Swords Road, Dublin 9 CBRE and Dillon Marshall are guiding €210 million for 475 apartments at Hartfield Place on Dublin’s northside (€442k per apartment). The scheme will include a mix of studios, one-, two- and three-bedroom apartments distributed across seven blocks ranging in height from four to eight storeys. The development will have underground and surface parking capable of accommodating 352 cars and 522 bicycles. Hartfield Place is situated on the Swords Road between Drumcondra and Santry. Dublin city centre is 4km to the south while access to the M50 and wider motorway network is just 2km away. The Irish Times, 9th September
Clonskeagh, Dublin 6 Gannon Homes are offering a 3.14 acre site on the former Smurfit paper mill for sale with full planning permission for the development of 126 apartments. The site on the Clonskeagh Road also includes an existing terrace of 10 period houses with planning permission for refurbishment. While a guide price has not been set for the site, the Irish Times understands that selling agent Knight Frank will be expected to secure between €18 million and €20 million. Designed by CCK Architects, the approved apartment scheme comprises 25 one-bedroom units, 98 two-bedroom units, and three mews/penthouse units. The Irish Times, 9th September
Stillorgan, South Dublin Joint agents QRE Real Estate Advisers and BidX1 are guiding €1.5 million for an investment/development opportunity (subject to planning permission) in Stillorgan, Co Dublin. The sale is in one or more lots, and comprises two properties overlooking the N11 dual carriage way at the junction of Merville Road and St Brigid’s Church Road. Number 1 Merville Road (lot 1) is a vacant two-storey detached office building extending to 2,423 sq.ft. The property is situated on a self-contained site of approximately 0.14 acres and has a guide price of €650,000(€268 psf). Numbers 2-20 Merville Road (lot 2), comprise of five interconnected two-storey terraced office units which extend to an overall area of 9,939 sq.ft. This property is let under two 20-year licence agreements from March 2010 at a combined rent of €85,956 per annum. The selling agents are guiding a price of €850,000 for this unit (€85.52 psf). The Irish Times, 9th September
Sallins, Co Kildare Coonan Property is guiding €3.625 million for a 29 acre site on the Clane Road to the north of Sallins town centre in Co Kildare (€125k per acre). The land is zoned “H”, as part of the Sallins Local Area Plan 2016-2022. While the primary aim of this zoning is to provide for warehousing and industrial uses, other uses would be considered if they are deemed suitable by the local authority. The site offers ready access to the M4 and M7 and wider motorway network. Sallins is located on the outskirts of Naas while Dublin is 32km away. The Irish Times, 9th September
Kinsale, Co Cork Savills Cork is guiding €1.4 million for a greenfield site in Kinsale, Co Cork. The site, along Barrack Street, linking to Cork Street has full planning permission for 18 units (€78k per stand). The 3.4 acre site has permission for 14 semi-detached houses of 1,250-1,400 sq.ft, and four four-bed detached houses of 2,320 sq.ft. The Irish Examiner, 10th September
Smithfield, Dublin 7 The Fruitmarket Partnership has submitted an application under the strategic housing development fast-track system to build a 560-bed shared living development across four blocks ranging from five to 14 storeys. The 560 beds will be spread across 360 units. The development will be located on a site halfway between Smithfield and Capel Street on Dublin’s northside and several buildings on Little Green Street, Mary’s Lane and Halston Street will be demolished to make way for the construction. The Sunday Times, 13th September
The state backed entity, Home Building Finance Ireland (HBFI), have said loan approvals were €340 million in the six months to July 2020, up from €114 million for the same period in 2019. By the end of July 2020, HBFI had approved funding for 1,477 new homes in 29 developments, with social housing projects accounting for 34% of the new homes. It is unknown what level of drawdowns have transacted. The organisation said the Covid housebuilding fund had also been extended by €100 million, following high levels of interest. The Irish Times, 15th September
Walkinstown Ave, Dublin 12 O’Flynn Group has lodged plans to construct 1,137 residential units and a 15-storey hotel at Walkinstown Avenue in west Dublin. 12 of the 13 apartment blocks are to range from four to 10 storeys in height. The development is made up of 299 build-to-rent units; 724 build-to-sell units and 114 social-and-affordable units. The mixed-use ‘Southwest Gate Dublin 12’ development is to also include a 148-bedroomed, 15-storey hotel across the 17-acre site to be developed along the Naas Road. The plan also includes 53,819 sq.ft. of office space, 10 retail units, a cultural hub and a primary healthcare centre. The Irish Independent, 11th September
Merrion Square, Dublin 2 Colliers International is guiding €10.5 million for two adjoining Georgian offices at 46 and 47 Merrion Square and their associated mews buildings at Stephen’s Place. Extending to a total area of 16,745 sq.ft, the investment is being offered to the market in one or more lots. No. 47 Merrion Square (6,330 sq.ft.) and the mews, 47 Stephens Place (2,191 sq.ft.), are both occupied by NewsWhip Media Limited under two leases running coterminous. 47 Merrion Square is let at €229,850 per annum while 47 Stephen’s Place is producing €81,580 per annum. The two leases have 5.5 years remaining and Colliers is guiding €5.7 million as one lot.
No. 46 (5,667 sq.ft.) is occupied by three tenants and is generating combined rental income of €203,220 per annum. 46 Stephen’s Place (2,286 sq.ft.) is vacant and the estimated market rent for this property is c.€85,000 per annum. Colliers is guiding €4.8 million as one lot. The Irish Times, 9th September
Westland Row, Dublin 2 The Irish Times understands that Trinity Real Estates has secured in excess of €4 million from the off-market sale of 35 Westland Row in Dublin city centre to a private investor. The Bondwell as it is now known, comprises a renovated four-storey Georgian office building extending to 5,629 sq.ft. in total. The Bondwell is situated just 150 metres from Merrion Square and within a 10-minute walk of both St Stephen’s Green and the city’s docklands. The Irish Times, 9th September
North Wall Quay, Dublin The Business Post are reporting that A&L Goodbody is planning to significantly expand its offices on Dublin’s quays in a move that could create space for hundreds of additional staff. It’s Dublin office is based on North Wall Quay, near the capital’s financial district, and the six-storey building spans more than 129,000 sq.ft. Property managers acting on behalf of A&L Goodbody have applied for permission to develop two additional storeys on top of the existing building. In total, the redevelopment would add almost 56,000 sq.ft. of extra office space. The Business Post, 13th September
Dublin Landings Microsoft has signed a deal to occupy three floors of No 3 Dublin Landings, a new office block in the city docklands. Microsoft is to become the anchor tenant of the office block as it will provide space for 400 workers and occupy 44,000 sq.ft. of a total of 119,000 sq.ft. at the grade-A building. The company already employs 2,000 staff in Ireland, at its One Microsoft Place headquarters in Leopardstown. The Sunday Times, 13th September
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Harrington St, Dublin 8 Colliers International is guiding €2.7 million for 2 and 3 Harrington Street in Dublin 8. The lot comprises two pre-1963, three-storey-over-basement, mid-terraced adjoining buildings. The two properties collectively feature 26 individual units, with 25 units under occupation. The Agent understands that the current passing rent is approximately €198,960 per annum. Located at the junction of Harrington Street and Camden Street, the properties are located just a ten-minute walk from St Stephen’s Green and Grafton Street. The Sunday Business Post, 6th September
Rathfarnham, South Dublin Agents JP & M Doyle are guiding €2.95 million for a 1.35 acre (€2.185m per acre) residential development opportunity on the Whitechurch Road in Rathfarnham, south Dublin. A feasibility study prepared by Brian Rowe Architects in advance of the site’s sale suggests a development, subject to planning permission, of 20 houses (€147.5k per unit – 19 four-bedroom units and one three-bedroom unit) or an apartment scheme of 38 units (€77.6k per unit). The Irish Times, 2nd September
Cork St, Dublin 8 Stoneweg, the Geneva headquartered property investment firm, is to develop a 397-unit co-living development in Dublin city centre. The firm, with a portfolio worth more than $2 billion, has just acquired seven vacant buildings off market on Cork Street in Dublin 8 as part of a joint venture. Although no price has been disclosed, the Irish Times understands that the cost of the new scheme would be over €100 million. The deal is the fourth investment made by the property firm in Ireland. The adjacent properties acquired on Cork Street are largely derelict and, subject to planning permission being granted, will be demolished. The one-acre site is already zoned for residential development. The Irish Times, 2nd September
Cork City Developer Lyonshall has been granted planning for 554 student beds on a site on the Bandon Road near the Lough in Cork city. It is the third increase in size of the project and incorporates new lands which have been purchased by the developer since it last increased the number of apartments associated with the scheme. In January 2019, Lyonshall was granted planning permission for 57 apartments, with space for some 419 beds, representing an increase from a previously approved development of 49 apartments and some 350 beds, which had been approved by city planners in Aug 2018. The Irish Examiner, 3rd September
Dawson St, Dublin 2 Joint agents TWM and JLL are guiding €80 million for Royal Hibernian Way on Dawson Street, Dublin 2. Royal Hibernian Way is a mixed-use development extending to 92,888 sq.ft. (€861 psf). The bulk of the scheme (72,000 sq.ft.) is comprised of office accommodation while some 21,000 sq.ft. is dedicated to retail and hospitality. The majority of the office space (66,000sq ft) serves as the headquarters for Davy Stockbrokers, while the remaining offices, located at 12 Duke Lane, have been left vacant intentionally by Aviva as planning permission has already been achieved to double the size of the building. The retail quarter underwent a thorough upgrade recently. The overall annual passing rent is c.€2.78 million per annum. The Irish Times, 2nd September
Donnybrook, Dublin 4 The Sunday Business Post understands that Westridge Real Estate has applied for permission to demolish the existing Kiely’s pub in Donnybrook and replace it with a new three to seven-storey shared living complex. The ground floor would be retained for use as a restaurant and café while the shared living element would occupy the rest of the development and include 100 single occupancy units. The rooms would range in size from 196 sq.ft. to 291 sq.ft. The Sunday Business Post, 6th September
Dalata Hotel Group revealed last week in its interim report that the value of its hotel assets declined 12%, or €161 million, in the first six months of the year to €1.2 billion. The asset writedowns drove a loss of €70.9 million in the first six months of 2020 for the company. Dalata also raised €94 million from the sale of new shares last Tuesday. The Irish Times, 6th September
Blackrock, South Co Dublin Agent JLL is guiding €22.50 psf for 6,113 sq.ft. of third floor office space at Temple House, Blackrock. The property is available by way of a short-term sub-lease/assignment from a financial service blue-chip firm with existing operations in the area. The new occupier can benefit from a break option in February 2023 or alternatively remain in place until the expiry of the lease in 2028. The accommodation comes with the benefit of 12 on-site car parking spaces which can be leased at €1,000 per space. The Sunday Business Post, 6th September
Dublin Docklands Bloomberg are reporting that Google has decided against progressing plans to rent c.202,000 sq.ft. of office space at the new Sorting Office development in the Dublin Docklands. Google had been in talks for a number of months about taking up a lease on completion. The development is located on the corner of Cardiff Lane and Hanover Street East, opposite the Bord Gáis Energy Theatre and within close proximity to the European headquarters of several global technology giants including Google, Facebook, and Airbnb. The company continues to develop its new Bolands Quay campus, at nearly 400,000 sq.ft. and still maintains c.1.12 million sq.ft. of office space in Dublin. Bloomberg, 7th September
Georges Quay, Dublin The Sunday Times understands that Henderson Park Capital are to seek c.€400m for the George’s Quay office development in Dublin 2. The landmark office development is the largest single office complex in the Green Reit portfolio, which Henderson Park bought for €1.34 billon last year. The complex — George’s Quay Plaza, George’s Quay House and George’s Court — is fully let and tenants include Ulster Bank and Amundi, a French asset manager. The Sunday Times, 6th September
BidX1 Auctions Reduced guide prices for a number of commercial and investment properties are reflected in some of the more valuable lots which BidX1 will offer at three auctions to be held within the next four weeks. The most valuable of them is No 1 Shop Street in Galway city centre, which has had its guide price reduced from the €1.95 million quoted earlier this year to €1.75 million for a single lot auction on September 10. It is being sold jointly with QRE property advisers. On September 30 and October 1, BidX1 will auction more than 300 lots with combined guide prices expected to exceed €55 million. These lots will include a number of Dublin properties which have had their guide prices cut. One of these is Unit 2 Harmony Court, Harmony Row, Dublin 2, which has had its guide price reduced from the €1.95 million quoted earlier this year to €1.6 million. The Sunday Business Post, 6th September
Irish Construction Sector The Irish construction industry has suffered its worst quarterly decline on record, with output slumping by 45.2% between April and June, according to the Central Statistics Office (CSO). This was nearly four times the euro area average of 12%, and worse than anything seen at the height of the 2008 property crash. The CSO said the largest quarterly decline prior to this was a decrease of 13.9% in the fourth quarter of 2008. The Irish Times, 4th September
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Raheny, Dublin 5 Crekav, a subsidiary of Marlet Property Group, has been granted permission again by An Bord Pleanála to build homes on the land beside St Anne’s Park in Raheny, Dublin. The scheme will consist of 657 apartments in blocks up to nine storeys high on former playing fields east of St Paul’s College beside the park. The board had granted permission for the apartment scheme last February, but in June it consented to High Court orders quashing its decision after separate judicial review cases were taken by the Louth Environment Group and local residents’ group Clonres. The board has now reassessed the decision and has again decided to grant permission for the 657 apartments. The Irish Times, 25th August
Rathmines, Dublin 6 ODKM Architects have received planning permission for 4 houses in Rathmines, Dublin 6. Situated to the rear of Grosvenor Road with access off Bushes Lane, the houses will comprise three story over basement dwellings. The floor area of each house will be c.2,798 sq.ft. ODKM Architects Press Release, 27th August
House and Apartment Completions A new report produced by Hooke & MacDonald has reviewed house and apartment completions in Dublin during the first quarter of the year. It showed that a total of 1,658 new houses and apartments were built in Dublin between January and March, including 837 apartments, 757 estate houses and 64 one-off homes. The report said the completion figures for the South Dublin County Council area were the most “startling”. In the area, which spans 222 square kilometres, 12 apartments were built in the first quarter of 2020, compared to 132 in 2019. The report added that over the past decade, only 343 apartments were built in the South Dublin County Council region. The Sunday Business Post, 30th August
Kilmessan, Co Meath Coonan Property is guiding €2.5 million for a residential development site with full planning permission for 63 houses (c.€40k per site) in Kilmessan, Co Meath. The site extends to 5.9 acres (€423,739 per acre) and there will be a mix of house types consisting mainly of three- and four-bed semi-detached, detached and terraced homes. Kilmessan village is located close to the towns of Trim, Dunshaughlin and Navan and just 6km from the M3 motorway with its easy access to Dublin city. The Irish Independent, 27th August
Rathmines, Dublin 6 A decision to grant planning permission for a co-living development in Dublin has been upheld by the planning board despite complaints by local residents. In February, Dublin city council granted planning permission to Blondie Issuer Dac for 97 co-living units on 143-149 Rathmines Road. The original planning application had been for 110 units, but this was reduced to 97 as a condition for the planning permission by the council. An Bord Pleanála upheld the planning permission for the site and overturned the Dublin city council conditions removing 13 of the units. The planning body gave full planning permission for all 110 units. The Times Ireland, 1st September
Private Rented Sector Following a record year for activity in 2019, the Private Rented Sector (PRS), like all areas of the property market within Ireland, has been impacted by Covid-19. An unavoidable slowdown in transaction activity in quarter two saw just €64.5 million transact in the quarter across four deals. This brings PRS investment for the first six months of the year to €165 milliom. The estimated vacancy level in the Dublin rental market is 2.7%, the rate increased from 1.4% at the start of March, but remains relatively low. Sherry Fitzgerald, The Irish PRS Market Q2 2020
Dublin Multifamily Sector The multifamily sector continues to perform well regardless of underlying economic conditions and the impact of Covid-19, with yields in this sector proving particularly resilient over recent months. Transactions completed recently include the sale of 368 apartments at the Cualanor development in Dun Laoghaire in south Dublin to DWS for c.€200 million; The sale of The Prestige Portfolio of 317 units in Swords, Raheny, Clontarf and Killester to DWS for c. €147 million; and the sale of 192 apartments (Lauren Hall and Rowan Hall) at Clay Farm in south Dublin to Urbeo for c.€74 million. CBRE Ireland Bi-Monthly Research Report, September 2020
Credit Union Funding A new credit union-backed €300 million social and affordable housing fund is to be launched to support the construction of 10,000 homes over the next decade. The fund will be open to credit unions across the country and overseen by the Credit Union Development Association (CUDA) and Initiative Ireland, a private financial adviser. The fund is expected to deploy more than €300 million per annum to lend to approved housing bodies (AHBs) and fund the delivery of 1,000 new homes each year for 10 years. The initiative plans to recycle funds over the course of a decade meaning €300 million would be advanced multiple times over the period. The Sunday Business Post, 30th August
Kildare Last week, An Bord Pleanála overruled Kildare county council by issuing a material contravention to allow Rycroft Homes to build 345 units in the town of Kilcock – more than the current development plan would ordinarily allow. Separately, as part of a judicial review of the plan initiated by Ardstone Homes, a Kildare-based housebuilder, three towns in the county have been temporarily exempted from the new, lower housing limits. Kildare County Council has been under pressure since last year over its introduction of a variation to its development plan – known as Variation No 1 – which its critics say has had the effect of slashing housing targets in the county from 32,407 units to 6,023. The Sunday Business Post, 30th August
Q2 2020 Rent Collections Ires Reit reported rent collections of 98.4% while its occupancy stood at 97.8% across its 3,739 apartments at the end of June. US property group Kennedy Wilson reported 99% rent collection across its portfolio of residential apartments in Dublin and Cork. It has just over 2,000 units across its nine complexes. These include the Alliance Building, which backs on to the Google complex in Dublin, and Clancy Quay, the country’s largest apartment complex. Phase three of Clancy Quay was delivered in lockdown. The Sunday Times, 30th August
Ballycoolin, Dublin 11 A detached, headquarters- style warehouse and office facility in Ballycoolin in north west Dublin is being offered for rent on a new medium to long term lease. Located at the entrance to Stadium Business Park, Ballycoolin, Dublin 11, Unit 1 extends to 78,264 sq.ft. comprising warehouse space of 68,577 sq.ft. and 9,687 sq.ft. of two-storey offices and staff facilities. The offices will shortly be extensively refurbished and include a passenger lift. The self-contained site extends to 3.95 acres and has dedicated trailer parking. Sole agents Harvey are quoting an annual rent of €725,000 exclusive (€9.26 psf). The Irish Independent, 27th August
Dublin Industrial and Logistics Sector While take-up in the Dublin industrial and logistics sector was negatively impacted by Covid-19 during the second quarter of 2020, the impact was masked by a very strong first quarter, with c.1,447,842 sq.ft. of accommodation leased or sold during the first six months of the year combined. CBRE expect prime rents in the industrial sector to remain unchanged for the remainder of 2020, primarily due to the fact that there is no new stock due for delivery that isn’t already pre-committed. CBRE Ireland Bi-Monthly Research Report, September 2020
Dublin Office Sector It is predicted that office take-up in Dublin in Q3 will show a marked improvement on Q2 2020 – the lowest quarterly take-up ever recorded in the capital with only c.106,000 sq.ft. of transactions signed in the three month period. However, large-scale expansion and relocation decisions are expected to remain firmly on hold until such time as companies can determine their long-term headcount and space requirements. Therefore, despite a pick-up in activity in the last few months, office leasing activity will remain subdued for the foreseeable future in comparison to the record volume of occupier activity witnessed in recent years. Amid reduced leasing activity, prime headline rents in Dublin have nevertheless remained steady at €700 per square metre. However, CBRE expect to see some softening over the coming months as new transactional evidence emerges. CBRE Ireland Bi-Monthly Research Report, September 2020
Galway Parosi Developments, a property development business linked with UK private equity firm Comhar Capital, has applied for planning permission to develop an eight-storey, 186-bed hotel in Galway. The new hotel will be located in the Briarhill Business Park and will represent a €35 million investment. The Irish Independent, 30th August
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Finglas, Dublin 11 M7 Real Estate has acquired Century Business Park in Finglas, Dublin, from Marshalsea Property Company for €4.47 million (NIY 7.2%). Century Business Park went on the market in May with a guide price of €5.35 million. It is a modern industrial development comprising a total site area of 11.3 acres. The property is near Junction 5 of the M50 and is adjacent to Charlestown Shopping Centre. The acquisition increases M7’s portfolio in the Republic to three assets totalling 420,000 sq.ft. of office and industrial space. The Irish Times, 17th September
Ballymount, Dublin 12 Agent Harvey is guiding €1.95 million (NIY 8.04%) for an industrial investment opportunity at Crossbeg Industrial Estate in Ballymount, Dublin 12. The property comprises two semi-detached concrete portal frame buildings and a further steel portal frame building, providing 33,605 sq.ft. of space (€58 psf). The property is let on a 15-year lease from November 2017 on a FRI basis at a rent of €170,000 per annum exclusive to Swan Plant Hire (Dublin) Limited. The lease provides for rent reviews at the end of 5th and 10th years and the tenant has the right to break the lease in November 2022 and November 2027, subject to six months’ notice. The Irish Times, 18th September
Greenougue Business Park, Dublin 22 Unit 526 Grant’s Road is being offered for sale by joint agents Cushman & Wakefield and CBRE at a guide price of €3.6 million. Alternatively, the facility is available to rent for €315,000 per annum (€7.50 psf). The 41,800 sq.ft. property is a detached warehouse facility and benefits from a clear internal height of 9.5m. Access to the unit is through two entrances which split the pedestrian and heavy vehicle areas. The office accommodation has been substantially refurbished and is ready for tenant’s fit-out. Greenogue Business Park is located just 3km from the N7/Rathcoole interchange, and just 10km from the M50/Red Cow interchange at Junction 9. The Irish Times, 18th September
Ballycoolin, Dublin 15 The HSE has agreed to rent the 50,000 sq.ft. Unit 629 in the Northwest Logistics Park in Ballycoolin, Dublin 15 in anticipation of Brexit. The Irish Times understands that the State will pay c.€475,000 per annum for the facility and have agreed to a 20 year lease with a break option in year 15. The property had been offered for sale alternatively at a price of €8.6 million in advance of its completion by joint agents Savills and CBRE. Unit 629 was completed in June of this year as part of the first phase of a wider €35 million logistics development Park Developments is in the process of delivering at the Ballycoolin scheme. The Irish Times, 18th September
26 – 28 Dawson Street, Dublin 2 A mixed use investment property has come to the market through HWBC with a guide price of €4.75 million (NIY 4.3%). The double-fronted, four-storey over-basement building is fully let and producing a combined annual rental income of €221,201 from a number of tenants, including The Celtic Whiskey Shop, Beanhive Cafe and Davy Hickey Properties. The tenants are not affected by the sale. The Irish Times, 17th September
Number 2 Upper Pembroke Street, Dublin 2 The office building which is being sold with the benefit of vacant possession has come to the market through Colliers with a guide price of €1.1 million. The property comprises four storeys and is an over-basement mid-terraced Georgian building of 2,570 sq.ft. While the property is in need of refurbishment, the office building could alternatively suit several other uses including embassy or residential, subject to planning permission being obtained. The Irish Times, 17th September
Horgan’s Quay, Cork City Spaces, a co-working sister company of serviced office provider Regus has agreed to pre-let 30,000 sq.ft. in one of three office blocks currently under construction at the €160m Horgan’s Quay development in Cork City. Located close to Kent railway station, Horgan’s Quay is a major rejuvenation scheme for the city and the three Grade A office buildings will provide 310,000 sq.ft. of space. In addition, the development will include 325 apartments, an array of retail and restaurant outlets, as well as a 120-bedroom boutique hotel with rooftop dining, which will be operated by Press Up Entertainment Group. The first office block is due for completion in summer 2020, with Spaces expected to commence trading in the autumn. The Irish Independent, 19th September
Limerick Office Market A Cushman & Wakefield report on the Limerick office market has outlined that the level of office lettings in Limerick and Shannon this year looks set to more than double those of last year. In the first half of the year, as much as 113,000 sq.ft. of office space was taken. Furthermore, c.72,100 sq.ft. of space was signed, indicating that take up should increase in the second half of the year and could exceed 185,000 sq.ft. The Irish Independent, 19th September
St Stephen’s Green Shopping Centre The Irish Times understands that US-headquartered Hines, a fund managed by Davy Real Estate, and a private investor are among the parties looking to secure ownership of two separate shareholdings amounting to a 62.4% stake in Dublin’s St Stephen’s Green Shopping Centre. It is understood that the offers received in the first round of bidding may have fallen short of the €130 million guide price. The subject shareholding is held by New York-headquartered Madison International Realty and businessman Pierce Molony, and comprises individual holdings of 35.4% and 27% respectively. The remaining 37.6% stake in the landmark retail scheme is owned by Irish Life, and is not being made available for sale. The Irish Times, 18th September
Ballincollig, Cork City West City Retail Park located in Cork’s largest suburban town, Ballincollig has come to the market with a €6 million guide price through Knight Frank. The park consists of 4 retail units, 300 parking spaces and 2.2 acres of development land. Units 1-3 are currently vacant and extend to a combined c.46,428 sq.ft. and are generally open plan in configuration. Unit 4 extends to 17,672 sq.ft. and is let to Lidl Ireland on a 25-year FRI lease from April 2009 at an annual rent of €504,158. Rent reviews are every five years on an upward-only basis. There is a break option on the expiry of the 15th year. West City Retail Park is highly accessible, situated within close proximity to the N22 bypass and the town is located within close proximity to Cork city with a wider catchment area comprising c.380,000 people. The Irish Times, 18th September
Musgrave Retail Park, Waterford The retail park located 6km from Waterford city centre has had its guide price reduced from €4.75m to €4.5m (€46.48 psf) through Agent Knight Frank. It is fully let to Musgrave and The Range. The scheme is producing an annual rent of €407,712. Musgrave Limited occupies units 1 and 2 (56,810 sq.ft.) on a 20-year lease from 2012 and its lease commits to fixed rent increases of 12.5% every five years. They currently pay €207,712 per annum (€3.66 psf). The Range have occupied the remaining 40,000 sq.ft since 2018(€5 psf). The lease agreement is for €200,000 per annum with a break option in January 2021 which requires nine months’ prior written notice together with payment of a €400,000 rental penalty. The Irish Independent, 19th September
The Marker Hotel The Irish Times understands that German global real estate investment group Deka Immobilien is closing in on a deal to acquire Dublin’s five-star Marker Hotel for c.€130 million. Located at Grand Canal Dock, the Marker Hotel comprises 187 guest bedrooms (€695k per room). The hotel’s amenities include the Brasserie and Marker Bar, luxurious spa facilities, the Marker Rooftop Bar & Terrace and extensive conference and banqueting rooms. In 2016, Deka purchased the former Burlington Hotel in Dublin 4 for €182 million and in 2017 they acquired the Gibson Hotel for €87 million. The Irish Times, 18th September
Chancery Lane, Dublin 8 CBRE is guiding a price of €12.3 million for the newly-completed 51-bedroom Staycity Aparthotel on Chancery Lane, near Dublin city centre (€241k per room). The subject property is securely let to Staycity under a new 25-year lease agreement. The property is located in Dublin 8, less than 1km from Stephens Green. Staycity is already the largest aparthotel operator in Dublin with a total of 232 units across four properties. The Staycity group is committed to a pipeline of 4,500 additional units over the next 24 months. The Irish Times, 18th September
Vert Portfolio Through CBRE, Tristan Capital Partners and its Irish operating partners, SW3 Capital, are seeking offers in excess of €200 million for a portfolio of 382 rental apartments distributed across two high-end developments in south Dublin which equates to €532,500 per apartment. The Vert portfolio comprises 197 units at Honeypark in Dún Laoghaire, and 185 units at the Elmfield scheme in Leopardstown. Should Tristan secure the €200 million price being guided by CBRE, it would represent a signficant premium on the €141 million it paid to assemble the Vert portfolio. The Irish Times, 18th September
Amberley Court, Blackrock, Co. Dublin Amberley Court, located at the top of Stillorgan Park Avenue, and parallel to the N11, comprises a choice of nine A-rated semi-detached and duplex homes. The first four four-bedroom semi-detached homes, which span 2,045 sq.ft. over four levels have been launched with a guide price from €1.05 million. Stillorgan village is a five-minute walk from Amberley Court on the other side of the N11. Blackrock’s Dart station, the Luas at Stillorgan, and the M50 is a short drive away offering easy access to the nationwide road network and to Dublin Airport. The Sunday Business Post, 22nd September
Co-Living Development Bartra Capital has been refused permission for a second time on a plan for a seven-storey 102 bed-space build-to-rent co-living development in Rathmines. In its decision, Dublin City Council found that the proposed bedroom units “would provide a poor standard of residential accommodation by virtue of their design, layout and orientation, in particular the internal configuration of the units”. The plan envisaged between 13 and 18 residents per floor above the ground floor. Bartra’s initial plan for the Rathmines site, providing 105 bed-spaces – was refused last November. The Irish Times, 17th September
County Donegal Today, BidX1 will offer 66 mainly commercial and investment lots with combined reserves of more than €25.2 million in an online auction. The most valuable lot in the BidX1 auction is a mixed-use portfolio of 93 commercial and residential properties in Letterkenny and Falcarragh in Co Donegal with a combined guide price of €4.85 million. 30 units also come with the benefit of vacant possession. The Sunday Business Post, 22nd September
Sandyford, Dublin 18 Another of the more valuable lots is a tranche of five residential units on Old Kilgobbin Road in Sandyford in Dublin 18, which have a €1.1 million reserve. Ranging in size from 667 sq.ft. to 893 sq.ft. they include two three-bedroom-plus attic duplex apartments and three two-bedroom apartments. One of the three-bedroom units is vacant. The others generate combined rents of €58,200. The Sunday Business Post, 22nd September
Little Britain Street, Dublin 7 On Thursday, REA Dempsey Sothern will offer 61 mainly residential lots for public auction. The most valuable lot is a mixed-use investment property with development prospects at 4 Campbell’s Court on Little Britain Street in Dublin 7, which has a €500k AMV. It comprises four self-contained residential units, an open plan storage/warehouse area, accessed via a roller shutter. A separate basement area completes the accommodation which is located just off Capel Street. The Sunday Business Post, 22nd September
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Harcourt Centre, Dublin 2 CBRE is guiding €53 million for two adjoining properties comprising 54,000 sq.ft. of office accommodation and 2,400 sq.ft. of retail space at blocks 4 and 5 Harcourt Centre. The current rental income is €3.02 million per annum which represents a yield of 5.26%. Block 4 and 5 comprises a six-storey over basement buildings together with 40 car-parking spaces. The sale of the property at or above the guide price would provide its current owners, Avestus Capital Partners and Ares Management, with a return of at least 12.7% on the €47 million they paid in September 2017 when acquiring it from its original developers, the Clancourt Group. The Irish Times, 11th September
19 Baggot Street Upper, Dublin 4 QRE is guiding €1.175 million for No 19 Baggot Street Upper, Dublin 4, which is fully let and producing a passing rent of €88,150 per annum. (NIY 6.92%) The ground and lower ground levels are let to O’Briens Sandwiches & Cafe whilst the upper floors, which benefit from own-door access, are let to an architectural firm, with leases expiring in 2028 and 2029 respectively. The property benefits from mixed-use zoning which may allow for further development to the rear of the building, subject to obtaining the appropriate planning permission. The Irish Times, 11th September
60-63 Meath Street, Dublin 8 Agent Cushman & Wakefield is guiding €3.75 million for numbers 60-63 Meath Street, a fully-let 11,324 sq.ft. mixed-use investment with potential for further development in Dublin 8. The property is a part-three, part-four storey over-basement building comprising a ground floor over-basement retail unit at number 60, together with 14 apartments situated above numbers 60-63, consisting of three one-beds, eight two-beds and three three-beds. The property is fully-let producing an overall income of €244,756 per annum. The subject property also includes a regular-shaped site to the rear extending to 4,359 sq.ft. which has the benefit of full planning permission for a 2½-storey residential development comprising five two-bedroom apartments. The Irish Times, 11th September
Tralee, Co Kerry QRE is guiding €1.9 million for the 7,144 sq.ft. Phoenix Building in Tralee, Co Kerry, which forms part of the town’s prime central retail core. Sports retail chain Elverys occupies most of the space, including ground and two upper floors with CeX, and Coffee Start occupying the other two ground-floor units. The property is producing rental income of €207,500 (€29 psf). The Irish Independent, 12th September
Hatch Street, Dublin 2 Red Carnation Hotels has purchased Hatch Hall for in excess of €20 million with the intention of converting the former Victorian university residence hall on Hatch Street, Dublin 2 into a five star boutique hotel. Red Carnation Hotels previously purchased Ashford Castle and its 365-acre estate for €20 million in 2013 along with owning and operating a further 16 luxury and award-winning boutique hotels in the UK, South Africa, Switzerland and the USA. The Irish Times, 11th September
Reflector Building, Dublin 2 The Irish Independent understands that the German asset manager, Wealthcore has acquired Dublin’s Reflector building, which was put on the market earlier this year with a €155m price tag. However, it is not clear yet if Wealthcore has teamed up with South Korea’s Hana Financial Group, which earlier this year was reportedly in advanced talks to buy the property. The sale of the Reflector marks one of the biggest property sales in Ireland this year. The building was completed in 2018 by Park Developments and is located in the heart of Dublin’s Silicon Docks, with extensive water frontage. The property’s tenants include Airbnb, which started its lease at the premises this year. Its other tenants include Wix and LogMeIn. Airbnb has a 20-year lease with an 11-year break option. It is paying €2.37m a year in rent and has taken c.42,000 sq.ft. of the total 124,000 sq.ft. of office space available. The Irish Independent, 16th September
Blackrock Village Centre Joint agents Savills and BNP Paribas Real Estate are quoting rents ranging from €50 to €70 psf. for the remaining 16,157 sq.ft. of space, which comprises three food and beverage units and five retail units. The centre is undergoing a €10 million refurbishment programme with completion expected by May 2020. The revamped centre will extend to 66,477 sq.ft. upon completion and there are 33 units within the scheme including Super Valu, Lloyds Pharmacy and Holland & Barrett. The Irish Times, 11th September
Four Courts, Dublin 7 Through Robert Colleran, The Legal Eagle gastro pub has come to the market via a sale and leaseback deal with The Winding Stair food and beverage chain at a guide price of €1.6 million and a rent of €100,000 per annum on a 25-year full repairing and insuring lease with five-year rent reviews. The terraced property has a gross internal floor area of c.3,640 sq.ft. and has been fitted out to a high standard. The 1,297 sq.ft ground floor is laid out as a bar and restaurant and can seat up to 100 customers. An additional private dining area for 40 customers is on the first floor. The 581 sq.ft. top floor is used as offices. The Irish Independent, 12th September
Wallingstown, Little Island, Cork Savills has brought a 52,698 sq.ft. industrial warehouse investment opportunity to the market with a €5.2 million guide price (€98 psf). The current effective rent is €371,600 per annum up to February 2027 and this equates to an initial yield of 6.59% with reversionary yield potential of 7.24%. The warehouse facility comprises a detached standalone headquarters-style warehouse facility on a secure four-acre site. It is leased to one single occupier, Gaynor Pearse Motor Factors Unlimited Company t/a J&S Automotive Distributors, on a 10-year lease from February 2017 with no breaks options. The Irish Independent, 11th September
47 Ranelagh Road A three-storey redbrick building extending to 3,600 sq.ft. has come to the market through QRE with a guide price of €2.25 million (€625 psf). Located on an infill site of 0.3 acres, the property has, until recently been in use as a crèche and offices but represents a significant residential investment opportunity. A feasibility study prepared by Reddy Architecture Urbanism in advance of the sale indicates that the site has the potential to accommodate 17 residential units incorporating the original building and a new five-storey structure to the rear. The Irish Times, 11th September
Rathgar, Dublin 6 Joint agents DNG Advisory and BNP Paribas Real Estate are guiding €18 million for a significant apartment portfolio in Rathgar, Dublin 6. The Rathgar Road Collection comprises six period properties, which have been redeveloped over the past 40 years to accommodate 61 purpose-built apartments and three commercial units. Located on two sites at 175-178 Rathgar Road and 149 Rathgar Road in Dublin 6, the portfolio comes with potential for the development of a further 44 apartments, and is being offered for sale in one lot. The total rent roll is €1,085,500 per annum. The average price per unit is approximately €270,490 which equates to a capital value of €617 per sq.ft. The existing apartment stock is made up of a combination of large studio apartments (18 units) and one-bedroom apartments (43 units). The average rent per residential unit in the portfolio works out at about €1,407 per month. The Sunday Business Post, 15th September
Goatstown Road, Dublin 14 The Irish Times understands that Developer Charles O’Reilly-Hyland has paid in excess of €6.6 million for a 0.84 acre plot (€7.86m per acre) which was previously occupied as a car showroom premises on Goatstown Road, Dublin 14. While the property doesn’t have planning permission, it is zoned for residential development under the Dún Laoghaire Rathdown County Development Plan 2016-2022. The site was offered for sale with the benefit of a detailed feasibility study prepared by architects O’Mahony Pike, which indicated the potential for a residential scheme of 75 apartments (subject to planning permission.) The site is located in close proximity to UCD’s Belfield campus and Dundrum Town Centre and the site is served by a number of Dublin Bus routes, and is located within a 15-minute walk of the Luas green line stops at Balally and Dundrum. The Irish Times, 11th September
Stillorgan, County Dublin Kennedy Wilson has submitted plans to build 232 luxury apartments on the site of the Leisureplex bowling alley in Stillorgan. The proposal is currently the subject of a fast-track planning application to An Bord Pleanála, however, the scheme is being complicated by the fact that it is looking to deliver the apartments in blocks of up to eight storeys, in contravention of Stillorgan’s local area plan. In its initial pre-planning submission to the board last February, Kennedy Wilson had sought to build as high as nine storeys on the site. That particular proposal was rejected, however, with the planners suggesting that it required “further consideration and amendment” along with other issues before a fast-track application could be submitted. Should An Bord Pleanála give its approval to the plan, the company also intends to deliver four restaurants and cafes, and two retail units on the site. The Irish Times, 11th September
Stillorgan Road, Dublin Kennedy Wilson has submitted planning documentation to An Bord Pleanála, indicating its intention to deliver 287 apartments on a four-acre site it owns at the exclusive Grange development on the Stillorgan Road in Dublin. The 287 apartments would be delivered across six blocks ranging in height from one to 11 storeys and would bring its overall portfolio at the south Dublin scheme to 561 apartments. The original 11.3-acre site at the Grange was bought by Glenkerrin Homes for c.€85 million in 2004. They built and sold 323 apartments before the property crash, when NAMA appointed Grant Thornton to finish off two partially built blocks with 174 apartments. Kennedy Wilson acquired these along with 100 other units distributed across the scheme’s seven blocks when it made its initial investment in the Grange last year. The Irish Times, 11th September
Ballymoney, Gorey, Co Wexford QRE is guiding €1.75m for a portfolio of 24 vacant residential units at Seafield Resort, Ballymoney, Gorey, Co Wexford. Accommodated in three blocks of courtyard family suites, they include 12 two-bed apartments and 12 three-bed duplex apartments. They are located on the grounds of the Seafield Resort Hotel which was built in 2007 and is located within a few minutes’ walk of Ballymoney Beach. At one time the owner had an agreement to rent them out through the hotel but that no longer applies. The Irish Independent, 12th September
Cherrywood, County Dublin Two sites zoned for educational use in Cherrywood SDZ in south Dublin have been brought to the market by Savills. The smaller Plot T12 has been designated for a primary school and extends to 1.93 acres, suggesting a price of almost €1.16m. The larger plot T14 has been designated for a post-primary school and extends to 3.98 acres, suggesting a price of almost €2.39m. Both sites are adjacent to Beckett Park, which has been developed to include tennis courts, a football pitch and basketball courts. The Irish Independent, 12th September
Applewood, Swords, Co Dublin Agent Hooke & MacDonald is guiding €7.5 million for a portfolio of 47 apartments and one retail unit at Applewood, Swords, Co Dublin which are located 1.8km northwest of Swords town centre. Airside Retail Park is located 2.8km to the southeast, while Malahide village is 5.5km away. Located at Chestnut House and Bramley Terrace, the residential element of the investment, which is being sold on behalf of Gannon Properties, comprises six one-bedroom apartments (average 538 sq.ft.) and 41 two-bedroom apartments (average 861 sq.ft.) Forty-four of the apartments are let and producing a current gross rental income of about €671,000 per annum, averaging €950 per month for the one-bedroom apartments and €1,225 per month for the two-bedroom apartments. There are three apartments left vacant for viewing purposes, and these have a projected rent in the region of €45,000 per annum, once let. The retail unit trades as Swords Angling Shop, and is let on a 10-year lease at a rent of €8,000. The Irish Times, 11th September
Naas Road, Dublin CBRE is guiding €9 million for a 7.45 acre (€1.21m per acre) landholding zoned for residential and industrial development located on the northern side of the N7 and just 2km west of Clondalkin village on the Naas Road in Dublin. The site has two separate zoning objectives under the South Dublin County Council Development Plan 2016-2022. An area of 2.35 acres of the site is zoned R2 – existing residential, while the remaining 5.1 acres are zoned EE – industrial, enterprise & employment. The site is in close proximity to a significant land holding of 440 acres of EE-zoned lands in the Naas Road/Ballymount area, which earlier this year were rezoned to Regen (Regeneration) under the South Dublin County Council Development Plan. The Irish Times, 11th September
Blanchardstown, Dublin 15 Agent Hooke & MacDonald is guiding €7 million for a portfolio of 30 apartments at the Grove Court scheme immediately adjacent to the Blanchardstown Centre in Dublin 15 (€233k per unit and a gross yield of 6.2%). The Grove Court portfolio comprises four one-bed apartments, 20 two-bed apartments and six three-bed apartments. Eighteen of the apartments are let and are producing a current gross rental income of approximately €265,000 per annum. The portfolio’s overall rental income has the potential to increase to about €434,000 once the 12 vacant units are re-let. The Irish Times, 11th September
Greystones, Co. Wicklow Agent HJ Byrne is offering for sale by way of tender four adjoining properties comprising 6,846 sq.ft. with a guide price of €1.5 million. Located directly opposite the entrance to Meridian Centre on Church Road in Greystones town centre, the site offers the opportunity to deliver a landmark development, subject to planning permission, on the last remaining undeveloped site in Greystones town centre. The Irish Times, 11th September
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Kevin Street, Dublin 2 Westridge Real Estate has completed its purchase of DIT’s former Kevin Street campus for €140 million. The Irish Times understands that Westridge will now go ahead with plans to seek planning permission for a major mixed-use scheme on the 3.57 acre site, comprising mainly Grade A office space alongside a large element of private rented sector apartments, and food and beverage offerings. While the figure paid by Westridge Real Estate represents a premium of 75% on the €80 million price guided by Knight Frank when they brought the property to the market last February, the site is acknowledged as being one of the best redevelopment opportunities to have been offered for sale in the capital in recent years. The Irish Times, 4th September
Oranmore, Co Galway Agent Cushman & Wakefield is seeking bids in excess of €3.75 million for a 6.57 acre site (€570k per acre) with full planning permission for 61 homes in Oranmore, Co Galway (€61k per unit). Located just 9km from Galway city, the subject site is being offered for sale by way of a licence agreement or an outright purchase by the Nama-appointed receiver, Duff & Phelps. Under the terms of such licence agreements, a developer is given the right to develop a site in accordance with its planning permission following the payment of an initial deposit. The successful bidder is selected on the basis of a published weighting system that places emphasis on price, track record of building similar projects and the ability to construct. The Irish Times, 4th September
Half Moon Street, Cork City Kennedy Wilson has purchased the mixed use development on Cork’s Half Moon Street for €36.3 million. The development was completed in 2009 by O’Callaghan Properties and includes 119,589 sq.ft. of office space and 63,000 sq.ft. of retail space let to two tenants. It is generating gross annual income of more than €2.6 million. It is located within walking distance of Opera Lane and Patrick Street, the city’s main shopping streets. The Irish Times, 5th September
Number 99A-101 New Cabra Road, Dublin 7 Agent Cushman & Wakefield is seeking offers in excess of €1.9 million for a fully-occupied mixed-use investment in Dublin 7. The two-storey property comprises two retail units and two residential units at ground and first floor levels respectively. The retail space is trading as Spar and Insomnia under one long-term lease with approximately 20 years until expiry. The total current rent receivable on the ground floor is €125,000 per annum. The first floor is accessed separately off New Cabra Road and comprises of a two-bed apartment and three-bed apartment. The entire first floor is let to Palmway Holdings Ltd on a current rent receivable of €40,000 per annum. The Irish Times, 4th September
86 North Main Street, Cork City A four storey mixed use building in Cork city centre has been brought to the market with a €1.295 million guide price through Lisney. The 5,277 sq.ft. terraced property is fully let and generates annual rents of €105,752 per year (NIY 7.55%). The ground floor retail unit of 538 sq.ft. is occupied by IT Outlet under a nine year lease which commenced in November 2018. The passing rent is €11,000 per year and the lease incorporates a rent review at the end of year five. The eight one-bed apartments are let under the Rental Accommodation Scheme on a nine year and 11 months agreement with Cork City Council that originally commenced in December 2007 and expired in November 2017. The apartments are currently held on an overholding basis and the rents were increased in May 2019 to €987 per month each. The Irish Independent, 5th September
Paddy Power Portfolio Agent Savills is guiding a price in excess of €6.3 million for the Paddy Power Irish sale-and-leaseback portfolio which includes 14 long-established owner-occupied Paddy Power properties located in Dublin, Cork and several leading provincial towns at an initial combined net rent of €480,000 per annum (NIY 7%). Each lease will be for a term of 15 years with five-yearly rent reviews to the higher of open market or the consumer price index (CPI). Each lease will provide for a tenant-only break option upon the expiry of year 10 of the term. The Irish Times, 4th September
The Wilton Bar, Cork One of the largest bars and restaurants in Cork, situated in the western suburbs and next to the Wilton Shopping Centre and the Cork University Hospital is to be sold next month at public auction. The two-storey 10,000 sq.ft. Wilton Bar opened in 1991 and was briefly on the market in 2007 for a then-reported €10 million. Now, selling agents Lisneys in Cork, incorporating licensed sales specialists Morrisey’s of Dublin, are to offer The Wilton Bar by public auction on October 10, with a €2.5 million guide price. The adjacent Wilton Shopping Centre went up for sale a year ago with a €86 million price tag and the owners, Clarendon Properties secured a significant planning permission for a €100m redevelopment of the Wilton Centre, to include the construction of an extension to the existing shopping centre ranging in height from two to seven storeys, a 190-bed hotel and a multi-storey car park over six levels. The Irish Examiner, 3rd September
The Compass Portfolio A portfolio of four industrial and logistics investment properties in two Dublin industrial parks have gone on sale through CBRE with a €28.5m guide price (NIY 5.54%). The properties are located at North Park in north Dublin and Greenogue Business Park on the south side of the city. The properties within the Compass Portfolio extend to a combined area of 213,000 sq.ft., and are producing a total annual rent roll of €1.7 million. The Compass portfolio offers an investor significant reversionary potential with substantial guaranteed rental uplifts upon the first rent review and each rent review. The Irish Independent, 4th September
Carrickmines, South Dublin Agents Bannon are guiding a price of €14 million for a 10.38 acre site (€1.35m per acre) with full planning permission for 203 homes at Carrickmines, in south Dublin. The site is highly accessible to both the M50 motorway and the Luas green line service at Ballyogan, offering easy access to Dublin city centre. In addition to the residential units the permission also provides for 3,218 sq.ft. of communal/amenity space, a 5,166 sq.ft. creche facility and an 904 sq.ft. retail unit. The Irish Times, 4th September
Portmarnock, Co. Dublin Agent Knight Frank has brought a 2.5 acre site with full planning permission for 49 apartments and 12 townhouses to the market in Portmarnock, Co. Dublin with a guide price of €4 million (€1.6 million per acre & €66k per unit). Planning advice received in advance of the sale indicates that an increased residential scheme of more than 100 units could be delivered on the site (subject to planning permission), having regard to recent changes to apartment design guidelines and development height restrictions. The Irish Times, 4th September
Dundrum, Dublin 16 Knight Frank recently brokered the sale of a 0.32 acre residential development site at Stockwell on Sandyford Road, Dundrum, Dublin 16, for a price of €1.4m (€4.375 million per acre). The property benefits from full planning permission for a part two/part three-storey building comprising eight own-door apartment and duplex units (€175k per unit), of which four are one-bed units, three are two-bed and one accommodates a three-bed unit. The site is a short walk from Balally Luas stop and Dundrum Town Centre. The Irish Times, 4th September
Dublin’s Silicon Docks A 0.25 acre site and an adjoining four-bedroom-semi-detached house on South Lotts Road in Dublin’s Silicon Docks are being offered for sale by joint agents Hooke & MacDonald and McNally Handy at guide prices of €1.25 million for the site and €550,000 for the house, or collectively €1.8 million. The site is zoned Z1 Residential and an expired planning permission for 21 apartments could possibly be increased under the new planning guidelines, subject to the necessary consents being obtained. The property is situated adjacent to Barrow Street and the Gasworks development on the northern side of South Lotts Road. The neighbourhood is home to a number of major employers and multinational corporations. The Sunday Business Post, 8th September
Horgan’s Quay, Cork City Clarendon Group in a joint venture with BAM Ireland have submitted a planning application for several hundred new homes on Horgan’s Quay in Cork city centre. Should the proposal be successful, it will see the development of a major mixed-use residential development comprising 302 apartments distributed across three buildings ranging in height from nine to eleven storeys. The new residential quarter would also include the original station master’s building from Kent Station, which would be restored to include a residents’ garden and terrace. The plan also provides for a new pedestrian thoroughfare, linking the riverfront to a new entrance for Kent Railway Station. The Irish Times, 4th September
Fumbally, Dublin 8 The Irish Independent understands that The Collective, one of the world’s largest co-living companies is set to submit plans for a 93,000 sq.ft. 235-room development at its Fumbally site in Dublin 8. The company purchased the half-acre site in Dublin 8 in May for c.€10.5m after legislation to allow co-living in Ireland was passed. The Irish Independent, 8th September
Mount Merrion, Dublin A 300-year-old stable block on the Rise, Mount Merrion has been converted into ten homes by Centurion Homes. Seven are within the original stables overlooking Dublin Bay. The three newly built mews properties are opposite them, and overlook a landscaped garden. The two- and three-bed homes range in size between 1259 sq.ft and 1948 sq.ft and range in price from €700,000 to €1.075 million through selling agent Savills. The Sunday Business Post, 8th September
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Project Chase Portfolio Chartered Land is seeking offers of c.€650 million for a portfolio of 1,695 new apartments (€383k per apartment) it plans to deliver across four landmark Dublin sites located at Parkgate Street in Dublin city centre, and the surrounding suburbs of Rathborne, Finglas and Kellystown. The proposed units will be constructed in phases by Chartered Land’s sister company, Castlethorn, between 2021 and the final quarter of 2022. On completion the purchaser will take ownership of the entire portfolio. The portfolio will include a mix of private, affordable (Part V) and co-living residential units, and will be offered at a range of rental levels from €1,825 to €2,725 per month depending on their location and size. Upon completion, the Project Chase portfolio is expected to have an estimated rental value of c.€37 million per annum with a gross yield of 5.7%. The Irish Times, 28th August
Station Road, Portmarnock, Co. Dublin Knight Frank has brought to the market a residential development opportunity located on Station Road in Portmarnock, Co. Dublin at a guide price in excess €4 million. The site extends to approximately 2.5 acres (€1.6 million per acre) and has planning permission for the development of a residential scheme comprising of 49 apartments and 12 townhouses (€66k per site). Planning advice received indicates that an increased density residential scheme for in excess of 100 units could be achievable on the site (subject to planning) having regard for recent statutory changes to apartment design guidelines and development height restrictions. The site adjoins Portmarnock Train Station and is within easy reach of Dublin Airport, along with the M1 and M50 motorways. Knight Frank Report, 2nd September
Clonmel, Co. Tipperary Knight Frank is guiding €1.4 million for a 9.68 acres site (€145,833 per acre) located on the Tipperary side of the Coleville Road, just to the east of Hotel Minella in Clonmel, Co. Tipperary. The site is zoned 8.05 acres New Residential and 1.63 acres Amenity. The site also benefits from a positive planning history with planning granted in 2007 for the construction of 133 houses and apartments on the site which has since expired. Located 1.5km from Clonmel town centre, the site is highly accessible being situated close to the N24, which links Limerick and Waterford while Junction 10 on the M8 Motorway is within 15km.Knight Frank Report, 2nd September
Dundrum, Dublin 14 An Bord Pleanála has approved the application by Marlet’s subsidiary, Crekav Trading GP, for 253 apartments on the properties, which span 4.35 acres and include Drumahill House and the adjoining former convent site known as Green Acres on the Upper Kilmacud Road in Dundrum, Dublin 14. The Irish Independent understands that Marlet will try to sell the whole development in one lot – potentially to a cuckoo fund or housing association. The Irish Independent, 29thAugust
Brunswick Street North, Dublin 7 QRE is guiding €1.35 million for five apartments at Brunswick Court on Brunswick Street North in Dublin 7. The multi-family investment is fully let and generates a gross rent of c.€109,000 per annum. The five apartments are in a development of 33 units and consist of four large four-bedroom apartments and one three-bed duplex. The Sunday Business Post, 1st September
Orwell Park, Rathgar Walthill Properties has launched eight high-end three and four-bedroom residences to the market at Orwell Park in Rathgar in Dublin 6 with prices starting from €1.25 million. Orwell Park Gardens range in size from 1,910 sq.ft to 1,950 sq.ft. and boast a number of high-end features including extensive living and bedroom accommodation, high ceilings, bay windows and views over the Dodder Valley. The Sunday Business Post, 1st September
Donnybrook, Dublin 4 An apartment block complex on the site of a former Magdalene Laundry in Donnybrook has been given the green light for 44 apartments in three, three-to-four storey blocks. As part of the planning permission, the council asked that the developers put in place an appropriate memorial to honour the memory of the women who worked in the former Magdalene Laundry in a location that is accessible to members of the public. Consultants for the developers, Tom Philips & Associates told the city council that “the proposal has been approached and designed in a manner that is respectful of its past and also to the structures of significance on site”. The Irish Times, 28th August
Burgundy House & Court, Swords, Co Dublin Artis, a new commercial and residential investment agency and auction house will hold their first auction on Thursday, September 5th that will see the sale of Burgundy House & Court, in Swords, Co Dublin. The property is a mixed-use investment extending to an overall area of 21,328 sq.ft. comprising six retail units, one apartment, a restaurant, and over 10,000 sq.ft. of offices with a guide price of €1.7 million. There is significant scope to secure additional income through asset management as the subject property has a 46% occupancy rate at present with a passing rent of €104,000 per annum. The Irish Times, 28th August
Blanchardstown Centre Blackstone have commenced their €32 million expansion of Blanchardstown Centre which will see the addition of 55,000 sq.ft. of new retail space. Upon completion, the development will comprise eight units, two of which will house flagship stores for supermarket giant Aldi and fashion retailer JD Sports. These units will extend to 20,000 sq.ft. and 15,000 sq.ft. respectively. The scheme currently includes over 180 stores and is anchored by Dunnes Stores, Marks & Spencer, Penneys and Debenhams. The Irish Times, 28th August
Eye on Dublin Retail Parks Report A BNP Paribas Real Estate Ireland report on the retail sector has highlighted that Dublin’s retail parks continue to be the top performing retail sub-sector in the country. The report gives a comprehensive overview of Dublin’s 14 main retail parks and examines ownership, occupancy rates, occupiers and rental levels for the biggest parks across the city and county. Ten of the 14 retail parks are fully occupied (compared with seven in BNP’s 2017 report). There is an overall vacancy rate of just 1.8% of retail warehousing space, compared with 4% in 2017 and 6% in 2016. There have been six new retail warehouse store openings across the sample since the 2017 report, with three more deals in progress, subject to planning permission. The Sunday Business Post, 1stSeptember
Glasson Country House Hotel & Golf Club Oakmount has acquired the 175-acre four-star Glasson Country House Hotel & Golf Club in Athlone, Co Westmeath, for c.€9 million. Press Up Entertainment will take responsibility for the day-to-day running of the hotel and golf club. The Irish Times understands that while Oakmount are exploring possibilities for further investment at Glasson, there are no immediate plans for changes at the venue. The Irish Times, 28th August
Blanchardstown Business and Technology Park, Dublin 15 CBRE is guiding a rent of €475,000 per annum (€7.78 per sq.ft.) for a ground-floor manufacturing and production space of 61,021 sq.ft. in Clyde House at Blanchardstown Business and Technology Park, Dublin 15. The subject unit briefly comprises a main production area with a clear internal height of 4.1 metres and two dock levellers. There is an extensive loading yard to the rear with a maximum depth of 35 metres. The area also incorporates office and amenity areas totalling 4,273 sq.ft. for the tenant’s sole use. The Business Park is located 4.8km from the interchange of the M50 motorway with the Navan Road (N3) and is situated just 12km from Dublin city centre. The Irish Times, 28th August
BidX1 Auction A number of the commercial properties for sale in BidX1’s auction starting on Tuesday, September 24th, have guide prices substantially down on their quotes from earlier this year. The most valuable of them is a 5.55-acre development site which includes a former nursing home known as St Joseph’s House on Manor Hill in Waterford. Earlier this year, the vendors were quoting €3 million, now its guide price has been reduced by 23% to €2.3 million. Similarly, there was a decrease of 22.5% for a former fish and chip shop known as Luigi’s at 116 Ranelagh Road in Dublin 6. The space now has a €775,000 guide price compared to the €1 million-plus quoted earlier this year. Extending to more than 1,800 sq.ft., the vacant mid-terrace red-brick property also includes a two-bedroom apartment and a one-bed apartment. The Sunday Business Post, 1st September
Cushman & Wakefield Student Accommodation Report The purpose-built student accommodation market has seen continued growth in both development and investment activity over the 12 months to the end of June 2019. According to a report by Cushman & Wakefield, a total of 2,133 Purpose Built Student Accommodation (PBSA) bed spaces have completed construction during the period bringing total standing stock in Dublin to 13,476 bed spaces. As of June 2019, c.4,313 bed spaces were under construction in Dublin, with a further 968 under development across Cork and Galway. Although there remains a high volume of bed spaces in the planning pipeline, the report says it is less clear what proportion of these will reach construction stage, as some schemes may be considered for alternative uses. The Irish Independent, 29th August
The CBRE Bi-Monthly Research Report has highlighted that, with the exception of the development land sector, transaction volumes in all other sectors look on target to match or in some cases exceed last year. The report outlines how there has been strong investor appetite for ‘alternative’ sectors such as healthcare and Build-to-Rent, which accounted for 43% of investment in Ireland during the first half of 2019. CBRE Bi-Monthly Research Report, September 2019
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AIB Bank Centre, Ballsbridge Johnny Ronan is expected to commence the development of part of AIB Bank Centre in the coming weeks. The first phase of Facebook’s new EMEA headquarters will be the 333,000 sq.ft Fibonacci Square, which will be within a larger 700,000 sq.ft campus. It is reported that Facebook’s heads of terms have been finalised although details are unknown. The Irish Independent, 20th September
Citywest, Dublin CBRE are seeking offers in excess of €38m for the Eir Network Management Centre at Citywest Business park. The 77,490 sq.ft property comprises a three-storey office with single storey laboratories. The property is occupied by Eircom Ltd on a 25 year FRI lease from September 2010, with no break options. The current rent is €2.2m pa with uplifts in 2025 and 2030. The property is being sold by Irish UK investment group SW3, who are also selling J5 Plaza in Dublin 11 (€11.25m asking price) and the Dublin Business School on Aungier Street, Dublin 2 which is guiding €15m. The Irish Times, 19th September
New Century House, IFSC a 80,000 sq.ft office building, has been sold by Hibernia REIT for €65.3m (€816 psf) to a fund managed by Credit Suisse Asset Management Global Real Estate. The annual rental income is €2.9m (4.4% yield) The Irish Times, 19th September
1 Sir John Rogerson Quay, Dublin The Sunday Independent reports that Hubspot, a US tech company, is in advance stages of negotiations with Hibernian Reit to lease 115,000 sq.ft of office space at 1 Sir John Rogerson’s Quay for €60 psf. The Sunday Independent, 23rd September
81 Grafton Street, Dublin 2 Rituals, will open its first Irish store on Grafton street and has agreed an annual rent of €450,000 pa (€381 psf) for the former H Samuel Jewellers store. The Dutch company is one of Europe’s fastest growing beauty brands with over 500 stores in 27 countries worldwide. The Irish Times, 19th September
Donnybrook Fair the grocery chain, has been acquired by retail group Musgraves for c. €24m. Musgraves have announced that they intend to convert some of their Centra outlets into Donnybrook Fairs. The Sunday Business Post, 23rd September
The Liberties, Dublin Harry Crosbie has lodged plans for a 185 bed hotel at his Vicar Street venue in Dublin. He previously sought planning permission for a 194 bed hotel in 2008 and although approved, no development took place on account of the recession. The Times, Irish Edition, 23rd September
Docklands, Dublin Johnny Ronan, through Ronan Group Real Estate (RGRE) and partners Colony Capital, have bought a 4.6 acre site in the docklands next to the 3 arena for c. €180m (€39m per acre). The site has planning for 300,216 sq.ft of offices and 420 apartments. The Irish Independent, 19th September
Bettystown, Co Meath a 23.5 acre site with planning permission for 202 houses has been brought to market by Robert B Daly & Son guiding €8m (€340k per acre / €40k per unit). The Irish Times, 18th September
Carriglea, Bluebell, Dublin 12 Savills are seeking €12m for a 6.55 acre site in Bluebell, Dublin 12 with planning permission for 358 apartments (€1.8m per acre / €33.5k per unit). The site has approval for 76 one-bed, 219 two-bed and 63 three-bed apartments along with commercial units, a crèche and gym and 358 basement car parking spaces. The Irish Times, 18th September
Harold’s Cross, Dublin 6 A 1 acre site has been brought to market through JLL guiding €3m. The site currently consists of 20,000 sq.ft of offices and warehouses. The site has the capacity to accommodate 15 townhouses or 28 apartments according to a feasibility study prepared by BKD Architects. The Irish Independent, 20th September
Brennanstown Road, Cabinteely a 29.4 acre site with capability to accommodate 400 residential units and 6,458 sq.ft of commercial units has been brought to the market through CBRE guiding €35m (€1.19m per acre) The Irish Independent, 19th September
Celbridge, Co Kildare a 5.45 acre residential site has been brought to market by Coonan Property guiding €4.4m (€807k per acre)The Irish Times, 19th September
Swords Road, Dublin 9 a 6.75 acre site on the Swords Road has been bought by developers Fergus Lynch and Kieran Gannon for €30m (€4.4m per acre). The site has planning permission for 358 apartments, 105 surface car parking spaces and 413 basement car parking spaces. The site had been brought to market guiding €18m. The Irish Times, 19th September
Green Reit have announced that they intend to invest in warehousing properties in the coming years as they anticipate the logistics sector will expand and they are going to wind down their retail interests. The company currently has €1.4bn in assets with a development pipeline of around €600m. The Sunday Business Post, 23rd September
Cushman & Wakefield Irish Development Land Market H1 2018 reports that c€380m has transacted in development land in the first half of 2018, a 61% increase year on year. Residential development was the main contributor, representing 86% or €233m of these transactions. Although the value has increased, the number of sites sold has decreased year on year by 15%. The majority of the transactions were in the Greater Dublin Area, representing 79% of the transactions in the year to date. Cork has increased the number of transactions year on year by 25%. Galway and Limerick however, witnessed a slowdown in their markets. The market is expected to further strengthen with €300m sale agreed at the end of June 2018.
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Frascati Shopping Centre, Blackrock Co. Dublin Aldi and Five Guys have confirmed they will open in the Frascati Shopping Centre before the end of October. The cost of the refurbishment and extension from 100,000 sq ft to 170,000 sq ft of the Shopping Centre is expected to be excess of €30m bringing the overall investment by Invesco Real Estate to over €100m. The Irish Times, 12th September
10 St Stephen’s Green, Dublin 2 has been placed on the market for sale by Bannon guiding €4.25m (€817 psf). The 5,202 sq ft Georgian, three storey over basement will be available with vacant possession from early 2019. The Irish Times, 11th September
The Purty Kitchen Pub, Dun Laoghaire as a going concern has been brought to market for sale through Morrissey’s guiding €1.1m with full and final offers required by 5pm 4th October. The Irish Times, 11th September
Tifco The Irish Times reports that Apollo Global Management, a US private equity firm, has agreed to purchase Tifco for c. €600m. Tifco is Ireland’s second largest hotel chain owning 18 hotels and two hotel sites in Dublin. The Irish Times, 12th September
Seán McDermott Street, Dublin 1 Dublin City Council has proposed to retain €7.5m of the €14.5m sales proceeds from the former Magdalene laundry site on Seán McDermott Street for local projects. The site is being sold to the Japanese hotel group Toyoko for €14.5m. It is reported that Toyoko will invest €50m in the project. The Times, Irish Edition, 12th September
John Player Cigarette Site, Dublin 8 The Sunday Business Post reports that the former John Player Cigarette Site in Dublin 8 controlled by NAMA could be sold to private developers for c. €90m. The site could hold over 600 new homes and was due for redevelopment as a joint venture between a builder and NAMA but Receivers over the asset have recently asked sales agents for open market sale proposals. The Sunday Business Post, 16th September
Palmerstown, West Dublin McGrath Property Group has sought planning permission for 303 apartments on a 3.2 acre site in Palmerstown in West Dublin in two apartment blocks ranging from three to eight storeys. The site currently has planning permission for 14 retail units, a supermarket, restaurants, 39,073 sq ft three storey office block, a 168 bed apart hotel and 76 apartments. The planning application submitted is seeking permission for 26 studio units, 125 one-bed, 133 two-bed and 19 three-bed apartments with communal roof gardens and underground car parking. The Irish Independent, 13th September
11.6 acres, Celbridge Coonan Property is guiding €8.7m (€750k per acre) for 11.6 acres at Shackleton Road, Celbridge, Co. Kildare. The rectangular site located c. 1 km from Celbridge is zoned residential and tenders are required to be submitted by 12pm on 11th October. Coonan Property, 12th September
Fumbally Lane, Dublin 8 A 0.55 acre site located at Fumbally Lane, Dublin 8 is being offered for sale by joint agents Knight Frank and JLL guiding €10m (€18.1m per acre). The site has planning for 34 apartments above a restaurant and 30,000 sq ft of offices and 24 space surface car park. ODAA Architects has prepared a feasibility study to reconfigure the current planning to a 209 bed hotel. The Irish Times, 12th September
Clonsilla Road, Dublin 15 A 1.9 acre site has been brought to the market for sale guiding €2.5m by Lisney (€1.3m per acre). The site is zoned Town and District Centre in the Fingal County Council Development Plan 2017 – 2022 which provides for a wide range of uses. The Irish Times, 12th September
Harold’s Cross, Dublin 6 A part two and part three storey protected monastery building in Harold’s Cross, Dublin 6, with planning permission to be converted to 32 duplexes and apartments (mix of one and two-bed units) is on the market for sale through Lisney at €3.5m. Lisney has also opined that there is potential for some additional residential units on the grounds of the monastery. The Irish Times, 12th September
94/95 Lower Mount Street, Dublin 2 is being guided at a sales price of €1.75m by Lisney. The property comprises two three-storey over basement connected properties on 0.104 acre with development potential. The buildings are currently used as retail on the ground floor with residential above. The Irish Times, 11th September
No. 6 Hatch Street, Dublin 2 has been bought to the market for sale guiding €1.625m (€595 psf) by CBRE. The 2,730 sq ft Georgian property, currently in use as offices, comprises a four-storey over basement with rental income of €114,563 p.a. (5.3% GIY).The Irish Independent, 13th September
Sharp Building, Dublin 2 A 47,500 sq ft grade A office building with 2,250 sq ft coffee shop and 40 space basement carpark pre-let to Perrigo at €55 per sq ft has been sold for €56.3m equating to a GIY of 4.8% on €2.7m annual rental income. The purchaser is an undisclosed institutional investment fund advised by Credit Suisse. The Irish Times, 12th September
Rathmines, Dublin 6 New agent ACRES (All Commercial Real Estate Services) has brought La Touche House on Grove Road, Dublin 6 to market guiding €3.3m. The 7,981 sq ft four storey office building is let to EC English at €207.5k p.a. (6.28% GIY) to increase to €239.4k p.a. in year five. The 15-year lease commenced in January 2018 with break options in years 6 and 12. The Irish Times, 12th September
Clondalkin, Dublin 22 A 64,000 sq ft office complex with 47,300 sq ft vacant space and 211 car parking spaces known as Dolcain House has been offered for sale by Cushman & Wakefield quoting €4.8m (€75 psf). The property comprises three office blocks. Block B is occupied by SIAC on a five- year lease from February 2014 at €100,750 p.a. with additional income of €77.4k p.a. generated from roof telecom masts. The Irish Times, 12th September
No. 45 Mespil Road, Dublin 4 is to be redeveloped from its current dilapidated office block, to a new 48,000 sq ft, six storey office block. The redevelopment, which is expected to complete by Q3 2019, is being handled by Davy Real Estate for one of its pension funds. Knight Frank is the letting agent. The Irish Times, 11th September
Heather Industrial Estate, Dublin 8 on the South Circular Road and an adjoining three bed house is for sale through joint agents Lisney and PALRE for more than €7m. The 2.84 acre site currently zoned Employment/Enterprise includes 72,549 sq ft of buildings generating rent of €542k p.a. from five tenants including An Post with WAULT and WAULB of 7.3 years and 5.4 years respectively. The Irish Times, 12th September
Green REIT Preliminary Results for the FYE 30th June 2018 identify that profits increased 11% YoY with pre-tax profits of €144.2m. The REIT’s total portfolio value rose to €1.42bn from €1.38bn and rental income increased by 12.4 percent to €67.9m YoY. EPS rose by 10% YoY to 20.8c with EPRA NAV per share rising 8% YoY to €1.79 per share despite the increase in stamp duty in October 2017. A dividend of 2.7 cent per share (€18.8m in total) is due to be paid to shareholders in October 2018 bringing the total dividend for the year to 5.3c per share. The Irish Times, 18th September
H1 2018, Construction Projects According to figures from Construction Information Services, the number of construction projects commenced on-site for H1 2018 reduced 6% YoY to 1,278. However, the value of projects on-site increased 7pc YoY with c. €4bn worth of projects commenced in H1 2018. Only three sectors increased volumes with numbers of residential projects up 15% to 321, industrial up 24% to 140 and community and sport projects up 22% to 115. The number of dwellings commenced increased by 12% YoY to 9,100 while the numbers of units granted planning permission significantly increased 66% to 13,000 excluding student accommodation. A factor attributed to the increase of projects in the planning system is the fast-track Strategic Housing Development initiative for Developers with plans comprising greater than 100 new homes. The Irish Independent, 18th September
Crane Count The Irish Times’ Crane Count for Dublin City Centre was at its highest since it commenced its survey in Q1 2016 at 93 cranes as at 1st September and an increase of 18% on its July count. The Irish Times, 11th September
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Swords Central Shopping Centre has been brought to market guiding €21.5m through JLL. The property comprises 30,000 sq.ft retail and a 320 space car park which generates €1.3m per annum from the retail tenants and €280,000 per annum from the car parking. While the anchor tenant Penneys owns its store, other tenants include An Post, More 4 Less, The Works, Specsavers and Holland & Barrett. There is also a 742 sq.ft vacant unit available to let for €60,000 per annum. The Irish Times, 5th September
Wilton Shopping Centre Cork, which is the 2nd largest shopping mall in Cork after Mahon Point, will be sold for “at least €86m” by Savills, the Irish Times reports. The Property is currently owned by investor York Capital (90%) and Paddy McKillen’s Clarendon Properties (10%) and was bought from NAMA in 2016 for reportedly €70m. The asking price is €76m for the current 121,632 sq.ft centre and €10m for the area covered by the conditional planning. Cork City Council have indicated that they are willing to grant planning for a 75,347 sq.ft retail, 190-bed hotel, offices and cinema along with a car park. The property generates net rental income of €5.54m per annum and tenants include Penneys, Eason, Specsavers and Boots. Tesco own their own store within the property. The Irish Times, 7th September
City East Retail Park, Limerick has been brought to market guiding €28m by Savills. The 178,764 sq.ft property is split into two detached blocks along with 525 car parking spaces. The property generates an annual rental income in excess of €2.3m from tenants comprising B&Q, Harvey Norman, Home Store and More, Halfords, EZ Living, Maxi Zoon and Home Savers. The property also has planning permission for an additional 15,360 sq.ft retail unit beside B&Q and also a 2,626 sq.ft coffee pod. The Irish Times, 5th September
Upper Baggot Street, Dublin 2 JLL have brought a mixed use retail and office building located at 15 & 17 Upper Baggot Street to market guiding €3.85m. The properties can be sold as one or two lots, €1.8m for number 15 and €2.05m for number 17. The two properties generate €211,697 per annum from seven separate tenancies including Eathos Café and Baggot Street Wines. The Irish Times, 5th September
22-23 Dawson Street, Dublin 2 has been brought to the market by Savills guiding €6.25m. The property comprises 6,500 sq.ft, five storey over basement, mid terraced building. It includes retail on the ground floors with four luxury apartments above and generates €323,000 per annum which would equate to an initial yield of 4.85%. Retail tenants include Amuse Restaurant, Tang and Sunglasses.ie and each apartment spans an entire floor along with a landscaped roof garden. The apartments are let to a single occupier on a recently agreed 5 year lease. The Irish Independent, 6th September
Crowe Report, Q3 2018 notes that their 2018 Ireland Hotel Industry Survey shows a seventh consecutive year of growth, across all regions, in turnover with record profit levels, occupancy levels and average room rates. There are currently 3,000 rooms under construction in the Dublin market alone. Tourism levels were 6.03m at the end of July 2018, an increase of 8% on the same period in 2017. STR European Hotel Review shows Dublin RevPar YTD July 2018 of €119.62 compared to €110.76 YTD July 2017. The average daily rate (ADR) in Dublin was €143.61 in July 2018, an increase of 6.7% on the previous year. All Ireland which includes Cork, Limerick, Galway, Dublin Waterford and Kilkenny has seen 1.4% occupancy increase to 76.4% and 14% ADR growth to €93.82
Dublin Airport Tifco and Arora Hotels have been shortlisted to design, build and run a 400 bed hotel linked to Dublin Airport’s terminal 2. Tifco owns or manages 24 hotels and is backed by Goldman Sachs. Arora operates three hotels at Heathrow airport and two hotels at Gatwick Airport. The planning for the 11 storey building at Dublin airport is due to expire in March 2019. The winning bidder will fund the hotel and operate it for 100 years. The Sunday Times, Irish Edition, 9th September
9.63 acres in Cabra with planning permission for 419 apartments, a house, commercial and community facilities has been brought to the market by Savills guiding €32m on behalf of Marlet Property Group. The site is 600m from Cabra’s Green Luas line station. The Irish Times, 5th September
12.5 acres Celbridge, Co Kildare Coonan Property have brought a 12.5 acre residential site to the market guiding €9.4m (€750,000 per acre). The site is zoned “new residential” and given the size of the site, it is anticipated that any planning application would be large enough to be “fast tracked” under the Strategic Housing Development Act. The Irish Times, 5th September
4.47 acres Bray, Co Wicklow a 4.47 acre residential site located on Putland Road has been brought to the market guiding €6m (€1.34m per acre) by CBRE. The site has recently been rezoned “high density residential”. There are currently two buildings on site one of which is a protected structure and will provide any potential purchaser with short-term rental income. The Irish Times, 4th September
36.4 acres Newbridge, Co Kildare Savills have brought a 36.4 acre site in Newbridge in Co Kildare to market guiding €12m (€330k per acre). The site has planning for 280 residential units, a 3,305 sq.ft crèche and 76,607 sq.ft nursing home. The residential units will comprise 180 houses, 56 duplexes and 44 apartments. The Irish Independent, 6th September
Artane, Dublin 5 QRE Real Estate Advisers are seeking €3.75m for a portfolio of 14 apartments in the Brookwood Abbey scheme in Artane, Dublin 5. The apartments are located within a 40 apartment scheme and generate €213,600 per annum. There are three two bed apartments currently vacant. Based on the asking price, and a fully let portfolio with an estimated rental value of €275,000 per annum, a purchaser will secure a gross yield of 7.3%. The portfolio comprises 11 two-bed, one three-bed and two one-bed apartments. Irish Independent, 6th September
Glasnevin, Dublin 9 Sanderly Holdings Limited has applied to Dublin City Council to demolish buildings at Glasnevin Motors site in Dublin 9 and to construct 74 apartments across two 5-6 storey blocks. The 100,000 sq.ft development will also include small retail units and a communal area. NWL Issue 274
Sandford Road, Ranelagh Agar Property Consultants are seeking offers in excess of €2m for 0.3 acres on Sandford Road, Dublin 6. The site comes with a Z2 residential zoning and a feasibility study shows there is potential for 12 homes, comprising six 2-bed duplex apartments and six 2-bed apartments. Agar Commercial Property Consultants, 7th September
Irish Housing The Irish Times reports that while new home completions have increased 34% year on year with 3,526 completed in Q1 and 4,419 in Q2, it still falls short of the 35,000 required to meet demand. The majority of new homes completed in 2017 were in Dublin and the commuters counties Kildare and Meath. Despite house prices increasing 76% since 2012, remuneration has only increased by 7.3% in the same period. Property prices in Dublin have increased 3.3% in the year to date compared with 4.7% during the same period in 2017. It is anticipated that prices will finish 6-7% higher by the end of the year compared to 8.8% in 2017. The Irish Times, 6th September
Building Costs According to Linesight (formerly Bruce Shaw), the cost of building a family home has risen 7.5% in the last year. The surveyor firm’s figures show the pure construction cost of an average estate home now runs at between €1,260 a sq m (€117 per sq.ft) to €1,610 a sq m (€149.58 per sq.ft). Linesight bases its calculation on a 100sq m (1,076 sq.ft) dwelling, implying a total building cost of €126,000 to €161,000 for the average family home. Linesight also estimates that the construction industry will be worth €21 billion to the economy this year. The Irish Times, 11th September
Galway Docks An Bord Pleanála has approved Gerry Barrett’s €100m development comprising 279,850 sq.ft office, 21,581 sq.ft retail and 350 student beds located at Queen Street, overlooking Galway docks. Mr Barrett was also recently awarded the contract by CIE to develop 8.2 acres beside Ceannt Railway Station in Galway city centre including a 200 bed hotel, 400 apartments, retail centre and transport hub. Patricia Staunton of Cushman & Wakefield has been engaged to manage the office lettings. The Irish Times, 5th September
13/14 Aungier Street,D2 has been brought to the market by Savills guiding €15m (€532 per sq.ft / 4% yield). The 28,180 sq.ft property is let on a long lease to Dublin Business School at €675,000 per annum. There is 10.3 years remaining with no breaks. The rent will be reviewed next December and is subject to upwards-only reviews. The Irish Times, 5th September
J5 Plaza, North Road, Dublin 11 has been brought to the market by Savills guiding €11.25m. The 62,221 sq.ft office building is fully let. The HSE let the majority of the property at €11 per sq.ft. The final floor has since been let at €18-€19.50 per sq.ft by three separate tenants including a company responsible for the Exam Centre. The property was previously sold by NAMA in 2013 for €6.5m. Savills are handling the sale for SW3, an investment group comprising Ned Truman, Adam Room and Tom O’Mahony who are the same consortium who are seeking to sell 13/14 Aungier Street. The Irish Times, 5th September
Hewlett Packard (HP) Campus, Leixlip, Co Kildare has been acquired by Michael O’Flynn and BlackRock Real Estate Assets for a reported €51m. This deal represents one of the largest industrial transactions to have taken place in Ireland. The campus comprises 1.47 million sq.ft across nine buildings on 195 acres. Occupiers include Hewlett Packard Enterprise, MGS, Global Enserv Solutions and Celestica. 600,000 sq.ft of the campus is currently vacant. The new owners intend to rebrand the campus to Liffey Business Park. The Irish Independent 6th September
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