Newbridge, Co Kildare The German investor Union Investment is closing in on the purchase of the warehousing and distribution facility being developed by Penneys in Newbridge, Co Kildare. Union is understood to be in advanced negotiations to acquire the fast-fashion retail giant’s logistics hub for c. €129m. The forward-funding deal would provide Union Investment with a yield of 3.7%. News of Union Investment’s proposed purchase comes just weeks after Penneys secured planning permission from Kildare County Council to develop the logistics hub. Upon completion, the facility will comprise a distribution centre, warehouse and office space extending across a gross floor area of 694,810 sq. ft. on a 38.1 acre site. The Irish Times, 17th November
Yew Grove Reit, Dublin Property investor Quanta Capital is preparing a counter-offer for Yew Grove Reit, whose management has agreed to recommend a rival Canadian bid. The move by Quanta, which owns c. 4.5% of Yew Grove through an investment vehicle, Goldstein ICAV, could spark a bidding war. Yew Grove’s directors said last week they have agreed the terms of a €1.017-a-share offer from Toronto-listed Slate Office Reit. This is worth €127.8m for shareholders and values Yew Grove at €177.4m when debt is included. Quanta, which was set up in 2013, has built a portfolio of warehouses and offices worth more than €800m. It recently went sale agreed on Two Gateway in Dublin’s north docklands. Yew Grove owns One and Three in the scheme. The Sunday Times, 21st November
Clonmel, Co Tipperary A shopping centre in Clonmel, Co Tipperary, is set for auction on December 10th with a guide price of €1.6m. The Ormonde Centre is a modern retail development, comprising a part three-storey, part single-storey development, offering both retail and office accommodation. The property extends to c. 33,810 sq. ft. in total, with significant dual glazed frontage on to both Gladstone Street and the town centre car park. The shopping unit currently has two tenants, with 80% of the floor space vacant, offering significant opportunity to enhance return. The tenants, fashion outlet DV8 and menswear shop 6th Sense, bring in total current rent of €120k a year, with the former on a 15-year lease until 2027 and the latter on a 15-year lease until 2026. The property will be auctioned on December 10th by BidX1. The Irish Times, 22nd November
Common Street, IFSC Property investor Hibernia Reit has appointed JLL to sell the Forum building on Common Street in the IFSC, the former headquarters of German bank Depfa. The real estate investment trust acquired the building for €37.8m back in 2014 from an affiliate of Atlas Capital Group and is looking to secure a buyer for the property, which is currently vacant, at a price below the €37.8m it paid. The six-floor building, built in 2002, comprises 47,109 sq. ft. of office accommodation over two floors above four floors of car park space. At the time of the acquisition in 2014, the total passing rent from the offices, together with 50 parking spaces, was c. €2m a year. A further €675k was generated from 320 parking spaces. These are currently rented by Park Rite, the car park operator. The Irish Times, 17th November
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Ballsbridge, Dublin 4 Blackstone is said to be in pole position to acquire a substantial part of Facebook’s new European headquarters in Ballsbridge, Dublin 4. The US private equity giant’s offer of c. €400m is understood to have prevailed in the face of intense competition from a range of parties including Tishman Speyer and Deka Immobilien. It also comfortably exceeds the guide price of €395m set when the investment was brought to the market last September. Should the deal be completed, it would see Blackstone secure ownership of four buildings comprising 339,456 sq. ft. of office space within the wider 900,000 sq. ft. Facebook campus which is in the process of being delivered on the former AIB Bankcentre site. The sale is being conducted on behalf of the Serpentine consortium, a syndicate of private individuals and companies assembled by AIB Private Banking and Goodbody Stockbrokers. The Irish Times, 20th November
Baggot Street, Dublin 2 127 Lower Baggot Street in Dublin 2 has just been brought to market by Finnegan Menton, quoting €2m. The freehold five-storey Georgian commercial premises has been extended at basement level to provide an open-plan nightclub/restaurant premises spanning c. 1,474 sq. ft. and comes with an outdoor patio garden. The upper floors have operated for the last ten years as semi-serviced offices with 11 office suites and a boardroom. Nine of the office suites are currently let on annual license agreements producing €107.5k per annum with two rooms vacant. When fully let, the building will provide a net income after costs of c. €155k per annum. The €2m asking price gives the property the potential to generate a net return of c. 7%. The building extends to a total floor area of c. 4,233 sq. ft., the garden patio has an area of c. 484 sq. ft. and the building comes with three car park spaces. The Business Post, 21st November
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Baggot Street, Dublin 2 A Georgian office building at 67 Lower Baggot Street, Dublin 2, is being offered for sale with a €1.7m guide price. The terraced, three storey over basement property extends to 3,875 sq. ft. It benefits from a rear courtyard accessed via Herbert Lane with three car-parking spaces to the rear. It is situated close to the Department of Health. Selling agent CBRE reports interest from investors and owner occupiers. The Irish Independent, 18th November
Dun Laoghaire, Co Dublin Council planners have recommended to An Bord Pleanála that permission for a contentious 276-unit student accommodation scheme for Dun Laoghaire be refused on four separate grounds. Earlier this year, Baker Forge Properties lodged “fast-track” plans with An Bord Pleanála for a six-storey development at Baker’s Corner, Rochestown Avenue and Kill Avenue, Dun Laoghaire. The scheme involves the demolition of the well-known Baker’s Corner pub and the construction of a replacement pub and two commercial units along with the 276-student accommodation units. The scheme is facing opposition from local residents, a nearby nursing home, An Taisce and local TD Richard Boyd Barrett of People Before Profit-Solidarity. The recommendation from the council planners strengthens the objectors’ case. The council said the scheme would adversely affect the amenities of adjacent properties due to its overall scale and massing. It also concluded that the scheme would have a detrimental impact on the character of the surrounding area and be visually overbearing and obtrusive. An Bord Pleanála is due to decide on the application in January. The Irish Times, 18th November
Clongriffin, North Co Dublin A site with potential to house one of Ireland’s largest residential developments has come to the market seeking €50m. The opportunity is expected to attract strong interest from developers and investors given the scale of the potential development. The 27.4-acre site in Clongriffin, north Co Dublin, known as “Project Capital North”, is being sold by Gannon Properties and comes with full planning permission for 1,823 residential units, a 209-bedroom hotel, including 20 short-term let apartments, and 1,358 car parking spaces. The site also has permission for 244,642 sq. ft. of commercial space, providing office accommodation and retail space. The Irish Times, 17th November
Blackrock, Co Dublin A site with planning permission for 120 apartments on the Deansgrange Road in Blackrock, Co Dublin, has gone sale agreed. Agent Knight Frank had been guiding in excess of €8.5m for the property which also has permission for four ground-floor commercial units, a café and a crèche over a basement car park. The 1.85 acre site has been occupied by Mooney’s Hyundai dealership. In 2019 Ditton Investments, a company with motor dealer links, submitted an SHD fast track planning application for as many as 151 apartments on the site and parking spaces for 99 vehicles. Burlington Real Estate (BREL) was appointed development manager to deliver the PRS scheme after the site was subject to a number of previously refused planning permissions. While the planning application sought heights ranging from four to six storeys, An Bord Pleanála reduced the permissible levels to three to five storeys and also insisted that one of the commercial units be replaced with a crèche. The Irish Independent, 18th November
Maylor Street, Cork Planning has been granted for the redevelopment of the Hickey’s site on Maylor St in Cork city with the majority of the store to be retained. The plan is centred on numbers 9-12 Maylor St and involves the removal of some of the retail space to provide access to a residential development to be constructed overhead. Developer John Kennedy had initially sought permission for a seven-storey apartment development over the shop, but this prompted concerns about height and massing from city planners. As such, that was revised to six storeys, totaling 32 apartments. The plans propose the retention of 10,553 sq. ft. of the Hickeys Store, with access retained on both Maylor and Oliver Plunkett Streets. The Irish Examiner, 18th November
Kilbarry, North Cork The Cork County Board has put plans for 309 residential units planned for Cork GAA lands before An Bord Pleanála. The move by the Cork County Board is part of a consultation with the appeals board ahead of formally lodging ‘fast-track’ Strategic Housing Development (SHD) plans for the scheme next year. The notice, published by An Bord Pleanála on Wednesday, shows the planned scheme is made up of 197 houses, 112 apartments, a crèche, and associated works for Cork GAA lands on Old Whitechurch Rd, Kilbarry. The planning documentation lodged by the Cork County Board starts a nine-week long pre-planning consultation with An Bord Pleanála. A decision on the scheme by An Bord Pleanála is due in January 2022. The Irish Examiner, 18th November
Social Housing, Dublin Eurostat, a European Commission agency, has warned the Irish state against leasing properties for social housing. Under Dublin City Council’s long-term leasing initiative, landlords can lease their investment properties to the local authority at between 80% to 95% of the open market rent for up to 25 years. The council is also responsible for the upkeep of the property during the lease period. The European body, which monitors how government finance statistics are recorded, said the deals provided no “substantial economic benefits” to councils and significantly benefited property investors who “enjoy most of the rewards”, with the local authority ultimately owning no asset at the end of the deal. The government plans to lease 2,400 homes this year, which are forecast to cost c. €1bn in total over the 25-year term of the deals. Over the coming years, however, the state will phase out the leasing of social homes. Dublin City Council records show that it spent €667.4k to lease homes in 2016. Between 2019 and 2020, the amount being spent on leasing homes increased from €2.6m to €4.6m. According to Dublin City Council, based on the number of proposals due to be delivered during 2021, the estimated rent payments for 2021 for c. 330 units is €6.3m. The Business Post, 21st November
Adamstown, West Dublin The Crossings, Quintain’s first phase of development at its €500m new urban centre in Adamstown, has been purchased by GIC alongside partner Orange Capital Partners for €110m. GIC has secured the forward purchase of 279 units in west Dublin from Lonestar-backed housebuilder Quintain. Construction of the apartments is underway, and completion is anticipated mid-2023. Quintain’s Adamstown project also includes 90,000 sq. ft. of retail space to house two major supermarkets, 20 retail units and five restaurant outlets. Planning permission for a second phase of 185 apartments has been granted and further phases are planned for submission in late 2021 and early 2022. Savills represented Quintain on the sale. React News, 22nd November
Liffey Valley, Dublin A joint venture group involving JP McManus and John Magnier, and Cork property developer Michael O’Flynn is preparing a masterplan for 860 acres situated between Lucan and Castleknock that they believe could deliver more than 5,000 new homes, a large new public park and other amenities. Planning consultants for the trio have already engaged in early-stage discussions with South Dublin County Council and Fingal County Council on a plan to develop the extensive landbank, which is currently used mostly for agriculture purposes. They hope to secure the green light to develop c. 400 acres of the site for housing, with more than 5,000 units envisaged, subject to planning permission. 20% of these units would be offered for social and affordable housing. Under their ambitious plan, c. 265 acres would be set aside for a Liffey Valley public park at Edmundsbury, which would be handed over for community use. If it comes to fruition, this would provide much-needed housing in a sought-after area of Dublin, close to the city centre. It is understood that it could take up to a decade to develop the site. The Irish Times, 23rd November
Real Estate Market, Dublin Dublin is the fifth busiest real estate market in Europe with more than €3bn invested between the end of last year and the third quarter of 2021, according to a new report by consultancy firm PwC and the Urban Land Institute, a US-based think tank. This put the Irish capital on par with Paris and ahead of cities such as Oslo, Milan and Manchester. London came top with €16bn of capital inflows, followed by the German cities of Frankfurt, Berlin and Munich. Institutional property investors have flooded into Ireland over the past decade, taking advantage of strong rental yields. Estate agent Sherry FitzGerald estimates that private rental sector investors have invested c. €7bn into the Irish property market since 2011. The Irish Times, 22nd November
Private Residential Sector, Dublin PRS is now a major investment class, having arrived on the Irish market in 2012 when the earliest transaction in the sector was recorded. Over the last nine years, it has grown to form part of the foundations of the market and has comprised of 22.9% of all investment deals. Despite the challenges created with the global pandemic in March 2020, the sector was resilient throughout the various restrictions on movement in that time and rent collections remained high as government pandemic unemployment payments eased the financial strain on renters. Dublin’s market remains competitive and is an attractive alternative to the cities with more well established PRS markets. The Business Post, 21st November
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Tallaght, Dublin 24 Agent Finnegan Menton has brought one of Ireland’s largest motor showrooms on Airton Road in Tallaght, Dublin 24, to market seeking €5m. Built c. 2005, the property extends to a total floor area of c. 40,610 sq. ft. on c. 1.43 acres. To the rear of the showroom are three adjoining workshop buildings, providing first-class workshop services, parts storage, offices and staff facilities. The showroom can accommodate c. 45 vehicles on display, along with customer parking and display area to the front of c. 35 display spaces onto Airton Road. To the rear of the showrooms there are 70-80 spaces for customer parking. In addition, there is excellent car storage at basement level with 50 -80 spaces. The property is zoned objective “REGEN”, with the aim of facilitating enterprise and/or residential led regeneration. The Irish Times, 10th November
Little Island, Cork An office and warehouse investment at Little Island, east of Cork city, is for sale with a €3.5m guide price. Selling agent Lisney says this price would offer investors a net initial yield of 7.45% after allowing for standard acquisition costs. It is located at 1101 to 1103 Euro Business Park, Little Island. Originally completed in 2008 it was bought some years later by a Cork-based private investor who secured the lettings and is now selling it. It comprises a detached three-storey office building of 6,522 sq. ft. together with a separate office and warehouse building of 18,139 sq. ft., of which 71% is in offices on a site of 1.26 acres with 89 surface car spaces. Both premises are fully occupied with six tenants, three in each building. Tenants include Eolas International, Chubb, Interactive Interiors, Traco Power Solutions, H & MV Engineering and CompuCal Calibration Solutions. Lease terms range from five to 10 years and four of the leases commenced in 2021. Combined current rental income totals €286.5k per annum. The Irish Independent, 11th November
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Waterloo Road, Dublin 4 Hora Property has brought to market a Georgian property on Waterloo Road in Dublin 4 seeking offers in the region of €1.65m reflecting a gross yield of over 6%. No. 4 Waterloo Road is located just off Upper Baggot Street and Pembroke Road. The property extends to 3,229 sq. ft. laid out over four floors. Currently the upper three floors are in office use with a one bedroom own-door apartment at garden level. The property comes with six car spaces at the front of the building. These and the offices are let to seven individual tenants with a mixture of lease expiries from August 2022 to August 2024. The office element produces an annual income of €104.5k. The garden level apartment is leased at €1.4k per month. Therefore, the combined annual income is €121.3k. Should an owner occupier require vacant possession, this can be achieved by the end of 2022. The Business Post, 14th November
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Sandyford Industrial Estate, Dublin 18 An application has been lodged with An Bord Pleanála for a €29m mixed-use development at the former Siemens site on the corner of Blackthorn Avenue and Ballymoss Road in Sandyford Industrial Estate, Dublin 18 by Palemink Limited. The proposed development will measure over 226,042 sq. ft. and will include 190 build-to-rent apartment units, commercial office space, restaurant, gym and retail units in two blocks ranging in height up to 15 storeys. The Business Post, 14th November
Annacotty Business Park, Limerick Power Property is guiding €1.2m for a modern warehouse facility at Annacotty Business Park, Limerick. Known as Tara House, the property extends to 22,550 sq. ft. and incorporates a two-storey office section with a total area of 3,595 sq. ft. It stands on a 0.93-acre site and comes with a loading yard and parking. With frontage onto two estate roads, its corner site also offers high-profile potential. Power Property reports strong demand from both occupiers and investors for the limited supply of warehouse space in the 15,000 sq. ft. to 30,000 sq. ft. size range in Limerick. The closing date for submission of tenders is December 2, 2021. The Irish Independent, 11th November
Newbridge, Co Kildare Plans have been approved for a €91m distribution warehouse development for retailer Penneys at Great Connell in Newbridge, Co Kildare. The substantial development will measure 694,810 sq. ft. and will include a distribution centre, warehouse, office spaces and staff facilities. It is believed that the Newbridge depot will act as an all-island facility, creating additional capacity and serving shops both north and south of the border. The Business Post, 14th November
The Prism, Cork City Centre Construction of The Prism, a long-awaited €20m commercial development in Cork City, is finally set to get underway on November 23. Documents filed with Cork City Council indicate the late November commencement date, more than two years after planning permission was sought for the 15-storey office block. The project was delayed by pandemic lockdowns. The development — earmarked for a narrow triangular-shaped, 3,000 sq. ft. site next to the city’s bus station at the confluence of Clontarf Street/Deane Street/Oliver Plunkett Street Lower — is described by the developers as a “grade A” commercial development consisting of “64,583 sq. ft. of light-filled, fourth-generation office space”. The Irish Examiner, 11th November
Tallaght, Dublin 24 An investment opportunity at the Cookstown Court office development in Tallaght, Dublin 24 has come to the market for sale by private treaty and guiding €5m through selling agent BNP Paribas Real Estate. The two four-storey over double-basement, semi-detached office buildings extend to a gross internal area of 38,588 sq. ft. and come with a generous allocation of 124 on site car spaces. Blocks A and B have average floor plates sizes ranging from 3,121 to 6,350 sq. ft. and offer flexible, bright, open-plan accommodation. The two blocks currently produce a highly reversionary rental income of €396,216 ex Vat across five tenancies with an average passing rent of €10 per sq. ft., including parking. The net initial yield of 7.21% can easily be increased through pro-active asset management strategy via lettings of the vacant office suite, lease re-gears and rent reviews. The weighted average unexpired lease term is c. 4.3 years. The Business Post, 14th November
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Dublin Arch, North Dublin US hotel group Standard Hotels has chosen Dublin Arch, located on Dublin’s northside, as the location for its first hotel in Ireland. The Dublin hotel, which is expected to open in 2025, will have 200 rooms. Dublin Arch, formerly known as the Connolly Quarter, is being developed by Irish group Ballymore as a mixed-use business and residential development. Located adjacent to Connolly Station and bounded by Sheriff St Lower, Commons St and Oriel St, it extends to c. 1,195,000 sq. ft. and will include homes, restaurants, community clubs, artists’ studios and office space, as well as Ireland’s first Standard Hotel. The Irish Times, 10th November
Cushman & Wakefield Report Just 850 purpose-built student accommodation (PBSA) spaces were under construction in Dublin during the third quarter, a sharp drop on recent years. A new report from Cushman & Wakefield finds that c. 1,350 new PBSA bed spaces are due to be delivered to the Dublin market in 2021, bringing total stock in the market to c. 18,700 bed spaces across 56 developments. With a return to close to full occupancy for many of the PBSA buildings, the report notes that from 2022 onwards, the delivery of new bed spaces will reduce significantly. This decline comes on the back of several years of annual double-digit growth during 2016 and 2019 which resulted in a reduction in the student-to-bed ratio from c. 4:1 in 2018, to a now estimated 2.7:1. However, at the end of the third quarter of 2021, c. 7,350 student-bed spaces across 17 developments in Dublin had planning permission granted.
Outside of Dublin, Cork is the largest market, with a stock of c. 6,200 beds as of the third quarter of 2021. Almost four-fifths of this stock is accounted for by private ownership, and there has been a pick-up in beds delivered with c. 600 beds delivered to the Cork market for the academic year 2020/2021. This comprised 417 beds at a Uninest development at the former Beamish and Crawford brewery, and Nido’s first Irish residence at Curraheen Point, which provides c. 160 beds. Looking to development activity in Cork, there are currently 1,700 bed spaces under construction in the city, with c. 800 beds expected to complete in 2022.
In Galway, there is a current stock level of just over 4,500 bed spaces, with two new openings over the past year. Mezzino opened c. 400 beds at its Westwood development close to the NUIG campus, while a further 153 beds opened just off Eyre Square. There are currently just over 670 beds under construction in Galway, all of which are located on the NUIG campus, with expected delivery by 2023. The longer pipeline picture in Galway also appears positive, with c. 1,350 beds currently with plans granted and a further c. 70 beds with plans submitted. As the report notes however, with no recent commencements it is unclear as to when, or if, all these beds will be delivered to market. The Irish Times, 10th November
Blackrock, Co Louth Selling agent CBRE has brought a development site with full planning permission to build 158 homes and a creche to the market in Blackrock, Co Louth, seeking €3.25m. The coastal site has permission for a range of home types, including apartments and houses. The planning includes a selection of 99 houses, 13 duplexes and 46 apartments. The site is in the coastal area of Cois Farraige, c. 1.2km west of Blackrock village, and is situated at the corner of Rock Road and the Old Golf Links Road. The site is zoned Residential Phase 1 – “to protect and improve existing residential amenities and to provide for infill and new residential developments’’ under the Dundalk and Environs Development Plan. The Irish Times, 10th November
Ashbourne, Co Meath A ready-to-go site in Ashbourne town centre with full planning permission for 18 homes has come to the market. The site, which is being brought to the market by Hooke & MacDonald, is located at Castle Street in the Meath town. The property comprises a development site of c. 1.73 acres, which incorporates two derelict residential houses. The site benefits from c. 100m of frontage on to Castle Street. Hooke & MacDonald is guiding in excess of €1.65m for the land, which equates to €91.5k per house site. The Irish Times, 10th November
Smithfield, Dublin 7 A prime development site located on St. Michan’s Street directly opposite the former fruit and vegetable market in Smithfield, in Dublin’s city centre, has come to the market seeking €1m. The site extends to just under 3,230 sq. ft. and is within walking distance of Capel Street, the Four Courts and the Luas line. The site is vacant and cleared, within defined boundaries, and pre-planning documents have been drawn up for a residential scheme. Subject to planning permission, the site has potential for a 10-storey residential block comprising 17 residential units and one commercial unit, extending to 700 sq. ft. It is being brought to the market via private treaty by BidX1. The Irish Times, 10th November
Belmayne, Dublin 13 Developer Kajima has bought a 3.45 acre site in Dublin for its first-ever build-to-rent development in Ireland as it seeks to gain exposure in the Irish private residential market. The scheme obtained planning permission in August under Ireland’s fast-track Strategic Housing Development planning route. Kajima is looking to build 260 apartments, of which 67% are private rental homes and 33% are social and affordable homes. The development will comprise six cores within three buildings of up to seven-storeys. It will have 108 one-bedroom, 135 two-bedroom and 17 three-bedroom homes as well as more than 5,382 sq. ft. of residential amenities such as a gym, media room and workstations. The site sits within the north fringe business district in the northern suburb of Belmayne, offering easy access to Dublin airport and Dublin central business district via public transport. Enabling works are likely to begin in December of this year and construction in April 2022. Completion is expected by mid-2025. React News, 11th November
Drumcondra, Dublin 9 Planning permission has been approved for the construction of a €250m build-to-rent apartment scheme in Dublin 9. US property group, Hines has received planning permission for the construction of 1,592 apartment units on the site of the former Holy Cross Seminary at Clonliffe College in Drumcondra. Planning permission was originally sought for 1,612 units, however An Bord Pleanála omitted 20 units from the proposal as a condition of granting permission. The Business Post, 14th November
Drogheda, Co Louth Loughdale Properties Limited has lodged an SHD for 237 dwellings in detached, semi-detached, terraced/townhouse, terraced/duplex and apartment form and a crèche on the Old Slane Road in Drogheda, Co Louth. The buildings range in height from one to five storeys. The development has a total floor area of 258,807 sq. ft. and an estimated cost of €45m. The Business Post, 14th November
Rosshill, Galway An Bord Pleanála has granted planning permission to Alder Developments for an €18.3m SHD Residential Development at Rosshill, Galway city. The development will include 102 residential units (35 apartments and 67 houses), a crèche facility, retail units, playground and associated works. The Business Post, 14th November
Mulhuddart, Dublin 15 MNE Capital has lodged a strategic housing development application for a €32m apartment development at Canterbury Gate on the Old Navan Road in Mulhuddart in Dublin 15. The proposed development will measure over 172,222 sq. ft. and will include 189 build-to-rent apartment units and a crèche facility across four blocks over five storeys in height. The Business Post, 14th November
Clane, Co Kildare In a strategic housing development ruling, the appeals board has granted planning permission to plans by Debussy Properties Ltd for 192 residential units at a site on the southern side of Prosperous Road, Clane, in Co Kildare. The scheme is comprised of 114 houses and 78 duplex units. The board has ordered that all houses and duplex units not be sold to a corporate entity and the sales instead be limited to individual purchasers. The Irish Times, 10th November
Loughlinstown, South Co Dublin An Bord Pleanála has refused planning permission for a 256-unit build-to-rent apartment scheme on lands at St Laurence’s College, Loughlinstown, in south county Dublin. The apartment scheme, extending to eight storeys in height, faced strong local opposition. More than 70 objections were lodged. In refusing planning permission, the appeals board ruled the proposal would have an overbearing impact on adjacent residential properties at Wyattville Park and would not make a positive contribution to the identity and character of the area. The Irish Times, 10th November
Cherrywood, South Co Dublin Developer Lioncor is taking High Court action against Dún Laoghaire-Rathdown County Council after planners refused it permission to build 445 homes. Council planners refused Lioncor subsidiary 1 Carrickmines Land Ltd permission for 404 apartments and 41 houses in the Cherrywood strategic development zone in south Co Dublin last September. High Court papers filed this week show that 1 Carrickmines Land is taking judicial review proceedings against Dún Laoghaire-Rathdown County Council. Planners refused permission as the proposals, including measures to prevent flooding, were not consistent with the overall Cherrywood strategic development zone conditions. Accounts lodged by 1 Carrickmines Land show it had spent c. €21.5m on the Cherrywood site by the end of last year. That included €15.8m to buy the land and €5.7m in development costs. Cherrywood will ultimately house c. 30,000 people in a self-contained suburban centre covering 412 acres that will include offices, shops, services, schools and amenities. The total investment could run to €2bn. The Irish Times, 12th November
Blackpool, Cork Two Cork landowning families are behind plans lodged with An Bord Pleanála for a build-to-rent scheme in Cork city’s northside suburb of Blackpool. If the 191 apartment development is given the go-ahead, it will see the conversion of a former distillery building, Hewitt’s Mill, into apartments, as well as the construction of two nine-storey apartment blocks on wasteland directly opposite the Revenue Commissioners’ offices on Assumption Road. The overall development, covering 1.96 acres and with a gross residential floor space of 142,000 sq. ft., will include communal facilities for residents, such as function rooms, residential lounges, gym facilities, a cinema room, plenty of bicycle spaces, but very limited car parking – just 14 spaces at the Hewitt’s Mill site. The maximum height over ground level across the three sites will be 31.8m (the island site) to parapet level. The Irish Examiner, 11th November
Development Land Sector, Ireland With activity gathering momentum, the development land sector could see sales exceed €500m by year end, as agents CBRE and Savills agree that third-quarter sales reached c. €185m. According to CBRE, the third quarter figure exceeds the value of sales in the first two quarters of the year combined and brings total spend in the first nine months of 2021 to c. €369m. Savills estimates the year-to-date figure slightly higher, at €378m, but also pointed out that this represents a decline of 19% compared to the quarterly average of €227m witnessed over the last five years. The strong values of Dublin docklands sites was reflected in two of the top deals in the quarter. While the biggest price in the third quarter was achieved by a north docklands site, the highest price per acre was recorded by one in the south docklands. Eagle Street Partner purchased a six-acre site at Castleforbes Business Park for €78.5m from Glenveagh. That equates to €13,083,333 per acre. An even higher per acre price of €73,637,090 was paid for 1-6 City Quay when KC Capital paid €40.5m for the 0.6-acre landmark site. The Business Post, 14th November
Strategic Housing Developments, Ireland The State’s fast-track planning process will not be fully wound up until next June, several months later than expected. Pre-planning applications for strategic housing developments (SHDs) will be allowed up until December 17th under the Government’s plan to abolish the SHD legislation, which has become mired in legal challenges. This means developers could in theory submit planning applications under the SHD rules up until June 2022 with applications being decided on up until October 2022. Introduced in 2016, SHD legislation aimed to speed up the planning process by allowing developers apply directly to An Bord Pleanála for housing developments of at least 100 units or student accommodation developments containing 200 beds or more. However, the system has been derailed by a litany of legal challenges and so the Government has now moved to end the process earlier than next February when it was due to expire. The Government’s new large-scale residential development (LSRD) legislation, which gives decision-making powers back to local authorities but with tighter timelines around decision-making, is expected to come into effect in December. The Department of Housing confirmed in September that almost two-thirds of the 210 housing projects approved under the SHD fast-track planning laws remain undeveloped. More than half have been halted by judicial reviews. Under the new legislation, planning authorities will have to give a decision on LSRD planning applications within eight weeks of receiving them. There will also be a 16-week mandatory timeframe for decisions on subsequent appeals to An Bord Pleanála. The Irish Times, 10th November
Residential Property Prices increased by 12.4% nationally in the year to September, according to the latest data from the Central Statistics Office (CSO). This compares to an increase of 10.9% in the year to August and a decrease of 0.8% in the 12 months to September 2020. In Dublin, residential property prices saw an increase of 11.5% in the year to September, while property prices outside Dublin were 13.2% higher. In the capital, house prices increased by 12.4% and apartment prices increased by 7.7%. The highest house price growth in Dublin was in the city at 14.1%, while Fingal saw a rise of 8.6%. Outside Dublin, house prices were up by 13% and apartment prices up by 15.1%. The region outside of Dublin that saw the largest rise in house prices was the Border, at 21.9%. At the other end of the scale, the Mid-East saw a 10.7% rise. Overall, the national index is 7.4% lower than its highest level in 2007. Dublin residential property prices are 13.8% lower than their February 2007 peak, while prices in the rest of Ireland are 9.5% lower than their May 2007 peak. Property prices nationally have increased by 106.5% from their trough in early 2013. The Irish Times, 15th November
Glenveagh Properties, Ireland Housebuilder Glenveagh Properties plans to buy back a further €100m of shares, after completing the sale of a 4.6-acre residential and hotel site at Castleforbes Business Park in Dublin’s docklands. The planned share repurchase programme follows on from the group having completed its first share buyback scheme last month, under which shares to the value of €75m were acquired on the market for cancellation. Glenveagh announced in late August that it had agreed to sell the residential and hotel site at Castleforbes for €78.5m to Eagle Street Partners Group. The deal followed on from the group selling the planned 262-bed Premier Inn hotel in Castleforbes to German asset manager Union Investment through a forward fund arrangement. The overall Castleforbes site in the Dublin docklands was purchased by Glenveagh in 2018 and the site now consists of two hotels, an office of 120,000 sq. ft. and 700 residential units. The Irish Times, 16th November
Slate Office Reit, Dublin Toronto-based real-estate investment trust Slate Office Reit has agreed to take over Yew Grove Reit, the owner of office and industrial assets outside Dublin’s city centre, for €127.8m. Including Yew Grove’s €49.5m of borrowings implies an overall enterprise value on the Dublin-listed company of €177.4m. The offer price of €1.017 per share represents a tight 1.7% premium to Yew Grove’s closing price on Monday and is 3.7% above the company’s volume-weighted average share price over the past 180 trading days. Yew Grove’s focus has been on office and industrial assets let to State entities, IDA-supported companies and large corporates. The Irish Times, 16th November
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Gorey, Co Wexford Irish property investment and development group MM Capital has brought the Mill Retail Park in Gorey, Co Wexford, to market seeking €4.25m. The park, which has five retail units, is located on the outskirts of Gorey town centre, c. 500m from Main Street, the town’s main shopping thoroughfare. Irish home store Choice Homes is the largest tenant at the retail park, occupying two units with a lease expiring in 2033 and a term-certain of c. 6.4 years. Iceland, Maxi Zoo and Polonez occupy the remaining three main units. The park is 100% occupied at present with total rent of €396k a year, and the weighted average unexpired lease term is 6½ years to break options and 11.4 years to expiry. The asking price of €4.25m (exclusive of VAT) reflects a net initial yield of 8.48% assuming standard purchaser costs. The scheme extends to c. 44,694 sq. ft. with c. 160 surface car spaces on a site area of c. 3.5 acres. The park is split across five retail units ranging from 2,966 sq. ft. to 16,200 sq. ft. and contains an additional 1,811 sq. ft. Costa Coffee pod in the car park. The Irish Times, 3rd November
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Santry, North Dublin Lisney’s development land team has been instructed to bring an industrial site to market this week. The agent is guiding €3.5m for a parcel of industrial/enterprise land in Santry in north Dublin. The high-profile land on the Swords Road in Santry is located on 5.13 acres beside the Carlton Hotel Dublin Airport and is close to the M50, M1 and Dublin Airport. The land is zoned General Employment “GE” under the Fingal Development Plan 2017-2023, with uses permitted in principle including an enterprise centre, high-technology manufacturing, warehousing and logistics. The land is located c. 1km south of Dublin Airport, 8km north of Dublin city centre and 5.5km south of Swords main street. Several well-established and successful industrial and office parks in the immediate area include Collinstown Business Park, Airways Industrial Estate and Woodford Business Park. The land’s connectivity is likely to be bolstered by the proposed Dardistown Metro Stop c. 1km west of it. The Business Post, 7th November
Naas, Co Kildare Lisney is handling the sale of a well-located 11.26 acre land parcel on the northern side of the Monread Road beside the Globe Retail Park, which includes occupiers such as Woodie’s DIY, Maxi Zoo, Smyths Toys and EZ Living Interiors. The site has c. 475m of frontage onto the Monread Road and is only 400m from the N7 (Dublin to Limerick Motorway) at Junction 9 Naas North. The lands are zoned ‘Industry & Warehousing’ under the Draft Naas Local Area Plan. Uses permitted in principle under this zoning include industry, motor sales, service station and warehousing. The land holding is located less than 3km north of Naas town’s Main Street, 21km west of the M50 orbital motorway and 31km west of Dublin city centre. Local industrial occupiers include Kerry Group’s Global Technology and Innovation Centre and International Fund Services. It’s also a strategic logistic location with occupiers that include Aldi, Lidl, DSV and Primark. The Business Post, 7th November
Smithfield, Dublin 7 668 objections have been lodged against plans to build a nine-storey hotel over and adjacent to the Cobblestone pub in Smithfield, Dublin. Marron Estates Ltd is seeking to build a 114-bedroom hotel on the site at King Street in Dublin 7. The scale of the opposition makes the Cobblestone plan the most contentious Irish planning application in recent times, and a State heritage watchdog has now intervened in the row to say that it is not in favour of the development. The submission outlined the development applications unit’s concerns that the cultural aspect of the Cobblestone might not survive. The pub is a popular venue for traditional Irish music. The watchdog also said that the scheme’s design “would establish inappropriate planning precedent or approach for built heritage in the city”. However, a planning report lodged by McCutcheon Halley on behalf of the applicants said the scheme had been designed to respond sensitively to the existing protected structures and would incorporate and adapt these buildings for new use, therefore creating new modern elements that respect the site’s heritage. A decision is due later this month. The Irish Times, 5th November
Dublin 1 and Dublin 2 Knight Frank is bringing a collection of six mixed-use assets in Dublin 1 and 2 to the market. The assets will be brought to market individually. In total, the entire collection is valued at c. €11.35m. The first mixed used lot is at 38-39 Abbey Street Upper and 20 Liffey Street Lower, in Dublin 1. It comprises two restaurants, a retail/café unit and six residential units extending to a total of 11,351 sq. ft. (GIA) with an auction guide price in excess of €2.5m.
The second lot, at 72 Middle Abbey Street in Dublin 1, is guiding in excess of €750k. It’s a terraced, three-bay, five-storey commercial building over basement close to O’Connell Street. It currently stands as a partly stripped-out unit, with the roof, floors and external envelope retained. The property has an active planning permission for a 17-bedroom hotel with a penthouse suite granted. The development opportunity would also suit a variety of alternative uses, subject to planning permission.
Further along the same street, the third lot on offer is at No. 58-59, a four-storey over basement, mid-terraced building comprising two ground floor commercial units – a restaurant and hookah lounge, and seven apartments extending to a total area of just under 8,700 sq. ft. (GIA). The agent is guiding in excess of €2.5m.
119-120 Capel Street in Dublin 1 is a pair of four-storey over basement buildings with a ground floor and basement Korean restaurant, and overhead offices let to the Simon Community. Let off low base rents, and with the ability to let a further three vacant office suites, it presents as a highly reversionary prospect. This has a €1m auction guide.
The final Dublin 1 lot comprises the Clifton Court Hotel at 10-11 Eden Quay and 12 Harbour Court, a hotel and bar investment. The entire lot extends to 19,252 sq. ft. and has an advised minimum value in excess of €3m.
On the south side of the river Liffey, 10 Harcourt Street and 10-11 Montague Lane in Dublin 2 are guiding in excess of €2.6m. No. 10 Harcourt Street comprises a four storey over basement, mid terraced, mixed use, Georgian building. No. 10-11 Montague Lane consists of a vacant three-storey warehouse with planning permission for a full demolition and the construction of a three-storey over basement office scheme of c. 10,225 sq. ft. The Business Post, 7th November
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Newtownpark Avenue, Dublin 3 The Courtyard Business Centre has been brought to the market by Savills with a guide price in excess of €2.75m. Located just off Newtownpark Avenue, the property measures c. 12,550 sq. ft., on a site of c. 0.5 acres. The business centre comprises seven separate business units all spread over two stories across three blocks. There is currently one unit occupied on a 10-year lease from 2019, while the rest of the units are vacant. Floor plans of the units vary from c. 915 sq. ft. to c. 2,056 sq. ft. The site is zoned objective A – to protect and/or improve residential amenity within the current Dún Laoghaire-Rathdown Development Plan, while the draft county development plan 2022-2028 retains the same objective. According to Savills, this provides an investor with a redevelopment opportunity. A feasibility study has been carried out by Plus Architecture, which illustrates the potential to convert the office space into a residential development. The Irish Times, 2nd November
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Blackrock, South Dublin Commercial agent HWBC has brought to market the Frascati Buildings on Blackrock’s Frascati Road with full vacant possession, having previously been occupied by Zurich. HWBC is guiding a price in excess of €11m for the building, which comes complete with planning permission for a significant extension and refurbishment. That includes creating a new landmark office HQ comprising 48,760 sq. ft. of net internal area over six levels with dedicated tenant amenity and 18 parking spaces at lower ground level. In addition to enlarging existing floor plates and increasing tenant amenity space, the new building footprint includes a new penthouse floor on the fifth storey. This adds 5,005 sq. ft. to the net area, providing generous outdoor terraces and impressive views over Dublin Bay. The Frascati Buildings enjoy an unrivalled profile fronting onto the Frascati Road, and are less than five minutes’ walk from Blackrock’s Dart station. Both the Frascati Shopping Centre and Blackrock Shopping Centre recently underwent multimillion-euro refurbishments while significant investment in public cycling and walking infrastructure leaves Blackrock as an attractive HQ option for indigenous and multinational companies alike. The Business Post, 7th November
Foxrock, South Dublin The Four Ferns Nursing Home, part of the Virtue Group, is looking to expand its existing facility on the outskirts of Foxrock village in south Dublin. The nursing home, located on the upmarket Brighton Road, was one of Ireland’s most expensive when constructed at a cost of c. €28m. Now the operators are seeking to extend the 144-bed nursing home, by adding an additional 33 bedrooms and associated resident amenities. FWNH Limited, a company of which Cillian and Ronan Willis, founders of the Virtue Group, are directors, has applied for planning permission to demolish the adjacent house, known as Tall Trees. In its place, it is looking to construct one three-storey extension to the east and west wings of the nursing home to accommodate the additional rooms. It is also seeking to supply six further car parking spaces. The Irish Times, 3rd November
Nursing Home Sector, Munster Cork investment firm BlackBee is preparing to exit the nursing home sector and has appointed the adviser PwC to devise a sales strategy for its portfolio of 12 care home properties, all of which are based in Munster. It comes just over two years since the firm launched a €250 million fund that it said would build 1,000 state-of-the-art single en suite beds and fund the acquisition of 750 existing beds operating under a new brand, Aperee. BlackBee raised tens of millions of euros from investors, mostly retail clients, to fund the purchase of nursing homes, first under the Ditchley Group and then under the Aperee franchise, which is headed by Paul Kingston. Last year Aperee took over the operation of the Ditchley homes. In total, BlackBee investors control about 700 beds. Ditchley operates seven nursing homes in Munster. Aperee homes include Padre Pio nursing home in Churchtown, Co Cork. The Sunday Times, 7th November
Ballsbridge, Dublin 4 An Post’s post office on Shelbourne Road is being brought to the market as a development opportunity, with a guide price in excess of €1.5m. The landmark property measures c. 5,419 sq. ft. on a site of c. 0.12 acres with profile to the river Dodder and offers a wide range of potential options including office, food and beverage and medical uses. The property comprises a retail unit to the front of the building at ground and first floor measuring c. 1,186 sq. ft. It is occupied by An Post on a four-year, nine-month licence agreement. The property also has separate office accommodation to the rear at ground and first floor, which is vacant, and measures c. 4,441 sq. ft., as well as several vacant outbuildings. The site is zoned Z4 – District Centre and will provide an investor with a prime redevelopment opportunity, ideal for office, food and beverage or medical uses subject to planning permission. The Irish Times, 3rd November
Merrion Road, Dublin 4 Dublin City Council has agreed a €2m social housing deal with hotel operator Dalata for its Tara Towers development on the Merrion Road. In order to fulfil Part V social-housing obligations for the development, which will be home to a four-star Maldron hotel as well as 69 apartments owned by Ires Reit, Dublin City Council has acquired seven apartments at the nearby Elm Park development in Dublin 4. This means that there will be no requirement for social-housing units at the upmarket apartment development, which will be run by Ires Reit. The hotel is expected to open in 2022, with the residential element of the redevelopment – 12 one-bed, 43 two-bed and 14 three-bed apartments – also expected to be handed over next year, after Covid-related delays. The Irish Times, 5th November
Dundrum Shopping Centre, South Dublin Proposals for the redevelopment of the old Dundrum Shopping Centre in south Dublin have been published by a local group – while the landowner is in discussions with An Bord Pleanála for a fast-track planning application to develop 889 apartments on the centre and on other properties in the village. Councillor Anne Colgan, spokesperson for the ‘Imagine Dundrum’ (ID) group, is concerned that the landowner, Dundrum Retail GP DAC (DRGP), might seek permission for tall towers, similar to the 14-storey tower which the government’s Land Development Agency sought for the nearby Dundrum Mental Hospital site. Instead, ID wishes to restrict the height of development on Dundrum’s Main Street to three storeys, in order to retain the character of the village. DRGP, a joint venture between Hammerson and Allianz, is currently in discussion with An Bord Pleanála about a Strategic Housing Development (SHD) fast-track planning application. A spokesperson said it remains in the Stage 2 SHD “pre-application process for a residential-led scheme on the land adjacent to Dundrum Town Centre.” If it gets approval from ABP, it will have until next February to make a formal application with full details of its plans, as after that date SHDs are expected to end. The Irish Independent, 4th November
Commercial Property Market, Ireland Investment market analysis by BNP Paribas found that German investors accounted for €700m of the €3.5bn in sales, or c. 20%, transacted in the first nine months of the year in the Irish market. Overall, research from the real estate group found that the third quarter of 2021 was the busiest in the commercial property market in six years, with turnover up 12% on the five-year average. Investment doubled from €1.8bn in the first nine months of 2020 to €3.5bn in the same period in 2021, while there were 140 investment deals in the first nine months of 2021, outstripping the full-year figure for 2020 (138). The private rented sector accounted for more than half, at 52%, of all sales in the third quarter, and 54% of activity in the first nine months of the year, with €415m worth of residential assets purchased. The office sector experienced a lull, however, in the third quarter, with just €128m worth of offices trading, the lowest quarterly total in five years. The Irish Times, 2nd November
Commercial Property Demand, Galway Galway property agent O’Donnellan & Joyce’s commercial department has reported a strong rise in demand across the entire sector this year, specifically for retail, office and development land across Galway city and beyond despite the Covid-19 pandemic. Since the second quarter of the year, the agent has experienced a surge in demand for such commercial properties and enquiries are up an estimated 15% year-on-year. The division recently achieved two successful commercial sales in Galway city. These include No. 5 Lombard Street, a high-profile commercial/residential investment unit located in the heart of the city. Boasting prime retail frontage, it comprised a self-contained three-storey building extending to c. 3,900 sq. ft. Above the commercial unit, the property had two self-contained two-bedroom apartments positioned on the second and third floor. These extended to c. 667 sq. ft. and were presented in turnkey condition. This property sold in excess of the guide price of €1.2m. A second strong result was the sale of No. 24 William Street, on a busy retail thoroughfare which links to Eyre Square and Shop Street. The property also sold in excess of its €1.2m asking price. The self-contained, three-storey investment property was sold with strong tenants in situ on a long-term lease. It had an open plan retail area on the ground floor with overhead storage accommodation on the first, second and attic floors. The Business Post, 7th November
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Corrib Shopping Centre, Galway has been put on the market by joint agents Cushman & Wakefield and Colliers with a guide price in excess of €18.5m. Anchored by Marks & Spencer and Sports Direct, which recently took a new 10-year lease on the former Debenhams anchor unit occupying more than 65,000 sq. ft., Corrib Shopping Centre is also home to Carraig Donn, Peter Mark, Walsh’s Pharmacy and Meteor. The sale consists of the freehold interest in the entire shopping centre and a long leasehold interest in the multi-storey car park for which a profit share structure is in effect. The scheme, which comprises c. 100,000 sq. ft. of lettable retail space, fronts on to Eyre Street, Bóthar Irwin and Bóthar na mBan, providing extensive street frontage of more than 656 ft. to the southwest, southeast and northeast. Neighbouring occupiers in the immediate vicinity include TK Maxx, Dunnes Stores and Galway City Council. Corrib Shopping Centre has a current occupancy rate of more than 99%, with just one vacant unit and a weighted average unexpired lease term of 6.7 years to break option and 6.79 years to expiry. With a total passing rent of €1.71m a year, this reflects a net initial yield of 8.41%. The Irish Times, 27th October
City Centre, Carlow Quinn Agnew has launched a prime town centre investment in Carlow guiding in excess of €1.75m. The property comprises three retail units, together with the rear car park at Kennedy Avenue, and benefits from a strong tenant profile with McDonald’s, Mr. Price and Kevin Kelly Pharmacy. The properties are held on long-term leases with a current income of €165k pa. There is reversionary potential from the outstanding rent review on the pharmacy. According to the selling agent, the rent would equate to a net initial yield of 8.5% and following the rent review the reversionary yield could exceed 9.5%. The combined floor areas of the units totals c. 19,660 sq. ft. while the car park extends to 0.12 hectares. The Irish Independent, 28th October
Athlone, Co Westmeath Commercial agent TWM has brought the former An Post mail distribution unit to market at Coosan in Athlone, Co Westmeath for which it is guiding €1.2m. The property is accessed via the New Two Mile Road which runs along its northern boundary and is located 2km north of the town of Athlone. The property comprises two lots. One is a single-storey distribution unit which benefits from 12 dock levellers and extends to c. 26,900 sq. ft. on a 4.1-acre site and is guiding €830k. The second lot comprises an adjacent greenfield site that extends to c. 3.1-acres and is guiding €370k. The asset and site provide flexibility for either development or occupation. The Business Post, 31st October
Newbridge, Co Kildare A proposal to build a Primark distribution centre in Newbridge, Co Kildare has been granted planning permission. The scheme will have a cumulative gross floor area of 694,810 sq. ft., comprising a distribution warehouse, office accommodation and ancillary buildings. It will be built on a 15.42 hectare site in Great Connell. Barola Capital DAC, the property investment unit of the fashion retailer, will invest €43m for the base construction and Primark will spend a further €75m on the internal fit-out and equipment, according to documents attached with the application submitted to Kildare County Council. React News, 28th October
Clonshaugh, Dublin Colliers Properties LLC applied for planning permission to Dublin City Council on behalf of Amazon Data Services Ireland Ltd to put two data centres — of 138,585 sq. ft. and 15,661 sq. ft. — on a 3.75-hectare brownfield site in an IDA business park in Clonshaugh. The number of data centres in Ireland is now under increased scrutiny after a report by Eirgrid, the state-owned electric power transmission operator, stated that they could account for c. a quarter of all energy demand by 2030, up from 11% today. An energy report, which was submitted with the Amazon plans, said that the proposed centres would consume c. “589 GWh annually”, producing c. 48,000 tonnes of CO2 equivalent a year. Amazon has promised to offset their power consumption with three wind farms in Donegal, Galway and Cork. The Sunday Times, 31st October
Dublin, Ireland Latest figures by Cushman & Wakefield show that the vacancy rate in the industrial and logistics market fell to just 6% in the third quarter in Dublin, a 20-year low, as Covid-19 and Brexit continues to drive structural demand changes. Overall, a total of 2,456,324 sq. ft. of space was transacted in the sector in the year to date. This includes space taken up and also pre-let activity of units in the development pipeline. This is up substantially on 2020, when 1,901,444 sq. ft. was transacted during the same period. Looking ahead, Cushman & Wakefield expects to see more pre-let activity as availability levels within the market have grown increasingly tight. Just 2,783,816 sq. ft. was available as of the end of September, an annual decrease of c. 20%. Of this, just 20% is grade A, while there are only four grade A units greater than 53,820 sq. ft. available. To further emphasise the lack of available space, the report notes that the current figure sits below the long-run annual average for take-up of 3,724,313 sq. ft. However, an uptick in new space coming to the market is also expected, with a total of 2,265,265 sq. ft. of space under construction at the end of the third quarter of 2021, which is due to be delivered over the next 15 months. According to the report, of this c. 1,040,332 sq. ft. is already pre-let, however it is expected that further pre-lets will occur as these units progress towards completion. The Irish Times, 27th October
Fitzwilliam Place, Dublin City Centre Colliers has launched the sale of 12 and 13 Fitzwilliam Place, together with their original mews buildings, nos. 12 and 13 Lad Lane, and 15 car parking spaces. The guide price of €6.5 million equates to a capital value of €565 per sq. ft. The entire property portfolio comes to 11,490 sq. ft. in total and is producing rental income of €286k a year, with “excellent rental growth potential” according to the agent. The properties are also available separately. The two buildings inter-connect at lower ground floor level and extend to 4,737 sq. ft. and 4,371 sq. ft. respectively. No. 12 Fitzwilliam Place is occupied in its entirety by law firm Reddy Charlton under a new 10-year lease from January 1st 2021, at an annual rent of €168k, with tenant break option at the expiry of the fifth year. Reddy Charlton also occupies the basement of no. 13 on a separate lease that run’s co-terminus with No. 12 at an annual rent of €12k. No. 12 Lad Lane is let to Iput on a short-term letting that expires in September 2022 at an annual rent of €32.5k a year. No. 13 Fitzwilliam Place is part let / part vacant. It is laid out as office accommodation from hall floor to the second floor with a spacious three-bedroom apartment on the third floor. Enright Construction and Fuels for Ireland occupy the hall floor and part of the second floor on short term letting agreements. The total combined passing rent is €43.8k a year. No. 13 Lad Lane is let to Iput until December 2023 at an annual rent of €30k. The Irish Times, 27th October
Carrick-on-Shannon, Co Leitrim Carrick Business Campus in Carrick-on-Shannon, Co Leitrim, is being brought to the market by agent Savills with a €6.6m guide price and comprises 112,612 sq. ft. of offices. Consumer credit business Avant Money recently signed new lease terms for over 22,490 sq. ft. of its space. This leaves 90,122 sq. ft. available, which would allow purchasers to target firms seeking office space from 5,000 sq. ft. upwards. Serviced office provider Digital Office Centre Group is selling the property, which it acquired in 2016. Credit card firm MBNA had previously occupied the campus. The Irish Independent, 28th October
Baldonnell Business Park, Dublin 22 Savills has brought to the market a fully-fitted office unit in Baldonnell Business Park, Dublin 22, which is being offered for €1.8m. The Baldonnell investment is known as Landscape House, a semi-detached building extending to 15,220 sq. ft. over two storeys and comes with 28 car spaces. It is let to DPS Engineering and Construction Ltd, a global consulting, engineering and construction management company, serving high-tech industries around the world. The lease is for a term of 10 years with a five-year break option at an annual rent of €180k which equates to a net initial yield of 9.09%. Fronting onto the N7 Naas Road, Baldonnell Business Park is 15km southwest of Dublin city centre and just 6.5km from Junction 9 on the M50. The Irish Independent, 28th October
Copley Hall, Cork A portfolio of 10 apartments in Cork city centre is being offered for sale by Lisney in a single lot with a sale guide price of €2.65m. The 10 apartments in Copley Hall are part of four-storey block of 32 apartments. The portfolio comprises seven two-bedroom apartments ranging in size from c. 670 sq. ft. to c. 990 sq. ft. and three one-bedroom apartments of c. 495 sq. ft. each. Six of the apartments are on the top floor, with three on the third floor and one on the second floor. The fully furnished apartments provide a high standard of accommodation and there is lift access to all floors. The apartments are fully occupied with the exception of one apartment which has been left vacant to facilitate viewings. There are eight basement car spaces included in the sale. The actual total rental income is c. €178k pa, with potential for rental growth. The guide price offers an investor a net initial yield of 6.45% after standard acquisition costs. The most recent sale of an individual apartment in Copley Hall as recorded by the Residential Property Price Register is the sale of No. 20, a third floor two bed apartment which sold for €283k in September 2021. The Business Post, 31st October
Castleconnell, Co Limerick A 37.9-acre development site at Coolbawn in Castleconnell, Co Limerick, which may have potential for 25 houses, is being auctioned by BidX1 with a €1m guide price. It was part of a site which had planning permission for 69 dwellings, of which 31 were built and sold. According to the auctioneer, a third party is in possession of a portion of the property and “vacant possession of this portion of the property in sale may not be furnished on closing”. However, the development contributions have been paid in full. The Business Post, 31st October
Tallaght, South Dublin Louis Fitzgerald, the country’s biggest pub owner, is looking to build apartments on the site of one of his Dublin pubs. Fitzgerald, who owns more than 12 acres beside the site of his Old Mill pub in Tallaght, has asked South Dublin county council to zone c. four acres for residential. He wants to build apartments on the site on Bohernabreena Road. The Sunday Times, 31st October
Landsec acquires U+I Listed property giant Landsec has made a bid to acquire U+I for £190m, in an all-cash deal which equates to 149p per share and a 9% discount on the net asset value of the national developer. The deal has been accepted by both boards of directors, and U+I is set to unanimously recommend the sale to its shareholders. The offer price represents a 73% premium on Friday’s closing price of 86p per share and a 70% premium over the average price of the past three months. Landsec’s primary interest in acquiring U+I is focused on acquiring its, potentially vast, regeneration portfolio. The Core Regeneration assets segment (currently 22% of the total U+I portfolio) comprises five major schemes which are mostly public-private partnerships to build on publicly-owned land. These five major schemes have a significant estimated gross development value of £6bn. This acquisition aligns with the objectives Landsec outlined in October 2020 to recycle investment to drive growth and generate higher returns, including through urban opportunities in London and other major regional cities. The U+I acquisition is noted by management as accelerating that strategy, adding an attractive pipeline of mixed-use urban development opportunities along with complementary skills and expertise. React News, 1st November
CBRE Bi-Monthly Report According to a report by CBRE, the market has stabilised and there has been a significant uptick in transactional activity underway in all sectors, both on and off market, since the summer, with the volume of activity in the second half of 2021 in marked contrast to H1. In fact, Q3 was stronger than the two previous quarters combined in most sectors of the market. The ability of investors and occupiers to travel to undertake property inspections since restrictions were lifted has been transformative for the Irish commercial property market. The months of September and October have been phenomenally busy, although negotiations are proving overly protracted in many sectors with transactions taking several months to complete in some cases. The extent of activity underway is therefore not fully appreciated due to the length of time it is taking to translate into completed transactions. The Irish commercial property market is now firmly in growth mode, having achieved a total return of +2.6% in the year-to-date, according to the latest MSCI Irish Property Index. CBRE Bi-Monthly Report, 1st November
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South Mall, Cork City JLL is guiding €4.5 million for a former banking hall with planning permission for a 58 bedroom boutique hotel in Cork City. Designed by Scott Tallon Walker Architects, the planning permission includes the conversion of the existing bank, along with a new-build bedroom block extension to the rear and side. The permitted scheme also provides for a large, double-height restaurant, bar, cafe and hotel reception area fronting South Mall. The Irish Times, 6th November
Hanover Quay, Dublin JD Wetherspoon has added to its Irish portfolio with the acquisition of HQ Bar and Restaurant at Hanover Quay in Dublin’s Grand Canal Dock. The property was put up for sale in June of this year with a guide price of €5.5 million. The 9,192 sq.ft. property, split over two levels, was being offered for sale with the opportunity to enter a long-term lease with the then owner-occupier Fulminis Limited. In addition to its existing Irish portfolio, Wetherspoons is currently developing an €18.5 million pub and hotel on Dublin’s Camden Street as well as pubs in Galway and Waterford. The Irish Times, 11th November
Aaran Street East, Dublin 7 The Sunday Times understands that German Hotel group, Ruby Hotels are being lined up to operate a proposed 278 bedroom hotel in Dublin City. Plans have been lodged to build the eight-storey hotel on a site spanning Arran Street East and Little Mary Street, opposite the Daisy Markets, part of the old Dublin fruit markets. The German group runs six hotels with 12 more in planning or construction and is due to open its first UK hotel in London in 2020. The Sunday Times, 10th November
Celbridge, Co Kildare Knight Frank is guiding €4.5 million for a partly let portfolio of 27 residential units at Primrose Gate, Celbridge, Co Kildare. 16 of the units are currently occupied and are generating €220,300 in rental income per annum. There is potential to increase the rental income to c.€400,000 per annum once the remaining 11 units are fully let, which would represent a 9.2% gross return on the guide price. The portfolio comprises 15 two-bedroom apartments, 10 three-bedroom duplex units and two three-bedroom semi-detached houses and they are dispersed in an estate which includes a number of houses and duplexes. The Irish Independent, 11th November
Citywest Business Campus Fine Grain Property has acquired 3013 Lake Drive, a three-storey 38,000 sq.ft. purpose-built office building on the Citywest Business Campus in south-west Dublin for c.€10 million in an off market deal. Part of the building is let to a number of companies including pharma firms Takeda and Valeant, a subsidiary of Bausch health. The other part is operated as serviced offices by The Prem Group on behalf of Fine Grain. The Irish Independent, 10th November
Northwest Business Park, Dublin 11 Agent Harvey is quoting €1.5 million (€100 psf) for a warehouse and office facility at Northwest Business Park in Dublin 11. The warehouse area extends to 12,002 sq.ft. and the two-storey offices and staff facilities which comprise 2,992 sq.ft. are situated to the front of the building and provide a mix of open plan and cellular offices, reception and toilet accommodation. Unit 508B is located in phase two of Northwest Business Park offering dual road profile and easy access to the N2/M50 and M2/N3 link road. The Business Park is situated 6.4km from both the N2/M50 (junction 5) and N3/M50 (junction 6) providing easy access to Dublin Airport and Dublin Port Tunnel. The Irish Times, 6th November. The Irish Times, 6th November
Northside Shopping Centre, Coolock, Dublin 17 The German family-office, AM Alpha, has made their first investment in Ireland’s retail property sector, paying c.€50 million to acquire Dublin’s Northside Shopping Centre in Coolock, Dublin 17. Extending to 180,375 sq.ft, Northside Shopping Centre comprises 76 retail units, of which 90% are occupied generating annual rental income of €4 million, representing a yield of 7.5%. The Centre’s anchor tenant is Dunnes Stores whilst Supervalu are paying the highest individual rent of €400k per annum. The Irish Times, 6th November
Albert Quay, Cork City JCD Group have lodged a planning application to build a large-scale residential build-to-rent scheme in the city’s docklands on the old Carey’s Tool Hire site. The proposed scheme will comprise 93 one-bed units, 104 two-beds and four three-bed apartments. The development comprises three distinct parts: the restored railway house and terminus buildings leading onto a large public plaza; the two lower residential blocks which step up from nine to 12 storeys and the Landmark Tower section, which is a proposed 25 storeys. The Sunday Business Post, 10th November
Coolock, Dublin 17 A 6.36 acre site in Coolock, Dublin has come to the market through Lisney with a guide price of €3.5 million (€550k per acre). The land use zoning for the site falls within Z6 under the Dublin City Development Plan, which indicates a range of employment and enterprise generating uses that are acceptable. The site benefits from 120 metres of frontage onto Oscar Traynor Road and it is located alongside Northside Retail Park. The Irish Independent, 11th November
County Roscommon Savills has brought a mainly residential development site extending to 21.1 acres situated 7.5km west of Athlone Town Centre to the market with a €1.6 million guide price (€75.8k per acre). The site has three different zoning objectives: 5.7 acres for new residential, 5.9 acres for strategic residential reserve and 9.5 acres for recreation and amenity uses. Previously, there was planning permission granted, which has now expired for 163 residential units and a crèche. The Irish Independent, 7th November
Griffith Avenue, Dublin 9 Cushman & Wakefield is guiding €35 million for a 9.6 acre on Dublin’s Griffith Avenue (€3.646m per acre). It is thought that the site, which is owned by DCU could have the capacity to accommodate 600 residential properties with a mix of build-to-rent units and homes for individual sale. The land has c.150 metres of road frontage onto Griffith Avenue, a key arterial route into the city close to Dublin Airport and is a five minute walk from the proposed Metro North stop at DCU. The Irish Times, 6th November
Ballyboden, South Dublin The Irish Times understands that the Augustinian Order has secured c.€20 million from the sale of 8.6 acres of land (€2.325m per acre) to Shannon Homes next to its provincial headquarters at Ballyboden in south Dublin. The sales price represents a premium on the €18 million that GVA Donal O’Buachalla were guiding in March of this year. A feasibility study prepared by John Fleming Architects in advance of the sale however indicates that the site could, subject to planning permission, accommodate a medium-density residential scheme of 212 homes or a build-to-rent development of 436 units. The Taylor’s Lane site has extensive road frontage and is close to the villages of Rathfarnham and Knocklyon, Nutgrove Shopping Centre and Dundrum Town Centre. Junction 12 of the M50 is also only a short drive away. The Irish Times, 6th November
Heuston Station, Dublin The Irish Independent understands that CIE are finalising plans to bring 18 acres of land next to the Heuston Station to the market in phases. The potential development could provide over 1.6 million sq.ft. of commercial and residential floor space and it is thought that the development lands could be worth €326 million based off the €18.1 milliom per acre paid for the Hickey’s site on Parkgate St. The Irish Independent, 10th November
Santry, North Dublin The owners of the Omni Park shopping centre in Santry in north Dublin are advancing plans to build hundreds of apartments and an aparthotel on an adjoining site. It is proposing to build 324 apartments, an 81-bedroom hotel and crèche and would involve demolishing a vacant warehouse to make way for the scheme. The Omni Park centre is owned by the Dublin building group MKN and private clients of stockbroker Goodbody. The 23-acre site includes the shopping centre, an 11-screen cinema, and a retail park with a Lidl outlet and Marks & Spencer food store. The Sunday Times, 10th November
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The Sorting Office The Irish Times understands that Google has entered into talks in relation to the rental of all 202,000 sq.ft. of space at the Sorting Office, the seven-storey office block being developed in the Dublin docklands by Marlet Property Group. The office was recently purchased by Singapore based Mapletree Investments for c.€240 million. Should a deal be agreed, the accommodation at the Sorting Office would provide Google with enough room to grow its existing 8,000-strong Dublin-based workforce by up to 2,000 employees. The Irish Times, 30th October
Eastgate Retail and Business Park, Cork The O’Flynn Group has secured planning permission for further office accommodation on the last remaining commercial site at Park Place in Cork’s Eastgate Retail and Business Park. Joint agents Cushman & Wakefield and Lisney are inviting potential occupiers to express their interest in the scheme, which upon delivery will comprise 130,000 sq.ft. of grade A office space across three buildings. The Irish Times understands that while the entire development can be linked to provide a single headquarter premises, the O’Flynn Group is open to meeting tenants’ requirements for 10,000 sq.ft. and upwards. Park Place is located at the entrance to Eastgate Retail and Business Park. Developed by the O’Flynn Group over the last 18 years, the scheme extends across a total area of 120 acres of commercial and retail accommodation. The Irish Times, 30th October
Sandyford Business Park F.J. Frisby & Associates are guiding €1.2 million for a 3,400 sq.ft. (€352 psf) three storey end of terrace office building located within the Mall, Beacon Court in Sandyford Business Park. The property produces passing rent of €85k per annum and there is a 10 year lease in place with Buy4Now Ltd which commenced in April 2018 with the next rent review being in 2023. The accommodation also comes with the benefit of a decked roof terrace and 5 designated car parking spaces. F.J Frisby & Associates Sales Brochure
Dundrum Business Park Lisney is guiding €1.25 million for two fully-let and self-contained office investments in south Dublin. Units 4A and 4B Dundrum Business Park are occupied by Broadridge Ireland Limited at a passing rent of €55,250 per annum which will rise to € 104,614 per annum in July 2020. The tenant has signed a new 10-year lease commencing on July 24th, 2020, and has a break option on April 1st, 2027. Unit 4A extends to 2,591 sq.ft. and comes with the benefit of seven car-parking spaces, while Unit 4B extends to 1,346 sq.ft. and has five car-parking spaces. The Irish Times, 30th October
Athlone, Co. Westmeath Yew Grove Reit has purchased a 43,570 sq.ft office building at the IDA Ireland Business and Technology Park in Athlone for €12 million (€264 psf). The building has a weighted average unexpired lease term to break of 8.9 years and an expiry of 11.9 years and currently produces €950k per annum in rental income. The price represents a net initial yield of 7.2%. The Irish Times, 30th October
Maynooth Business Park The Irish Times understands that Fine Grain Property has purchased Block C, Maynooth Business Park in Kildare for c.€6 million, increasing the value of its portfolio to €180 million. Some 40,000 sq.ft. of the building is occupied currently by Link Asset Services, while the remaining 20,000 sq.ft. is in shell-and-core condition and it is understood that Fine Grain will invest a significant sum with a view to bringing it to the office rental market in early 2020. The Irish Times, 30th October
Cushman & Wakefield Regional Report Occupier activity in the Cork Office market was modest at 23,680 sq.ft across 6 deals in three months to the end of September 2019, however, take up in the year to date is much stronger at 261,025 sq.ft. The Galway Office market has seen just one deal taking place in Q3 2019, however, take up activity in the Galway office market totalled 102,795 sq.ft. in the nine months to the end of September 2019, across 18 deals. This is significantly higher than the take up levels witnessed in the same period in 2018. The majority of the space (80%) occupied in the year to date has been located in the suburbs.
Crown Square, Galway The 13 acre Crown Square mixed use scheme in Galway has commenced construction. The development which will be ready for occupation in 2021, will include 425,000 sq.ft. of grade A office space distributed across five buildings, a 175-bed hotel, 288 residential units, along with retail, food and medical uses. Upon completion the scheme is expected to accommodate a total workforce of c.3,500 people between its offices, hotel and other facilities. The Irish Times, 30th October
Morissons Quay, Cork City Whitbread, the owner of Premier Inn, working with its development partners Greenleaf Group and Warren Private, has secured a deal for a new Premier Inn hotel in Cork city centre, marking its first site in Ireland outside Dublin. The new 183 bedroom hotel will be situated on Morissons Quay, just off Cork’s South Mall. After signalling its intent to expand into the Irish market last year, Whitbread has secured more than 500 Premier Inn rooms in Dublin city centre in three hotels – at South Great George’s Street, Jervis Street and Castleforbes Business Park, increasing the number of rooms to 3,500. The hotels are planned to open from early 2021 onwards. The Sunday Business Post, 3rd November
Tallaght, West Dublin An Austrian investor has bought the Tallaght Cross hotel in west Dublin, which was developed in 2008 and has remained closed for almost a decade. The investor intends to open the 186 bedroom hotel in early 2020. The most recent purchase brings the number of hotels under the investor’s TMR Hotel Collection banner to 13 in Ireland. The 186-bedroomed Tallaght Cross hotel was sold by an unnamed private investor who bought it from Nama four years ago. An associated apartment development was previously acquired from Nama by IRES Reit. The Irish Times, 30th October
Ballycoolin, Dublin 15 Joint letting agents Cushman & Wakefield and CBRE are quoting a rent of €220,000 per annum for a 25,000 sq.ft. (€8.79 psf) warehouse unit in Ballycoolin, Dublin 15. Number 47, Rosemount Business Park is a modern detached property located on a self-contained site of 1.26 acres. The property is situated in Ballycoolin, alongside several other established industrial parks and benefits from easy access to the M50 motorway at junction 5 (Finglas) of the N2, or alternatively junction 6 (Blanchardstown) via the Ballycoolin exit on to the M3. The park is also in close proximity to Dublin Airport and Dublin Port Tunnel. The Irish Times, 30th October
Cushman & Wakefield Regional Report The Cork industrial market witnessed a healthy level of take up in Q3 2019 with transaction activity totalling 63,507 sq.ft. across 4 deals, bringing take up in the year to date to 198,594 sq.ft. However, this is 32% below take up levels witnessed at the same point in 2018. In the Galway industrial Market, take up activity totalled 86,649 sq.ft. in Q3 2019, bringing year to date activity to 111,945 sq.ft.
Waterford City The Broad Street Centre, a mixed-use scheme in Waterford City has come to the market with Knight Frank guiding €5 million. The scheme comprises a three-storey over-basement level scheme providing 13,498 sq.ft. of retail space and 16,283 sq.ft. of office accommodation (€167 psf). The centre accommodates seven own-door retail units at ground floor with office and storage accommodation overhead. 65% of the scheme is occupied by high-profile domestic and international tenants with a weighted average unexpired lease term certain for the scheme’s existing tenant base of 5.45 years (NIY 10.62%). The Irish Times, 30th October
Kinsealy, North County Dublin Savills is guiding €8 million for a 16 acre site (€500k per acre) with potential for residential development in Kinsealy in north county Dublin. The majority of the site is zoned “Rural Village”, allowing for the delivery of up to 85 new homes (€94k per unit) and a new village square. The rural village zoning relates to c.10 acres of the site, while a further 4 acres is unzoned allowing for a significant element of open space or an opportunity for rezoning in any future development. The site is located in the centre of Kinsealy village on the Malahide Road. The Irish Times, 30th October
Rathmines, Dublin 6 Lambert Smith Hampton is guiding €1.6 million for a 0.19 acre (8,190 sq.ft.) Z4-zoned site at number 10 Wynnefield Road in Rathmines Village (€8.42m per acre). The site comprises two former coach houses currently in use as warehouses and a modern two-storey building which is laid out as a showroom and office space. The existing owners are prepared to remain in situ under a licence for a period of between 12 and 18 months, during which time the purchaser could submit a planning application for the redevelopment of the site. The Irish Times, 30th October
Rush, North Dublin A 15.63 acre residential development opportunity in Rush, north Dublin has been brought to the market through CBRE with a guide price of €1.95 million (€124.7k per acre). The site is zoned RS (residential and open space) under the Fingal Development Plan 2017-2023. It is believed that c.4.3 acres of the land will be relinquished to Fingal County Council for the provision of open space relating to the adjacent Golden Ridge residential schemes. The subject site is accessed from the Skerries Road and is located in close proximity to the recent Golden Ridge and Brookfield Park residential developments. The Irish Times, 30th October
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Harcourt Square, Dublin 2 Hibernia Reit has secured planning permission for 315,000 sq.ft. on the 1.9 acre site located at the current Dublin regional Garda Headquarters on Harcourt Street. It is expected that the development will cost in excess of €100m. Construction is expected to commence in January 2023 when the Garda staff will be moved to a new seven storey facility on Military Road near Heuston station. Work on this property is expected to commence in early 2019. Hibernia Reit purchased the property for €70m in 2015. The Irish Times, 27th November
Dublin Landings, Docklands JR AMC, a South Korean REIT, has purchased one of the five office blocks currently under construction in the Docklands for €106.5m (4.21% NIY). No. 2 Dublin Landings, a 100,000 sq.ft. property has been let to WeWork at €4.87m pa rising to €5.38m in year five. The Central Bank has purchased No. 4 and No. 5 for c€210m. The Irish Times, 21st November
Apollo House, Dublin City Centre The Irish Independent has reported that Marlet Property Group will acquire the 0.72 acre site of the former Apollo House for €56m (€77.7m per acre). The property was brought to market in September this year with Savills guiding €40m. The site has planning permission for a 135,863 sq.ft. 11 storey over basement office building. The Irish Independent, 26th November
8 & 9 Grant’s Row, Dublin 2 will be auctioned on 4th December with Sherry Fitzgerald guiding €3.25m. The current 5,328 sq.ft. office building on a 0.13 acre site with 13 car parking spaces has planning permission for a 10,839 sq.ft. five storey office block. The Irish Independent, 22nd November
Bonham Quay, Galway City Gerry Barrett’s company Edward Capital is due to commence work on 279,862 sq.ft. of grade A office space and 21,582 sq.ft. of retail at Bonham Quay in February 2019. Gerry Barrett also secured the tender to redevelop the 8.2 acre CIE site adjoining the train station. The Sunday Business Post, 25th November
Lucan, Co Dublin Cushman and Wakefield are guiding €1.8m (9.66% NIY) for nine retail units at Rosse Court, Lucan. The properties which are 12,722 sq.ft. in total generate €188,600 pa which will increase to €198,600 by 2020. The Irish Times, 21st November
43 – 45 Bolton Street, Dublin 7 will be auctioned at IAM Sold’s Leinster public auction on December 5 guiding €950k. The 2,895 sq.ft. property is let to Spar at €76k pa (8% GIY). The lease expires in 2041 and the next rent review is 2021. The Irish Independent, 22nd November
Kiltipper, Dublin 24 Cushman and Wakefield are guiding €1.25m (9.68% NIY) for units 1 – 4 at Marfield Mall in Kiltipper Dublin 24. The properties extend to 11,808 sq.ft. and three of the four units are let generating €131,370 pa. The 1,130 sq.ft. vacant unit has planning permission for bookmakers. The Irish Times, 21st November
Dun Laoghaire, Co Dublin Hooke and MacDonald are guiding €94m for 214 apartments currently under construction at Fairways Scheme, Cualanor, Dun Laoghaire which are due for completion by the end of 2019. The apartments will be within four blocks of five and six storey over basement buildings and are expected to generate €5.15m to €5.41m, reflecting a yield of 5.4% to 5.7%. The Irish Times, 21st November
Dalkey, Co Dublin Bartra Capital Property have been refused planning permission by Dun Laoghaire Rathdown County Council for a residential scheme in Dalkey comprising 19 apartments (in three blocks ranging up to four storeys), five three-bed houses and two semi detatched houses on a 1.4 acre site. The planning was refused on the basis that it “would seriously injure the residential amenities and depreciate the value of property in the vicinity” The Irish Independent, 26th November
42 & 43 Blessington Street, Phibsoro, Dublin 7 will be auctioned through the online BidX1 auction platform on 13th December guiding €1.4m. The6,049 sq.ft. three storey over basement interconnecting properties also includes an 2,982 sq.ft. industrial unit to the rear. The Sunday Business Post, 25th November
George’s Quay, Dublin 2 Johnny Ronan has appealed again to Dublin City Council to have planning permission granted for a 22 storey 104,087 sq.ft. office and 107 bed hotel development on the 0.5 acre site bounded by George’s Quay, Poolbeg Street and Tara Street. Plans have been previously rejected twice by Dublin City Council due to concerns of negative visual impacts on the city. The Times, Irish Edition, 26th November
The Devlin Hotel, Ranelagh, Dublin 6 has been brought to market through JLL guiding €20m- €22m. The Press Up Entertainment Group will enter a sale and leaseback agreement with the purchaser for 35 years at €1m pa. The 21,528 sq.ft. 40 bed boutique hotel includes an underground cinema and cocktail bar and rooftop bar. The Sunday Business Post, 25th November
Barnacles Hostels, Dublin and Galway Two Barnacles Hostels, one located in Temple Bar Dublin and one located in Quay Street Galway have been sold for more than €12m. MM Capital have purchased the 171 bed, 35 room Dublin Hostel for €8m. A company associated with Burkeway Group purchased the 112 bed hostel on Quay Street with six more on Kirwan’s lane for over €4m. The Irish Times, 21st November
Tara Towers, Booterstown, Dublin 4 is scheduled to be demolished and replaced with a 140-bed 4 Star Maldron Hotel and 69 residential units with basement carparking. Dalata Hotel Group purchased the hotel in January 2016 for €13.15m. The redevelopment of the 1.5 acre site is expected to cost €51m and will take two years to complete. Ires Reit have agreed to purchase the entire residential element for €42.4m. The Sunday Business Post, 25th November
Pre Contract Investigation of Title System From 1st January 2019, all real estate transactions will be required to move to a Pre Contract Investigation of Title (PCIT) System whereby all vendors’ solicitors will need to produce their title packs pre contract and all purchasers’ solicitors will have to review all title packs before the contracts are signed. The Irish Times, 21st November
Dublin Crane Count November reached a record 102, nine more than the previous high of 93 in September and 13 more than October’s 89. There are 45 cranes on the north side of the city and 57 on the south side. The Irish Times, 21st November
Cushman & Wakefield Industrial Market Q3 notes that 1,029,010 sq.ft. of industrial properties were under construction of which 423,022 sq.ft. is being developed speculatively. Take up figures reached 2,896,030 sq.ft. in Q3 of which 62% of the space occupied through lettings and 38% through owner occupation. Vacancy rates have fallen to 12.2% from 15.1% at Q3 2017. Availability has declined 18% YoY reaching 5,438,466 sq.ft. in Q3 2018. Primes yields are 5.10% and are expected to reach 5% by year end. Prime rents are €8.83 psf.
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Fibonacci Square, Ballsbridge, Dublin 4 Fibonacci Property ICAV, a joint venture between Ronan Group Real Estate and Colony Capital, has signed a 25-year lease agreement (rent undisclosed) with Facebook for the entire 350,000 sq.ft. office space at Fibonacci Square, Merrion Road currently under construction. The new buildings at Fibonacci Square will frame the entrance to the wider Facebook 14 acre Ballsbridge campus to incorporate the refurbishment of the existing AIB-occupied buildings. The Ballsbridge campus will be the largest single office letting in the history of the State. The Irish Independent, 15th November
No. 12 Merrion Square, Dublin 2 has been placed on the market for sale by Lisney with a guide price of €5m (€692 psf). The property is a Georgian office building with NIA of 7,228 sq.ft. and nine car parking spaces to the rear currently generating c. €528.5k p.a. from a number of short term licence agreements (NIY 9.75%). The Irish Times, 14th November
26 – 30 Upper Abbey Street, Dublin 1 occupied by Spar as its flagship store, is being offered for sale by Coldwell Banker Commercial seeking €4.95m (€723 psf). The 6,846 sq.ft. property is producing rent of c. €392.6k p.a. (NIY 7.3%) and is located beside the Jervis Shopping Centre in Dublin city centre. The Irish Times, 14th November
Stephen Court, St. Stephen’s Green, Dublin 2 Irish Life has agreed flexible leases for c. 42,000 sq.ft. of office space in Stephen Court in the past 12 months at €45 psf to Intercom (15,000 sq.ft.), KBC Bank Ireland (14,600 sq.ft.) and Game on Media (12,800 sq.ft.) The Irish Times, 14th November
Citywest Business Campus, Dublin 24 global engineering company DPS has agreed to lease 22,500 sq.ft. of offices in Block B at Lake Drive, Citywest Business Campus for annual rent of €545k (€24.22 psf). CDK Global has also agreed to rent 5,300 sq.ft. of the ground floor of Block A for €119k p.a (€22.45 psf). It is further reported that Davy Hickey Properties has agreed to rent the only remaining vacant offices in the campus to an undisclosed international finance company, and Adobe Systems has rented an additional 8,500 sq.ft. increasing its overall office space to 42,000 sq.ft. The Irish Times, 14th November
Gateway Retail Park, Galway Harvey Norman is to open a 60,000 sq.ft. flagship store as part of the 125,000 sq.ft. second phase of the Gateway Retail Park in Knocknacarra, Galway currently under construction. Harvey Norman’s rent is reported to be in the region of €900k p.a. (€7.20 psf). The overall retail space at the park managed by Sigma Retail Partners will extend to c. 325,000 sq.ft. once the extension is completed and will be the first large-scale retail space to be completed outside Dublin since 2008, and the first in Galway for more than two decades. The Irish Times, 14th November
Construction Information Services (CIS) Report Year to end of September identifies 1,100 projects, comprising 26,500 units, which applied for planning permission across the country (27% increase YoY). All regions experienced substantial growth in planning permission applications bar Dublin at just 1%. The report identifies that 466 individual projects moved to on-site stage (4% increase YoY) equating to over 14,000 units if all completed and Dublin was also identified as the only region where the number of projects moving on-site decreased to 4,800 units. Over 720 residential projects obtained planning permission for year to end of September, equating to an increase of 16% YoY and over 20,000 units if all of the projects are completed (33% increase YoY). The Irish Independent, 19th November
Douglas, Cork Cohalan Dowling is guiding €1.25m (€169 psf) for a five bed, 7,400 sq.ft. residential property “Lavender Heights” on Rochestown Road, Cork. The property sits on 4.7 acres and includes an indoor swimming pool, bar, gym and putting green. The property is located five-minute drive from Douglas village, 20-minute drive to Cork city centre and less than 15 minutes to Cork airport. The Sunday Business Post, 18th November
Killiney, Co Dublin DNG is guiding €1.35m (€374 psf) for a five bed detached, 3,606 sq.ft. residential property located on Ballinclea Road in Killiney, Co. Dublin. The property is located a short walk from Killiney shopping centre and is close to Dalkey. The Sunday Business Post, 18th November
Morehampton Lane, Dublin 4 Sherry Fitzgerald has brought four new residential builds in Dublin 4 to market for sale. The properties comprise three, four bed, three storey houses (2,799 sq.ft. each) and one three-bed, two storey house (2,153 sq.ft.) The four beds are guiding €2.25m each (€804 psf) and the three bed is guiding €1.9m (€882 psf). The scheme was developed by Richard Barrett’s Bartra Homes. The Sunday Business Post, 18th November
Apollo House, Dublin City Centre Marlet Property Group has acquired the 0.72 acre site of the former Apollo House office block in Dublin city centre for a reported €40m. The site has full planning permission for an 11-storey office building extending to 135,863 sq.ft. over a double basement. The site is also immediately adjacent to Marlet’s existing property holdings on Townsend Street. The Irish Independent, 15th November
Waterford Portfolio A portfolio of six Waterford properties, five of them in the city centre and the sixth on the Main Street, in the seaside town of Tramore, is due to be auctioned as six separate lots on 29th November by Sherry FitzGerald John Rohan guiding €2.3m in total. The most valuable lot seeking €950k is 4/5 Michael Street, a 12,700 sq.ft. four-storey terraced property let to Poundland Limited trading as Dealz retail store at €108k p.a. on a 10-year lease since November 2012 (NIY 10.48%). Michael Street is Waterford’s main shopping destination and a street which is to see construction of a major new €58m development including a shopping centre and multi-storey car park. The Irish Independent, 15th November
The Conrad Hotel, Dublin 2 The Irish Independent has reported that the five-star, 192-bed Conrad Hotel on Earlsfort Terrace will be brought to market for sale by CBRE in early 2019 guiding €120m – €125m. The Hotel underwent a €13m refurbishment two years ago. The Irish Independent, 19th November
Sackville Lounge, Dublin 1 Joint agents Lisney and Knight Frank are guiding €700k (€274 psf) for the Sackville Lounge, located adjacent to the former Clerys department store. The property consists of 2,551 sq.ft. over four floors. The Irish Independent, 15th November
Milltown, Dublin 6 Agents Finnegan Menton and GVA Donal O Buachalla are guiding €7m for a 1 acre site which includes the former Murphy & Gunn BMW dealership and adjoining site to the rear located at Milltown. The site is zoned residential and has potential for 67 apartments in three blocks according to a feasibility study by Reddy Architects. The Sunday Business Post, 18th November
Cabra, Dublin 7 CBRE is guiding €6m (€5m per acre) for a 1.21 acre site located on Fassaugh Avenue, Cabra, Dublin 7 with full planning permission for a 194 bed student accommodation development. The site is occupied by the former Matts of Cabra to the front of the site and the rear of the property is currently vacant and undeveloped. A feasibility study identifies that the asset offers the potential for a Build-to-Rent scheme comprising of 140 apartments. A separate feasibility study was also carried out for a Co-Living scheme that could provide for 250 bed spaces (215 sq.ft. each) and 5,382 sq.ft. of flexible work space. The site is zoned Z1: Sustainable Residential Neighbourhood, with a portion of the site zoned Z3: Neighbourhood Centre under the Dublin City Development Plan 2016-2022. The Irish Independent, 15th November
Cork City ERA Downey McCarthy is guiding €6.5m (€10.3m per acre) for a 0.63 acre site located at Morrison’s Quay, Fitton Street East, Catherine Street and and Keeffe Street, Cork City. The agent notes potential uses could include office, residential, educational, leisure or institutional. The Irish Times, 13th November
Damastown Way, Dublin 15 William Harvey is guiding €1.9m (€93.25 psf) for a 20,376 sq.ft. industrial and office property let to Rennicks Group on a 10 year FRI lease from November 2017 at €125k pa (NIY 6.07%) with an open market rent review in year five and no break.The Sunday Business Post, 18th November
Blackrock, Co Dublin The Department of Education has purchased a period house on 2.94 acres in Blackrock for €8m. The property includes 50m of road frontage on the same road as Newpark Comprehensive School but when redeveloped will not be linked to this school. The department has announced plans to establish 42 new schools over the next four years. The Irish Times, 14th November
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14 Apartments, Artane, Dublin 5 QRE has sold 14 apartments in Brookwood Abbey, Artane, Dublin for €3.35m. The portfolio consists of 11 two-bed, one three-bed and two one-bed apartments. Nine of the apartments are let generating €178k pa. When fully let, ORE note the apartments will generate €275k pa (8.2% GIY). The Irish Times, 7th November
1.26 acres Sandymount, Dublin 4 Knight Frank are guiding €9.5m (€7.5m per acre) for the 1.26 acre site which includes a detached house off Gilford Road, Sandymount. The site has planning permission for 25 residential units (€380k per site) including nine three-bed houses and apartments comprising seven two-beds, one three bed and eight four-bed duplex. The house on the site is in need of extensive refurbishment. The Irish Times, 7th November
92.5 acres at Newlands Cross, Dublin has been sold by the IRFU to Hibernia Reit for €27m (€291.8k per acre). The land is currently zoned agriculture but if rezoned in the next ten years, the IRFU will be entitled to an additional payment of 44% of the uplifted value, less the purchase price and other costs. Hibernia Reit confirmed they have closed another 5.8 acres in the same location for €1.7m (€293k per acre) bringing their total holding in the area to 143.7 acres. The Irish Independent, 12th November
Former Annesley Motors Site, Ballybough Road, Dublin Cushman and Wakefield are guiding €5.5m for the 0.68 acre site (€8m per acre) which has planning permission for 10,656 sq.ft ground floor retail with medical suites above. McCullough Mulvin Architects have completed a feasibility study showing the site has potential for 285 student bed space. The Irish Times, 6th November
George’s Street, Dublin 2 Dunnes Stores have purchased their supermarket on George’s Street for €21m having rented the property for the last 50 years. The supermarket and adjoining George’s Street Arcade were purchased by the Layden Group in 1992 for €2m. Dunnes have purchased the 12,000 sq.ft supermarket and 30,000 sq.ft over head space. The Irish Times, 7th November
Gowan Motors Site, Glenageary, Co. Dublin Knight Frank are guiding €1.95m for the Gowan Motors car showroom at the Glenageary roundabout. The property consists of a 9,500 sq.ft two storey building on 0.6 acre site. Knight Frank note the “neighbourhood centre” zoning allows for a range of uses including residential, health, public house and restaurant. The Irish Times, 6th November
2 Cumberland Place, Dublin 2 Flynn, the Irish-owned contractor and fit-out specialist, is working on the 75,000 sq.ft, six storey over double basement property for Hibernia Reit. The project will cost c€24m. The property is adjacent to Twitter’s HQ in Dublin. The Sunday Business Post, 11th November
Dublin Landings, Docklands The Irish Independent reports that the Central Bank has agreed to purchase two buildings under construction at the Dublin Landings site. It will also sell a property at the nearby Spencer Dock on foot of this deal. The Irish Independent, 10th November
City Gate Park, Mahon, Co Cork CBRE has completed the sale and lease back of the 87,000 sq.ft Quest Building located at Block C, City Gate Park, Mahon for in excess of €21m to an undisclosed purchaser (7% NIY). Quest Software has leased back the property. Separately Voxpro is taking an assignment of a lease from VCE for 40,000 sq.ft in the City Gate Park at €18 psf. The Irish Examiner, 8th November
Adelaide Chambers, Peter Street, Dublin 8 a 17,670 sq.ft four storey over basement office with 31 basement car parking spaces, has been bought by Chartered Land for €7.23m (€409.16 psf). Annual rent of €252,000 reflects a 3.22% NIY. The Irish Times, 7th November
Northbrook Road, Dublin 6 Knight Frank are guiding €5m for a 9,099 sq.ft redbrick building with 10 car parking spaces. The property is being sold with the benefit of vacant possession but there is a short term licence agreement in place for the ground floor. The Irish Times, 7th November
Plaza 256, Blanchardstown Corporate Park, Dublin 15 Veolia are leasing 11,000 sq.ft of office space for their new HQ. The letting, through Lisney, is thought to be €23 psf. The Irish Times, 7th November
Webworks, Cork a 43,000 sq.ft property let to Ervia at €800,000 pa, located beside Cork City Hall and the Elysian is reportedly sale agreed at €16m (4.6% NIY). Lisney brought the property to market in June 2018. The Irish Examiner, 8th November
Sheen Falls Lodge Hotel, Co.Kerry has been bought by Thai investors for a figure believed to be between €16 and €17m. The five star hotel was bought by UK-based luxury hotel group, Palladian Hotels for €5m in 2013. The Irish Independent, 8th November
Kildare House Hotel, Co Kildare a 21 bed hotel with two bars, a restaurant and ballroom that can seat 200 guests, located close to Kildare Shopping Village, has been brought to market through Dowling Property guiding €1.1m. Hotel occupancy has been 82%. The Irish Times, 7th November
Clancy’s Bar, Cork City a 12,000 sq.ft former public house, with planning permission for a 27 bedroom niche aparthotel will be brought to auction with Behan Irwin Gosling guiding €2.25m on 29th November. The Irish Examiner, 8th November
The Former Foxhunter Pub, Lucan has been brought to market through Savills. Although there is no formal guide price, it is thought that it could achieve €3m. The 3.1 acre site with 127 meters of road frontage on the N4, has planning that allows for retail and motor sale outlets less than 1,076 sq.ft. The Irish Times, 7th November
Supermacs Motorway Plazas Supermac’s owner Pat McDonagh intends to open five more motorway plazas over the coming years. In addition to the planning permission granted for one at junction 17 in Portlaoise last week, there are two other plazas in the planning process in Co Longford and Co Clare and he intends to apply for planning for three more, two in the midlands and one in Cork. The Sunday Business Post, 11th November
Hibernia Reit Figures The value of their real estate investments rose by almost 4% to €1.33bn in the six months to 30th September 2018, with Rental income rising from €21.9m to €26.6m, a 21.5% increase. These figures indicate that Hibernia Reit generated total returns of 5.9%, ahead of the market which grew by 4.4%. They declared an interim dividend of 1.5 cent a share for the period, an increase of 36.4% on the 1.1 cent paid last year. The results are announced as Hubspot, who already occupy 73,000 sq.ft in Hibernia’s 1 & 2 Docklands Central properties, confirmed they will take an additional 112,000 sq.ft in Sir John Rogerson’s Quay. The Irish Times, 13th November
Central Bank Reporton Vulture Funds due before Cabinet today notes there is “no evidence” that firms acting on behalf of the funds are not engaging with borrowers and that there is “no material difference” in the level of home repossessions between the funds and banks. The Minister for Finance, Paschal Donohue had requested that the Central Bank review its code of conduct for how institutions deal with borrowers in mortgage arrears. The report due before cabinet today, notes no changes to the code are required. It further noted instances where firms acting on behalf of the vulture funds went beyond minimum requirements to help borrowers, extending deadlines, fast tracking appeals. The report further notes that the vulture funds are considering more arrangements than banks but that they have a narrower suite of arrangements than banks. The Irish Times, 13th November
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Dublin 1 Portfolio Joint agents Lisney and Knight Frank are guiding €13m for seven properties (c40,000 sq.ft) on O’Connell Street, Abbey Street and Sackville Place. The portfolio generates €518,279 pa and 55% of the floor space available is vacant. The O’Connell Street properties comprise two adjoining buildings on Lower O’Connell Street (20,235 sq.ft) let to Londis, Dublin Tourist Office and Paddy Wagon Tours with vacant upper floors. 4&5 Lower Abbey Street (7,500 sq.ft) are partially let to Ladbrokes Bookmakers and Madigan Public house with vacant upper floors. The Sackville Place properties extend to 11,500 sq.ft The Irish Times, 31st October
O’Connell Street, Dublin 1 The Irish Times reports that as plans are being finalised for the redevelopment of Clery’s department store, IPut have sold 47/48 O’Connell Street, a 9,761 sq.ft property let to Schuh Footwear at €480k pa for €7.6m (6.3% GIY). It is also reported that Irish Life intends to sell the former Clarks Building (10,207 sq.ft) for €5.5m or lease it for €275k pa. The Irish Times, 31st October
Tuam Shopping Centre, Galway TWM agents are seeking €1.25m for the anchor supermarket unit in Tuam Shopping Centre Galway. The 20,236 sq.ft unit is current occupied by Joyce’s Supermarkets on a 10 year lease from 2010 with a passing rent of €150,000 pa (11.06% NIY) The Irish Independent, 5th November
The Hive, Sandyford Construction work has commenced on The Hive, a 73,000 sq.ft office block in Sandyford. HWBC are quoting rents of €34 psf. The property is being developed by U+I Group and Colony Capital and will form part of a pipeline of 250,000 sq.ft of office space in Dublin. The Irish Times, 31st October
Docklands, Dublin The Irish Independent reports that Google are bidding to purchase two more buildings in the Docklands; South Bank House and The Warehouse, which are located beside their European HQ on Barrow Street. The Irish Independent, 6th November
Grove Road, Dublin 6 Sales agent Acres are seeking €3.3m (€413 psf) for a 7,981 sq.ft, four storey office building along with 11 car spaces overlooking Portobello bridge in Dublin 6. The Property is let to a language school with current annual rent of €207,500 increasing to €239,400 in year 5. The Sunday Business Post, 4th November
Eastgate, Galway McDonagh Capital Investments has lodged planning permission for the first phase of Eastgate office campus, a €50m suburban office campus to the east of Galway city. The first phase will comprise 187,649 sq.ft across three blocks. It is intended to provide Eastgate in three phases including offices, hotel and public plazas. The Irish Times, 31st October
Cushman & Wakefield Q3 Report Office Report notes 858,422 sq.ft of office space was occupied in Q3 2018 in Dublin, 18% higher YOY, and brings the 2018 total to 1,967,105 sq.ft across 169 deals. The report notes that subleases are becoming more prominent, with tenants committing to longer term expansion by committing to more space than is currently required. Tech companies are the key drivers of the growth but flexible office workspace take up has grown from sub 1% in 2014-2016 to 9% in 2018 to date. The space under construction has increased by 4% to 4,373,377 sq.ft across 42 schemes, 16% ahead of the previous cycle’s peak in 2006 and 215,278 sq.ft shy of the record high in 2001.
The Old Stand, Dublin 2 The Doran brothers have sold their leasehold interest in the Old Stand Pub in Dublin 2 for €3m. This sale brings the total number of Dublin pub sales in 2018 to 18 with a combined value of €33m. The Old Stand’s 35 year lease from 1997 from Dublin City Council is €122,500 pa with a right to renewal. Separately, John P Younge Auctioneers, is also selling Davy Byrnes at 21 Duke Street on behalf of the Doran brothers. Best and final bids are due 22nd November. The Irish Independent, 1st November
Rathgar, Dublin 6 Colliers International has launched two newly built 1,400 sq.ft, three storey, semi-detached homes on Kenilworth Lane East in Rathgar for €750,000 and €730,000 respectively. The Sunday Business Post, 4th November
Belgrave Collection Orange Capital Partners, a Dutch company, has purchased the Belgrave collection, a portfolio of 30 redeveloped Georgian properties in Dublin 4, 6 & 8 for more than €60m. The portfolio comprises of 46 studio apartments, 85 one-bed apartments, 29 two-bed apartments and five three-bedroom homes and had originally been bought by Lugus Capital. The Sunday Times, Irish Edition, 4th November
Mount Merrion, Dublin 4 Knight Frank are seeking €32m (€17m per acre) for 1.88 acres in Mount Merrion. Part of the site on the western side has planning permission for 48 apartments and 3,035 sq.ft of offices while part of the eastern side of the site has further planning permission for 50 apartments and a 12,529 sq.ft pub and restaurant. The Irish Independent, 1st November
Sandyford, Co Dublin Cushman and Wakefield are seeking €36m (€9.4m per acre) for 3.81 acres with planning permission for 459 apartments directly opposite the Stillorgan Luas stop in the Sandyford Industrial Estate. Development guidelines have changed since the five year planning permission was granted in July 2018 and it is thought that the number of apartments could be increased to 539 (€67k per site). The Irish Times, 31st October
Industrial Space JLL report that 1m sq.ft of industrial space was taken up across 36 deals in Q3 2018, a 92% increase on the take up in Q2 2018. The average deal size in Q3 was 29,862 sq.ft. The largest deal in Q3 was the sale of 219,853 sq.ft located at Lufthansa, Naas Road. The Irish Independent, 1st November
Bank of Ireland Loan Sale The Sunday Business Post reports that BOI are in negotiations with potential advisors regarding a loan sale of non-performing loans. Earlier this year, CEO, Francesca McDonagh noted the bank would consider selling some of the bank’s €5.9bn bad loans. The Sunday Business Post, 4th November
CBRE Bi Monthly Report November 2018 notes prime office rents in the city centre are €65 psf, €28.50 psf in south suburbs, €19.50 psf in north suburbs and €17.50 psf in west suburbs.
The report notes that while the Irish retail market has resisted the negative European trend, CBRE anticipates it will slow in the next two months before Christmas allowing for retailers to focus on the Christmas trade. Prime retail rents are €604 psf in Grafton Street, €437 psf in Dundrum, €418 psf in Henry Street, €279 psf in Blanchardstown, €255.50 psf in Liffey Valley, €139 in the Square in Tallaght, €93 psf in secondary city centre, €35 psf for prime retail warehouse, €15.70 psf for secondary retail warehouse and €12 psf for provincial prime retail warehouse.
Total returns in Irish commercial property increased by 6.9% in the first nine months of 2018 and €2.67bn has been invested in the Irish market in the same period. Prime yields are 3.15% for retail (high street), 4% for retail (super prime shopping centres), 4% for office and multifamily BTR residential, 4.75% for retail (prime shopping centres), 5% for warehouse, 5.10% for industrial and 5.25% for student accommodation.
12 hotel transactions totalling €263m along with one hotel investment sale totalling €17.5m has occurred in the first three quarters of 2018.
€940m across 105 development land transactions have been signed in the first nine months of 2018.
Industrial take up in 2018 has reached 2,260,419 sq.ft in the first three quarters. Prime Dublin rents are €9.85 psf, €6.25 psf for secondary Dublin and €5.80 for prime provincial.
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