The former hotel, eight miles from Cork city centre in the town of Blarney, comprises 61 guest bedrooms, of which 25 are suites. It sits within a wider 170-acre site in Shournagh Valley, and was developed originally along with a leisure and gym complex, 56 holiday homes, and a golf course designed by two-time major winner John Daly. The Irish Times, 17th March
Dublin Sale Cushman & Wakefield has completed an off-market residential portfolio sale for €17 million on behalf of its client Double Property Group. The portfolio included a new build mixed-use scheme at Limekiln Place, Greenhills in Dublin 12, comprising 26 residential units held on a long-term lease to South Dublin Co Council, and Montpelier Hill, an existing development in Dublin 7 comprising 19 units held on long-term leases to Dublin City Council. Both developments are fully let on 25-year leases to the relevant local authorities with three-yearly rent reviews linked to HCPI and no break options. The Business Post, 21st March
Bearna, Galway Galway property developer Burkeway Homes is to begin works on a 121-unit housing development in Bearna in June, following three attempts at lodging applications to build on the site. Under the terms of the most recent grant of permission by An Bord Pleanála, Burkeway Homes will earmark at least one-fifth of the new residential units for Gaeilgeoirs looking to live in the area, as it is considered the gateway to the largest Irish-speaking region in the country. Should it proceed without a hitch in June, the project is expected to be completed in 2024, with an investment of more than €30 million in the construction phase. It will also provide an estimated 150 jobs to the local economy over the course of the three-year scheme. The 121 homes in Bearna will feature a number of different types of housing, including one and two-bedroom apartments, two-bedroom garden-level apartments and three-bedroom duplex homes. There will also be three and four-bedroom semi-detached and terraced homes as well as large, four-bedroom detached houses. The Business Post, 21st March
Glenamuck, Dublin 18 A prime south Dublin development site was launched to the market last week at Glenamuck Road in Kilternan, Dublin 18 with full planning permission for 197 new homes. Hooke & MacDonald is handling the sale of the development site on behalf of receivers Duff & Phelps and Nama. The lands at Glenamuck Road are situated close to The Park Carrickmines retail and office complex, and are about 1.7km south of Junction 15 (Carrickmines/Foxrock) of the M50 and a similar distance from the Ballyogan stop on the Luas Green Line. The prime development lands extend to some 4.5 hectares (11.12 acres). They have extensive dual frontage to both Glenamuck Road and Enniskerry Road, and are accessed from both. The property was granted full planning permission by An Bord Pleanála last April for a Strategic Housing Development of 197 residential units, comprising 115 apartments, 20 duplex units and 62 houses, and a crèche of 275 square metres, in a scheme designed by Coady Architects. The Business Post, 21st March
Sandyford, Dublin 18 Kelly Walsh has launched a newly-built apartment block comprising 18 units at Dún Gaoithe Hall for sale for €6.9m. The building, next to the entrance of Aiken’s Village and close to Stepaside and Sandyford, is due for completion in early 2022. The 18 units, distributed over four storeys, will include four one-bedroom apartments and 14 two-bedroom apartments, together with 24 basement car parking spaces. The building will be self-contained and positioned to the front of Dún Gaoithe, a newly developed residential scheme of 35 detached and semi-detached three- and four-bedroom homes, all of which have been sold privately. The selling agent estimates total market rent at about €444,000 per annum with an average monthly rent for the one-beds of €1,800 and €2,050 for the two-beds with the benefit of car parking. Based on those estimates, the sale of the portfolio at the €6.9 million guide price would provide the purchaser with a gross yield of 6.15%. The Irish Times, 17th March
Georges St, Dublin 2 A legal action by local residents aimed at overturning An Bord Pleanála’s permission for a €30 million co-living development on Dublin’s North Great George’s Street is to be fast-tracked. The case by North Great George’s Street Preservation Society concerns the board’s permission for the 132-unit development at North Great George’s Street and Hill Street which was granted, with 17 conditions attached, in June 2020 to Hillstreet Limited Partnership. On Monday, Hillstreet applied to have the matter admitted to the fast-track Commercial Court. Counsel said there was “a commercial urgency” to the matter and his client has already spent some €5 million on the development, which will cost more than €30 million and range from three to seven storeys in height. The Irish Times, 22nd March
Blessington, Wicklow A town centre site in Blessington, on the Kildare-Wicklow border, is for sale with a €2 million guide price. Last month the vendor received full planning permission for a development on the site comprising 58 apartments (€34.5k per site) in three blocks ranging in height from three to four storeys. Block A’s 22 units would comprise three three-bedroom apartments, 14 two-bedroom apartments and five one-bedroom apartments. Block B’s 18 units would consist of three three-bedroom apartments, 14 two-bedroom units and one one-bedroom unit. Block C’s 18 units would consist of three three-bedroom units, seven two-bedroom units and eight one-bedroom units. Extending to 1.38 acres, the site benefits from 155 metres of road frontage and is located in a mixed-use area next to Blessington Shopping Mall. Irish Independent, 18th March
South Circular Road, Dublin 8 A government department has objected to plans by Hines, the American property group, to build a 19-storey tower on the site of the former Player Wills factory on Dublin’s South Circular Road. The development applications unit of the Department of Housing has told An Bord Pleanala the scale of the proposed tower “eclipses other tall-building development proposals to date in Dublin”. Hines wants to build 492 apartments and 240 shared-living units, a childcare facility and two public parks on the 7.4-acre site. The department also said the development would have an “adverse design impact” on the tobacco factory, which was built in the 1920s and 1930s and is one of the few examples of art deco architecture in Dublin. Hines said it had “comprehensively addressed” the department’s concerns in its application. It argued that the government’s 2018 building height regulations “specifically indicate there is no height restriction within the canals, subject to a series of ‘development management criteria’ to ensure no overshadowing and that the historic fabric of the city is protected”. The company said the tallest buildings would be at the centre of the site. The Times, 21st March
Cork Regeneration The government has committed to investing €405m in funding towards the regeneration of Cork city and the docklands. Some €353m is earmarked for the docklands quarter, which will be spent on a mix of apartments, schools, and sports and recreation facilities to cater for up to 25,000 people. A €46m investment in the Grand Parade area will be utilised towards reimagining the city as a ‘neighbourhood’ rather than just a commercial centre. The regeneration of Mallow town in the county has been granted more than €4 million in funds with €817,500 being set aside for works on the Passage West, Ringaskiddy, Carrigaline Harbour Cluster. The four projects are being funded under “Call 2” of the Urban Regeneration and Development Fund (URDF). Cork City Council and Cork County Council will receive the funding which is the biggest investment by the public sector in Cork city in the history of the State. Irish Examiner, 20th March
Yew Grove Stock market-listed property investor Yew Grove Reit increased its rent roll last year to €10.9m from €8.9m at the end of 2019. This has now further increased to €11.3m from January 1 this year. The company experienced 100% rent collections for both the final quarter of 2020 and the first three months of this year, according to annual results from the group. The company’s portfolio valuation on 31 December 2020 was €141.9m, up from €115.8m at the end of 2019. Two third of Yew Grove’s tenants are multinationals with 26% being government tenants. In December last year Yew Grove said it had progressed in its plans to sell “non-core” properties. As part of this, the company sold a vacant industrial unit in Stillorgan for €1.46m in November 2020. The company also sold units at Centrepoint Business Park, Clondalkin, County Dublin, for €950,000 in December. Irish Independent, 22nd March
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Sandymount, Dublin 4 Located on Gilford Road, the Tram Shed is being offered for sale by agent Harvey at a guide price of €3.4 million, or to let on a medium- to long-term lease at an annual rent of €250,000. Dating from 1901, the former tram depot building has been extensively restored and converted for office use. In terms of its exterior, the Tram Shed is a distinctive building with a cut-stone facade and exposed original roof trusses on the inside. The office accommodation extends to 8,434sq ft and is arranged over two floors comprising a mix of open-plan and glazed cellular offices together with other ancillary accommodation. The property benefits from on-site car parking as well as on-street parking on Gilford Road. The Irish Times, 10th March
Google, Dublin 4 Dublin City Council has raised “serious concerns” about Google’s plans to build a new ten-storey office development in the heart of Silicon Docks. Last year, Google acquired the Treasury Building, the former head office for the National Treasury Management Agency and Nama, on Grand Canal Street Lower for a price in the region of €120 million. Since acquiring the building, plans have been lodged with Dublin City Council that would involve significantly expanding the office space on the site. The proposal would involve the demolition of a three-storey building connected to the main Treasury Building office block and the construction of a new 10-story development on the site. In its assessment of the plan, Dublin City Council said the 10-storey building at this location “may be excessive and could potentially have an adverse visual impact”. The Business Post, 12th March
LRC Group It was reported in the Irish Times that the LRC group has instructed Eastdil Secured to handle the disposal of its entire Irish residential rental portfolio. While the process is still at an early stage, it is understood LRC is hoping to secure over €1 billion from the sale which consist of 1,700 apartments located in Dublin, Cork and Galway. The LRC Group’s portfolio consists entirely of standing stock, the vast majority of which is let and producing rental income. Established in 1995 by Israeli investor Yehuda Barashi, the wider LRC Group has grown its presence across Europe to the point where it now has more than €6 billion of residential and commercial assets under management. The Irish Times, 10th March
Marlet Group It was also reported in the Irish Times that Marlet has put their Castle portfolio up for sale with the intention of forward selling the portfolio. The Castle portfolio comprises some 2,000 apartments and duplexes distributed across six sites and due for delivery between July 2021 and March 2024. The scale of the offering is significant, representing as it does just under 24% of Marlet’s 8,500-unit residential pipeline and an estimated 15% of Dublin’s institutional PRS market. The forward sale, which is being handled by sole adviser Cantor Fitzgerald, is expected to attract offers in excess of €1 billion. The Irish Times, 10th March
Dunsink, Dublin 15 A public land bank which is currently home to around 200 members of the Travelling community is being examined as a potential site for thousands of homes by a local authority. Fingal County Council is to carry out a study of the housing potential of up to 1,000 acres of publicly-owned land in Dunsink in Dublin 15, near Finglas and Castleknock. Around 100 acres beside the M50 are occupied by the publicly-owned Elmgreen golf course, while another 187 acres are taken up by the former landfill. The Business Post, 14th March
House Prices House prices rose again in Ireland in January, according to official CSO data just published. Prices rose by 0.5% mom, taking the annual rate of growth to 2.6%, its fastest since May 2019. Price momentum is building, with the annualised pace of growth in the three months to January standing at 8%. Price growth is strongest outside Dublin (+4% yoy versus +1% yoy in Dublin), but price momentum is building nationwide. In many areas, the annualised rate of growth in the past three months is in double-digit territory, possibly reflecting the growing demand for locations outside the traditional urban centres. Low stock levels are also contributing to the upward squeeze. Separately, the CSO published data showing that planning permissions granted for residential units grew by 11% yoy in 2020, thanks to a surge in permissions for apartments (+27% yoy). Permissions for multi-unit developments of houses fell by 7% yoy in 2020 while permissions for one-offs fell 6% yoy. The gap between completions and permissions has widened significantly in recent years. This is due to the apartment sector, where permissions have overtaken those for houses. Given the costs of construction, most of these apartments are only viable through the Build-to-Rent sector. Goodbody’s Irish Housing Chart Book
House Delivery Covid-19 restrictions will have a considerable impact on housing supply this year with up to 5,000 fewer homes being built, a new report has warned. The study, conducted by EY DKM on behalf of the Construction Industry Federation (CIF), suggests that housing completions will fall to 16,000 in 2021 compared with the outturn for 2020 of just under 21,000. The report noted that there were 59,867 construction workers in receipt of the Government’s pandemic unemployment payment (PUP) at the beginning of March, almost one in two workers (43.9 %) in construction. It also highlighted that the value of construction output was €24.7 billion in 2020, which is a reduction of 7.3% or almost €2 billion in construction investment compared with 2019. It estimated that the contraction in 2021 will be approximately €3 billion. The Irish Times, 15th March
Phibsborough Dublin 7 A challenge to a proposed development of 18 social housing apartments in Phibsborough, Dublin, is to be dealt with by the fast-track Commercial Court. Lilacstone Ltd was last December given permission by An Bord Pleanála for the redevelopment of the “Stone Villa” building on the North Circular Road as three apartments, along with a further 15 on the site itself. Stone Villa is a protected but derelict structure. Local residents, through a company, Shadowmill Ltd, were granted leave last month by the High Court to seek to quash the permission. Their grounds of challenge include claims the development will result in the loss of significant tree cover and will disturb the habitat of three species of bat. The Irish Times, 15th March
Dublin Hotels Dublin City Council needs to restrict the development of further hotels to prevent “over-concentration” in the city, according to Dublin’s Lord Mayor Hazel Chu. The sitting Lord Mayor has said Dublin City Council should introduce “clear thresholds” that measure hotel and aparthotel “over-concentration“ in given geographical areas. “Maximum limits on the number of hotel or aparthotel rooms which can be granted permission per annum must be explored and considered,” Chu said in a submission as part of the public consultation phase of the new city development plan. Since 2015, Dublin City Council has approved plans for more than 10,000 hotel or aparthotel rooms to be built in Dublin. Nearly half of these are in central Dublin. The Business Post, 14th March
Retail Valuations Hammerson, which co-owns Dundrum Town Centre, has cut c€2.3bn from the value of its shops and shopping centres, as the Covid-19 pandemic had a severe impact on the retail sector. The company said its portfolio is now valued at £6.3bn, down from £8.3bn in 2019. Hammerson operates in seven different countries, with a number of flagship retail centres including the Bullring in Birmingham, UK. It co-owns Dundrum Town Centre, along with German insurer Allianz. The group also owns half of the Pavilions shopping centre in Swords, the Ilac Centre in Dublin city centre and 40% of the Kildare Village premium outlet mall. Net rental income of £158m last year was down 49% as a result of Covid-19 closures, tenant restructuring and higher provisions for bad debt and tenant incentives, according to annual results from the group. In Ireland, its rental income fell by 30% year-on-year. Irish Independent, 12th March
Stags Head, Dublin 2 Louis Fitzgerald, the publican behind Dublin’s Stag’s Head and Kehoes, is planning to launch a new bar and seafood restaurant. The pub owner is expecting to launch the Stag’s Tail when pandemic-related restrictions are lifted later this year. The Fitzgerald Group said food would be integral to the future of the pub business post-pandemic in Ireland, putting the Stag’s Head at a disadvantage compared to other venues. It said the heritage status of the famous Dublin city centre pub “limits its ability to adapt the business in this direction” and provide a food offering. The Fitzgerald Group has acquired the leasehold of the ground floor and basement of nos 33 and 34 Dame Street, which was previously occupied by Snap Printing. It said the new restaurant set-up would be a “major contribution” to the wider Dame Street area, which is undergoing a large redevelopment due to the plans to overhaul the old Central Bank headquarters, and would fit in well with the proposed pedestrianisation of Dame Street. The Business Post, 14th March
O’Connell Street, Dublin 1 Colliers International Ireland has sold 33 Bachelors Walk in Dublin 1 for €1.2 million. The five-storey-over basement building is just 20 metres from the city centre‘s main thoroughfare, O’Connell Street. The mid-terrace period building extends to 288 square metres, including a retail space on the ground floor, storage at basement level and a number of office suites across the first, second, third and fourth floors. The property, which was sold with vacant possession, lends itself to numerous asset management opportunities. The new owner has the option to either let the building in its current use or alternatively convert the upper floors to self contained apartments, subject to planning permission. The Business Post, 14th March
Naas, Kildare A mixed-use investment property, The Atrium, in Naas Town Centre, Co Kildare, has come to the market and agents JP & M Doyle are guiding a price of €3.8m. Fully let, it generates €250,529 in annual rental income excluding Vat, rates and service charge, equating to a gross yield of 6.59pc. Its tenants include a number of healthcare providers which pay a combined €130,749, or more than half the annual rent. The four-storey building extends to 33,980 sq ft of which 7,704 sq ft are let to Nua Healthcare Services Limited who pay an overall rent of €85,749. The Atrium comes with 17 surface car parking spaces and it also adjoins a public car park. The top floor accommodates a board room and three apartments with the latter ranging in size from 732 to 1,098 sq ft and each of them are let. The Irish Independent, 11th March
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Apple Cork It is reported in the Irish Examiner that Apple has agreed a deal to rent over 36,000sq ft of additional office space in Cork City. Apple are currently in the process of closing the deal for enough space for 350 to 400 additional employees initially, at Horgan’s Quay, in the top three floors of building No 1. The high-spec, energy-efficient building is ready for occupation/fit-out, overlooks the River Lee and is adjacent to the new 120-bed Dean Hotel. The mixed-use €160 million Horgan’s Quay development is being delivered on a CIE-owned six-acre river-fronting site by Clarendon Properties and BAM. It is rumoured that the developers were competing with the Navigation Square development to land Apple as a tenant Irish Examiner, 8th March
Harcourt Street, Dublin 2 Law firm Byrne Wallace is objecting to plans by US property giant Kennedy Wilson (KW) to construct a new office campus at St Stephen’s Green that will have the capacity to accommodate 3,000 office workers. KW has lodged plans to demolish the existing five- to seven-storey block and replace it with a four- to eight-storey building and provide 32,101sq m of office space. Byrne Wallace occupy neighbouring offices at 88/89 Harcourt Street and in an objection lodged against the proposed campus, the law firm contends that the KW scheme “constitutes excessive density”. Byrne Wallace argue that the scheme “potentially jeopardises the privacy of our clients and our ability to preserve and protect client confidentiality”. In a separate objection lodged on behalf of Davy Target Investments, BKD Architects state that the overbearing design, scale and massing of the scheme “is of serious concern”. The Davy entity owns the adjoining property at 97-100 Harcourt Street and 91 Harcourt Street. BKD state that Davy Target Investments’ “significant concerns” can be mitigated by considered design revisions to the scheme. The Irish Times, 9th March
North Dock Dublin 1 Targeted Investment Opportunities (TIO) has confirmed the letting of 1,467sq m (15,800sq ft) at North Dock Two to Blueface, the cloud-based telecommunications company. The Irish-founded Blueface was recently bought by American telecommunications conglomerate Comcast. The announcement of Blueface follows on from the decision late last year of US biopharmaceutical company Gilead Sciences to take two floors totalling 2,972sq m (32,000sq ft) in the same building. The Irish Times, 3rd March
Serpentine Sale Dublin 4 It is reported in the Irish Times that the Serpentine consortium, a syndicate of private individuals and companies assembled by AIB private banking and Goodbody Stockbrokers, has appointed Cushman & Wakefield as agent to handle the sale of its interest in Facebook’s new European headquarters in Ballsbridge. It is expected that the c. 325ksq ft property will be guiding c. €380m (€1,169 per sq. ft) and that the sale will attract significant interest internationally. The property will form part of Facebooks campus in Ballsbridge. The Irish Times, 3rd March
Smithfield Dublin 7 Global asset manager Aberdeen Standard Investments (ASI) has made its first investment in Ireland’s private rented sector (PRS) market, paying €20 million (c.€513k per unit) for a portfolio of 39 apartments in Dublin city centre. Built by Red Rock Developments, the scheme at 19-20 Blackhall Street in Smithfield promises to deliver a steady and reliable return to ASI’s European Long Income Real Estate Fund, as it is being let in its entirety to Dublin City Council on a 25-year inflation-linked lease. The Irish Times, 3rd March
Tallaght Dublin 24 Joint agents CBRE and Dillon Marshall Property Consultants are guiding a price of €7.35 million for a 1.47-acre site (€5m per acre/€37.5k a stand) which is located in Tallaght and has planning permission for 196 built to rent apartments. Known as “The Avenue”, the approved scheme will, upon completion, comprise a mix of studios, one and two-bedroom apartments distributed across four blocks ranging in height from six to nine storeys over basement level, and overlooking the Luas red line. There is provision within the scheme also for residential amenity space as well as several commercial units at ground floor to provide for a gym, creche and a retail/cafe unit. The site is located 13km from Dublin city centre and within walking distance of The Square Shopping Centre in Tallaght. The Irish Times, 3rd March
Goatstown Dublin 14 Publican Charlie Chawke has lodged a €186 million fast-track plan on a site beside his bar in Goatstown, south Dublin. The scheme is seeking approval for 299 apartments, a 22-bedroom hotel, six retail outlets and childcare facilities, along with the renovation and extension of the Goat Grill pub. The development on the 1.8-hectare (4.6 acre) site is to be made up of four apartment blocks ranging from five to eight storeys in height. The Irish Times, 3rd March
Waterford Sale Joint agents Cushman & Wakefield and Sherry FitzGerald have sold a site in Waterford for €4,025,000 (c. €142k per acre) after receiving several bids in excess of its €3,250,000 guide price. The site comprises 11.46ha (28.32acres) of which 25 acres were a net development area and is located within the existing Paddocks residential scheme, just off the Williamstown Road in the south east of the city. It is believed to have been bought by a national developer. The site is predominantly zoned “R1”under the Waterford City Development Plan and can be defined as “To provide for low density residential development”. The Irish Independent, 4th March
Cork Housing Cork City Council has invited expressions of interest for a potential 600-unit housing estate on a large publicly-owned site. The public procurement competition is part of plans to deliver a major new residential community of social and affordable housing on the city’s northside at the 54-acre landbank. In the council’s ownership for a number of years, the site is in the townland of Kilnap, between the Old Whitechurch Road and the Old Mallow Road and has been subject to extensive enabling works to prepare the land for housing development as the first phase of a two-stage process. Irish Examiner, 5th March
Celbridge Kildare Construction works on an Ardstone Homes Limited backed development is expected to commence on site in Q2 2021. The €81.4 million residential development located at the townland of Crodaun in Celbridge in Co Kildare will include 218 houses. The houses come in a variety of forms including detached, semi-detached and terraced houses. A mix of house sizes is proposed to include 20 two-bedroom, 140 three-bedroom and 58 four-bedroom houses. The Business Post, 8th March
Rathcoole Dublin 24 It is reported in the Irish Times that an unidentified party is understood to have entered into exclusive talks on the potential €53 million purchase of a portfolio of three warehouses being developed by Jordanstown Properties at Greenogue Logistics Park at Rathcoole in Dublin. The party in question was selected following a targeted process directed by JLL. Upon completion, blocks D, E and F will extend to 62,000sq ft, 72,000sq ft and 111,000sq ft respectively, or a combined footprint of 245,000sq ft. The prospective purchaser stands to secure an immediate return on their investment in blocks D and F with long-term leases set to be signed on both properties. The portfolio is currently being developed by Palm Logistics, an affiliate of UK-headquartered Palm Capital and its local partner, Jordanstown Properties. The Irish Times, 3rd March
Baldonnel Dublin 24 It was also reported in the Irish Times that Irish-owned logistics specialist JMC Van Trans looks set to secure about €25 million from the sale and leaseback of the new 150,000 sq.ft warehouse it has under development at Kingswood Business Park in Baldonnel. JMC is understood to have agreed a deal with the purchaser, BNP Paribas Real Estate Investment Management (BNP Paribas REIM), which will mean it can occupy the property on a 25-year lease with a break option in year 15. Based on the expected rent roll of €1.4 million per annum, BNP Paribas REIM can expect to secure a net initial yield of about 5.18%. The Irish Times, 3rd March
Hotel Market The Irish hotel market is showing signs of increased investor interest, and this is reflected in properties that have recently come to the market as well as negotiations that are resuming for off-market sales. According to CBRE since the fourth quarter of 2020 and following price discounts of up to 15-20% from vendors “there has been a discernible increase in activity from a transactional perspective. Where sellers are realistic on pricing, there are opportunities to negotiate deals. Negotiations are now well under way on several hotel assets, which should see a number of hotel transactions completing over the coming months”. The Business Post, 7th March
Iveagh Garden Hotel The Iveagh Garden Hotel on Harcourt Street has secured planning permission for an extension that will increase its bed capacity by almost a third. The extension will increase the hotels capacity by 40 bedrooms to 185. The planning permission was originally for 52 additional rooms but in order to address concerns about the impact of the development on neighbouring buildings An Bord Pleanála imposed a condition which will result in 12 of the 52 additional bedrooms planned by the hotel being omitted. The Iveagh Garden Hotel opened in 2018 at an estimated cost of €40 million. The Irish Times 9th March
Patrick Street Cork It is reported in the Irish Examiner that menswear specialist Suit Direct is to move into 83-85 Patrick Street at the corner of Carey’s lane. The property was fitted out internally since the deal was inked in December and is ready to open its doors once the pandemic retail restrictions lift. It’s the first Cork City centre shop occupancy deal of any note since Covid-19. A number of high profile retail tenants have vacated the buildings they were in which has resulted in vacancy rates on this prime retail ‘boulevard’ headed to 20% at the end of Q320 (Lisney Report). The corner unit at 83-85, created by Davy Real Estate after the amalgamation of three smaller units has now been let to UK-based Suit Direct by agent Savills, on an undisclosed flat rent, but likely to be 30% down on previous rent levels, and the agents had been seeking c€230k a year. Irish Examiner, 3rd March
Abercrombie & Fitch Dublin 2 Abercrombie & Fitch, the US fashion retailer, is shutting its Dublin store after a decade. The company said the lease on the high-profile shop on College Green in Dublin city centre was expiring and would not be renewed. The shop has been closed since the resumption of level 5 restrictions on non-essential retail in late December and will not reopen, the company said last week. Abercrombie opened the flagship store in late 2012 and a second outlet of its sister brand Hollister in the Dundrum Town Centre. Between the two stores, more than 400 full and part-time staff were employed at the peak. Sales in the retailer are declining worldwide and they have had to shut 28% of their stores since 2015. Abercrombie’s decision to exit its flagship store in Ireland is in line with a trend of reducing its physical presence in Europe, with its main European outlet on Savile Row in London also being shut. The Business Post, 7th March
Blanchardstown Centre The owners of Blanchardstown Centre are gearing up for the return of significant numbers of shoppers to its stores, with three additions to the west Dublin outlet’s food and beverage line-up. Blanchardstown has added boutique coffee house The Art of Coffee and specialist donut brand Off Beat to its offering. They will be joined later this year by gourmet burger chain Bunsen. The Art of Coffee’s unit is its first in a shopping centre and is located at the red mall entrance beside BT2. The new 65sq m (700sq ft) store was added as part of the same development that saw German supermarket chain Aldi open a new 2,200sq m (23,680sq ft) store last December. Off Beat’s new store is located near Dunnes Stores in the green mall. Bunsen’s new restaurant will be located immediately next door to Krispy Kreme. Extending to 190sq m (2,045sq ft), it will represent the popular chain’s first foray into a shopping centre since its establishment in 2013. The Irish Times, 9th March
Drawdown Data According to data published by the Banking & Payments Federation Ireland (BPFI), property investors accounted for less than 1 per cent of all those who completed the purchase of a property with a mortgage last year, down from a peak of 20 per cent of mortgage drawdowns back in 2006. However, stepping into the gap left by property investors are other non-household buyers, such as private companies, charitable organisations and State institutions. According to the BPFI figures, these now account for 23 per cent of all market transactions, up from 3 per cent in 2010The data from the BPFI shows that there were 35,617 mortgage drawdowns valued at €8.4 billion in 2020 and 43,151 mortgage approvals in the same period with the total value reaching €10.3 billion. Almost half of approvals (44 per cent) came in the last four months of the year. First time buyers were the dominant force last year, accounting for about 53 per cent of mortgage drawdowns by value. This compares with just over 21 per cent in 2006 when mortgage drawdown activity was at its peak. The Irish Times, 9th March.
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Colony Capital It is reported in the Sunday Times that Colony Credit Real Estate (CCRE) has written down the value of loans it has advanced to a development site on the Dublin docklands amid concerns about the effects of the pandemic on the progress of the project and the property market. The fund has also indicated to investors it would prefer to exit the project. CCRE funded Ronan Group Real Estate (RGRE) and Colony Capital, a related company, in the 2018 purchase of a 4.6-acre plot located next to the 3Arena and Point Village. Last week RGRE applied to An Bord Pleanala to fast-track the planning to build a 45-storey residential tower on the site. This would be the tallest building in the country. CCRE holds a 61 per cent “co-lender interest” in a $310 million (€256 million) mortgage secured on the property, the last remaining riverfront development site in the docklands.
Two-and-a-half years into the loan, little progress has been made, and CCRE has flagged up concerns about the fallout from the pandemic. Last week it recorded “a fair value loss adjustment” totalling $58 million on the loans, representing a 30 per cent marking down of its interest. The Sunday Times, 28th February
Talbot Street, Dublin 1 Creditsafe, an online business credit reports provider, has relocated from Parkwest Business Campus to Dublin city centre. The company has committed to a 10-year lease assignment from head tenant, Smartbox, for the first floor in Block B, at Joyce’s Court on Talbot Street. Creditsafe has agreed to pay a rent in the region of around €26 per sq.ft and €2,500 per car space per annum for six car spaces, along with incentives. Creditspace have taken a floor plate in the building which extends to 5,995 sq.ft. The Irish Times, 24th February
Pembroke Road, Dublin 4 Colliers has brought 12 Pembroke Road in Dublin 4 to market guiding €1.35 million. The property is being sold with the benefit of vacant possession and is 2,281 sq.ft (€592 psf). The property is mixed use and in need of refurbishment. Given the location Colliers believe the property should appeal to professional practices looking for a boutique office in Dublin 4. The Business Post, 28th February
Model Farm Road, Cork Lisney, along with BidX1 are launching the sale of a suburban office: Block A, Cork Business and Technology Park, Model Farm Road for €1.9m. Block A’s main tenant is S3 ASIC Semiconductors (a subsidiary of Dialog Semiconductor, which employs 2,300 in 37 locations globally). They are entering into a new, ten-year lease from 2020 with a rent of €116k p.a (c.€16 psf) exclusive, with a break option in year six. The first floor has just been vacated and there is potential to increase the rental income in the building to €232k p.a. The Irish Examiner, 25th February
Monahan Road, Cork It was also reported in the Irish Examiner that a lease of 8,200 sq. ft at The Cube, Monahan Road was agreed with Microchip which they will use for a research and development centre. This will create 60 jobs initially and rising to a projected 300. The deal to the Arizona-based company at c.€20 psf, was managed via joint agents Savills and Lisney The Irish Examiner, 25th February
Santry, Dublin 9 Irish real estate investor Avestus Capital Partners has paid €38m for 120 rental apartments (€316.6k per unit) in Santry. “The Swiss Cottage scheme” was developed by Bernard McNamara and it is reported that the deal was agreed in 2019 but only closed over the last few weeks. The Swiss Cottage scheme comprises other ancillary residential facilities including communal open space, roof terraces, residents’ lounges, a concierge service, meeting rooms and a laundry room. The portfolio consists of a mix of 26 one-bedroom units, 91 two-bedroom units and 3 three-bedroom units within a single block ranging in height from three storeys to seven storeys. The Irish Times 24th February
Meath Site Joint agents CBRE and Bannons are guiding €2.5m for zoned land in Dunboyne Co. Meath. The site extends to 3.54 acres and is located at the centre of the town, to the rear of St Peter and Paul’s church and immediately adjacent to the new SuperValu development. Dunboyne train station is situated 1km from the property. The site is located in an area zoned “B1 town/village centre” under the draft Meath County Development Plan 2020-2026. Residential development is also permitted under the current zoning objective. The Irish Times 24th February
Foley Street, Dublin 1 Dublin city council has refused plans for a 12-storey shared-living project on the city’s northside, on the grounds it would constitute overdevelopment and because the number of residents per communal living area was deemed unsatisfactory. Red Rock Foley Street, a company connected to Keith Craddock, was the applicant for the development. The proposed 102-bedroom project provided total occupancy for 162 bed spaces. Amenities included a games room, coffee area and lounge on the ground floor and a gym on the first floor. Communal kitchen, living and dining areas were provided at each level from the second to the 11th floors. The Sunday Times, 28th February
Core Portfolio Just over three years after pulling back from an initial public offering, Core Industrial is hoping to benefit from the strong demand for industrial and logistics assets in the greater Dublin area by putting their portfolio up for sale which could be worth close to €100m. The sales process is being manged by CBRE and Eastdil Secured. The Core portfolio includes properties in Rathcoole, Clondalkin and Finglas. Its largest single asset is Naas Enterprise Park in Kildare. The Irish Times 24th February
M7 Real Estate M7 Real Estate has completed three leases on behalf of a major financial institution at logistics properties in or close to Dublin totalling 138,460 sq.ft. The largest of the three lettings sees Caulfield Transport taking all 113,000 sq.ft at the former Kildare HQ office and distribution facility of convenience store operator ADM Londis. The transport warehousing and logistics specialist has agreed to occupy the premises on a 10-year lease with a fixed rental uplift at the end of year five. M7 Real Estate had only acquired the building in August 2020 for €6.25m. M7 Real Estate has completed two further lettings at North Park, Finglas, where an existing occupier, Cyclone Couriers, has taken 12,500sq ft across two units to support its expansion. It has signed a five-year lease at €9.50 per sq.ft. A 12,960 sq.ft unit has also been let to air-filtration systems provider Camfil Ireland, at just over €10 per sq.ft on a five-year lease. The Irish Times 24th February
Retail Rents In its latest bimonthly report CBRE state that some retailers are negotiating up to 20% rent reductions as they continue to be affected by the Covid 19 restrictions with more substantial discounts being achieved by shops negotiating new lettings in certain locations. The CBRE report states that until the retail sector is back trading in a meaningful way, it will be difficult to gauge the full extent of the impact that Covid-19 has had on the high street and retail schemes throughout the country. The Irish Independent, 1st March
Clonsilla, Dublin 15 Savills has launched a filling station in Clonsilla for sale and are quoting €3.5m for the property, which is let to Petrogas Group Limited, a subsidiary of Applegreen plc. Its annual passing rent of €277,319 equates to a 7.21% net initial yield and its lease provides for open market or CPI upward only rent reviews in 2025 and 2030. Its lease has almost 14 year to run. Set on a 0.5-acre site, the property includes a retail building extending to a gross internal area of about 1,454 sq.ft together with a forecourt and canopy, four double-sided petrol pumps, car wash, and parking facilities. The Irish Independent, 25th February
Dublin Hotels It is reported in the Irish Independent that two new hotels in Dublin with a total of almost 350 rooms have been appealed to An Bord Pleanála. A Dutch company CitizenM received approval from DCC for a 247-bedroom hotel close to St. Patricks Cathedral which will be its first hotel in Ireland. The proposed scheme was the subject of several objections including one from politician Mannix Flynn on behalf of local residents. Plans for a 98-bedroom hotel by Cathedral Leisure which owns the five-star Merchant Hotel in Belfast have also been appealed to An Bord Pleanála. Mannix Flynn is also an appellant to the Capel Street hotel plan. The Irish Independent, 28th February
Dalata Pat McCann, the chief executive of hotel group Dalata, is to step down from his role following a transition period. Dermot Crowley, currently deputy CEO, will succeed Mr McCann. McCann has been instrumental in growing Dalata, and its Clayton and Maldron brands, into a leading player in the hotel sector in Ireland and the UK. Having founded the business in 2007, he has successfully transformed Dalata, creating a listed business comprising 44 hotels, 9261 bedrooms and a pipeline of 13 new hotels with 3300 rooms. Mr Crowley was appointed as deputy CEO, business development and finance of Dalata in 2012 and played a key role in the flotation of Dalata in 2014 and led the acquisition of the Moran Bewley Hotel Group in 2015. The announcement was made as the group reported a loss after tax of €101m in respect of last year. The group said its “proactive” cost reductions and government support schemes protected employment and cash during periods of low occupancies. Dalata’s balance sheet includes hotel assets of €1.2bn. Revenue at the group fell by 68pc last year to €136.8m, as the tourism sector was particularly badly impacted by the Covid-19 pandemic. During the year the group had 31% occupancy, compared to 83% in 2019, according to annual results. The Irish Independent, 2nd March
Midleton, Cork It was reported in the Irish Examiner that BlackBee has purchased an investment property at Watersedge in Midleton for c. €5m. The current rental income generated from the investment is €336k with the potential to increase this to €416k. The property includes a restaurant unit let to McDonalds, which is generating c. €80k p.a., as well 36 apartments, offices and retail space, on c.15 acres within the town. The sale was managed by Lisney, The Irish Examiner, 25th February 2021
Data Centres The Business Post report that Dublin’s position as a leading data centre location in Europe is facing increased competition. This is the findings from Cushman and Wakefield (C&W) in their 2021 Global Data Centre Market Comparison report. The C&W report is based on a global study and ranks Dublin as seventh in the world’s top 10 with 150 megawatts of active development under way. Dublin was also ranked number one in terms of the safety of its location due to the minimal risk from earthquakes, tornadoes or flooding. It comes as another report, from construction consultants Mitchell McDermott (MM), estimates that over €7 billion will be invested in the construction of data centres in Ireland over the next 5 years. MM’s report ranks Dublin as the largest data centre market in Europe with London its closest rival among the key FLAPD group (Frankfurt, London, Amsterdam, Paris and Dublin). The Business Post, 28th February
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Santry, Co Dublin An Bord Pleanála has approved Cosgrave Developments’ 329-unit development on former Santry Demesne grounds off Northwood Avenue near the Gullivers Retail Park and M50. The Cosgrave plan envisions four eight-storey blocks of mostly two-bedroom units with penthouses on top. An Bord Pleanála said the Santry development must have at least 62 child places in its crèche. It eliminated two proposed ground-floor apartments to increase space for day-care services. The Irish Independent, 27th March
Cabra, Dublin 7 An Bord Pleanála has given the green light to a 485-unit residential development on the Carnlough Road in Cabra, Dublin 7, on lands originally purchased from CIÉ 16 years ago. The build-to-rent scheme by UK firm Tristan Capital Partners – which acquired the site last year from Marlet Property Group for a reported €39 million – includes nine blocks up to eight storeys tall. The Board approved the plans subject to several conditions, including provisions for adequate traffic flow and a parking management plan. These stipulate the development should have a maximum of 403 car parking spaces and a minimum of 529 spaces for bicycles. The design includes a neighbourhood centre with space for a café, a convenience store, a gym and child care facilities, while one block will be devoted to community space, including co-working areas, meeting rooms and a cinema. The Irish Independent, 26th March
Malahide, Co Dublin House builder Ballymore has secured planning approval from An Bord Pleanála for a residential development and a crèche on eight acres off Seamount Road, Malahide, in Co Dublin. The new Seamount Rise development will be within walking distance of the coastal village of Malahide and Dart station and will include 58 four and five-bedroom homes and 76 apartments in two buildings of five to six storeys. Planning was secured under the Strategic Housing Development scheme and is subject to compliance with a number of planning conditions. The Irish Independent, 25th March
Castleknock, Dublin 15 An Bord Pleanála has given the green light to Glenveagh Homes to construct 192 apartments in Castleknock, Dublin 15, despite widespread local opposition. In total, 125 objections were lodged against the proposal. An Bord Pleanála stated that “the provision of a higher-density residential development at this location is desirable with regard to its intermediate suburban location and its proximity to high frequent transport services” The scheme will comprise five five-storey apartment blocks at Balroy House, Carpenterstown Rd, Castleknock. The Irish Independent, 24th March
Ireland Residential Market While it’s too early to tell what the overall impact will be for the New Homes market from Covid-19, so far there has been very little evidence of a reduction in the desire to purchase a new home, particularly with first-time according to the Knight Frank report on the Covid-19 impact on the residential market. The report indicates that buyer sentiment is mostly that people expect there to be an unavoidable slow-down in volume of transactions over the next two or three months most likely followed by a surge immediately thereafter. Knight Frank Report, Ireland’s Residential Market
Henry Street, Limerick WP Engine, the WordPress digital experience platform (DXP), is to occupy the 12,000 sq.ft. prime office building at 12 Henry Street in Limerick city centre. The premises is owned by local property firm Kirkland. The Irish Independent understands that the rent will be in excess of €25 psf. Kirkland is now advancing the next phase of development which will provide over 85,000 sq.ft. of LEED Gold Grade A office accommodation on the waterfront along the city’s Bishops Quay. It is due to commence construction later this month and will also include a residential element comprising 34 apartments overlooking the River Shannon. The Irish Independent, 26th March
Dublin Docklands US cybersecurity firm Tenable has put a plan to relocate its existing international headquarters in Dublin to a new and bigger office in the city’s docklands “on hold” due to the Covid-19 crisis. Prior to the outbreak, the company had been at the advanced stage of discussions in relation to leasing c.40,000 sq.ft. of space at 76 Sir John Rogerson’s Quay, a new grade A office scheme being delivered by Targeted Investment Opportunities (TIO), an umbrella fund involving Nama, LA-based Oaktree Capital and Bennett Construction. The Irish Times, 27th March
Q1 2020 Office Occupier Update Dublin office take-up reached over 800,000 sq.ft. in Q1, the second highest opening quarter to a year behind only Q1 last year. The number of deals decreased to 29 from the 48 recorded during the same period last year. This reduction was due to the emergence of Covid-19 in Ireland in March which led to a rapid reduction in activity, something which will continue into Q2 at least. Knight Frank, Office Occupier Report
Retail Market Hammerson, which part owns the Dundrum Town Centre, the Ilac Centre in Dublin and the Pavilions in Swords, revealed that by Friday the 27th March, two days after deadline, it had only been paid 37% of the rent that was billed in the UK for the second quarter of the financial year. After stripping out rent that has been waived, deferred or switched to monthly payments, the figure climbs to 57% of what was due. Hammerson expects to collect more money as it puts more temporary agreements in place. Similarly, Intu, owner of Manchester’s Trafford Centre, revealed that it had only received 29% of the rent payments that were due on Wednesday 25th March, the deadline for the second quarter payments. The Irish Times, 30th March
In February the Irish Independent reported that both Penneys and Brown Thomas were in negotiations to split the retail space in Ireland’s largest shopping centre that is held by House of Fraser. However, Penneys have now stated that it has put on hold plans to expand at Dundrum Town Centre due to the Covid-19 pandemic. The Irish Independent, 31st March
Q1 2020 Investment Market Update €505.4 million worth of investment transactions changed hands in Ireland during Q1, marginally behind the €546.0 million that was invested during the same quarter last year. Office and multi-family assets accounted for 89% of transactional activity with the remainder comprised of retail, mixed-use and industrial assets. Knight Frank, Investment Market Report
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Elmpark Green, Dublin 4 Knight Frank and Lisney are guiding €28 million for the Quartz Buiding at Elmpark Green, Dublin 4. The Quartz comprises a seven-storey over-basement office building that extends to 70,320 sq.ft. of net internal area (€398 psf), with 76 car spaces at basement level. The property is fully leased to Willis Towers Watson Insurances (Ireland) Limited on a 20-year lease from July 2015. The current rent is €1,518,218 per annum (€21.60 psf) and is subject to an open market rent review in July this year. A vacant two-storey 10,261 sq.ft. “shell and core” annex building will also form part of the sale and comes with an active grant of planning permission for conversion to office use. The Irish Times understands that Aviva’s plan for the disposal of The Quartz building, on behalf of its Friends First Irish commercial property fund, has been in train for several weeks. The Irish Times, 18th March
Cork City Docklands Work has begun on the development of a landmark new 15-storey office building in Cork docklands which is due for completion in 2021. Known as The Prism Building, it is US based Tower Holdings Group’s first development in Cork city and is located at the edge of the expanding new docklands regeneration area, adjacent to Cork’s Bus Station. Positioned on a triangular shaped brownfield derelict site and with a footprint of only 3,336 sq.ft, the tower will offer 60,000 sq.ft. of grade A, own-floor office space with panoramic views over the city. The building will be one of the first office buildings in Ireland to comply with the new stringent NZEB energy efficiency regulations. The Irish Independent, 19th March
Dublin Office Investment Market Report The BNP Paribas report into the Dublin Office Investment Market for 2019 has highlighted that the office sector accounted for more than 40% of total turnover from an investment perspective in 2019. Some 3.336 million sq.ft. of office space was taken up across the capital in the 12 months to the end of last December. While total Dublin office returns dropped to 5.9% in 2019 from the 9% recorded the previous year, the report notes performance as being “relatively strong when compared with other investment classes” within the context of the continuing low interest rate environment. The growth in popularity of non-CBD and suburban locations, including most notably the Sandyford Business District (SBD), saw these areas emerge as the top performers of the Dublin office market last year. The Irish Times, 18th March
Donnybrook, Dublin 4 Plans to convert a landmark office building in Donnybrook, Dublin, into a controversial high-rise apartment block have been rejected by An Bord Pleanála. The board has upheld the decision of Dublin City Council to refuse planning permission for the demolition of Jefferson House – a five-storey office block on the banks of the river Dodder – to allow for the development of an 11-storey building containing 62 apartments. the board said the project would constitute over-development of the site “by reason of its height, scale and massing”. The Irish Times, 20th March
South Circular Road, Dublin 8 The Sunday Business Post reports that Hines has unveiled its plans for the redevelopment of the former Player Wills-Bailey Gibson site on the South Circular Road in Dublin 8. The project will accommodate 1,347 apartments as well as 15 low-rise, three-storey townhouses which will be redbrick to blend in with the surrounding Victorian neighbourhood. All will be build-to-rent and managed by Hines. Dublin City Council (DCC) has yet to announce its plans for its St Teresa’s Gardens site, which adjoins the Hines site and which will link into it. DCC’s project is expected to bring the total residential accommodation of the area’s urban renewal programme to c.2,000 units. The Sunday Business Post, 22nd March
Sheriff St, Dublin 1 Oxley Holdings has been granted a strategic housing development application by An Bord Pleanála for the construction of 741 build-to-rent residential units. The units will be located in eight apartment blocks ranging in height from four storeys to 23 storeys. The proposed cost of the apartment scheme which is located at the rear of Connolly Station on Sheriff Street Lower in Dublin 1 is €163 million (€220k per apartment). The Sunday Business Post, 22nd March
Shanowen Road, Santry, Dublin 9 Dublin City Council has rejected the latest proposal to double the number of one and two-bed units, while cutting the number of three-bed apartments in a development on the Shanowen Road in Santry Dublin 9. The proposal would have added a net 15 apartments to the development. The Council said the additional units on the site would constitute over-development on the land and provide for a poor standard of residential amenity for occupiers. The Sunday Business Post, 22nd March
Phibsborough, Dublin 7 Knight Frank is guiding €1.3 million for two two-storey, mixed-use terraced buildings at 168-169 Phibsborough Road. The inclusion of a warehouse building and yard to the rear of the site represents a development opportunity for the entire 0.21 acre site (€6.19m per acre). The property is within walking distance of numerous amenities including the Mater hospital, the new TU Dublin (formerly DIT) Grangegorman campus and Dublin City Centre. Reddy Architecture + Urbanism has completed a feasibility study identifying potential residential and student accommodation schemes for the site (subject to planning permission). These schemes consist of a 71-80 bed student accommodation scheme with ground-floor cafe, or an alternative development of 29 built-to-rent apartments with a ground-floor retail unit. The Irish Times, 18th March
Capel St, Dublin 1 An Bord Pleanála has reversed a decision of Dublin City Council to grant planning permission for the development of a 62-bedroom hotel on a 0.2 hectare site that includes the former Boland’s bakery and biscuit factory off Capel Street. The original request had been to develop a 96-bedroom hotel on the site which incorporates a number of protected structures including the Victorian bakery. In the face of considerable third-party objections as well as concerns from council planners, the scheme was reduced in size to a 62-bedroom hotel, while reducing the proposed height of the building from 28 to 15 metres. In its ruling, An Bord Pleanála acknowledged that the plans had been revised and improved the layout. However, it said the overall revised proposal was of “poor design” and did not constitute “an adequate response to the context and opportunity of this urban site”. The Irish Times, 23rd March
Waterford Sherry Fitzgerald John Rohan is guiding €1.5 million for the Crystal Sports and Leisure Centre in Waterford. Located on the Cork Road in the western suburbs, the complex extends to c.27,921 sq.ft. on 2.4 acres and comprises a sports hall, 25-metre swimming pool, sauna, steam room and toddler pool, four conference rooms, a two-storey building incorporating bar and function hall, two gyms, a spinning room and large café/restaurant area. The site also accommodates two external units to the left of the main building which have a separate road entrance and offer further possibilities. The entire property has parking facilities for 100 cars. The Irish Independent, 19th March
The National Asset Management Agency (Nama) made a profit of €11.9 million in the three months to the end of September 2019, bringing its total profit for the first three quarters of 2019 to c.€60 million, its latest accounts reveal. The agency is now sitting on assets of €5.4 billion, including cash balances of €3.49 billion and loan assets valued at €1.46 billion. It has accumulated profits of c.€4.2 billion to date. In the first nine months of 2019, Nama’s cash balances were boosted by property and loan sales of c.€732 million and €79 million in repayments from Borrowers whose loans were acquired by the agency. The Irish Times, 20th March
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The Liberties, Dublin 8 Round Hill Capital and NBK Capital have acquired a 368-bed student accommodation development in the Brewery Block site adjacent to Newmarket Square in the Liberties area of Dublin 8. The site was purchased from Summix, an urban mixed-use regeneration project specialist, with whom Round Hill Capital plans to partner on additional student accommodation developments in Ireland. Construction of the new development will commence in July following the completion of demolition works. Nido Student will manage the development. The Irish Times, 16th March
48 and 49 Leeson Street Lower are being offered to the market by Knight Frank at a guide price of €5.5 million. The subject properties comprise two neighbouring four-storey over garden-level Georgian buildings extending to a combined floor area of 12,260 sq.ft. and are mirrored in configuration and layout. Currently in use as student accommodation, the properties are fully let and delivering annual rental income of €345,600. No 48 is arranged to accommodate 18 beds across 11 bedrooms, while No 49 is arranged to accommodate 17 beds across nine bedrooms. Each building has been fitted with a modern kitchen at basement level. The property has 11 secure under-croft car-parking spaces which are accessed off Leeson Lane. The Irish Times, 11th March
Cork and Kerry The Irish Times understands that residential care home operator, Aperee, has made its first two investments in the Irish market, with the acquisition of nursing homes in Cork and Kerry. Aperee is understood to have paid c.€5 million for the 52-bed Padre Pio Nursing Home in Churchtown, Mallow, Co Cork. The second involved the acquisition of the 64-bed Cúil Didín Nursing Home in Tralee, Co. Kerry for c.€7 million. Aperee was recently established as the operational arm of the Blackbee Healthcare Fund. The fund will initially see the construction of 600 new state of the art single ensuite beds and the acquisition of 1,100 existing beds. The Irish Times, 11th March
Ashbourne, Co Meath A landbank of 241 acres adjoining the M2 motorway at Ashbourne in Co Meath has come to market through Coonan Property. The lands at Killegland Farm also come with a number of outbuildings and a two-storey, six-bedroom, four reception room residence located in a private area at the centre of the farm. The Sunday Business Post indicates a guide price of up to €40,000 per acre, which equates to just under €10 million for the entire property. The Sunday Business Post, 15th March
Rathgar, Dublin 6 Two adjoining Rathgar properties in Dublin 6 are being offered for sale in one or more lots with a combined guide price of more than €2 million. Knight Frank is guiding €1.2 million for lot 1 located at 174 Rathgar Road, a 3,021 sq.ft property laid out in eight units. The eight units are split out in four studios, three one-bedroom apartments and one two-bedroom apartment. To its rear is the second lot comprising a 0.1-acre site with a 1,270 sq.ft. bungalow and a 366 sq.ft. garage facing on to York Avenue which is guiding c.€800,000. The site would be suitable for two mews houses or a multi-unit scheme subject to planning permission. The Irish Independent, 12th March
Rathmines, Dublin 6 The Irish Independent understands that John Paul Construction has sold its portfolio of 40 apartments at Rathmines Square, Dublin 6, for a sum believed to be c.€16 million (€400k per unit). The 40 apartments generate an annual rent roll of c.€890,000 (€22.5k per unit). The residential apartments are located in four, five and six-storey blocks arranged around a podium level entrance courtyard. The Irish Independent, 12th March
Planning Permission Applications New figures released by the Central Statistics Office (CSO) has found that the number of planning permissions granted in 2019 rose by 38% to just over 40,000. Overall, permissions were granted for 40,252 dwelling units in 2019 with permissions for apartments surpassing those for houses for the first time. According to CSO, permissions were granted for 20,582 apartments last year, up 125% on the 9,138 units granted in 2018 and the highest number since 2007.This number is still below the peak of 32,077 units, which occurred in 2004. The Irish Times, 13th March
Dublin 1 Knight Frank is guiding €29 million for the 55,151 sq.ft. Independent House (€525 psf). Located at the corner of Talbot Street and James Joyce Street, the building is fully-let to Independent News and Media (INM) and to Supervalu, which trades from the ground floor. Both have been in situ since 2004 and produce rental income of €1,782,200 per annum (€32 psf). Independent House comprises a modern, mixed-use property providing four floors of grade A office accommodation over retail at ground floor. INM occupies the building under a 25-year full repairing and insuring lease from September 2004. SuperValu occupies the ground floor of Independent House on a 25-year full repairing and insuring lease from December 2004. The Irish Times, 11th March
Dublin 2 The Sunday Business Post understands that the owners of Trinity Street Car Park in Dublin city centre plan to demolish the complex and replace it with a new office block. The existing six-storey mixed-use building – known as Moira House – and 171-space Trinity Street Car Park will be knocked down to be replaced with a nine-storey office building. There will also be space for a restaurant on the ground floor. The current buildings on the site also contain three retail units at ground-floor level and five self-contained office suites. One of the ground-level units houses the restaurant Pichet. The Sunday Business Post, 15th March
Dunboyne, Co Meath Lisney (incorporating Morrissey’s) is guiding €1.5 million for Slevin’s pub in Dunboyne, Co Meath. Slevin’s comprises a traditional-style bar, lounge, first floor function room and kitchen with basement stores all extending to 5,888 sq.ft. on a site of 0.43 acres. The subject property occupies a prominent trading position at the central point of Dunboyne town, which has undergone intensive residential development over the past 20 years. The town and its surrounding area has a population of more than 8,000. The Irish Times, 11th March
Donabate, Co Dublin Colliers International is guiding €3.6 million for a fully-let industrial facility at Roseville Business Park in Donabate, Co Dublin. The subject property comprises a modern detached facility with two-storey offices to the front and warehousing to the rear. The unit is situated on a large secure yard of 3.78 acres. The property is let to Portakabin (Ireland) Limited by way of a 25-year full repairing and insuring (FRI) lease from March 1st, 2003. The tenant has the benefit of a break option in March 2026, subject to 12 months’ notice, leaving an unexpired lease term of six years to the break and eight years to expiry. The current passing rent of € 395,000 per annum, will reduce to € 245,000 per annum on March 1st, 2021 and is payable until lease expiry on March 1st, 2028. The Irish Times, 11th March
Ballsbridge, Dublin 4 Savills is quoting a rent of €45-€50 psf for prospective tenants of Shelbourne House in Ballsbridge. The building is currently let to a mix of occupiers including the Malaysian embassy and the Office of Public Works (OPW). Shelbourne House comprises a seven-storey office building extending to a total area of 76,000 sq.ft. There are three office suites currently available and these extend to 750 sq.ft, 1,600 sq.ft. and 8,000 sq.ft. respectively. All three units combine open-plan and fitted office space. The Irish Times, 11th March
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