South Dock House, Hanover Quay, Dublin 2 BNP Paribas Real Estate on behalf of Hibernia REIT is offering two high end south docks first floor office suites suitable for up to 100 staff to let at €62.50 per sq. ft. or to purchase for €10.8m. The Irish Times, 20th February
10 Hanover Quay, Dublin 2 Knight Frank is offering office space extending to 69,000 sq. ft. in total in a converted 1880s warehouse at 10 Hanover Quay to pre let quoting €65 per sq. ft. Construction work has just begun at the Kennedy Wilson (in conjunction with NAMA) development with completion due Q1 2021. The Irish Times, 20th February
Leeson Street, Dublin 2 Knight Frank is guiding €1.8m for a four storey over basement Georgian office investment extending to 3,579 sq. ft. with a courtyard to the rear at 22 Lower Leeson Street. The property is being sold with vacant possession bar the 752 sq. ft. self-contained basement which is subject to an occupational lease (expiring September 2022) producing rent of €20k. The Irish Times, 20th February
Cork QRE Real Estate Advisers is quoting €1.55m for a vacant 28,670 sq. ft. industrial and office investment in the IDA Business and Technology Park on Model Farm Road, Cork. The asset includes a production area of 18,900 sq. ft. and a two-storey office block at the front of 9,769 sq. ft. The site includes 85 car parking spaces. The Irish Times, 20th February
Harold’s Cross, Dublin 6 Rosie O’Grady’s pub at 280-288 Harold’s Cross Road on 0.66 acres in Harolds Cross has been sold by hospitality group Canbe. The purchaser or agreed price was not disclosed. The Irish Times, 20th February
Clonburris Strategic Development Zone (SDZ), West Dublin A 65-acre SDZ site in west Dublin is being offered for sale by Savills guiding €27.5m. The 65-acre site could accommodate 800 to 950 residential units (at a density of 18 – 23 per acre) and 8,611 sq. ft. of commercial space. The guide price is €423k per acre or €30k to €32k per residential plot. Plans for Clonburris, between Lucan and Clondalkin, envisage a new town of about 21,000 people in 8,400 homes (minimum of 2,700 will be social and affordable) delivered under the SDZ “fast-track” planning system located on 280 hectares of former farmland on both sides of the Dublin-Kildare railway line and the Grand Canal, just over 10km from the city centre. The Irish Times, Wednesday 20th February
Dundrum, Dublin 16 Hammerson is reportedly in pre-application talks with planners about proposals to build 100 homes, and possibly a hotel, on a neighbouring site to its co-owned Dundrum Town Centre with Allianz at the south Dublin suburb. The company additionally owns shopping centres at the Ilac in Dublin City Centre in partnership with Irish Life and is a stakeholder in the Pavilions, Swords, Co. Dublin with Iput. It reported net rental income of €46.6m (increase of 1.4% y/y) from its Irish properties in 2018. The Irish Times, 26th February
Douglas, Cork It is reported that a seven acre site in Douglas for residential development of 150 units has been sold by Savills for c. €10m (€1.428m per acre) to developers Centurion Homes. The Irish Examiner, 21st February
Harold’s Cross, Dublin 6 1.25 acres at the former Classic cinema site was sold for more than €8m by Knight Frank. The site was initially guided at €6m and a feasibility study suggested that 76 apartments and retail space might be accommodated on it. The Irish Times, Wednesday 20th February.
Dublin 11 Hooke & MacDonald is quoting €2.835m for a portfolio of 19 residential properties (c. €149k per unit) located 600m from Ikea at Mayeston Hall, Dublin 11 on St. Margaret’s Road. The portfolio comprises of four 1-bed and 14 2-bed apartments in addition to a 4-bed house. Two apartments are let on standard tenancies and the remainder of the portfolio is vacant. The Irish Times, 20th February
Chapelizod, Dublin 20 A residential site for nine large houses extending to 0.37 acres at 3 – 9 Lucan Road is being marketed for sale by Knight Frank for €1.6m. The planning permission allows for the restoration and extension of an existing house known as Mayfield House and demolition of four derelict cottages for a development of nine three storey, three bed terraced houses ranging from 1,356 – 1,722 sq. ft. The Irish Times, 20th February
Dunboyne, Co. Meath Coonan Property is quoting €1.95m (€50k per acre) for 39 acres of agriculture land that may have development potential located c. 3km from Lucan, Co. Dublin. The Irish Times, 20th February
76 Grafton Street, Dublin 2 Savills is offering a sublet of the Fitzpatricks Shoes unit, 76 Grafton Street at €510k p.a. The retail element extends to c. 1,462 sq. ft. on the ground floor with 1,403 sq. ft. at basement level. The 1,000 sq. ft. first floor is currently a canteen with the second floor (540 sq. ft.) used as offices and the third floor (690 sq. ft.) as storage. The Irish Times, 20th February
22 Wicklow Street, Dublin 2 CBRE is seeking €2.2m for a fully let four storey 1,991 sq. ft. retail and office investment at 22 Wicklow Street generating €102k p.a. (NIY 4.27%). The four-storey-over-basement property extends to 1,991 sq. ft. KNails occupies the basement and ground floor (c. 850 sq. ft.) on a 20-year lease from February 2019 at €72k p.a. with a tenant break option at year 10. The first, second and third floors (c. 1,142 sq. ft. of office space) are occupied by Equindo Ltd on a five-year lease from March 2016 at €30k p.a. The Irish Times, 20th February
Showgrounds Shopping Centre, Co. Tipperary Joint agents HWBC and Cushman & Wakefield have completed six new lettings at the 30 unit 129,000 sq. ft. Showgrounds shopping centre in Clonmel, Co. Tipperary. The shopping centre is anchored by TK Maxx, Argos and Marks & Spencer. The new tenancy terms were undisclosed but the tenants include Iceland (25,220 sq. ft.), Dealz (8,200 sq. ft.) and Costa Coffee (2,195 sq. ft.). The Irish Times, 20th February
Blackrock, Co. Dublin QRE Real Estate Advisers is guiding €1.9m for a retail and residential investment at 1 and 3 Rockville, off Newtownpark Avenue generating €145k p.a. (NIY 7.03%). Spar (guaranteed by BWG Group) occupies the ground floor level at €70k p.a. on a 25 year lease from 2015 with a rent review due in 2020 and break option in year 10. The Irish Independent, 21st February
South Anne Street, Dublin 2 A well-known Irish footwear retailer has reportedly agreed to lease the 2,231 sq. ft. unit over five levels at 2 South Anne Street at €120k p.a from Irish Life with the letting handled by Savills. The unit was formerly occupied by Alan Keville since 2011 under a 15 year lease initially at €87.5k p.a. due to increase to €92k in July 2015 and included a tenant break option in July 2018. The Irish Times, 20th February
Munster Sector The Irish Examiner reported that LeBruin raised over €70m in finance for its clients in 2018 via a range of funding options for investments and new developments in Munster, including South Mall, Little Island and Douglas with €100m in the pipeline. LeBruin noted that the largest growth in capital demand was for new developments in the residential, hotel and office sectors. The Irish Examiner, 22nd February
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Reflector Building, Hanover Quay Joint agents Savills and CBRE are guiding €155m (4.52% GIY) for the Reflector building at Hanover Quay. The six storey over basement property was completed in 2018 and comprises 121,094 sq.ft. office space, 3,541 sq.ft. retail space and 34 parking spaces. The property generates c. €7m annually form Airbnb, Wix and LogMeIn. The Irish Independent, 13th February
Cork Airport Business Park Yew Grove REIT has acquired a two storey, 40,953 sq.ft. office unit at Cork Airport Business Park for €7.5m (7.85% NIY). The property is let to Clearstream Global Securities Services on a 25 year lease which expires in over five years’ time. The Irish Independent, 15th February
KPMG Offices The Irish Independent reports that KPMG will be seeking to relocate its 2,500 Dublin workforce and requires c. 350,000 sq.ft. of office space in the city centre. The company currently occupies two buildings in Harcourt Street and IFSC. The Irish Independent, 18th February
62 Fitzwilliam Square Knight Frank are guiding €3.2m (€604 psf) for a 5,300 sq.ft four storey over basement mid terraced Georgian property. The property is being sold with vacant possession. The Irish Times, 13th February
DIT Kevin Street Knight Frank are guiding €80m (€22.4m per acre) for the former DIT Kevin Street campus. DIT will remain in occupation of the site until October 2020. The 3.57 acre site is located 300 meters from St Stephen’s Green and is zoned Objective Z5-City Centre, meaning it can be redeveloped for offices, residential, hotel, student accommodation or retail, subject to planning. The Irish Times, 13th February
35 Merrion Square, Dublin 2 Lisney are guiding €1.9m (€516 psf) for a 3,681 sq.ft. four storey over basement Georgian office property. The property, once decorative works are carried out, is expected to secure €45-€50 psf. The Irish Times, 13th February
Donnybrook, Dublin 4 Dublin City Council has approved the development of a six storey, 71 bed- hotel beside the fire station in Donnybrook. Approval was given in August 2018 but was appealed by locals. An inspector’s report for the council recommended that the planning be upheld with only minor changes to site development, building works and sustainable waste management. The Irish Times, 14th February
Magic Carpet Public House, Cornelscourt Lisney and Morrissey’s have brought the Magic Carpet public house along with 2.7 acres of adjoining lands to market for €12m. The property, located between Foxrock and Cabinteely, offers redevelopment potential as residential or mixed use schemes. A feasibility study carried out by O’Mahoney Pike Architects note it could accommodate 70 apartments, four detached houses and 10,764 sq.ft. of commercial space. Tenders are due by 22nd March. The Irish Independent, 14th February
Vicar Street, Dublin 8 Appeals have been lodged against Harry Crosbie’s eight-storey, 185 bedroom hotel in the Liberties, Dublin 8, which was awarded planning permission last month. Mr Crosbie had intended to commence works on the Vicar Street site within the next few weeks. Mr Crosbie was recently refused planning permission to convert his home at Hanover Quay, Dublin 2, to a boutique hotel. The Irish Times, 14th February
Gorman’s Clifftop House and Restaurant, Ballydavid, Co. Kerry DNG WH Giles are guiding €950k for a 8,525 sq.ft. four star guest house and restaurant in Ballydavid, Co Kerry. The property, located on the Wild Atlantic Way and a 15 minute drive from Dingle, comprises nine ensuite guest rooms and a 40-seater restaurant. The Sunday Business Post, 17th February
Cork Residential Market Update Q4 2018 Residential prices increased 1.9% in Q4 and 6.4% during 2018. 2,940 properties were advertised for sale in December 2018, an 8.8% increase YoY. Second hand homes represented 83% of the stock available to buy and new builds represented 17%. 1,702 residential units were completed in Cork during 2018, 91% of which were houses and 9% apartments. Cork rental prices increased by 5.5%. Lisney Market Updates
Dun Laoghaire, Co Dublin Noel Smyth is planning to deliver 100 build to rent apartments at the seafront car park site of St Michael’s Hospital on Crofton Road, in Dun Laoghaire. Dun Laoghaire County Council previously rejected Noel Smyth’s plan to develop 80 apartments and two shops on the same site in 2007. The Irish Independent, 14th February
116.5 acre site, Limerick Joint agents Savills and Cushman & Wakefield are guiding €12m (€103k per acre) for the former Limerick racecourse, a 116.5 acre, mixed use development site located off Dock Road and South Circular Road, close to Limerick city centre. The site was Limerick’s racecourse for over 130 years before closing in 1999. The site has been identified as Major Urban Housing Development Site capable of accommodating 700 housing units. Best bids are due by 11th April. The Irish Examiner, 14th February
32 Silchester Road, Glenageary, Co Dublin Sherry Fitzgerald are guiding €1.995m (€542 psf) for a four bed, 3,681sq.ft. semi-detached red brick house located on Silchester Road, Glenageary. The Sunday Business Post, 17th February
Town Centre 3 Site, Cherrywood, Co Dublin Ronan Group Real Estate has entered advance negotiations with DLR Properties to acquire the 13.1 acre Town Centre 3 site in Cherrywood. Although QRE, the sales agent, did not quote a price when it was brought to market, it is anticipated to achieve c€40m (€3m per acre) The Irish Independent, 14th February
0.89 Acre Site, Saggart, Dublin 24 Cushman and Wakefield are guiding €1.75m (€1.96m per acre) for a 0.89 acre site off Main Street in Saggart with planning for 28 residential units, 2,831 sq.ft. retail space and 1,076 sq.ft. office space. The Irish Times, 13th February
Dublin 8 Development Sites Joint agents Hooke and MacDonald and CBRE have brought two sites to the market guiding €11.5m. 0.8 acres at 43-50 Dolphin’s Barn is guiding €7m (€8.75m per acre) and has planning permission for a seven-storey scheme of 70 apartments and 12,228 sq.ft. of retail. A feasibility study states subject to planning an additional six apartments could be achievable or a co-living scheme of 220 units. 75-78 Cork Street is a 0.4 acre site guiding €4.5m (€5.6m per acre) and has planning for a seven storey complex with 54 apartments and retail at ground level. The Irish Times, 13th February
Glaskenny House, Enniskerry, Co Wicklow Savills are guiding €1m (€631 psf) for a five bed 2,766 sq.ft. detached residential property with 0.8 acre garden and 5.7 acre paddock for horses. The Sunday Business Post, 17th February
12 Victoria Street, Portobello, Dublin 8 Knight Frank are guiding €1.5m (€778 psf) for a 1,927 sq.ft. five-bed, terraced house in Portobello. The property which was acquired for €380k in 2012 has been refurbished to an A3 rating standard and includes a 4,000-litre rainwater harvesting and filtration system, solar panels and wine cellar. The Irish Independent, 18th February
Rathdown Road, Dublin 7 An Bord Pleanála have approved NTM ROI Seed Capital LP’s application for 289 student accommodation bed spaces at the former Nolan Seafoods site on Rathdown Road, Dublin 7. The Sunday Business Post, 17th February
Carmanhall Road, Sandyford Industrial Estate, Dublin 18 Prime Living Sandyford have applied to An Bord Pleanála for 706 student bed spaces at the former Avid Technology International on Carmanhall Road, Sandyford Industrial Estate, Dublin 18. The Sunday Business Post, 17th February
Industrial Property Market According to Savills research, take up of industrial space was up 9.8% YoY from 2017. Savills note that 2018 take up was 3,322,378 sq.ft. 17.7% ahead of the long-term average for the market. Ten new logistics facilities comprising 544,223 sq.ft. of space was completed in Dublin during 2018. Construction is expected to commence on a further 753,474 sq.ft. in 2019 with 538,196 sq.ft. pre let or pre sold. Headline rents are €9.29 psf. The Irish Times, 13th February
Unit 1, Stadium Business Park, Dublin 15 Cushman & Wakefield are guiding €8.75m (7.83% NIY) for the 999 year leasehold interest Unit 1, a 77,883 sq.ft. modern warehouse on 3.5 acres. The property is let to Viking Direct on a 20 year lease from 2007 at €744k pa with a break in November 2020. The Irish Times, 13th February
32-34 Finglas Business Park Savills are guiding €1.1m for a 13,390 sq.ft. industrial and office unit. The office unit extends to 1,130 sq.ft. The Irish Times, 13th February
Odeon Cinema and Leisureplex, Coolock Savills are guiding €22m for the long leasehold interest in the Odeon Cinema and Leisureplex in Coolock. The properties produce an annual rent roll of €1.612m equating to a 6.75% NIY. The cinema, a 37,404 sq.ft. complex with capacity for 2,189 people between ten screens, is let to UCI Ireland on a 25 year lease from 2008 at €937k pa. The Leisureplex Coolock occupies its unit on a new 25 year lease at €675k pa. The Irish Times, 13th February
Navan Town Centre, Bannon handled the off market sale of the majority stake in Navan Town Centre for €43m (9-9.5% yield). The stake was sold to a fund controlled by Davy. The 65% majority stake was previously on the market in September 2016 for €62m which included a residential element worth €5m. The Irish Times 13th February
Grantham House, Dublin 8 Cushman & Wakefield are guiding €4.5m (5.28% GIY) for a retail and office investment at the junction of Grantham and Camden Streets. The 9,688 sq.ft. property consists of two retail units at ground level and three stories of office overhead. It is fully occupied and produces €237k from five tenancies with a weighted unexpired lease term of three years. The Irish Times 13th February
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Seamark Building, Elmpark Green Business Park, Dublin 4 Chartered Land and Starwood Capital have completed their €45m refurbishment of Seamark Building, a 182,500 sq.ft. office building located at Elmpark Green Business Park, beside the Merrion gates. The property, which is the largest vacant office space available in Dublin currently, will be brought to market to let and is anticipated to achieve €35 psf or €6.4m pa. The Irish Times, 12th February
Charlemont Exchange, Dublin 2 Marlet Property Group has sold Charlemont Exchange to South Korean-based fund, Vestas Management for €150m, representing a 4.5% yield. Marlet acquired Charlemont Block A, B and C in March 2017 and Block D in December that year. The entire property totalling 121,270 sq.ft. was let to WeWork at €55 psf. The Irish Independent, 7th February
Albert Quay, Cork City The Irish Examiner reports that JCD Group has acquired a 0.9 acre site located at Albert Quay which has been occupied by Carey Tools , including the Sextant bar in an off market deal for €7m to €8m. The site which will be redeveloped as offices, is located between JCD’s fully occupied €60m, 170,000 sq.ft. One Albert Quay and alongside O’Callaghan Properties’ 350,000 sq.ft. Navigation Square office scheme. The Irish Examiner, 7th February
Merrion Square, Dublin 2 Colliers are guiding €12m (€720 psf) for 46 and 47 Merrion Square, two adjoining four storey over basement Georgian buildings with two modern mews buildings to the rear. The properties are being sold as one or two individual lots.
47 extends to 6,329 sq.ft. and its mews is 2,190 sq.ft. and are let to NewsWhip Media at €311k pa under two ten year leases from 2016, with a tenant break option in year five. Colliers are seeking €6.25m (€734 psf) for 47 and its mews. 46 extends to 5,866 sq.ft. and is let to three tenants, at €486k pa. Its mews, 2,282 sq.ft. is vacant with an ERV of €85k. Colliers are seeking €5.75m (€706 psf) for this 46 and its mews. The Sunday Business Post, 10th February
20 Merrion Road, Ballsbridge, Dublin 4 Planning permission has been sought to demolish a 25,490 sq.ft. two-storey building and replace it with a 111,890 sq.ft. property ranging from four to six storeys over a two storey basement. Bellucci’s, a restaurant within the existing building is currently the sole opponent to the development. The Irish Times, 6th February
The Marker Hotel, Dublin 2 It is reported that the owners of the Marker Hotel, Dublin 2, Midwest Holding AG and an investor group led by Brehon Capital Partners, are considering bringing the five star hotel to market guiding between €120m and €125m. The Sunday Independent, 10th February
Newtown Inn, Maynooth, Co Kildare Agent Sherry Fitzgerald Brady O’Flaherty is guiding €1.9m (€1.58m per acre) for Newtown Inn, a licenced premises along with two retail units and adjoining site. One of the retail units is let as an off licence, the other unit is vacant. The total site is 1.2 acres and has planning permission for nine retail units, medical centre, a crèche and 22 apartments. The site is easily accessible to the M4 and within 800m of the University and train station. The Sunday Business Post, 10th February
3-9 Lucan Road, Chapelizod, Dublin 20 Knight Frank are guiding €1.6m (€4.3m per acre) for a residential development opportunity extending to c 0.37 acres. The property comprises Mayfield House at 3-5 Lucan Road and four derelict cottages at 6-9 Lucan Road. The site has planning to demolish the cottages and restore Mayfield House to create nine, three storey, three-bed terraced houses ranging from 1,356 sq.ft. to 1,722 sq.ft. The Sunday Business Post, 10th February
Newbridge, Co. Kildare Joint agents Savills and Jordan’s Estate Agents are guiding over €13m (€386k per acre) for a 33.65 acre site in Newbridge with planning permission for 361 houses comprising 21 two-bed, 253 three-bed, 85 four bed and two five bed houses along with planning for a crèche. The Irish Times, 6th February
1.77 acre site, Titanic Quarter, Belfast CBRE has brought a 1.77 acre site to market in Belfast guiding €39m (€22m per acre) for Plater’s Yard, a waterfront location and positioned within an area that has planning permission for two hotels, 152 apartments and 12 commercial units and 382 space underground car park. The Irish Times, 7th February
3 Vesey Place, Monkstown, Co Dublin Sherry Fitzgerald are guiding €2.4m (€572 psf) for a 4,198 sq.ft. five-bed Victorian house overlooking Vesey Park off York Road. The Sunday Business Post, 10th February
Millrace Court, Clonskeagh, Dublin 6 Knight Frank are guiding €2.6m for a two storey over ground level, standalone apartment block of six apartments and 14 car spaces. The property which comprises two one-bed, three two bed and one three bed apartments produces €160.2k pa (6.16% GIY). The Sunday Business Post, 10th February
Herbert Hill, Sandyford Road, Dundrum The Irish Independent reports that Glenveagh Properties are in discussions with Patrizia, a German fund, to purchaser all 90 apartments they are developing at Herbert Hill Sandyford Road, Dundrum. It is expected any sale will be in the region of €50m. The Irish Independent, 7th February
Monkstown, Co Dublin An Bord Pleanála has approved a proposal for 56 apartments in two four storey blocks on the site of the former Cheshire Home off Monkstown Road, comprising 21 one-bed, 21 two-bed and 14 three bed apartments with basement level parking with 76 spaces. The Irish Times, 6th February
Killiney, Co Dublin Sherry Fitzgerald are guiding €2.75m (€580 psf) for a 4,736 sq.ft. six bedroom detached house in Killiney. The Sunday Business Post, 10th February
John Player Site, South Circular Road, Dublin Hines and APG Asset Management are set to develop hundreds of homes on the site of the former John Player factory and Bailey Gibson industrial premises. This will be the first development to be delivered as part of Hines and APG’s plan to invest an additional €700m building apartments in the capital. The Irish Independent, 9th February
Beach Road, Sandymount, Dublin 4 Joint agents Cushman and Wakefield and Eoin Conway are guiding €11.5m (€12.1m per acre) for a 0.95 acre site with planning permission for 83 apartments at Beach Road, in Sandymount. The site is currently occupied by Maxol garage and an adjoining car dealership. The Irish Times, 6th February
M1 Retail Park, Drogheda, Co Louth EZ Living Interiors are opening a new store in M1 Retail Park and have signed a 15 year lease for 11,692 sq.ft (€10.50 psf). The retail park extends to 250,000 sq.ft. and tenants include Woodies, Smyths Toys, Dealz and Sports Direct. The Irish Independent, 7th February
16, 17 and 45 Henry Street, Dublin 1 Savills are guiding over €26m (3.95% NIY) on behalf of Iput for a portfolio of prime retail units located at 16, 17 and 45 Henry Street. The properties total 13,360 sq.ft. GameStop occupy number 16 at €450k pa, Holland and Barrett occupy number 17 at €280k pa and Fat Face occupy number 45 at €385k pa. The Irish Times, 6th February
Private Rental Sector In 2018, €1.1bn was spent on multi-family transactions, accounting for one third of the market and was the second most dominant sector in the market behind offices. The €1.1bn was across 36 transactions, 24 of which were in Dublin. Two deals in Dublin related to forward funded units in Fernbank in Dublin 14 and 6 Hanover Quay. The most notable outside Dublin was the sale of the Elysian Building in Cork to Kennedy Wilson for over €90m. The Sunday Business Post, 10th February
Tayto Park Roller Coaster Tayto Park has secured planning permission for a €14m steel red rollercoaster. It is anticipated that it will increase visitor number by 15% from 630,000 to 725,000 in 2023. The rollercoaster will be the same size as the park’s existing 32 metre high Cú Chulainn rollercoaster but will be 400 metres longer. The Irish Times, 10th February
Dublin Crane Count reached 121 on 1st February, an increase of 12 cranes / 11% on January’s 109 cranes. This is the fourth month in a row of record scores. There were 75 cranes on the south side and 46 on the north side. The Irish Times, 6th February
Build to Rent Yields CBRE note that build to rent prime yields have hardened to 3.85% due to strong investor appetite for this asset class. It compares with 4% yields for prime office properties and 5.1% for industrial. Build to rent investments accounted for 30% of the market in in 2018, up from 5% in 2015. The Irish Independent, 7th February
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178-Bed Hotel, Portobello, Dublin 8 MKN Property Group and Tifco Ltd have been granted planning permission for a €40m, 178-bed hotel located in Portobello. There was almost 60 objections to the application, including an Bord Pleanála’s own inspector. Objections were raised regarding the height, scale, form and design. The appeals board noted the development would integrate into the urban setting and did not “injure the character of Portobello House”. The Irish Times, 30th January
71-Bed Hotel, Donnybrook, Dublin 4 An Bord Pleanála have approved plans for a six storey, 71-bed hotel in Donnybrook. Planning was lodged in early 2018 by investment firm Kouchin. The Irish Independent, 1st February
9 Hanover Quay Harry Crosbie has been refused planning permission to convert his own house at 9 Hanover Quay to a 4 star, 19-bed hotel. It was intended that the hotel would complement the U2 visitor centre on an adjacent site, which obtained planning permission last week. Planning was refused on the basis that the public would not be given access to the waterfront at the hotel. The Irish Times, 30th January
DIT, 6-12 Sackville Place, Dublin 1 will be sold by tender through Lisney on 6th March. The guide price is €5m. The buildings are located between O’Connell Street and Marlborough Street and comprises 21,571 sq.ft. mid terraced, mainly four storey over basement. The Sunday Business Post, 3rd February
Infinity Building, Smithfield, Dublin 7 a 125,206 sq.ft. office building, which was bought for €28.65m (€237 psf) in April 2015 has been sold by its Norwegian Investor for €57m (€455 psf) in an off market deal, representing a 99% increase in four years. €5m capex was spent on the property in the period. The property produces annual rental income from Hiqa, DPP, OPW and the Law Society of €3.18m (5.18% NIY). Colliers represented the vendor, Cushman & Wakefield represented the purchaser. The Irish Times, 30th January
73 North Wall Quay, Dublin 1 Molloy & Sherry Logisitics have been granted planning permission for a 39,825 sq.ft. nine storey over basement building, comprising retail on the ground floor and office across eight floors at 73 North Wall Quay. The office element has a lettable area of 23,185 sq.ft. Recent lettings in the vicinity include Saleforce’s letting of 430,000 sq.ft. at Spencer Place and WeWork’s letting of 99,513 sq.ft. at Dublin Landings. The Irish Times, 30th January
Kildare Street, Dublin 2 Kennedy Wilson have commenced works on their €40m, seven storey office block located behind Georgian properties on Kildare street. Works are due to be completed by 2021. The Sunday Times, Irish Edition, 3rd February
51-54 Pearse Street and Magennis Court, Dublin 2 have been brought to market guiding €27m by Knight Frank. The properties produce an annual rental income of €1.32m (4.5% NIY) but market rent is closer to €1.7m which would equate to a 6% NIY. 51-54 Pearse Street is a 25,619 sq.ft. refurbished Georgian property to the front linked by a glazed atrium to a modern six storey office block at the rear and includes 10 car spaces. Magennis Court is a grade A 17,490, sq.ft. five storey office block. The Irish Times, 30th January
Sales Force Tower, Spencer Dock, Dublin 1 Ronan Real Estate Group and Colony Capital have submitted plans to Dublin City Council to add an additional two floors totalling 100,000 sq.ft. to the Sales Force Tower at Spencer Place, to bring the building to ten stories. It follows the Minister for Housing’s decision to lift of the caps on maximum heights of buildings in towns and cities in December 2018. The Sunday Business Post, 3rd February
HWBC Dublin Office Market Review notes that demand for large scale office space in excess of 100,000 sq.ft. is masking the decline in demand for smaller spaces in the market with spaces less than 30,000 sq.ft. slow to fill. HWBC forecast prime office rents will remain at €60-€65 psf, a sign the market is maturing. In Dublin suburban areas, rents are expected to pass €32 psf and peak at €35 psf. The Irish Independent, 1st February
Unit 1, Dublin Airport Logistics Park Iput have commenced €3m refurbishment works at Unit 1, to enable the property to be ready for occupation by Summer 2019. Iput recently acquired the 184,886 sq.ft. vacant property for €19m. William Harvey will be the letting agent. The Irish Times, 30th January
2.31 Acre Site, Baldonnell Business Park, Dublin 22 Savills are guiding €1m (€432.9k per acre) for a 2.31 acre industrial site located at Balldonnell Business Park. The site is zoned EE which allows for low-to-medium intensity enterprise and employment uses such as high-tech manufacturing. The Irish Times, 30th January
Hazelbrook Square, Churchtown, Dublin 14 54 apartments at Hazelbrook Square, comprising 22 one-bed, 28 two-bed and four three-bed, were sold for c €18.25m by Cushman & Wakefield on behalf of NAMA. It is understood an overseas investor purchased the portfolio through sales agent TWM. Rental income at the time of sale was €896,000 (4.9% GIY) but had the potential to increase to €1.18m (6.4% GIY). The Irish Independent, 1st February
Nine Apartments, Printworks, Bray Bagnall Doyle MacMahon have brought a portfolio of nine apartments at the Printworks Bray to market guiding €1.55m (6.53% NIY / €172k per apartment). The apartments generate €105,120 which could rise to €150,000 when two of the vacant units are let. The apartments range in size from 570-775 sq.ft. and form part of a 45 unit complex. The Irish Times, 30th January
Fairways Apartments, Cualanor, Dun Laoghaire The Irish Independent reports that there are offers in excess of €100m from six bidders for 214 apartments currently under development by the Cosgraves in Dun Laoghaire. Hooke and MacDonald brought the portfolio to market in November guiding €95m. The Irish Independent, 31st January
1.25 Acre Site, Blackrock, Co Dublin Cushman & Wakefield are guiding €9m (€7.2m per acre) for the former Europa Motors 1.25 acre site located at the corner of Maretimo Terrace and Newtown Avenue in Blackrock. The site has planning for 51 residential units including 11 one-bed, 31 two-bed apartments and nine three-bed houses. The site previously transacted for €7.5m in 2015. The Irish Times, 30th January
Naas Road, Dublin Property company Development 8 are in discussions with An Bord Pleanála regarding a potential build to rent scheme on lands at the Concorde industrial estate on the Naas Road. The proposed development would include 492 residential units. The Sunday Times, Irish Edition, 3rd February
2.25 Acre Site, Blanchardstown, Dublin 15 Coonan Property are guiding between €3m and €3.5m (€1.55m per acre) for a 2.25 acre site located at the heart of Blanchardstown Village, Dublin 15. The site is zoned ‘Town Centre’ and ‘High Amenity’ in the 2017-2023 Fingal Development Plan. ‘Town Centre’ aims “to protect and enhance the special physical and social character of town and district centres and provide and/or improve urban facilities” while the ‘High Amenity’ aims “to protect and enhance high amenity areas”. The Irish Independent, 31st January
Capital Dock, Dublin Docklands Two bedroom apartments in Ireland’s tallest building will range from €3,500 to €4,000 per month or €20,000 per month for the 22nd floor penthouse. The development incorporate 700,000 sq.ft. across 22 floors including 190 apartments and two neighbouring office blocks. The Irish Times, 30th January
0.63 Acre Moores Hotel and AOH Hall, Cork was sold for over €7m (€11m per acre). The combined site is located off South Mall and was sold by ERA Downey McCarthy. The Irish Examiner, 31st January
7 Acre Site, Castletroy, Limerick Costelloe Estate Agents are guiding €2.5m (€357k per acre) for a 7 acre site located at Singland, Castletroy, Limerick. The site has planning for 98 residential units comprising 54 three-bed semis, 15 two/three-bed houses and 29 apartments. The Irish Times, 30th January
30 Acre Site, Ratoath, Co. Meath Knight Frank are guiding €7.5m (€250k per acre) for a c 30 acre site on Fairyhouse Road, Ratoath, Co Meath. The majority of the site is zoned residential. The Sunday Business Post, 3rd February
16 Apartments, College View & Gateway Mews, Dublin 11 Bagnall Doyle MacMahon have brought a portfolio of 12 apartments at College View Ballymun, Dublin 11 to market guiding €1.55m (€129,166 per apartment). The same agent is also guiding €625k for four town houses at Gateway Mews just off the Ballymun Road. The Irish Times, 30th January
Project Beech, AIB Loan Sale the Irish Times reports that Lone Star Funds and Cerberus are reported to be amongst parties that have progressed through to the next stage of the AIB Project Beech Loan Sale. It is anticipated that the next stage will commence in February with the transaction expected to complete in quarter two. The portfolio with a par value of more than €3bn comprises mainly mortgages and business loans. The Irish Times, 31st January
BidX1 February Auctions are taking place on 20th and 21st February. C240 lots with a combined value of €40m will be auctioned online.
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Bray SuperValu: Friends First is to seek in excess of €8.4m for the 21,709 sq. ft. SuperValu store located in the Castle Street Shopping Centre in Bray, Co. Wicklow. SuperValu occupy the store under a 25-year lease (with upwards-only rent reviews) for which the current rent is €650k p.a., offering an initial yield of c. 7.4%. There are c. 13.5 years left to run on the lease. The Castle Street Shopping Centre contains 33 other shops, and has an overall retail area of 46,600 sq. ft., along with a 150-space car park. The centre serves an extensive catchment area in north Wicklow. The Irish Times, 22nd February
Stillorgan Buildings: QRE is offering three high-yielding retail buildings and an office suite opposite Stillorgan Shopping Centre in Co. Dublin for €3.1m. Numbers 8, 10 and 12 Lower Kilmacud Road have an overall floor area of 7,167 sq. ft. and produce rental income of €262k p.a. Tenants include Boyle Sports, a solicitor’s office, two restaurants and a takeaway business. The guide price offers a net initial yield of c. 8.1%. The Irish Times, 22nd February
Cavan Town Centre: Ten buildings in Cavan town centre on a site of 2.42 acres have been put on the market through Knight Frank with a guide price of over €3.25m. The portfolio extends to 45,000 sq. ft. and contains eight retail units, eight apartments, a house, a former B&B, two pubs, offices, a school, a car park and a development site. The total annual rent roll is c. €357k p.a., offering a net initial yield of 11% before any asset management opportunities (e.g. letting vacant space) are introduced to increase rental income. Current tenants include Boots, CCVEC Cavan Institute, Cavan County Council and the HSE. The site is zoned ‘town core’ under the Cavan Development Plan 2014 – 2020, which encourages new building. The Irish Times, 21st February
Waterford City Shopping Centre: An Bord Pleanála has granted permission for a new shopping development in Waterford city centre, which will contain c. 108,000 sq. ft. of retail space, a c. 6,800 sq. ft. café / restaurant area and a four storey car park. The centre is expected to contain one major anchor store, five medium-size units, 10 smaller units, three restaurants / cafés and 385 car-parking spaces. Most of the site for the new development is currently occupied by industrial style buildings, which were previously used by Waterford IT, but have since fallen into disrepair. In granting permission, An Bord Pleanála attached a number of conditions, including an archaeological assessment of the site and certain environmental measures. The Irish Times, 23rd February
Ericsson Athlone: Knight Frank is guiding offers in excess of €19m for Ericsson’s R&D facility in Athlone, Co. Westmeath. The substantial complex is rented at €1.8m p.a. on a 25-year lease with over 10 years left to run, offering a net initial yield of c. 10%. The lease provides for a minimum rental uplift of 10% or open market rental value, whichever is higher, and the next rent review is due this month, with a further review in February 2022. The complex stands on a site of 15.23-acres, and contains two main buildings with an overall floor area of 142,158 sq. ft. Facilities include a staff canteen, on-site car parking and a multi-purpose sports ground. The Irish Times, 22nd February
Facebook Offices: According to The Irish Independent, Facebook is close to leasing extra office space to add a further 1,000 staff in Dublin. The company is reportedly planning to lease a c. 110,000 sq. ft. building owned by the Comer brothers in Dublin’s north docks, between East Point Business Park and The Point Village. The company currently employs c. 1,500 staff at its Grand Canal Square offices. The Irish Independent, 22nd February
Irish Hotel Sales: New figures from Savills show that over €850m was generated from sales of Irish hotels in 2016, bringing the total value of hotel transactions between 2011 and 2016 to c. €2.4bn. Savills estimate that one in three Irish hotels have changed hands in the last five years, with most activity taking place in the larger cities. Up to 80% of hotels in Cork, 56% of hotels in Limerick, 47% of hotels in Dublin and 33% of hotels in Galway have changed hands during the period. The figures last year were boosted by two particularly large sales in Dublin, namely the former Burlington Hotel and The Gresham Hotel. The Irish Independent, 23rd February
AIB Mortgages: The Sunday Business Post reports that AIB is working on a strategy to dispose of thousands of non-performing mortgages secured by family homes. The paper reports that the bank is facing increasing pressure from regulators to resolve their non-performing loans, and is therefore seeking to remove the mortgage loans from their balance sheet. As the bank is 99% owned by the government, it is extremely unlikely that they will look to sell the loans to a so-called vulture fund. Instead, the bank will explore options such as the mortgage-to-rent scheme or creating a special purpose vehicle to remove the loans from their balance sheet. The Sunday Business Post, 26th February
Cork Development: Developer Michael O’Flynn has begun a c. €80m development plan for the suburbs of Cork City. Over the last four months, O’Flynn accumulated a number of sites near Kerry Pike and Carrigrohane, and will shortly commence the construction of 144 homes at Clonlara, Kerry Pike and 26 homes in SteepleWoods, Carrigrohane. The development of the homes will be completed by a JV entity between O’Flynn and Avenue Capital. The Sunday Business Post, 26th February
Parkside Development: Cairn Homes has formed a JV with NAMA to construct 71 new homes at the former’s Parkside development, located off the Malahide Road in north Dublin. NAMA has a minority interest in the JV, for which Cairn Homes will be the developer. It is expected that construction work on the site will commence immediately and should be completed by the end of the year. 52 units have already been sold for a total of c. €18.1m and the estimated gross sales value is c. €25m. Cairn Homes commenced development at Parkside in January 2015 and has currently built and sold more than 166 homes, with a further 150 under construction. The Irish Times, 22nd February
January Mortgage Approvals: The January 2017 report by the Banking & Payments Federation Ireland (BPFI) on mortgage approvals shows that the number of mortgages approved for the three month period ending in January 2017, based on moving averages, was 3,055. The value of mortgages approved for the corresponding period was c. €628m. Based on the value of mortgages approved, these figures represent an increase of 53.2% YoY (c. €410m January 2016) but a decrease of 2.0% MoM (c. €641m December 2016). Based on the value of mortgages approved, the first-time buyer segment recorded the most substantial growth YoY, rising by 64.8%. BPFI Mortgage Approvals January 2017
Swords Pharmaceutical Plant: The former Merck Sharp & Dohme (MSD) plant in Swords, Co. Dublin, is expected to be shortly put up for sale through JLL, with the guide price expected to be north of €25m. The plant, which is located on Drynam Road, close to the M1 and Dublin Airport, has over 400,000 sq. ft. of buildings on 33 acres, and is being marketed as a turnkey pharmaceutical facility. JLL expect the site to be of interest to pharmaceutical companies wanting to expand or consolidate existing operations in Ireland, given its walk-in condition, proximity to Dublin Airport and 15 acres of surplus zoned land, which would allow the campus to be expanded (subject to planning permission). The Irish Times, 22nd February
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42-43 Henry Street: Savills is guiding €18m for 42-23 Henry Street in Dublin which is located on the corner of Henry Street and Moore Street and offers an initial yield of c. 4.60%. The four-storey over-basement building is currently let to the Arcadia Group at a rent of €865k p.a. on a 35-year lease from 1985, with c. 3.6 years left to run. The property has an overall floor area of 10,342 sq. ft., including 2,800 sq. ft. at ground floor level. The basement, ground and first floors are occupied by women’s fashion retailer Evans, while the upper floors are used as offices, storage and ancillary accommodation. The sale comes at a time when Dublin’s retail sector continues to experience a resurgence, with limited investment opportunities available. The Irish Times, 15th February
City Square Shopping Centre: Marathon Asset Management has begun construction on the upgrading and extension of the City Square Shopping Centre in Waterford. It is expected to spend in excess of €6m on the project, which will involve repositioning several units and constructing a new two-storey retail unit with a floor area of 17,000 sq. ft. Letting agent Lambert Smith Hampton is reportedly in discussions with several international fashion brands who are believed to be interested in the new trading opportunity. The centre was purchased by Marathon Asset Management in May 2015 for over €21m, and was generating rental income of c. €1.7m p.a. at the time. The Irish Times, 15th February
Harcourt Road Offices: The Irish Times reports that Blocks 4 and 5 in the Harcourt Centre on Dublin’s Harcourt Road are expected to go on the market for about €50m through joint agents JLL and Knight Frank. The two buildings, which extend to over 56,000 sq. ft., will be offered for sale either individually or as one lot. The annual rent roll on the buildings is c. €2.17m p.a., with a weighted average unexpired lease term (WAULT) of c. 5.88 years, and the investment will offer an initial yield of c. 4.25%, which could be increased to c. 5% once rent reviews are completed and a ground floor café / restaurant unit is let. The Irish Times, 15th February
Treasury Building: The Irish Independent reports that Google has held informal talks over the last two months with the owners of the Treasury Building on Dublin’s Grand Canal Street regarding making a formal offer for the property. The building is currently occupied by the NTMA and a number of its subsidiaries (including NAMA) and has a rent roll of €5.482m p.a. CBRE is currently handling the sale of a 33.33% stake in the building on behalf of Percy Nominees, however it is believed Google has expressed an interest in paying c. €125m for the entire building, significantly above its estimated valuation of €100m. The remaining 66.67% of the building is currently owned by Ambiorix, which redeveloped the building in 1989. Google recently announced plans to add 400 employees to its 6,100-strong Dublin workforce, and is reportedly in talks to rent the newly constructed Velasco building on nearby Grand Canal Street. The Irish Independent, 16th February
Connolly Quarter: The Irish Independent reports that CIE is kick-starting a large development beside Dublin’s Connolly Station, which it is referring to as ‘Connolly Quarter’. The state-owned company received 10-year planning permission in 2012 for the development of 13 buildings, providing almost 900,000 sq. ft. of mixed-use space. This includes a six-storey 110-bedroom hotel, 106 apartments, 540,000 sq. ft. of office space, a museum and 550 underground parking spaces. However, the development was put on hold after planning permission was obtained, due to the economic downturn. Given the significant current demand for hotel rooms, office space and accommodation, CIE has initiated the process of hiring a property agency that will be tasked with finding a development partner for the project. The Irish Independent, 16th February
Dublin Airport Central: DAA has been granted planning permission by An Bord Pleanála to build almost 450,000 sq. ft. of offices in a new 70-acre business park at Dublin Airport, alongside a new public space which will be connected to Terminal 2. The four Grade A, six- and seven-storey head office buildings will range in size from c. 88,000 sq. ft. to c. 123,000 sq. ft. and will adjoin a high quality landscaped urban realm and city garden area. Construction of the new buildings was brought forward due to the earlier than expected success of the refurbishment of the former Aer Lingus HQ, which is now leased to ESB International. Construction is due to begin by early summer and should be completed by summer 2018. The joint letting agents for the new office park are Bannon and BNP Paribas Real Estate. The Irish Independent, 15th February
45 Upper Mount Street: Number 45 Upper Mount Street in Dublin 2 has been purchased by an overseas investor for €2m. The property, which is believed to be in good condition, has a floor area of 4,120 sq. ft. and contains three parking spaces to the rear. Colliers International handled the sale of the property. The Irish Times, 15th February
Charlemont Place Offices: Balark Investments Ltd has applied to Dublin City Council for permission to add an additional two storeys on to a proposed five storey office development on the corner of Charlemont Street and Charlemont Place in Dublin city centre. This would add an additional 30,000 sq. ft. to the proposed building, providing a total of 110,000 sq. ft. of office space. NAMA Wine Lake, 20thFebruary
Kilkea Castle Hotel: Podium Hospitality has won the contract to manage the refurbished Kilkea Castle Hotel, which is scheduled to reopen this summer after a substantial investment. The hotel is currently owned by American builder Jay Cashman, and is reportedly being refurbished to a five-star luxury standard. The property also contains a golf course, archery and fishing facilities, and will target the wedding, conference and events markets, among others. Other hotels in the Podium Hospitality portfolio include The Pillo Hotel in Ashbourne and Celbridge Manor Hotel in Kildare. The Irish Independent, 19th February
The D Hotel: The D Hotel in Drogheda has been purchased by a company backed by Irish-based executives of Stellwagen, an aircraft leasing firm based in Dublin’s docklands. Gleann Hospitality is listed as the purchaser of the hotel, and the main shareholder in the company is the Maltese registered Martello Group, which is controlled by Stellwagen executives. The Sunday Times, 20th February
22 Harcourt Terrace: Cork-based company Chesaway Ltd has lodged an application with Dublin City Council to convert an office building located at 22 Harcourt Terrace in Dublin city centre into a 40-bedroom guesthouse. The project involves the reconfiguration of the existing building and the addition of a new extension. NAMA Wine Lake, 19th February
The Casino, Malahide: A portfolio of 105 apartments at The Casino in Malahide has been officially launched, with agents Hooke & MacDonald quoting a guide price of €40m (c. €381k per apartment). Rents, including potential income from currently vacant show-apartments equate to c. €2m, offering a gross yield of 5%. The Irish Independent, 20th February
Clancy Barracks: Kennedy Wilson has lodged an application to convert several buildings at the former army barracks in Dublin’s Clancy Quay, which is located in close proximity to Heuston Station. The company is seeking to develop 154 residential units on the site, the majority of which will be apartments, alongside a few houses. Kennedy Wilson already owns and manages 423 apartments on the Clancy Quay site, and over 1,000 throughout the country. NAMA Wine Lake, 19th February
M1 Business Park, Balbriggan: An Irish buyer has reportedly paid over €6.15m for a significant land bank at the M1 Business Park in Balbriggan, Co Dublin. The site extends to 157 acres, with a freehold interest in a further 22 acres, and has a variety of zonings. Current occupiers in the business park include Kube Kitchens, Murdock Builders Merchants and Total Produce. The Irish Times reports that the new owner may consider selling the park off in lots, due to both the interest from owner-occupiers in developing their own premises, and the fact that there is very little industrial product under development. The M1 Business Park is located in close proximity to Dublin Airport and has easy access to Dublin’s docklands through the Port Tunnel. The Irish Times, 15th February
Carrickmines Site: Knight Frank is guiding €4m for a two-acre ready-to-go residential site on the Glenamuck Road South in Dublin 18. The site has full planning permission for the demolition of the current properties on the site (two large detached houses), and the construction of 16 four-bed semi-detached houses and 12 apartments (mix of one-, two- and three-beds), all with surface-level car-parking. The buyer may be able to benefit from an anticipated fall in development levies in the area, following recent revisions by Dún Laoghaire-Rathdown County Council. The site, which contains 88m of frontage onto Glenamuck Road South, is 1.1km from the Ballyogan Luas Stop and 750m from the M50. The Irish Times, 15th February
Montrose Student Residence: US property developer Hines has purchased the Montrose Student Residence beside University College Dublin (UCD) for €37.6m, somewhat less than the guide price of €41.5m quoted last year. The 205-bed purpose-built accommodation complex was constructed on the grounds of the former Montrose Hotel, after UK accommodation provider Ziggurat acquired the site in 2012. The gross rent roll for the complex is expected to reach c. €2.91m p.a. Hines and its investor partners entered the Irish student accommodation market last year with the acquisition of a major portfolio last December. The Irish Times, 17thFebruary
Motorway Service Stations: Topaz and McDonald’s are to spend a combined c. €16m on two new motorway service stations. The first will be in Carlow on the Dublin – Waterford motorway, with the second in Fermoy on the Dublin – Cork motorway. Of the c. €16m investment, Topaz will be providing c. €14m. The Irish Independent, 21st February
Orlagh Retreat Centre: A former Augustinian novitiate and retreat centre located on almost 100 acres of land in Rathfarnham, Dublin 16 has been sold for €2.85m to a London based investor and his brother. The new owners have indicated that they will spend some time deciding what to do with the property, which The Irish Times reports is likely to be used as either a medical centre or hospitality facility. The property extends to 17,380 sq. ft. and contains 31 bedrooms, an oratory, a drawing room and interconnecting rooms for dining and entertaining. Agents GVA Donal O Buachalla reported strong local and international interest in the sale, due to the location of the lands and their development potential subject to zoning. The Irish Times, 15th February
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Charleville Town Centre: The eight-year old Charleville Town Centre in Co. Cork is on the market through Lisney (under the instruction of receiver Ken Fennell of Deloitte) for €1.9m, significantly less than the c. €20m spent developing it. The centre was completed just before the economic downturn, and has a very high vacancy rate, with 15 of 17 units never having traded. Dunnes Stores and Elverys Sports own their stores, therefore their units will not be included in the sale. The only other trading business, Lloyds Pharmacy, is paying rent of €180k p.a. with another 16 years left on its lease. The remaining units, which are all vacant, extend to 34,767 sq. ft. in total and include a bar / restaurant, a crèche, a medical centre and nine office units. The complex also includes a duplex apartment and a car park with 450 spaces. Lisney will also consider separate offers for the shopping centre and Lloyds pharmacy. The Irish Times, 8th February
19 Wicklow Street: A private Dublin investor has purchased a retail investment at 19 Wicklow Street in Dublin for over €2m, more than €100k above the guide price. The investment attracted 27 enquiries, due to the demand for lower priced retail properties in the south inner city, and its close proximity to Grafton Street. The new owners will collect an initial rent of €103k p.a., before the rent rises to €120k / €130k p.a. from this month, stretching the net yield to c. 5.5%. The building is occupied by Cornucopia, a vegetarian restaurant that has operated out of the property for 30 years, and Louis Copeland. The property has an overall floor area of 3,111 sq. ft. over five levels, including the basement. The Irish Times, 8th February
Stamullen Village Development: A shopping and residential development in Stamullen Village (on the Dublin-Meath border) has been sold for €2.35m, c. 23% more than the €1.9m guide price. The two-storey development was completed in 2006, and is producing a rental income of €242k p.a. from a Centra store, a pharmacy, a beautician and seven overhead apartments, offering the new owner a net initial yield of 9.86%. The retail element of the development produces c. €156k of the overall rent and has a weighted average unexpired lease term of c. 19 years. The Irish Times, 8th February
Credit Suisse Expansion: The Irish Independent reports that Credit Suisse has taken significant steps to increase its presence in Ireland ahead of the March deadline for the UK to begin the formal Brexit process. The company opened a trading floor in Dublin in January 2016, creating 100 jobs. It is understood a further expansion could see the bank more than double its workforce here. The Irish Independent also reports that Ronan Group Real Estate (RGRE) is pursuing Credit Suisse to expand its Dublin presence. The bank’s trading floor is currently located in the RGRE-owned Kilmore House in Spencer Dock, and it is believed that RGRE may offer Credit Suisse a new premises in Spencer Dock which would be capable of accommodating both existing and new employees. The Irish Independent, 12th February
Dublin Office Space: A new report from Savills reveals that pre-lets accounted for 44% of all Dublin office space leased in Q4 2016, with the figure rising to 61% for the in-demand areas of Dublin 2 and Dublin 4. According to Savills, there is sufficient availability of Grade A office space for firms seeking to accommodate around 2,200 workers, however there is increasingly limited choice for occupiers requiring either very large space or very specific locations. The Irish Independent, 13th February
Rent Report: The Q4 2016 report by Daft.ie on residential rents reveals that, on a national basis, rents rose by 13.5% in 2016. In Dublin, the annual rate of inflation was nearly 15%, following growth of nearly 4% in Q4 2016. Rents in Dublin are now, on average, c. 14% (over €200) higher than their previous peak in 2008. Nationally, rents have risen by 50% since the bottom of the market in 2011 and are now 7.9% above their 2008 levels. Irish Rental Report Q4 2016, Daft.ie
Property Prices: The December 2016 figures from the CSO on residential property prices show that on average, residential property prices declined by 0.4% nationally and 0.9% in Dublin. While prices decreased in December, the figures highlight that in 2016, prices rose by 8.1% nationally and 5.7% in Dublin. National house prices are still 32.1% below their 2007 peak while Dublin prices are 32.8% below their February 2008 peak. Central Statistics Office, 10th February
St Mary’s Carmelite Seminary: Bidding for the former St Mary’s Carmelite seminary, located on Bloomfield Avenue in Donnybrook, Dublin 4, has reportedly exceeded €16m, €6m above the guide price. The Irish Times reports that an Irish hotelier has emerged as the leading contender to complete the purchase of the well located property, which has also attracted bids from Ballymore Properties, Cairn Homes and Rohan Holdings. If the complex, which extends to 35,000 sq. ft. on a 3.09-acre site, is acquired by the hotelier, it is expected that it will accommodate a 200+ bedroom hotel. If the purchaser is a housebuilder, it is expected that permission would be sought for at least 100-120 homes. The Irish Times, 8th February
Mortgage-To-Rent Scheme: A proposed extension of the mortgage-to-rent scheme, which has so far seen poor take up, will allow private finance houses to buy mortgages of struggling families and lease the properties back to the state. Under the new scheme, the families in the properties will then become the State’s tenants with a guaranteed 20-year lease, and the families will have an option for a further 20 years. It is understood that families will also be able to buy back their homes at the market rate at any time. It is hoped that thousands of households will avail of the scheme, despite only 217 households having gone through the process since it was launched. Under the exisiting scheme, cases are assessed on an individual basis, meaning it was not attractive for finance houses to become involved. It is believed that private funds may examine bank’s loan books to see who would possibly qualify for the scheme before deciding to purchase loans. It will however ultimately be the homeowner’s decision to enter the scheme, which has a number of qualifying criteria. The new scheme will also see the value of the threshold for qualifying houses increased, depending on the location and type of house. The Irish Times, 8th February
Mounteagle House: A four-bedroom house, situated on a one-acre site in Sandyford with strong redevelopment potential has been put on the market with a €2m guide price by Lisney. Mounteagle House in Dublin 18 extends to 1,991 sq. ft. and is located minutes from Sandyford village, Beacon Hospital and Leopardstown Racecourse. The site has the potential to accommodate a higher density residential scheme, subject to relevant planning permission being obtained. The Irish Times, 8th February
Deposits-to-value ratio: New analysis from the Central Bank shows that home buyers in Ireland typically need a 20% deposit to acquire a property, which is lower than the corresponding figure in many other European countries. The figures show that first time buyers (FTBs) in Ireland last year typically needed a c. 15% deposit to purchase a home. The median down-payment for a FTB outside of Dublin in 2016 was €25k, well below previous peaks. However, for FTBs in Dublin the figure was €50k in 2016. The Irish Times, 8th February
Templeogue site: A 1.13 acre ready-to-go site near Templeogue village in Dublin 6W has been offered by agents CBRE with a guide price in excess of €3.45m. The site comes with permission to demolish the existing buildings and replace them with 16 family homes. These include four four-bed end-of-terrace homes, four three / four-bed mid-terrace homes, and eight four-bed semi-detached homes. The site is located about 1.5km from Terenure village and 6km from the city centre, with good amenities in the local area. The Irish Times, 8th February
Landlord Insurance: A new product offering from RentAssured will offer Irish landlords the ability to insure themselves against the loss of rent from defaulting tenants. RentAssured will insure the lesser of (i) €48k or (ii) 11 months of annual rental income. The average premium will be c. 2% of rental income. The Irish Times, 13th February
South Dublin Investments: Agents HWBC has brought two investment opportunities in Dublin’s southside to the market. The first consists of three adjoining cut-stone period buildings at Eglinton Terrace in Dublin 14 which have a combined guide price of €2.6m. The properties, known as the Taney Buildings, were formerly a church, school and schoolmaster’s house, extend to 6,740 sq. ft. in total and include seven car-parking spaces. The second opportunity is a listed period office at Ventour House, 1 Corrig Avenue, just off Dún Laoghaire’s main street which has a €1.5m asking price. Ventour House extends to 3,500 sq. ft. and comes with eight parking spaces. In addition to its existing use, the property could also be converted back to residential use, subject to planning permission. The Irish Times, 8th February
Lough Derg Marina: CBRE is guiding in excess of €2.5m for the 50-berth Cloondavaun Bay Marina, located near Portumna, Co. Galway. The marina is located on a 20-acre site with 885m of lake frontage, and contains a range of other services including a storage warehouse for large boats, a facilities building, a work shop, fuel depot, ancillary offices, store rooms and a large detached four-bedroom house. The Irish Times, 8th February
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Salamanca Restaurant: Agents Bagnall Doyle McMahon are guiding €2.8m for the Salamanca restaurant building, located at 1 Andrew Street in Dublin 2. The building extends to 4,768 sq. ft. and is held on a 25-year lease running from March 2014. The current rent is €155k p.a, with five yearly rent reviews. The first review is linked to the CPI, with subsequent reviews linked to market rents. The tenant has break options in 2029 and 2034, offering the new owner c. 12 years of uninterrupted rent. The Irish Times, 1st February
Clanwilliam Court: A partnership agreement agreed between Hibernia REIT and Iconic Offices will see three floors (c. 21,000 sq. ft.) of serviced office / co-working space made available in Clanwilliam Court in Dublin 2. As the owners of the property, Hibernia is providing the office space whilst Iconic will oversee the business operations. Under the income-sharing element of the arrangement, Hibernia will fund the majority of the c. €1m fit-out costs, and will receive most of the net income from the occupiers up to a level equating to the headline rent of about €45 psf. Iconic Offices will then receive the majority of any income above this level. The Irish Times, 2nd February
River House, Chancery Street: The Irish Times reports that Derek Quinlan acted as an advisor to an unnamed purchaser on the €8m acquisition of River House on Chancery Street in Dublin, near the Four Courts. The building, which dates from the 1970s, was previously the motor tax office, however it had been vacant since the government agency moved out a decade ago. The property had been owned for the last 15 years by developers Joe and Patrick Linders, who recently renewed a planning permission to redevelop and double the building’s capacity to approximately 75,000 sq. ft. It is believed the new block could be of particular interest to UK legal firms who may be planning to relocate to Dublin following Brexit. The Irish Times, 6th February
Liffey Valley Apartments: The Irish investment manager Carysfort Capital has paid in excess of €36m to buy 160 apartments at St. Edmunds near Liffey Valley Shopping Centre in west Dublin. Carysfort Capital outbid several overseas companies, paying above the €32.5m guide price for the complex, which also contains 167 car parking spaces. The transaction equates to a price of c. €225k per apartment. The apartments are split over three blocks, and currently produce a rent of c. €2.435m p.a., offering the new owner a gross initial yield of c. 6.75%. The apartments benefit from good transport links, being located alongside the N4 and M50, and are served by both Dublin Bus and regional bus services. The Irish Times, 1st February
Housing Completions: New figures from the Department of Housing show that 14,932 homes were completed during 2016, representing a c. 18% increase on 2015. However, this is still significantly below the c. 25,000 units which are required to restore the market to a healthy level. Of the completed housing units, 6,289 were in the Greater Dublin Area, with the remainder situated across the rest of the country. The figures, which are published in the second quarterly report of the Government’s housing strategy ‘Rebuilding Ireland’, show that planning permission was granted for over 16,000 homes in the year ending September 2016, an increase of c. 45% year-on-year. The Irish Independent, 7th February
Nursing Home Sector: Emerald Capital Partners is reportedly considering the sale of its Irish nursing home assets. The company paid c. €38m in December 2014 for Munster nursing home company Carechoice, which operates five nursing homes in Cork and Waterford. Carechoice also took over the running of a large facility on the Malahide Road in Dublin which was developed by Emerald. In total the group controls more than 500 beds. In addition, Emerald has gathered four development sites in Dublin with planning permission for nursing homes. The sites, which are located in Dublin 8, Dublin 12, Lucan and Swords, are now on the market through Knight Frank, with a combined asking price of c. €9.8m. The sites are also being offered to purchase on an individual basis. Industry sources have reported that Emerald has also been informally sounding out interest in Carechoice, with a view to selling the Carechoice group as well as the development sites. The Sunday Times, 5th February
Bank of Ireland (BoI) Drogheda. The BoI branch located on St Laurence Street in Drogheda, Co. Louth, has been bought by the Appian Burlington Property Fund for €4.2m, in a deal which will offer an initial yield of c. 7.05%. BoI occupy the building on a 25-year lease, which has c. 15 years remaining. The current rent of c. €310k p.a. is subject to upwards only rent reviews. The Irish Times, 1st February
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