Project Waterfront: The last remaining waterfront development site in Dublin’s north docklands has been placed on the market by Nama with a guide price of €120m. Project Waterfront, comprising two adjacent sites extending to 4.6 acres with full planning permission for a mixed-use development, is in the docklands strategic development zone (SDZ) and near to the 3Arena. The residential aspect of the site has permission for a scheme with buildings ranging in height from six to 11 storeys, accommodating 420 apartments. Additionally, a crèche, café and retail units are provided for in the planning. The commercial site has permission for four office buildings ranging in height from six to eight storeys and a net office area of around 300,216 sq. ft. The commercial scheme was granted a 10-year planning permission in December 2017, while the residential development has a five-year permission granted at the same time. The Irish Times, 31st July
Tyrrelstown Site, Dublin 15: Listed housebuilder Glenveagh Properties has purchased land capable of delivering c. 1,250 homes, subject to planning permission, for a price in excess of €65m. The 113 hectare site, 39 hectares of which are zoned residential, is located in Tyrrelstown, Dublin 15 and located adjacent to the group’s existing site at Hollystown Golf Club. The Group expect to deliver units from the combined site from 2019. The Irish Independent, 31st July
Magee Barracks Site, Kildare: Developer Ballymount Properties has been refused planning permission to construct 200 houses and 64 apartments, a number of retail units, and a crèche at the former Magee Army Barracks in Kildare Town. The proposal also called for the demolition of 16 buildings on the site. An Bord Pleanála rejected the proposed development, which was submitted under the Government’s fast-track strategic housing development process, on the grounds that the plan contained too many three and four-bedroom homes. The barracks, which has been empty since it was closed by the Department of Defence in 1998, made more than four times its €2 million guide price when it was acquired in early 2017. The Irish Times, 26th July
Maynooth, Co. Kildare: Cairn Homes has secured permission under the fast-track process to build 320 houses, 142 apartments and a 106-unit development offering 483 student bed spaces, in Maynooth, Co. Kildare. Cairn is planning a mix of three and four-bedroom houses and one, two and three- bedroom apartments. Amenities being planned for the site include a crèche with an outdoor play area, a cafe, a gym and a retail unit. The Irish Times, 26th July
Hotel Ibis, Dublin: JLL have completed the sale of the 150-bedroom Hotel Ibis at the Red Cow roundabout in west Dublin for c. €14m (€93k per key). The hotel was sold subject to an existing franchise agreement with Accor, and will continue to be managed by US hotel managers Interstate Hotels & Resorts. The sale comes shortly after a report from CBRE which foresees total hotel transactions in 2018 comfortably exceeding last year’s total of €400m, with €214m already completed in the first six months of 2018. The Sunday Business Post, 29th July
Newmarket Hotel, Dublin 8: An Bord Pleanála has upheld a decision from Dublin City Council to grant planning permission to the developer, Newmarket Partnership Ltd, for a c. €37m hotel and office development at Newmarket Industrial Estate, Dublin 8. The proposed eight-storey development will provide 92 hotel bedrooms and c. 75,000 sq. ft. of office space. The Sunday Business Post, 29th July
Zanzibar Site Hotel, Dublin 1: Work has commenced on a new 165-bedroom hotel overlooking the River Liffey at the former Zanzibar site in Dublin 1. Demolition works are expected to last until Q4 2018 with main construction works to commence in Q1 2019 on the €17m project. The Sunday Business Post, 29th July
Retail Market Update: New figures released by the CSO have shown that retail sales in June rose by 7% year on year but dropped by 3.4% when compared with May. When motor sales were excluded, there was a 0.1% monthly rise in core retail sales and an increase of 4.6% year on year. The number of new vehicles sold in Ireland has been on the slide for much of this year, owing to an increase in the number of second-hand imports from the UK. The weakness in sterling against the euro since the Brexit vote has been cited as the reason for the used-car boom. Leaving motor sales aside, analysts said that the June figures, particularly the strong annual increase of almost 5%, were evidence that the economy was performing well. The Times, Irish Edition, 26th July
Student Accommodation Site, Dublin 8: US-based Invesco Real Estate has agreed to pay €47m in a “forward funded” transaction for a 270-bedroom student accommodation on Brickfield Lane in Dublin 8. The site, which was purchased by Bain Capital earlier this year for €8m, is expected to cost c. €30m to complete and is planned to be open in time for the 2019/20 academic year. The Irish Times, 31st July
College Green, Dublin: An Bord Pleanála has given the green light to the Marlet Property Group to demolish the nine-storey College House on College Green in Dublin and replace it with a 10-storey mixed-use development. The plan is to include a 520-seated venue and Paddy McKillen Jnr’s Press Up is understood to be at an advanced stage of negotiations with Marlet Group to operate the venue. Last December, consultants for the team’s leading the redevelopment of the adjoining Apollo House site and Hawkins House put the College House plans on hold when they appealed the city council planning permission to An Bord Pleanála. Now, in a comprehensive decision giving the project the go-ahead, the appeals board states that the plan will “integrate satisfactorily with the surrounding existing development including the proposed redevelopment of adjoining sites at Hawkins House and Apollo House”. The Irish Independent, 26th July
St. James’ Gate Site, Dublin: Three developers have been shortlisted to partner with Diageo in building a new urban quarter at the historic St. James’ Gate site in Dublin. In total Diageo received 16 expressions of interest in the major rejuvenation project, which has been narrowed down to Sean Mulryan’s Ballymore Properties and their partner Oxley, the London-based U&I Group and US multinational Hines. The development will consist of a mix of residential, office and commercial spaces across 12.6 acres. The Sunday Business Post, 29th July
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Dublin Docklands: A South Korean fund has emerged as the highest bidder for the second office development at The Landings, in the Dublin Docklands. Selling agents Knight Frank and CBRE were quoting €98.8m for the property, which is expected to sell for c. €105m (€1,055 psf), showing a net initial return of 4.5%. The building has been pre-let to the international services office provider WeWork on a 20-year lease with no break options. The initial rent will be about €4.822m (€47.53 psf). The lease provides for a fixed increase at the first review to €5.327m. The building is being developed by Sean Mulryan’s Irish property company, Ballymore, and its Singapore partner Oxley. The Irish Times, 18th July
South William Street, Dublin 2: Maryland House, a five-storey office and retail building on South William Street in Dublin 2, has been sold for c. €10m (€656 psf), c. €1m above guide price. The 15,244 sq. ft. building is let to AA Insurance until 2024 with a total passing rent of €611,730 (€40 psf), and offers the new purchaser considerable scope for redevelopment as a single large retail venue. The Irish Times, 18th July
30-32 Sir John Rogerson’s Quay: Planning permission has been granted to redevelop a warehouse building in Dublin docklands previously owned by U2 into a new office block. The listed building at 30-32 Sir John Rogerson’s Quay was used as offices by U2’s Principle Management Ltd prior to being acquired by Property fund Iput in late 2016 for c. €20m. The new development will have over 70,000 sq. ft. of river front offices and a new six-storey office block at the rear overlooking an existing public square. Construction is due to commence in the third quarter of this year and is expected to be completed by late 2020. The Irish Times, 24th July
CSO Residential Market Update: Latest figures released from the Central Statistics Office show that residential prices at national level increased by 12.4% in the 12 months to May, down from 13.5% in the 12 months to April. The figures also show a slowdown in residential property prices in Dublin with an increase of 10.7% in the 12 months to May, compared to 13% in April. Prices in the Rest of Ireland, once Dublin is excluded, were 14.1% higher in the year to May. The mid-west region showed the greatest price growth, with house prices increasing at 22.1%, almost double the national average. Dublin residential property prices are 22.5% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 25.5% lower than their May 2007 peak. CSO Publication, 20th July
Northwood Business Campus, Dublin 9: Two sites at the entrance to Northwood Business Campus in Santry, Dublin 9, have been sold by Knight Frank for c. €10m (€1.4m per acre). The sites, extending to 3.64 acres and 3.43 acres, are zoned for commercial developmentand to support the provision of an appropriate quantum of residential development within the Metro Economic Corridor. Both sites previously held planning permission for mixed-use developments but these have expired. The Irish Times, 17th July
Hansfield, West Dublin: The new west Dublin suburb of Hansfield could get a big increase in housing supply, with developers seeking permission for almost 800 residential units. Developer Garlandbrook has applied for permission for 611 mainly two-bedroom apartments on an almost five-hectare site within the Hansfield Strategic Development Zone (SDZ) while developer Castlethorn has also applied for permission to build 155 units in a different part of the SDZ. Garlandbrook completed the first phase of the Hansfield development, which comprised more than 300 homes. The Irish Independent, 22nd July
Donnybrook Proposed Development: Planners are demanding more information from property group Avestus on proposed plans for an €80m apartment block in Donnybrook, potentially delaying a decision on the scheme by up to six months. Avestus is seeking permission from Dublin City Council to build 94 apartments on a site of c. 1.25 acres on Eglinton Road. The council have received objections from c. 70 local residents to the seven-storey block on grounds including that it is too high, will worsen traffic congestion on already clogged suburban roads and is contrary to proper planning for the area. The council responded to Avestus’ planning application by seeking more information from the company on its proposal, giving the developer 6 months to provide answers. The council will decide whether to allow the company build the apartment block after it has considered the answers. The Irish Times, 23rd July
EasyHotel, Smithfield: Budget hotel operator EasyHotel has acquired a site on Benburb Street in Dublin city centre for €9m. The site currently has planning permission for a 96-bedroom hotel, however the hotel operator believes there is potential to extend this to 130-bedrooms by varying the existing planning permission. A total of €18m is expected to be spent on the investment, which will be funded using cash from the group’s balance sheet, together with local debt financing. The Irish Independent, 20th July
Henry Street Hotels: Property developer Noel Smyth has lodged plans for a 257-bedroom hotel beside Arnotts department store in Dublin city centre. The plan involves demolishing the three top levels of the Arnotts car park at Henry Street, which is owned by the group, and replacing them with hotel floors. The overall hotel development would be nine storeys over basement, with the main access from Middle Abbey Street.
Separately, Noel Smyth was last month granted permission for another hotel in the area, at the corner of Middle Abbey Street and Liffey Street. That plan for a 365-bedroom hotel attracted objections but was approved by Dublin city council after the developer agreed to reduce its height to eight storeys. It is expected work will start on that hotel towards the end of this year and be completed by late 2020. The Motel One chain will operate the venue. The Times, Irish Edition, 22nd July
Mount Street, Dublin: The Press Up Entertainment Group has submitted plans for a hotel at the former Howl at the Moon superpub on Mount Street, Dublin. Its previous plan for a hotel on the site was rejected. Press Up has proposed a 52-bedroom hotel that will costs c. €15m to develop and employ up to 90 people. The proposed venue will include a rooftop restaurant. The Times, Irish Edition, 22nd July
Waterstones Bookshop, Cork: The Waterstones bookshop on Patrick’s Street in Cork city has been sold to a locally based private investor for c. €6.5m. CBRE had been quoting €6.25m for the property, which will show a net initial return of 10.8%. The double-fronted store produces an annual rental income of €770,000 (€68 psf) under a 35-year lease, which has almost five years to run. The building has an overall floor area of 11,367 sq. ft. The Irish Times, 17th July
JLL Property index: The latest JLL Property Index reports that the value of Irish commercial property has almost doubled over the last five years, however it is still below the levels achieved before the crash. It calculates that the capital value section of the index has increased by 91.6% since the trough of the market in 2013, but remains 37.1% below the peak attained in 2007. In the current year however, the rate of growth in capital values has slowed to only 0.7% in the three months to the end of June bringing the 12 month growth rate to 5.0%. For the second quarter in a row, the industrial sector saw the strongest growth in capital values with a 0.8% rise in Q2 2018 and bringing to 4.4% its growth in the first half of this year. While there was a slight pick-up of 0.6% in the second quarter growth of office values which brought first half growth for this sector to 0.9%, nevertheless this curtailed 12-month growth for office values to 6.8%.The Irish Independent, 19th July
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Project Lee: Nama has put a €330m portfolio of assets linked to the late Cork property developer, Owen O’Callaghan, up for sale in one of the agency’s last major loan sales. The loans, which have been code-named Project Lee, had been earmarked for sale previously by the agency. The portfolio consists of six loans secured on Irish real estate with a face value of €330m. It is thought that the portfolio is partially performing. The Sunday Business Post, 15th July
Project Beech: AIB is planning to move ahead with its next non-performing loan sale, Project Beech, with a sale expected before the end of the year. Project Beech is unlikely to include any debts secured on family homes, instead consisting primarily of SME debts and buy-to-let properties. Despite the recent sale of Project Redwood, AIB is still carrying bad debts of c. €8bn, down from c. €31bn in 2013. The Sunday Business Post 15th July
Heuston South Quarter: Eir is in advanced negotiations to sublet a substantial part of its Dublin headquarters at Heuston South Quarter (HSQ) to AIB. AIB has agreed a rent of €1.96m p.a. (€35 psf) for Block 2, which has a floor area of 56,000 sq. ft. Car parking spaces will cost an additional €2,500 p.a. per space. The HSQ head office was acquired earlier this year in an off-market deal by the parent firm of mobile phone operator Three for a figure of c. €176m. Eir’s lease of the block is due to run until 2033, giving the new owner a weighted average lease period of 15 years, with a rent review due this month expected to see rent increase from €9.3m to €10.9m. The Irish Times, 11th July
Dublin Office Market Update: A total of 1.76m sq. ft. of office space was taken up in Dublin in the first half of 2018, according to the latest figures from CBRE Ireland. Some 864,438 sq. ft. of this year’s office leasing transactions were signed in the Dublin market in the second quarter, almost matching the volume leased in the first three months. Forty-five individual lettings occurred in Dublin in Q2, with 21 of these transactions (38% of take-up) comprising lettings to Irish companies. Although US companies accounted for only 14 transactions, this accounted for 58% of take-up. There were five lettings to UK companies completed in Dublin in Q2 as Brexit-related mandates continue to boost take-up. The Irish Independent, 12th July
Dawson Street: Biotech start-up company Nuritas is relocating to Dublin’s Dawson Street, where it will occupy the Joshua House office block next to the Mansion House. The five-storey over-basement building is owned by Dublin City Council and has a net internal area of 16,000 sq. ft. The 20-year lease includes a break option in year 10. The Irish Times, 11th July
Dublin Suburb Sites: Agent Savills has brought two sites in the Dublin suburbs with planning permission for a combined 164 residential units to the market. Offers in excess of €13m (€4.6m per acre) are sought for a 2.79 acre site at Oatlands College in Mount Merrion with planning permission for 64 units (33 houses and 31 apartments). Savills are also seeking offers of €15m (€934k per acre) for a 16.06 acre site in Kinsaley, north Dublin, with planning permission for 100 residential units. Savills believe the sales are likely to attract significant national and international interest because of the pent-up demand for housing. The Irish Times, 11th July
Dublin Residential Investment Market: A recent report by Hooke & MacDonald claims that for the first time activity in the residential investment market in Dublin was larger than the office and retail sectors in the second quarter of 2018. However, while residential accounted for 42% of the investment market in the second quarter (followed by offices at 27%, retail at 24% and mixed-use at 7%), it was still behind offices over the first half of the year. The residential investment market has grown strongly since 2016, when the sector opened up on the back of a shortage of rental accommodation and rising population levels. It constituted just 6% of the Dublin investment market in 2016, rising to 17% in 2017 and now standing at 24% over the first six months of 2018.Transactions in the Dublin residential investment market amounted to €294m in the second quarter supported by eight large deals. The largest deal was Irish Life’s c. €120m purchase of 262 apartments at Fernbank in Churchtown, Dublin 14. The Irish Times, 11th July
Navan Site, Co. Meath: Glenveagh Properties have completed the acquisition of a 59-acre site zoned for a high-density residential development, shops and public amenities in Navan, Co. Meath. Glenveagh paid c. €9m (€152k per acre) for the site which is expected to accommodate c. 1,100 houses and a commercial element to include a supermarket, cafes, a primary school and a medical centre. Agent CBRE offered the same lands for sale in 2016 but did not attract a single buyer. The Irish Times, 11th July
Players Square Site, Dublin: Nama is poised to enter into a joint venture agreement with Glenveagh Properties to develop the 10acre former John Player cigarette site on the South Circular Road in Dublin 8. The lands back on to St Teresa’s Gardens, a dilapidated 1950s estate of flats, and any development of the Nama lands would be taken in conjunction with Dublin city council. A total of 1,200 homes, public and private, are expected to be accommodated with up to 20% of the total land expected to consist of open space. The Times, Irish Edition, 15th July
Student Accommodation, Maynooth: Cairn Homes, has received the go-ahead to build accommodation for c. 500 students in Kildare. The company received permission from An Bord Pleanála to develop 483 student accommodation beds, a crèche, a café, a gym and a retail unit in Maynooth near Maynooth University. This is to include 319 houses and just over 140 apartments. Permission for the scheme was granted in spite of several objections from local residents, who complained that local services were already under pressure because of the surge in population in the town over the past decade. The Times, Irish Edition, 16th July
Hard Rock Hotel, Dublin: Irish hospitality group Tifco is bringing the Hard Rock Hotel franchise to Dublin as part of a €30m development. Tifco plans to open an upscale 120-bedroom, four-star hotel under the Hard Rock brand in early 2020. Located on Lord Edward Street, opposite City Hall, the hotel will comprise two buildings – the red brick Exchange Buildings, which dates from 1912, and the adjacent Fashion House Building, which is being rebuilt and will provide the entrance and reception. A new glass link bridge will connect the properties. Tifco owns the buildings and will operate the hotel as a franchise from Hard Rock International. This will be the first Hard Rock hotel in Ireland although there has been a Hard Rock Cafe in Temple Bar since 2004. The restaurant recently reopened after an extensive refurbishment. The Irish Times, 17th July
18/19 College Green, Dublin: The Tesco Express-led building at 18/19 College Green has been sold for €4.65m (€460 psf) – more than €500,000 above the guide price. Tesco pays a rent of €62,000 (€15 psf) for 4,156 sq. ft. for ground and basement level. IT Solutions occupies 5,941 sq. ft. on the five upper floors at an annual rent of €160,000 (€27 psf). Both tenant and landlord have break options in 2022. The Irish Times, 10th July
Food Central Business Park: UK specialist chilled food distributor Oakland has completed a 27,416 sq. ft. warehouse on 4.66 acres in the Food Central Business Park at St Margaret’s near Dublin Airport. Planning and construction of this €4.5m refrigerated food facility was completed in 10 months and delivered on time and below budget. It will be used by Oakland to service retailers such as Dunnes Stores, Aldi, Tesco, BWG and Musgrave. Food Central includes 280 acres and is focused on the food and drinks industry given its proximity to the airport, M50 and Port Tunnel. Businesses already in the park include Keeling’s, Donnelly’s, HPP and Dixon employing over 1,200 people. The Irish Times, 10th July
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4-5 Dawson Street, Dublin 2:Agent Cushman & Wakefield has sold 4-5 Dawson Street in Dublin 2, to its tenant Trailfinders for €12.4m (€1,158 psf), €4.65m above the asking price of €7.75m. The five storey over basement property extends to 10,709 sq. ft. and produces an annual rent roll of €399,360 (€37.29 psf). The Irish Times, 4th July
New Century House, IFSC:The Irish Times reports that Credit Suisse are currently the top bidder for New Century House in the IFSC at €66m (€825 psf). The 80,000 sq. ft. building comprises seven storeys with 87 car parking spaces in the basement. The property was previously bought by Hibernian Reit four years ago for €47m (€588 psf). The annual rent roll in excess of €2.8m equates to c. €30 psf. A feasibility study carried out believes the property could be extended by a further 31,000 sq. ft. The Irish Times, 4th July
Webworks, Eglington Street Cork:Lisney is seeking €16m (€372 psf) for a 42,964 sq. ft., 4 storey office building on Eglinton Street in Cork with an annual rent roll of €800k, equating to a net initial yield of 4.6%. Webworks has c. 11 years remaining on their lease and it is thought the rent review in May 2019 could increase the current rent of €16.50 psf to €25 psf. The Irish Times, 4th July
Dublin Suburb Office Rents: Goodbody Stockbrokers anticipates Dublin suburb office rents could increase by as much as 14% in the next year as a result of occupiers seeking more economical alternatives to city centre leases. Prime rents in Sandyford and Leopardstown have reached €30 psf, half the €65 psf achievedin the city centre. Brexit-related mandates, of which the IDA confirmed there have been 42, are also thought to be contributors to increasing rents. The Irish Independent, 9th July
Airton Close, Tallaght: The Davy Irish Property Fund has completed contracts to lease One Airton Close in Tallaght, Dublin 24, to the Institute of Technology (ITT). The new tenant has agreed an annual rent of more than €400,000 (€13 psf) for the 30,000 sq. ft. building, which will be used for administration as well as office functions. The 20-year lease includes 83 car parking spaces and a break option in year 15. The Irish Times, 3rd July
Avestus €290m Rental Fund: The Irish Times reports that Avestus Capital Partners have raised €160m of equity for a new fund dedicated to investing in the Irish rental sector. The fund will be leveraged up to €290m through debt. Despite rental increases of 87% and 68% in Dublin and other cities respectively, since the trough of the recession, and demand for rental accommodation doubling in the last five years, Avestus believe the Irish rental market is underinvested. Avestus current Irish portfolio comprises over 800 privately rented properties and has in excess of €1bn in assets under management in Ireland and Europe. The Irish Times, 4th July
The Abbey Quarter, Kilkenny:Ireland Strategic Investment Fund (ISIF) will provide €12.3m in development loan finance for the redevelopment of the former Smithwicks Brewery in Kilkenny City. The redevelopment will include 645,000 sq. ft. of office, residential, retail and educational space and will be known as the Abbey Quarter with the 13thcentury Franciscan Abbey as the focal point. The former Brewery will be developed into 47,850 sq. ft. of grade A office space. The Irish Independent, 5th July
261 Bed Student Accommodation, Arran Quay: Investment fund NTM ROI Seed Capital LP, managed by NTM Capital, have engaged an Bord Pleanála regarding a 261 bed student accommodation on Dublin’s Arran Quay. The company has already invested in sites in Cork and Galway, purchasing the Westwood Hotel in Galway last year with plans to develop a 394 bed student accommodation. The Irish Independent, 6th July
Live at the Marquee Site, Cork:The former 11 acre Ford depot site in Cork has been bought for c. €15m (€1.3m per acre) by Glenveagh Properties PLC. The site forms part of the Docklands project which has been earmarked for redevelopment and it is expected that 1,000 homes will be built on the site. The Irish Examiner 3rd July
Mount Street Crescent: Agent Lisney has brought a Georgian House on Mount Street Crescent in Dublin’s south inner city to the market for €1.4m (€40 psf). Lisney expect considerable interest in the three-storey over basement building which has a 2-bed apartment in the basement and offices on the three overhead floors. The Irish Times, 4th July
CBRE Hotel Market Update: CBRE has forecasted that the volume of hotel sales completed in Ireland in 2018 looks set to comfortably exceed last year’s total of c. €400m, despite only eight sales totalling more than €214m in the first half of the year. Nevertheless, considerable activity is under way in the background, with the Tifco hotel group in the process of selling 23 hotels with 2,400 rooms. Meanwhile, demand for hotel rooms has been so strong, especially in Dublin, that a number of chains have been developing new properties or extending existing ones. New hotels due to open this year include Bam’s 202-bed Aloft in Blackpitts in Dublin 8, Oakmount’s 41-bed Devlin in Ranelagh, and Frankie Whelehan’s 42-bed The Wilder on Harcourt Terrace. Nearby, the McGill family have opened their new 152-bedroom Iveagh hotel on Harcourt Street. Revenue per available room (RevPAR) across the countries hotels increased by 16.1% in the year to May 2018, driven by significant growth outside Dublin. Average daily room rates over the same period grew by 12.7% to €144.55. The Sunday Business Post, 8th July
Clery’s, O’ Connell Street:The first round of bidding is expected to conclude in the next week on the sale of Clery’s department store building on O’ Connell Street in Dublin. Swedish furniture giant Ikea are believed to have expressed an interest in the building, joining c. 30 other interested parties on the €60m development. The first round of bidding is set to be followed up with the launch of the adjoining block at Nos 14-18 on O’Connell Street to the market for a guide price of between €14m and €15m. The Irish Independent, 5th July
Greenfield Shopping Centre, Maynooth: Joint agents Lisney and Hibernian Auctioneers have brought the high-yielding Greenfield Shopping Centre in Maynooth, Co. Kildare, to the market guiding €1.25m. The nine unit shopping centre is 100% occupied with tenants including Centra and St. Vincent De Paul producing a rental income of €154,000, with a weighted unexpired term of c. 8 years. New owners will be set to benefit from an increased rent roll in the short term, with income due to increase to €167,790 in three years due to contracted stepped rental increases. This will allow the current investment yield of 11.34% to rise to 12.38% in 2021. The Irish Times, 4th July
Dublin Crane Count: The Irish Times latest crane count found there were 79 cranes visible over Dublin on 1st July, a rise of 7 (10%) from 1st June, and just one off the record of 80 set on 1st December 2017. July’s total is 155% above the 31 recorded on 1st February 2016 when The Irish Times commenced their survey. In total there were 54 cranes recorded on the Southside, a rise of four on June, and 25 on the Northside, a rise of three on the previous month. The Irish Times, 3rd July
JLL Commercial Property Market Update: Property agent JLL has raised its forecast for the level of investment in Irish property for 2018 from €2bn to just under €3bn following a particularly strong second quarter in which nearly €1bn worth of commercial real estate changed hands. According to JLL, 35 transactions carrying a combined value of €955m took place in the three months to the end of June. While that figure was only slightly more than the €933m invested in the first quarter of this year, it represents a 300% increase on the equivalent period in 2017. The largest transaction in the second quarter saw the off-market sale of a portfolio of Dublin office investments for €160m. The Irish Independent, 10th July
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Wicklow Street, Dublin: New Ireland Assurance has completed the purchase of a high profile investment property off Wicklow Street for €12m (€932 psf). The property consists of 6,328 sq. ft. of retail, 6,544 sq. ft. of office space and a penthouse. The building is producing a rental income of €575,000 (€45 psf) from Cotswold Outdoor, a UK specialist in outdoor clothing, and Tracey Solicitors, giving an initial yield of 4.6%. The Irish Times, 27th June
70 St. Stephens Green: Irish Life, Ireland’s leading property investment company with a portfolio of over €3bn, is in the early stages of replacing Hainault House on St. Stephen’s Green, marking its first redevelopment project for over 20 years. The planned €20m block will be more than 70% larger, with a floor area of 61,820 sq. ft. when it is ready for fit-out in the early months of 2020 and can expect a rent of c. €65 psf. Irish Life has not been involved in any major redevelopment projects since it completed a single phase of Georges Quay in 1995. The Irish Times, 27th June
Ballycoolin Business Park: Agent CBRE has brought two separate detached office buildings at Ballycoolin Business Park to the market guiding €8m (€62 psf) combined. Unit 1 is guiding €2.5m and extends to 42,551 sq. ft. on a low-density site of 3.09 acres, while unit 2 is guiding €5.5m and has a floor area of 85,874 sq. ft. on 4.7 acres. Both buildings are laid out as open-plan call centre spaces with ancillary offices and come with vacant possession. The Irish Times, 26th June
Harcourt Road, Dublin 2: Green Reit is to lease the entirety of 5 Harcourt Road, Dublin 2, to a subsidiary of WeWork for an annual rent of €3m (€60 psf). This newly developed office building in Dublin city centre is due for completion in July and comprises 50,000 sq. ft. of lettable space over seven floors. WeWork, the world’s largest provider of collaborative workspaces, has agreed a 20 year lease with no break options, and has guaranteed the lease obligations. The Irish Times, 3rd July
Sandyford Business Park: Turley Property Advisors is quoting a guide price of €2.9m (€333 psf) for the first floor of a modern office building at Sandyford Business Park in south Dublin. The office facility is let to PrePay Power, a leading provider of prepaid electricity, on a new 15-year lease at €250,000 p.a. (€28.70 psf), rising to €275,000 (€31.60 psf) at the end of year five, with a tenant break at the end of year 10. The Irish Times, 27th June
Earlsfort Terrace, Dublin 2: Agent QRE has brought a period office of 3,000 sq. ft. and four apartments on Earlsfort Terrace to the rental market at €320,000 p.a. The building which has been refurbished to a high standard in recent months was bought by its current owners in 2017 having been on the market at €2.75m. The Irish Times, 26th June
Six Hanover Quay, Dublin: Listed housebuilder Cairn Homes has agreed to sell its Hanover Quay redevelopment to a special purpose company managed by Carysfort Capital for €101m. The development, which is currently under construction, is made up of 120 apartments, a 5,000 sq. ft. restaurant and 1,400 sq. ft. café. The price paid for the development, which is due to be completed in early 2019, represents an average gross sales price of €800,000 for each of the apartments. The Irish Independent, 28th June
Glenveagh Acquisitions: Housebuilder Glenveagh has announced at its recent AGM the acquisition of four new sites capable of delivering 2,780 homes at a combined cost of €120m. The sites are located in the Cork docklands and Greater Dublin area and means Glenveagh’s land bank now comprises of 10,120 homes, 31% of which are shovel-ready with 97% zoned residential. The Irish Times, 29th June
Hazelbrook Square, Churchtown: Cushman & Wakefield has this week brought a portfolio of 54 apartments at Hazelbrook Square in Churchtown, Dublin 14, to the market guiding €16m (€296k per apartment). The eight year old apartments are part of a block of 97 units and currently produce a rent roll of €896,000 p.a., showing an initial return of c. 5.6%. The Irish Times, 27th June
Bishopstown Site, Cork: Joint agents Savills and Agar Commercial Consultants are seeking offers in excess of €6m (€377k per acre) for a superbly located 15.9 acre site in Bishopstown, Co. Cork. The site, which is located 5.5km from Cork city centre, is zoned as an “existing built-up area” and most suitable for mixed-use, office, residential or hotel development. The Irish Times, 27th June
Clondalkin Development Site: DNG Advisory has brought a 7.2 acre site with full planning permission for 63 houses, 20 apartments and a crèche in Clondalkin to the market guiding €5m (€695k per acre). DNG Advisory said the site was an exceptional opportunity to develop a high-quality residential community and the project is will be of particular interest to first-time buyers with apartments starting from c. €220,000 and houses from c. €250,000. The Irish Times, 27th June
Dublin South Docklands Site: Agent Savills has brought two retail units with redevelopment potential on Cardiff Lane in Dublin’s south docklands to the market for €5m. The 4,736 sq. ft. development is currently occupied by Starbucks and Arena Kitchens producing a combined rent roll of €58,000 p.a. (€12.24 psf) with a rent review outstanding. A feasibility study carried out suggests that, subject to planning approval, the site could accommodate 17 apartments above 2,260 sq. ft. of retail space and may also be suitable for office accommodation. The Irish Times, 27th June
K Club Golf Resort: The 550 acre five-star K Club golf resort is being brought to the market by Savills with an expected guide price of €70m – €80m. Located in Straffan, Co Kildare, the hotel comprises of 134 bedrooms, two Arnold Palmer designed courses and two club houses. Accounts last year showed the business made a near €4m loss before tax in 2015, up from €3.2m the previous year. However, its position was expected to have improved significantly since then due to its extended capacity and with a buoyant tourist market. The Irish Times, 29th June
The Grand Social, Dublin: Publican Frank Gleeson has acquired the Grand Social bar and music venue in Dublin city centre for more than €3m. Gleeson bought the venue from the businessman Brian Montague, who also owns the Winding Stair and the Legal Eagle pub. Located on Liffey Street, facing the Ha’penny Bridge, the Grand Social includes two bars, a loft music space and a roof garden. Gleeson has been operating the venue on a management contract. The Sunday Business Post, 1st July
Retail Sector Update: Latest figures from the CSO have revealed an annual increase of 4.3% in the volume of retail sales during May compared with the same month last year. Seasonally adjusted, the volume of retail sales increased by 0.1% in the month of May. Excluding motor trades, there was an increase of 1.5% in the volume of retail sales in May when compared with April, and there was an increase of 4.7% in the annual figure. The sectors with the largest monthly volume increases were hardware, paints and glass (+8.9%), and books, newspapers and stationery (+4.3%). The sectors with the largest month on month volume decreases were furniture and lighting (-4.7%), and bars (-2.9%). The Irish Times, 27th June
52 Henry Street, Dublin: Therapie Clinic, the leading laser, skin and body treatment specialist, is to open a new flagship store at 52 Henry Street, Dublin 2. The company has acquired the building on a sub-lease at a rent of €250,000 p.a. (€62.60 psf) and will occupy all four floors and basement, which extend to 3,993 sq. ft. The Irish Times, 26th June
Savills Dynamic Cities Index: A report from Savills Investment Management has placed Dublin sixth out of 130 European cities for commercial real estate investment. The index analyses and ranks 130 cities across the six categories of infrastructure, inspiration, inclusion, interconnection, investment, and innovation. Home to nine of the top 10 global technology companies, Dublin ranked higher than a number of other financial powerhouses including Zurich, Munich, Frankfurt, and Luxemburg. Despite concerns around Brexit, London topped the list, followed by Cambridge and Paris, with Amsterdam and Berlin completing the top five dynamic cities. The Irish Independent, 27th June
May Mortgage Approval’s: New figures from the Banking and Payments Federation have shown that mortgage approvals passed the €1bn in May, with first time buyers accounting for €506m (49.9%) and mover purchasers €324m (32%). In total 4,473 mortgages were approved in May, up 9.8% year-on-year, and 19.2% month-on-month. Growth in the re-mortgaging category continues to be the stand-out category, with the value of re-mortgaging growing by 106% year-on-year in May. The Irish Independent, 28th June
Amazon Site, Tallaght: Amazon is seeking permission for a second data centre at the former Jacob’s biscuit factory site in Tallaght. The 240,000 sq. ft. data centre will be built next to a similarly sized facility recently completed on the Belgard Road site that it acquired in 2014. A recent report, commissioned by the tech giant, found that its investment in South County Dublin since 2011 has had a cumulative economic impact for the Irish economy in excess of €1.25bn and on average supported over 1,200 full-time jobs each year.The Irish Independent, 1st July
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Ulster Bank Loan Sale: Ulster Bank has begun shortlisting bidders for the sale of a €1.6bn portfolio of non-performing loans and intends to complete a sale by the end of the year. The portfolio, which comprises 3,600 owner occupier loans and 2,900 but-to-let properties has attracted the usual players, with Cerberus, Goldman Sachs, Oaktree and Loan Star all displaying interest to date. The Irish Times, 21st June
Parkgate Street, Dublin 8: Turley Property Advisors have brought two modern office building totalling 35,500 sq. ft. on Parkgate Street, Dublin 8, to the market guiding €19m (€535 psf). The buildings are currently rented by two Government agencies and produce a rental income of €1,109,200 p.a. (€31 psf), with seven and ten year’s unexpired terms. The buildings were previously purchased by an Israeli investment fund in 2014 for c. €14m (€394 psf). The Irish Times, 20th June
Century House, Harold’s Cross: Estate agent Agar has brought a former parochial hall converted to 6,292 sq. ft. of office space in Harold’s Cross, Dublin, to the market guiding €1.75m (€278 psf). The building is let on a long-term lease to accountants PKF O’ Connor, Leddy & Holmes at €133,500 p.a. (€21 psf), equating to an initial yield of 7%. The Irish Times, 20th June
The Grange, Stillorgan: Kennedy Wilson Europe has completed the purchase of 274 apartments and a 4-acre site at the Grange in Stillorgan, Co. Dublin, for €160m, taking their overall spend in Ireland to over €1.5bn since 2008. Some of their purchases include Clancy Quay at Kilmainham, Sandyford Lodge in Ranelagh and the Alliance development on South Lotts Road. Recently they paid c. €90m for Ireland’s tallest building, the Elysian Tower in Cork, with 206 apartments as well as offices and shops. The Irish Times, 20th June
Tyrrelstown Land Bank: Agent Knight Frank is guiding €45m (€173k per acre) for a substantial 260-acre land bank at Tyrrelstown, Dublin 15, with potential to accommodate 830 to 890 houses. The land already has planning permission to develop 172 houses as well as a mixture of zoning objectives, ranging from residential and local amenities to rural and greenbelt reservations. The Irish Times, 20th June
Santry Demesne, Dublin 9: Agent Hooke & MacDonald is quoting €80m (€370k per apartment) for the 216 apartments being developed by the Cosgrave Property Group at Santry Demesne in Dublin 9. The Bridgefield apartments at Northwood are due to be completed by the end of 2019 and expected to bring in an annual rent roll of €4.65m to €4.9m, reflecting a yield of c. 6%. The Irish Times, 20th June
2018 Daft.ie Wealth Report:Figures in the 2018 Daft.ie Wealth Report show 4,583 homes are now valued at more than €1m, an increase of 762 (20%) compared to this time last year. Year-on-year residential property values have risen by 7.3% in total and there is now €420bn of housing wealth in the country. The highest concentration of property millionaires is in affluent parts of Dublin, with Dalkey, Blackrock and Rathgar accounting for more than 1,500 of those with homes with a value in excess of €1m. Over the past 12 months, an average of 15 properties worth €1m or more have been sold every week in Ireland. Since January 1st, 266 transactions of €1m+ have been completed. The Irish Independent, 21st June
Buy to let loans:The level of buy-to-let investor activity may be about to accelerate if recent trends in the mortgage market are considered an indicator. The first three months of this year saw a 12.8% increase in the drawdown of buy to let mortgages across Irish banks and lenders compared to the same period of 2017. In the month of April, the number of residential investment property mortgage approvals saw a 27.3% increase according to the Banking and Payments Federation of Ireland (BPFI). Almost 16,100 investors have joined the residential land lord ranks between the beginning of 2015 and the third quarter of 2017. The latest figures recorded by the Residential Tenancies Board show as many as 176,251 landlords at the end of September 2017. While that is a huge drop on the 212,306 recorded in 2012, it is about 10% above the low of 160,160 recorded in 2014. The Sunday Business Post, 24th June
Fitzpatrick’s Bar, Cooley: Agent Sherry Fitzgerald Carroll has brought the award winning gastropub, Fitzpatrick’s Bar and Restaurant, in the Cooley area of Louth, to the market guiding €1.5m. The property has been extended to cater for 180 diners and stands on 8.57 acres, which offers extensive development potential. The Irish Independent, 21st June
Miller & Cook, Mullingar: Joint agents CBRE and Power Property have brought a 9,600 sq. ft. food hall, bakery, café and restaurant building in Mullingar to the market guiding €1.5m (€156 psf). The building is producing an annual rental income of €130,000 (€13.50 psf), equating to an initial yield of c. 8%. The property may also have development potential at the rear as there is an extensive car park. The Irish Independent, 21st June
Vicar Street Hotel: Irish entrepreneur Harry Crosbie, the man behind a string of iconic buildings in Dublin’s docklands, is set to build a new 4-star hotel at Vicar Street in Dublin 8. The new hotel will give clients a package that includes tickets to shows at Vicar Street with a hotel room and meal. There will be a membership club on the top floor with a 7,000 sq. ft. bar looking out over the city with the same views as the Guinness Storehouse. The Irish Independent, 19th June
Grand Central, Belfast: Northern Ireland’s newest hotel, the £53m (€60m) 300-bedroom Grand Central, has opened in Belfast. The 23-storey hotel, will be the North’s largest hotel and includes the Grand Café, the Seahorse bar and restaurant, a lounge for private receptions, offices, retail units and two conference suites. The luxury hotel has been developed by the Hastings Group, owners of a 50% stake in the five star Merrion Hotel in Dublin. It will be the seventh hotel in their portfolio and represents the largest single investment by the family-owned hotel group, which has been in business in Northern Ireland for more than 50 years. The Irish Times, 19th June
Tribeca, Ranelagh: Agent QRE, has brought the building home to the Tribeca restaurant in Ranelagh, to the market guiding €2.1m (€1,100 psf). Tribeca has been trading successfully for the past 16 years and has a lease in place with an annual rent of €156,000 (€82 psf), with 8 years to run. A sale at the guide price will return a net initial yield of c. 5.85%. The Irish Independent, 21st June
Northwest Business Park: Agent William Harvey is seeking tenants for a warehouse and office facility at Northwest Business Park, Ballycoolin, Dublin 15. The agent is quoting a rent of €695,000 p.a. (€7.50 psf) for the 92,700 sq. ft. property situated on a 5.3 acre site. Core Industrial REIT bought the property in 2016 and purchased an adjoining one acre site to facilitate the redevelopment of the existing buildings. The Irish Independent, 21st June
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City Gate Park, Cork: Agent CBRE has brought a high-quality office building at City Gate Park, in Mahon, Co. Cork, to the market guiding €21m (€240 psf). The 87,309 sq. ft. four-storey office is owned by Quest Software International Ltd, an IT solution company with turnover of €330m in 2017, and is available on a sale and leaseback basis, with a new 15-year lease in place at €1.6m p.a. (€18.30 psf), providing the new owner with an initial yield of 7%. The Irish Times, 13th June
East Wall, Dublin: Yew Grove real estate investment trust (REIT) has acquired two office buildings in East Wall Dublin for €29m (€306 psf), reflecting a net initial yield of 6.5%. The buildings which extend to 94,793 sq. ft. are let to the Electricity Supply Board, Whirlpool Corporation and Colt Technology Services, at 97% occupancy, and have a weighted average unexpired lease term of 2.8 years to break and four years to expiry. Earlier this month Yew Grove raised €75m in an IPO. The Irish Independent, 18th June
Parkgate Street, Dublin 8: Bidding on the landmark 1.65 acre Hickey’s Site at Parkgate Street, Dublin 8, has reached €25m, 25% above the guide price offered by agent Finnegan Menton. The site is located adjacent to Heuston Station at the western approach to Dublin city centre and has been in use as a wholesale warehouse for Hickeys for over 40 years. The site is ideal for a number of alternative uses including residential, hotel and office development. The Irish Independent, 18th June
Central Plaza, Dublin: Shared workspace provider WeWork is to lease all of the eight floors of c. 134,000 sq. ft. of office space at the former Central Bank on Dublin’s Dame Street. The building is being redeveloped by US property giant Hines and Hong Kong Company Peterson at a cost of up to €100m. Plans for the redevelopment, which also include fashion, food and beverage outlets were approved by An Bord Pleanála last week. The Irish Independent, 18th June
Hanover Quay, Dublin: A joint venture between NAMA and Kennedy Wilson for an 87,000 sq. ft. office development at Hanover Quay in Dublin’s south dockland has received planning permission. The site is adjacent to Kennedy Wilson’s Capital Dock development where JP Morgan and Indeed are confirmed as anchor occupiers. Construction on the office building is expected to commence in Q4 2018 with completion expected by the third quarter of 2020. The Irish Times, 18th June
Enterprise House, Blackrock, Dublin: A plan by Friends First to increase the floor space of Enterprise House in Blackrock, South Dublin, has been thrown into doubt, following an appeal to An Bord Pleanála. While Friends First had already received planning permission in November 2016 to replace the original 1980s Enterprise House building of c. 33,000 sq. ft. with a new structure of c. 87,000 sq. ft. the company is now seeking to increase the property’s floor space by a further 4,700 sq. ft. Zurich Life has agreed to pre-let c. 223,000 sq. ft. on a 20-year lease term at a rent of €30 psf, one of the highest rents ever achieved in Dublin for a suburban office block. The Irish Independent, 14th June
Christchurch, Dublin: Savills have brought a four-storey over-basement 14,323 sq. ft. office building in Christchurch, Dublin 8, to the market guiding €4m (€279 psf). The building is fully occupied by two tenants, Trilogy Technologies and Mindshare, on rolling agreements at a total rent of €247,344 (€16 psf), equating to a net initial yield of 5.7%. The Irish Times, 13th June
Planning Permission, Q1 2018: Latest CSO figures show 8,405 planning permissions were granted for dwelling units in the first quarter of 2018, compared with 4,650 units for the same period in 2017, an increase of 80%. This quarter saw the first permissions granted by An Bord Pleanála through Strategic Housing Development Applications, which accounted for 62% of the quarterly increase. Planning permissions were granted for 5,917 houses (+57.6% YoY) and 2,488 apartments (+177.7% YoY) in the period. One-off houses accounted for 16.5% of all new dwelling units granted planning permission. CSO Press Release, 15th June
New Dwelling Completions, Q1 2018: The CSO has published a report on New Dwelling Completions, the first of a quarterly series which includes data on new dwellings built in Ireland since 2011. The report shows that the number of new dwellings built declined from 6,994 in 2011 to 4,575 in 2013. However, over the following four years the numbers of new dwellings built has increased steadily each year to stand at 14,446 in 2017, a year-on-year increase of 45.7%. In the first quarter of 2018 there were 3,526 new dwellings built. CSO Press Release, 14th June
Residential Property Price Index: Residential property prices in Ireland at national level increased by 13% in the year to April. This compares with an increase of 12.6% in the year to March and an increase of 9.5% in the twelve months to April 2017. In Dublin, residential property prices increased by 12.5% in the year to April with houses up 11.7% and apartments up 15.9%. The highest house price growth was in Dublin City (+14.9%) while the lowest growth was in South Dublin (+6.9%). Prices in the Rest of Ireland (i.e. excluding Dublin) were 13.6% higher in the year to April, with The Mid-West region showed the greatest price growth (+18.7%). Overall, the national index is 21.1% lower than its highest level in 2007 and a 76% increase from the trough in early 2013. CSO Press Release, 13th June
Dublin Housing Market: New figures released from MyHome.ie has shown the number of houses available for sale in Dublin has risen by 32% in the past 12 months. The report found that there are currently 5,083 houses for sale in the capital, compared with 3,860 this time last year. The main increases of 45-50% were in the Dublin postcodes of 1, 4, 5, 6, 7 13, 22, and 24, while the smallest increases were in Dublin 3 and11. The Irish Times, 15th June
Global House Price Index: A global house price index report released by Knight Frank has found that property prices in Ireland are rising at the fourth fastest rate in the world at 12.7% in the year to March 2018, behind only Hong Kong (+14.9%), Malta (+13.6%) and Iceland (13.2%). Overall, house prices are rising in 86% of the 57 countries tracked by the index, with prices falling in Greece (-0.2%), Italy (-0.3%), Norway (-1.1%) and Finland (-1.3%). The Irish Times, 18th June
Ashtown House and Estate, Dublin: Chartered Land has outbid several other developers to complete the purchase of a classical 6,500 sq. ft. period house and 28 acres of land in close proximity to the Phoenix Park for €6.65m. The land which has significant development potential but needs to be rezoned having previously traded for €26m in 2006. The Irish Times, 13th June
Hawkfield House Stud, Kildare: A stud farm on 93 acres in Newbridge, Co. Kildare, is expected to attract significant interest from the equestrian world and developers when it goes for auction with Jordan Auctioneers on July 5th. The land has major development potential given its location is just 700m from zoned land which was recently granted planning permission for 361 residential units. Jordan’s are quoting a price of €1.3m for the land, which includes a 2,700 sq. ft. house and 915 sq. ft. guest house. The Irish Independent, 18th June
Barnacles Hostels: Agent CBRE has brought two hostels with 289 bed spaces in prime tourist locations in Dublin and Galway to the market guiding €11m. The portfolio which also includes a convenience shop and leased restaurant in Galway is for sale in one or more lots. CBRE stated the two hostels were being offered for sale in turnkey condition with no substantial capital expenditure required, and the businesses were highly profitable with ever increasing revenues. The Irish Times, 13th June
Dublin Airport Hotel: A 10-storey 421-bedroom hotel close to the airport has received planning permission following a lengthy planning battle. The proposed hotel, promoted by developer Carra Shore (Dublin) will be over 330,000 sq. ft. and located in Clonshaugh, near the junction of the M50 and M1 motorways, next to an existing Clayton Hotel, which is being extended. The plans come at the same time as the DAA has moved ahead with its own plans for a similarly-sized hotel at the airport. The Irish Independent, 18th June
Tifco Hotel Portfolio: Goldman Sachs is pushing ahead with plans to sell its €600m Tifco Irish hotel portfolio. GS took control of Tifco when it purchased the debts of the Irish company from IBRC. Hotels in the portfolio include the Hilton in Kilmainham and the Crowne Plaza hotels in Santry, Blanchardstown and Dundalk. Austrian hotelier Thomas Roeggla, US investment fund Apollo and private investment fund TBG are understood to be among the front runners for the portfolio. The Sunday Business Post, 17th June
Clery’s Sale: Natrium, the consortium which purchased the iconic Clery’s department store on Dublin’s O’ Connell Street in 2015 for €29m, has instructed Knight Frank to handle the sale of the building. The building and adjoining sites have planning permission for a new mixed use development to include a boutique hotel, high-end retail units, office space and other entertainment and leisure facilities. The sale price of the development is likely to exceed €60m. The Sunday Business Post, 17th June
Donegal Place, Belfast: French investment company, Corum, has paid c. €18.8m (€280 psf) to acquire its first investment property in Northern Ireland, a 67,000 sq. ft. retail property occupied by Next and Eason at Donegal Place, in the heart of Belfast city centre. Corum, which was established in 2012, manages a property portfolio of c. €800m and has invested c. €80m in Ireland to date across all sectors. The Irish Times, 14th June
George’s Street, Dublin: Danish home and craft chain Sostrene Grene is to open a new store at the former Walton’s music shop on South Great George’s Street. Sostrene Grene, currently have six stores in Ireland, and have agreed to take the prominent 6,000 sq. ft. space at a rent of c. €260,000 p.a. (€43 psf). Walton’s decided not to renew its 25-year lease in February, opting instead to move the business to its existing branch at Blanchardstown Retail Park. The Irish Times, 13th June
Swords Pavilion Shopping Centre: The owners of the Swords Pavilion Shopping Centre in north Co. Dublin have named American burger chain Five Guys and pizza brand Milano’s as the first restaurant’s to sign up for the new leisure quarter, which is due to open in late 2018. A new glazed bridge has been designed as part of a €3.3m scheme to create a link for customers from the first-floor retail mall to the new restaurant quarter, on the upper level adjacent to the cinema complex. Five Guys will have a floor area of c. 3,000 sq. ft. while Milano’s will open a 3,400 sq. ft. restaurant, their 16th in Ireland since first setting up here in 1995. The Irish Times, 13th June
Temple Bar, Dublin: CBRE expect considerable interest in a Victorian-style restaurant in the centre of Dublin’s busy Temple Bar area, which is for sale at €2.5m (€873 psf) or for letting at €200,000 p.a. (€70 psf). The building extends to 2,862 sq. ft. over basement, ground and first floor and is a high-profile building at the corner of Sycamore Street and Essex Street East. The Irish Times, 13th June
Greenhills Industrial Estate: Industrial agentWilliam Harvey has brought a 20,500 sq. ft. detached industrial and office building at Greenhills Industrial Estate to the market guiding €860,000 (€42 psf). The building has alternative development potential having recently been re-zoned ‘Regen’, which allows for residential and or enterprise developments, subject to planning permission. The Irish Independent, 14th June
North Park, Finglas: Agent Savills is quoting rent of €325,000 p.a. (€8.60 psf) for a prime 37,781 sq. ft. car showroom and workshop at North Park Finglas, just off junction 5 of the M50 motorway. The unit comprises an 18-car display showroom and workshop at ground floor, a display area for 70 cars on first floor, and a forecourt with parking for 38 cars. Joe Duffy Motors have recently vacated the unit to move to a new Porsche and Volkswagen showroom close by. The Irish Independent, 14th June
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Project Glas: Permanent TSB has set a deadline of 19thJuly for final bids on the €2.2bn portfolio of non-performing loans known as Project Glas. The portfolio, which consists of c. 11,200 assets in total is sub-divided into Project Nepal, mainly buy-to-let mortgages, and Project Tibet, comprising private dwelling homes deep in arrears. Lone Star and Cerberus are understood to be among the front runners for the loan book, which makes up 11% of PTSB’s non-performing loans. The Irish Times, 7th June
The Sharp Building, Dublin 2: Leading global healthcare supplier Perrigo, has agreed to rent a new 45,000 sq. ft. office development at Hogan Place, Dublin 2, to be known as the Sharp Building. Perrigo will pay an annual rent of €2.475m (€55 psf) on a 12-year lease with five-year rent reviews and the option to extend for an additional 10 years. The building was developed by the McGarrell Reilly Group. The Irish Times, 6th June
Three Park Place, Dublin 2: IDA Ireland is set to become the third and final tenant at the newly developed Three Park Place on Hatch Street, Dublin 2. The State body will be joined by Science Foundation Ireland and the Sustainable Energy Authority of Ireland in the new nine-storey 170,000 sq. ft. office building developed by the Clancourt Group. The IDA is set to rent six of the floors at €60 psf and €4,000 per car space. The Irish Times, 6th June
Central Plaza, Dublin: Planning permission has been granted for the redevelopment of the former Central Bank HQ on Dame Street in Dublin city centre. When complete, the Central Plaza will consist of 33,000 sq. ft. of retail, restaurant and cafes at street and basement level, and 73,000 sq. ft. of office space across eight overhead floors. BNP Paribas have been engaged as letting agents of the retail and hospitality offering for Central Plaza while Knight Frank are the office agents for the project. The Irish Independent, 5th June
Citywest Business Park: Agent JLL has brought a multi-let office investment at Citywest Business Park to the market guiding €5.4m (€224 psf). The eight office units with a combined size of 24,085 sq. ft. produces an annual rent of €410,342 (€17 psf), reflecting a net initial yield of 7%, which will rise to 7.8% if the one vacant unit is let. The Irish Times, 5th June
Mixed-Use Enniskerry Site: Agent Cushman & Wakefield has brought a 55 acre site with superb views of the Wicklow coastline, Bray Head and the Sugar Loaf Mountain, to the market guiding €23m (€418k per acre). The site in Enniskerry Co. Wicklow comprises of 20 acres zoned for housing, 2.5 acres for enterprise purposes, 3 acres for a school with the remaining 26 acres are un-zoned. It is expected the residential site could accommodate a minimum of 185 homes and NAMA are offering the sale by way of license agreement, which will allow the successful developer to pay a deposit on house sites and stagger the remaining payments until the dwellings have been completed and sold. The Irish Times, 6th June
Cherrywood Town Centre: Dún Laoghaire Rathdown County Council’s subsidiary DLR Properties (DLRP) is reported to be looking for developers to take on a 13-acre site at Cherrywood, Co Dublin adjacent to the site where Hines is leading the development of the town centre. DLRP’s site offers an opportunity to get fast-track planning permission for c. 800k sq. ft. of offices, 360 apartments and c. 140k sq. ft. of retail and community services accommodation. The Sunday Business Post, 10th June
Fairview Cinema: Agent Lisney has brought a five-storey cinema and car park with redevelopment potential on a 0.5 acre site in Fairview to the market with a guide price of €2.75m. The property is zoned Z4 “to provide for and improve mixed-services facilities” and planning permission was previously granted for 23 apartments and two retail units in a four-storey over-basement car park. The former cinema and car park could accommodate a larger mixed-use scheme, subject to planning permission. The Irish Times, 6th June
Rosemount Business Park, Dublin 11: Agent CBRE has brought a prime logistics facility extending to 25,000 sq. ft. on a 1.26 acre site at Rosemount Business Park in Ballycoolin, Dublin 11, to the market guiding €2.25m (€90 psf).The facility is let to Hytech Logistics Ltd at a rent of €160,000 (€6.40 psf) until February 2019, equating to an initial yield of 7.7%. The Irish Independent, 11th June
Gardiner Street, Dublin 1: Agent CBRE has brought four adjoining properties with hotel redevelopment potential on Gardiner Street Lower, Dublin 1, to the market for €4m (€362 psf). The properties which extend to 11,030 sq. ft. are currently in office use producing an annual rent of €190,000 (€17 psf), and subject to planning permission could accommodate a 31-bedroom hotel/aparthotel. The Irish Times, 6th June
Athlone Springs Hotel: Supermac’s founder and owner, Pat McDonagh, has completed the purchase of the four-star 68-bedroom Athlone Springs Hotel for c. €4m (€59k per key). Selling agent CBRE, stated the hotel was trading profitably and includes a leisure centre and swimming pool, as well as conference and function rooms. The hotel becomes the fifth hotel in Mr. McDonagh’s hotel portfolio, having previously purchased the Castletroy Park Hotel in Limerick, the Loughrea Hotel and Spa in Galway, the Killeshin in Portloaise and Charleville Park in Cork. The Sunday Times, 10th June
Portobello Hotel: Dublin city council has granted planning permission for the €40m development of a 149-bedroom hotel next to the Grand Canal at Portobello in Dublin. An appeal to An Bord Pleanala is likely as there was significant opposition to the proposal on grounds the hotel would encroach on the public plaza and have negative impacts on traffic and noise in the surrounding area. The joint developers, MKN Property Group and Tifco Hotel Group, had sought permission for a six-storey building, but council planners made it a condition of approval that its height would be reduced to five storeys. The Times, Irish Edition, 5th June
Dublin Crane Count: There were 72 construction cranes visible over the centre of Dublin on June 1st, a drop of 6 on the previous months total and 8 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 50 cranes visible on the Southside, a drop of 8 from May, with 22 on the Northside, an increase of 2 on the previous month. The Irish Times, 11th June
Student Accommodation Market: Research from commercial property firm Cushman & Wakefield has shown that there are 6,180 student beds currently under construction in Dublin with c. 2,850 beds expected to open this year. In total there are currently 11,340 purpose built student bed spaces in Dublin, with 4,440 having received planning permission and another 3,385 in the pre-planning stage. While development activity is primarily concentrated in Dublin, there are 603 beds being built in Cork and 429 bed spaces are under construction in Galway. Across Cork, Galway, Limerick and Kildare, there are c. 2,900 bed spaces with planning permission, and another 1,950 in the preplanning stage. The Irish Times, 7th June
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New Ireland Assurance Building:The Press Up Hospitality Group has outbid several developers to purchase the HQ of New Ireland Assurance on Dublin’s Dawson Street for €38m. The building comprises of two interlinking five and six-storey office blocks, and it is believed the Group plans to convert the ground floor into restaurant and other retail uses and to add an additional office floor to bring the overall office space to c. 70,000 sq. ft. The Irish Times, 2nd June
Vista Building, Dublin: Joint agents CBRE and Colliers have brought the 92,000 sq. ft. eight storey over basement Vista Building at Elmpark Green in Dublin to the market, guiding €39m (€424 psf). The entire building is let to Novartis Ireland, one of the world’s largest pharmaceutical companies, on a 10-year lease at €1.683m p.a. (€18 psf), equating to an initial yield of 4%. The current rent is highly reversionary, with Market Rent in the region of €39 psf. The Irish Times, 30th May
Cork Office Market Q1 2018: Cushman & Wakefield’s Cork Office Market Q1 2018 report identifies a strong start to 2018 for the market. A total of 78,500 sq. ft. of space was taken up to March, compared to 15,600 sq. ft. year on year. Q1 take up was boosted by three deals over 10,000 sq. ft. in size. Supply levels in Cork declined by 4.6% in the first quarter to c. 700,000 sq. ft. with the vacancy rate in Cork falling to 11.4% from 11.9% as at year end 2017. There is currently 235,000 sq. ft. of development schemes under construction. Cushman & Wakefield Website, 5th June
46 James Place East, Dublin: Savills has brought a 0.18 acre site to the rear of Upper Mount Street on James Place East with lapsed permission for an office block to the market for €4m. There is an existing building of 7,222 sq. ft. on the site and a feasibility study indicates that a new four-storey office building of c. 18,000 sq. ft. could be developed on the site. The Irish Times, 29th May
Cherrywood Twon Centre: International developer Hines has received planning permission to build a 2.1m sq. ft. town centre at Cherrywood, including apartments, office and retail space. As part of the €1bn mixed use development, Hines will build 1,269 apartments to rent and 585,000 sq. ft. of retail and office space, as well as leisure space. It is expected Cherrywood town centre will provide housing for more than 3,200 people, office accommodation for 2,300 and employment for an additional 2,500 retail and leisure workers. The Irish Independent, 1st June
Waterfront Apartment Scheme, Howth: Savills is seeking offers in excess of €25m (€3.7m per acre) for a 6.61 acre site with potential for a luxury waterfront apartment scheme in Howth, Co. Dublin. The former Techcrete and Teeling Motors sites have planning for two alternative developments, one for 229 apartments and 32,246 sq. ft. of retail space, restaurants, a crèche and leisure centre. The other option is for 127 apartments, 51 houses together with 29,663 sq. ft. of retail and commercial facilities. The first planning permission was recently extended to 2021 while the second permission is valid until 2023. The Irish Times, 30th May
Ford Site, Cork:Glenveagh Properties, is understood to be the preferred bidder for the former Ford motors site in Cork’s docklands. It is understood that Glenveagh bid close to €15m (€1.3m per acre) for the 11.3 acre site which was guiding €8.5m. It has planning permission for 564 residential units, 344,000 sq. ft. of offices, a 205 bedroom hotel and a 5,000 seater event centre. The Irish Times, 3rd May
Belgrave Collection Sale: CBRE has brought thirty period homes split into 265 apartments in Dublin 6 to the market in a single lot sale for €60m (€226k per apartment). The houses, producing a total gross rental income of €4.2m p.a. (€1,320 per apartment per month) are located in Ranelagh, Rathmines, Rathgar, Portobello and Ballsbridge. A sale at guide price will result in an initial yield of 6.4%. The Irish Times, 30th May
Kilmainham Site: Turley Property Advisors has brought a 0.35 acre site with planning permission for seven residential units in Kilmainham to the market for €1.3m (€185k per site). The site has permission for five three-bed houses, a three-bed duplex and a two-bed apartment and is located in Kilmainham close to Heuston Station. The Irish Times, 29th May
7-9 Henry Street, Dublin: UK fashion chain Next plans to open a new flagship store on Dublin’s Henry Street, with fit-out on the new premises due to start in the Autumn and the store to be open for the run-up to Christmas. Next has agreed rent of €1.8m (€50 psf) for the 35,500 sq. ft. four-storey high-profile store with 25m frontage on to Henry Street. The new arrangement will result in Next vacating its double unit in the nearby Jervis Shopping Centre, where it has been trading from for more than 20 years. The Irish Times, 30th May
Appian Burlington Property Fund: Irish real estate fund Appian Burlington Property Fund has purchased a modern 29,500 sq. ft. office building in Clonskeagh and a shopping centre in Swords for c. €18m. The office building has 84 car-parking spaces and will yield a net initial return of 5.75%. Boroimhe Shopping Centre in Swords has a floor area of 33,349 sq. ft., with 10 retail tenants, including SuperValu as anchor tenant, with an initial yield of 7.5% The Irish Times, 30th May
Irish Mortgages Vulnerability: A new study conducted by the Central Bank has shown that 3.9% of Irish mortgages taken out before the crash could potentially default in the event of a financial shock. The research, assessed the vulnerability of mortgaged households here to a hypothetical shock, involving a 4% decline in property prices; a 1.1% increase in interest rates; and a 3.3% rise in unemployment over a three-year period. The study, which used data relating to 533,589 owner-occupier mortgages, found that some 8,000 loans (3.9%) taken out between 2004 and 2009, which are currently not in arrears, could default in such circumstances. In contrast just 2% of mortgages that originated after the crash, were likely to be put at risk of defaulting under the same scenario. The Irish Times, 30th May
April Mortgage Approvals: New figures from Banking & Payments Federation Ireland show the number of mortgage approvals rose more than 14% in the year to the end of April. The value of mortgages was up almost 20% in the year. The figures showed the total value of mortgages approved in the month was about €842m, with €400m attributed to first-time buyers and €281m to movers. Re-mortgaging and switchers were worth €116m, while top-up approvals of €21m represented a rise of 60.4% year-on-year. Buy to lets totalled €25m. The Irish Times, 30th 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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