23 Rock Hill, Blackrock Village, Co. Dublin Savills are guiding €3.5m for a mixed-use investment comprising two substantial split-level retail units while the upper floor provides for a fully-fitted vacant own-door, open-plan office of 3,261 sq.ft. with unobstructed sea views. The premises are located directly opposite Blackrock Shopping Centre and immediately adjacent to Blackrock Dart Station. One of the ground-floor retail units is leased to Irish Permanent TSB plc for a term of 35 years from February 1st, 1987, subject to a passing rent of €150k p.a., while the adjacent retail unit is let to Fine Bottles Ltd T/A Blackrock Cellar Fine Wines for a term of 12 years from February 22nd, 2012, at a passing rent of €60k p.a. The Irish Times, 15th May
80 Philipsburgh Avenue, Dublin 3 Agent Robert Colleran has brought 80 Philipsburgh Avenue (used by the Billie Barry Stage School and a crèche) and the leasehold interest in the adjoining Fairview Pitch and Putt grounds to market guiding €3.5m. The property consists of a two-storey club house building extending to 10,828 sq.ft. and parking for 50 cars. This 0.52-acre freehold property is zoned Z1 – Sustainable Residential Neighbourhoods. It is thought that the site could accommodate houses or an infill apartment development of about 32 units. The Irish Independent, 16th May
30 Wexford Street, Dublin 2 Lisney are guiding €1.8m (€796 psf) for a 2,259 sq.ft. four-storey, mid-terrace, mixed use property which has a retail unit at ground-floor level and three two-bedroom apartments on the upper floors. The retail unit will be sold with vacant possession and the residential units are leased on informal agreements. The Irish Times, 15th May
Phoenix Park Racecourse, Castleknock An Bord Pleanála has approved Flynn & O’Flaherty Construction’s plans to build 88 apartments at the former Phoenix Park racecourse in Castleknock. The homes will be constructed in four blocks ranging from four to six storeys. The 0.6 hectare site forms part of a much larger housing development of 40 hectares. The Sunday Times, Irish Edition, 19th May
2A Pecks Lane, Castleknock, Dublin 15 Sherry Fitzgerald are guiding €1.15m (€545 psf) for a 5-bed detached 2,110 sq.ft. property beside the Phoenix Park and Castleknock Village. The Sunday Business Post, 19th May
No 17 Leeson Street Upper Hunters are seeking €1.75m (€535 psf) for a 4-bed 3,272 sq.ft. terraced house in close proximity to the canal and St Stephens Green. The Irish Times, 20th May
The Conrad Hotel, Dublin 2 The sale of Dublin’s five-star Conrad Hotel is expected to conclude shortly for c.€118m, through CBRE who offered the hotel for sale at a guide price of €115m four months ago. It is reported that the hotel’s current owners have entered exclusive talks with European hotel investor, Archer Hotel Capital BV. The Irish Times, 16th May
The Marker Hotel, Dublin 2 CBRE are guiding €125m for the five-star Marker Hotel. The current owners, Midwest Holding AG, and an investor group led by Kevin McGillycuddy’s Brehon Capital Partners, acquired the Marker Hotel and the adjoining Marker Residences in 2011 for c.€30m and undertook significant refurbishment works before opening for business in 2013. The Irish Times, 15th May
Brady’s Castleknock Inn, Dublin 15 Bartra has bought the 0.783 acre Brady’s Castleknock Inn site on the Old Navan Road, Dublin 15 for c.€3.3m, €450k over the €2.85m quoted by estate agents Finnegan Menton. The site has planning permission for 36 two-bed and three-bed apartments and penthouses. It is reported that Bartra are considering developing the site as a co-living development. The Irish Independent, 16th May
Bray Town, Co Wicklow John P Young Auctioneers are auctioning Chrissy D’s pub (4,097 sq.ft.) located on the southside of Bray town, Co Wicklow, on May 30th guiding between €1.4m and €1.6m. (€341 psf.) The premises includes a lounge and public bars as well as a function room, kitchen and apartment. The Irish Independent, 16th May
34-35, Liffey Street, Dublin 2 Savills is guiding €1.95m for 34-35 Liffey Street which comprises a double-fronted property with two- level retail trading. The entire building is leased to the Scout Association of Ireland Trust Ltd for a term of 35 years from December 1st, 1994 subject to a passing rent of €120k p.a. The lease provides for upward-only rent reviews. The Irish Times, 15th May
31 Liffey Street, Dublin 2 Savills are guiding €1.4m for a property located next door to Marks & Spencer’s flagship Mary Street store and is leased to D&L Household Goods & Gifts Ltd T/A All Seasons for a term of 35 years from 1986 subject to a passing rent of €80k p.a. The lease provides for upward-only rent reviews. The Irish Times, 15th May
32 Lower Liffey Street, Dublin 2 Savills are guiding €850k (€712 psf) for two freehold units spanning 656 sq.ft. and 538 sq. Ft. The units are being sold with vacant possession. The Irish Times, 15th May
Henley Bartra Henley Bartra has paid €125m in an off-market deal for a portfolio of office and data centre assets in Dublin and Cork. This transaction represents Henley Bartra’s largest single acquisition to date and means it secures ownership of nearly 500,000 sq.ft. of property distributed across the Citywest Business Campus in Dublin and Cork Airport Business Park. The Citywest campus is a 369,000 sq.ft. portfolio comprising 11 buildings, development sites and car parks. The Cork portfolio extends to 140,000 sq.ft. The Irish Times, 17th May
No 30 Merrion Square and No 1 Holles Street, Dublin 2 Lisney is guiding €2.5m and €800k for No 30 Merrion Square and No 1 Holles Street respectively. No 30 Merrion Square, currently in use as an office, is a 5,160 sq.ft. mid terraced four-storey over-basement Georgian building with a part two-storey and part three-storey return to the rear along with parking for six cars. No 1 Holles Street is a 2,835 sq.ft. semi-detached, four-storey over-basement period building located directly opposite the National Maternity Hospital. This property is in need of a full refurbishment. The properties are available to purchase separately or combined. The Irish Times, 15th May
No 29 Merrion Square, Dublin 2 HWBC is guiding €4m for a 4,768 sq.ft. fully restored Georgian building together with a tenanted mews to the rear of the property. The property comprises a four-storey over-basement, mid-terrace building and is being offered for sale with vacant possession. The mews at Holles Place is let to Workgroup at a rent of €30.5k p.a. and comprises a 1,582 sq.ft. self-contained two-storey property with one parking space. The tenant is in occupation under a 10-year lease from May 2017, with a break option in year five. The Irish Times, 15thth May
Numbers 1 – 4 Sussex Street, Dun Laoghaire Cushman & Wakefield is guiding €2.15m for two office investments in Dún Laoghaire. The buildings comprise two adjoining two-storey detached office buildings extending to 6,932 sq.ft. No 1 Sussex Street, guiding €450k is a two-storey office, let to a private accountancy and business advisers’ practice producing an annual income of €18k p.a. Number 2-4, guiding € 1.7m, is being sold with vacant possession. The Irish Times, 15th May
Kilbride House, Herbert Road, Bray, Co Wicklow CBRE, on behalf of Marlet Property Group, are guiding €6m for the former Danish embassy site in Bray, Co. Wicklow. The 9.1 acre site comes with planning permission for 42 houses (€143k per site) ranging from 4-bed detached to 3-bed terraced homes. The Irish Times, 15th May
Sandymount, Dublin 4 Knight Frank sold a prime 1.26 acre residential site in Castle Park, off Gilford Road, Sandymount, Dublin 4 for €7m to an Irish house builder. The site has existing planning permission for the construction of 25 residential units (€280k per site) comprising nine three-bed houses, seven two-bed ground-floor apartments, one three-bed ground floor apartment, and eight four-bed duplex apartments. The Irish Times, 15th May
Usher’s Quay, Dublin City Centre Knight Frank is guiding €2.75m for a 0.14 acre mixed-use site with full planning permission for 27 apartments and commercial space at Usher’s Quay in Dublin city centre. The site comes for sale with full planning permission from Dublin City Council for the demolition of all existing buildings and the construction of a new part six/seven storey building comprising 27 apartments (five one-bed units and 22 two-bed units), above ancillary residential amenities and a commercial unit at ground floor. The Irish Times, 15th May
Lusk, Co. Dublin Knight Frank is guiding €3.8m (€442k per acre) for an 8.6 acre residential development site distributed across two lots on either side of the Lusk Relief Road. The site is situated close to Lusk Village and adjoins the new village centre (currently under construction) which will provide a comprehensive retail offering including a supermarket of over 43,055 sq.ft. The Irish Times, 15th May
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Stella Maris Convent, Howth Joint agents Lisney and Farley Property are guiding €3.5m for the Stella Maris Convent and Retreat House on Howth Head. The property currently comprises a complex of buildings extending to an overall area of 8,000 sq.ft. The various buildings include an extended two-storey Victorian residence; a second two-storey house offering retreat accommodation and a large single-storey prefabricated building used for seminars. There are 23 bedrooms in total, numerous reception rooms, dining rooms and kitchens together with a single-storey chapel built in 1929 and two prefabs. The Irish Times, 15th May
Circle K Filling Station Citywest, Co. Dublin Savills is guiding €3.85m (6.75% NIY) for the Circle K filling station in Citywest Co. Dublin. There is 15.7 years remaining on the lease producing €283k in rental income p.a. The prospective purchaser will also benefit from fixed 25% rental uplifts in December 2024 and December 2029, reflecting net running yields of 8.45% and 10.54% respectively. The site has an area of about 0.76 acres and occupies a high-profile location immediately off the N7/Naas Road. The Irish Times, 15th May
Cork City CBRE released a detailed report for the rationale for locating and investing in Cork City, which stated that there is currently almost 950,000 sq.ft. of office stock under construction in Cork, with a further 1,840,000 sq.ft. with planning permission that can be delivered in the short to medium term. CBRE Ireland, 17th May
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Mount Salem, Dublin 18 Agent Robert Colleran is guiding €2.5m (€611 psf) for a five-bedroomed 4,090 sq.ft. protected period house located on a 0.7 acre corner site at the White’s Cross junction of the Stillorgan dual carriageway. The Irish Independent, 9th May
St Edmund’s, Palmerstown, Dublin 20 Carysfort Capital has paid c.€34m for a portfolio of 102 newly-built houses at the St Edmund’s development in Palmerstown, Dublin 20. The houses were built through a licence agreement between Grandbrind and Nama. Carysfort’s acquisition of the portfolio brings its overall holding at the St Edmund’s development to 262 units. In January 2017, the company paid c.€36m for 160 apartments and 167 parking spaces at the scheme. The Irish Times, 8th May
Dun Laoghaire, Co. Dublin Hooke and MacDonald is guiding €1.295m (€436 psf) for 30 Fairway Drive, a 2,971 sq.ft. five-bedroom fully furnished detached property with an A3 building energy rating, located within the Cualanor development in Dun Laoghaire. The Sunday Business Post, 12th May
XVI Portfolio Joint agents Savills Ireland and Eastdil Secured have been instructed to sell a portfolio of more than 800 apartments and houses on behalf of US based Marathon Asset Management across 16 developments in Dublin and Cork. The portfolio, named XVI will, upon completion, represent the biggest single disposal of buy-to-let properties to have taken place in the Irish market to date. The Irish Times understands that the selling agents are guiding a price in the region of €240m. The Irish Times, 8th May
20 Sefton Hall, Foxrock, Dublin 18 Colliers is guiding €1.3m (€769 psf) for 20 Sefton Hall, a 1,690 sq.ft. three-bedroom penthouse apartment. The property, located in within Park Development’s Kelston scheme at the top of Leopardstown Road, includes a private wrap-around roof garden with panoramic views of the Wicklow Mountains and Dublin Bay which increases its size to 3,025 sq.ft. The Sunday Business Post, 12th May
Irish Residential Market Transaction activity rose steadily in Ireland in 2018. Excluding multi-family/portfolio sales there were approximately 53,900 homes transacted last year according to the Property Price Register (PPR). This translated into an increase of 6% on 2017, or roughly an extra 3,000 home sales. Dublin also saw an improvement in the total number of homes sold, with just over 17,500 sales recorded in the capital, a 5% yearly improvement. Sherry Fitzgerald, Irish Residential Market Review Spring 2019
Killarney, Co Kerry Casey and Kingston Auctioneers has brought the former Whitegates Hotel to market. The property includes 27 ensuite bedrooms along with a lounge, bar, restaurant area and is situated on a 0.7 acre site on the N22 Muckross Road, 1.6 km outside Killarney, Co. Kerry. The agent advised the guide price was €3m. The Sunday Business Post, 12th May
Drumcondra, Dublin 9 CBRE has brought two licenced premises to market. They are guiding €1m for Quinn’s of Drumcondra and €900k for the Cat & Cage. Quinn’s is located on a 0.3 acre site at the intersection of Drumcondra Road and Clonliffe Road and has dual residential and commercial zoning. The Cat and Cage pub is located at 74/76 Upper Drumcondra Road, Dublin 9 and was recently renovated in 2016. The Sunday Business Post, 12th May
Blanchardstown Shopping Centre Planning has been granted to US-based Blackstone Real Estate for a 21,528 sq.ft. retail unit at Blanchardstown Shopping Centre at the red mall entrance. It is anticipated the unit will be used as a supermarket. The Sunday Business Post, 12th May
Liffey Valley Party City, the largest US retailer of party goods with over 900 retail stores will open its first European store in Liffey Valley in June this year. Creative Retail Solutions, the company behind the seasonal pop up ‘Halloween HQ’ will operate the store. The Sunday Times, Irish Edition, 12th May
Century Business Park in Finglas, Dublin 11 Savills is guiding €5.25m (6.2% NIY) for an industrial investment portfolio at the Century Business Park in Finglas, Dublin 11. Extending to an overall area of 60,461 sq.ft. the portfolio comprises five units ranging in size from 4,521 sq.ft. to 24,079 sq.ft. The units for sale are of metal-frame construction incorporating clear internal heights from 7.5m to 11m. The combined rental income is €351,750 p.a. The Irish Times, 8th May
Five Hanover Quay, Dublin 2 Joint agents JLL and London-based Eastdil Secured have brought the newly-developed Five Hanover Quay to the market guiding €190m (4.25% NIY). Located on a prime waterfront site at the heart of the Dublin docklands, the seven storey, 160,000 sq.ft. LEED Gold V-rated property is fully let to DocuSign and Aptiv, providing an annual rental income of €8.75m. The Irish Times, 8th May
180-184 James Street, Dublin 8 It is reported that The Dublin Loft Company is the purchaser of a prime 0.5 acre development site at 180-184 James Street, Dublin 8, where the company is likely to develop an aparthotel. The site was first marketed for sale in January through CBRE seeking €5.75m. It is thought the final price was in the region of €6.5m. The Irish Times, 8th May
Crofton Road, Dun Laoghaire Knight Frank is guiding €6.5m (€8.2m per acre) for a 0.79 acre development site located on Crofton Road, near St Michael’s hospital overlooking Dun Laoghaire harbour. The site is currently in use as a car park. A feasibility study prepared by Reddy Architecture & Urbanism identified, subject to planning permission, options ranging from 74 to 102 units based on both Build-to-Rent and Build-to-Sell models, along with car parking, open space and residential amenity areas. Knight Frank, 9th May
Parkgate St, Dublin 8 Finnegan Menton is guiding €7m (€9m per acre) for a 0.77 acre development site on Parkgate Street Dublin 8, located directly across from Heuston Station and the Luas. The property is currently occupied by Westbrook Motors and the Natural Bakery whose leases expire at the end of 2022 producing €53.9k p.a. The Irish Times, 8th May
Real Estate Alliance (REA) Auctions REA network of estate agents will host three auctions this month with more than 90 lots. The most valuable lots will be offered at the REA Dempsey Sothern public auction of Dublin and Leinster properties in Naas on May 22. Also on May 22, REA O’Connor Murphy will offer 37 Munster, Connacht and Donegal properties at a public auction in Limerick. On May 29, REA will offer 14 lots at its online auction. The Irish Independent, 14th May
Millbrae Lodge, Nursing Home, Tipperary Brindley Healthcare has purchased the 81-bed nursing home in Newport, Co. Tipperary. The group now operate 10 nursing homes with over 600 beds in Tipperary, Laois, Kildare, Mayo, Galway and Donegal. It is the company’s second deal in two weeks with the group acquiring the 79-bed Maynooth Lodge Nursing Home. The Sunday Independent, 12th May
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Heuston South Quarter, Dublin Developer Joe O’Reilly’s Chartered Land has teamed up with Henderson Park Capital to acquire the landmark Heuston South Quarter (HSQ) in Dublin city centre from US property giant Marathon Asset Management for €222m. The HSQ portfolio comprises 266 apartments, 106,319 sq.ft. of grade A office space, 48,034 sq.ft. of commercial space, and a 3.63 acre development site. The HSQ portfolio is already delivering c.€10.3m in gross annual income with scope to further increase through development and asset management. The Irish Times, 1st May
Parnell Square, Dublin 1 An Bord Pleanála has approved plans for the redevelopment of Parnell Square as a “cultural quarter” for Dublin, with a new city library, public plaza, and the restoration of some of the Georgian houses. The development is expected to cost €110m. 45% of the development will be funded by Dublin City Council and the rest will be funded by philanthropic donations. In addition to the library, the project will include a 200-seat conference centre, a music centre, education facilities and a café and exhibition space. The Irish Times, 7th May
Central Plaza, Dublin 2 The Irish Times reports that a hospitality and dining area on the top two floors of the old Central Bank building has been leased for in excess of €1m p.a. with the operator planning to create three venues at the Dame Street location. Hines and the Peterson Group are developing the rooftop venue as part of a wider scheme incorporating 134,500 sq.ft. of retail, food and beverage, and office space. The new restaurant space is set to provide diners with 360-degree views of Dublin and the surrounding landscape, from the Wicklow Mountains to Howth Head. The Irish Times, 1st May
Golden Island Shopping Centre, Athlone Cushman and Wakefield are guiding €41m (7.93% GIY) for Athlone’s Golden Island shopping centre. The 160,000 sq.ft. property comes to market three years after Credit Suisse acquired it for €43.5m. The property generates €3.25m p.a. Anchor tenants are Penneys and Tesco. The property also has a substantial car park with 1,000 spaces. The Irish Times, 1st May
No. 113-115 St Patrick St, Cork Agent Bannon is guiding €6.6m for No. 113-115 St Patrick St, Cork. The building has been occupied by Eason & Son, for more than 33 years. Eason will take a new 25-year lease of the premises at €500,000 p.a. which will equate to a 7% NIY. The 22,017 sq.ft. property over four storeys incorporates 13,801 sq.ft. of retail area across its ground and first-floor levels. The Irish Times, 1st May
Custom House Square, IFSC, Dublin 1 Savills is guiding €2.5m for four ground-floor units on Custom House Square at the IFSC in Dublin 1. All four units are fully let on long-term leases producing a combined passing rent of €228,500 p.a. All four units form part of a well-located commercial parade directly opposite the campus of the National College of Ireland, and immediately adjacent to the Mayor Street stop of the Luas red line. The Irish Times, 1st May
No 73 North Wall Quay, Dublin 1 Oakmount and partners Core Capital have paid c.€10m to acquire No 73 North Wall Quay in the Dublin docklands. Dublin City Council granted planning permission three months ago for a 39,825 sq.ft. development on the site. It is anticipated that the scheme will include 23,185 sq.ft. of lettable office space over eight floors, and will also include two retail units at ground floor level. The property is located immediately beside the headquarters of the Central Bank and Dublin Landings. The Irish Times, 1st May
Bishops Square, Kevin Street, Dublin 8 CBRE is guiding €180m (4.04% NIY) for Bishop Square, Kevin Street. The current rent roll is €7.8m. 86% of the rental income derives from government tenants, namely the OPW and Tourism Ireland. Other tenants include Starbucks and International Financial Data Services. The building has undergone significant refurbishment work since Hines acquired it in 2015, including increasing the property’s overall floor area from 153,000 sq.ft. to 182,774 sq.ft. The Irish Times, 1st May
Kildress House, Pembroke Row, Dublin 2 Savills are quoting a rent of €55 psf for the 22,000 sq.ft. Kildress House building. Construction is expected to complete on the building by December 2019. The property will be located between Baggot Street and Wilton Place in Dublin 2. The Irish Times, 1st May
Mill Works, Islandbridge, Dublin 8 Joint agents Sherry FitzGerald New Homes and Cushman & Wakefield are guiding €12.5m (5.75% GIY) for the Mill Works, a scheme of 29 private rented sector (PRS) apartments currently under construction at Islandbridge in Dublin 8. The portfolio is being offered for sale on behalf of Genius Builds by way of a forward-purchase agreement, with practical completion expected by Q3 2019. It is anticipated that a prospective purchaser could secure a stabilised rental income of about €720,000 p.a. before year-end. Based on its guide price, the prospective purchaser could expect to secure a gross initial yield of 5.75% with one-bed units expected to achieve rents of €1,700-€1,825 a month, and two-bed units expected to achieve in the region of €1,950-€2,200 a month. The Irish Times, 1st May
Planning permission has been granted for Cork’s largest ever student accommodation development. London based Future Generation has plans to build a 600 bed scheme at the former Coca-Cola site on the Carrigrohane Straight Road. The development will be Future Generations first European venture outside the UK and it is thought that the beds will be available for the beginning of the 2021/2022 academic term. The Echo, 6th May
St Agnes Road, Crumlin Village, Dublin 12 Colliers International are guiding €1.4m (€933k per acre) for a 1.5 acre site zoned for residential development on St Agnes Road in Crumlin village, Dublin 12. The site comprises The Glebe House, a substantial detached protected structure that is divided into apartments, all of which are vacant. Behind the house there are 12 workshop buildings, six of which are occupied by tenants on informal lease terms. The site is zoned Z1 – “To protect, improve and provide residential amenity”. The area is well serviced by transport links and could be of interest to those developers and investors involved in Dublin’s Build-to-Rent (BTR) Sector. The Irish Times, 1st May
Former Good Shepherd Magdalene Laundry, Cork City Savills are guiding €6.75m for the site of a former Good Shepherd Magdalene laundry in Cork city. The 7.8 acre property has full planning permission for 182 apartments, 20 townhouses and a crèche facility and is located in the Sunday’s Well area, within walking distance of University College Cork. It is being sold by Moneda Developments and the current planning permission allows for several blocks, two of which will be built behind the façades of the old red brick Victorian convent buildings. The Irish Independent, 2nd May
Shamrock Chambers, Dame Street, Dublin 2 Knight Frank is guiding €4.5m for a city centre site with permission for a 39-bed hotel. Known as Shamrock Chambers, the property currently comprises a five-storey-over-basement building of 18,793 sq.ft. on a c. 0.1acre site at the junction of Dame Street and Eustace Street. It is being sold by US fund Grand Coast Capital and is within 100 metres of the new Central Plaza development on Dame Street, which is due for completion by the end of 2019. The Irish Independent, 2nd May
98 Merrion Road, Ballsbridge, Dublin 4 Agent Finnegan Menton is guiding €8m (€13.3m per acre) for a “ready-to go” residential development site of 0.6 acres on 98 Merrion Road, Ballsbridge, Dublin 4 which has planning permission for 20 units. The units will consist of three penthouse apartments of 2,200 sq.ft each, 14 two-bed 1,200 sq.ft. apartments, and three one-bed 750 sq.ft. apartments. The site, which is owned by Bartra, has extensive road frontage to Merrion Road. Significantly, the property sits just 400m from the location of social media giant Facebook’s new European headquarters. The Irish Times, 1st May
Shackleton Road and Oldtown Road, Celbridge O’Flynn Construction has obtained planning permission from An Bord Pleanála for a €80m scheme in Celbridge, Co Kildare. The permission allows for 167 new houses, 84 apartments and a creche on a site at Shackleton Road and Oldtown Road in Celbridge. Construction on the first phase will begin in August with 50 to 70 units expected to sell each year. The Irish Times, 7th May
BidX1 Online Auction More than 270 lots with a combined value of c. €42m will be auctioned by BidX1 at its online auctions on May 22 and 23. 20% of the properties are commercial and are well within range of medium investors with no guide price exceeding €1m. The Irish Independent, 2nd May
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No. 2 Dublin Landings: Joint agents CBRE and Knight Frank have brought the second phase of the Landings office development in the Dublin docklands to the market, guiding €98.8m (€1,002 psf) for the 100,000 sq. ft. Grade A office space. The building has been pre-let to WeWork on a 20-year lease at €4.82m p.a. (€48 psf) with no break options, equating to an initial 4.5% yield. The Irish Times, 23rd May
Beckett Building, Dublin: The South Korean-based Kookman Bank has paid €101m (€531 psf) for the 190,000 sq. ft. Beckett Building on the East Wall Road in Dublin. The Comer Group purchased the vacant office building in 2013 for c. €5m and spent c. €30m on a high-quality fit-out (€184 psf total spend), before letting the entire building to Facebook on a 15-year lease at €4.53m p.a. (€23 psf). The Irish Times, 23rd May
Penrose Quay, Cork: Cork developer JCD Group has launched plans for a new 250,000 sq. ft. cutting edge office development on a 1.8 acre site at Penrose Quay in the heart of Cork’s docklands. Penrose Dock, will retain the historic Penrose House (12,000 sq. ft.) as well as two new individual office blocks with net lettable areas of 78,000 sq. ft. and 160,000 sq. ft. The scheme will also have a double basement with 160 car spaces and a 10,000 sq. ft. gym and the development is expected to take c. 18 months. The Sunday Business Post, 27th May
Carysfort House, Blackrock: Agent JLL has brought a four-storey 10,100 sq. ft. office building on Carysfort Avenue in Blackrock, south Dublin, to the market quoting €5.3m (€524 psf). The building is generating a rent roll of €335k p.a. (€33 psf) from Tusla, the State child and family agency, and two telecommunications masts which equates to a net initial yield of 5.8%. Just last week, three adjoining office buildings with a combined 50,000 sq. ft. of space came on the market through joint agents Lisney and HWBC with a combined asking price of c. €14.5m (€290 psf). The Irish Times, 23rd May
Clondalkin Office Investment: Joint agents JLL and HWBC have brought two office blocks totalling 30,610 sq. ft. in Clondalkin, west Dublin, to the market guiding €5m (€163 psf).The building is let to the Department of Social Protection, which operates an Intreo office from the building, on a 10-year lease from December 2017 at €330,000 p.a. (€10.78 psf), reflecting a net initial yield of 6%. The Irish Times, 22nd May
Richview Office Park, Clonskeagh: Agent Cushman & Wakefield has brought a fully occupied 3,400 sq. ft. office building in Clonskeagh, south Dublin, to the market guiding €1.5m (€441 psf). The building, which includes 12 car-parking spaces, is let to engineering firm Malone O’ Regan on a 35-year lease from 1995 at €101,600 p.a. (€30 psf), equating to a net initial yield of 6.24%. The Irish Times, 22nd May
14 Lower Pembroke Street, Dublin 2: Colliers International has brought a 4,500 sq. ft. four-storey over-basement Georgian house in Dublin 2 to the market guiding €1.7m (€377 psf). The building is currently under-rented producing an annual rent of €100,000 (€22 psf) and is in need of refurbishment. The Irish Times, 22nd May
Dublin Industrial Estate, Glasnevin: Agent Bagnall Doyle MacMahon has brought a 10,645 sq. ft. office investment in Dublin Industrial Estate, Glasnevin, Dublin 11, to the market guiding €1.4m (€131 psf). The building which is in walk-in condition, is being sold with vacant possession and sits on a site of 0.45 acres with 34 car-parking spaces. The Irish Times, 22nd May
Savills Skyline Survey: A report from Savills Ireland indicates that only 50% of the 202 new office buildings planned for Dublin over the next three years are likely to be delivered. The survey estimates that developers are seeking to add c. 12m sq. ft. of new office space by the end of 2021, as well as 2.5m sq. ft. of refurbishments and redevelopment to existing stock. The volume of office stock expected to come on stream in Dublin’s central business district in 2018 is 2.17 million sq. ft., 55% less than what had been estimated for 2018 delivery back in 2015. The Irish Times, 28th May
Westend Retail Park, Blanchardstown: Deutsche Bank are expected to complete the purchase of the Westend Retail Park in Blanchardstown, Dublin 15, for €148m (€493 psf), marking the German bank’s first foray into the Irish commercial real estate market. The 300,000 sq. ft. retail park which includes Nike, Next, Gap, and Lidl among its tenants generates an annual rent roll of €8.5m (€28) psf. Green Reit acquired the retail centre as part of its purchase of the Sapphire Portfolio from Nama in 2014 and are due to make a 55% profit from the sale. The Irish Times, 25th May
Camden Street Lower, Dublin 2: Agent CBRE has brought a retail building on a prominent corner of Camden Street, Dublin 2, to the market guiding €4.3m (€475 psf). The three-storey mixed-use building extends to 9,041 sq. ft. and is let to Fresh Supermarket at €280k p.a. (€31 psf), equating to a net initial yield of 6%. The Irish Times, 23rd May
Snugsborough Road, Blanchardstown: Property agent Kelly Walsh has brought three fully-let retail units on the Snugsborough Road in Blanchardstown to the market guiding €2.85m (€187 psf). The units which have tenants including Atlas Tyres, The Dublin Meat Company and Polonez, generate a combined rent roll of €241,000 (€16 psf), reflecting a net initial yield of 7.8%. The tenancies have a weighted average unexpired term of c. 13.65 years. The Sunday Business Post, 27th May
April Retail Sales: The latest report from the Central Statistics Office has shown that retail sales rebounded after poor figures in March with a 1.5% increase in April, and an annual increase of 4.8%. Sales volumes were largely boosted by increasingly popular home improvements and higher heating costs after the cold start of the year. Meanwhile, the largest drops in sales volumes were seen across electrical goods (down 3%) and in department stores (down 1%). The value of retail sales rose by 6.8% in April 2018 compared with the previous month, an annual increase of 3.8%. The Central Statistics Office, 28th May
Crosbie’s Yard, Dublin 3: Agent Lisney has brought a mixed-use apartment and office block at Crosbie’s Yard on the Ossory Road in Dublin 3 to the market guiding €5.5m (€203 psf). The five-storey over-basement detached block, comprises 12,378 sq. ft. of office space as well as eight apartments, and can be converted into either a full residential development or office facility. The vacant building, is expected to generate a rental income of c. €520,000 when fully let. The Irish Times, 23rd May
Elm Park Green: Hooke & McDonald have completed the sale of 11 apartments in the Links Block at Elm Park Green in Dublin 4 for €3.6m (€327k per apartment). The sale of the six one-beds and five two-bed units, which were launched to the market in April with a guide price of €3.4m, closed within a month with a gross yield of 4.83%.The Irish Times, 23rd May
Townsend Street Site, Dublin 2: Agent Robert Colleran has brought an infill development site extending to 0.064 acres in Dublin’s south dockland to the market for €2m. The corner site is located a short walk from Pearse Street Dart Station and Grand Canal Dock and subject to planning permission, is suitable for residential or office development. The Irish Times, 22nd May
Hyatt Centric Dublin: The Hodson Bay Group have signed a deal to operate the new €50m 234-bedroom hotel currently being built on Dean Street, in Dublin’s Liberties. The hotel will be operated under franchise as the Hyatt Centric Dublin and will be Hyatt’s first Irish Hotel. The Hodson Bay Group currently operate and own the Hodson Bay Hotel, the Sheraton Athlone Hotel and the Galway Bay Hotel. The Hyatt Centric Dublin is expected to open in May 2019.The Sunday Business Post, 27th May
New Urban Quarter, Galway: Property developer Gerry Barrett has been chosen by the board of CIE to develop a new urban centre on a key 8.2 acre site beside Ceannt Railway Station in Galway city centre. The overall development will extend to c. 1.5m sq. ft. consisting of c. 400 apartments, c. 500k sq. ft. of retail space, a new transport hub and a 200-bedroom hotel. The developer will handle the planning process and build out the project with CIE guaranteed a future income stream. The Irish Times, 23rd May
Hibernia Reit: Preliminary results from Hibernia Reit has shown that the group’s net rental income increased by 15% to €45.7m and the value of their property portfolio increased by 6.6% to €1.3bn in the 12 months to 31stMarch 2018. During the 12 month period the group completed two schemes (Windmill Lane and Dockland Central) delivering 197,000 sq. ft. of Grade A offices and they currently have three schemes totalling 222,000 sq. ft. under development. The Irish Independent, 29th May
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Blackrock Office Blocks: Joint agents Lisney and HWBC have brought three 1980’s built office blocks in Blackrock, south Dublin, to the market in individual lots. They are; (i) Blackrock Park House, a vacant 16,812 sq. ft. office with 29 car spaces guiding €4.5m (€268 psf). (ii) Zurich House, a 22,221 sq. ft. office guiding €6.6m (€297 psf) with 29 car spaces let to Zurich Insurance at €500k p.a. (€22.50 psf) on lease until May 2021, and (iii) Blackrock Hall, a 11,376 sq. ft. office guiding €3.375m (€297 psf) with 21 car spaces, also let to Zurich at €345k p.a. (€30 psf) on lease until May 2021 with a break option in April 2020. The Irish Times, 16th May
Prism Building, Cork: Tower Holdings Ltd has lodged plans with Cork City Council seeking planning permission to build The Prism Building, a 15-storey, glass fronted 60,000 sq. ft. office building costing €20m on Clontarf Street. The developers are also at an advanced stage with Cork City Council for a separate €250m, multi-storey hotel and apartment development on the nearby Custom House site which they acquired last year. Tower Holdings Ltd, is owned by Kerry brothers Kevin and Donal O’ Sullivan who have developed some of New York’s tallest buildings. The Irish Times, 17th May
Eden Plaza, Sandyford: Agent CBRE has brought a 5.26 acre prime office site in Sandyford, south Dublin, to the market guiding €20m (€3.5m per acre). The site has two live planning permissions for office developments between 376,000 and 452,000 sq. ft., spread over five blocks, with space for a café and retail unit. The site which previously changed hands in 2017 for nearly €80m, was acquired by Ardstone Capital from NAMA for €6.5m in 2015. The Irish Times, 16th May
Claremont Road, Sandymount: Agent HWBC has brought a 20,000 sq. ft. grade A office building in Sandymount village, Dublin 4, to the market guiding €10.5m (€525 psf). The building, which is on a half-acre site, is let to animation studio Boulder Media on a 20-year lease from May 2017 at an annual rent of €725k (€36 psf), equating to a net initial yield of 6.37%. The Irish Times, 16th May
Citywest Business Campus: Agent JLL has brought eight own door office units at Citywest Business Park to the market with a guide price of €5.4m. The units range in size from 1,900 sq. ft. to 4,500 sq. ft. and the passing rent is €410k, with one vacant unit. A sale at €5.4m provides an initial yield of 7%, which would increase to 7.8% once the final unit is rented. The Sunday Business Post, 20th May
Nutgrove Office Park, Dublin 14: Agent Lisney has brought a 40,000 sq. ft. vacant office block in Rathfarnham, Dublin 14, to the market guiding €7m (€175 psf). The block which is partially finished and partially “shell and core” has an estimated rental value of €685k p.a. (€17 psf) when fully occupied. There are 45 car spaces included in the sale. The Sunday Business Post, 20th May
47/48 O’ Connell Street, Dublin:Agent CBRE is guiding €8m (€820 psf) for the 9,761 sq. ft. Schuh footwear store at 47/48 O’ Connell Street, Dublin. Schuh occupy the four-storey over-basement building on a 25-year lease at €480k p.a. (€49 psf) which has seven year to run, giving a potential net yield of 5.5% to the new owner. The Irish Times, 16th May
38-40 Parliament Street, Dublin: Licensed premises agent Morrissey’s are guiding €1.8m (€600 psf) for a 3,000 sq. ft. restaurant premises trading as Beef & Lobster on Dublin’s Parliament Street. Beef & Lobster operate under a 25-year lease from April 2014 at rent of €100k p.a. (€33 psf), with five-yearly rent reviews, the next being in February 2019. The Irish Independent, 17th May
Swords Road Site, Dublin 9: Agent Savills has brought a 6.75 acre site with planning permission for 358 apartments and 8,700 sq. ft. of commercial space, at Swords Road in Dublin 9, to the market guiding €18m (€2.66m per acre). The site has planning permission for seven blocks varying in height from five to seven storey’s until February 2022 and will include 518 car spaces and a two storey crèche. The Irish Times, 16th May
Delgany Site, Co. Wicklow: Joint agents Dooley Auctioneers and Knight Frank have brought a 13.9 acre site and two adjoining properties, in Delgany Co. Wicklow, to the market seeking offers in excess of €4.5m (€323k per acre). The site has planning permission until September 2018 for 11 large houses ranging in size from 3,150 sq. ft. to 4,850 sq. ft. and is being sold on behalf of Ronan Group Real Estate. The Irish Independent, 17th May
Carrigrohane Site, Cork: Cork developer O’ Callaghan Properties (OCP) have paid €3.1m (€516k per acre) for a 6 acre site at Carrigrohane, in the western Cork suburbs between Bishopstown and Ballincollig. OCP had previously purchased an adjoining 5 acre site and private house which provided access to the site, and now plan to build up to 150 houses on the side-by-side sites. The Irish Examiner, 17th May
Cairn Homes Update: A trading update from Cairns Homes has stated that the house builder is currently building on 12 of its 34 development sites at present and will this year submit planning applications for as many as five housing schemes of 100 units or more. Cairns has forecast revenues of over €350m for the next year and expects over 800 completions. The company has also ruled out any development this year on the 8.5 acre site it purchased in Donnybrook last year for €107.5m (€12.6m per acre), and they will not seek planning permission until next year at the earliest. The Times, Irish Edition, 21st May
Dublin Citi Hotel: Agent Savills has brought the 27-bedroom Citi Hotel on Dame Street to the market guiding €10.7m (€396k per key) in a planned sale and leaseback arrangement. The hotel is to be let on a new 25-year lease at a rent of €660k p.a. (€24.4k per key) with five yearly rent reviews linked to CPI, showing an initial yield of 5.69%. The purchaser may have the opportunity to achieve vacant possession, subject to agreement. The Irish Times, 16th May
Industrial Sale and Leaseback: The Valeo Food Group, which produces food products such as Odlums, Bachelors, Jacobs and Chef, is planning the sale of two of its industrial facilities on a sale and leaseback basis. Valeo has appointed William Harvey to sell facilities it owns at Broomhill Road in Tallaght, and at Westpoint Business Park in Dublin 15 for c. €11m. The Broomhill Road property is guiding €8.7m and produces an annual rent of €661k on a 35-year lease with tenant break options in the 12th and 23rd year, equating to a net initial yield of 7%. The Westpoint Business Park unit is guiding €2.6m and produce rent of €169k p.a. on a 20-year lease with a tenant break option in the 12th year, offering a net initial yield of 6%. The Irish Independent, 17th May
DIT, Cathal Brugha Street: WK Nowlan Real Estate Advisers have brought the DIT Cathal Brugha Street and Marlborough Street buildings to the market guiding €12m (€103 psf), €3m less than when the buildings were brought to the market in 2016.The buildings, located just off O’ Connell Street, have independent access but are linked at ground and first floor levels. The buildings are located beside the Gresham Hotel, which was sold in September 2016 for €92m. The Irish Times, 16th May
Boland’s Quay, Dublin: Google and NAMA have confirmed in a joint statement that Google has completed the acquisition of the entire Boland’s Quay Scheme in Dublin’s docklands at a total cost of c. €300m. The development which has been funded by NAMA, will upon completion include office buildings rising to 173 ft. and 161 ft. and a 15-storey apartment block rising to 157 ft. The scheme will be capable of accommodating 2,500 workers and comprise 400,000 sq. ft. of office, residential, retail and cultural space. The Irish Examiner, 18th May
Dublin Construction Costs: The cost of building in Dublin is expected to rise by 7% this year as the continued development of offices, student accommodation and build-to-rent residential sector continue to put pressure on labour and resources. Turner & Townsend’s International Construction Market Survey for 2018 places Dublin as one of the worlds “hot” markets with the large number of projects driving up prices and makes it the sixth most expensive place globally to build, with average construction costs of €242 psf, behind only New York in first place (€304 psf), San Francisco, Hong Kong, Zurich and London (€282 psf). The Irish Independent, 17th May
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Ulster Bank Project Scariff: Ulster Bank has commenced a €1.6bn non-performing loan (NPL) book sale consisting of 3,600 mortgages with a par debt of €900m and 2,900 buy-to-let mortgages with debt of €700m. Ulster Bank currently has c. €4.3bn of NPL’s on a total loan book of c. €24bn, approx. 18%, and is under pressure to reduce this closer to the 5% normal industry rate sought by regulators. The Irish Examiner, 11thMay
AIB’s Project Redwood: The Irish Times reports that Cerberus are expected to this week be announced as the preferred bidder on AIB’s Project Redwood loan sale. Project Redwood, which initially contained c. €3.8bn of non-performing loans, is expected to be sold with only c. €1bn of par debt. The size of the portfolio has shrunk significantly as a number of loans that were originally in the portfolio have since been restructured or Borrowers have re-engaged. Cerberus, Goldman Sachs and Lone Star were the parties remaining in the bidding process. The Irish Times, 12thMay
Northside Shopping Centre: Joint agents Savills and HWBC are preparing to launch the sale of the Northside Shopping Centre in Coolock, Dublin 17, for close to €60m (€333 psf). Northside, built in 1970, was one of the earliest shopping centres in Ireland and features a swimming pool on the upper floor, extends to 180k sq. ft. and is 90% occupied producing a gross rent of c. €4m, equating to a gross yield of 6%. The Irish Times, 9thMay
MacDonagh Junction Shopping Centre, Kilkenny: A Davy Real Estate fund has obtained full ownership of the MacDonagh Junction Shopping Centre in Kilkenny after purchasing the remaining 50% shareholding from US investment fund Davidson Kempner for c. €20m. Davy purchased its original 50% stake in 2007 for €55m – €60m. The shopping centre extends to 270k sq. ft., is 98% occupied, produces a rent roll of c. €3m and had a total footfall of 3.2m in 2017. The Irish Times, 9thMay
22 Upper Baggot Street: Colliers International have sold an investment property with restaurant at ground floor and overhead offices at 22 Upper Baggot Street, Dublin 2, for €2.2m (€614 psf). The property which houses Thai Restaurant Saba on the ground floor, produces a total rental income of €110k (€30 psf), showing an initial yield of 4.62%. The Irish Times, 9thMay
Golden Lane, Dublin 2: Irish property investment group MM Capital has sold an office block in Golden Lane, Dublin 2, to German investment fund KGAL, for c. €25.5m, having only purchased the building in June 2017 for c. €17m. The 31,000 sq. ft. office block was pre-let to US software analytics company, New Relic International, at a rent of €1.455m, showing a net yield of 5.25% for the new owner.. The Irish Times, 9thMay
Navan IDA Business Park: Agent TWM has brought a 26,000 sq. ft. office building at Navan IDA Business Park to the market guiding €5.5m (€211 psf). The building is let to Generali International Ltd on a 20-year FRI lease from August 2011 at €505k (€19.42 psf), with a fixed increase to €556k in 2021, equating to an initial yield of 8.5% increasing to 9.32% in 2021. There is a break option in 2026, providing over 8 years of a certain term. The Sunday Business Post, 13thMay
Hanover Quay, Dublin Docklands: Joint agents Savills and Cushman & Wakefield have agreed to lease 60,000 sq. ft. of office space at 5 Hanover Quay, in Dublin’s south docklands, at a rent of c. €3.5m (€58 psf), to the vehicle-technology company Aptiv. The office building is designed by RKD Architects and developed by Targeted Investment Opportunities plc, a joint venture between Oaktree Capital, Bennett Developments and Nama, and has c. 100k sq. ft. of floor space remaining. The Irish Times, 9thMay
Athlone, Co. Westmeath: Agent Knight Frank is guiding €3.4m (€168 psf) for a 20,000 sq. ft. office block in Athlone, Co. Westmeath. The property is let to the Commissioners of Public Works on a 20-year FRI lease from September 2008 at a rent of €360k (€18 psf), with a tenant break option in year 15, giving 5 years of secured income. The Irish Independent, 14thMay
19 Eyre Square, Galway: Agent Lambert Smith Hampton has brought a landmark period building on Eyre Square in Galway to the market guiding €3m (€612 psf). The 4,902 sq. ft. three-storey building will be offered with vacant possession, with current tenants Bank of Ireland, Ernst & Young and Lambert Smith Hampton expected to vacate shortly. The 2,600 sq. ft. ground floor has planning approval to be used as a café or restaurant. The Irish Times, 9thMay
Dublin Docklands Site: Joint agents Cushman & Wakefield and Savills have brought one of the last remaining development sites in Dublin’s docklands to the market, guiding €110m (€18.6m per acre) for the 5.91 acre site with planning permission for 347 apartments and office developments extending to 332k sq. ft. The docklands site was originally assembled by the developer Liam Carroll in the early 2000’s, however was placed into receivership following the property collapse. The Irish Times, 9thMay
Fernbank Scheme, Churchtown: Irish Life Investment Managers (ILIM) has paid more than €100m (€381k per apartment) to Park Developments for 262 apartments in south Dublin that had over 1,000 people registered to purchase individual units. The scheme comprises 56 one-bedroom units, 188 two-beds and 17 three-bed apartments and will generate a gross rental income of c. €6.2m when fully rented, equating to a gross yield of c. 6%. Park Developments purchased the Churchtown site in 2005 for €30m. The Irish Times, 12thMay
Ranelagh Village Site: Agent Finnegan Menton has sold a 1.25 acre site close to Ranelagh village for €8.7m, a full €3.8m above the guide price of €4.9m following a competitive private auction involving six bidders. The site comes with Z1 residential zoning and development options including 20 semi-detached and terraced houses, or up to 45 two and three-bedroom apartments. The site was purchased by a company led by Michael Moran, of the Red Cow Inn. The Irish Times, 9thMay
Fortunestown Site, Citywest: Agent Knight Frank is guiding €4.75m (€709k per acre) for a 6.7 acre site with planning permission for 128 residential units, three retail units and a crèche at Fortunestown Lane in Citywest, Dublin 24. The site is surrounded by undeveloped lands to the north and west and by the Red Luas line to the south and east. The Irish Times, 9thMay
Hickeys Site, Dublin 8: Agent Finnegan Menton is understood to be inviting offers in excess of €20m (€12m per acre) for the landmark 1.65 acre Hickeys Site at Parkgate Street in Dublin 8. The site which is located immediately adjacent to Heuston Station on the Dublin quays represents an opportunity to deliver a high profile development subject to necessary planning permission being obtained. The Irish Independent, 10thMay
8–10 Waterloo Road, Ballsbridge: Agent Knight Frank has brought a stylish guesthouse at 8-10 Waterloo Road in Ballsbridge to the market guiding €5.5m (€262k per bed). The interconnected houses come with 21 en suite bedrooms, a lift to all floors, a guest lounge, a breakfast room linking through to a conservatory, ample parking and a secluded garden. The business has been in operation for 20 years. The Irish Times, 9thMay
Connemara Coast Hotel, Galway: Austrian investor Thomas Roeggla has completed the purchase of the four-star 141-bedroom Connemara Coast Hotel in Galway for over €12m. The sale of the hotel, which is located along the Wild Atlantic Way, was cleared by the Competition and Consumer Protection Commission last week. Roeggla has emerged as a prominent buyer of Irish hotels in recent years through his Strategic Capital Investment Fund. To date the fund has purchased Mount Wolseley in Co Carlow, Farnham estate in Co Cavan, the McWilliam Park Hotel in Co Mayo, as well as investing in residential and commercial properties in Dublin. The Times, Irish Edition, 13thMay
Tetrarch Capital IPO:The Irish Times reports that Irish Investment Group Tetrarch Capital is seeking advice on an initial public offering of shares in the autumn. Tetrarch are seeking to raise between €200m and €300m on the Dublin and London stock exchanges to pursue new projects while also offering a potential exit event for investors. Tetrarch co-owns and manages a broad range of assets, including the Mount Juliet hotel and golf resort in Co Kilkenny, the Powerscourt hotel in Enniskerry, the five-star Marker in Dublin’s Grand Canal Dock, and the four-star Killashee hotel and spa near Naas, Co Kildare. In addition, it has a number of development projects on its books, including a large site in Dublin’s south city centre, where it is planning an €80m mixed-use scheme. The Irish Times, 12thMay
Dublin Crane Count: There were 78 construction cranes visible over the centre of Dublin on May 1st, a rise of 7 on the previous months total and just two less than the 80 recorded on December 1st2017, the highest amount registered to date. This month’s total is significantly more than the 31 recorded on February 1st2016, when The Irish Times began their survey. There were 58 cranes visible on the Southside, an increase of five from April, with 20 on the Northside, an increase of two on the previous month. The Irish Times, 9thMay
Bid X1 May/June Auctions: Bid X1 are preparing to sell over 380 properties on online auctions across three consecutive days commencing on May 30th. The first two days consist of residential auctions with two Victorian properties at Grosvenor Square in Dublin 6 the pick of the catalogue, while more than a quarter of the entire catalogue comprises apartments. A retail investment on Cork City’s premier thoroughfare headlines the commercial offering. Number 122 St Patrick’s Street has a guide of €1.65m, and is generating €180k in annual rental income from international footwear retailer, Schuh. The Irish Independent, 14thMay
Obel Tower, Belfast: Agent Lisney has brought 52,000 sq. ft. of Grade A office space in the Obel Tower development in Belfast to the market guiding £15m (£288 psf). The entirety of the office space is currently let to international law firm Allen & Overy until 2031. The Obel Tower, is the tallest building on the island of Ireland at a height of 85m, is within a short walk of Belfast city centre. The Irish Independent, 10thMay
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No. 55 Grafton Street: Agent Lisney has brought the ground floor and basement of No. 55 Grafton Street to the market guiding €4.25m (€6,200 psf). The ground floor is rented by the Swatch Group UK producing €180k p.a. (€431 psf) on a lease due to run out in December 2020, at which point rent is expected to rise to c. €200k, reflecting a yield of c. 4.3%. The basement is used for storage while the floor above the shop is separately owned and occupied by a hairdressing business with access in an adjoining building. The Irish Times, 2nd May.
Jervis Shopping Centre: UK sports retailer JD Sports is preparing to relocate to a flagship store at the Jervis Shopping Centre in Henry Street, Dublin 1. The company will take over the 35,000 sq. ft. unit previously occupied by US retailer Forever 21 at an annual rent of €2.15m (€61 psf). JD will also take over the unit currently occupied by Next, who plan to relocate to a part of the former Arnotts store at 7-9 Henry Street this summer. The Irish Times, 2nd May
Mill Retail Park, Gorey, Co. Wexford: A recently renovated retail park on the edge of Gorey town centre in Co. Wexford is being brought to the market by CBRE for c. €4.3m (€98 psf). The development which has Iceland as the anchor tenant, also has tenants such as Maxi Zoo, Choice Homestore and Costa Coffee, producing a total rental income of €357k p.a., equating to a yield of c. 7.6% with potential to increase to c. 9% once the remaining 3,500 sq. ft. vacant unit is let. The park has a weighted average unexpired lease period of 10.2 years. The Irish Times, 2nd May
Ikea Store, south Dublin: Swedish furniture giant Ikea are in talks to purchase a site for a full-size store in Carrickmines, south Dublin where they currently operate a click and collect store. Ikea has been hunting for a suitable site on the Southside to add to its existing outlet in Ballymun, and discussions are ongoing to buy part of the Jackson Way site in Carrickmines, Dublin, where land is currently worth close to €1.4m per acre. The talks are said to be focused on the final size of the site required, along with issues such as whether the group should make its purchase subject to the site getting planning permission. The furniture merchant met with Dún Laoghaire-Rathdown County Council last year to discuss potential sites. The Irish Times, 5th May
183 Acre Lucan Road Sites: Coonan Property Agents are seeking €7m – €9m (€38k – €49k per acre) for a land bank extending to 183 acres on the Lucan Road, near Ongar, Co. Dublin. The land is divided into four different lots ranging from 13 acres to 97 acres and are located along the Lucan/Clonee Road. The land is currently zoned for agriculture or equestrian use with the potential for residential use in the future. The Irish Independent, 3rd May
Student Accommodation, Drumcondra: Agent Finnegan Menton has brought five student apartments and an adjoining townhouse accommodating 28 beds at Botanic Avenue in Drumcondra to the market guiding €1.95m (€70k per bed). The student accommodation had a rental income of €164k in 2017 and a rise to €178k is expected this year, showing a gross yield of 8.4% in 2017 and 9.1% in 2018. All units are let to DCU students and the portfolio is also fully booked for short-term summer lettings to overseas students. The Irish Times, 2nd May
4 Acre Mullingar Site: A 4.23 acre prime site in Mullingar, with mixed-use zoning but no planning permission in place, has been brought to the market by Savills, guiding €1.8m (€425k per acre). The site previously had planning permission for a 366k sq. ft. town centre development and is expected to generate strong interest due to its close proximity to the town centre and train station. The Irish Times, 2nd May
Irish build-to-rent market: Quintain, the UK property development arm of Lone Star, is planning to enter the Irish BTR market and boost the supply of residential rental accommodation. Quintain recently announced that it will also work with Lone Star to advise on the design, planning and development of the new €200m Adamstown district centre in West Dublin. It has also looked at other possible build-to rent development opportunities in Dublin and hopes to engage with NAMA on potential sites. While its current focus is on Dublin, Quintain will also consider other Irish cities including Belfast, Cork, Limerick and Galway at a future stage. The Irish Independent, 8th May
Ballyogan Site, South Dublin: Development Company Viscount Securities has submitted a new planning application for the construction of 900 new homes at Ballyogan, south Dublin. An Bord Pleanala rejected Viscount’s original application over concerns at its plans for dealing with possible flooding. Viscount have addressed the flooding issues in their new application and plan to build 355 houses and 572 apartments on land that is largely zoned for residential use. The Irish Times, 4th May
Park Place, Dublin 2: The Clancourt Group plans to expand its Park Place office complex in Dublin 2, following successful lettings at its latest phase, Three Park Place. The developer has lodged plans with Dublin City Council to build Four Park Place, a top-of-the-range office building that will replace a former telephone exchange building on Adelaide Road. In 2015, Eircom sold the existing 1970s industrial building to Clancourt for c. €10m, with the telecoms company remaining in situ as tenants until 2019. The developer has now revealed its ambitions to erect a nine-storey office building in its place with a total gross floor area of c. 237k sq. ft., including a single-storey basement. The Irish Times, 1st May
CBRE Office Market Update: The latest bi-monthly report from CBRE has reported that the largest transactions in the Dublin office market continue to come from expansions of existing occupiers as opposed to new entrants. The sector produced a very strong first quarter in which c. 900k sq. ft. of take-up was recorded. There are currently 37 office schemes at various stages of construction in Dublin city centre, with more than half of the accommodation with a 2018 delivery date already pre-committed. The Irish Independent, 3rd May
Killeen Castle, Co. Meath: Plans for a major hotel development at Killeen Castle have been lodged with Meath County Council. Developer Joe O’ Reilly, through a company called Sasula has sought planning permission for a 177-bedroom hotel at the Jack Nicklaus designed golf course. Planning permission was previously granted in 2002 for a 202-bedroom 5-star hotel and championship golf course. The economic crash put paid to the development of the hotel however the 18-hole championship golf course and clubhouse went ahead and opened in 2009. The Meath Chronicle, 4th May
37 Dame Street, Dublin 2: Developer Gerry Conlon has been refused permission to turn a five-storey office block opposite the former Central Bank in Dublin into a pub after the council deemed that the change of use would lead to an over-concentration of entertainment uses in the area. Mr Conlon also owns the nearby Central Hotel, where he is planning a multimillion euro redevelopment, while he also intends to build a new boutique hotel on Dame Street. The Irish Independent, 3rd May
Elsewhere, the Sunday Business Post reports that Conlon has completed the acquisition of the Trinity Street car park off Dame Street for just under €24m. CBRE had offered the building for c. €18m and the €24m figure is believed to include the buildings freehold and leasehold interests. Conlon holds a number of commercial properties in the area and is expected to be a front runner for a site owned by Eir which is expected to be brought to the market shortly. This site is located between the Trinity car park and the Central Hotel. The Sunday Business Post, 6th May
DIT Building Sales: Three of DIT’s best located colleges are going to be sold this year to help pay for the development of the new campus in Grangegorman. DIT buildings on Cathal Brugha Street, Kevin Street and Rathmines will be placed on the market in the coming months and funds received will be used towards the next phase of developments at Grangegorman, which will eventually accommodate up to 20,000 students. The Sunday Business Post, 6th May
Yew Grove REIT: A British firm that spent millions assembling an Irish commercial property portfolio over the last four years is closing in on a €100m public floatation. Yew Tree, a company linked to Bristol based Peak Capital Advisors, assembled a €10m Irish commercial property fund in recent years to target deals of between €1m and €5m. The company is understood to have spent a multiple of that amount which includes industrial portfolios in Sandyford and Santry. The Sunday Business Post, 6th May
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The Grange, Stillorgan: Joint agents Cushman & Wakefield and Knight Frank are quoting €135m for 274 apartments and an adjoining 3.97 acre development site at The Grange in Stillorgan, south Dublin. The single lot sale is apportioned with €105m (€383k per apartment) attributed to the apartments and €30m (€7.5m per acre) for the site which has development potential for up to 263 apartments. The 274 apartments are fully let producing an annual rent roll of €5.75m (€21k per apartment p.a.). The Irish Times, 25th April
Mortgage Approvals, March 2018: The Banking and Payments Federation has reported that the number of mortgages approved fell by 8% YoY in March 2018. Total mortgages approved in March were valued at €763m consisting of €390m (51%) first time buyers and €234m (30%) by mover purchasers. Overall, the value of mortgages fell by 2.9% YoY but rose by 10.4% month-on month. Re-mortgaging, up 59% YoY and 13% of new lending, was the fastest growing component, reflecting increased competition and rising levels of equity in the system. The Irish Independent, 30th April
Swords Road Site, Drumcondra: Agent Savills are preparing to bring a 6.75 acre site with capacity for 358 apartments on the Swords Road in Drumcondra to the market with a guide price of €20m (€2.9m per acre). The site was previously brought to the market in 2016 as part of NAMA’s Duke Portfolio, however NAMA pulled the sale after 6 months on the market. A value of €13m had been attributed to the site in the Duke Portfolio, €7m less than Savills guide price. The Irish Independent, 30th April
Leixlip Site, Co. Kildare: Plans have been approved for a €40m residential development at Barnhall, Leixlip, Co Kildare. Ardstone Capital were granted planning permission for the construction of 450 residential units under the fast track application process and development is expected to commence imminently. Sunday Business Post, 29th April
Bay Lane Quarry, Dublin 15: Glenveagh Properties and Panda Waste are among a number of parties who have expressed an interest in a 36 acre quarry at Bay Lane, Dublin 15. The site which is on the market with Knight Frank guiding €3.5m is located in close proximity to the M50, M1 and Dublin Airport and is currently zoned for “General Employment”. The Irish Independent, 29th April
New Ireland Building, Dawson Street: Four property developers have made it through the first round of bids in the sale of the New Ireland Assurance headquarters on Dawson Street, Dublin 2. Savills Ireland are quoting €35m for the building which is expected to be demolished and replaced by a considerably larger retail and office block. Chartered Land, Hibernia REIT, BCP Asset Management and developer Eamon Duignan remain in the bidding process. The Irish Times, 25th April
Beacon Court, Sandyford: Joint agents Colliers and Turley Property Advisors have brought three end-of-terrace office suites at the Mall in Beacon Court, Sandyford, Dublin 18, to the market guiding €3.1m (€293 psf). Beacon Hospital hold a 20-year lease from 2016 at a rent of €269k p.a. equating to an initial yield of 8%. The Irish Times, 25th April
Meath Street, Dublin 8: Joint agents QRE and Kelly Walsh have brought a redeveloped office and retail investment building on Meath Street in Dublin 8 to the market guiding €3.75m (€380 psf). One of the ground floor retail units is occupied by a café on a 10-year lease from 2017 at a rent of €36,000 p.a. while the offices are let to Celtrino, invoicing system specialists, on a 15-year lease at €168,500 p.a. There are currently two vacant retail units with potential to add a further rent of €80,000 and increase initial yield from 5.45% to 7.6%. The Irish Independent, 24th April
Grant’s Row, Dublin 2: Cushman & Wakefield have brought a well-located site at Grant’s Row in Dublin 2 to the market guiding €4m. The present owners of the vacant office building have secured full planning permission for the development of an office block extending to c. 11,000 sq. ft. The Irish Times, 24th April
Ballsbridge Hotel Redevelopment: Property Developers Chartered Land have engaged CBRE to seek expressions of interest from experienced hoteliers for either a forward funding arrangement or a leasing deal for a planned 211-bedroom hotel in Ballsbridge, Dublin 4. The seven-storey hotel over double-basement car park will form the centrepiece of a substantial mixed development of apartments, shops and restaurants, which will replace the Ballsbridge Hotel on Pembroke Road. The cost of developing the prestigious new hotel has not yet been disclosed, but with four- and five-star hotels in Dublin trading at between €400k and €500k per key, the end value could finish up in the region of €85-€100m. The Irish Times, 25th April
The Heritage Hotel, Co. Laois: CBRE have brought the 98-bedroom five-star Heritage Hotel and adjoining 18-hole championship golf course in Killenard, Co. Laois, to the market guiding €9m (€92k per key), well in excess of its €5.5m asking price when sold in 2014. The hotel has extensive wedding, conference and banquet facilities, a 50-seater auditorium and one of the best spa facilities in the country. The Irish Times, 25th April
Retail Sales Figures: Latest CSO figures show retail sales volumes fell by 2.2% in March, compared to the previous month and by 2.8% on a YoY basis. Only two of the 13 retail sectors measured by the CSO, electrical goods and bars, posted monthly volume increases with the other eleven all showing a decline. While the adverse weather was a factor in March, headline sales figures have now fallen for four months running. The Irish Examiner, 28th April
Stillorgan Shopping Centre: Works have commenced on phase two of the €15m refurbishment project at Stillorgan Shopping Centre. Built in 1967, Stillorgan Shopping Centre was Ireland’s first ever shopping centre and significant refurbishment work is planned to some of the units and the existing façade. The Sunday Business Post, 29th April
Hines Student Accommodation Investment: Accounts filed in Luxembourg have revealed that Hines paid €162m on behalf of a German pension fund to buy four sites in Dublin in 2016 that are being used or developed as student accommodation. The four sites included The Binary Hub in the Liberties area, which has 470 beds and opened in summer 2016, schemes on Dorset Street and in Summerhill which were being developed at the time of the acquisition and the fourth scheme on Cork Street is expected to be completed next year. The accounts also show that the Hines vehicle received just under €6m in rental income in the nine months to September 2017. The Irish Independent, 30th April
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Cerberus Portfolio: The Sunday Business Post reports that Cabot Financial has purchased a c. €200m distressed loan portfolio from Cerberus at a price which reflects a substantial discount to the par value of the portfolio. The portfolio is believed to consist of impaired loans, which the paper cites as “tails and residuals”, which Cerberus acquired from Ulster Bank in the last few years. The majority of the loans are believed to be non-recourse. The Sunday Business Post, 28th May
Lidl Development: Lidl Ireland GmbH has sought planning permission from Dún Laoghaire-Rathdown County Council for a c. €9.3m development on the site of the Shankill Shopping Centre on Corbawn Lane, Dublin 18. The development will extend to c. 40,000 sq. ft. and will include a café, medical centre and pharmacy. The Sunday Business Post, 28th May
Dublin 2 Development: Adelaide Real Estate Investment Plc has been granted planning permission for a c. 66,700 sq. ft. mixed use development at Chatham Court, Chatham Street, Dublin 2. The development will include commercial and residential space. The Sunday Business Post, 28th May
Stillorgan Mall: The agents Coldwell Banker Commercial has secured c. €2m for a mixed-use neighbourhood mall located on Lower Kilmacud Road and Slieve Rua Drive in Stillorgan, Co. Dublin. The 4,154 sq. ft. mall has a rent roll of c. €193k p.a., and its units include a two-bed apartment and a Spar retail unit. The Irish Times, 24th May
76 Lower Baggot Street: The Sunday Times reports that Credit Suisse will acquire the former Bord Na Móna HQ at 76 Lower Baggot Street in Dublin 2 for c. €40m. The acquisition will represent an investment rather than a potential base for Credit Suisse staff, as the property is already fully occupied and generating c. €2m p.a. in rental income. The current tenants include Fitbit, Storyful and investment groups DMS Governance and Sanne Group. The five-storey property was built in the 1970s but has since been completely refurbished. The Sunday Times, 28th May
South Dublin Office Investments: Cushman & Wakefield is guiding €4.4m and €1.6m for two south Dublin office investments it is selling on behalf of Gannon Properties. Block 8 of Richview Office Park in Dublin 14 is being sold with a guide price of €4.4m, offering a net initial yield of c. 7.94%. The building extends to 10,780 sq. ft. and contains 32 parking spaces, and is let to Liberty Mortgage Corporation on a 25-year lease from July 2007 at a rent of c. €365k p.a. The second investment, Castle House in Rathfarnham, is being sold with a guide price in excess of €1.6m, offering a yield of c. 7.60%. There are more than eight years to run on the five tenancies, which generate an annual rent of c. €127k. The tenants in the 8,985 sq. ft. building include PTSB, Enigma Grill and Corporate Underwriting Ltd. The Irish Times, 24th May
33 Fitzwilliam Place: Colliers International is inviting offers of €2.65m for a Georgian property located at 33 Fitzwilliam Place in Dublin 2, a property which includes a rear mews at 33 Leeson Close. The main property, which extends to 4,824 sq. ft., is currently vacant and recently received an extensive refurbishment. The mews extends to 2,034 sq. ft. and is let under a 25-year lease which expires in 2021, at a rent of €25k p.a. The Irish Times, 24th May
The Priory: Offers of €2.25m are being sought by QRE for The Priory, a distinctive redbrick office block near Christchurch in Dublin city centre. The 10,021 sq. ft. property, which dates back to 1878, is generating rental income of c. €195k p.a., offering a net initial yield of 8.25%. The current tenants include Each & Other Ltd, Adaptics Ltd and Silvercloud. The Irish Times, 24th May
Spruce House: The OPW has received planning permission for a c. €11m, seven-storey, c. 81,000 sq. ft. office block on the site of Spruce House on Leeson Lane in Dublin 2. The Sunday Business Post, 28th May
Lower Baggot Street: MKN has applied to Dublin City Council for permission to construct a new six-storey, 50,000 sq. ft. office building with a single storey basement on Lower Baggot Street in Dublin city centre. The project will involve the demolition of the current 15,000 sq. ft. building on the site, which is owned by Sean McKeon. NAMA Wine Lake, 28th May
Jurys Inn Group: The Irish Times reports that Lone Star has retained Credit Suisse and Eastdil to advise on its disposal options for the Jurys Inn hotel group and six Hilton hotels. The portfolio is reportedly valued at c. €1.15bn and includes six Irish hotels, including the Hilton Garden Inn at Customs Quay in Dublin. Lone Star acquired the Jurys Inn group for c. €900m in 2015. The paper cites a report by The Times in London which states that a sale of the portfolio is believed to be Lone Star’s preferred exit route, however an IPO has not been ruled out. The Irish Times, 24th May
Mount Wolseley Hotel: The Sunday Times reports that Austrian investor Tomas Roeggla has signed contracts to acquire the Mount Wolseley hotel, spa and golf resort in Co. Carlow for close to the €14.25m asking price. The 170-acre resort includes the 143-bedroom hotel, a golf course and 16 four-bed lodges. The sale will offer a significant return for the current owners, Tetrarch Capital, who purchased the resort out of examinership in 2014 for c. €7.5m. The resort, described as ‘highly profitable’ by selling agent CBRE, was offered for sale with no hotel group brand or management company, giving the buyer options to rebrand the property. Mr Roeggla has acquired several hotels in Ireland through his Strategic Capital Investment Fund, including the Clarion Hotel in Co. Limerick and the Radisson Farnham Resort in Co. Cavan. The Sunday Times, 28th May
Tayto Park: Tayto Park has sought planning permission from Meath County Council to construct a c. €48m, 250-bedroom hotel on their grounds in Ashbourne, Co. Meath. The proposed seven-storey, c. 344,000 sq. ft. hotel will have accommodation facilities for up to 1,000 guests. Tayto Park had c. 765k visitors in 2016. The Irish Times, 25th May
Dublin 13 Hotel: Gannon Homes has received planning permission for a c. €28m, seven-storey, 209-bedroom hotel in Station Square, Clongriffin, Dublin 13. The hotel will include 20 apartments which can be used for short-term lettings and business use. The Sunday Business Post, 28th May
Abbey Street Upper Hostel: Abbey Ltd has applied to Dublin City Council for permission to construct a 144-bedroom hostel on Abbey Street Upper in Dublin city centre. The plans involve the demolition of a 4,000 sq. ft. building on the site and the construction of a new nine-storey, 50,000 sq. ft. ‘tourism hostel’ on the site. NAMA Wine Lake, 28th May
Sandyford Sites: Aldgate Developments has been named as the acquirer of two high-profile sites in Sandyford, Co. Dublin. Aldgate has acquired the former FAAC Electronics site at the entrance to Sandyford Industrial Estate and the Innovation House site on nearby Arkle Road. Aldgate reportedly acquired the FAAC site last year for c. €2.35m an acre, a fraction of the €20m an acre the site sold for during the property bubble. The 1.66-acre Arkle Road site was on the market in 2016 with a guide price of over €6.5m, and Aldgate is understood to have paid close to that price. Arkle Road previously sold for c. €10.16m in 2000. The Irish Times, 24th May
Sandyford Apartments Appeal: IRES REIT, the State’s biggest private landlord, has appealed Dún Laoghaire-Rathdown County Council’s decision to refuse its application for the development of 467 apartments at Rockbrook in Sandyford to An Bord Pleanála. In its appeal, IRES REIT has argued that the project would help fulfil government policy in addressing the housing crisis and that it meets the conditions contained in the 2016-2022 Sandyford Urban Framework Plan. The company also contests the council’s assertion that the project would set an “undesirable precedent” for development in the area. The Irish Independent, 29th May
Dublin Apartment Developments: The Irish Times reports that the recently introduced cap on rental increases has impacted the sale of two Dublin apartment developments in different ways. A 52-apartment development known as Shelbourne Plaza in Silicon Docks has seen particularly strong offers from eight institutions, largely because the units are vacant and therefore not subject to the new rent restrictions. The development had been guiding €18.5m, however it is believed that the final sales price could range from €22m – €23m. In contrast, a second development of 105 individually let apartments at the Casino in Malahide has been withdrawn unsold, largely due to the limited scope for rental increases as a result of the new guidelines. The apartments will now be sold individually on a phased basis as they become available. The Irish Times, 24th May
Malahide Landbank: A well located landbank beside Malahide Village in north county Dublin is expected to generate considerable interest when it goes on the market with a guide price of €5.25m through estate agents Savills. The 75-acre site has extensive views over the Malahide Estuary and frontage on to the Swords Road, Estuary Road and the M1 motorway. The estate is currently held as agricultural land and is zoned as a “greenbelt”, although Savills advise that there may be potential to rezone it for housing, leisure, commercial or institutional uses. The land is located less than 10 minutes’ drive to Dublin Airport and is close to the suburbs of Malahide and Swords. The Irish Times, 24th May
Development Sites: Savills has brought three residential sites in Dublin and Wicklow to the market. The site with the highest guide price, at €2m, is in the centre of Enniskerry in Co. Wicklow. The Enniskerry site extends to 6.2-acres and is in an area designated “specific local objective 2” in the Enniskerry Local Area Plan 2016-2022. This designation allows for multiple zonings, such as open space, special residential and existing residential. The second site, which is guiding €1.5m, is in Rathmichael, south Dublin. This 3.9-acre site is in agricultural use but is zoned “A1 residential”. The third site, which is also guiding €1.5m, is at Church Lane in Greystones, Co. Wicklow. This site extends to 1.3-acres and has planning permission for four detached four-bed houses. The Irish Times, 24th May
2016 Mortgage Data: New figures from a Central Bank study show that first-time buyers (FTBs) borrowed c. 79% of the value of their property and c. 2.9x their income in 2016. The study found that there were 29,893 new mortgage loans with a value of c. €5.7bn issued in 2016. The figures show that the average loan drawn down was c. €186k, while the average property price was €250k. The average loan in 2016 was c. €173k, and the average house price was c. €235k. The average age of FTBs in 2016 was 34. The Irish Times, 26th May
Personal Insolvency: New figures from the Insolvency Service of Ireland show that the number of people applying for a Personal Insolvency Arrangement (PIA) rose sharply in Q1 2017. The figures show that 1,114 homeowners applied for a PIA in Q1 2017, compared to 407 applications in Q1 2016. A total of 179 PIAs were agreed and implemented in Q1 2017. According to the head of the Insolvency Service, Lorcan O’Connor, where a mortgage write-off occurred, the average write-off was €93,338. PIAs allow the restructuring and write-off of mortgage and other debts up to €3m, and the PIA arrangement can last for up to six years. The Irish Independent, 26th May
Primary Healthcare Centre: British listed healthcare fund MedicX has paid c. €15.5m to acquire a new primary healthcare centre in Tallaght. The purchase represents the fourth investment in Ireland by MedicX, which has 157 primary healthcare centres throughout the UK and Ireland. The new centre will be let to a number of GPs, and will also provide space for the HSE and a pharmacy. The centre is being developed by refurbishing an existing office building, and is scheduled to be completed by the end of 2017. The pharmacy will be let on a 15-year lease, while other services will have 25-year leases. In both cases the leases will be subject to five-yearly rent reviews tied to the consumer price index. The Irish Times, 29th May
Irish Commercial Property Market: According to the latest Cushman & Wakefield Investment Atlas, which monitors global property investment trends, Ireland’s commercial property market moved up from 19th to 13th place in the world, in terms of the amount of foreign investment it attracted in 2016. The improved ranking followed a 24.6% increase in the amount of investment to c. €5.68bn. However, as a country to invest in, Ireland is ranked only 35th based on a number of risk factors, which puts it in the bottom half of the 50 countries covered. Ireland was however ranked above the UK, which was ranked at 42. In terms of political stability, Ireland was ranked in 15th place, ahead of the UK at 26 and Germany at 23. The Irish Independent, 25th May
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Dublin 1: Coldwell Banker Commercial is guiding c. €5.25m for two adjoining retail outlets located along the Millennium Walkway in Dublin 1, along with eight underground car spaces. The main unit is occupied by Spar, extends to 5,349 sq. ft. and produces a rent of c. €318k p.a. The second unit is occupied by Sunshine Tanning Shop, extends to 1,496 sq. ft. and produces a rent of €65k p.a. on a lease which expires in November. The eight underground parking spaces should produce additional rental income of c. €20k p.a., resulting in a total rent roll of c. €403k p.a. and offering a gross yield of c. 7.9%. The Irish Times, 17th May
Carrick-on-Shannon: Cushman & Wakefield Galway is guiding €2.25m for a Bank of Ireland (“BoI”) premises in Carrick-on-Shannon, which offers a return of c. 6.87%. BoI occupy the ground and first floors of the building on a 25-year lease from July 2008, at a rent of €162k p.a. The second floor is vacant, and when let will increase the rent roll of the 9,000 sq. ft. property. The Irish Times, 17th May
Number One Ballsbridge: The Sunday Business Post (“SBP”) and The Sunday Times (“ST”) both report on leasing activity at Number One Ballsbridge, a new development of over 130,000 sq. ft. of office space by the Comer Group in Dublin 4. The SBP reports that a record rent of €70 psf has been reached by the Comer Group and a Chinese aviation company, while terms have also been agreed with another tenant for a rent of over €50 psf. The ST reports that the Aircraft leasing group Avolon has agreed a lease for c. 40,000 sq. ft. of office space in Number One Ballsbridge, but the rent psf is not specified. The Sunday Business Post & The Sunday Times, 21st May
Audi Ballsbridge: Browne Corrigan Chartered Surveyors will be seeking a rent of c. €1m p.a. for the high-profile office and showroom known as the Audi Centre, located on Pembroke Road in Ballsbridge. The three-storey building, which extends to 18,456 sq. ft. and comes with at least 28 car parking spaces, will be restored to office use and offered for letting from next October. The building has most recently been in use as a flagship Dublin showroom for Audi, who are due to move to a new HQ in Sandyford. The property was bought for c. €10m in 2003 by Bernard McNamara and Gerry O’Reilly. Following the economic downturn, the property sold for €3.6m, before being sold again within two years for over €7m to a company within Jones Engineering. The Irish Times, 17th May
Eastpoint Business Park: Ardstone Capital has sold Block P2 in Eastpoint Business Park in Dublin to Avestus Capital Partners and Ares Management for €12.05m, realising a c. €3m profit on the sale. The 49,653 sq. ft. block is the last of Ardstone’s Dublin office investments to be sold following its decision to offload its office portfolio and instead focus on the Dublin housing market, where it intends to deliver over 3,000 new houses to the market over the next three to five years. The Irish Times reports that the building has a current rent roll of c. €647k p.a. (c. €12 psf and c. €700 per car space), and has been under-rented for some time, with several adjoining buildings let at double that level. The Irish Times, 17th May
Dalata Transactions: Hotel group Dalata has entered into an agreement with receiver Kieran Wallace to acquire the freehold interest of sections of two Dublin hotels – the Clayton Hotel Cardiff Lane, Dublin 2 and the Clarion Hotel Liffey Valley, Dublin 22, at a cost of c. €62.5m. The transaction sees Dalata acquire the freehold interest of 170 bedrooms of the 304-bedroom Clayton Hotel and 159 bedrooms of the 353-bedroom Clarion Hotel Liffey Valley. Dalata has also announced plans to acquire the freehold interest of the Maldron Hotel in Portlaoise, alongside the adjoining Midway Foodcourt, from receivers. As part of this transaction, Dalata has agreed a simultaneous sub-sale of the foodcourt to a third party, bringing the net cost of the transaction to c. €6.8m. The purchases are consistent with Dalata’s strategy of buying out the freehold interests of leased properties which it believes have future unpredictable rent reviews. The Irish Times, 18th May
St Andrew’s Lane: Appalachian Property Holdings Ltd has applied to Dublin City Council to construct a 50,000 sq. ft., nine-storey hotel on St Andrews Lane in Dublin city centre. The proposed 155-bedroom hotel will be located just off Dame Street in front of the old Central Bank building and the project will involve the demolition of an existing two-storey, 7,000 sq. ft. building on the site. NAMA Wine Lake, 21st May
St James’s Street: Mullins Investments Ltd has applied to Dublin City Council for permission to build an aparthotel on St James’s Street, near the Guinness Brewery. The building will extend to 70,000 sq. ft. over three-to-seven stories over two basement levels, and although the number of apartment units hasn’t been specified it is likely to be above 100. NAMA Wine Lake, 21st May
RTE Donnybrook Site: Cairn Homes, Chartered Land, Cork developer Michael O’Flynn (backed by Avenue Capital), Bartra Capital and Bridgedale have all submitted first-round bids for 8.64-acres of land being sold by RTE at its Donnybrook complex in Dublin. The agent Savills is believed to be set for the next stage of the process, with the next round of bids due by the 8th of June. Savills is guiding €75m for the site, although property sources have indicated that it could sell for up to €90m. The Irish Times reports that the site is being sold without planning permission, and as such development plans could potentially lead to objections from local residents. The Irish Times, 18th May
Dorset Street Student Accommodation: Minfey Ltd has applied to Dublin City Council to build a new student accommodation development on a 0.5-acre site adjacent to The Big Tree bar on Dublin’s Dorset Street, at the junction of Dorset Street and North Circular Road. The project will involve the demolition of the existing two-storey building and the construction of a 65,000 sq. ft. four-to-six storey building containing retail space, an extension to The Big Tree Bar and 161 student bed spaces on the upper floors. NAMA Wine Lake, 21st May
Dún Laoghaire Apartments: Cushman & Wakefield is inviting offers of c. €4m for two Dún Laoghaire seafront period office buildings which could be converted into 13 apartments. The proposed Crofton Hall development would involve the conversion of the two adjoining buildings, which are located on Crofton Road, overlooking Dún Laoghaire harbour. After the conversion, the scheme would contain eight two-bed apartments, four three-bed homes and one one-bed unit, and seven of the apartments would have duplex layouts. The Irish Times, 17th May
House Price Inflation: According to a new report from Goodbody Stockbrokers on the economy, the average price of a house is due to rise by c. 10% this year, and by a further 8% in 2018. The report also notes that house completions are due to grow strongly, but it will take a number of years before they match demand, which is estimated at c. 30k units p.a. The company stated that greater-than-expected demand had led to it increasing its forecast on house price growth, as the number of people being approved for a mortgage is significantly ahead of the number of units on the market. The report notes that the increase in demand is being boosted by changes to the Central Bank’s mortgage rules, the Government’s help-to-buy scheme and population growth. In addition, up to 58% of purchases are being made by cash buyers, which is making it more difficult for first-time buyers to get on the property ladder. The Irish Independent, 18th May
Dublin Urban Quarter: The plans for the proposed development of over 1,000 homes off South Circular Road as part of a Dublin City Council social housing regeneration scheme are expected to be available for public consultation this week. The lands for the development consists of three sites; the former Players Wills cigarette factory, the former Bailey Gibson packaging plant and St Teresa’s Gardens, a Dublin City Council flat complex. Together these sites extend to c. 10.6 acres. The council is hopeful that planning applications for the Players Wills / Bailey Gibson sites will be submitted to An Bord Pleanála within the next few months. The Irish Times, 22nd May
Allsop’s Auction: In excess of €26m of sales were transacted in the latest online auction of residential and commercial properties by Allsop’s, which took place last week. Within the residential offering, multi-unit residential investments drew substantial interest, and some of the biggest sales included 38 apartments (all with vacant possession) in Portarlington, Co. Laois being sold for over €1.5m, while 10 fully-occupied apartments on Kelly’s Row in Dublin 1 were sold for €1.35m. On the commercial side, high value commercial lots also drew competitive bidding. The Athlumney Centre in Navan, Co. Meath, consisting of three tenanted and six vacant units sold for €1.3m, while a mixed-use investment in Bishopstown Co. Cork comprising a ground floor bookmakers and two overhead apartments sold for €1.1m. The Irish Independent, 22nd May
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