Project Ocean: The Sunday Business Post reports that AIB may dispose of family home mortgages in 2018, by way of a loan portfolio sale. The bank is understood to have begun a review of its entire non-performing loan book, in an exercise named Project Ocean. The paper cites sources close to the process as saying that a loan portfolio sale consisting entirely of family home mortgages was unlikely, despite AIB’s half-yearly results showing that the bank’s exposure to non-performing family home mortgages was c. €3.3bn. Of this €3.3bn, the exposure to borrowers in arrears for more than 365 days was c. €1.7bn. The Sunday Business Post, 3rd December
Ulster Bank Consideration: The 2016 accounts for the Cerberus vehicle Promontoria (Aran) show that the company was not required to pay a deferred consideration of €80.7m to Ulster Bank following its purchase of a loan portfolio from the bank in 2014. Promontoria (Aran) paid c. €1.35bn to acquire a non-performing portfolio of loans secured on collateral which was primarily in Ireland, Northern Ireland and Great Britain. As there were deficiencies with the collateral in the portfolio at the time of sale, €80.7m of the purchase price was deferred until these deficiencies were resolved, with a deadline in place for Ulster Bank to meet. The bank is now believed to have been unable to resolve all the issues with the collateral within the required deadline, and the €80.7m payment was therefore not made by the acquiring entity. The Promontoria (Aran) accounts show that the company expects to have worked through all of its loan portfolio by the end of 2018. The Irish Independent, 30th November
Crampton Buildings: A fund managed by Davy Real Estate has paid c. €11.2m to acquire the Crampton Buildings block in Dublin’s Temple Bar, an investment which will initially generate a return of 5.76%. The property, which extends to 17,000 sq. ft., contains ten separate retail and restaurant units. The rental income is currently €700k p.a., with more than 55% of the rent paid by three tenants (Elephant & Castle – €160k, Gallagher’s Boxty House – €120k and Café Nero Ireland – €120k). The €11.2m purchase price is c. €3m more than the price paid by the property’s previous owners, Ardstone Capital and CBRE Global Investment Partners. The previous owners had adopted an intensive asset management strategy, which saw six new leases being signed and rental income increasing by 30%. The Irish Times, 29th November
Blackrock Shopping Centre: Friends First has received planning permission to proceed with a c. €10m upgrade to Blackrock Shopping Centre in south Dublin. The shopping centre, which was built in 1984, currently accommodates 40 retail and commercial businesses, including Supervalu, AIB and Next. The refurbishment, which is expected to commence in Q2 2018 and take 12 months to complete, will see the introduction of a new roof covering and a new stairs and lift, which Friends First hope will increase footfall. Friends First is believed to have originally owned 33% of the site through an investment fund, before the group obtained control of the remainder of the site in 2014 in a transaction believed to be worth c. €50m. The Irish Times, 30th November
Supermac’s Longford: Supermac’s are planning to open their next motorway plaza in Longford town, in a move which would create up to 80 jobs. The announcement comes as the 2016 accounts for Supermac’s Holdings show that the group had 1,447 employees. Group turnover was €137m (vs €116m in 2015) and profitability after depreciation and tax was €13.31m (vs €11.84m in 2015). The Sunday Business Post, 3rd December
No 1 The Landings: The German investor Triuva has emerged as the highest bidder for No 1 The Landings, a new office development which is nearing completion in Dublin’s North Wall Quay. The investor has agreed to pay c. €164m for the ten-storey block, which will extend to c. 143,158 sq. ft. upon completion. The property will be occupied by National Treasury Management Agency, who will pay €50 psf for the office space and €4k p.a. for each of the 44 car spaces. The Irish Times reports that there were 10 bidders for the property. No 1 The Landings represents the first phase of the Dublin Landings development, which will contain more than 1.076m sq. ft. of office space and 297 apartments when completed. The Irish Times, 2nd December
Sandyford Offices: Two unnamed investors have paid €12.25m to acquire two office properties on Arena Road in Sandyford, south Dublin. The properties, Arena House and Trigon House, have a cumulative floor area of 65,000 sq. ft. and rental income of €954k p.a., providing the purchasers with an initial return of c. 7.5%. The tenants include CPL, Mainstream Renewable and Emile Investments. The new owners are hoping to increase the yield on their investment through the regearing of leases in the next year. The Irish Times, 29th November
Capital Dock: The recruitment company Indeed will enter into 20-year leases for over 216,000 sq. ft. of office space currently under construction at the Capital Dock development, which is alongside Sir John Rogerson’s Quay in Dublin’s south Docklands. Indeed’s office space will be at 100 and 300 Capital Dock, and there is expected to be break options in their leases in year 13. No financial details for Indeed’s leases have been disclosed. JP Morgan will also occupy office space in Capital Dock, although they are understood to have forward funded their property, having paid c. €125m, a price which equates to a capital value of c. €961 psf. The Capital Dock site extends to over 4.8-acres and is being developed by Kennedy Wilson in a JV with NAMA and Fairfax Financial Holdings. Upon completion, the development will contain over 690,000 sq. ft. of mixed-use space, including 190 apartments. The Irish Times, 4th December
St George’s Church: Richard Barrett’s Bartra Capital Property Group has acquired St George’s Church on Temple Street in north Dublin for c. €3m. The 19th century church, which extends to 22,000 sq. ft., has recently been let as offices to the adjoining Temple Street Children’s University Hospital for eight years, for a rent of €225k p.a. Bartra will also receive additional income of €35k p.a. from Vodafone and Meteor, who operate communications equipment on the rooftop under licence agreements. The Irish Times, 29th November
The Priory: An unnamed Dublin family has paid c. €2.25m to acquire The Priory on John Street West in Dublin 8. The six storey, 10,021 sq. ft. property was built in 1878 and was previously owned by Projects Architects, whose principal was Ambrose Kelly. The current rental income is €150k p.a., therefore the property will provide a net yield of 6.15%. The new owners will have the opportunity to increase their return by either letting a vacant floor or by increasing the blended rent on the property of €19.50 psf, which is believed to be below the rents from other properties in the area. The Irish Times, 29th November
Citywest Business Campus: Sales agent Colliers International is seeking expressions of interest from prospective tenants for 14,800 sq. ft. of office space and 55 car spaces at 3046 – 3050 Lake Drive in Citywest Business Campus, Dublin 24. Colliers is guiding a rent of €30 psf for the office space and €750 per car space p.a. The Irish Times, 29th November
Law Firm Offices: New figures from The Law Society show that despite the perception that Brexit would lead to an influx of law firms into Ireland, only one law firm, Pinsent Masons LLP, has opened an office in Dublin. While a large number of English and Welsh solicitors have secured a second qualification from applying to join the Roll of Solicitors in Ireland, it is believed that the majority have not done so with the intention of establishing an Irish presence. Instead, by securing an Irish qualification, they will be able to maintain their status as EU law practitioners when Britain leaves the EU. The Irish Independent, 3rd December
The Plaza: An Irish investment company has paid c. €15m (almost €1m over guide) to acquire The Plaza complex in Tallaght, Dublin 24. The Plaza is a mixed-use, six-storey development featuring a four-star, 122-bed hotel with a basement nightclub, in addition to 74,012 sq. ft. of office space. The complex is situated on a 2.8-acre site and extends to 200,779 sq. ft. in total. The cumulative rental income is c. €1.303m p.a., with potential to increase this through the letting of 23,670 sq. ft. of vacant office space. The remaining office space is occupied by the OPW under leases which have over seven years remaining. The complex was sold under the instructions of the receiver, Declan Taite of Duff & Phelps. The Irish Times, 29th November
33 – 36 Dawson Street: The Royal Irish Automobile Club (RIAC) is to partner with Tetrarch Capital to complete a €30m – €35m redevelopment of its premises at 33 – 36 Dawson Street in Dublin city centre. The proposed redevelopment would see 77 new bedrooms added to the club’s hotel, which would be operated by Tetrarch, but would include the RIAC brand in its name. Other aspects of the redevelopment include a new member’s restaurant, bar, offices and a 61-space car park. Subject to planning permission and approval from its members, the RIAC would vacate the premises by the end of June 2019 to facilitate the redevelopment, which would take c. 24 months to complete. The Irish Times, 2nd December
Cork City Hotel: Bam Property Ltd has received planning permission to construct a 220-bed, four-star hotel on the site of the former tax office on Sullivan’s Quay in Cork city centre. Bam acquired the site from the Revenue Commissioners in 2006 and was previously granted planning permission to develop a 183-bed hotel and a substantial office development on the site in 2009, although this never proceeded. Evening Echo, 4th December
Multi-Unit Residential Sales: New figures from Hooke & MacDonald show that investment sales from the multi-unit residential sector have accounted for 17% of total investment sales in Dublin in 2017, after only accounting for just 6% of investment sales in Dublin in 2016. The largest investment sale in Dublin this year, the Cosgrave Group’s sale of the 319-unit Charlotte apartment block in Dún Laoghaire to a German fund for €132m, was also from the multi-unit residential sector. Total investment in the multi-unit residential sector from 2016 to the end of Q3 2017 was €426m, and the expectation is that this figure will eclipse €500m by the end of 2017. The Irish Times, 29th November
North City Operations Depot: Dublin City Council is proceeding with a plan to consolidate 19 depots across north Dublin into one location at Ballymun. To fund the €25m project to relocate to the site, the council will dispose of the legacy depots which will no longer be used. At least some of these sites are expected to be of interest to developers, and the council’s portfolio includes a large site off Collins Avenue, which is directly across from Dublin City University. The new facility at Ballymun will be located on a site already owned by the council, and will include a c. 54,000 sq. ft. office property, an 18,427 sq. ft. warehouse and a number of workshops including a welding facility, a vehicles workshop and a salt barn which will store road salt. The Irish Independent, 30th November
UCC Student Accommodation: UCC has sought planning permission from An Bord Pleanála (ABP) for a 255-unit student accommodation development on the site of the former Crow’s Nest bar, which is located at Victoria Cross, on the outskirts of Cork City. The college was able to submit the application directly to ABP as it meets the criteria under the new strategic housing development (SHD) regulations, which specify that applications for student accommodation projects with 200 or more units can be made directly to ABP. UCC acquired the site in 2016, after a consortium decided to ‘flip’ the site on to the college, after purchasing it from Fleming Construction a short time beforehand. The proposed development will rise up to ten storeys in height if planning is granted. The Irish Examiner, 1st December
Walkinstown Apartments: Canmar Properties Ltd has sought planning permission from Dublin City Council to develop 58 residential units and three retail units at a site at the junction of Long Mile Road and Balfe Road in Walkinstown, west Dublin. The 58 units will consist of 14 one-bed apartments, 24 two-bed apartments, eight three-bed apartments and twelve three-bed townhouses. To facilitate the development, the existing buildings at the site will be demolished. Canmar is controlled by Chelsea Burghoorn and Darragh Corrigan. NAMA Wine Lake, 3rd December
Mortgage Legislation: A change to the Central Bank’s mortgage lending legislation for buyers of family homes will mean that banks are now only allowed to provide 10% of non-first time buyers with an exemption to the legislation. Previously, banks were entitled to give exemptions to 20% of their borrowers who were seeking a mortgage for a family home, however the change means that the 20% threshold will now only apply to first-time buyers. Under the current legislation, first-time buyers require a 10% deposit, whereas non-first-time buyers require a deposit of 20%. The loan-to-income limit for all buyers remains at 3.5x their gross income. The Irish Times, 29th November
Goodbody Homebuilding Figures: The latest figures from the stockbroker Goodbody show that the number of homes built in October 2017 was 110% above the October 2016 figure. Goodbody reports that 1,067 new properties were registered with the Building Energy Rating (BER) scheme in October 2017, bringing the YTD figure to 7,503. The number of completions based on BER data is well below the figures reported using electricity connections, which show that 13,533 units were completed in first nine months of 2017. The Irish Times, 30th November
Blanchardstown Corporate Park: Sales agent William Harvey & Co is seeking tenants for a detached refrigerated warehouse facility with ancillary offices in Blanchardstown Corporate Park, Dublin 15. A rent of €230k p.a. is being sought for the 25,004 sq. ft. facility. The Irish Times, 29th November
BidX1 December Auction: The December 13th / 14th BIDX1 online auction is expected to see 200 lots available for purchase, for which the cumulative sales prices are expected to be c. €50m. The auction will consist of both residential and commercial lots, with the residential lots being offered on the 13th and commercial lots available on the 14th. The properties under auction are located throughout Ireland, and the commercial lots include sites in Blarney, Co. Cork and Foxrock, south Dublin, for which the reserves are €3.095m and €2.9m respectively. The Blarney site previously had planning for 156 residential units while the Foxrock site has planning for 20 apartments. The most expensive residential asset for sale is a five-bedroom house named Ellington on Temple Road in Dublin 6, which has a reserve of €1.8m. The Irish Examiner, 30th November
Artane Nursing Home: Bartra Capital Property Group has acquired a c. 2.5-acre site in Artane, north Dublin, which has full planning permission for a 221-bedroom nursing home facility. The cost of the site and the cost of developing the nursing home have not been disclosed. The site is the third nursing home development site which Bartra has acquired this year, after the company acquired an 11-acre site in Loughshinny and a one-acre site in Santry. The Loughshinny site is expected to accommodate a 123-bedroom nursing home, while the Santry site will facilitate a 118-bedroom nursing home. The Irish Times, 30th November
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Lloyds Mortgage Portfolio: Lloyds Banking Group is reportedly considering disposing of its remaining c. €5bn of Irish mainly performing mortgages in a portfolio sale in early 2018. At the end of 2016, 3.5% of the portfolio had been subject to forbearance and 27.8% of the loans were in negative equity. It is believed that a large number of the mortgages were issued under a long-term interest-only structure and may be less attractive to purchasers. Should Lloyds complete the transaction in one portfolio sale, it would be the largest Irish mortgage portfolio transaction to date. The Irish Times, 22nd November
Permanent TSB (PTSB) Capital Raise: The US investment bank Keefe, Bruyette & Woods (KBW), which was part of the syndicate in PTSB’s 2015 IPO, has downgraded the bank’s rating to “underperform” as regulatory pressure may require the bank to raise more capital due to its level of non-performing loans. Although PTSB is preparing to dispose of €1.25bn of distressed buy-to-let mortgages as part of its effort to repair its balance sheet, proposed new EU rules may require banks to reduce their exposures to non-performing loans ahead of schedule which may lead to discounted prices. The Irish Independent, 22nd November
South King Street Portfolio: Joint agents Savills and Bannon are managing the sale of Lone Star’s South King Street portfolio in Dublin city centre, which is expected to attract bids of c. €165m to include the cost of over €40m to redevelop retail units and overhead apartments on Chatham Street. The founder of Zara, Amancio Ortega, is among four shortlisted bidders for the portfolio. Included in the portfolio is 49,158 sq. ft. of retail space, 59,936 sq. ft. of office space and six penthouses, with the assets located on Chatham Street, Grafton Street and Duke Street. The total rental income from the portfolio is €6.8m p.a. and the WAULT of the leases is over eight years. The retail tenants include Zara, H&M and Hickeys Pharmacy, and the main office tenant is the American company Qualtrics. The Irish Times, 22nd November
Charleville Credit Union: The liquidators of the former Charleville Credit Union in Co. Cork have placed its c. €14m par value loan book and c. 10,800 sq. ft. premises on the market for sale. Of the €14m loan book, c. €8m of the loans are believed to be performing. Mallow and Kilmallock Credit Unions are expected to be amongst the interested parties in the loan book, with both credit unions having extended their operations to service the Charleville area after the credit union closed. The Irish Independent, 24th November
Royal Hibernian Way: Friends First has achieved its most significant letting in the redeveloped Royal Hibernian Way off Grafton Street in Dublin 2, with the news that the Press Up Entertainment Group has signed a lease for a 3,900 sq. ft. restaurant. The rent is expected to be in excess of €330k p.a. There is another 2,390 sq. ft. restaurant unit available to rent at Royal Hibernian Way quoting c. €85 psf. The Irish Times, 22nd November
Newenham House: JLL is inviting offers of €16.3m for Newenham House, the first of two five-storey, over-basement office properties located at the Northern Cross Business Park on the Malahide Road in Dublin 17. Newenham House extends to 68,749 sq. ft. and is currently producing rental income of c. €1.36m p.a., offering a return of 9.42%. The tenants in the property include Campbell Catering (guaranteed by Aramark Investments), Experian Group and Cerner Ireland Ltd, and the WAULT of the leases is c. 7.4 years. The Irish Times, 22nd November
Newenham Court: The second office property to be offered for sale at the Northern Cross Business Park is Newenham Court, for which Cushman & Wakefield is guiding in excess of €9.15m. The 48,558 sq. ft. property is fully occupied by Mylan Ireland under two separate ten-year leases from 2012 and 2014, with the tenant having the option to terminate both leases in November 2019. The rental income from the office space is €769k p.a. in addition to €207k p.a. for the use of a 1.952-acre site as a car park. The Irish Times, 22nd November
Richview Office Park: Cushman & Wakefield achieved a sales price of €4.5m, €100k in excess of the guide price, for 8 Richview Office Park, Dublin 14. No information has been released on the vendor or purchaser. The three-storey property has a net internal area of 10,708 sq. ft. and is occupied by Liberty Mortgage Corporation under a 25-year lease from 2007, at a rent of €365,350 p.a. The Irish Times, 22nd November
Molyneux House: Duff & Phelps Ireland is to relocate its Irish HQ to Molyneux House on St Stephen’s Green in Dublin, a property previously occupied by Lisney for nearly 40 years. The six-storey property, which has been substantially refurbished by its owners New Ireland Assurance, has a net internal area of 8,159 sq. ft., and the space includes a recently-completed penthouse floor which extends to 592 sq. ft. Duff & Phelps will pay a rent of €54 psf for the office space and €4k p.a. for each of the four car spaces. The Irish Times, 22nd November
Ballsbridge Hotel: The Ballsbridge Hotel, which is located on the site of the former Jurys Hotel site in Dublin 4, will remain open until at least October 2018, after its lease with Dalata was extended. The previous lease was due to expire in mid-2018, and the revised terms contain an option to extend the lease again until March 2019, subject to the consent of Chartered Land, which is building 217 luxury apartments on the site. Pre-sales for the apartments on the site have already exceeded €100m, with prices psf exceeding €1,000. The Irish Times, 22nd November
Crowne Plaza Extension: The hotel group Tifco is planning to add 60 bedrooms by way of a five-storey extension to the Crowne Plaza hotel near Dublin Airport, which would increase the number of bedrooms to 269 in total. Tifco owns and operates nearly 30 hotels in Ireland, and is Ireland’s second-largest hotel group after Dalata. The company, which is part owned by Aidan Crowe and Gerry Houlihan, is backed by Goldman Sachs. The Irish Independent, 24th November
Radisson Blu Galway: The new owners of the Radisson Blu Hotel & Spa in Galway have chosen not to renew the hotel’s management agreement with Rezidor, and will rename the hotel the Galmont to reflect the change in ownership and management. The 261-bedroom hotel was acquired last month by MHL Hotel Collection for c. €50m. MHL is backed by John Malone and now owns 11 hotels, including The Morgan, The Spencer, The Beacon and Hilton Charlemont hotels in Dublin. The Sunday Times, 26th November
Clarion Hotel Liffey Valley: Lisney has been retained as the selling agent for 13 suites at the Clarion Hotel Liffey Valley in Dublin by the CarVal-appointed receiver, Tom Kavanagh of Deloitte. Dalata is expected to be among the interested parties for the suites, as the company already owns 138 bedrooms, 33 suites, the common areas and the hotel’s restaurant. The Sunday Times, 26th November
Dublin City Aparthotel: LMS Investments DAC has sought planning permission from Dublin City Council to develop a three-to-seven storey, 160,000 sq. ft. development to contain 343 aparthotel units, 2,000 sq. ft. of retail space and 1,000 sq. ft. of artist space in Dublin city centre. The proposed development would be completed on a site between Anglesea Row and Little Mary Street, which is located near Capel Street. The directors of LMS are David Cullen and Tom Maughan. NAMA Wine Lake, 26th November
Boston Sidings: Sean Mulryan’s Ballymore Properties is understood to have been chosen by CIÉ as its development partner for the 0.87-acre Boston Sidings site next to Grand Canal Dart station in Dublin 2. The project will see c. 120,000 sq. ft. of office space developed at the site, with Ballymore responsible for the completion of the scheme. CIÉ will receive a portion of the rent from the completed project, with its income understood to be the greater of 10% of the rent or €1m p.a. It is reported that Clarendon Properties and Ronan Group Real Estate had also tendered for the project. The Irish Independent, 26th November
St Mary’s Home: Joint agents Lisney and Ganly Walters are inviting offers in excess of €5m for a three-storey, 13,000 sq. ft. Victorian nursing home in Ballsbridge, Dublin 4. St Mary’s Home, which is situated on a 0.86-acre site, is not a listed building so it could be converted for residential use to apartments or demolished and redeveloped into a high-rise block. A mews house on Clyde Lane is also included in the sale. A feasibility study by John Fleming Architects suggests that the current property could be converted into 11 apartments and nine new houses could be developed on the site. The Irish Times, 22nd November
Mortgage Legislation: The deputy governor of the Central Bank, Ed Sibley, has expressed concerns about legislation proposed by Fianna Fáil’s Michael McGrath under the Mortgage Arrears Resolution (Family Home) Bill. The bill proposes to establish a mortgage resolution office to review disputes between financial institutions and borrowers of family home mortgages, in an attempt to avoid repossessions and to encourage lenders to agree deals with borrowers in distress. In a 10-page letter in response to the proposed legislation, some of the concerns expressed by Mr Sibley include (i) it would impact the ability of secured lenders to repossess properties, (ii) it might result in increased interest rates and (iii) there is no provision in the bill for non-mortgage debt. The Irish Independent, 25th November
Mortgage Approvals: New figures from the Banking and Payments Federation of Ireland show 3,751 mortgages valued at €834m were approved in October 2017, an increase of 20 per cent in volume terms, and by 35 per cent in value YoY. According to Philip O’Sullivan, economist with Investec, rising house prices accounted for c. 37% of the increase in the overall approval value. The figures show that the average value of an approved loan was €215k in October 2015, up by 10 per cent YoY. First-time buyers are driving growth, with approvals up by 30.7 per cent YoY to 1,911, accounting for about 51 per cent of October 2017 approvals. Dermot O’Leary, economist with Goodbody Stockbrokers, expects mortgage lending to be €7.3bn for 2017, up 28 per cent YoY, and €8.6bn in 2018, “with net lending to also turn positive over the period”. Mr O’Sullivan forecasts total drawdowns of €7.4bn in 2017, and €9.1 billion next year. The figures show that the fastest growing segment on an annualised basis was switching, although the overall numbers remain low, with 321 people switching in October 2017. The number of buy to let mortgages increased by 22 per cent on the year, however this figure also remains very low, with 181 such mortgages approved in October. Mover purchase approval volumes are up by 11.3 per cent on the year to end of October 2017 to 1,132, accounting for 30 per cent of all mortgages. The Irish Times, 28th November 2017
Bank of Ireland Branches: Murphy Mulhall is selling two Bank of Ireland branches in Walkinstown and Coolock, which are both let on 25-year leases from October and September 2012 respectively, and have the benefit of fixed rental uplifts of 15 per cent every five years, with no break options. The selling agent is quoting €4.3 million for the BoI branch at Drimnagh Road, Walkinstown, which was refurbished and enlarged in 2012, extending to 11,838sq ft in total. The branch produces a rental income of €256,490. Murphy Mulhall is quoting €2.66 million for the BoI building at Malahide Road in Coolock, which also underwent considerable refurbishment in 2012 and has a floor area of c. 5,508 sq ft. The rent is €158,700 p.a. The investments are to be sold in one or two lots at a net initial yield of 5.5 per cent after purchaser costs of 8.46 per cent. The Irish Times, 22nd November
Viridian Biomass Plant: The energy company Viridian is considering the development of a c. €150m biomass power plant in Dundalk, Co. Louth. The company is in discussions with An Bord Pleanála about the facility, which if completed would provide enough energy for thousands of homes. Viridian already has a substantial portfolio of energy assets in Ireland, with 747MW of gas-fired capacity in Dublin, and 225MW of onshore wind-energy assets. The company also operates c. 1,000MW of windfarms under long-term contracts. Viridian is owned by the US investment firm I-Squared Capital, who acquired the company from Arcapita in 2016 for c. €1bn. The Irish Independent, 25th November
Sherry Fitzgerald Auction: An auction by Sherry Fitzgerald last week saw the sale of 32 lots for the cumulative amount of €9.6m. The properties included a retail unit at 49 William Street in Galway, let to Vision Express Ireland, and a Bank of Ireland branch at 97 Main Street in Midleton. The Sunday Business Post, 26th November
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The Square Towncentre Tallaght: Oaktree looks set to be chosen as the preferred bidder by NAMA for a controlling stake in The Square Towncentre Tallaght in south Dublin, after reportedly bidding c. €230m. Oaktree are bidding for the 577,500 sq. ft. shopping centre through the investment vehicle Targeted Investment Opportunities. The shopping centre is also believed to have been subject to bids from Blackrock and Orion Capital Managers. The anchor tenants in the shopping centre are Tesco, Debenhams and Dunnes Stores. The Irish Times, 18th November
Waterstones Cork: CBRE are guiding €6.25m for 68 – 69 Patrick Street in Cork City, which is occupied by Waterstones bookshop. The property extends to 11,367 sq. ft., with 6,353 sq. ft. of this at street level. Waterstones occupy the property under a 35-year lease which dates from March 1988, leaving c. 5.2 years unexpired, at a rent of €770k p.a. CBRE advise that based on the current rent, the property will offer a return of 11.36% after deducting standard costs. The Irish Times, 15th November
Global Retail Rents: A new report by Cushman & Wakefield on prime retail rents reveals that Dublin’s Grafton Street was the 15th most expensive street in Europe, and 57th most expensive worldwide, with average rents of €339 psf. The report, Main Streets Across The World, identified Upper Fifth Avenue in New York as the world’s most expensive street, with an average rent of €2,626 psf. London’s New Bond Street was found to be Europe’s most expensive street, with an average rent of €1,505 psf. The Irish Times, 16th November
Liffey Valley Shopping Centre: The owners of Liffey Valley Shopping Centre have sought planning permission from South Dublin County Council to redevelop a 2.47-acre site at the shopping centre. The shopping centre is owned by German pension fund Bayerische Versorgungskammer, who paid over c. €600m to acquire the shopping centre in 2016. The plans propose to remove an existing unit and replace it with two restaurant and two retail units. Should the redevelopment proceed, it would see 3,900 sq. ft. of restaurant space and 22,900 sq. ft. of retail space added to the shopping centre. The current rent roll is c. €35m p.a. The Irish Independent, 17th November
Crescent Shopping Centre Lettings: Limerick’s Crescent Shopping Centre looks set to benefit from the addition of three international fashion outlets; Gap, Superdry and Selected, following the completion of a €15m refurbishment at the shopping centre. Gap have already taken occupation in their 7,200 sq. ft. unit, while Superdry and Selected have rented 4,026 sq. ft. and 2,245 sq. ft. units. Zone A rents in the shopping centre range from €150 – €160 psf. The Irish Times, 14th November
48 Fitzwilliam Square: Bids in excess of €2.75m are being sought by Michael Turley of Turley Property Advisors for 48 Fitzwilliam Square in Dublin 2, which is being offered for sale for just the third time in over 120 years. The four-storey over basement property was fully refurbished in 2005, with further works completed in 2008 and 2014. The main property extends to 4,162 sq. ft., while there is a one-bedroom, 512 sq. ft. mews to the rear and space for up to six cars in the garden area. While the current rent of the property is €135k p.a., the sales agent advises that this could be increased to over €200k p.a. once rent reviews take place. The Irish Times, 15th November
Tedcastle Site: A joint venture between Oaktree and Bennett Construction, TIO North Docks DAC has sought planning permission from Dublin City Council to develop a 275,000 sq. ft. seven-to-nine storey development on the Tedcastle site in the north Dublin docklands. The existing 4,500 sq. ft. property on the site would be demolished to make way for the new property, which would contain 200,000 sq. ft. of office space. NAMA Wine Lake, 19th November
Jurys Inn Hotels: The Swedish hotel group Pandox is understood to be getting closer to acquiring the Jurys Inn hotel group for c. €903m from Lone Star. Pandox released a statement this morning (Tuesday, November 21st) stating that they are in the negotiating phase for a hotel portfolio in Great Britain and the Republic of Ireland. The hotel portfolio consists of 36 Jurys Inn hotels in the UK and Ireland and one Hilton hotel. Lone Star acquired the Jurys Inn hotels for £680m GBP in 2015, and has since invested £130m GBP in the portfolio. The Irish Times, 21st November
Citywest Hotel: Tetrarch Capital appears poised to acquire full ownership of the Citywest Hotel in Saggart, Co. Dublin, which is Ireland’s largest hotel with more than 764-bedrooms, a golf course and a convention centre. A joint venture between Tetrarch and Pimco acquired the hotel in September 2014 for c. €30m, at which time the hotel was under the control of Martin Ferris, who was acting as receiver on behalf of Bank of Scotland (Ireland). Tetrarch is now believed to be close to acquiring Pimco’s majority stake in the hotel, however no financial details have been disclosed. Since acquiring the hotel, Tetrarch and Pimco have spent c. €12m on upgrades. The Irish Times, 20th November
Portobello House: MKN Property and the hotel group Tifco are looking to build a six-storey, 178-bedroom hotel on the site of Portobello House and Harbour House on the banks of the Grand Canal in Dublin city centre. MKN acquired the site last year from Ray Kearns for over €10m. MKN was established in 1996 by Sean McKeon and is now operated by his children; Brian, John and Niamh. The Sunday Times, 19th November
InterContinental Hotel: The value of the InterContinental Hotel in Ballsbridge, Dublin 4, rose by €22.5m in 2016, based on 2016 accounts for Ballsbridge Hotel Unlimited. The accounts show that the entity transferred ownership of the hotel to Irish Property QIAIF, which is backed by John Malone, in February 2016, and note that the hotel’s value rose by €22.5m. The hotel, which was formerly operated under the Four Seasons group, was acquired by John Malone in 2015 for c. €50m. The Sunday Business Post, 19th November
Fitzwilliam Hotel: Ampleforth Ltd has sought planning permission from Dublin City Council for a 16-bedroom extension to the five-star, 139-bedroom Fitzwilliam Hotel on St Stephen’s Green in Dublin city centre. Ampleforth is controlled by Michael Holland, Tom Mannix, Robert Savage and Mark Moran. NAMA Wine Lake, 19th November
Twilfit House: Abarta Investments, a company linked to SW3 Capital, has sought planning permission to demolish Twilfit House in Dublin 1 and replace it with an eight-storey, over-basement hotel. The project, which would cost c. €19.3m to complete, would see the development of a 99,082 sq. ft. property which would include a 12,992 sq. ft. gym and an 86,089 sq. ft., 218-bedroom hotel which would include bar and restaurant facilities at ground floor level. The current property at Twilfit House, which extends to 37,135 sq. ft., is located at the junction of Jervis Street and Upper Abbey Street. SW3 Capital acquired Twilfit House for €4.15m in 2014, with the property generating rent of €350k p.a. at the time of purchase. The Irish Times, 15th November
Boland’s Mill Project: The Sunday Times reports that Google’s proposed purchase of the Boland’s Mill project in the south Dublin docklands for c. €170m may fall outside of NAMA’s tendering rules as the property is currently in the possession of a fixed-price receiver, Savills. When an asset is being sold by a fixed-price receiver, it is understood that the receiver must demonstrate that the vendor is receiving the maximum return for their asset, with NAMA being the vendor in the Boland’s Mill project. The Boland’s Mill project includes three skyscrapers and c. 397,000 sq. ft. of office, residential, retail and cultural space. The Sunday Times, 19th November
Project Opera Limerick: The European Investment Bank (EIB) has committed to providing an €85m, 25-year debt facility to Limerick City and County Council to part fund the development of the four-acre Project Opera site in Limerick city centre. Upon completion, Project Opera will be a high-quality commercial / office development with capacity for 3,000 jobs. The Sunday Business Post, 19th November
Glenveagh Sites: Glenveagh has confirmed that it has acquired 11 sites which have the potential to facilitate the development of 1,319 residential units. Nine of the sites are from the Project Kells portfolio, which consists of twelve sites. These nine sites were conditionally acquired by Glenveagh at the time of its IPO. Glenveagh is expected to acquire the remaining three sites in the Project Kells portfolio once “legal formalities are fulfilled”. The two sites which Glenveagh has acquired outside of the Project Kells portfolio are located on the Naul Road in Co. Dublin, and the acquisition cost of same is believed to have been c. €22m. Of the 11 sites acquired by Glenveagh, five are in Dublin, two are in Wicklow, two are in Kildare and the final two are in Cork and Limerick. The Irish Independent, 17th November
Mount Merrion Development Sites: Lisney is guiding €7.5m for a 0.84-acre residential development site in Mount Merrion, south Dublin, which has planning permission for 48 apartments and four office suites. The proposed development on the site, which is currently home to Flanagan Kerins furniture and three mobile phone kiosks generating rent of €73k p.a., will extend to six storeys and have parking facilities for 92 cars. The current planning allows for the development of 10 one-beds (660 sq. ft.), 27 two-beds (957 sq. ft.), nine three-beds (1,188 sq. ft.) and two penthouses (1,600 sq. ft.). Adjacent to the Flanagan Kerins site is the Union Café site where planning permission has been sought for 50 apartments and a pavilion-style bar. The Irish Times, 15th November
Student Accommodation Dublin: The Irish Times reports on three student accommodation projects in Dublin city centre. Firstly, Carrowmore Property has paid over €7.5m to acquire a site with capacity for 281 bed spaces at The Quarters in Brickfield Lane, Cork Street, Dublin 8. Nearby in Newmarket, an unnamed company has secured planning permission for a mixed-use development of 349 student bed spaces and co-working office space. This same unnamed company has also sought planning permission for 242 student bed spaces, co-working office space and a café / bar in Cork city centre. The Irish Times, 14th November
Cloragh Mills: Cushman and Wakefield are inviting offers above €4.75m for 22 of the 30 apartments on the site of Cloragh Mills in Rathfarnham in south Dublin. The apartments for sale in the ten-year-old block are fully occupied and generating rental income of €346k p.a., offering a return of 7% after deducting acquisition costs. The sales agent estimates that the market rent for the units is c. €425k p.a. The Irish Times, 14th November
Department of Housing Figures: The Department of Housing has published its housing supply figures for September 2017, with the figures showing that construction of 1,458 units was commenced and 1,647 units were completed in the month. Based on these latest figures, the construction of 13,329 units has commenced YTD, while 13,533 units have been completed. The full-year projections for 2017 for both completions and connections are 17,000 – 18,000. Commencements are based off notices by builders to local authorities of imminent commencement of construction, while completions are based off ESB connections. NAMA Wine Lake, 19th November
Merrion Road Apartments: Bartra Property Ltd has sought planning permission from Dublin City Council to develop 20 apartments on a 0.5-acre site at 98 Merrion Road in Ballsbridge, Dublin 4. The proposal under the application would see the existing guest house demolished and replaced with a 45,000 sq. ft., five-storey over-basement development consisting of fourteen two-beds, three one-beds and three two-beds. NAMA Wine Lake, 19th November
Abbott Expansion: The medical devices manufacturing firm Abbott is in the process of finalising plans for a substantial expansion of its plant in Donegal Town, where it makes products for treating diabetes. The c. €130m investment at the facility is expected to result in the creation of c. 200 jobs. Abbott’s plant in Donegal Town opened in 2006, and the company has nine sites in total in Ireland, with nearly 3,000 employees. The Sunday Times, 19th November
CRH Education Hub: The Irish Times reports that CRH is expected to seek planning approval from South Dublin County Council for a c. 59,200 sq. ft. education centre at its HQ in Dublin, which is located at Belgard Castle between Clondalkin and Tallaght. The centre, which is expected to cost c. €20m to develop, would then be used to facilitate training and development courses each year for CRH’s global workforce, which extends to c. 87,000 staff across 31 countries. The Irish Times, 15th November
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Blanchardstown Shopping Centre (BSC): Plans for a c. €40m extension and refurbishment to the Red Mall of BSC have been approved by the local authority. The proposal will see c. 100,000 sq. ft. of retail space added to the shopping centre, through the construction of one 40,000 sq. ft. unit and 18 standard units. In total, the shopping complex currently has c. 12m sq. ft. of retail space across 180 outlets. The Irish Independent, 9th November
Kinsealy / Swords Neighbourhood Centres: Knight Frank is guiding in excess of €6.75m for two income-producing neighbourhood centres located in the north Dublin suburbs of Swords and Kinsealy. Applewood Village in Swords and Drynam Square in Kinsealy produce a gross rental income of €720k p.a., equating to a yield of 9.1%. The Applewood development contributes c. €583k of the rental income, with Drynam accounting for the remaining €137k. The complex is currently 74% let, and the selling agents expect the rental income to rise to c. €900k when the complex is fully let. The two centres combine for c. 64,700 sq. ft. of space, made up of commercial and residential space, with seven apartments and two houses in the portfolio. The Irish Times, 8th November
Topaz Filling Stations: Cushman & Wakefield are seeking c. €4.965m for two petrol stations leased by Topaz near Ashbourne, Co. Meath and Kilshane Cross, near Finglas in Dublin. The petrol stations can either be bought separately or in a single lot. The Coolfore Service Station near Ashbourne is expected to sell for more than €3.365m, offering a yield of 8.52% based on income of €311k p.a. Topaz pays €282k of the rent, with the remaining €28k coming from a car showroom and gym to the rear of the property. The second service station, Kilshane Cross, has a guide price in excess of €1.6m and is currently generating rental income of €174k p.a. The Irish Times, 7th November
6 / 7 Castle Market and 42 Drury Street: Agar Commercial Property Consultants are inviting bids of over €2.8m for three adjoining retail units at 6 / 7 Castle Market and 42 Drury Street in Dublin 2, with the properties offering a return of between 4.5% and 5.1% based on the current rental income of c. €158k p.a. The retail units are occupied by Charlie Cullen and Suzanne Gilhooly t/a Cullen & Co Jewellers (€65k plus VAT for 1,658 sq. ft.), Nail & Beauty Salon (€50k for 742 sq. ft.) and Blazing Salads (€42.5k for 968 sq. ft.). The properties are to be sold by tender on December 6th, in one or more lots. Agar are guiding €2.1m for the jewellery shop and salon, and €780k-plus for Blazing Salads. The Irish Times, 8th November
Kildare Village: Sales in Kildare Village rose by 21% in 2016, following the opening of a €50m Phase 2 extension in late 2015. Footfall in the centre, which houses 95 boutiques, increased by 27% with international visitor numbers and tax-free sales recording strong growth. There was a 14% increase in tax-free sales, while the average transaction value for tax-free sales rose by 8%. The outlet recently submitted plans for a third development phase which would add another 29 units to the scheme. A Prada store is due to open in the centre in the coming days, while other new openings include Rituals, Kurt Geiger Men’s and The Christmas Collective. The Irish Independent, 12th November
Treasury Building: The Irish Independent reports that Google is close to finalising a deal to purchase the Treasury Building, located on Grand Canal Street in Dublin 2, for over €120m. Google previously acquired its European HQ on Barrow Street and the nearby Montevetro building for €100m and €99m in 2011. Google may move into the Treasury Building as early as next year. The NTMA currently occupies the property, however they will shortly move to their new HQ in the Dublin Landings development in the north docklands. The Irish Independent, 12th November
51 Lower Leeson Street: Knight Frank are guiding €2m for 51 Lower Leeson Street in Dublin 2, a Georgian building divided into office and residential accommodation. The office space is let to Capnua Corporate Finance under a short-term lease expiring in December 2018 at a rent of €65k p.a. Above the office element is a city townhouse which will be available with vacant possession. The property extends to 3,930 sq. ft. and also comes with two basement car parking spaces. The Irish Times, 7th November
Crowe Horwath (CH) / Cushman & Wakefield (C&W) Report: A new report by CH / C&W on the Dublin hotel market estimates that demand levels for Dublin hotel rooms will need to increase by c. 15% over the next five years if current profitability and occupancy levels are to be maintained, as new supply comes onto the market. According to the report, c. 4,000 new hotel rooms will be made available over the next five years. To maintain current profitability and occupancy levels, an additional c. 845,000 rooms would need to be sold each year over the next five years. Dublin occupancy rates were 82% in 2016. The Irish Independent, 11th November
Rathmines Aparthotel: Justin Keatinge, formerly of IT services company Version 1, is set to build an aparthotel in Dublin 6. Mr Keatinge will convert the former presbytery of the Mary Immaculate Refuge of Sinners church into ‘serviced short-term tourist accommodation’. The Sunday Times, 12th November
Blessington Street Aparthotel: DEC Building Services DAC has sought planning permission from Dublin City Council to demolish industrial buildings on Blessington Street off Dorset Street in Dublin city centre and replace them with a 28-unit, 6,500 sq. ft. aparthotel. NAMA Wine Lake, 12th October
Hampton Wood Square: Joint agents CBRE and Dillon Marshal Property Consultants are inviting offers of €32m for a newly completed development of 128 apartments at Hampton Wood Square in Finglas, north Dublin. The apartments, which were completed by Dwyer Nolan, are spread over two four-to-six storey blocks, and consist of 46 one-bedroom apartments and 82 two-bedroom apartments. The projected rental income of the development, upon achieving 100% occupancy, is c. €2.435m p.a. The Irish Times, 8th November
Mars Capital Securitisation: Mars Capital is planning to refinance €542m of Irish mortgages on the bond market through its second securitisation. The company is working with Morgan Stanley to complete the securitisation under the entity Grand Canal Securities 2. The company bought an Irish Nationwide Building Society loan book from IBRC in 2015, and also purchased a book of mortgages that originated with Springboard from PTSB in 2014. The pending securitisation has been rated by Moody’s and DBRS and contains both performing and non-performing loans throughout Ireland, with about 20% located in Dublin. Mars Capital previously refinanced €332m of former Irish Nationwide and PTSB loans in April 2017. The Sunday Times, 12th November
Arena Centre: SeaPoint Capital is set to acquire a portfolio of 63 apartments at the mixed-use Arena Centre in Tallaght, Co. Dublin, from Green REIT for €9.25m. The Arena Centre was completed in 2008 and contains a mixture of retail and office space, 230 apartments and a 119-bedroom hotel. The apartments consist of a mixture of one-, two- and three-bedroom units and are located close to public transport services, with Woodies, Lidl and Bank of Ireland also nearby. The Irish Times, 8th November
CSO Property Prices: The latest figures from the CSO show that national residential property prices rose by the 12.8% in the year ending September 2017, with growth of 2% recorded in the month of September alone. Property prices in Dublin rose by 12.2%, split between house price increases of 12.4% and apartment price increases of 11.4%. Excluding Dublin, national property prices rose by 13.2% for the year ending September 2017. National property prices have now risen by 70.2%, with Dublin prices rising by 87%. CSO, Residential Property Price Index September 2017
Economic and Social Research Institute (ESRI) Report: A new report by the State-funded ESRI estimates that house prices in Ireland will rise by at least 20% between now and 2020. Despite their forecast for strong growth, the institute does not believe that the Irish residential property market is in danger of overheating, based on their comparison of price-to-income ratios and price-to-rent ratios in Ireland and internationally. The ESRI believe that unless there is a significant unexpected shock, or a substantial increase in supply, prices will continue to trend upward. The Irish Times, 14th November
Daft.ie Rent Report: The latest report by Daft.ie on residential rents shows that national rent inflation was by 3.4% in Q3 2017, the fourth largest quarterly increase on record. Annual inflation is now 11.2%. In Dublin, rents rose by 3.9% in Q3 2017, with annual inflation in the capital now at 12.3%. National rents are now 16.4% above their 2008 levels, with rents in Dublin and Galway at levels which are 22.8% and 25% above their previous peak levels. The report shows that there are currently less than 3,400 properties available to rent nationally, an increase on the c. 2,900 which were available on August 1st, but a decline of c. 16% from the same date in 2016. The Daft.ie Rental Price Report – 2017 Q3
KBC Bank Homebuyer Sentiment Survey (HSS): The latest KBC Bank HSS estimates that there are c. 110,000 people ready and willing to purchase a home, with people looking to move home accounting for c. 40,000 of this figure. The 110,000 figure represents double the amount of properties which are expected to be sold in the next year, highlighting the shortage of available properties in the Irish market. The KBC Bank HSS excludes investors looking to acquire a residential property. The Irish Independent, 11th November
Bank of Ireland (BoI) Tracker Mortgages: BoI has announced that it has discovered another c. 6,000 mortgage holders who were overcharged interest due to them previously being told that they were not entitled to a tracker mortgage. The 6,000 figure includes 2,000 bank staff, and brings the total number of affected BoI accounts to over 10,000, the largest number among the 15 lenders being examined as part of the tracker remediation scheme. BoI has set aside between €150m and €175m to cover the cost of the redress for the 6,000 mortgage holders. The Irish Independent, 10th November
Charleston House Cork: The Irish Examiner reports that Donal Relihan of DNR Homes is in the process of acquiring a 12-acre residential site in Midleton, Co. Cork for over €4m, after the site had been guiding €3.65m. The site includes Charleston House, a 5,500 sq. ft. Edwardian property situated on two acres and ten acres of zoned residential land. It is expected that Mr Relihan will look to develop c. 100 homes on the ten acre site. The Irish Examiner, 9th November
Charlestown Shopping Centre Development: Bovale Developments has been granted planning permission for a revised second phase of development at the Charlestown Shopping Centre in north Dublin. The new scheme will include 222 apartments across five blocks up to seven storeys in height, alongside 69,000 sq. ft. of retail space, a crèche and an outdoor playground. As part of the planning approval, the company must pay €2.2m to Fingal County Council towards local infrastructure, and must also lodge a bond of €888k (or €555k cash) with the council before work begins. The Sunday Times, 12th November
Donabate Housing Development: The McGarrell Reilly Group has received planning permission for a 258-unit residential development at Hearse Road in Donabate, north Dublin. The €30m project will see the development of 196 houses and 62 apartments. The Sunday Business Post, 12th November
Cabinteely Development: Michael O’Flynn has been granted planning permission from the High Court for a €75m residential development at Beech Park in Cabinteely, Co. Dublin. The scheme will contain 160 units but is subject to another appeal process before construction can commence. The Sunday Business Post, 12th November
Unit 1 Stadium Business Park: New Frontier, a British REIT, has entered the Irish market by purchasing a north Dublin warehouse in a deal that was completed at the end of October. The company paid €8.6m for Unit 1 at Stadium Business Park in Ballycoolin. The property is let to Viking Direct at a rent of €744k p.a. on a lease that runs until 2027. The Sunday Times, 12th November
Willsborough Enterprise Centre: CBRE is guiding €4.5m for Willsborough Enterprise Centre, a fully-let scheme of industrial units at Clonshaugh Business and Technology Park in Dublin 11. The centre contains nine industrial units in two blocks, and is producing rental income of €364k p.a. with a weighted average unexpired lease term of c. 5.4 years. The centre extends to 37,630 sq. ft., with units ranging in size from 3,457 sq. ft. to 6,135 sq. ft. Tenants in the park, which is located in close proximity to the M50, M1 and Dublin Airport, include Vernon Catering, Velux and IT Group. The guide price represents a capital value of €120 psf which is well below the build cost of new space of €180 psf. The Irish Times, 7th November
Santry Warehouse / Distribution Facilities: JLL is guiding €2.25m for two adjoining warehouse and distribution facilities in Santry, Dublin 9. Units C1 and C2 in Furry Park Industrial Estate in Dublin 9 are let to tenants Total Material Handling and Dunwoody Airline Services at a rent of €203k p.a., and the weighted average unexpired lease term is more than six years. The units were developed in the 1990s and together extend to 19,893 sq. ft. The guide price reflects a yield of 8.3% after standard purchaser costs. The Irish Times, 7th November
Rialto Cinema: The Rialto Cinema in Dublin 8 has been sold to an unnamed European family for €2.7m, €200k above the guide price. The planned use for the property is unknown, but according to selling agents BNP Paribas Real Estate, potential uses could include retail, residential, offices, a hotel or medical use. The Irish Times, 7th November
Killenard Retirement Village: The proposed development of a c. €60m retirement village in Co. Laois has received planning approval, subject to the satisfaction of 19 conditions. The retirement village will contain a 116-bed nursing home, which will include a 20-bed dementia care unit. Killenard Retirement Village will be situated close to the M7 motorway, c. 45 minutes from Dublin and c. 10 minutes from Portarlington, the nearest town. The facility will be developed by Keane Developments, and Passage Healthcare Investments is expected to operate the completed facility under a 30-year lease. The anticipated revenue from the facility will be c. €1m p.a., primarily from the Government’s Fair Deal scheme. The Sunday Business Post, 12th November
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Boylesports Acquisition: Boylesports has reportedly acquired six betting shops from Bambury Bookmakers in Munster in a deal which is expected to be announced shortly. The shops are located across Limerick and Clare in locations such as Sixmilebridge in Co. Clare and Wolfe Tone Street and Castletroy in Limerick. The purchase represents the second time Boylesports have purchased units from Bambury this year, having purchased nine shops in Leinster earlier this year, as the company looks to increase its retail footprint. The Irish Independent, 5th November
37 – 38 Capel Street: A private investor has paid €3.5m to purchase two shops and 11 overhead apartments at 37 – 38 Capel Street in Dublin 1. The portfolio currently generates rental income of €250k p.a., however it is believed that there is potential to increase this income to in excess of €300k p.a. One of the ground floor and basement shops is let to the Moldovan Supermarket (who originally traded on a fixed lease but is now overholding) at €50k p.a., while the other unit is vacant. The 11 apartments consist of three large two-bedroom units, six two-bedroom units and two one-bedroom penthouses. The Irish Times, 31st October
20 Duke Street: Agents Quinn Agnew are guiding in excess of €2.6m for 20 Duke Street, a three-storey, over-basement corner building in Dublin city centre which extends to 2,045 sq. ft. The high-profile retail and commercial building has potential for either refurbishment or redevelopment, and has come to the market with full vacant possession. The property is located within the busy pedestrian zone formed by Duke Street, Lemon Street, Royal Hibernian Way and South Anne Street. The Irish Independent, 6th November
Lower Kilmacud Road: Cushman & Wakefield is guiding in excess of €2m for a pharmacy and four apartments located at 5 Lower Kilmacud Road in Stillorgan, Co. Dublin. Bradley’s Pharmacy generates rental income of €97.1k p.a. under a 35-year lease running from 2003. The sale also includes two one-bedroom apartments and a two-bedroom unit to the rear of the pharmacy, and a vacant three-bedroom apartment on the first and second floors of the building. The Irish Times, 31st October
Dublin Office Market: The latest report from JLL on the Dublin office market has shown a continued level of demand for office space in the city, with just under 450,000 sq. ft. of take-up in Q3 2017. The total level of take-up YTD is now c. 2.1m sq. ft., an increase of 22% YoY. One of the key points of JLL’s report is that within the last twelve months there has been an increase in the number of larger-scale transactions, with nine transactions greater than 50,000 sq. ft. With regards to supply, the vacancy rate remains steady at 7.7%, although it is narrower in the city centre at 4.7%. Development activity is also strong, with 4.5m sq. ft. of space either under construction or undergoing refurbishment, with c. 40% of this either pre-let or reserved. The Irish Independent, 6th November
31 – 36 Golden Lane: Mm Capital is seeking in excess of €25.5m for an office investment in Dublin 2 which they purchased four months ago for c. €22m. The three-storey, 30,967 sq. ft. building is located at 31 – 36 Golden Lane and is being upgraded before being let to New Relic, a San Francisco-based software analytics company. New Relic will pay a rent of €1.455m p.a. on a 20-year lease, with a break option at the end of year 10 (subject to a three-month rent penalty). The lease will incorporate five-yearly open market rent reviews with a 10% cap and collar provision at the first review. Based on the guide price, the investment will offer a net initial yield of 5.26% and a capital value of c. €825 psf. The Irish Times, 1st November
Joyce’s Court: Corum Asset Management has paid €14m to purchase Joyce’s Court, an office and retail complex located on Talbot Street in Dublin. Block A and Block B in Joyce’s Court extend to 54,531 sq. ft. and currently produce rental income of c. €867k p.a. Two thirds of the rental income comes from Smartbox, who rent the 28,282 sq. ft. Block A and pay an average rent of €20 psf for most of their accommodation, under a lease which contains a break option in 2025. Block B is a 26,249 sq. ft. six-storey building which is let to a number of tenants including Veeam Software Ireland and the Dyslexia Association of Ireland. Four retail units are included in the sale (three of which are unoccupied), as well as 31 car parking spaces. The net initial yield of 5.7% is expected to rise to c. 7% as rent reviews occur. Corum Asset Management has invested over €80m in the Irish property market in recent years. The Irish Times, 1st November
One Ballsbridge: Aircraft leasing firm Avalon is to let the largest of three blocks nearing completion in the One Ballsbridge development in Dublin 4. The company will rent 75,000 sq. ft. in Building 1 on a 25-year lease (with a break option in year 20), at a rent of €58 psf. Further space in the development has already been rented by other aircraft leasing firms, CMIG Aviation and a second unnamed aircraft lessor, while the Avoca food outlet and restauranteur Dylan McGrath have also taken space in the complex, which is now 62% committed. The Irish Times, 1st November
1 WML: UK law firm Pinsent Masons is to lease a 9,959 sq. ft. office suite in 1WML, the new mixed-use complex being developed in Dublin’s docklands by Hibernia REIT. The company will pay a rent of €558k p.a. on a 20-year lease with a break option after year 10. The lease will include two car spaces and an annual contribution to the reception and townhall space in the building. Pinsent Masons will join Informatica and Core Media who have also leased space in the building. The Irish Times, 31st October
86 – 88 Lower Leeson Street: General Electric has agreed to a 10-year lease for 16,500 sq. ft. of newly refurbished office space at 86 – 88 Lower Leeson Street in Dublin 2. The company will pay a rent of €50 psf for their space which is located between the first and fourth floors. The 4,500 sq. ft. ground floor of the same building has already been leased to the commercial estate agent Lambert Smith Hampton for 10 years, with the rent also set at €50 psf. The Irish Times, 31st October
McWilliam Park Hotel: JLL is guiding in excess of €9m for the four-star, 103-bedroom McWilliam Park Hotel in Claremorris, Co. Mayo. The hotel, which is understood to be profitable, also includes a bar, restaurant, a 600-person conference suite, four additional meeting rooms, a leisure centre and a pool and spa. The Irish Times, 31st October
‘Dublin Living’ Portfolio: The Irish Independent reports that Marlet Property Group’s proposed c. €450m sale of its ‘Dublin Living’ apartment portfolio to Round Hill Capital has encountered an unexpected obstacle, due to title issues with one of the four sites. The ‘Dublin Living’ portfolio consists of 1,205 apartments at various stages of construction, at sites in St Clare’s and Mount Argus in Harold’s Cross, Carriglea on the Naas Road and the Cabra Road. The title issues encountered relate to the St Clare’s site, as it appears that a small strip of land on the site actually forms part of the adjacent Parkview Mansions apartment development. The Irish Independent reports that the Chief Executive of Marlet, Pat Crean, is negotiating with the representatives of the Parkview Mansions development in an attempt to resolve the issue. The Irish Independent, 5th November
Irish Financial Services Centre for Shipping: A 70-acre site close to Kent Station in Cork has been identified as a site for a proposed €1bn ‘Irish Financial Services Centre for Shipping’. The project is being led by CBRE Director Cormac Megannety, who has stated that it would represent the biggest urban regeneration project in Ireland. The project is supported by the IDA, the Port of Cork and several developers who are building complementary infrastructure in the area. The consortium behind the project is believed to want to secure IFSC-style tax designated status and possibly a levy of €1 psf to subsidise cultural and community elements of the development, which could include a maritime museum and a historical and cultural centre. Mr Megannety believes the project has the potential to employ 3,500 people in the first five years, and double that figure in the long term. The Sunday Business Post, 5th November
Crowley Park Rugby Grounds: Joint agents DNG Maxwell Heaslip & Leonard and O’Donnellan & Joyce are guiding a minimum of c. €6m for the 9.76-acre Crowley Park rugby grounds which is located on the outskirts of Galway City on the Dublin Road. The site, which is home to the Galwegians rugby team, could accommodate a high-density housing development of at least 150 houses. However, The Irish Times reports that a considerably higher density may be permitted (subject to planning permission), due of the scarcity of development sites in Galway. The Irish Times, 1st November
Emsworth: Sherry FitzGerald Country Homes and Sherry FitzGerald Blanc, as well as Sherry FitzGerald affiliate Christie’s International, are guiding €7.5m for Emsworth, a large Georgian villa situated on the Malahide Road in Kinsealy, Dublin 17. The 4,330 sq. ft. four-bedroom property is located on a 17-acre site and has been extensively renovated since it was purchased by the current owner in 2014 for €1.425m. The Irish Times, 2nd November
Brookfield Hall Student Village Apartments: Cushman & Wakefield is guiding €2.4m (c. €60k per unit) for a block of 40 student apartments in Castletroy, Limerick. The modern, purpose-built apartments are located in Block 8 of Brookfield Hall Student Village, and comprise 29 two-bedroom units, eight three-bedroom units and three four-bedroom units, totalling 94 bed spaces. The net income of the apartments, after costs, is c. €150k p.a. The Irish Times, 31st October
Fast-Track Planning: The Sunday Times reports that plans for over 10,000 homes, apartments and student bed spaces have been submitted to An Bord Pleanála by developers since the new fast-track planning rules came into force in July. While the normal planning process can take over a year, an outcome must be provided within 16 weeks under the fast-track planning process. An Bord Pleanála has received 22 separate pre-application requests for 10,926 residential units between July and October, with the largest application coming from UCD for 3,006 bed spaces on their campus. The Sunday Times, 5th November
Home Ownership Figures: Unpublished figures from the CSO, drawn from the Quarterly National Household Survey, show that home ownership figures continued to decrease throughout Ireland in H1 2017. Nationally, the percentage of people who own their own home fell from 69.8% at the end of 2016 to 68.7%. In Dublin, the percentage fell from 60.8% to 60.1%. The level of home ownership peaked in Ireland in 1991 at 80.1%. The Irish Times, 7th November
Household Net Worth: New figures from the Central Bank show that the net worth of Irish households has risen by almost 60% since 2012, as a result of rising property prices. Net worth in Q2 2017 stood at €686.3bn, up from €430bn in 2012, and just 4.6% below the peak of €719.6bn recorded in Q2 2007. Household debt as a proportion of income has also decreased, with a fall of 50% since 2013. Overall Irish household debt stood at €141.7bn (or €29,576 per capita) in June 2017, equating to 145.2% of disposable income. However, Irish households remain the fourth most indebted in the European Union, behind Denmark, the Netherlands and Sweden. The Irish Times, 6th November
Marsfield Avenue: Gannon Properties has applied to Dublin City Council for permission to reduce its planned development located at Marsfield Avenue in Clongriffin, north Dublin. The company is seeking to reduce the number of units from 213 (previously approved) to 147. Under the new application, the 147 units will consist of 47 three-bedroom houses, 56 two-bedroom houses and a mix of two- and three- bedroom apartments. NAMA Wine Lake, 5th November
Enniskerry Development: Lota View has sought planning permission from Wicklow County Council to build 44 houses on the Kilgarron Lands at the Powerscourt demesne in Enniskerry. The properties will be constructed on a c. 226,000 sq. ft. site beside the Powerscourt golf club, and will consist of a mixture of three- and four-bedroom properties. The Sunday Times, 5th November
Blackhall Place Apartments: Bartra Real Estate Ltd has applied to Dublin City Council to build a four-storey development containing 23 apartments at Blackhall Place in Dublin. The development will consist of six one-bedroom, 14 two-bedroom and three three-bedroom units. NAMA Wine Lake, 5th November
New Ross Boat Yard: Joint agents CBRE and Palmer Auctioneers are guiding c. €4m for New Ross Boat Yard in Co. Wexford. The yard extends to four acres, and has 230 metres of shoreline to the west of the river Barrow, as well as access to the Nore and Suir rivers. The dry dock is understood to be one of only three operational dry docks in the country that can accommodate large commercial boats. The yard had a turnover of €840k in the past year. The Irish Times, 1st November
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