Cedar Portfolio The sale by US property giant Starwood of a portfolio of six prime Dublin office assets with an indicative value of €535 million has attracted offers from six parties in the first round of bidding. The Irish Times understands that Goldman Sachs, Apollo, Blackstone, Tristan Capital, Avestus and Westridge Real Estate have submitted bids for the Cedar portfolio. The portfolio comprises of a number of landmark office properties, including the Watermarque building, 75 St Stephen’s Green, Iveagh Court, Marsh House, 29-31 Adelaide Road, and 1 and 2 Parkgate Street. The properties comprise 600,737sq ft of office accommodation and 45 residential units. The Irish Times, 2nd October
The Reflector Building German global real estate investment group Deka Immobilien has acquired the Reflector office building on Hanover Quay in Dublin’s south docklands for around €155 million. This is Deka’s first purchase in the office market, however, the deal brings its overall investment in Dublin over the past three years to €554 million. Outside of its acquisition of the Reflector, Deka is currently in the process of acquiring the five-star Marker Hotel for c.€130 million. In 2017, the company paid €87 million for the four-star Gibson Hotel, while in 2016, it paid Blackstone €182 million to secure ownership of the former Burlington Hotel in Dublin 4. The Irish Times, 2nd October
Allianz House, Merrion Road Agent TWM is guiding €50 million for the eight-storey, 86,000 sq.ft. (€581 psf) office building, Allianz House on Merrion Road (NIY 5.4%). The property is fully let to Allianz on a 31-year full repairing and insuring (FRI) lease from January 2008 with a tenant break option in December 2033. The annual rent is €2.9million with five-yearly rent reviews from 2019 in line with the consumer price index. The Irish Times, 2nd October
One Kilmainham Square Knight Frank has brought One Kilmainham Square to the market with a guide price of €32 million. The property is located within close proximity to both Heuston Station and Heuston South Quarter (HSQ). The complex comprises a five-storey Grade A office block, and is being offered for sale with the benefit of long-term leases to several leading international occupiers, including Heineken, Parexel Pharma and Klas Telecom. There is also 4,230 sq.ft of vacant office space and the current annual rental income is €2.07 million. The current NIY is 6% with potential to increase this to 7.2% through the letting of the vacant office suite and the completion of a rent review on the first, second and and third floors in early 2020. The Irish Times, 2nd October
4 St Stephen’s Green JLL is guiding €4.25 million for No 4 St Stephen’s Green, a 3,202 sq.ft. four-storey, over-basement building. The ground floor and basement are currently in retail use, and trading as Insomnia Coffee Company. The three upper levels are in office use throughout, and have the benefit of separate access directly from St Stephen’s Green. The subject property is held under a single lease to Insomnia Ltd for 35 years from September 29th, 1988. The 2018 rent review was recently agreed at an increased level of €190,000 per annum. The Irish Times, 2nd October
Millennium Park, Naas, Co. Kildare A newly constructed petrol station in Co Kildare, let to Applegreen, is being offered for sale with a guide price of over €4.75 million through CBRE (NIY 6%). The Millennium Park service station extends to about 4,230 sq.ft. on a 1.41 acre site. Let to Petrogas Ltd trading as Applegreen, its lease extends to 25 years subject to inflation-linked rent reviews. The annual rent for the first five years is fixed at €310,000 per annum and increases to €360,000 per annum from year six to ten. There is a tenant break option at years 15 and 20. The Sunday Business Post, 6th October
Kilcolgan, Co. Galway A neighbourhood centre located in Kilcolgan, Co. Galway has come to the market with a guide price of €1.95 million (NIY 9.8%) through TWM. The centre which extends to more than 30,000 sq.ft, is anchored by a Circle K petrol station, together with an additional 14 retail units laid out over three blocks on a site of 3.0 acres. The total annual rental income is €208,960 per annum. Kilcolgan village is situated 19km southeast of Galway city centre. The Irish Times, 2nd October
Dublin Road, Celbridge The Rye River Brewing Company has offered their premises to the market by way of sale and leaseback at a guide price of €3.3 million through Colliers International. The property is located on the Dublin Road in Celbridge and is fully let to two separate tenants. Rye River operates its brewery from the ground-floor offices and warehouse by way of a nine-year full repairing and insuring (FRI) lease from October 2019, at a rent of €176,000 per annum. VWS (Ireland) trading as Veolia Water Technologies occupies the offices on the first floor and a small section of the warehouse by way of a 10-year lease from January 2018, at a rent of € 84,000 per annum. The property is located on a 4.9 acre site and comprises a 61,000 sq.ft. (€54 psf) detached light-industrial building with two-storey office accommodation to the front and a substantial warehouse to the rear where the brewery is located. The Irish Times, 2nd October
Grange Castle Business Park US real estate investment trust CyrusOne has paid €10.5m for two sites at the Grange Castle Business Park for a massive data centre being built by the Dallas company. The largest of the sites was bought from South Dublin County Council, which owns the park, for almost €7m. CyrusOne is constructing the €400m-plus co-location data centre which will extend to over 360,000 sq.ft. in three buildings. Newly filed accounts show that CyrusOne paid just under €7m for the “purchase right to use land” at Grange Castle in 2018, and also completed the acquisition of an adjacent parcel of land, which included three residential properties, for €3.5m. The Irish Independent, 4th October
Strandhill, Co Sligo Joint agents DNG Flanagan Ford and Robert Colleran Property Consultants have brought a hostel and surf school with a one-acre development site in the seaside village of Strandhill, Co Sligo to the market with a €1.5m guide price. The development site, at the rear of the existing business, is zoned for mixed use with approval for a three-storey structure, indicating its potential for a hotel. Subject to planning permission, the land has potential to accommodate a 100-bedroom aparthotel or hotel with room for a large reception and co-working or leisure space on the ground floor. The current lodge and hostel has rooms for 45 people and camping facilities for 48 people. The Irish Independent, 3rd October
Old Dublin Road, Stillorgan TWM is guiding a price of €3.915 million for the Slievemore Clinic in Stillorgan, Dublin. The subject property is a leading private general practice and is located on the Old Dublin Road in Stillorgan within a short distance of Stillorgan Shopping Centre and close to both Kennedy Wilson’s proposed 232-unit scheme of apartments on the Stillorgan Leisureplex site and the 548-student bed spaces Cairn Homes is delivering on the adjacent site. The entire clinic spans 6,843 sq.ft. and the total annual rent is currently €318,548 per annum. There is one vacant 596 sq.ft medical suite which is available to let at €40,000 per annum. The Irish Times, 2nd October
Sandyford Business District No 77 Furze Road, a 24,400 sq.ft. warehouse (14,550 sq.ft.) and office (9,850 sq.ft.) building has come to the market through HWBC at a guide price of €2.5 million (€102 psf). The building also comes with 45 car spaces and sits on a site of 1.2 acres and comes with the benefit of vacant possession. The building requires modernisation for an occupier or could be developed for an alternative use such as car showrooms, subject to planning permission. The Irish Times, 2nd October
Sandyford Business District No 90-91 Furze Road, a 22,750 sq.ft. warehouse has come to the market with a guide price of €2.5 million. The building is fully occupied by the Department of Agriculture on a 35-year full repairing and insuring (FRI) lease from March 1986. The current passing rent is €147,270 per annum (€6.49 psf). The Irish Times, 2nd October
Baldoyle Industrial Estate Unit 67 Grange Close, a detached warehouse and office facility extending to 26,130 sq.ft. has come to the market through Harvey with a guide price of €2.3 million (€88 psf). A self-contained unit within the building comprising 4,894 sq.ft. is let to Liam O’Loughlin T/A New Ireland Motors since 2002, and the tenant is currently over-holding on an existing lease. The current rent of €31,200 is likely to rise at lease renewal. A total of 4,219 sq.ft. of two-storey offices and staff facilities are located at the front of the property. The Industrial Estate is situated 10km northeast of Dublin city centre. The extension to the Malahide Road (N32) provides rapid access to the M50 and M1 motorways, Dublin Airport, Dublin Port Tunnel and all main arterial routes. The Irish Times, 2nd October
61 Mountjoy Street A 0.66 acre redevelopment site has come to the market through GVA Donal O’Buachalla at a guide price of €5 million. A feasibility study prepared in advance of the sale by Ryan and Lamb Architects suggests three development options for the site, namely the delivery of 50 private rented sector (PRS) apartments, 124 student bed spaces, or 119 co-living residential units. The property currently includes a range of buildings ranging from single to part three-storey over-basement with a total floor area of 37,135 sq.ft. together with an undeveloped site at the rear offering significant redevelopment potential. A number of the buildings included in the sale are protected structures. The property is positioned at the junction of Mountjoy Street and Wellington Street Upper and Wellington Place. The Irish Times, 2nd October
Carrickmines, South Dublin Planning permission has been granted for a large new retail and residential development in south Dublin. The €75 million project will form part of the existing retail park and office development at The Park in Carrickmines. IPUT has plans for a neighbourhood shopping centre including two supermarkets, retail warehouses, restaurant, café, seven-screen cinema, crèche, offices, car showroom, medical centre and indoor skydiving facility as well as 130 apartments on a 10.5 hectare site close to the M50. The overall development will extend to more than 904,100 sq.ft. in four blocks extending in height from two to six storeys. An Bord Pleanála has set some onerous conditions which could add to the cost of the project. These include a condition that the Ballyogan Link Road would be operational prior to the occupation of any part of the new development. IPUT, in its appeal had claimed that this condition was unreasonable as it would impact on the funding and viability of the scheme and would take nine months to complete and delay the project. The Irish Independent, 3rd October
Stillorgan Road, Foxrock Kingscroft Developments, a subsidiary of Abbey has won a planning appeal to build 28 apartments off the Stillorgan Road in Foxrock after it had been rejected three times. The approval ends a 15-year effort by various owners to build on the site, currently occupied by two derelict houses, Funchal and Garryknock. The development will have six one-bedroom apartments, 14 two-bedroom apartments and eight three-bedroom apartments, and the two existing two-storey houses will be demolished to make way for it. The Irish Times, 5th October
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Finglas, Dublin 11 M7 Real Estate has acquired Century Business Park in Finglas, Dublin, from Marshalsea Property Company for €4.47 million (NIY 7.2%). Century Business Park went on the market in May with a guide price of €5.35 million. It is a modern industrial development comprising a total site area of 11.3 acres. The property is near Junction 5 of the M50 and is adjacent to Charlestown Shopping Centre. The acquisition increases M7’s portfolio in the Republic to three assets totalling 420,000 sq.ft. of office and industrial space. The Irish Times, 17th September
Ballymount, Dublin 12 Agent Harvey is guiding €1.95 million (NIY 8.04%) for an industrial investment opportunity at Crossbeg Industrial Estate in Ballymount, Dublin 12. The property comprises two semi-detached concrete portal frame buildings and a further steel portal frame building, providing 33,605 sq.ft. of space (€58 psf). The property is let on a 15-year lease from November 2017 on a FRI basis at a rent of €170,000 per annum exclusive to Swan Plant Hire (Dublin) Limited. The lease provides for rent reviews at the end of 5th and 10th years and the tenant has the right to break the lease in November 2022 and November 2027, subject to six months’ notice. The Irish Times, 18th September
Greenougue Business Park, Dublin 22 Unit 526 Grant’s Road is being offered for sale by joint agents Cushman & Wakefield and CBRE at a guide price of €3.6 million. Alternatively, the facility is available to rent for €315,000 per annum (€7.50 psf). The 41,800 sq.ft. property is a detached warehouse facility and benefits from a clear internal height of 9.5m. Access to the unit is through two entrances which split the pedestrian and heavy vehicle areas. The office accommodation has been substantially refurbished and is ready for tenant’s fit-out. Greenogue Business Park is located just 3km from the N7/Rathcoole interchange, and just 10km from the M50/Red Cow interchange at Junction 9. The Irish Times, 18th September
Ballycoolin, Dublin 15 The HSE has agreed to rent the 50,000 sq.ft. Unit 629 in the Northwest Logistics Park in Ballycoolin, Dublin 15 in anticipation of Brexit. The Irish Times understands that the State will pay c.€475,000 per annum for the facility and have agreed to a 20 year lease with a break option in year 15. The property had been offered for sale alternatively at a price of €8.6 million in advance of its completion by joint agents Savills and CBRE. Unit 629 was completed in June of this year as part of the first phase of a wider €35 million logistics development Park Developments is in the process of delivering at the Ballycoolin scheme. The Irish Times, 18th September
26 – 28 Dawson Street, Dublin 2 A mixed use investment property has come to the market through HWBC with a guide price of €4.75 million (NIY 4.3%). The double-fronted, four-storey over-basement building is fully let and producing a combined annual rental income of €221,201 from a number of tenants, including The Celtic Whiskey Shop, Beanhive Cafe and Davy Hickey Properties. The tenants are not affected by the sale. The Irish Times, 17th September
Number 2 Upper Pembroke Street, Dublin 2 The office building which is being sold with the benefit of vacant possession has come to the market through Colliers with a guide price of €1.1 million. The property comprises four storeys and is an over-basement mid-terraced Georgian building of 2,570 sq.ft. While the property is in need of refurbishment, the office building could alternatively suit several other uses including embassy or residential, subject to planning permission being obtained. The Irish Times, 17th September
Horgan’s Quay, Cork City Spaces, a co-working sister company of serviced office provider Regus has agreed to pre-let 30,000 sq.ft. in one of three office blocks currently under construction at the €160m Horgan’s Quay development in Cork City. Located close to Kent railway station, Horgan’s Quay is a major rejuvenation scheme for the city and the three Grade A office buildings will provide 310,000 sq.ft. of space. In addition, the development will include 325 apartments, an array of retail and restaurant outlets, as well as a 120-bedroom boutique hotel with rooftop dining, which will be operated by Press Up Entertainment Group. The first office block is due for completion in summer 2020, with Spaces expected to commence trading in the autumn. The Irish Independent, 19th September
Limerick Office Market A Cushman & Wakefield report on the Limerick office market has outlined that the level of office lettings in Limerick and Shannon this year looks set to more than double those of last year. In the first half of the year, as much as 113,000 sq.ft. of office space was taken. Furthermore, c.72,100 sq.ft. of space was signed, indicating that take up should increase in the second half of the year and could exceed 185,000 sq.ft. The Irish Independent, 19th September
St Stephen’s Green Shopping Centre The Irish Times understands that US-headquartered Hines, a fund managed by Davy Real Estate, and a private investor are among the parties looking to secure ownership of two separate shareholdings amounting to a 62.4% stake in Dublin’s St Stephen’s Green Shopping Centre. It is understood that the offers received in the first round of bidding may have fallen short of the €130 million guide price. The subject shareholding is held by New York-headquartered Madison International Realty and businessman Pierce Molony, and comprises individual holdings of 35.4% and 27% respectively. The remaining 37.6% stake in the landmark retail scheme is owned by Irish Life, and is not being made available for sale. The Irish Times, 18th September
Ballincollig, Cork City West City Retail Park located in Cork’s largest suburban town, Ballincollig has come to the market with a €6 million guide price through Knight Frank. The park consists of 4 retail units, 300 parking spaces and 2.2 acres of development land. Units 1-3 are currently vacant and extend to a combined c.46,428 sq.ft. and are generally open plan in configuration. Unit 4 extends to 17,672 sq.ft. and is let to Lidl Ireland on a 25-year FRI lease from April 2009 at an annual rent of €504,158. Rent reviews are every five years on an upward-only basis. There is a break option on the expiry of the 15th year. West City Retail Park is highly accessible, situated within close proximity to the N22 bypass and the town is located within close proximity to Cork city with a wider catchment area comprising c.380,000 people. The Irish Times, 18th September
Musgrave Retail Park, Waterford The retail park located 6km from Waterford city centre has had its guide price reduced from €4.75m to €4.5m (€46.48 psf) through Agent Knight Frank. It is fully let to Musgrave and The Range. The scheme is producing an annual rent of €407,712. Musgrave Limited occupies units 1 and 2 (56,810 sq.ft.) on a 20-year lease from 2012 and its lease commits to fixed rent increases of 12.5% every five years. They currently pay €207,712 per annum (€3.66 psf). The Range have occupied the remaining 40,000 sq.ft since 2018(€5 psf). The lease agreement is for €200,000 per annum with a break option in January 2021 which requires nine months’ prior written notice together with payment of a €400,000 rental penalty. The Irish Independent, 19th September
The Marker Hotel The Irish Times understands that German global real estate investment group Deka Immobilien is closing in on a deal to acquire Dublin’s five-star Marker Hotel for c.€130 million. Located at Grand Canal Dock, the Marker Hotel comprises 187 guest bedrooms (€695k per room). The hotel’s amenities include the Brasserie and Marker Bar, luxurious spa facilities, the Marker Rooftop Bar & Terrace and extensive conference and banqueting rooms. In 2016, Deka purchased the former Burlington Hotel in Dublin 4 for €182 million and in 2017 they acquired the Gibson Hotel for €87 million. The Irish Times, 18th September
Chancery Lane, Dublin 8 CBRE is guiding a price of €12.3 million for the newly-completed 51-bedroom Staycity Aparthotel on Chancery Lane, near Dublin city centre (€241k per room). The subject property is securely let to Staycity under a new 25-year lease agreement. The property is located in Dublin 8, less than 1km from Stephens Green. Staycity is already the largest aparthotel operator in Dublin with a total of 232 units across four properties. The Staycity group is committed to a pipeline of 4,500 additional units over the next 24 months. The Irish Times, 18th September
Vert Portfolio Through CBRE, Tristan Capital Partners and its Irish operating partners, SW3 Capital, are seeking offers in excess of €200 million for a portfolio of 382 rental apartments distributed across two high-end developments in south Dublin which equates to €532,500 per apartment. The Vert portfolio comprises 197 units at Honeypark in Dún Laoghaire, and 185 units at the Elmfield scheme in Leopardstown. Should Tristan secure the €200 million price being guided by CBRE, it would represent a signficant premium on the €141 million it paid to assemble the Vert portfolio. The Irish Times, 18th September
Amberley Court, Blackrock, Co. Dublin Amberley Court, located at the top of Stillorgan Park Avenue, and parallel to the N11, comprises a choice of nine A-rated semi-detached and duplex homes. The first four four-bedroom semi-detached homes, which span 2,045 sq.ft. over four levels have been launched with a guide price from €1.05 million. Stillorgan village is a five-minute walk from Amberley Court on the other side of the N11. Blackrock’s Dart station, the Luas at Stillorgan, and the M50 is a short drive away offering easy access to the nationwide road network and to Dublin Airport. The Sunday Business Post, 22nd September
Co-Living Development Bartra Capital has been refused permission for a second time on a plan for a seven-storey 102 bed-space build-to-rent co-living development in Rathmines. In its decision, Dublin City Council found that the proposed bedroom units “would provide a poor standard of residential accommodation by virtue of their design, layout and orientation, in particular the internal configuration of the units”. The plan envisaged between 13 and 18 residents per floor above the ground floor. Bartra’s initial plan for the Rathmines site, providing 105 bed-spaces – was refused last November. The Irish Times, 17th September
County Donegal Today, BidX1 will offer 66 mainly commercial and investment lots with combined reserves of more than €25.2 million in an online auction. The most valuable lot in the BidX1 auction is a mixed-use portfolio of 93 commercial and residential properties in Letterkenny and Falcarragh in Co Donegal with a combined guide price of €4.85 million. 30 units also come with the benefit of vacant possession. The Sunday Business Post, 22nd September
Sandyford, Dublin 18 Another of the more valuable lots is a tranche of five residential units on Old Kilgobbin Road in Sandyford in Dublin 18, which have a €1.1 million reserve. Ranging in size from 667 sq.ft. to 893 sq.ft. they include two three-bedroom-plus attic duplex apartments and three two-bedroom apartments. One of the three-bedroom units is vacant. The others generate combined rents of €58,200. The Sunday Business Post, 22nd September
Little Britain Street, Dublin 7 On Thursday, REA Dempsey Sothern will offer 61 mainly residential lots for public auction. The most valuable lot is a mixed-use investment property with development prospects at 4 Campbell’s Court on Little Britain Street in Dublin 7, which has a €500k AMV. It comprises four self-contained residential units, an open plan storage/warehouse area, accessed via a roller shutter. A separate basement area completes the accommodation which is located just off Capel Street. The Sunday Business Post, 22nd September
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Harcourt Centre, Dublin 2 CBRE is guiding €53 million for two adjoining properties comprising 54,000 sq.ft. of office accommodation and 2,400 sq.ft. of retail space at blocks 4 and 5 Harcourt Centre. The current rental income is €3.02 million per annum which represents a yield of 5.26%. Block 4 and 5 comprises a six-storey over basement buildings together with 40 car-parking spaces. The sale of the property at or above the guide price would provide its current owners, Avestus Capital Partners and Ares Management, with a return of at least 12.7% on the €47 million they paid in September 2017 when acquiring it from its original developers, the Clancourt Group. The Irish Times, 11th September
19 Baggot Street Upper, Dublin 4 QRE is guiding €1.175 million for No 19 Baggot Street Upper, Dublin 4, which is fully let and producing a passing rent of €88,150 per annum. (NIY 6.92%) The ground and lower ground levels are let to O’Briens Sandwiches & Cafe whilst the upper floors, which benefit from own-door access, are let to an architectural firm, with leases expiring in 2028 and 2029 respectively. The property benefits from mixed-use zoning which may allow for further development to the rear of the building, subject to obtaining the appropriate planning permission. The Irish Times, 11th September
60-63 Meath Street, Dublin 8 Agent Cushman & Wakefield is guiding €3.75 million for numbers 60-63 Meath Street, a fully-let 11,324 sq.ft. mixed-use investment with potential for further development in Dublin 8. The property is a part-three, part-four storey over-basement building comprising a ground floor over-basement retail unit at number 60, together with 14 apartments situated above numbers 60-63, consisting of three one-beds, eight two-beds and three three-beds. The property is fully-let producing an overall income of €244,756 per annum. The subject property also includes a regular-shaped site to the rear extending to 4,359 sq.ft. which has the benefit of full planning permission for a 2½-storey residential development comprising five two-bedroom apartments. The Irish Times, 11th September
Tralee, Co Kerry QRE is guiding €1.9 million for the 7,144 sq.ft. Phoenix Building in Tralee, Co Kerry, which forms part of the town’s prime central retail core. Sports retail chain Elverys occupies most of the space, including ground and two upper floors with CeX, and Coffee Start occupying the other two ground-floor units. The property is producing rental income of €207,500 (€29 psf). The Irish Independent, 12th September
Hatch Street, Dublin 2 Red Carnation Hotels has purchased Hatch Hall for in excess of €20 million with the intention of converting the former Victorian university residence hall on Hatch Street, Dublin 2 into a five star boutique hotel. Red Carnation Hotels previously purchased Ashford Castle and its 365-acre estate for €20 million in 2013 along with owning and operating a further 16 luxury and award-winning boutique hotels in the UK, South Africa, Switzerland and the USA. The Irish Times, 11th September
Reflector Building, Dublin 2 The Irish Independent understands that the German asset manager, Wealthcore has acquired Dublin’s Reflector building, which was put on the market earlier this year with a €155m price tag. However, it is not clear yet if Wealthcore has teamed up with South Korea’s Hana Financial Group, which earlier this year was reportedly in advanced talks to buy the property. The sale of the Reflector marks one of the biggest property sales in Ireland this year. The building was completed in 2018 by Park Developments and is located in the heart of Dublin’s Silicon Docks, with extensive water frontage. The property’s tenants include Airbnb, which started its lease at the premises this year. Its other tenants include Wix and LogMeIn. Airbnb has a 20-year lease with an 11-year break option. It is paying €2.37m a year in rent and has taken c.42,000 sq.ft. of the total 124,000 sq.ft. of office space available. The Irish Independent, 16th September
Blackrock Village Centre Joint agents Savills and BNP Paribas Real Estate are quoting rents ranging from €50 to €70 psf. for the remaining 16,157 sq.ft. of space, which comprises three food and beverage units and five retail units. The centre is undergoing a €10 million refurbishment programme with completion expected by May 2020. The revamped centre will extend to 66,477 sq.ft. upon completion and there are 33 units within the scheme including Super Valu, Lloyds Pharmacy and Holland & Barrett. The Irish Times, 11th September
Four Courts, Dublin 7 Through Robert Colleran, The Legal Eagle gastro pub has come to the market via a sale and leaseback deal with The Winding Stair food and beverage chain at a guide price of €1.6 million and a rent of €100,000 per annum on a 25-year full repairing and insuring lease with five-year rent reviews. The terraced property has a gross internal floor area of c.3,640 sq.ft. and has been fitted out to a high standard. The 1,297 sq.ft ground floor is laid out as a bar and restaurant and can seat up to 100 customers. An additional private dining area for 40 customers is on the first floor. The 581 sq.ft. top floor is used as offices. The Irish Independent, 12th September
Wallingstown, Little Island, Cork Savills has brought a 52,698 sq.ft. industrial warehouse investment opportunity to the market with a €5.2 million guide price (€98 psf). The current effective rent is €371,600 per annum up to February 2027 and this equates to an initial yield of 6.59% with reversionary yield potential of 7.24%. The warehouse facility comprises a detached standalone headquarters-style warehouse facility on a secure four-acre site. It is leased to one single occupier, Gaynor Pearse Motor Factors Unlimited Company t/a J&S Automotive Distributors, on a 10-year lease from February 2017 with no breaks options. The Irish Independent, 11th September
47 Ranelagh Road A three-storey redbrick building extending to 3,600 sq.ft. has come to the market through QRE with a guide price of €2.25 million (€625 psf). Located on an infill site of 0.3 acres, the property has, until recently been in use as a crèche and offices but represents a significant residential investment opportunity. A feasibility study prepared by Reddy Architecture Urbanism in advance of the sale indicates that the site has the potential to accommodate 17 residential units incorporating the original building and a new five-storey structure to the rear. The Irish Times, 11th September
Rathgar, Dublin 6 Joint agents DNG Advisory and BNP Paribas Real Estate are guiding €18 million for a significant apartment portfolio in Rathgar, Dublin 6. The Rathgar Road Collection comprises six period properties, which have been redeveloped over the past 40 years to accommodate 61 purpose-built apartments and three commercial units. Located on two sites at 175-178 Rathgar Road and 149 Rathgar Road in Dublin 6, the portfolio comes with potential for the development of a further 44 apartments, and is being offered for sale in one lot. The total rent roll is €1,085,500 per annum. The average price per unit is approximately €270,490 which equates to a capital value of €617 per sq.ft. The existing apartment stock is made up of a combination of large studio apartments (18 units) and one-bedroom apartments (43 units). The average rent per residential unit in the portfolio works out at about €1,407 per month. The Sunday Business Post, 15th September
Goatstown Road, Dublin 14 The Irish Times understands that Developer Charles O’Reilly-Hyland has paid in excess of €6.6 million for a 0.84 acre plot (€7.86m per acre) which was previously occupied as a car showroom premises on Goatstown Road, Dublin 14. While the property doesn’t have planning permission, it is zoned for residential development under the Dún Laoghaire Rathdown County Development Plan 2016-2022. The site was offered for sale with the benefit of a detailed feasibility study prepared by architects O’Mahony Pike, which indicated the potential for a residential scheme of 75 apartments (subject to planning permission.) The site is located in close proximity to UCD’s Belfield campus and Dundrum Town Centre and the site is served by a number of Dublin Bus routes, and is located within a 15-minute walk of the Luas green line stops at Balally and Dundrum. The Irish Times, 11th September
Stillorgan, County Dublin Kennedy Wilson has submitted plans to build 232 luxury apartments on the site of the Leisureplex bowling alley in Stillorgan. The proposal is currently the subject of a fast-track planning application to An Bord Pleanála, however, the scheme is being complicated by the fact that it is looking to deliver the apartments in blocks of up to eight storeys, in contravention of Stillorgan’s local area plan. In its initial pre-planning submission to the board last February, Kennedy Wilson had sought to build as high as nine storeys on the site. That particular proposal was rejected, however, with the planners suggesting that it required “further consideration and amendment” along with other issues before a fast-track application could be submitted. Should An Bord Pleanála give its approval to the plan, the company also intends to deliver four restaurants and cafes, and two retail units on the site. The Irish Times, 11th September
Stillorgan Road, Dublin Kennedy Wilson has submitted planning documentation to An Bord Pleanála, indicating its intention to deliver 287 apartments on a four-acre site it owns at the exclusive Grange development on the Stillorgan Road in Dublin. The 287 apartments would be delivered across six blocks ranging in height from one to 11 storeys and would bring its overall portfolio at the south Dublin scheme to 561 apartments. The original 11.3-acre site at the Grange was bought by Glenkerrin Homes for c.€85 million in 2004. They built and sold 323 apartments before the property crash, when NAMA appointed Grant Thornton to finish off two partially built blocks with 174 apartments. Kennedy Wilson acquired these along with 100 other units distributed across the scheme’s seven blocks when it made its initial investment in the Grange last year. The Irish Times, 11th September
Ballymoney, Gorey, Co Wexford QRE is guiding €1.75m for a portfolio of 24 vacant residential units at Seafield Resort, Ballymoney, Gorey, Co Wexford. Accommodated in three blocks of courtyard family suites, they include 12 two-bed apartments and 12 three-bed duplex apartments. They are located on the grounds of the Seafield Resort Hotel which was built in 2007 and is located within a few minutes’ walk of Ballymoney Beach. At one time the owner had an agreement to rent them out through the hotel but that no longer applies. The Irish Independent, 12th September
Cherrywood, County Dublin Two sites zoned for educational use in Cherrywood SDZ in south Dublin have been brought to the market by Savills. The smaller Plot T12 has been designated for a primary school and extends to 1.93 acres, suggesting a price of almost €1.16m. The larger plot T14 has been designated for a post-primary school and extends to 3.98 acres, suggesting a price of almost €2.39m. Both sites are adjacent to Beckett Park, which has been developed to include tennis courts, a football pitch and basketball courts. The Irish Independent, 12th September
Applewood, Swords, Co Dublin Agent Hooke & MacDonald is guiding €7.5 million for a portfolio of 47 apartments and one retail unit at Applewood, Swords, Co Dublin which are located 1.8km northwest of Swords town centre. Airside Retail Park is located 2.8km to the southeast, while Malahide village is 5.5km away. Located at Chestnut House and Bramley Terrace, the residential element of the investment, which is being sold on behalf of Gannon Properties, comprises six one-bedroom apartments (average 538 sq.ft.) and 41 two-bedroom apartments (average 861 sq.ft.) Forty-four of the apartments are let and producing a current gross rental income of about €671,000 per annum, averaging €950 per month for the one-bedroom apartments and €1,225 per month for the two-bedroom apartments. There are three apartments left vacant for viewing purposes, and these have a projected rent in the region of €45,000 per annum, once let. The retail unit trades as Swords Angling Shop, and is let on a 10-year lease at a rent of €8,000. The Irish Times, 11th September
Naas Road, Dublin CBRE is guiding €9 million for a 7.45 acre (€1.21m per acre) landholding zoned for residential and industrial development located on the northern side of the N7 and just 2km west of Clondalkin village on the Naas Road in Dublin. The site has two separate zoning objectives under the South Dublin County Council Development Plan 2016-2022. An area of 2.35 acres of the site is zoned R2 – existing residential, while the remaining 5.1 acres are zoned EE – industrial, enterprise & employment. The site is in close proximity to a significant land holding of 440 acres of EE-zoned lands in the Naas Road/Ballymount area, which earlier this year were rezoned to Regen (Regeneration) under the South Dublin County Council Development Plan. The Irish Times, 11th September
Blanchardstown, Dublin 15 Agent Hooke & MacDonald is guiding €7 million for a portfolio of 30 apartments at the Grove Court scheme immediately adjacent to the Blanchardstown Centre in Dublin 15 (€233k per unit and a gross yield of 6.2%). The Grove Court portfolio comprises four one-bed apartments, 20 two-bed apartments and six three-bed apartments. Eighteen of the apartments are let and are producing a current gross rental income of approximately €265,000 per annum. The portfolio’s overall rental income has the potential to increase to about €434,000 once the 12 vacant units are re-let. The Irish Times, 11th September
Greystones, Co. Wicklow Agent HJ Byrne is offering for sale by way of tender four adjoining properties comprising 6,846 sq.ft. with a guide price of €1.5 million. Located directly opposite the entrance to Meridian Centre on Church Road in Greystones town centre, the site offers the opportunity to deliver a landmark development, subject to planning permission, on the last remaining undeveloped site in Greystones town centre. The Irish Times, 11th September
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Kevin Street, Dublin 2 Westridge Real Estate has completed its purchase of DIT’s former Kevin Street campus for €140 million. The Irish Times understands that Westridge will now go ahead with plans to seek planning permission for a major mixed-use scheme on the 3.57 acre site, comprising mainly Grade A office space alongside a large element of private rented sector apartments, and food and beverage offerings. While the figure paid by Westridge Real Estate represents a premium of 75% on the €80 million price guided by Knight Frank when they brought the property to the market last February, the site is acknowledged as being one of the best redevelopment opportunities to have been offered for sale in the capital in recent years. The Irish Times, 4th September
Oranmore, Co Galway Agent Cushman & Wakefield is seeking bids in excess of €3.75 million for a 6.57 acre site (€570k per acre) with full planning permission for 61 homes in Oranmore, Co Galway (€61k per unit). Located just 9km from Galway city, the subject site is being offered for sale by way of a licence agreement or an outright purchase by the Nama-appointed receiver, Duff & Phelps. Under the terms of such licence agreements, a developer is given the right to develop a site in accordance with its planning permission following the payment of an initial deposit. The successful bidder is selected on the basis of a published weighting system that places emphasis on price, track record of building similar projects and the ability to construct. The Irish Times, 4th September
Half Moon Street, Cork City Kennedy Wilson has purchased the mixed use development on Cork’s Half Moon Street for €36.3 million. The development was completed in 2009 by O’Callaghan Properties and includes 119,589 sq.ft. of office space and 63,000 sq.ft. of retail space let to two tenants. It is generating gross annual income of more than €2.6 million. It is located within walking distance of Opera Lane and Patrick Street, the city’s main shopping streets. The Irish Times, 5th September
Number 99A-101 New Cabra Road, Dublin 7 Agent Cushman & Wakefield is seeking offers in excess of €1.9 million for a fully-occupied mixed-use investment in Dublin 7. The two-storey property comprises two retail units and two residential units at ground and first floor levels respectively. The retail space is trading as Spar and Insomnia under one long-term lease with approximately 20 years until expiry. The total current rent receivable on the ground floor is €125,000 per annum. The first floor is accessed separately off New Cabra Road and comprises of a two-bed apartment and three-bed apartment. The entire first floor is let to Palmway Holdings Ltd on a current rent receivable of €40,000 per annum. The Irish Times, 4th September
86 North Main Street, Cork City A four storey mixed use building in Cork city centre has been brought to the market with a €1.295 million guide price through Lisney. The 5,277 sq.ft. terraced property is fully let and generates annual rents of €105,752 per year (NIY 7.55%). The ground floor retail unit of 538 sq.ft. is occupied by IT Outlet under a nine year lease which commenced in November 2018. The passing rent is €11,000 per year and the lease incorporates a rent review at the end of year five. The eight one-bed apartments are let under the Rental Accommodation Scheme on a nine year and 11 months agreement with Cork City Council that originally commenced in December 2007 and expired in November 2017. The apartments are currently held on an overholding basis and the rents were increased in May 2019 to €987 per month each. The Irish Independent, 5th September
Paddy Power Portfolio Agent Savills is guiding a price in excess of €6.3 million for the Paddy Power Irish sale-and-leaseback portfolio which includes 14 long-established owner-occupied Paddy Power properties located in Dublin, Cork and several leading provincial towns at an initial combined net rent of €480,000 per annum (NIY 7%). Each lease will be for a term of 15 years with five-yearly rent reviews to the higher of open market or the consumer price index (CPI). Each lease will provide for a tenant-only break option upon the expiry of year 10 of the term. The Irish Times, 4th September
The Wilton Bar, Cork One of the largest bars and restaurants in Cork, situated in the western suburbs and next to the Wilton Shopping Centre and the Cork University Hospital is to be sold next month at public auction. The two-storey 10,000 sq.ft. Wilton Bar opened in 1991 and was briefly on the market in 2007 for a then-reported €10 million. Now, selling agents Lisneys in Cork, incorporating licensed sales specialists Morrisey’s of Dublin, are to offer The Wilton Bar by public auction on October 10, with a €2.5 million guide price. The adjacent Wilton Shopping Centre went up for sale a year ago with a €86 million price tag and the owners, Clarendon Properties secured a significant planning permission for a €100m redevelopment of the Wilton Centre, to include the construction of an extension to the existing shopping centre ranging in height from two to seven storeys, a 190-bed hotel and a multi-storey car park over six levels. The Irish Examiner, 3rd September
The Compass Portfolio A portfolio of four industrial and logistics investment properties in two Dublin industrial parks have gone on sale through CBRE with a €28.5m guide price (NIY 5.54%). The properties are located at North Park in north Dublin and Greenogue Business Park on the south side of the city. The properties within the Compass Portfolio extend to a combined area of 213,000 sq.ft., and are producing a total annual rent roll of €1.7 million. The Compass portfolio offers an investor significant reversionary potential with substantial guaranteed rental uplifts upon the first rent review and each rent review. The Irish Independent, 4th September
Carrickmines, South Dublin Agents Bannon are guiding a price of €14 million for a 10.38 acre site (€1.35m per acre) with full planning permission for 203 homes at Carrickmines, in south Dublin. The site is highly accessible to both the M50 motorway and the Luas green line service at Ballyogan, offering easy access to Dublin city centre. In addition to the residential units the permission also provides for 3,218 sq.ft. of communal/amenity space, a 5,166 sq.ft. creche facility and an 904 sq.ft. retail unit. The Irish Times, 4th September
Portmarnock, Co. Dublin Agent Knight Frank has brought a 2.5 acre site with full planning permission for 49 apartments and 12 townhouses to the market in Portmarnock, Co. Dublin with a guide price of €4 million (€1.6 million per acre & €66k per unit). Planning advice received in advance of the sale indicates that an increased residential scheme of more than 100 units could be delivered on the site (subject to planning permission), having regard to recent changes to apartment design guidelines and development height restrictions. The Irish Times, 4th September
Dundrum, Dublin 16 Knight Frank recently brokered the sale of a 0.32 acre residential development site at Stockwell on Sandyford Road, Dundrum, Dublin 16, for a price of €1.4m (€4.375 million per acre). The property benefits from full planning permission for a part two/part three-storey building comprising eight own-door apartment and duplex units (€175k per unit), of which four are one-bed units, three are two-bed and one accommodates a three-bed unit. The site is a short walk from Balally Luas stop and Dundrum Town Centre. The Irish Times, 4th September
Dublin’s Silicon Docks A 0.25 acre site and an adjoining four-bedroom-semi-detached house on South Lotts Road in Dublin’s Silicon Docks are being offered for sale by joint agents Hooke & MacDonald and McNally Handy at guide prices of €1.25 million for the site and €550,000 for the house, or collectively €1.8 million. The site is zoned Z1 Residential and an expired planning permission for 21 apartments could possibly be increased under the new planning guidelines, subject to the necessary consents being obtained. The property is situated adjacent to Barrow Street and the Gasworks development on the northern side of South Lotts Road. The neighbourhood is home to a number of major employers and multinational corporations. The Sunday Business Post, 8th September
Horgan’s Quay, Cork City Clarendon Group in a joint venture with BAM Ireland have submitted a planning application for several hundred new homes on Horgan’s Quay in Cork city centre. Should the proposal be successful, it will see the development of a major mixed-use residential development comprising 302 apartments distributed across three buildings ranging in height from nine to eleven storeys. The new residential quarter would also include the original station master’s building from Kent Station, which would be restored to include a residents’ garden and terrace. The plan also provides for a new pedestrian thoroughfare, linking the riverfront to a new entrance for Kent Railway Station. The Irish Times, 4th September
Fumbally, Dublin 8 The Irish Independent understands that The Collective, one of the world’s largest co-living companies is set to submit plans for a 93,000 sq.ft. 235-room development at its Fumbally site in Dublin 8. The company purchased the half-acre site in Dublin 8 in May for c.€10.5m after legislation to allow co-living in Ireland was passed. The Irish Independent, 8th September
Mount Merrion, Dublin A 300-year-old stable block on the Rise, Mount Merrion has been converted into ten homes by Centurion Homes. Seven are within the original stables overlooking Dublin Bay. The three newly built mews properties are opposite them, and overlook a landscaped garden. The two- and three-bed homes range in size between 1259 sq.ft and 1948 sq.ft and range in price from €700,000 to €1.075 million through selling agent Savills. The Sunday Business Post, 8th September
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Project Chase Portfolio Chartered Land is seeking offers of c.€650 million for a portfolio of 1,695 new apartments (€383k per apartment) it plans to deliver across four landmark Dublin sites located at Parkgate Street in Dublin city centre, and the surrounding suburbs of Rathborne, Finglas and Kellystown. The proposed units will be constructed in phases by Chartered Land’s sister company, Castlethorn, between 2021 and the final quarter of 2022. On completion the purchaser will take ownership of the entire portfolio. The portfolio will include a mix of private, affordable (Part V) and co-living residential units, and will be offered at a range of rental levels from €1,825 to €2,725 per month depending on their location and size. Upon completion, the Project Chase portfolio is expected to have an estimated rental value of c.€37 million per annum with a gross yield of 5.7%. The Irish Times, 28th August
Station Road, Portmarnock, Co. Dublin Knight Frank has brought to the market a residential development opportunity located on Station Road in Portmarnock, Co. Dublin at a guide price in excess €4 million. The site extends to approximately 2.5 acres (€1.6 million per acre) and has planning permission for the development of a residential scheme comprising of 49 apartments and 12 townhouses (€66k per site). Planning advice received indicates that an increased density residential scheme for in excess of 100 units could be achievable on the site (subject to planning) having regard for recent statutory changes to apartment design guidelines and development height restrictions. The site adjoins Portmarnock Train Station and is within easy reach of Dublin Airport, along with the M1 and M50 motorways. Knight Frank Report, 2nd September
Clonmel, Co. Tipperary Knight Frank is guiding €1.4 million for a 9.68 acres site (€145,833 per acre) located on the Tipperary side of the Coleville Road, just to the east of Hotel Minella in Clonmel, Co. Tipperary. The site is zoned 8.05 acres New Residential and 1.63 acres Amenity. The site also benefits from a positive planning history with planning granted in 2007 for the construction of 133 houses and apartments on the site which has since expired. Located 1.5km from Clonmel town centre, the site is highly accessible being situated close to the N24, which links Limerick and Waterford while Junction 10 on the M8 Motorway is within 15km.Knight Frank Report, 2nd September
Dundrum, Dublin 14 An Bord Pleanála has approved the application by Marlet’s subsidiary, Crekav Trading GP, for 253 apartments on the properties, which span 4.35 acres and include Drumahill House and the adjoining former convent site known as Green Acres on the Upper Kilmacud Road in Dundrum, Dublin 14. The Irish Independent understands that Marlet will try to sell the whole development in one lot – potentially to a cuckoo fund or housing association. The Irish Independent, 29thAugust
Brunswick Street North, Dublin 7 QRE is guiding €1.35 million for five apartments at Brunswick Court on Brunswick Street North in Dublin 7. The multi-family investment is fully let and generates a gross rent of c.€109,000 per annum. The five apartments are in a development of 33 units and consist of four large four-bedroom apartments and one three-bed duplex. The Sunday Business Post, 1st September
Orwell Park, Rathgar Walthill Properties has launched eight high-end three and four-bedroom residences to the market at Orwell Park in Rathgar in Dublin 6 with prices starting from €1.25 million. Orwell Park Gardens range in size from 1,910 sq.ft to 1,950 sq.ft. and boast a number of high-end features including extensive living and bedroom accommodation, high ceilings, bay windows and views over the Dodder Valley. The Sunday Business Post, 1st September
Donnybrook, Dublin 4 An apartment block complex on the site of a former Magdalene Laundry in Donnybrook has been given the green light for 44 apartments in three, three-to-four storey blocks. As part of the planning permission, the council asked that the developers put in place an appropriate memorial to honour the memory of the women who worked in the former Magdalene Laundry in a location that is accessible to members of the public. Consultants for the developers, Tom Philips & Associates told the city council that “the proposal has been approached and designed in a manner that is respectful of its past and also to the structures of significance on site”. The Irish Times, 28th August
Burgundy House & Court, Swords, Co Dublin Artis, a new commercial and residential investment agency and auction house will hold their first auction on Thursday, September 5th that will see the sale of Burgundy House & Court, in Swords, Co Dublin. The property is a mixed-use investment extending to an overall area of 21,328 sq.ft. comprising six retail units, one apartment, a restaurant, and over 10,000 sq.ft. of offices with a guide price of €1.7 million. There is significant scope to secure additional income through asset management as the subject property has a 46% occupancy rate at present with a passing rent of €104,000 per annum. The Irish Times, 28th August
Blanchardstown Centre Blackstone have commenced their €32 million expansion of Blanchardstown Centre which will see the addition of 55,000 sq.ft. of new retail space. Upon completion, the development will comprise eight units, two of which will house flagship stores for supermarket giant Aldi and fashion retailer JD Sports. These units will extend to 20,000 sq.ft. and 15,000 sq.ft. respectively. The scheme currently includes over 180 stores and is anchored by Dunnes Stores, Marks & Spencer, Penneys and Debenhams. The Irish Times, 28th August
Eye on Dublin Retail Parks Report A BNP Paribas Real Estate Ireland report on the retail sector has highlighted that Dublin’s retail parks continue to be the top performing retail sub-sector in the country. The report gives a comprehensive overview of Dublin’s 14 main retail parks and examines ownership, occupancy rates, occupiers and rental levels for the biggest parks across the city and county. Ten of the 14 retail parks are fully occupied (compared with seven in BNP’s 2017 report). There is an overall vacancy rate of just 1.8% of retail warehousing space, compared with 4% in 2017 and 6% in 2016. There have been six new retail warehouse store openings across the sample since the 2017 report, with three more deals in progress, subject to planning permission. The Sunday Business Post, 1stSeptember
Glasson Country House Hotel & Golf Club Oakmount has acquired the 175-acre four-star Glasson Country House Hotel & Golf Club in Athlone, Co Westmeath, for c.€9 million. Press Up Entertainment will take responsibility for the day-to-day running of the hotel and golf club. The Irish Times understands that while Oakmount are exploring possibilities for further investment at Glasson, there are no immediate plans for changes at the venue. The Irish Times, 28th August
Blanchardstown Business and Technology Park, Dublin 15 CBRE is guiding a rent of €475,000 per annum (€7.78 per sq.ft.) for a ground-floor manufacturing and production space of 61,021 sq.ft. in Clyde House at Blanchardstown Business and Technology Park, Dublin 15. The subject unit briefly comprises a main production area with a clear internal height of 4.1 metres and two dock levellers. There is an extensive loading yard to the rear with a maximum depth of 35 metres. The area also incorporates office and amenity areas totalling 4,273 sq.ft. for the tenant’s sole use. The Business Park is located 4.8km from the interchange of the M50 motorway with the Navan Road (N3) and is situated just 12km from Dublin city centre. The Irish Times, 28th August
BidX1 Auction A number of the commercial properties for sale in BidX1’s auction starting on Tuesday, September 24th, have guide prices substantially down on their quotes from earlier this year. The most valuable of them is a 5.55-acre development site which includes a former nursing home known as St Joseph’s House on Manor Hill in Waterford. Earlier this year, the vendors were quoting €3 million, now its guide price has been reduced by 23% to €2.3 million. Similarly, there was a decrease of 22.5% for a former fish and chip shop known as Luigi’s at 116 Ranelagh Road in Dublin 6. The space now has a €775,000 guide price compared to the €1 million-plus quoted earlier this year. Extending to more than 1,800 sq.ft., the vacant mid-terrace red-brick property also includes a two-bedroom apartment and a one-bed apartment. The Sunday Business Post, 1st September
Cushman & Wakefield Student Accommodation Report The purpose-built student accommodation market has seen continued growth in both development and investment activity over the 12 months to the end of June 2019. According to a report by Cushman & Wakefield, a total of 2,133 Purpose Built Student Accommodation (PBSA) bed spaces have completed construction during the period bringing total standing stock in Dublin to 13,476 bed spaces. As of June 2019, c.4,313 bed spaces were under construction in Dublin, with a further 968 under development across Cork and Galway. Although there remains a high volume of bed spaces in the planning pipeline, the report says it is less clear what proportion of these will reach construction stage, as some schemes may be considered for alternative uses. The Irish Independent, 29th August
The CBRE Bi-Monthly Research Report has highlighted that, with the exception of the development land sector, transaction volumes in all other sectors look on target to match or in some cases exceed last year. The report outlines how there has been strong investor appetite for ‘alternative’ sectors such as healthcare and Build-to-Rent, which accounted for 43% of investment in Ireland during the first half of 2019. CBRE Bi-Monthly Research Report, September 2019
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Chivers Jam Factory, Coolock An Bord Pleanála have given the go ahead for a 471-apartment complex at the site of the former Chivers jam factory in Coolock. The proposal, by London-based developers Platinum Land, was approved under the new fast-track Strategic Housing Development scheme. While An Bord Pleanála reduced the height from ten to eight and nine storeys as a condition of granting the application, the planning body’s senior inspector Joanna Kelly concluded that the project should not go ahead at all following her inspection last month. However, the board rejected Ms Kelly’s concerns, saying the development would be located “within sufficient distance of several major employment centres”. It also rejected her concerns that the project would set an undesirable precedent for similar developments or that the overall design was “monolithic”. The board said the scale and proposed population density is “fully in accordance” with the new Urban Development and Building Heights Guidelines for Planning Authorities. The Irish Independent, 27th August
Benson Building, Dublin Docklands German fund Patrizia AG has agreed to pay €52.5 million for the Benson Building in Dublin’s Docklands (which is due to be ready for tenants by early 2020) from Targeted Investment Opportunities, an umbrella fund involving Nama, Los Angeles-based Oaktree Capital and Bennett Construction. There are 72 apartments in the complex (€729k per unit) comprising 14 one-bed apartments, 43 two-bed apartments and 15 three-bed apartments. The apartments are located in an 11-storey-over-basement building which will likely have a rental value of c.€2.9 million. Additionally, the building will have two ground-floor retail units as well as accommodation for a gym. Concierge facilities will also be provided as well as underground parking for 72 cars. The Irish Times, 21st August
The Quarter, Citywest Cairn Homes has sold 282 apartments at The Quarter in Citywest to Urbeo for €94 million (c.€333k per unit). Urbeo is an affiliate of US investment company Starwood Capital. The 282 units which are being built across six apartment blocks will be launched to the private rental market on a phased basis from late next year. This is Cairn’s second large private sector rental transaction following the forward sale of 120 apartments at Six Hanover Quay in Dublin city centre. The Irish Independent, 27th August
Lehaunstown Park House A 19th century farmhouse and stables on 7.11 acres located in the heart of Cherrywood Strategic Development Zone has been placed on the market with a guide price of €2.75 million. The Lehaunstown Park site is one of a number of large residential plots being sold on by investment firm Hines, which acquired 412 acres at Cherrywood for €270 million in 2014. A feasibility study, prepared by Mahony Architecture, outlines the development potential of Lehaunstown Park House, including a potential scheme of 42,948 sq.ft. subject to planning permission that could incorporate retail, leisure, food and beverage designed around the preservation of the existing protected structures. The property and the majority of its curtilage has been identified as protected structures (about four acres), while a further portion of the site is identified as Green Infrastructure (about three acres). The Irish Times, 21st August
Glenveagh Properties The construction company has reported it completed 158 units in the first half of the year generating revenue of c.€45 million (8% higher than Goodbody forecasts), generating a gross margin of 16.5%. The group is currently selling from 13 sites with 800 units sold, signed or reserved. Of these, 490 units have now been sold or have a signed binding contract in place. Furthermore, 455 of these are now through practical completion. Goodbody Research Report, 27th August
Sandyford, Dublin 18 Ires Reit has received planning permission through the Strategic Housing Development (SHD) planning process to build 428 new units at Rockbrook in Sandyford, Dublin 18. The development will be made up of two apartment blocks containing 32 studio apartments, 122 one-bed apartments, 251 two-bed apartments, and 23 three-bed apartments. There will also be a crèche, four retail units, and a communal space for residents. The Irish Independent, 22ndAugust
Shannon Town, Co Clare BidX1 has gone sale agreed after auction for €2.3m (€52,270 per unit on 44 units) at Brú na Sionna, Shannon Town, Co Clare. The portfolio comprises 26 two-bed units, 17 three-bed units and a four-bed apartment. When offered for auction 43 of the units generated €357,000 in annual rent suggesting a gross initial yield of 15.52%. The Irish Independent, 22nd August
Drogheda, Co Louth Savills are guiding in excess of €1.5 million for a 60.9-acre (€24.6k per acre) residential/open space landholding in Drogheda. Located to the west of Drogheda Town Centre, on the banks of the River Boyne, the site comprises 27.1 acres which is zoned residential and 33.8 acres closer to the river zoned for amenity/ recreational uses. The Irish Independent, 22nd August
St James Gate Redevelopment Scheme The Irish Independent understands that Diageo has decided to partner with UK property firm U+I as the preferred bidder for its St James Gate redevelopment scheme. The 12-acre city centre site to be carved out of the world famous brewery will be worth as much as €1 billion as a mixed commercial and residential district in Dublin city centre. The St James Gate site is one of the biggest ever development schemes in Ireland. The Irish Independent, 26th August
BidX1 Online Auction Up to €19 million worth of commercial, investment and development properties are expected to be among the lots featured in the BidX1 online auction on September 18th and 19th. Among the more valuable investment properties is an Applegreen service station on Main St, Tullamore, Co Offaly which has a €950,000 guide price with a current annual rent of €95,000 (10% gross initial yield). The most significant of the development properties is a site in Kells, Co Meath, which was granted planning permission for 15 two-bed apartments and 15 three-bed apartments in three blocks. The site extends to 1.11 acres and has a €1.2 million guide price (€40,000 per unit). The Irish Independent, 22nd August
GeoDirectory Report A report published by GeoDirectory has highlighted that the vacancy rate of commercial properties has increased across Ireland in the past year with 28,063 units empty (13.3%) by the end of June 2019. Connacht recorded the highest provincial vacancy rate at 16.6%. Leinster, excluding Dublin, had the lowest provincial vacancy rate at 12.9%. However, rural issues still exist with Offaly and Longford recording vacancy rates of more than 15% and the five Connacht counties recorded vacancy rates considerably higher than the national average, with increases in every county except Galway. GeoDirectory found that Edenderry had the highest commercial vacancy rate of 28.8% and Greystones had the lowest vacancy rate at 5.8%. Dublin had just under a quarter of the commercial stock and the vacancy rate stood at 12.1%, flat on the same period last year. The Irish Times, 22nd August
Cushman & Wakefield Development Land Research Report The report has highlighted that the value of development land sales rose to €490 million in the first half of this year in spite of a more than 50% fall in transactions. The 16% increase came as the number of transactions fell from 112 in the first half of 2018 to 54 between January and June 2019. Cushman & Wakefield said the fall in transaction volumes may be linked to rising development costs and mortgage limits for buyers. Dublin and its neighbouring commuter counties accounted for 83% of the overall value transacted in the period. In the second quarter, the largest transaction was Lone Star’s acquisition of 118 acres in Cherrywood for a price reported to be in the region of €127 million. The land has capacity for more than 2,600 homes. The Irish Times, 22nd August
Walls Construction Ltd Pretax profits at Walls Construction Ltd, the firm that built the Central Bank HQ last year declined marginally to €4.1 million. However, revenues increased by 17% from €162.6 million to €190.32 million in the 12 months to the end of December 2018. Walls is one of Ireland’s oldest and largest construction firms and the directors state that the business has a strong order book for 2019 and a good line of sight into 2020 and they expect that the company will continue its growth and build on its financial trading position. The Irish Times, 27thAugust
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Dún Laoghaire Rathdown County Council The first estate of affordable homes to be built by Dún Laoghaire Rathdown County Council in more than a decade is to get under way at a site south of Foxrock. The council plans to build almost 120 social and affordable houses and apartments at Ballyogan Court, on a 2.4-hectare site left over from the construction of the M50 motorway. The Department of Housing this month granted just over €2 million in infrastructure funding for the site to allow 52 of the homes to be used for affordable housing. This number could be increased as the council says the final breakdown between social and affordable homes will be based on tender prices. The Irish Times, 19th August
Donabate, North Dublin An Bord Pleanála has rejected an application by Glenveagh Homes for a large extension to a €75 million residential development at Donabate in north Dublin. The appeals board’s inspector recommended that the 174 apartments should get the green light on the southern edge of Donabate located 300m from the local railway station. However, the recommendation was overruled by the board. The board stated that the proposed development of 174 apartments, due to its blanket approach to height, campus-style building layout and dominance of car-parking, did not represent a satisfactory urban design response for the site. The apartments were to replace 35 houses and 62 apartments already permitted for the site. The Irish Times, 15th August
South Link Road, Cork City It is understood that fast track planning permission is being sought this week for a 17-storey apartment tower on Cork city’s South Link Road. The application for 118 apartments on a 0.8 acre site aimed at the Build to Rent sector will be made directly to An Bord Pleanála. Amenities will include a concierge service, a gym, open gardens and bicycle parking, but no car parking provision is being made. The Irish Examiner, 14th August
Residential Property Prices Data released on Wednesday from the Central Statistics Office (CSO) outlines that residential property prices increased by 2% nationally in the year to June 2019. This compares with an increase of 2.6% in the year to May and an increase of 11.9% in the twelve months to June 2018. In Dublin, residential property prices rose by 0.1% in the year to June 2019. Residential property prices in Ireland excluding Dublin were 3.9% higher in the year to June 2019, with house prices up by 3.6% and apartments up by 6.1%. Overall, the national index is 18.0% lower than its highest level in 2007. CSO Report 14thAugust
Beacon South Quarter, Sandyford 18 IRES Reit has confirmed that it has spent almost €1 million remedying building defects at the Beacon South Quarter development in Sandyford where it owns more than 225 of the 880 apartments. Dublin Fire Brigade had warned the owners of the apartments that they could face legal action if they did not undertake the fire-safety improvement works in their homes. The total bill for the remediation work came to almost €10 million. The Irish Times, 13th August
43-44 Clarendon Street, Dublin 2 An Bord Pleanála has refused planning permission to Friends First Life Assurance DAC for the temporary use of six apartments at 43-44 Clarendon Street, off Grafton Street, for short-term letting. The board refused permission, stating that permission would be contrary to the city development plan, which recognises residential units as a scarce resource that needs to be managed in a sustainable manner so that the housing needs of the city are met. Friends First argued that “it is compelled to make this appeal for reason of the apparent absence of any method to regularise, under planning statutes, a short tenure of rental for houses and apartments.” The council had refused planning permission earlier this year after its planner stated that permission would result “in an unwanted precedent for similar development in the area, which may then result in the further unacceptable loss of long-term residential rental properties in the locality.” The Irish Times, 13th August
A Cushman & Wakefield Report on the Cork Office Market has outlined that take up reached more than 237,000 sq.ft. at the end of Q2 2019. Furthermore, the vacancy rate fell to 7.9% akin to levels last seen in 2005-2006. The report states that there was 550,000 sq.ft. of office accommodation under construction and that the majority of this was located in the city centre. Cushman & Wakefield Report Cork Office Market Q2 2019
A Cushman & Wakefield Report on the Cork Industrial Market highlighted that Q2 was a relatively strong period. Transaction activity totalled 93,600 sq.ft. across 14 deals, making it the strongest second quarter since Q2 2015. Leasehold transactions accounted for 90% of activity in Q2 2019. The vacancy rate now stands at 5.0% which is significantly lower than the 9.5% vacancy rate witnessed at the same point in 2018. Cushman & Wakefield Report Cork Industrial Market Q2 2019
Dublin Inland Port Dublin Port Company has secured planning approval for the development of the next phase of its inland port near Dublin Airport. The latest stage of the inland port extending over 4 hectares will include a site with capacity to store more than 2,000 shipping containers. The company believes that developments at Dublin Inland Port and at other locations close to the M50 can better meet the requirements for port-related but non-core activities including logistics services. It also envisages that the inland port might eventually lead to a reduction in vehicle movements in the port tunnel, and also at the port. The Irish Independent, 20thAugust
A Cushman & Wakefield Report on the Irish Hotel Market outlines that H1 2019 was a particularly strong period with ten hotels transacted, totalling €172m. This compares to €42.8m across six hotels in the same period in 2018. The two largest sales arose in Co. Wicklow where the 5-star Powerscourt Estate was acquired by the MHL Group for approximately €50m. The second deal saw the the Neville Hotel Group purchasing 5-star Druids Glen Hotel & Golf Resort at a reported €45m. Cushman & Wakefield Report Irish Hotel Market Q2 2019
Henderson Park Capital The Irish Times understands that UK property company Henderson Park Capital who recently agreed to the purchase of the Green Reit portfolio for €1.34 billion will look to dispose of up to 50% of the portfolio once it secures ownership. The Irish Times, 14th August
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5 Hanover Quay, Dublin Docklands A German based fund manager, Union Investment, has purchased 5 Hanover Quay for over €190m (4.25% NIY). The fund already owns 4 and 5 Grand Canal Square. The property comprises 160,000 sq.ft. over seven floors and is fully let generating €8.75m per annum from Docusign and Aptiv. The property was brought to market in May this year by joint agents JLL and London-based Eastdil Secured. The Irish Times, 12thAugust
Salesforce Tower, Dublin Docklands, Dublin 1Dublin City Council has rejected Johnny Ronan’s second application to increase the height of Salesforce’s new European headquarters. Spencer Place Development Company had sought to add two further floors to the scheme under the Strategic Development Zone (SDZ) guidelines. The council noted that the additional storeys “would not be consistent with the provisions of the North Lotts and Grand Canal Dock SDZ planning scheme and would be unduly dominant and visually incongruous when viewed in the context of the existing quayscape on North Wally Quay, a conservation area, and the surrounding built environment”. The Irish Times, 6th August
19 Acre Site, Drumcondra The Irish Times reports that US commercial property group Hines is the preferred bidder for the 19 acre residential development site in Drumcondra. The site forms part of a larger site which is being sold by the Catholic Archdiocese of Dublin to the GAA for a reported €95m. The GAA will sell the 19 acre section for a reported €105m. The Irish Times, 8th August
Q2 2019 House Building Homes completed in Q2 2019 increased 12% YoY. The Central Statistics Office noted that 4,920 new homes were completed between April and June. There was a 17% increase in number of houses built in the first half of 2019 YoY with 9,185 completions compared to 7,867 last year. Apartments were the fastest growing category rising 55% from 487 in Q2 2018 to 758 in Q2 2019. One-off houses rose by 15%. Scheme dwellings, comprising more than one home, increased by 3%. The Times, Irish Edition, 9th August
Ires Reit Interim Report ResultsIres Reit, the largest landlord in Ireland, recorded profits which have more than halved in the first half of 2019. Profits fell to €34.1m from €69.5m YoY despite a 17.6% increase in rental income. The drop in profit can be attributed to the net movement in fair value of the investment properties which increased by €22.5m due to revaluation but this figure was down on the €57m increase the year before. Ires Reit, established in 2007, has a portfolio of 2,771 residential units with a further 298 units contracted under pre-purchase contracts and development. Those combined with the recently announced acquisition of the Marathon Portfolio of 815 units, increases the overall portfolio to 3,884 units, a 45% growth since December 2018. The Irish Times, 9th August
Green Reit Sale The Irish Times reports that Henderson Park, the UK property company, is set to agree to acquire Green Reit this week. Green Reit, the offices and warehouse group has a rent roll of €73m pa and the market value of the Reit has increased to €1.3bn since it was put on the market for sale four months ago. Green Reit’s share price has increased by 21.5% to €1.86 since being put up for sale. Green Reit was the first real-estate investment trust to float on the Irish stock market in 2013 and has acquired €1.48bn portfolio of office, logistics and development assets. The Irish Times, 13th August
Cathal Brugha College, Dublin 1 The Department of Education paid €24m for the Cathal Brugha College to help deliver a new secondary school for 1,000 pupils in the area. DIT had dropped the original asking price from €15m to €12m to pay for the Grangegorman campus which the department is also funding. The department has identified the need for an extra 1,630 secondary school places in the Drumcondra-Marino school planning area by 2029. A private sector bidder had offered €24m before the department expressed an interest. DIT cancelled the sales process and obtained a value of €24m for the site from the Valuation Office. The Sunday Business Post, 11th August
Fast Track Planning The Sunday Independent reports that An Bord Pleanála have turned down almost a third of applications filed through the fast-track system in 2018. Developers building out sites with 100 or more housing units or 200+ student beds or shared living beds can apply for planning straight from An Bord Pleanála with a decision available within 16 weeks. 39 applications were submitted in 2018 and permission was granted to 27 proposals which will deliver 3,284 houses, 3,818 apartments and 4,479 student beds. 97 valid requests for pre-application consultation relating to large-scale developments were received by the planning body, of which 63 opinions have been offered with the remainder to be offered in 2019. The Sunday Independent, 11th August
Core Reit A US investment fund, Pramerica Real Estate Capital (PRECap) has financed, York Capital, an American Hedge fund out of Core Reit, making PRECap the controlling party. Core Reit is the property fund which came within days of floating on the Dublin and London stock market last year. Core Reit’s portfolio comprise 106 industrial buildings and 167 acres of land of which 35 acres is zoned for development. The Times, Irish Edition, 11th August
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The Old Punchbowl, Booterstown, Co. Dublin Morrissey’s Lisney are guiding €1.25m for the Old Punchbowl Pub at the junction of Booterstown Avenue and the Rock Road, opposite Booterstown Dart station. The property comprises a public bar, restaurant, function room and an enclosed beer garden. Offers should be delivered to Lisney, incorporating Morrissey’s by 3pm August 29th. The pub is being sold on behalf of the O’Rourke Family who are retiring from the trade. The Sunday Business Post, 4th August
6.7 acres, Dock Road, Limerick Joint agents Savills and Power Property are guiding €1.2m (€179k per acre) for a 6.7 acre site with 140 meter frontage to Limerick City’s Dock Road. The site is set in a section of 75 acres which was targeted in 2018 for strategic redevelopment. The site is being sold on behalf of Shannon Foynes Port Company with close access to the M20, M7, Shannon Airport and the ports of Limerick and Foynes. The Irish Examiner, 31st July
Grand Canal Harbour Scheme, Dublin 8 Marlet Property Group has lodged plans for an €84m mixed-use development in Dublin 8, close to the Guinness Storehouse. The plans propose over 500 apartments along with office, retail, leisure and medical facilities in a number of blocks rising to 13 storeys. The Sunday Business Post, 4th August
Green Reit Sale Green Reit has entered exclusive talks over a potential sale to Henderson Park. Dublin-listed offices and warehousing group Green Reit’s market value has risen to €1.29bn since putting itself on the market earlier this year. Henderson Park, was set up in 2016 by former Goldman Sachs and Mount Kellett partner Nicholas Weber. Henderson Park Capital entered the Irish market in recent months when they teamed with Chartered Land to purchase Heuston South Quarter for €222m. Green Reit’s portfolio includes One Molesworth Street, the Central Park office complex in Sandyford and Horizon Logistics Park, close to Dublin Airport. The Irish Times, 31st July
Co-Living, Dun Laoghaire, Co. Dublin Bartra Capital’s €45m shared living development in Dun Laoghaire has been approved by An Bord Pleanála. The scheme will comprise 208 bed spaces, rooftop terrace and other communal facilities. The Sunday Business Post, 4th August
AirBnb Rental Conversion Rejections Dublin City Council has rejected over a dozen applications to convert apartment blocks to AirBnb-style holiday rentals in the last number of months. From July 1st, owners of properties in rent pressure zone must get planning permission to use their housing for short-term lets for more than three months each year. All of the applications made were in advance 1st July and in most cases, Dublin City Council referenced the need to preserve “residential units as a scarce resource”. The Irish Times, 31st</sup July
Industrial Take Up Q2 2019 JLL reports that industrial take up in Q2 was over 1,000,000 sq.ft. across 50 deals, representing a 57% increase YoY. This increase was driven by a number of larger-sized deals with eight deals greater than 50,000 sq.ft. compared to six in Q1 2019 and one in Q2 2018. 50% of the deals in Q2 2019 were for space less than 10,000 sq.ft. In terms of location, 38% was in the south-west and 36% in north-west. Q2 2019 take up was mainly focused on secondary-grade space, accounting for 71% with prime-grade making up the remaining 29%. JLL note that while this suggests that demand is for secondary, this is not the case. Greatest demand is for prime industrial space but limited availability of good quality space is impacting on decisions. The Sunday Business Post, 4th August
Investment Property Market Lisney reports that total spend in the investment property market reached €1.83bn in the first half of 2019. Q2 2019 activity was more than double QoQ with €1.22bn spent in April to June. The private rented sector accounted for 58% of all turnover in Q2 2019, equating to €707.4m across 11 deals. The office segment represented 25% equating to €303.8m. Retail accounted for 12%, mixed use 4% and industrial 1.4%. Investment in Dublin accounted for 84%. There was a noticeable increase in off-market transactions accounting for 25% of total spent and two of the five largest transactions. The purchase of XVI portfolio of 815 homes represented the largest deal at €285m followed by €222m paid by Henderson Park for Heuston South Quarter. The Irish Times, 1st August
Cinema, Dawson Street, Dublin 2 Green Reit has notified Dublin City Council of its intention to apply for planning permission for a cinema next to the Ivy restaurant on Dawson Street. Planning was previously obtained for a retail unit as part of wider plans for the site formerly occupied by Royal and Sun Alliance House. Green Reit has sought a change of use to a 5,102 sq.ft. licenced cinema accommodating two auditoriums with ancillary food and beverage provision. The Sunday Independent, 4th August
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156-158 Capel St, Dublin 1 Agar Commercial Property Consultants is guiding €3.25 million (6% GIY) for 156-158 Capel Street, Dublin 1. The properties comprise three retail premises with eight overhead self-contained apartments with a rear yard with potential to construct a further five two-bed apartments. The properties are currently producing rental income of €195,430 per annum, with a potential uplift of €25,000 as 157 Capel St comes with vacant possession. Agar Commercial Property Report 23rd July
Heuston South Quarter European private equity company Henderson Park has completed its acquisition of Heuston South Quarter (HSQ) in Dublin from Marathon Asset Management for €222 million. The development includes six buildings with office, residential and retail accommodation. Additionally, the purchase comes with a 3.63 acre development site with zoning. The existing 226 residential units are a mix of one, two and three-bedroom apartments and duplexes. The development also has more than 78,800 sq.ft. of office space in addition to retail space anchored by SuperValu. The Irish Times, 23rd July
Dublin Landings Singaporean property developer Oxley has agreed to sell the residential element of its Dublin Landings development for €154.6 million. In a filing to the Singaporean stock exchange, Oxley said its subsidiaries had entered into an agreement with Greystar Europe Holdings to sell part of Blocks B and E in Dublin Landings. Under the agreement, Greystar will acquire the 268 residential apartments and 210 car parking spaces. Greystar has already paid a €15.5 million deposit on the property. The full amount will be paid upon completion of the sale, which will take place from November until June 2020. The Irish Times, 24th July
Public Private Partnership Programme Torc Consortium has been selected as a preferred bidder for the second stage of Ireland’s €300 million social housing public private partnership (PPP) programme, which aims to deliver 465 new social housing units in counties Cork, Kildare, Clare, Galway, Waterford and Roscommon. This is the second bundle of the government’s PPP programme to invest approximately €300 million in social housing. The programme is expected to develop 1,500 housing units as a number of “bundles” of sites with provision of services to the developments over a 25-year period after construction and the return of the asset after this time. The Sunday Business Post, 28th July
Dundrum Town Centre Hammerson, which owns half of the Dundrum Town Centre, is searching for an architect to plan a residential-led scheme on its “Phase 2” land to the north of the shopping centre in Dublin 14. Separately, the retail landlord is also currently in the process of submitting a final planning application in respect of a residential development of over 100 apartments adjacent to Dundrum, which will enable a start on site next year. The Irish Independent 29th July
Green Reit Sale Final bids for Green Reit’s Dublin offices and warehousing group were received by the deadline on Thursday. The Irish Times understands that all three remaining bidders circling the company; Kennedy Wilson, Henderson Park and a unit of German savings bank DekaBank, met the deadline. The Green Reit portfolio includes Horizon Logistics Park, close to Dublin Airport and the M50 motorway; One Molesworth Street in Dublin city centre, which is partly let to British bank Barclays and Canadian investment bank TD Securities; and the Central Park office complex in Sandyford, in south Dublin. The Irish Times, 26th July
Spencer Dock, Dublin 2 Spencer Place Development Company has reapplied to add two floors to a building in Dublin’s docklands, which Salesforce will rent as its Europe, Middle East and Africa headquarters. Dublin City Council had previously refused permission for two extra floors to the building, which is already under construction in the North Lotts and Grand Canal Strategic Development Zone (SDZ) at Spencer Dock. The company are seeking permission to add the two floors at a different point on the building – Station Square – and pursuant to a different set of rules, namely chapter five of the SDZ guidelines. The Irish Times, 26th July
A Cushman & Wakefield report on the Dublin office market has outlined that a total of 680,580 sq.ft. of office space was occupied in Q2 2019, bringing activity levels for H1 2019 to 1,322.346 sq.ft. This reflects an increase of almost 215,278 sq.ft. on the same period last year and is in line with activity levels seen in 2016 and 2017. It also represents the sixth consecutive year that activity is above the long run average. The Central Business District (CBD) accounted for almost 68% of space occupied in the opening six months. Cushman & Wakefield Dublin Office Market Q2 2019
Former Irish Glass Bottle Site A minimum price of €125 million has been set for an 80% stake in the former Irish Glass Bottle site in Ringsend, which sold for more than €400 million at the height of the boom. The successful bidder will have the benefit of fast-track planning following the approval by An Bord Pleanála in April of a “strategic development zone” (SDZ) status for the lands. The project, “Pembroke at Dublin 4” will see NAMA retain a 20% shareholding with bidders invited to submit expressions of interest for the remaining 80% cent stake by Friday, September 13th. According to the expression of interest document, only cash bids above €125 million that are not subject to debt finance will be entertained. The Irish Times, 26th July
Mount St Josephs, Passage West, Cork Lisney is guiding €750,000 for Mount St Josephs in Passage West, Cork. The 6.9 acre site incorporates a two storey detached protected structure residence built in 1855. There is significant development potential, subject to planning permission. The site is located 12km from Cork city centre, 5km east of Rochestown, and 2.5km north of Monkstown. The surrounding area is mainly residential in character, with a series of one-off houses in the vicinity. The Sunday Business Post, 28th July
Doughlcloyne Industrial Estate, Cork Cohalan Downing Associates is guiding €775,000 (8.5% NIY) for a 15,200 sq.ft. commercial building let to Jump Nation, a trampoline centre for adults. The property is let on a 20 year lease from 2014 at €71,000 pa. The Irish Examiner, 25th July
Thomas Fletcher Pub, Naas Town, Co. Kildare Joint agents Jordan Town & Country and John P Younge have sold the Thomas Fletcher Pub for €1.14 million at auction. The 4,900 sq.ft. property includes a public bar, lounge and snug at ground level with the upstairs having potential for residential, office or restaurant. The property was initially guiding €600,000. The Irish Independent, 25th July
A Cushman & Wakefield report on the Irish Investment market has outlined that H1 2019 was a very active period for the Irish investment market with assets attracting both domestic and overseas investors. Total transaction activity in H1 2019 accumulated to €1.74 billion across 69 deals, this represents an 8% increase in value when compared H1 2018. Residential assets accounted for 34% of investment turnover in H1 2019. Appetite from international investors remains strong with overseas capital accounting for €831.2 million of total turnover. Cushman & Wakefield Irish Investment Market Q2 2019
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