Sandyford, South Dublin The Irish Times understands that Vanguard Global Realty have purchased the 6.5 acres of land attached to the home of the Legionaires of Christ in Sandyford, South Dublin in an off market transaction for c.€23 million (€3.54m per acre). The site acquired by Vanguard is expected to be redeveloped as offices, in line with its zoning for “office and enterprise” use under the Dún Laoghaire Rathdown County Development Plan 2016-2020. The property overlooks the Central Park office campus and has the benefit of direct access to the Central Park Luas green line stop. The Irish Times, 4th March
South Lotts Road, Dublin 4 A 0.25 acre plot and adjoining four bedroom semi-detached house on South Lotts Road which was initially brought to the market for €1.8 million has now sold for €4 million. The price paid is more than double the figure which had been expected when the site was offered for sale last September. An expired planning permission for 21 apartments could possibly be increased under the new planning guidelines subject to the necessary consents being obtained. The Irish Times, 4th March
Foxrock, South Dublin Knight Frank is guiding €2.3 million for a development site on Westminster Road in Foxrock, South Dublin. The subject property is a 1,937 sq.ft. Edwardian Style house on a 0.77 acre site next to Foxrock village. Reddy Architecture + Urbanism have completed a feasibility study which identifies two potential residential schemes for the site (subject to planning permission). The first option would see the development of a townhouse scheme of 12 units, while the alternative would involve the delivery of an apartment/townhouse scheme of 17 units. The site’s potential is supported by Greencroft Construction’s ongoing delivery of eight new townhouses ranging in size from 2,863 sq.ft. to 3,261 sq.ft. on the neighbouring Clonbur site. The Irish Times, 4th March
Cork City Docklands JCD Group has been given the green light by An Bord Pleanála for its proposed large-scale residential scheme in Cork’s docklands at the Carey’s Tool Hire site. The project will deliver 201 rental apartments to the market and will include amenities such as a 25th floor residents’ lounge and dining area; residents’ gym; a public café; co-working space; games room; and a basement with car spaces and a large area for bicycle parking. The Sunday Business Post, 8th March
Portmarnock, North Co Dublin The Irish arm of London development company Quintain has received planning approval to build 153 new homes at an 11-acre site at St Marnock’s Bay in Portmarnock, north Co Dublin. The development will consist of 113 houses, 40 apartments/duplexes, and a local centre for the area containing three units for retail or restaurant/café use. The 153 planned new homes include 78 three-bedroom houses, 35 four-bedroom houses, 27 two-bed duplex/apartments and 13 three-bed duplex/apartments. The site is adjacent to Quintain’s Dún Sí development of 150 homes which was launched for sale last year. Prices there range from €350,000 to €710,000. The Sunday Business Post, 8th March
Irish Development Land Market Approximately €1.2 billion transacted across the Greater Dublin Area (GDA), Cork, Limerick and Galway in 2019. Sites to be used for residential purposes dominated development land activity. Residential development sites accounted for 70% or €810m of total turnover in 2019 and eight of the top ten sales. The number of sites sold declined in the year, falling from 203 in 2018 to 125 in 2019. The outlook for the development land market for 2020 remains positive. At year end 2019, an estimated figure of €380m was sale agreed across the GDA, Cork, Limerick and Galway combined. Cushman & Wakefield, Irish Development Land Market
Aungier St, Dublin 2 DIT Aungier Street campus is being brought to the market by agent CBRE on behalf of the DIT’s successor – Technological University Dublin – at a guide price of €110 million. Situated just 350m from St Stephen’s Green, the 2.5 acre site is zoned “Z5 City Centre” under the Dublin City Development Plan 2016-2022. A feasibility study undertaken by O’Mahony Pike Architects suggests three potential development options for the Aungier Street campus, outlining the possibility for both a purely commercial development, and a mixed-use scheme comprising offices and apartments catering for the private rented sector market. The proposed office scheme extends to 650,032 sq.ft, while the mixed-use options provide for a range of office space from 415,271 sq.ft. – 450,577 sq.ft. as well as 152 apartment units suited to the PRS market. The Irish Times, 4th March
Abbey Street, Dublin 1 The Flowing Tide pub, located at the corner of Marlborough Street and Abbey Street, and across the road from the Abbey Theatre has come to the market through Bohan & Hyland with a guide price of €2 million. The subject property comprises a four-storey-over-basement building with bar, lounge and 4,000 sq.ft. of office space overhead. Although the property is being sold with vacant possession, the Irish Times understands that the current tenant is open to staying and taking on a new lease. The pub and overhead office units (when fully let) could provide the purchaser with an annual rental income of c.€170,000. The Irish Times, 4th March
Old Kilmainham Road, Dublin 8 A former pub with potential for a seven-storey development near St James’s Hospital in Dublin 8 has come to the market with a guide price in excess of €2.5 million. Known as Carrigan’s pub, the vacant three-storey building at 72-74 Old Kilmainham Road extends to 6,200 sq.ft. (€403 psf) and occupies a high-profile position on the corner with Brookfield Road. Hughes Planning and Development Consultants says new planning guidelines for this area may allow a larger development comprising a seven- or eight-storey hotel of 70 to 80 bedrooms or a residential scheme. The Irish Independent, 5th March
Kilkenny City Joint agents CBRE and Bagnall Doyle MacMahon are guiding in excess of €1 million for a prime hotel development site in Kilkenny city. The 0.66 acre site is centrally located close to Kilkenny Train Station at MacDonagh Junction where the former Ormonde Tourist Hostel was situated within the Michael Street and Wolfe Tone Street area. A feasibility study indicates its potential for a 106-bedroom hotel with conference and banqueting facilities. The Irish Independent, 5th March
Artane, Dublin 5 CBRE is guiding €2.4 million for the Castle petrol station on Kilmore Road, Artane, Dublin 5. Located to the front of Butterly Business Park, the subject property is in close proximity to Dublin Airport and the M50 motorway. The property extends to 2,691 sq.ft. and comprises a forecourt and canopy, four double-sided petrol pump terminals as well as a car and jet wash. This is complemented by the inclusion of a Centra store. The service station is let to Cedarglade Ltd, trading as Centra on a 25-year lease with a break option in year 10. The covenant is strengthened through the support of Musgrave Ltd as a parent guarantor. The property is currently producing a total passing rent of €165,000 per annum in years 1-5, with five-yearly open-market rent reviews (NIY 6.875%). The Irish Times, 4th March
Kevin Street, Dublin 2 Hines has agreed the sale of Bishop’s Square on Kevin Street in Dublin 2 for c.€180 million to Australian investor Macquarie Group and German fund Patrizia. Hines acquired the block for €92.5 million in 2015 and invested substantially during its ownership in the upgrade and extension of the building. The property has a rental income of c.€8.7 million a year with tenants including the Office of Public Works, who are on a 20-year lease, and Tourism Ireland. The Sunday Business Post, 8th March
Tallaght, Dublin 24 Hainault House at Belgard Square South in Dublin 24 has been sold to a private European investor for more than €3.6 million. The completion of the deal comes just three weeks after the property was brought to the market through joint agents Savills and QRE. The building is fully let to the Citizens Information Board, Optical Express and Early Childhood Ireland, and is generating contracted rental income of €281,000 per annum (7.8% gross yield). Hainault House comprises 20,350 sq.ft. (€177 psf) of office space arranged over three floors with 59 surface car-parking spaces. The Irish Times, 4th March
Grand Canal Dock, Dublin 2 Knight Frank is guiding €2.25 million for Suite 3 Harmony Court, Dublin 2. The office space on offer comprises a convenient ground-floor suite extending to a net internal floor area of 3,405 sq.ft. (€660 psf) and three secure basement car-parking spaces. The suite is fully let to DKC Accountants on a new 15-year FRI lease at an annual rent of €163,725 per annum (€48 psf). The lease incorporates five-yearly CPI linked rent reviews. There is also a lease break option on the expiry of the tenth year. Harmony Court is well served by public transport, with Pearse Street Dart just 400 metres away. The Sunday Business Post, 8th March
The Sunday Business Post understands that Friends First Irish Commercial property fund is in the process of selling three commercial properties. Among them is the Bank of Ireland premises in Balbriggan, Co Dublin, whose sale is due to complete shortly. When it launched on the market last May, agent Savills quoted €6.65 million for the building at 24/26 Dublin Street. It comprises a 7,287 sq.ft. modern building that is producing a total annual rent of €432,456 (gross yield of 6.5%). The Friends First fund is also selling the 68,695 sq.ft. Quartz building in Elm Park, Dublin 4, for which joint agents Knight Frank and Lisney are guiding c.€28 million. A third property is being sold off-market. At the end of January this year, the Friends First fund owned 50 properties which were valued at a total of €570 million. The Sunday Business Post, 8th March
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Dun Laoghaire, Co Dublin The Irish Times understands that a real estate fund managed by Deutsche Bank subsidiary DWS is closing in on the €210 million purchase of 368 apartments being developed by the Cosgrave Property Group in Dún Laoghaire, Co Dublin (€571k per unit). The proposed deal for Cheevers Court and Haliday House represents the German-headquartered fund’s second acquisition at the Cualanor scheme in under a year. Last May, DWS paid €108 million for 214 apartments (€505k per unit) at the Fairways. The Irish Times, 26th February
Swords, Co Dublin LRC group, has increased the size of its Irish residential portfolio to over 1,600 properties, with the acquisition for €9 million of 47 apartments and one retail unit at Applewood in Swords, Co Dublin (€187k per unit). This represents a premium of 20% on the €7.5 million Hooke & MacDonald had been guiding. The total current rent, and projected rent of the vacant apartments is c.€724,000 per annum. The residential element comprises six one-bedroom apartments and 41 two-bedroom apartments. The Irish Times, 26th February
North Main St, Cork City A development of almost 300 student bed spaces at North Main St in Cork city centre has been cleared to apply for fast-track planning. If the development goes ahead, it will bring more than 700 additional student beds to the city, as 420 student beds are coming on stream at the Lee Point complex on the former Beamish and Crawford brewery site on South Main St. The Irish Examiner, 28th February
Francis Street, Dublin 8 CBRE is guiding €3.2 million for 98-99 Francis Street in Dublin’s Liberties. The property comprises a five storey building extending to 7,094 sq.ft. with a ground-floor retail unit and seven residential units overhead (€451 psf). The residential component consists of three one-bed apartments and four two-bed apartments, including a top-floor penthouse. The apartments are fully let and producing a gross rental income of c.€180,000 per annum. The ground-floor retail unit has own-door access and extends to 1,089 sq.ft. The unit has planning permission for food and beverage use, and offers the prospective buyer the opportunity to increase the building’s current rental income significantly. The Irish Times, 26th February
Donnybrook, Dublin 4 Turley Property Advisors is guiding €2.5 million for a 0.137 acre site adjacent to the Circle K garage in Donnybrook, Dublin 4. The subject site comprises c.6,000 sq.ft of space broken down into four distinct areas, all of which are generating rental income. The forecourt in front of Bridgestone is held on a 35-year lease from June 1991 at an annual rent of €24,000, while the car valet premises, coffee shop and offices to the rear of the site are delivering rents of €35,000, €12,000 and €10,000 respectively. Located on the parcel of land bounded by Donnybrook Road, Brookville Road and Eglinton Road the site would have accommodated a landmark 11-storey building comprising 100 apartments in 2008 if construction had commenced. The Irish Times, 26th February
Ballsbridge, Dublin 4 CBRE is guiding €4 million for Butlers Townhouse in Ballsbridge, Dublin 4. Located at the junction of Lansdowne Road and Shelbourne Road, the property comprises 20 guest bedrooms, all of which have been individually designed and decorated (€200k per room). The guest house is located in close proximity to the IFSC, the Dublin Docklands, and Dublin’s core central business district as well as being a three minute walk away from Lansdowne Road Dart Station. The Irish Times, 26th February
Sandycove, South Dublin Fitzgerald’s Albert House, is for sale in the village of Sandycove in south Dublin with Agent John P Younge guiding c.€2.5m for the property. The bar extends to 1,400 sq.ft. whilst there is also a 43 sq.ft. kitchen and 380 sq.ft. of stores located at ground level. Upstairs is a two-bedroom apartment which is directly accessible from the street and extends to c.1,200 sq.ft. The pub is being sold as a going concern by way of company shares and currently generates c.€950,000 turnover (net of VAT) per annum. The Irish Independent, 27th February
Navan Road, Dublin The Maple Centre on Dublin’s Navan Road has been brought to the market by agent TWM at a guide price of €7.1 million. Located at the junction of the Old Cabra Road, New Cabra Road and Ratoath Road, it is in close proximity to the suburbs of Stoneybatter, Cabra, Castleknock and Ashtown. The property is situated 3km northwest of Dublin city centre and 1.3km west of Phibsborough Luas stop. The centre comprises seven retail units extending to a total area of 27,386 sq.ft. (€259 psf) and benefits from 75 surface car-parking spaces and is currently producing rental income of €550k per annum including a one-year rent underwrite of €50,000 on unit five, which is currently vacant. This unit extends to 2,017sq.ft. and has the advantage of planning permission for change of use from retail to restaurant. The Irish Times, 26th February
Ballycoolin, Dublin 15 Agent Harvey is guiding €2.25 million for a modern warehouse and office facility at 617A Northwest Business Park, Dublin 15. There is also an option to rent the property for €167,000 per annum. The combined area of the premises extends to 19,644 sq.ft. (price psf €114 / rent psf €8.50) of which the warehouse area accounts for 15,844 sq.ft. The premises is two-storey, and contains fully fitted offices, a reception and staff facilities extending to 3,800 sq.ft. in walk-in condition. Located in Ballycoolin between the N2 and N3 with M50 Motorway access via Junctions 5 and 6, the property is convenient to the Port Tunnel and Dublin Airport. The Irish Independent, 27th February
Hatch St, Dublin 2 The Irish Times understands that German asset manager KanAM Grund Group has paid c.€35 million in an off-market transaction for One Upper Hatch Street in Dublin city centre. The building is a grade A, eight-storey, over-basement office building which was redeveloped and extended to its current size of 30,139 sq.ft. (€1,161 psf) in 2006 by its previous owners. The property is fully-let to Deloitte who occupy seven floors and US-based tax adviser, H&R Block, who occupy one. The Irish Times, 26th February
Sandyford, Dublin 18 Agent TWM is guiding individual prices of €8.6 million and €6.5 million respectively for the long leasehold interest of lots 1 and 2 within the Sandyford Business Centre portfolio. The entire is available for sale at an overall guide price of €15.1 million. Lot 1 consists of units 1, 3 and 4 (30,216 sq.ft.) and 117 car spaces, while lot 2 includes units 5C and 6 (18,570 sq.ft.) and 83 car spaces. The combined annual rental income is €1,192,578 and there is a weighted average unexpired lease term of 5.8 years, with breaks at 4.6 years. The Sandyford Business Centre scheme comprises eight blocks in total, units 2, 5A/5B, 7 and 8 were sold on long leases (c.235 years) and are not included in the current sale. The Irish Times, 26th February
Clyde Real Estate has secured €20 million of debt from real estate asset manager, PMM Group. The loan facility will be used to part-finance Clyde’s acquisition of mixed-use office and manufacturing sites in Dublin, Shannon, Dundalk and Carlow, as well as an office and residential development site in Cork. Clyde Real Estate’s current tenants include a mix of Irish businesses, as well as global blue-chip firms such as Intel, Nokia and Citibank. The Sunday Business Post, 1st March
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Druids Glen Hotel and Golf Resort, Co. Wicklow It is reported that Neville Hotel Group are in talks with the owners of Druids Glen. The Neville Hotel Group own the Royal Marine Hotel in Dun Laoghaire, the Kilkenny River Court Hotel and the Tower Hotel in Waterford City. Savills brought Druids Glen to market in August 2018 guiding €45m. The Irish Independent, 21st March
Donnybrook, Dublin 4 Knight Frank is seeking offers in excess of €4m for a 0.21 acre site on Donnybrook Road, beside the fire station which has planning for a 71 bedroomed six storey hotel. The site currently comprises of four retail units and one dental practise on short term letting agreements with an annual rental income of €130,000 pa. Knight Frank, 22nd March
Bruxelles Pub, Dublin 2 Louis Fitzgerald has bought Bruxelles pub in a deal thought to be worth c€10m and now owns 21 pubs including the Gin Palace in Dublin and the Quays bars in Temple Bar and Galway. Louis Fitzgerald told the Sunday Independent that he will not be bidding on Copper Face Jacks. The Sunday Independent, 24th March
Harvey’s Point Hotel, Donegal The Irish Independent reports that the four star Harvey’s Point hotel is being sold to an investment fund managed by Davy Real Estate. The hotel is located at Lough Eske at the foot of the Blue Stack Mountains. Savills managed the sale on behalf of the vendors. The Irish Independent, 25th March
Gorey Retail Park, Co Wexford A local investor has paid €1.33m (9.66% NIY) for a retail park in Gorey Co Wexford. The property was brought to market with Colliers guiding €1.3m (€65 psf). The park comprises six retail units and two office units, 20,000 sq.ft. in total and produces €139k pa in rental income. The Irish Times, 20th March
10 Talbot Street, Dublin 1 A private investor paid €1.4m (6.78% NIY) for a mixed use investment property at 10 Talbot Street Dublin 1. The property was sold by Lisney on their click to purchase online sales platform. The property has an annual rent roll of €103k. The Irish Times, 20th March
21 Herbert Place, Dublin 2 Colliers is guiding €1.8m (€653 psf) for a 2,756 sq.ft. four storey property with a derelict mews. The property is laid out as offices on the ground, first, second and third floors and the basement was previously in use as an apartment but could be converted back to offices with the benefit of planning. The Sunday Business Post, 24th March
The Circle Collection Savills are guiding €46m (7.2% NIY) for a portfolio, called The Circle Collection, of 27 pre-63 properties with 213 residential units and three commercial units in the city Centre. The portfolio produces €3.49m pa in rental income and is “effectively fully let”. All properties are fully compliant with planning, fire regulation and local authority housing standards. The properties are located in Clontarf, Rathmines, Rathgar, Phibsborough and South Circular Road. The Irish Times, 20th March
Kilcarbery Business Park, Dublin 22 QRE is guiding €875k (8.23% GIY) for a 4,219 sq.ft. three storey office investment which is let to Forensic Technology (Europe) at €72k pa with 7.8 years unexpired on a 25 year lease. The Sunday Business Post, 24th March
Block B, Nutgrove Office Park, Dublin 16 Lisney has reduced the asking price for Block B, Nutgrove Office Park to €5.8m (€145 psf) which falls below the cost of replacement. The property was brought to market in May 2018 guiding €7m (€176 psf). The 39,845 sq.ft. vacant four storey property built in 2007 includes 45 car parking spaces. The property is subdivided into three units which are 21,159 sq.ft., 11,443 sq.ft., and 7,243 sq.ft. respectively. The Irish Times, 20th March
23 Shelbourne Road, Dublin 4 Three tenants are now occupying 9,300 sq.ft. of the refurbished office block at 23 Shelbourne Road, Ballsbridge. Friends First are seeking €50 psf for the remaining 10,000 sq.ft. through Lisney and BNP Paribas. Friends First bought the property in 2015 for €18m and have refurbished the entire building. The Irish Times, 20th March
Bishop’s Square, Dublin City Centre CBRE have been instructed to bring Bishop’s Square to market on behalf of Hines. Hines bought the property in 2015 for €92.5m and commenced construction works in 2017 of a new penthouse floor and extension to the fourth and fifth floors. Once completed the property will total 187,500 sq.ft. The property currently produces €8.7m pa in rental income and is expected to achieve c€180m. The Irish Independent, 21st March
14 Warrington Place, Dublin 2 A UK purchaser paid €2.1m (6% GIY) for a 3,085 sq.ft. three storey over basement period property which is divided into five apartments. Savills brought the property to market guiding €1.95m. The property is let to Adoor Premium Services Apartments on a five year lease at €130k pa. The Irish Times, 20th March
27 Ailesbury Road, Dublin 4 Savills is seeking €6.5m (€1,385 psf) for an end of terrace 4,962 sq.ft. redbrick four bedroomed house on Ailesbury Road. The Sunday Business Post, 24th March
54 Heytesbury Lane, Ballsbridge, Dublin 4 Knight Frank is guiding €1.2m (€785 psf) for a 1,528 sq.ft. three bedroomed mews residence built in 1990. The Sunday Business Post, 24th March
32 Carrickmines Chase McMorrow Properties is seeking €1.395m (€451 psf) for a 3,089 sq.ft. five bed roomed house with a sixth room in a self-contained annexe on 0.4 acres located in Carrickmines. The Sunday Business Post, 24th March
0.84 Acres Goatstown Road, Dublin 14 Knight Frank is guiding €6.5m (€7.7m per acre) for a 0.84 acre site with 90m of road frontage on Goatstown Road. According to a feasibility study carried out by O’Mahony Pike, the site could accommodate a scheme of 75 apartments over a basement carpark, subject to planning. The property is currently occupied by Charles Hurst Premium used-car sales showroom but is being sold with the benefit of vacant possession as the occupier is relocating to the Naas Road. The Irish Times, 20th March
8.6 Acres Ballyboden GVA O’Buachalla is guiding €18m (€2m per acre) for 8.6 acres at Taylor’s Lane in Ballyboden. John Fleming Architects suggest the site could accommodate 212 homes or 436 build to rent units subject to planning. The Irish Times, 20th March
Development Land Sales 2018 witnessed the highest volume in development land sales since the economic crash. €1.39bn of land was bought and sold in Dublin, Cork, Galway and Limerick, which is almost double the 2017 figures according to Cushman & Wakefield. €928m or 67% of the 2018 total was spent on residential sites. The Irish Times, 20th March
7.6 Acres Rathmichael Savills is guiding €3m (€395k per acre) for a 7.6 acres site with planning for ten five-bedroom detached houses ranging from 3,875 sq.ft to 5,167 sq.ft. The site is within the grounds of Shankill House, off Ferndale Road. The Irish Times, 20th March
0.2 Acres Dundrum, Dublin 16 O’Mahony Auctioneers is guiding €1m (€5m per acre) for a 0.2 acres site at Ballawley Lodge on Sandyford Road, Dublin 16 with planning for five three storey 2,000 sq.ft. houses. The site may have potential for a higher density scheme subject to planning. The Irish Times, 20th March
Student Accommodation Construction Information Services (CIS) notes that 6,060 bed spaces were buillt in 22 student projects in Dublin, Cork and Galway between June 2016 and February 2019. Planning was granted in 2018 for a further 2,309 in Dublin and 810 in Cork. Plans have been submitted for another 2,216 bed spaces in the last four months. In the last 15 months, student accommodation accounted for 21% of the 65 applications under the fast track planning. The Irish Independent, 21st March
Floating Wind Turbine A floating wind turbine will be built off the coast of Mayo. The project which will demonstrate the potential of harnessing the wind and wave conditions in the Atlantic received €31m in funding and is expected to be completed by 2022. The Times, Irish Edition, 21st March
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Copper Face Jacks, Harcourt Street, Dublin 2 DC Curtin and Associates has been appointed to manage the sale of Copper Face Jacks and the Jackson Court Hotel on Harcourt Street. It is anticipated that the sale will achieve over €40m. The properties located at 28-31 & 35 Harcourt Street, comprise 37 bedrooms and seven bars. The Irish Times, 14th March
Cumberland Street, Dublin 2 The O’Callaghan Hotel Group has secured planning for a new eight storey 158-bed hotel on Cumberland Street, beside Twitter’s Dublin Headquarters. A previous decision by Dublin City Council was upheld following appeals. The Irish Independent, 15th March
Sunset Ridge Motel, Killeens, Cork Coldwell Banker Carlton Estates are guiding €1.5m for the Sunset Ridge Motel which has been derelict for the last eight years after 40 years of trading. The property is a 40 ensuite bedroomed motel with bar and function room. The agent notes that the property could be sold with a view to redevelop to residential use. The Irish Examiner, 13th March
96-98 Churchtown Road, Dublin BNP Paribas are guiding €5.7m (6% NIY) for a mixed use development at 96-98 Churchtown Road, the site of the former Braemor Rooms and McGowans. The investment property generates €371k pa from tenants including Union Café, Centric Health and Floral Art The Irish Independent, 14th March
14 Lower Pembroke Street, Dublin 2 Colliers has sold 13 Lower Pembroke Street for €1.825m, €125k above the asking price when it was brought to market in May 2018. The building comprises a 4,699 sq.ft. four storey over basement mixed use property and produces €63.6k pa in rent from three tenants. The building also included seven pre-63 vacant residential units. The Irish Times, 13th March
Waterford North Quays Falcon Real Estate Development Ireland, a Saudi Arabian-owned company, anticipates commencing the substantial redevelopment of Waterford’s North Quays by the end of 2019. The scheme will comprise 504,827 sq.ft. of retail dining and leisure, 161,459 sq.ft. of office space, 300 apartments and a 200-bed four star hotel. Falcon estimates the project will require €350m investment and will be privately funded. The Times, Irish Edition, 13th March
Galway Property Market IDA Ireland are commencing work on its 34,983 sq.ft. building at Parkmore Business and Technology Park. Rhatigan Group who are building this property for the IDA has submitted plans to develop a 12 acre site at Crown Square in Wellpark to accommodate 403,647 sq.ft. of office space, 180-bed four star hotel, 290 apartments along with retail and entertainment space. Patricia Staunton of Cushman and Wakefield notes that prime rents in 2018 were €27 psf and are expected to rise to €30 psf in 2019. This month, development is expected to commence at Bonham Quay providing 279,862 sq.ft. of office space The Sunday Business Post, 17th March
Trident House, Blackrock, Co Dublin Zurich Insurance has agreed to lease the refurbished Trident House office block in Blackrock. While no rent has been disclosed, similar space in the area is let at €30 psf. Zurich had already agreed to occupy the adjoining office block, Enterprise House at €30 psf on a 20 year lease. Work is due to complete on Enterprise House in Q4 2019. The Irish Times, 13th March
Co Living Killarney, Co. Kerry Bond Street Investments has redeveloped the previously locally known “German Flats” into Abode, 12 retro designed apartments in a co living space in Aghadoe, just outside Killarney. The property is the first co-living space in the region and offers communal recreational space, kitchen, gym, laundry room and a communal room for watching movies. The Sunday Business Post, 17th March
Wolfe Tone Street, Dublin 1 Avestus Capital Partners has purchased Wolfe Tone Lofts in an off market deal for more than €22m. The property comprises 46 fully tenanted apartments, 32 basement car parking spaces and a commercial unit. The Irish Times, 13th March
Mount Argus, Harold’s Cross The Marlet Property Group has sold a monastery on a 1.75 acre site at Mount Argus, Harold’s Cross for c€4.5m (€2.5m per acre). The property was brought to market through Lisney in October 2018 guiding €3.5m. It is thought that Equitas Properties, a company found by Robert and Michael McCarthy, have purchased it. The Irish Times, 13th March
69 Acres Ballincollig, Cork Agent Irish and European has brought 69 acres of land including an active farm in Ballincollig Cork to market. It is thought that the site could achieve €20m (€290k per acre). 67.75 acres are zoned medium density residential development and 1.5 acres are zoned open space and sports recreation. The site, with good road frontage to Maglin Road and bounded by the N22 Ballincollig bypass to the south, could accommodate 500-1,000 residential units. The Irish Times, 13th March
31.5 Acres Blessington, Co. Wicklow CBRE are guiding €1m (€31.7k per acre) for a 31.5 acre site in Blessington Co Wicklow. The site’s zoning includes 16.5 acres agricultural lands, 8.5 acres for community and education and 6.5 acres for employment and enterprise. It is thought that the site could benefit from re-zoning following the expiration of the Wicklow County Council Development Plan in in 2022. The Irish Independent, 14th March
38 Acres Clonburris, West Dublin Savills has launched a second 38 acre residential site guiding €11.5m (€302k per acre) which adjoins an even larger 65 acre site which launched last month guiding €27.5m (€423k per acre). The 38 acre site could accommodate 850 residential units with the larger site accommodating 950 homes. The combined sites also include 238,797 sq.ft. for commercial space. The sites represent 15% of Clonburris Strategic Development Zone (SDZ). The Irish Times, 13th March
0.85 Acres Raheny, Dublin 5 CBRE are guiding €2.75m (€3.2m per acre) for a 0.85 acre site off Watermill Road in Dublin 5. The site has planning permission for 12 houses comprising 11 four-bed and one three bed house. The site is within walking distance of St Anne’s Park, the seafront and the Dart station. The Irish Times, 13th March
Christchurch Carpark, Dublin Joint agents JLL and Knight Frank are guiding €15.5m (5.2% NIY) for a 213 space car park adjoining the Jurys Inn Hotel. The guide price equates to €72.8k per space. The property comprises four storeys on a 0.4 acre site and is being sold subject to a short term lease with Q-Park which expires in June 2019. The Irish Times, 13th March
Auctions On 27th March, there will be three auctions. DNG Creedon will auction 29 Munster lots at a public auction in Cork. DNG will also offer six residential Leinster and Dublin lots at their head office in Dublin and Real Estate Alliance will hold an online auction with 11 lots. BidX1 Online Auction comprising 146 lots will take place on April 4th. The Irish Independent, 15th March
Car Distribution Hub, Dublin Airport A unit of Killeen Group which controls the Toyota and Lexus franchise in Ireland has been given approval for a 6,000 car distribution hub located on 32 acres close to Dublin Airport. The site was acquired by the Killeen Group in 2001. The Irish Independent, 15th March
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Tesco, College Green: Agent TWM has brought the Tesco store building at College Green to the market with a guide price €4.1m (€410 psf). The six-storey over basement building has an overall floor area of 10,000 sq. ft. and has an annual rental income of €220k (€22 psf) from its two tenants (Tesco and IT Solutions), equating to a net initial yield of 5%. Both the landlord and tenants have break options in 2022. The Irish Times, 21st March
Cavan Town Centre: JLL have brought an attractive commercial investment offering in Cavan town to the market guiding €3m (€250 psf). No 2-6 Church View Square Cavan comprises five interconnecting office units totalling c. 12,000 sq. ft. occupied by the Cavan and Monaghan Education and Training Board on a 35-year FRI lease from November 2009 with no break option. The current rent is €235k (€19.60 psf), representing an initial yield of 7.2% on a €3m sales price after standard purchaser costs. The Irish Independent, 22nd March
Shanakiel, Co. Cork: Agent Lisney has brought a prime 14 acre development site to the market in Shanakiel, Co Cork guiding €2.95m (€210k per acre). The site is located 2.5km west of Cork city centre and includes a number of vacant buildings including the former St. Kevin’s Hospital. Given the predominance of residential use in the surrounding area and the zoning of the property (‘Residential, Local Services and Institutional uses’) it is likely that the site will be redeveloped for housing. The Irish Independent, 21st March
Castle Farm, Naas: Ardstone Homes are launching phase one of their 178 unit development in Castle Farm in Naas, Co Kildare. Phase one, totalling 23 units, includes three-bed mid and end terrace houses along with three and four-bed semi-detached houses. Joint agents DNG New Homes and Naas based DNG Doyle have been appointed. Ardstone Homes, backed by Ardstone Capital intends to provide 3,500 new homes to the market within five years. The Irish Times, 22nd March
Tara Street, Dublin: Johnny Ronan’s company Ronan Group Real Estate’s plan to build Dublin’s tallest building, comprising 22-Storey office, hotel and rooftop restaurant beside Tara Street Dart station has been rejected by An Bord Pleanála. The company’s appeal of the decision has also been rejected on account of the “significant and detrimental visual impact on the city’s skyline” The Irish Independent, 21st March
Brennanstown Road, Cabinteely: Marlet Property Group has applied for planning permission for 115 residential units comprising 89 apartments and 26 houses on Brennanstown Road in Cabinteely, Dublin 18 under the Government’s strategic housing development initiative. The proposed development will comprise 18 three-bed houses, two four-bed houses and six houses which can be four or five beds. There will be five apartment buildings with 13 one-bed, 54 two-bed and 22 three-bed apartments along with on street parking and a 190 space basement car park. The Irish Times, 22nd March
South Great George’s Street, Dublin: A company linked to Warren Private has drawn up plans to develop a 100-bedroom hotel on a building that has lay vacant for several years on South Great George’s Street in Dublin city centre. The distinctive redbrick George’s Street building lies opposite the headquarters of Dunnes Stores and the proposed 56,000 sq. ft. development would span five-storeys over basement and include retail units, a restaurant and hotel. The Times, 25th March
35/36 Abbey Street, Dublin: Work is set to commence on a nine-storey over basement hotel development at the former Liam Carroll site at 35/36 Abbey Street. An Bord Pleanála has granted permission subject to certain conditions being met for a 144-bedroom 45,000 sq. ft. tourist hostel with a café and bar. Conditions include the setting back of the upper two floors and roof of the development and the recording and preserving of any archaeological material on the site. The hotel is being developed by The Clink Group, which is owned by Irish businesswomen Anne and Shelley Dolan. The Sunday Business Post, 25th March
Radisson Blu, Dublin 8: Initial site works have commenced on the construction of an additional 103 bedrooms at the Radisson Blu Royal Hotel, Golden Lane Dublin 8. The €35m extension will increase the total bedrooms to 255 and is expected to be completed in late 2019. The project is expected to create 125 construction jobs and 20 to 30 hotel jobs when completed. The Sunday Business Post, 25th March.
Clancy’s Bar, Cork: Barry Auctioneers have brought the long-established Clancy’s Bar, at the junction between the South Mall and Oliver Plunkett Street in Cork to the market guiding €2.25m (€187 psf). The 12,000 sq. ft. bar which ceased trading a year ago, is expected to be converted into an aparthotel, having received positive feedback to redevelopment plans from city planners. The Irish Examiner, 22nd March
Stillorgan Student Accommodation: An Board Pleanála has approved Cairn Homes’ 179 student accommodation units and 130 residential apartment development in Stillorgan. The student accommodation will include 576 beds, a gym and study areas, along with 9,762 sq. ft. of retail and restaurant space and a 3,106 sq. ft. community sports hall. Cairn Homes was also granted approval recently for 90 student accommodation units in Cork Street, Dublin 8. The Irish Times, 21st March
One Molesworth Street: TD Global Finance, the Irish subsidiary of a Canadian multinational bank, Toronto-Dominion Bank, has signed a 20-year lease for the fifth floor (10,600sqft) in the Green Reit development of One Molesworth Street. Their annual rent is €740,000 (€69.80 psf) with a break option at the end of year 13 along with an initial 9 month rent free period. The development is now 88% full. The Irish Times, 21st March
Cherrywood Business Park: The Irish Times reports that Accenture have agreed a rent of €750k p.a. (€25 psf) for the 30,000 sq. ft. 1st floor of Building 11, Cherrywood Business Park. DLR Properties, a subsidiary of Dun Laoghaire Rathdown County Council, who own Block 11 have been granted planning permission for office Block 12. There has been no new development in the park since 2010. QRE have stated Block 12 could be delivered in c. 21 months at rents of €30 psf. The Irish Times, 21st March
Swords Business Park: Industrial agent William Harvey Ltd is quoting a rent of €250k p.a. (€9 psf) for a recently refurbished industrial unit with office facilities at Swords Business Park. The 27,760 sq. ft. building on a 2.57 acre site includes c. 8,200 sq. ft. of office space and there is ample car parking provision to the front and a yard to the side and rear. The Park is located off the R132, a five-minute drive from Dublin airport and in close proximity to the M1 and M50 motorways and Dublin Port Tunnel. The Irish Independent, 22nd March
Wind Farms: Coillte has commenced the process of selling its stake in four wind farms it co-developed with ESB, SSE and Bord Na Móna. The semi-state body is looking to sell its 50% stake in its joint venture wind farms at Raheenleagh, Cloosh Valley and Castlepook, and a 25% stake in Sliabh Bawn. The four farms are the product of a €25m investment by Coillte in the past four years and the body expect their investment could now achieve a return of €125m for the state. Coillte would also continue to receive long term lease income from the farms, as they are located on its lands. The Irish Times, 22nd March
St. Andrew’s Church, Dublin: Howth restauranteur Michael Wright has released plans to spend €5m renovating St. Andrew’s Church in central Dublin into a licensed food court, banquet hall and culture centre. The proposed building will be granted a seven-day license provided the redevelopment is carried out in accordance with Dublin City Council planning requirements and an existing license held is extinguished. Up to 70 chefs will be employed at St Andrew’s which will be modelled on the Marquette food hall the Wright’s operate at Dublin Airport and work would be expected to be completed within nine months. The Irish Times, 22nd March
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Urbeo Residential Fund: A new housing fund is planning to raise up to €400m to invest in the private rental sector to provide housing to what it views as underserved segments of low and middle income households. Urbeo Residential is a new mixed-tenure Irish housing fund, and will principally focus on Dublin, although it will also look at other Irish cities. The fund, which has a pilot scheme already fully let in Tallaght, has signed a strategic relationship agreement with Glenveagh Living that will see the two organisations collaborate on the sourcing, acquisition and development of residential communities. Urbeo will also act as a potential acquirer of Glenveagh built developments. The first scheme was the 131-unit New Bancroft development, which Urbeo bought in July 2017 for €33m. The investment was backed by the Ireland Strategic Investment Fund (ISIF) and others. ISIF is expected to invest in the planned scaling up of the fund, potentially for up to €100m. Urbeo has appointed Deutsche Bank and Goodbody Stockbrokers to advise on the fund-raising. It said it would target institutional investors seeking long-term stable returns. The Irish Times, 14th March
CSO Residential Property Price Index: The Central Statistics Office have released their latest residential property price index which shows that average prices in January 2018 were up 12.5% compared to January 2017. This is a further increase from the 12.2% uplift in the year to December 2017 and 8.8% in the previous year to January 2017. Dublin residential property prices increased by 12.1% in the year to December 2017 while prices in the rest of the country were up 13% in the same period. The West region showed the greatest price growth, with house prices increasing 17.2% while the South-East region showed the least price growth, with house prices increasing 9.9%. Overall, the national index is 22.3% lower than its highest level in 2007. The Central Statistics Office, 14th March
32.5 Acre Kilkenny Site: Joint agents Cushman & Wakefield and Sherry Fitzgerald McCreery have brought a 32.5 acre site on the edge of Kilkenny city to the market guiding €2.25m (€69k per acre). The land was previously bought by the developers Paddy and Simon Kelly for c. €20m and is now being sold for receivers appointed by Nama. The land is predominantly zoned for a mixed-use development, but it is expected that it will be used primarily to accommodate at least 300 badly needed houses and apartments. The Irish Times, 14 March
Obel Tower Belfast: Agent Lisney has brought a fully-let portfolio of 26 studio apartments in Belfast to the market guiding £2m (€2.25m), just under €77k per apartment. The Obel Tower, the tallest building on the island of Ireland which opened in 2011, is a 27-storey complex comprising 233 luxury apartments and 52,462 sq. ft. of grade A office accommodation. Set out over the first three floors, the studios are fully-let and producing a gross rent of £162k, which equates to a gross yield of 7.2%. At the time of the development’s launch in 2005, studios at the Obel cost £90k, however in the height of the market in 2007, the apartments were fetching £160k. The Irish Independent, 15th March
Social Housing Development Bartra Capital have announced their intention to build 1,200 social housing units to lease to the State with a development value of c€400m. The scheme will comprise mainly apartments and duplexes, in phases of 300 units, valued €100m per phase. Having acquired five dedicated social development sites around Dublin, Bartra intend to have 700 units built by 2020. If approved by the Housing Agency, the 1,200 units would represent nearly half of the social housing units which the government is allowing to be built by the private sector. It is intended that the units would be let on 25 –year leases to local authorities at 95% of market rent. At the end of these terms, the properties are still owned by the developers as there is no lease-to-buy option for the local authorities. Bartra has offered its first social housing site in Dublin, which has planning permission for apartments in Stoneybatter, to Dublin City Council. The Sunday Business Post, 18 March
Cost Rental Apartments Construction is due to commence later this year on the State’s first “cost rental scheme” on a 7 acre site on the Enniskerry Road in Sandyford. The scheme comprising c50 apartments will allow tenants rent these new units for below market rent. Rent will be based on the build cost and cost of maintaining the units. The initial scheme, which has been delayed several times to date, is expected to be made available to private tenants who do not qualify for social housing. The income thresholds have yet to be confirmed. The Sunday Business Post, 18 March
€46m Student Accommodation Scheme Lidl, who intend to develop two student accommodation blocks comprising 364 beds together with a supermarket, offices and retail in Ballymun have engaged CBRE to find potential buyers, seeking offers of c€46m. The scheme, will be located off Ballymun main street c2 km from Dublin City University. The Irish Times, 17 March
Eir HQ, Heuston South Quarter: A wealthy Far Eastern investor is the new owner of the Eir headquarters in Heuston South Quarters after purchasing it for €176m (€778psf) in an off-market sale. The current rent roll on the eight-storey 226k sq. ft. building is €9.3m and will increase to €10.9m in July meaning the investment will show an initial yield of 5.7% when the higher rent comes into effect. Eir’s lease of the building is due to run until 2033, giving the new owner a weighted average lease period of 15 years, with the next five yearly rent review due this July. Commercial agent BNP Paribas Real Estate is believed to have brokered the deal between US owners, Northwood Investment Corporation, and the purchaser. The building was developed by the former company Eircom and was sold in 2006 to Quinlan Private for c. €190m with a sale and leaseback arrangement. Subsequent turmoil in the property market allowed Bank of Scotland to sell the building to Northwood for an undisclosed figure. This sale will be the third largest office investment sale in Ireland in recent years. In June 2016, Middle Eastern investors paid €242m for the PwC headquarters at North Wall Quay and a year earlier Germany-based Union Investments bought the Facebook office at Grand Canal Square for €233m. The Irish Times, 14th March
Claremont Street Project: The Irish Independent understands Amazon has made an offer to developer Sean Reilly to lease the entire 200k sq. ft. of office space currently being developed by the McGarrell Reilly Group as part of the Charlemont Street Regeneration Project in Dublin city centre. Should agreement be reached between the parties, it would pave the way for Amazon to increase its workforce in the capital significantly. The company already employs in excess of 1,400 workers in Dublin. McGarrell Reilly’s development of offices on Charlemont Street forms part of a wider €85m mixed-use scheme it is currently progressing as part of a partnership it entered into with Dublin City Council. Phase one of the project saw the delivery last September of 79 social housing units on the site along with a range of community facilities. The next phase of the project will see 184 private residential units being completed, bringing the total number of new homes to 263. Work was commenced earlier this week on the basement works for the scheme’s first six-storey office block. Construction of the building itself is scheduled to commence this November. Amazon’s search for additional office space in the city follows on from its decision to lease the entire 172k sq. ft. of office space at the Vertium Building on Burlington Road. The US tech giant agreed to pre-let the property from U+I in 2016, prior to the property’s completion by developer Johnny Ronan’s Ronan Group Real Estate (RGRE). The Irish Independent, 15th March
IDA Technology Park, Limerick: Fine Grain Property, an Irish-Singaporean commercial property vehicle, is investing €35m in a new office development at the IDA National Technology Park in Plassey, 6km from Limerick city centre. The new four-storey development will accommodate c. 400 staff and will take 12 months to construct. The scheme is understood to be in the final stages of the planning process, although Fine Grain are open to the idea of tailoring the building for the specific needs of a tenant, if required. The development site was acquired by Fine Grain as part of a €25m investment that also included three adjacent buildings in the technology park. Those are currently occupied by tenants including Cook Medical, clinical research group ICON, and Enet, the sole bidder for the National Broadband Plan. The cost of construction for the new building, which will extend to c. 56,000 sq. ft. is estimated to be €10m. Fine Grain is also developing a new office scheme in Galway, while it spent €8m on an office building at Cork Airport Business Park in December and owns developments at the EastPoint business park in Dublin. The Irish Times, 16th March
Bakers Corner Dun Laoghaire: Agent CBRE is guiding in the region of €4.75m to €5m for the well-known licensed premises Baker’s Corner and adjoining property, The Forge, in Dun Laoghaire, south Dublin. The Forge, produces an annual rental income of c. €150k with the anchor tenant, Paddy Power bookmakers, paying an annual rent of €80k under a 20-year lease. The balance of c. €70k comes from a hairdressing business, fitness studio and three apartments. Baker’s Corner is a highly profitable business that generates considerable income from not only drink sales but also from a food and an off-licence business. The two-storey over-part basement premises extends to c. 12,700 sq. ft. and includes a ground floor lounge with a food catering area, kitchen, public bar and off-licence. The first floor has a self-contained function room, stores and offices. The basement opens into a service yard with delivery facilities. The bar has a designated smoking area outside and parking for around 110 cars. The Forge, a purpose-built investment building, is serviced by two passenger lifts. The entire property extends to c. 1.235 acres and offers alternative uses subject to the necessary planning permission. The Irish Times, 14th March
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Glenveagh Properties PLC: Glenveagh Properties has acquired two land portfolios which are capable of delivering 2,235 residential units for €106m. The portfolios include development sites in Tallaght and Donabate in Co. Dublin, Bray in Co. Wicklow, Dunboyne and Stamullen in Co. Meath and Galway city. Glenveagh Properties listed on the Irish Stock Exchange in October 2017 and raised €550m to fund land acquisitions and housebuilding. For the five month period from August 2017 to end of December 2017, the company generated revenue of €1.4m, recording a gross profit of €524k but a pre-exceptional loss of €3.3m. The Irish Independent, 13th March 2018
Cairn Homes PLC: Listed homebuilder Cairn Homes FY 2017 results shows revenue grew to c. €150m from €41m in 2016 with 2018 revenue expected to top €350m. It disposed of non cores sites worth c. €16m in 2017 and plans to sell non-core sites with capacity for 40 – 60 units from its land bank in 2018 preferring to build on its larger sites. The Irish Independent, 11th March 2018
3 Ardee Road: Quinn Agnew is guiding in excess of €2.25m via tender for a residential development opportunity located at 3 Ardee Road, Rathmines in Dublin 6. The existing property comprises of an office/stores building of 6,727 sq. ft. on a rectangular shape site extending to 0.19 acres which has Z4 zoning allowing for residential development. The Irish Independent, 8th March 2018
Foxrock: QRE is guiding €2.85m (€142k per unit) for a 0.62 acre site with full planning permission for 16 two-bed luxury apartments and four duplexes in Foxrock, south county Dublin. Hunters Estates Agents believe the apartments and duplexes could command prices of €550,000 and €650,000 respectively. The Irish Independent, 12th March 2018
Dublin Central Inn Hotel: CBRE has brought the Dublin Central Inn Hotel at 95-98 Talbot Street in Dublin 1 to the market guiding €10.5m. The Hotel incorporates 60 well-presented bedrooms with potential to extend, subject to planning permission. There are also a number of other projects planned for the area within the next few years, including the 5.3-acre Dublin Central Scheme of high-density retail, commercial, residential and leisure outlets on O’Connell Street and the former Clery’s department store on O’Connell Street, which is to be redeveloped with high-end shops, a rooftop bar and restaurant, office space and hotel accommodation. The Sunday Business Post, 11th March
Morrissey’s Review 2017, Outlook 2018 Report: 31 licensed premises in Dublin were sold in 2017 with an aggregate value of €36.6m and an average price of €1.18m. 2017 levels represent a decrease of four transactions and a reduction from €67.17m in total value from 2016. 28 of the pubs sold in 2017 had values sub €2m and the remaining had values between €2m and €4m. Morrissey’s expects demand to continue in 2018 and particularly for units well located in Dublin City Centre and suburban locations but opines “supply will continue to be an issue with many operators nominating to defer sale or retirement due to the uplift in turnover, profit and capital value experienced off the back of a stronger economy with improved consumer discretionary spend.” Sales activity was mainly low-value units in small towns or peripheral rural locations outside of the Dublin Market in 2017. The report states for 2017 transactions “adjusted average capitalising ratios in respect of net wet on-sales at the close of the year were ranging between 0.5 times and 2.5 times net turnover whilst price earnings ratios applicable to sustainable EBITDA were ranging between five and nine times. The ratios varied considering location, make-up of trade, volume of business, margins, profitability, competition and demand for the particular asset.” The Irish Independent, 8th March 2018
9-12 Dawson Street: New Ireland Assurance headquarters (48,018 sq. ft. in two interlinking five and six storey office blocks dating from 1960s and 1970s) at 9-12 Dawson Street, Dublin 2 is being offered for sale by Savills Ireland with vacant possession for in excess of €35m (€728 psf). A feasibility study by Henry J Lyons Architects suggests there is substantial scope to redevelop and extend the building to bring the overall floor area to 6,219sq m (66,941 sq. ft.). The Irish Times, 7th March 2018
Hynes Building: CBRE is seeking over €14m (€248 psf) for the newly refurbished Hynes Building, Galway City Centre which is mainly occupied by the insurance company, MetLife. The three storey building overlooking St Augustine Street is located a few hundred yards off Shop Street, Galway’s main shopping area. The building produces an annual rent of c. €708k (€12.46 psf) with a weighted average unexpired lease term of 7.5 years from three tenants MetLife, Galway County Council and the industrial distributor CK Electricians. Met Life is on a 10 year lease since Q4 2017 at €540k p.a. (€12.56 psf) with a break option in year seven. Galway County Council’s lease of €152k p.a. (€16 psf) for 9,500 sq. ft. expires in 2029. CK Electricians occupies an office suite of 700 sq. ft. at €12k p.a. in addition to vacant space of 3,200 sq. ft. Net initial yield of 4.66% is achieved on the current total passing rent of c. €708k p.a. on €14m sales price after standard purchaser costs of 8.46%. The Irish Times, 7th March 2018
4/5 Dawson Street: A five storey, over basement property totalling 10,709 sq. ft. which dates from the 1970s at 4/5 Dawson Street, Dublin 2 is being offered for sale by Cushman & Wakefield with offers in excess of €7.75m sought (€723 psf). Trailfinders is overholding on the ground floor and basement plus five car parking spaces at €278.5k p.a. as its 20 year lease expired in 2016. Two other office tenants occupy the top floors on short term leases at c. €87k p.a. in addition to a two bedroom penthouse producing c. €33.6k p.a. Total rental income is c. €399k p.a. equating to net initial yield of 4.75% on €7.75m after standard purchaser costs of 8.46%. The Irish Times, 7th March 2018
2B Clonskeagh Square: Cushman & Wakefield has launched a fully-let two storey semi-detached office building at 2B Clonskeagh Square, Clonskeagh, Dublin 14 (8,290 sq. ft. plus 33 surface car parking spaces) on the market for sale quoting in excess of €2.8 million (€377 psf). The property is fully let at €215k p.a. (€26 psf) subject to an upwards only rent review in Q4 2018 to Life Assurance Company Limited (Bank of Ireland) on a 35-year lease from November 1988 equating to an unexpired lease term of 5.71 years. Net initial yield is 7.08% on the current passing rent of €215k and a sales price of €2.8m after standard purchaser costs of 8.46%. The Irish Times, 7th March 2018
62 Lower Mount Street: Joint agents Lisney and Savills are seeking offers in the region of €1.25m (€449 psf) for no. 62 Lower Mount Street, Dublin 2. The property is a four storey over basement level Georgian office building (2,780 sq. ft.) with a single storey garden and small yard to the rear. It is fully let to four occupiers producing €70k p.a. (€25 psf) equating to net Initial yield of 5.16% on €1.25m after standard purchaser costs of 8.46%. The Irish Independent, 8th March 2018
Core Industrial REIT: Core Industrial, an Irish logistics and industrial property company backed by US hedge fund York Capital last week pulled its planned €225 million initial public offering citing prevailing market conditions. York Capital had planned to place Irish industrial units valued at c. €83m into Core Industrial and sell c. €18m of its shares as part of the IPO, leaving it with c. 9.9% stake in the business. The Irish Times, 8th March 2018
Dublin 22: Joint agents CBRE and Knight Frank have commenced the marketing campaign to let units at the largest speculative logistics development currently under construction in Ireland at Mountpark, Baldonnell, Dublin 22. Mountpark Baldonnell is a joint venture between UK-based Mountpark Logistics and USAA RealCo Europe and the scheme is expected to cost c. €40m to deliver. Rent is being quoted at €9.25 psf for Unit A to extend to a total gross external floor area of 118,891 sq. ft. including 4,219 sq. ft. of two-storey office accommodation to the front elevation. Phase 2 will comprise two adjoining units, Units B and C, each extending to a total gross external floor area of approx. 120,333 sq. ft. including 4,467 sq. ft. of two-storey office accommodation to the front elevation. The Irish Independent, 8th March 2018
Dublin 15: Industrial agent William Harvey is guiding €3.75m (€39 psf) for two industrial units totalling 96,163 sq. ft. with 96 car parking spaces in Mulhuddart, Dublin 15 on a 6.1 acre site with vacant possession. There is redevelopment potential with the zoning allowing for enterprise and employment uses including manufacturing, distribution, warehousing and general employment. The Irish Times, 6th March 2018
Purcellsinch IDA Business Park Kilkenny: Joint selling agents CBRE and Purcell Properties are guiding a price of €1.85m (€43 psf) for a c. 43,000 sq. ft. modern industrial unit at Purcellsinch IDA Business Park in Kilkenny. The former Koverto Envelopes facility was built in 2004 (at a cost of €200 psf) on a site of c. 2.25 acres and is located five minutes from Kilkenny city centre. The building was named the winner of a 2007 LAMA award for ‘Best Commercial Building’ and is located 15 minutes from the M9 motorway Junction 8 and 70 minutes from the M50 motorway/N7 Junction 9. The Irish Independent, 13th March
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South King Street Dublin: Global property investor Hines, has outbid three overseas investors to buy a row of shops, offices and apartments next to the Gaiety Theatre on Dublin’s South King Street for €165m. The underbidders were two German funds and the Spanish founder of the Zara fashion chain, Amancio Ortega. It was Hines’ second significant acquisition in the Grafton Street area after it paid c. €55m for the Grafton Collection, a portfolio of buildings at the junction of Grafton and Duke Streets, almost two years ago. The South King Street investment was sold on behalf of US fund Lone Star, with a projected rent roll of c. €6.8m and a 50% retail weighting. The centre will have 49,158 sq. ft. of retail space and 56,936 sq. ft. of office accommodation. Zara (€915k p.a.), H&M (€800k p.a.) and Warehouse (€600k p.a.) are the main retail tenants while US survey technology provider Qualtrics is the main tenant in the office element, known as One Clarendon Row, paying €58 psf for 27,340 sq. ft. Savills and Bannon are handling the sale of the South King Street investment for Lone Star. The Irish Times, 28th February
72 Grafton Street Dublin: UK clothing, homeware and fragrance business, The White Company, has won the battle of four international companies pitching for 72 Grafton Street, all of them offering close to the annual rent of €750k (€88 psf) for the Iput owned store. The White Company has a branch network of 57 stores in the UK and the US, as well as a discount facility in Kildare Village. The handover of the building later this week, on a 20-year lease comes after Iput spent c. €2m reconfiguring the block and enlarging its shopping facilities. The works involved the complete removal of five floor levels, including mezzanines, and their replacement by three open plan retail floor plates extending to 8,527 sq. ft. Iput bought the building in 2014 for €12.5m as part of a portfolio of investment properties from Bank of Ireland Staff Pension Fund. With The White Company in situ, Iput is likely to value the investment close to €20m. The Irish Times, 28th February
Longford Town Shopping Centre: Cinema chain Omniplex Cinemas has completed the purchase of the never opened Longford Town Shopping Centre for €1.2m (€16 psf). Omniplex, which has a four-screen cinema next door, will relocate to the first floor of the shopping centre and increase the number of screens from four to eight. The bottom floor of the cinema will be offered for letting to restaurants, cafes and coffee shops. In total Omniplex have acquired 73,000 sq. ft. of space as well as three levels of car parking with 344 spaces. The Irish Times, 28th February
Kilmainham Square Portfolio: Joint agents Hooke & MacDonald and Brock Delappe have brought a collection of four investments properties on the Inchicore Road in Dublin 8 to the market guiding €1.4m. The properties, for sale individually or collectively, are at the Lalco-developed Kilmainham Square scheme which is anchored by the Hilton Hotel. The portfolio includes a 2,174 sq. ft. office suite let to Persuasion Republic at €32,400 p.a. (€14.90 psf), a purpose-built crèche of c. 1,916 sq. ft. let to Safari Childcare Ltd at €25,991 p.a. (€13.56 psf), a 1,033 sq. ft. retail unit let to Lime Tree Cafe Ltd at c. €26,998 p.a. (€26 psf) and a vacant retail unit of 883 sq. ft. The Irish Times, 28th February
Grand Canal Quay: Bartra Capital Property Group is to partner with CIE on the development of a new high-rise office scheme at Grand Canal Quay in Dublin’s docklands. Bartra’s tender for the 0.87 acre south docks site, known as Boston Sidings, won out over competing proposals from a number of the country’s leading developers. The site was in use by CIE for many years as sidings for its train services but when it was no longer required for that purpose, CIE decided to seek a developer partner with a view to unlocking its development potential. With rents in the south docklands now c. €50 – €60 psf, agents Lisney estimated when they launched the marketing campaign last July that the site could provide CIE with more than €1m p.a. The site is located next to Grand Canal Dart station, and has frontage on to both Macken Street and Grand Canal Quay and Clanwilliam Terrace. Given its proximity to the operations of Google, Facebook, Accenture and law firm Mason Hayes & Curran, the site is likely to attract significant interest from a range of corporate occupiers once it is developed. Upon completion, the scheme is expected to accommodate up to 120,000 sq. ft. of office space. In entering into partnership with CIE, Bartra will be expected to handle the entire planning process and to build out the office scheme. Bartra’s success in securing Boston Sidings follows on from its acquisition of a number of other commercial real estate sites in Dublin including Phoenix House on Conyngham Road, St George’s Church beside Temple Street Hospital, and an industrial property in Cookstown Industrial Estate. The Irish Independent, 6th March
75 Merrion Square Dublin: Joint agents Lisney and Savills have brought a substantial Georgian building on the south side of Merrion Square to the market guiding €3.95m (€727 psf). 75 Merrion Square is a mid-terraced four storey over basement Georgian property extending to 5,432 sq. ft. with a lift servicing all floors and 12 car parking spaces to the rear. The property is let on a single 10-year lease from September 2016, at a rent of €249,760 p.a. (€46 psf). The tenant Enet, is currently in the running for a contract to implement the National Broadband Plan. The Irish Times, 28th February
Exchange Place Dublin: CBRE is seeking €2.4m (€628 psf) for 3,819 sq. ft. of high-quality floor space at 4 Exchange Place, in Dublin’s IFSC. The modern mid-terrace four-storey office building is producing an annual rental income of €141k from two tenants, showing a net return of c. 5.45%. The current tenants are Dexia, the State-owned Belgian-French banking institution, at an annual income of €103k (€34 psf) on a 10-year lease from September 2017, with a tenant break option in August 2021, and Qatar Airways via a four-year and nine-month lease from December 2017 at an annual rent of €38.5k (€39 psf). The airline has a break option at the end of November 2019. Perspective investors will be aware that both figures are below the top rents in the IFSC, currently in the region of €52 psf. The Irish Times, 28th February
South County Business Park: JLL has secured Cardinal Health as tenants for the 17,519 sq. ft. of space on the third floor of Red Oak North at South County Business Park in Dublin’s Sandyford Business District. Cardinal Health will pay c. €30 psf on a 15-year FRI lease that contains a tenant-only break clause at the end of year eight. The tenant will also have the benefit of 23 car parking spaces, at €1,500 p.a. per car space. South County Business Park is located in close proximity to the M50 and M11 motorways and the N11 and is home to a number of leading international companies such as Microsoft, Icon, Accenture, SSE Airtricity and MSD. The Irish Independent, 5th March
Navigation Square Cork: Financial services firm Clearstream will take over 70,000 sq. ft. of space plus an option of 20,000 sq. ft. more at Navigation Square on Cork city’s quays making it one of the largest-ever office deals in Cork city. The commitment of the financial services giant endorses the 350,000 sq. ft. €90m office development by O’ Callaghan Properties, which commenced before any tenant was signed up. Construction at Navigation Square commenced last autumn, with a tenant fit-out expected by year’s end following an on-schedule construction timeline with BAM, and Clearstream are to move 360 employees in by March 2019, with scope to add 200+ extra jobs. Headline rents at Navigation Square are quoted at €32.50 psf, but terms agreed with Clearstream have not been divulged. The Irish Examiner, 1st March
2017 Development Land Sales: Cushman & Wakefield have reported that the trend of 2017 in the development land market was increased sales activity but of smaller holdings. In total there were €575m (225 deals) of development land sales in 2017, compared to €672m (184 deals) in 2016. The sale of development land in the greater Dublin area rose by 24% to €490m from 150 deals, an average of €3.2m per deal. The most notable land transaction in Dublin last year was the €107.5m (€12.44m per acre) sale of RTÉ’s 8.64 acre Montrose campus to Cairn Homes. The sales pipeline for Dublin and its commuter counties appears strong for early 2018 with an estimated 85 sites and €215m value sale agreed at year end. In terms of Cork, Limerick and Galway, Cushman & Wakefield says the development land market in these regional centres recorded robust increases in the value of transactions during 2017. Cork saw more than 40 deals totalling c. €50m closing, up from 31 deals totalling c. €31m in 2016. Galway development land sales were more than €21m in 2017, up from €12 million in 2016 while sales in Limerick topped €10 million for the year. The Irish Times, 27th February
Cairn Homes Preliminary Results: Cairn Homes has reported revenue of €149.5m for 2017, an increase on the €40.9m recorded in 2016, according to preliminary results for the company released today. The substantial increase in revenue was driven by the sale of 418 residential units in 2017 (105 in 2016), which generated c. €131m in revenue. Last year the company saw its average selling price increase to €315k, up from €295k in the previous year. Operating profit at the company was €15m, up from €3.6m in 2016. Cairn currently owns 34 sites and is active on eleven developments, which it said will deliver c. 3,650 new homes. The company anticipates three further site commencements in 2018. The company’s development of the former RTE Montrose site is expected to commence in 2019. Net debt at the company is €159.4m, up from €76m in 2016, while the company has cash of €85.8m. Looking forward, the Stock Exchange listed company said it had a positive outlook, expecting continued significant growth in sales, profit and cash generation over the next three years. The Irish Independent, 6th March
Student Accommodation Developments: Four new student accommodation facilities are being developed in Dublin and Cork with a total of 1,325 beds by a joint venture between Harrison Street Real Estate Capital (HSRE) and Global Student Accommodation Group (GSA). The projects will bring to 3,225 the number of student beds on offer in Ireland through the international Uninest chain by 2020. Such fresh supply will also help to ease the pressure on the housing markets in both cities as it will take thousands of students out of the private rental market. GSA and HSRE launched a joint venture in 2015 to target student accommodation in Ireland and already it has c. 1,000 operational beds in Dublin with an additional 900 beds scheduled to open in Dublin for the start of the autumn 2018 academic term. GSA, the development manager, operates the properties under its Uninest Student Residences brand and works closely with local universities. In Uninest’s first entry to the Cork market, the two new residences will include a 190-bed development close to the entrance of UCC, which will open in September this year. The second is a 413-bed residence on the former Beamish Brewery site at South Main Street and will open in 2020. In Dublin, the two new residences will be a 402-bed development adjacent to DIT’s Grangegorman campus, just off the North Circular Road; and a 320-bed development on Dominick Street Upper. Both will open in time for the 2019 academic year. Each new Uninest residence will feature community and student-centred facilities including laundry, gym and games rooms to meet modern students’ demands. The Sunday Business Post, 4th March
Foxrock Site Dublin: Agent QRE is guiding €2.85m (€142k per unit) for a 0.61 acre development site with planning permission for 20 apartments in Foxrock, Co. Dublin. The scheme will have 16 substantial two-bed apartments, each with a floor area of 915 sq. ft., and four three-bed duplex units extending to 1,195 sq. ft. All were designed to be tri-aspect with private open space to the front and rear. The apartment site adjoins Loreto Foxrock secondary school and is within walking distance of Cabinteely, Deansgrange and Foxrock village. QRE expect significant demand for the high-end residential units and expect the development to be particularly popular among downsizers. The Irish Times, 28th February
St. Joseph’s House Waterford: Joint agents QRE and Hutchinson Auctioneers in Waterford have brought a 19th century 54,000 sq. ft. building and adjoining lands to the market guiding €3m. Set on 5.5 acres in a good Waterford city location and within 2.5km of the main WIT campus, the offering is open for a variety of new uses and development, subject to planning permission. The protected structure has recently been in use as an education facility for Waterford Educate Together and possible future uses allowed under its zoning include nursing home, student accommodation, and residential and education uses. The Irish Examiner, 1st March
Shandon Park Blackrock: A 0.41-acre residential site at Shandon Park in Blackrock, south county Dublin, with planning permission for six houses, has been sold for €2.4m (€400k per site). The price paid represents a premium of 23% above the €1.85m reserve set by agent Cushman & Wakefield when the property was offered for auction last week. The site at Shandon Park is just 1km south of Blackrock village, 1km west of Monkstown village and 10km south of Dublin city. The planning permission provides for the development of four four-bedroom, 2.5 storey, terrace dwellings extending to 1,523 sq. ft.; two four-bedroom, 2.5 storey, semi-detached dwellings extending to 1,722 sq. ft.; and one four-bedroom, two-storey, detached dwelling, extending to 2,104 sq. ft. While there is planning permission for seven houses across the entire site, one of the sites was not included in the sale. The Irish Independent, 5th March
Walter Raleigh Hotel Youghal: CBRE are guiding €2.5m for the 18th century Georgian Walter Raleigh Boutique Hotel in Youghal, East Cork. The 40-bedroom four-star hotel is located at the start of Ireland’s Ancient East and in close proximity to Youghal’s seven kilometre blue flag beach. The hotel which was previously sold for c. €400k in 2013, has been extensively refurbished to four-star standards in recent years and is trading very well, is expected to exceed the guide price. The Irish Examiner, 1st March
Malahide Industrial Estate: Industrial agent William Harvey has brought a detached industrial unit on a gated and fenced site of c. 1.28 acres in Greencastle Parade in Malahide Industrial Park to the market either for sale or to let. Unit 2A and B Greencastle Parade extends to c. 33,000 sq. ft. and includes 3,229 sq. ft. of office space and staff facilities. The buildings offers great redevelopment potential, subject to planning permission. The agent is seeking a sale price in the region of €1.5m (€45 psf) or to let on a medium to long-term lease at a quoting rent of €125k p.a. (€3.78 psf). The Sunday Business Post, 4th March
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Castletroy Shopping Centre: The Limerick development company Urban Green Private has purchased Castletroy Shopping Centre in Limerick for €3.425m, significantly above the €2.2m asking price. The shopping centre lies on a 13 acre site, features 91,547 sq. ft. of retail space and 720 car spaces. The gross annual rental income of the shopping centre is €365k, however the net annual income is c. €200k. Currently c. 60% of the retail space is vacant and subject to significant service charge voids. SuperValu anchor the shopping centre and own their 43,000 sq. ft. unit. Tenants include An Post and there is also a drive-through McDonald’s. The Irish Times, 23rd March
Cashel Shopping Centre: Davy Real Estate, on behalf of one of their property funds, has paid over €6m for a shopping centre and adjoining petrol station in Cashel, Co. Tipperary. The shopping centre has a total floor area of 70,363 sq. ft. and provides 342 car spaces. The annual rent for the shopping centre is c. €658k while the annual rent for the petrol station is c. €164k. Tesco is the key tenant for the shopping centre, paying €565k p.a. on a lease which has over 11 years to run. Tesco is also the tenant for the petrol station and its lease does not expire for eight years. The investment will offer an initial return of c. 12.3%. The Irish Times, 23rd March
Harbourmaster Place: An unnamed Italian insurance firm has completed the purchase of 3 Harbourmaster Place in Dublin’s IFSC for over €40m. The property is fully let and currently generating annual rental income of €2.456m. Depfa Bank is the key tenant paying c. 50% of the rent, while Danske Bank pays c. 23% of the rent. The sales price equates to a capital value of €755 psf and the property offers an initial yield of 5.2%. The €40m+ sales price was more than €2.5m above the price sought by CBRE and Savills, who sold the property under the instruction of the receiver, Grant Thornton. The Irish Times, 23rd March
River House: Mercer Real Estate Partners has completed the purchase of a 13 storey office block known as River House in Belfast city centre for an undisclosed sum. The 88,000 sq. ft. property dates back to the 1960s and has 66 car spaces to the rear. While the sales price is unclear, it has been reported that it equates to a 10% yield. CBRE had brought the property to the market in May 2015, guiding GBP£4.25m. The property is 93% let to the business services group Concentrix and the PSNI. NAMA Wine Lake, 27th March
Sackville House: Tetrarch Capital has been granted planning permission by Dublin City Council for a seven storey, 158 bed hotel which is to be located behind the former Clerys department store in Dublin 1. The hotel is to be built on the site of the former Sackville House, which Tetrarch purchased for in excess of €4m in 2014. The projected cost of the development is c. €16m and once completed, Tetrarch intend to market the hotel as a “budget boutique hotel”. The Sunday Times, 27th March
Dalata Acquisitions: Dalata is understood to be close to completing three acquisitions in Ireland and the UK. The assets are a partially completed 120-bed hotel in Cork and two development sites; one outside of Dublin and another in the UK. The Cork asset is located on Beasley Street, has been partially completed for the best part of a decade and will require significant investment once the deal closes. The Sunday Times, 27th March
Mortgage Affordability: The latest reading of the EBS DKM Affordability Index has indicated that, on average, mortgage repayments have become more affordable for first time buyer couples over the past year. The figures reveal that on average, first time buyers use 19.1% of their net income to meet their mortgage repayments, down from last year’s reading of 19.5%. Dublin is the least affordable county to service a mortgage, with repayments requiring an average of 21.3% of a couple’s income. Longford on the other hand is the most affordable, as repayments typically account for only 5.9% of a couple’s income. The Sunday Business Post, 27th March
Abbey Glen Apartments: Knight Frank has completed the sale of the Abbey Glen apartments in Cabinteely, south Dublin for €10.5m, which was €2m above the guide price. Spread over two blocks, Abbey Glen contains 44 apartments. The development, which was completed in 2008, comprises 13 one-beds, 22 two-beds, 5 three-beds and 4 two-bed duplex apartments. The current annual rental income of the complex is €442k, however this can be increased to c. €690k upon full occupation. The Irish Independent, 27thMarch
Cairn Homes: After already spending over €550m acquiring development sites, the Irish homebuilder Cairn Homes looks set to spend as much as €165m purchasing additional sites. The most significant transaction is the purchase of the property group Argentum, which may cost up to €122m. Cairn are also expected to complete the purchase of two additional sites; one in the Dublin commuter belt area for c. €31m (which will provide up to 336 homes) and one in south Dublin for c. €12m (providing up to 133 homes). The Sunday Times, 27th March
Cash Buyers: The latest statistics from the Irish Independent / REA Average House Price Survey reveal that cash buyers now constitute 40% of home acquirers in Ireland. The proportion of cash buyers in Dublin City rose for the first time in two years, from 33% to 36%. For the Dublin market as a whole, cash buyers represent 31% of all purchasers. The Irish Independent, 28th March
Aungier Street Development: The Irish registered firm Kesteven Limited has sought planning permission for 300 student bed-spaces and 25,000 sq. ft. of retail space on Aungier Street in Dublin 2. Kesteven are proposing to demolish the existing property on their site and replace it with a seven storey development, which will include a 19,000 sq. ft. supermarket on the ground floor. The directors of Kesteven are Charles McManus and John Pryor. NAMA Wine Lake, 27th March
Fine Gael Proposals: As Fine Gael continues its efforts to form a new government, the party is set to publish a new policy paper outlining its proposals for alleviating pressure on the housing market. The measures proposed by Fine Gael include (i) temporarily reducing the VAT rate on new homes and apartments from 13.5% to 9% (ii) introducing a “Help to Buy” scheme for first time buyers and (iii) delivering 500 “rapid delivery housing units” to tackle the current homeless crisis. The Irish Times, 29th March
Sweeney’s Bar: After recently going on the market for over €3.5m through CBRE, the building housing Sweeney’s Bar on Dublin’s Dame Street has already been subject to bids of over €4m. The six story over basement premises contains bars on the basement, ground and first floors, a kitchen and storage area on the second floor, and fifteen ensuites which form a small hotel on the top three floors. No preferred bidder has been announced yet. The Irish Times, 23rd March
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Project Beara: NAMA has appointed EY to manage the sale of Project Beara, a c. €250m loan portfolio secured by retail, residential and land portfolio assets. Included in Project Beara are loans linked to the Cork-based Love family. While it is unclear when the sale will be formally launched, it is not expected to be until after Project Abbey is sold. Real Estate Capital, 16th March
Sandhills Shopping Centre: Colliers has set an asking price of c. €4m on the eight year old Sandhills Shopping Centre in Carlow. With a current rent roll of c. €428k p.a., the shopping centre would offer investors a net initial yield of c. 10.2%. The nine-unit, 27,260 sq. ft. shopping centre is fully occupied and the current tenants include SuperValu and Boylesports. The Irish Times, 16th March
Blackrock Mixed Use: Murphy Mulhall has obtained a sales price of €3.9m for five shops with offices on 14 – 22 Main Street, Blackrock, Co. Dublin. The properties extend to 16,299 sq. ft. of commercial space, of which 2,594 sq. ft. is vacant office space. The units were sold to an unnamed investor who paid c. €400k above the guide price. The current rent roll of the portfolio is c. €294k p.a., however there is potential to increase this to c. €360k p.a. through asset management. Tenants include Boylesports, Supermacs and Eddie Rockets. The Irish Times, 16th March
Thomas Street: Lidl has paid over €6m to acquire three adjoining ground floor retail units on Thomas Street in Dublin 8. Given that Lidl already occupy one of the retail units, it is envisaged that they may look to expand their offering in the near future. The current rent roll of the units is c. €480k p.a., with Lidl paying c. 60% of the rent. The other units are occupied by Spar and EuroGiant. The Irish Times, 16th March
Elm Park: Starwood has completed the purchase of Elm Park in Dublin 4 for €183.47m. Assets included in the sale of Elm Park were three office blocks, 218 apartments and eight luxury townhouses. Of the three office blocks, Blocks B and C are completed and provide 178,199 sq. ft. of net floor space. The final block, the Pioneer Building, has planning permission to facilitate 173,673 sq. ft. of floor space. The total rental income of the park is c. €9.55m p.a. Colliers International advised Starwood for the transaction. Colliers, 14th March
Block G Eastpoint: An unnamed investor has purchased Block G in Eastpoint Business Park, Dublin 3 for €4.95m, which was sold by Colliers. The three storey property extends to 26,500 sq. ft., giving it a capital value of c. €187 psf. The current rental income from the property is c. €161k p.a., from tenants Activision and Misys. Since the property was listed on the market, there has been a lease agreed with Red C for the ground floor (8,632 sq. ft.) and 15 car spaces. The Irish Times, 16th March
Blackrock Business Park: Kennedy Wilson has paid €14.5m for three office buildings in Blackrock Business Park in south Dublin. The buildings are part of nine office blocks in one of the best located business blocks in the south Dublin suburbs, close to Blackrock DART station. Completed in 2007, the units have an overall floor area of 50,000 sq. ft. and are fully let to eight tenants. The largest tenant is Hair Restoration Ltd, who account for c. 35% of the total rental income. The total rental income is c. €1.016m p.a. and the units have a weighted average unexpired lease term of four years based on break clauses. The Irish Times, 16th March
Lower Baggot Street, Dublin: Three substantial Georgian houses with full vacant possession at 88, 89 and 90 Lower Baggot Street have come on the market through joint agents O’Connor Shannon and Sherry Fitzgerald. The properties have a guide price of €3.45m for all three houses, or €1.2m if purchased individually. The 12,400 sq. ft. of floor space is evenly distributed amongst the three five-storey properties, with the properties currently accommodating 12 apartments and three floors of office space. The new owners could potentially extend the houses to create a prime residential scheme, a mixed use investment or a boutique hotel. The Irish Times, 16th March
9 Lanyon Place, Belfast: The US insurance and IT firm Allstate has agreed to an extension of their lease in 9 Lanyon Place, Belfast city centre, until 2018 for £20 (€26) psf. The landlord for the property is Kilmona, which is linked to the developer Paddy Kearney. The new rent is a record for the city, and is at a level which should encourage developers to proceed with further much-needed HQ sized developments. Paddy Kearney also has plans for an 80,000 sq. ft. extension to the property, which will be feasible if rents remain at or above £20 per sq. ft. NAMA Wine Lake, 20thMarch
Lyrath Estate Hotel: CBRE are guiding in excess of €20m for the Lyrath Estate Hotel & Spa which lies outside Kilkenny city. The five star, 139-bed hotel is understood to be highly profitable and is equipped with both an 1,800-seat function room and an award winning spa. The hotel cost c. €50m to develop and was opened in 2006. Bank of Scotland appointed KPMG as receiver over the hotel in 2012 at a time when it was linked to debts of c. €50m. The Irish Times, 16th March
Bellinter House: A consortium led by Barry O’Sullivan is expected to complete the purchase of the Bellinter House hotel later this week for c. €3m. The property is being purchased through Broadreach Investments, a newly incorporated vehicle set up in January. The history of the 34-bed Bellinter House dates back to 1750 when it was designed by Richard Castle. In 2006 the property opened as a hotel following a c. €16m renovation by Jay Bourke and John Reynolds, who purchased the property in 2003 for €2.3m. The Irish Times, 21st March
Negative Equity Figures:The latest figures from the ESRI reveal that the number of households in negative equity has fallen below 100,000 for the first time in eight years. Figures obtained by the ESRI from the Department of the Environment identified 99,950 households in negative equity at the end of 2015, significantly below the recessionary peak of 314,000 in 2012. With property prices currently increasing by c. 6% p.a., the ESRI estimate that there would be no households in negative equity at the end of 2019 should this growth rate continue. The Irish Times, 16th March
Wicklow Development: Ardale Property is purchasing 172 acres of land near Tinakilly Hotel in north Wicklow for an undisclosed amount. Of the 172 acres being acquired, c. 58 acres are zoned for residential development. Ardale hopes to build up to 700 homes on the site, which is c. 46km from Dublin and near the M11 / N11. The directors of Ardale are Alan Hegarty and Emma Maye. The Irish Independent, 20thMarch
Social Housing Fund: Details have been released regarding a proposal from The Irish League of Credit Unions to the Government last October, where the league offered €5bn in funding to develop up to 26,000 social housing units between now and 2021. The league represents 437 credit unions, has assets of over €13bn and surplus funds of up to €8bn. Under the proposal submitted by the league, the fund would be established under a special purpose vehicle and would lend to approved housing bodies. Establishing a special purpose vehicle is seen as attractive to the government as it could potentially keep the debt off their books, therefore it would not impact fiscal targets. The Irish Times, 18th March
Property Industry Ireland Paper: Property Industry Ireland (PII) has submitted a policy paper to the Government outlining a number of proposals which they feel could stimulate house building. The main proposals by the group were (i) the establishment of a minister for housing, infrastructure and planning (ii) lowering the VAT rate from 13.5% to 9% and (iii) streamlining the planning process so that it takes a total of 16 weeks to have an application reviewed by the local authority and An Bord Pleanála. The Irish Times, 22nd March
Mater Private: The Irish – American Private Equity Fund Carlyle Cardinal has been announced as one of the shortlisted bidders for the Mater Private hospital group, which is valued at c. €500m. Other shortlisted bidders include AMP Capital and Macquarie. The Mater group has revenues of c. €200m and the majority owner is CapVest, a venture capital fund led by Séamus Fitzpatrick. In addition to owning the Mater Private Hospital, the group also own clinics in Cork, Limerick, Drogheda, Sligo, Navan and Liverpool. The Irish Times, 21st March
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