BlackBee Healthcare Fund Cork-based financial firm BlackBee Investments has announced details of a €250 million healthcare investment fund which will operate a residential care group under the name Aperee. The investment will see the construction of 1,000 new single en-suite beds at 10 sites around Munster which have already been identified by the group. Construction is due to start in early 2020 and there are also plans to acquire 750 existing beds in 12-14 existing facilities. It is believed that some €30 million has been raised to date with the fund targeted at both institutional and professional private investors. The Irish Times, 22nd July
1 Fitzwilliam Place, Dublin 2 Knight Frank is guiding in excess of €995,000 for a fully-let Georgian investment property at 1 Fitzwilliam Place, Dublin 2. The property is a four- storey over lower garden-level extending to 4,636 sq.ft. in total. The property is currently producing €103k of rental income per annum. The ground, first and third floors extending to 2,729 sq.ft. are occupied by the ESB on a 10-year lease with a break on the expiry of the fifth year (June 1st, 2024). The second floor is let to Guaranteed Irish on a 35-year lease that expires on the February 29th, 2020. There is also a tenant at garden level on a nine-year, six-month lease from June 1st, 2014. The Irish Times, 17th July
Blackrock Village Centre BNP Paribas Real Estate is quoting a rent of €31.50 psf for office space and €2,250 per car space at the new office development in Blackrock Village Centre which will be available for occupation in Q1 2020. The total area spans 16,833 sq.ft. across three floors and also has access to a secure underground car park. The property can accommodate requirements ranging from 5,102 sq.ft. to 16,833 sq.ft. The Irish Times, 17th July
Grand Parade, Cork City A number of objections have been lodged against plans for a 48-room hostel and ground floor bar to be located on the Grand Parade in Cork City. The development would bring an additional 264 bed spaces to Cork City. One of the main reasons for objection was the planned height of three storeys would negatively impact on surrounding buildings and should be reduced to two storeys. The Echo, 22nd July
North Park Business Park, Dublin 11 CBRE is guiding €1.5 million for an industrial and office facility at North Park Business Park in Dublin. The 12,895 sq.ft. property has been owner occupied since its development in 2003. There are three-storey modern offices located to the front elevation totalling 4,187 sq.ft. There is a three-storey steel mezzanine of 13,713 sq.ft. in part of the warehouse. There are two electrically operated loading doors and the property comes with ample customer/staff parking. The business park benefits from direct access to the M50. The Irish Times, 17th July
Eglinton St, Galway JD Wetherspoons have purchased the Carbon Nightclub on Eglinton St in Galway for an undisclosed sum. It is believed that there are plans to invest €2.5 million into the premises which will contain a 1,700 sq.ft. first floor beer garden in addition to the 4,000 sq.ft. of ground floor space. The Irish Independent 17th July
The Central Hotel & Trinity Street Car Park Deutsche Finance International, in a joint venture with BCP Capital in Dublin, have acquired the Central Hotel and Trinity Street car park. The Central Hotel, located on Dublin’s Exchequer Street, was put on the market last October for €40m. It has over 70 rooms across four floors. Meanwhile, Trinity Street car park, within walking distance of the hotel, comprises 171 car-parking spaces with ancillary retail and office use over five floors. The Irish Independent 22nd July
6-12 Sackville Place A tourist accommodation provider has purchased 6-12 Sackville Place just off O’Connell Street for €5.5 million (€252 psf). The premises will remain in educational use by TU Dublin up until the relocation of its operations to its new Grangegorman campus in 2020. The 21, 750 sq.ft. property comprises a mid-terrace mainly four-storey over basement educational building together with some single- and two-storey sections. The Irish Times, 17th July
Poolbeg, Dublin The Irish Times understands that Nama is to begin a search for property developers with which to partner in the development of the former Irish Glass Bottle site and adjacent 12 acre site in Poolbeg, Dublin. The sites combined total 37 acres and have the potential to deliver 3,500 homes for 8,000 people, 10% of which would comprise social housing and a further 15% affordable housing. Up to one million square feet of commercial space as well as school sites and community areas are also envisaged for the site. The Irish Times, 22nd July
Carmelite Site, Gort Muire Irish house builder Lioncor Developments is understood to be closing in on a deal to acquire 8 acres of the Carmelite site at Gort Muire in Ballinteer for up to €35 million. The land is being sold without planning permission, however, a feasibility study prepared in advance of the sale suggests it could accommodate more than 400 apartments comprising a mix of one-, two- and three-bed units along with retail space. The site is located close to Dundrum Town Centre. The Irish Times, 17th July
Cabra and Sandyford Sites A fund managed by Tristan Capital Partners has acquired two ready-to-go development sites in Dublin for €54.5 million, which it will develop alongside local development partners to deliver 663 new homes to the rental market. In two separate deals, the investor has acquired Marlet Property Group’s 9.63 acre site in Cabra, Dublin 7, where planning permission is in place for 420 new homes, and a 7.2 acre site in Sandyford, Dublin 18, which has existing planning permission for 243 new units. The Irish Times understands that the required investment to deliver both schemes is likely to exceed €200 million, making it one of the largest investments in the property market this year. The Irish Times, 22nd July
A new report on the residential property investment market from agent Hooke & MacDonald outlines that Dublin’s private rented sector (PRS) accounted for a record 55% of all property investment transactions in the capital in Q2 2019. Four of the five largest Dublin property investment transactions in Q2 2019 were PRS sales.
In the year to date, Hooke & MacDonald’s report finds that some €703 million in sales were conducted across 12 schemes in the private rented sector. In relation to upcoming sales activity, the report states that there are 18 residential investment transactions with a combined value of €516 million currently at sale agreed stage in Dublin. Six of these deals involve new-build developments, comprising 696 units, while the other 12 are accounted for by existing stock comprising 518 units. Hooke & McDonald PRS Investment Report, Q2 2019
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Odessa Club, Dame Court Press Up Group have been granted planning permission to convert the former nightclub and members’ club Odessa in Dublin city centre into a boutique hotel. Earlier this year, the group applied for permission to convert the closed-down venue on Dame Court into a 14-bedroom, high-end hotel. The plans have now been given the green light by Dublin City Council. The Odessa club – which had five bars spread across three floors – operated from the property until it closed in 2017. The property also contained a restaurant at the ground floor and a rooftop bar, both of which are due to be retained as part of the new hotel. The Sunday Business Post, 14th July
Custom House Quay Site, Cork City Tower Holdings Group has announced that they will be lodging a planning application later this month to redevelop the Custom House Quay site in Cork to include the restoration of existing structures and the development of a 34 storey hotel comprising 240 rooms and 25 serviced apartments. If planning is granted the 140 metre high tower will be the tallest building in Ireland. The Irish Times, 12th July
No 12 Camden Street Upper, Dublin 2 It is being reported that Brady’s Pharmacy at the junction of Camden Street and Harrington Street has been sold for more than €1.2 million. The four storey over basement 2,734 sq.ft. mixed use property was producing €64k pa from two tenants at the time of the sale. The ground floor had been in use as a pharmacy with a two-bedroom duplex overhead. CBRE, who handled the sale noted there is reversionary potential. The Irish Times, 10th July
Galway City Construction has commenced on the €105 million Bonham Quay project in Galway city docklands. The largest urban regeneration project in Galway, upon completion, Bonham Quay will comprise more than 269,000 sq.ft. of sustainable grade A office space, alongside 20,500 sq.ft of retail and 91,000 sq.ft. of landscaped space. The Irish Times, 10th July
Wilton Park, Dublin 2 Property fund Iput has been granted planning permission for three inter-connecting office buildings at the Wilton Park site in Dublin 2. The 450,000 sq.ft. scheme for Two, Three and Four Wilton Park, centred on a one-acre city park, is one of the largest building projects undertaken in the capital in recent years. The entire development will consist of 600,000 sq.ft. and also includes One Wilton Park where work has already begun and is fully pre-let to Linkedin. The entire development is expected to cost €350 million and is scheduled for completion by 2023. The Irish Times, 12th July
Mahon Point Retail Park, Cork City Iput has purchased Mahon Point Retail Park for a reported €56 million (7% NIY). The property comprises ten fully tenanted units extending to 157,207 sq.ft. and 600 parking spaces. Tenants include B&Q, Argos and PC World. The retail park was developed in 2006 by O’Callaghan Properties. The Irish Times, 10th July
CastleWest Shopping Centre, Ballincollig, Cork A fund managed by Davy has purchased CastleWest shopping centre for a reported €22 million (7.96% NIY). The 141,933 sq.ft. property comprises 43 retail units with c80% of the units occupied and generating rental income of €1.9 million pa. Tenants include Eason, Sports Direct and New Look. The Irish Times, 10th July
Mount Argus, Harold’s Cross, Dublin 6W Patrizia AG, a German Fund, has agreed to pay c€100 million in an off-market deal for 179 apartments (€558k per apartment) currently being developed by Marlet Property Group at Mount Argus, Harold’s Cross. The acquisition represents Patrizia’s third investment in the Irish private rental sector. Patrizia also acquired 63 apartments on the North Circular Road in 2015 and 319 apartments in Honeypark in Dun Laoghaire in 2017. The Irish Times, 10th July
69 Lower Leeson Street, Dublin 2 Knight Frank is seeking €2.4 million (€583 psf) for a mid-terrace, four storey over basement Georgian property. The property extends to 4,118 sq.ft with nine car parking spaces and there is potential to redevelop the mews to the rear subject to planning. The property, which is currently in office use will be sold with the benefit of vacant possession. Knight Frank are guiding the sale of the property for €2.4 million or to be let at €35 psf. The Irish Times, 10th July
Cherrywood, South Dublin An affiliate of US private equity group Lone Star has completed the purchase of almost 118 acres of development land and parks in Cherrywood in south Dublin from investment firms Hines and King Street Capital, in a deal that is believed to be worth more than €120 million. The land, in two plots, is expected to be capable of delivering 2,600 houses and apartments. The land equates to almost 30% of the 412-acre site that Hines and King Street bought in 2014 for €270 million. Work began in early 2017 on the urban centre that will eventually provide 8,000 new homes for 30,000 people. The Irish Times, 12th July
Rathfarnham, Dublin 14 Agent Vincent Finnegan is guiding €3.5 million for a 0.64 acre site (€109k per unit) in Rathfarnham, Dublin 14, with full planning permission for the development of 32 apartments. The scheme will consist of 28 two-bed units, two three-bed units and two one-bed units. The site is located at Loreto Terrace within close proximity to numerous amenities including Rathfarnham and Nutgrove shopping centres, Dundrum Town Centre and the M50. The Irish Times, 10th July
Model Farm Road, Cork The Irish Examiner is reporting that a Cork suburban development site situated on the Model Farm Road which sold for €3.5 million less than two years ago, has been brought to the market at a c€2 million mark-up. The 4.6 acre site has planning for 33 residential units, (€166k per unit) comprising seventeen detached homes, twelve semi-detached homes and four townhouses. The Irish Examiner, 10th July
Rosemount Business Park, Dublin 11 Harvey are guiding €1.3 million for a modern warehouse and office unit extending to 14,380 sq.ft. with a yard to the front at Rosemount Business Park, Dublin 11. The current passing rent is €99k pa (€6.88 psf) with 10 years remaining on the lease and a rent review and tenant break option in 2024. The Irish Independent, 15th July
Bluebell Avenue, Dublin 12 A semi-detached industrial/warehouse and office unit extending to 17,179 sq.ft. with a shared side yard in Bluebell Avenue, Dublin 12 has come to the market through Harvey with a guide price of €995,000. The 0.6-acre site is located in an area proposed for rezoning to ‘Regen.’ There is a 10-year lease from October 2018 at an annual rent of €95,000 (€5.53 psf) and there is both a market rent review and tenant break option in October 2023. The Irish Independent, 15th July
Licensed Premises Sales Morrissey’s Lisney have brokered eight licensed premises deals in the last few months. The largest of these was The Kestrel Pub at the Walkinstown roundabout in Dublin 12 which is sale agreed for more than its €1.8 million guide price, during the boom the pub sold for €7.3m. The Irish Independent, 11th July
Waterford City The Crystal Sports and Leisure Centre in Waterford has come to the market with a guide price of €1.5 million. The 2.4 acre site consists of a sports hall, 25 metre swimming pool, sauna, steam room and toddler pool, four conference rooms, a two-storey building incorporating bar and function hall, two gyms, a spinning room and large cafe/restaurant area. The venue also has a drinks licence. The Irish Independent, 11th July
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Liffey Portfolio, Dublin Savills is guiding €11.75 million for a portfolio of prime commercial properties distributed across Upper and Lower Liffey Street in Dublin city centre and the suburbs of Ranelagh and Blackrock. The Liffey Portfolio includes eight investment assets in total, extends to 19,989 sq.ft.,(€587 psf) and currently generates a net passing rent of €487,500 p.a. However, there is potential to increase the rent to €850,000 once the vacant elements of the portfolio are leased and forthcoming rent reviews are completed. The Irish Times, 3rd July
Upper Abbey Street, Dublin 1 It is thought that almost €5 million has been paid for a premises let as a Spar store and café at the corner of Upper Abbey Street and Millennium Walkway in Dublin 1 next to the Jervis Luas stop. Extending to 6,846 sq.ft. Spar undertook a major redesign of the convenience store last year. The property generates a passing rent of €392,575 which is guaranteed by the tenant’s parent company BWG Foods. It came with the added benefit of eight underground car spaces. The Irish Independent, 4th July
Glentworth Street and Catherine Street, Limerick City Pery’s Hotel in Limerick city has come to the market with a guide price of €3.5 million. Located a short walk from the city’s main thoroughfare O’Connell Street, the property comprises 61 en suite bedrooms, three conference rooms, a bar and restaurant, gym and sauna facilities and 25 underground car parking spaces. The property which is being sold as a going concern also benefits from €14,000 of rental income from two commercial tenants on Catherine St. The Irish Times, 3rd July
Leeson Lounge, Dublin 4 CBRE is seeking offers in excess of €1.75 million for the Leeson Lounge at 147/148 Leeson Street Upper, Dublin 4. The four-storey over basement licensed premises extends to 5,403 sq.ft. and includes a ground floor of 1,506 sq.ft. comprising the lounge bar and service areas. The basement accommodates a keg store and cold room. The upper three floors are part residential accommodation and part storage. The three residential units are occupied and generate combined rents of about €36,000 a year. With their own separate access from the street, they comprise a one bed apartment and a pair of two-bedroom units. The remaining rooms located on the upper floors are accessed from the bar area and are currently unused. The Irish Independent, 4th July
Howth, County Dublin QRE are quoting €1.25 million for a block of four apartments in Howth, north Dublin. The development comes with the benefit of vacant possession and comprises of 2 two-bedroom single-storey apartments and 2 two-bedroom duplex units. The total estimated rental value is thought to be in the region of €96,000 p.a. The Irish Times, 3rd July
Bishops Square The Irish Times understands that the South Korean real estate investment firm IGIS Asset Management has been selected as the preferred bidder for the 182,774 sq.ft. Bishop’s Square office scheme in Dublin city centre. The firm has agreed to pay in excess of the €180 million guide price. The current rental income is €7.88 million. (Net Initial Yield 4.04%) The current owners, Hines, acquired the building for €92.5 million in 2015 and the building has undergone a significant programme of improvement works since coming under Hines’s ownership four years ago. The Irish Times, 3rd July
Windy Arbour, Dublin 14 CBRE are guiding €1.2 million for TRC House, a detached office building extending to 7,403 sq.ft. over three floors in Windy Arbour, on the Dundrum Road in Dublin 14 (€162 psf). Occupiers can avail of off-street parking at the front and to the rear of the property with a private yard to the rear which can be accessed by a side gate. The building is close to Dundrum Business Park as well as being close to the Central Mental Hospital, which is earmarked for a major residential development. The property comes with the benefit of vacant possession. The Irish Independent, 4th July
North Road, Dublin 11 CBRE are seeking offers in excess of €1.5 million for Unit 7 North Park, North Road, Dublin 11. The entire property spans 12,959 sq.ft. (€115 psf) and comprises to the front, three-storey modern offices extending to 4187 sq.ft. The remainder is a warehouse area with a three-storey steel mezzanine. The building also comes with ample staff and customer parking to the front. The Irish Independent, 4th July
Ashbourne Business Park, Co. Meath Harvey has been instructed by Oasis Group to bring to market a sale & leaseback investment opportunity with a guide price of €5.2 million (€126 psf). The 41,118 sq.ft. warehouse will be let on a new 20 year lease with fixed rental uplifts in years 5 and 10 to the Oasis Group producing rental income of €400,000 per annum. The warehouse is used as a document storage facility and is situated just 10 minutes’ drive from the M50 Motorway in Ashbourne, Co. Meath. The Irish Times, 26th June
Carysfort Avenue, Blackrock QRE are guiding in excess of €2.1 million for a mixed-use investment at 27-29 and 31-33 Carysfort Avenue in Blackrock, Co Dublin. The passing rent from the buildings is approximately €149,000 p.a. with vacant possession of the former licensed premises Dark Horse and several smaller office suites located on the upper floors. The portfolio has a total estimated rental value in the region of €220,000, which reflects a reversionary yield of approximately 9.65%. The Irish Independent, 4th July
Old Navan Road Knight Frank is guiding €1.2 million for a 0.55 acre development site at Clonross on the Old Navan Road. The site is currently occupied by a dormer bungalow. Its planning permission would permit five four-bedroom detached houses, one three-bedroom detached house and one five-bedroom detached house, ranging in size from 1,431 sq.ft. to 2,314 sq.ft. The Irish Independent, 4th July
South Docklands Cork Agri-services group, Origin Enterprises, has agreed to sell 31 acres of land at South Docklands in Cork to O’Callaghan Properties for €47.5 million (€1.532 million per acre). The firm’s existing business on the land will have to be relocated to another location as part of the deal. The Cork Docklands area has been designated for future urban development in the Government’s National Development Plan 2040. RTE News, 9th July
Dublin Office report CBRE’s report shows that a total of 1,638,277 sq.ft. of transactions were signed in the Dublin market in the first half of 2019. CBRE noted that “the Dublin office market continues to perform well with 50 office transactions signed in the last three-month period alone and demand at an all-time high of almost 4.3 million sq.ft. at the mid-year point” CBRE Office Market View, Q2 2019
Dublin Industrial & Logistics CBRE has reported that the take-up in the Dublin Industrial & logistics sector in H1 2019 was up almost 60% on the same period last year. There were 37 industrial transactions in Q2 2019, which brings the total number of transactions in H1 2019 to 70. Prime industrial yields remained steady at 5.1% at the end of Q2, however prime industrial rents are expected to rise by as much as 6.5% in H2 2019. CBRE Dublin Industrial & Logistics Market View, Q2 2019
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Ashtown, Dublin 15 Ballymore has sold their 26,318 sq.ft. supermarket premises at its Royal Canal Park scheme in Dublin 15 for c€6.3 million (€239 psf) to an Irish family office. The property comprises a retail store, ancillary storage, offices and staff accommodation. There is also a dedicated provision of 75 car parking spaces made up of 52 under-croft and 23 surface spaces. The building is fully-let to Aldi Stores (Ireland) Limited on a 25×5 year FRI lease at an estimated passing rent of €412,320 p.a (€16 psf). The Irish Times, 26th June
Grand Canal Dock Savills is guiding in excess of €5.5 million for the HQ Gastro Bar in Dublin’s Grand Canal Dock. The current owner occupier is offering prospective purchasers the opportunity to acquire the property’s freehold and will subsequently enter into a new long-term (20 year) lease subject to a net annual rent of €300,000 per annum. HQ Gastro Bar occupies 2,842 sq.ft. of the ground floor. This portion of the property features wraparound floor-to-ceiling glazing overlooking Grand Canal Dock and an extensive heated outdoor terrace which allows for year-round outdoor dining. The Irish Times, 26th June
10/11 West Street, Drogheda Quinn Agnew are guiding €1.45 million to acquire a prime investment at 10/11 West Street, Drogheda. This property extends to 6,650 sq.ft. (€218 psf). The ground floor shop, rear stock rooms and yard areas are let to Hickey’s Pharmacy Limited under a Lease for a term of 15 years from February 2019 producing rental income of €130,000 p.a. The property presents potential investors the immediate opportunity to increase the rental income by letting the vacant self-contained offices on the upper floor. Quinn Agnew Report, 27th June
The Clarence Hotel Press Up Entertainment, who recently took over the leasehold of the property has lodged plans to almost double the bedroom capacity of the four-star Clarence Hotel in Dublin. The planning comprises an additional 54 bedrooms at the Clarence which currently has 59 bedrooms. The new rooms are to be located on the second, third and fourth floors of the adjacent Dollard House which is a protected structure. The Irish Independent, 2nd July
Druid’s Glen Hotel and Golf Resort The five-star Druid’s Glen hotel and golf resort has been sold to the Neville Hotel Group in a deal worth €45 million. Druids Glen first opened in 1995, and is located on a 349-acre site in North Wicklow. It has 145 bedrooms and suites, as well as a spa and health club, eight conference and event rooms, and a restaurant that can seat up to 160. The function room overlooking the golf course can accommodate up to 400 people, while the clubhouse at the property, known as Woodstock House, dates back to 1770. The Irish Independent, 28th June
Tallaght, Dublin 24 The Plaza complex in Tallaght has been acquired by Davy on behalf of a private client for €18 million which represents a premium of 20% on the €15 million guide price set by agent Knight Frank. The Plaza consists of a six-storey over double-basement block, comprising the 122-bedroom Plaza Hotel, three floors of office accommodation, three ground-floor retail units and over 500 car-parking spaces provided in the double basement and at surface level. The office accommodation extends to 77,489 sq.ft. over three floors and is let to the OPW under long-term leases at a current rent of €540,200 p.a. (€6.97 psf) The Irish Times, 26th June
Marlin Hotel Dublin Marlin Group, one of London’s largest privately owned hospitality operators, is set to open its first hotel in Dublin 2 next month. Marlin Hotel Dublin, will be a 300-bedroom, €55 million development, located at 11 Bow Lane East, beside St Stephen’s Green Shopping Centre. The building spans almost 110,000 sq.ft. Each bedroom will include the latest technology including 43-inch HD Smart TV. The ground level will comprise a co-working area, an indoor garden, an outdoor terrace, a meeting space for 12 and a 24-hour gym. The Sunday Business Post, 30th June
Dublin Docklands RGRE and Colony Capital are seeking in excess of €250 million in forward funding for a scheme comprising up to 471 new homes in the Dublin docklands. Located immediately adjacent to Salesforce’s new European headquarters, the Spencer Place Residential portfolio is being offered for sale as two private rented sector blocks. Prospective purchasers are being invited to submit offers on both a “current scheme” comprising 349 apartments and a 100-bed aparthotel, and for an “enhanced option” consisting of 471 apartments and 105 co-living units. While planning permission has already been granted in the case of the current scheme, the enhanced offering is currently the subject of a planning application to An Bord Pleanála. The Irish Times, 26th June
Dalkey, South Co. Dublin Sherry Fitzgerald have brought a 3,444 sq.ft. 5 bedroom home on Ardeevin Road, Dalkey to the market with a guide price of €2.275 million (€660 psf). There is a recently converted attic which is currently being used as a sixth bedroom. The detached home also comprises of outstanding grounds of 0.48 acres with landscaped gardens. The property is within walking distance of Dalkey village and surrounding amenities. The Sunday Business Post, 30th June
23 Shelbourne Road, Ballsbridge U+I and Colony Capital have purchased 23 Shelbourne Road for in excess of €25 million. This represents a significant return on the €18 million Friends First paid for the property in 2016. However, the property underwent significant refurbishment and a number of new long term lettings were secured. The Irish Times, 27th June
25 Mountjoy Square, Dublin 1 CBRE is guiding €2 million for a prime Georgian investment property in Dublin city centre. Located at 25 Mountjoy Square the property is a four-storey over-basement building extending to 6,187 sq.ft. The entire of the property is in office use with the lower ground floor/basement accommodation fitted out primarily as canteens with adjacent kitchen and ancillary storage space. The Irish Times, 26th June
Ballast House, Dublin 1 Ballast House, a landmark in James Joyce’s Ulysses, has been acquired by Union Investment, the investment arm of the German DZ Bank Group with the purchase price believed to be in the region of €27 million. The property is fully let on long term leases and comprises both office and retail units across more than 29,000 sq.ft (€929 psf). The Sunday Business Post, 30th June
29/30 Usher’s Quay and 1, 1A & 2 Usher Street, Dublin 8 Knight Frank are currently marketing a superb City Centre located, mixed-use redevelopment site with full planning permission for 27 apartments and ground floor commercial space, at a guide price in excess of €2.75 million. The site benefits from having full planning permission in place for the demolition of all existing buildings and the construction of a new part 6/7 storey building comprising 27 apartments (5 x 1 bed units and 22 x 2 bed units), above ancillary residential amenities and a commercial unit at ground floor level. Knight Frank Report, 26th June
Finglas, Dublin 11 Knight Frank have brought the Jamestown Business Park in Finglas to the market with a guide price of €10.75 million. The portfolio comprises 20 industrial and own-door office units spanning 167,205 sq.ft. with six tenanted land plots (4.5 acres). In addition to this, there is a development site of 6 acres that includes partially-completed warehouse units. The investment is producing rental income of c€919k p.a. with approximately 75% of this income derived from blue-chip tenants. The Irish Times, 26th June
Limerick City Agent Cushman & Wakefield is guiding €3.5 million for a prime 24.41 acre (€143k per acre) residential development opportunity in the Clonmacken area, just 2km from Limerick city. The site has full planning permission for 110 homes. Located adjacent to the North Circular Road, the proposed scheme will comprise a mix of 88 houses and 22 apartments, all of which will be accessed from the Condell Road. The Irish Times, 26th June
CBRE report that Ireland’s commercial property market experienced a “very busy” first half to the year, with demand strong across most sectors. With the exception of the retail sector, CBRE say that prime yields in the Irish market remain stable at the mid-year point, and, in some cases, have potential to harden further during the second half of the year. With the outlook for interest rates to the downside, CBRE believe that this “bodes well” for continued investment. CBRE Half Year Report, 30th June
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
St Stephen’s Green Shopping Centre Two separate shareholdings amounting to a 62% stake in Dublin’s St Stephen’s Green Shopping Centre are being quietly offered for sale in a targeted process at a guide price of €130 million. The shares in question are held by New York-headquartered Madison International Realty (35%) and businessman Pierce Molony (27%). The centre has more than 90 shops over three levels with an overall floor area of 320,000 sq.ft. and is currently producing rental income of €8 million. The Irish Times, 19th June
O’Connell Street, Dublin 1 The flagship Eason store on O’Connell Street has been brought to the market with Bannon guiding €24.5 million. The shop has 61,630 sq.ft. of space over seven storeys with four floors of retail extending to a combined 41,680 sq.ft. The property is being sold with a 25-year lease to Eason Ltd at an initial rent of €1,341,500 a year which equates to €21.50 psf and a 5% net initial yield. The Irish Times, 19th June
Mount Merrion, Dublin 4 Oakmount has commenced the construction of 52 apartments on the prominent Flanagan’s of Mount Merrion site in south county Dublin, where all of the available units will be offered for sale to individual buyers. The development of the apartments represents the first phase in Oakmount’s plan to transform the overall 1.88 acre site occupied by the former Flanagan’s furniture store and the adjacent Union Cafe. The Irish Times, 19th June
Dolphin’s Barn, Dublin 8 Twenty apartments in the six-storey Ice Rink development in Dolphin’s Barn, Dublin 8, which was built in 2006 has been brought to the market through Hooke and MacDonald on behalf of Nama with a guide price of €4.6 million. Seven of the apartments are one-bedroom units (473-602 sq.ft.), twelve are two-bedroom units (645-796 sq.ft.) and there is one three-bedroom 1,011 sq.ft apartment. Fourteen of the apartments are let and are producing a current gross rental income of €188,772 per annum. The current estimated rental value is €417,600 per annum. The Sunday Business Post, 23rd June
Ashbourne, Co Meath REA Grimes are quoting €1.25 million for a portfolio of seven apartments in Ashbourne, Co Meath. The units are distributed across three blocks and comprise six two-bedroom apartments and one three-bedroom apartment. All seven apartments are being sold with the benefit of vacant possession. Based on the selling agent’s net rental income estimate of €110,207 per annum, the prospective purchaser could expect to secure a reversionary yield of 8.11% on the portfolio. The Irish Times, 19th June
Co-Living Apartments, Tallaght An Bord Pleanála has refused planning permission for a development of more than 200 co-living units in Tallaght. Bartra Capital had proposed to build 40 co-living units on each floor with a kitchen/living area, cinema and library for residents to use. Sighting the reason for the refusal, An Bord Pleanála said the co-living format would “fail to provide an acceptable living environment,” highlighting what it called a “notable shortfall in the provision of sufficient communal facilities”. RTE News, 24th June
South County Business Park, Leopardstown, Dublin 18 Knight Frank is guiding a price in excess of €5 million for a 0.84 acre site with significant redevelopment potential. The site currently comprises a two-storey office premises let in its entirety to Soft-ex Communications Ltd. There are seven years remaining on the current lease at an annual rent of €162,500 per annum with a rent review due in 2021. A feasibility study, prepared by Reddy Architecture in advance of the sale, suggests the site could accommodate a new office scheme extending to 54,900sq.ft. in a five-storey over-basement office block which is permissible under the current development plan (subject to planning permission). The Irish Times, 19th June
Dublin Docklands Bartra has been granted planning for a new high-rise 200,000 sq.ft. office scheme at the Boston Sidings site in Dublin’s Docklands. Bartra is developing the site at Grand Canal Quay and Macken Street in Dublin 2 in conjunction with site owner, CIE. A pre-condition of the permission being granted was that Bartra must pay Dublin City Council €1.49 million in development contributions. The Irish Independent, 25th June
12 Rathfarnham Road, Terenure Browne Corrigan Chartered Surveyors is guiding in excess of €775,000 for the freehold interest in AIB’s 4,370 sq.ft. (€177 psf) former bank branch premises in Terenure village, Dublin 6. The building is Z4 zoning which makes it suitable for a wide range of possible uses including retail, bookmaker, residential, office and healthcare. The Irish Times, 19th June
Maynooth, Co. Kildare A high-profile mixed-use investment has been sold for €1.4 million (16% above guide price) by joint agents Sherry FitzGerald Brady O’Flaherty and Cushman & Wakefield. Desmond House comprises a two-storey commercial premises which is occupied at ground-floor level by Picaderos Restaurant under a 10-year lease from September 5th, 2011 paying €45,000 per annum. The first floor, which has a separate access from Main Street, is currently occupied by two office tenants producing a combined net income of €21,600 per annum. The sale also included a two-storey mid-terrace residential dwelling consisting of three one-bedroom apartments to the rear of Desmond House. Two of the apartments are let on short-term residential tenancies generating an income of €21,900 per annum while the third apartment is currently vacant. The Irish Times, 19th June
Northwest Business Park, Dublin 15 Harvey is quoting an annual rent of €438,000 for a modern, high-bay warehouse and office facility extending to a total of 49,460 sq.ft. (€8.85 psf) at Northwest Business Park in Dublin. The subject property comprises a bright warehouse area of 36,210 sq.ft. and benefits from a clear internal height of 39ft with loading access provided via two full-height, ground-level doors with overhead canopies and two dock levellers. There are also non-structural mezzanines on two levels comprising 9,537 sq.ft. There are three storeys of office, reception and staff welfare facilities and a car park to the front and a large yard to the rear. The Irish Times, 19th June
24-25 Fenian Street, Dublin 2 A derelict site with planning permission for 10 short-term residential letting units near Merrion Square, Dublin 2, is for sale with Turley Property Advisors quoting a €950,000 guide price. The planning permission granted is to develop the existing three storey over basement protected structure facing Fenian Street and to develop a new five-storey building to the south of the site overlooking Denzille Lane. The development will also include a covered urban courtyard which will connect the two buildings. The Irish Independent, 20th June
Clonmel Park Hotel, Co. Tipperary A fund controlled by Davy has acquired the four-star Clonmel Park Hotel in Co Tipperary for c€5 million which represent €200k over the guide price set by JLL. The hotel comprises 99 guest rooms, state-of-the-art conference and banqueting facilities and a leisure centre and spa. The hotel is operated under the terms of a leasehold agreement by the Tetrarch Hospitality Group. Tetrarch entered into the lease in 2015. The Irish Times, 19th June
Old Navan Road, Dublin 15 Knight Frank is guiding €1.2 million for a 0.55 acre site on the Old Navan Road with full planning permission for 7 detached houses (€171k per unit). The approved scheme consists of five four-bed detached houses, one three-bed detached house and one five-bed detached house. The detached units range in size from 1,431 sq.ft. to 2,315 sq.ft. The Irish Times, 19th June
Fota Island Resort, Cork Development land on the grounds of the five-star Fota Island Resort, with full planning in place for 88 houses has just come to the market via agents Lisney, guided at €4 million. The planning granted allows for 44 big detached houses, from 2,700 sq.ft. up to 3,500 sq.ft. which can be full time residences, and for 44 two-storey lodges, which are for short term rentals only. This equates to €143,000 an acre, or over €45,000 per unit, and services are already in place from prior development to allow immediate construction. The Irish Examiner, 20th June
BidX1’s Online Auctions 270 lots are scheduled for inclusion in BidX1’s online auctions on July 10 and 11. The most valuable, comprising five vacant apartments at Eaglewood, Rochestown Avenue, Dún Laoghaire has seen its guide price increase from €1.45 million earlier in the year when it did not sell to €1.5 million. The next most valuable lot comprises six of the commercial units at the Courtyard Shopping Centre, Newbridge, Co Kildare, with a combined €1.25 million guide price. Four of the units are generating total annual rent of €154,373 (12% passing yield). The Irish Independent, 24th June
EY-DKM Economic Advisory A new report on housing affordability from EY-DKM Economic Advisory has found that nearly half of all counties in the State are unaffordable for first-time buyers on average incomes. For the purpose of the report, the average income was set at 89% of average earnings and has assessed affordability in terms of the salary required to qualify for a mortgage, as well as the ability to save enough for a 10% deposit. The report found that the Government needs to achieve a better balance between owner-occupied and build-to-rent developments to deliver affordable rents. The Irish Times, 25th June
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Phase 1 Facility, St Margaret’s, North Dublin Lambert Smith Hampton is guiding €12m (6.43% NIY) for the sale and leaseback investment of a cold storage facility at the Food Central scheme in St Margaret’s. The property, built in 2018, extends to 28,793 sq.ft. with full planning in place for an additional 20,099 sq.ft. which is due for completion in October 2019 (Phase 1). Kool4Logistics will lease back the property with a 15 year guarantee from their UK parent company Oakland International and a tenant only option agreement for an additional 10-year lease extension. Kool4Logistics are in advance discussions for the construction of an additional 32,800 sq.ft. of space subject to planning, which if approved, will be completed by 2020 (Phase 2). Bids are being requested for the entire lot. Phase 1 rental income will generate €501k pa increasing to €837k upon the completion of Phase 2. The Irish Times, 12th June
Airport Logistics Park Rohan Holdings has secured Harvey Norman and airline catering specialists, Gate Gourmet, for 110,000 sq.ft. of speculatively-built warehouses in their flagship Dublin Airport Logistics Park. It is thought the long term leases will be between €9.25 and €9.50 psf. To date blue chip operators such as DHL, Holland & Barrett and Gilead have been secured for 750,000 sq.ft. of space at the scheme. The Irish Times, 12th June
Industrial Rents Prime industrial rents increased in Q1 2019 but agents differ on how much they have increased. Cushman & Wakefield note that prime rents were €9.29 psf, an increase of 9.9% YoY and forecasts increases to €10.03 psf by year end 2019 and €10.22 psf by 2020. Savills notes that the rise is 5% to €9.75 psf. CBRE note prime rents are €9.85 psf and expects those to increase by 6.5% to €10.50 psf by year end. The Sunday Business Post, 16th June
XVI Portfolio A portfolio comprising 815 homes has been purchased by Ires Reit for €285m. The assets are spread across 16 developments with all but one development located in Dublin. The portfolio includes 142 homes in Santry, 101 at Beechwood Court Stillorgan, 128 in Northern Cross, Malahide Road and 50 in Harty’s Quay in Cork. Almost all homes are leased to tenants. The Irish Independent, 13th June
Citywest Quarter Scheme Urbeo Residential is reported to be “closing in” on a deal to purchase a scheme of 282 apartments being developed by Cairn Homes at Citywest in Dublin. It is reported that the portfolio will be purchased for more than the guide price of €90m (€319k price per unit) as advertised by joint agents Savills and Hooke & MacDonald in April this year. Cairns are anticipated to deliver the first apartment block by Q4 2020 with final delivery expected by Q3 2021. Urbeo are an Irish residential investment platform backed by Starwood Capital Group and Ireland Strategic Investment Fund. The Irish Times, 12th June
44 Apartments, Shannon, Co. Clare A portfolio of 44 apartments at Bru Na Sionna in Shannon, Co. Clare will be auctioned online with BidX1 on June 19th with a guide price of €2.65m (€60.2k per unit). Two units are vacant with the remaining 42 generating €395.4k pa. The portfolio comprises 26 two-bed, 17 three-bed and one four bed unit. The portfolio is being auctioned on its own rather than in a bumper auction. The Irish Independent, 13th June
Blackrock, Co Dublin An Bord Pleanála has approved Paddy McKillen Jnr’s Oakmount’s plans to deliver 291 apartments on a 4 acre site on Temple Hill in Blackrock. 284 units will be across 13 blocks ranging in height from one to eight storeys while six units will be within the protected structure of St Teresa’s House and one final unit in the protected St Teresa’s Lodge. Oakmount acquired the site for €30m in 2017. The development was applied for under the “fast-track” planning system. The Irish Times, 12th June
24 Apartments Fairview Close, Richmond Avenue, Dublin 3 Hooke & MacDonald is guiding €6.3m (5.96% GIY) for a portfolio of 24 apartments being sold on behalf of Receivers Duff & Phelps. The portfolio comprises one to three bed apartments. Seven of the 24 units are vacant. The 17 let generate €251k which could increase to €375k pa if re-let at market rents. The Irish Times, 12th June
10 Hillfield, Rathmichael, Co Dublin Sherry Fitzgerald Foxrock are guiding €1.45m (€377 psf) for a 3,843 sq.ft. five bedroomed detached house. The property is located within a development of 11 houses. The Sunday Business Post, 16th June
Capital Dock Development Kennedy Wilson has increased their stake in the Capital Dock Development to 50% following a buy out of Nama’s share in the scheme. Kennedy Wilson and Axa are now the sole shareholders. The development comprises 690,000 sq.ft. of offices commercial and residential units. The Irish Independent, 13th June
J&M Orwell Shopping Centre, Templeogue, Dublin 6W An Irish investor has purchased the 23,853 sq.ft. Orwell Shopping centre for €7.8m (6.9% GIY), €300k above CBRE’s guide price. The property is fully let, anchored by SuperValu and generates €537k pa with a WAULT of 9.2 years. The property also includes 95 surface car parking spaces. The Irish Independent, 13th June
Sorting Office, Dublin Docklands Mapletree Investments, a Singapore real-estate investment trust, has completed its purchase of the Sorting Office, a 210,000 sq.ft. office scheme being developed on the corner of Cardiff Lane and Hanover Street East, opposite the Bord Gáis Energy Theatre. The acquisition represents Mapletree’s first office acquisition in Ireland and eighth investment in Europe. The Irish Times, 12th June
Ashleaf Shopping Centre, Crumlin has been brought to the market by CBRE for €10.75 million. The Centre produces annual rental income of €1.18m per annum however there is significant scope for an increase with nine vacant retail units extending across 39,424 sq.ft. and 12,450 sq.ft. of office space respectively. CBRE believe that there is potential to grow the rental income by €410,000. The Irish Times, 5th June
3.2 Acre Site, Blackrock, Co Dublin Savills is guiding €6m (€1.875m per acre) for a 3.2 acre site located on Newtownpark Avenue in Blackrock. The site has full planning permission for 16 houses and 30 apartments (€130k per site). The Irish Times, 12th June
9.7 Acre Site, Citywest Business Campus Savills are guiding €5.6m (€577k per acre) in one or two lots for a site at Citywest Business Campus. Lot 1 is 5 acres and Lot 2 is 4.7 acres. The site is zoned Objective EE with an aim “to provide for enterprise- and employment – related uses”. The site has accress from Junction 3 on the N7 Naas Road with 152m of dual-carriageway frontage. The Irish Times, 12th June
19 Acres, Drumcondra Ballymore, Hines, Sean Reilly and Chartered Land are thought to be amongst the shortlist of bidders on a 19 acre site in Drumcondra, which is on the market for c €100m (€5.2m per acre) The Irish Times, 15th June
22.91 acres Clonee, Co Meath McPeake Auctioneers are guiding €2.291m (€100k per acre) for 22.91 acres of zoned E2 / E3 lands. The site is adjacent to Facebook’s 925,696 sq.ft. facility, on the periphery of the Dublin Enterprise Zone. The site includes a 1,722 sq.ft three bed bungalow, 21 loose boxes and a large yard. The Sunday Business Post, 16th June
Copley Street, Cork City A 265-room student accommodation is set to open this week in Cork following a €25m upgrade. Hatch Student Living and Elkstone acquired the property in 2018 and have upgraded the property from 137 bedrooms. The Irish Times, 17th June
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Frascati Centre, Blackrock, Co. Dublin An Bord Pleanála has rejected several appeals against the decision of Dún Laoghaire-Rathdown county council to approve the residential development above the Frascati shopping centre. Planning permission has been granted for 45 apartments despite objections from a number of local residents. The development is part of a major revamp of the centre estimated at €40 million which will double the retail space at the facility. The 45 apartments are planned over three storeys, and there will be a new first-floor car park and roof garden. The Sunday Times, 10th June
St Mary’s Road, Dublin 4 Colliers International is guiding €1.5 million for the 2,606 sq.ft. (€575 per sq.ft.) 1 St Mary’s Road in Dublin 4, which is being sold with vacant possession. The property currently has planning permission for restaurant use, which covers a variety of other uses including residential, medical and childcare facilities. The Sunday Business Post, 9th June
48-49 Clontarf Road has come to the market fully occupied with a guide price of €1.6 million. The rental income of €144,075 represents a net yield of 8.3%. The property comprises a mid-terrace, three-storey building extending to 5,429 sq.ft. (€294 per sq.ft.) and has undergone an extensive refurbishment recently. The accommodation is laid out to provide two ground-floor retail units, seven office suites and a penthouse apartment. The Irish Times, 5th June
53 Dawson Street Cushman & Wakefield is guiding €1.65 million for the 3,620 sq.ft. 53 Dawson Street (€455 per sq.ft.), a four-storey over-basement Georgian property. The property, which is a protected structure, produces rental income of €44,304 per annum with two floors currently vacant. The Irish Times, 5th June
1 Northumberland Avenue, Dun Laoghaire Mason Owen & Lyons has brought a 5,536 sq.ft. single storey former supermarket premises to the market, seeking offers in excess of €1 million. The property is zoned Town Centre in the Dun Laoghaire-Rathdown Development Plan and it is a policy of the plan to encourage residential development on mews lane ways in the town. It is thought the site has potential for 5 Townhouses. Mason Owen & Lyons, 4th June
Naas Road, Dublin 12 Harvey has been instructed by the Harris Group to let their entire 257,593 sq.ft. (16.4 acre) site on the Naas Road. The site comprises of three buildings, with building 1 being the smallest at 9,419 sq.ft. Building 2 is an assembly/workshop with potential warehouse use and spans 49,844 sq.ft. Building 3 (198,316 sq.ft.) comprises various industrial and assembly areas with ancillary offices, yard space and car parking and is being offered in sections from 86,920 sq.ft. down to 6,519 sq.ft. The quoted rents range from €4.50 per sq.ft. to €7.50 per sq.ft. The Irish Times, 5th June
Unit B at Xerox Technology Park, Dundalk has been brought to the market through JLL with a guide price of €4.5 million (€81 per sq.ft.). The 55,000 sq.ft. premises is a state-of-the-art R&D and office headquarters and is being offered for sale in walk-in condition due to an investment of about €20 million in 2008 by its current owners. The Irish Times, 5th June
J&M Cleary Pub, Amiens Street The historic Dublin pub, where scenes for Michael Collins and The Commitments were filmed, has come to the market with a guide price of €2.75m. Situated on Amiens St, and across the road from Connolly Station in Dublin 1, it is close to the IFSC and Busáras. The premises also comes with retail and residential space with rental income potential of more than €80,000 a year. To one side of the premises is a barbershop of 220 sq.ft. which generates €1,200 per month in rent. On the other side is a locksmith shop of 326 sq.ft which produces €1,600 per month. Two of the two bed apartments are let at €1,200 per month and have separate access from Amiens St. The third apartment has been recently refurbished. The Irish Independent, 6th June
Numbers 11 and 13 Lower Grand Canal Street, beside Becky Morgan’s pub in Dublin 2 have come to the market with residential development potential guiding €1.2 million through Lansdowne Partnership. The site is occupied currently by two terraced houses on 1,830 sq.ft. There is full planning permission for internal and external alterations, and the construction of a two-storey over-basement rear extension covering a total area of 1,485 sq.ft. to both dwellings. The Irish Times, 5th June
Malahide, Co Dublin Savills is guiding €1.6 million for a detached family home located along Streamstown Lane in Malahide, Co Dublin. The four bedroom property spans 3,150 sq.ft. (€506 per sq.ft.) The Sunday Business Post, 9th June
Ashleaf Shopping Centre, Crumlin has been brought to the market by CBRE for €10.75 million. The Centre produces annual rental income of €1.18m per annum however there is significant scope for an increase with nine vacant retail units extending across 39,424 sq.ft. and 12,450 sq.ft. of office space respectively. CBRE believe that there is potential to grow the rental income by €410,000. The Irish Times, 5th June
Project Shoreline located in Baldoyle which extends to 125 acres and comes with full planning permission for 546 homes has been brought to the market by Savills at a guide price of €42 million (€76,293 per unit). However, there is scope to increase the land’s density to 1,592 units through further planning permissions (€26,250 per unit). The Irish Times, 6th June
A 10.46 acre site in Ranelagh, Dublin 6 zoned “Z15 – Institutional and Community” which identifies a mix of “permissible uses” and “open for consideration” uses for the site including residential, medical, hotel, educational and community has come to the market guiding €55 million (€5.25 million per acre). The site currently forms part of the Jesuit order’s Milltown Park campus, and is being offered for sale with a number of original period buildings. The Irish Times, 5th June
A 22.7 acre site in Kildare Town with full planning permission for 187 houses has come to the market with a guide price of €6.5 million (€286k per acre). The site is located just 600 metres from the train station and is the only major residential development opportunity in Kildare town which is ready for development with the benefit of access to all services. The Irish Times, 5th June
Howth/Bray: Glenveagh has acquired two sites located in Howth, County Dublin and Bray, County Wicklow for €24 million, which have the capacity to deliver 375 homes. The land acquired in Dublin is a portion of the Howth Castle site, which was recently purchased by Tetrarch Capital. The Irish Times understands that Glenveagh paid around €15m for this 2.7 acre site that has zoning for residential development. The Irish Independent, 7th June
12.5 acres, Co. Cork CBRE are listing €4m for a 12.5 acre site in Ovens, Co. Cork (€320k per acre). The site is located next to Dell/EMC Campus and has planning permission for 46 houses and a crèche over an 8 acre section and it is believed that 100 houses may be able to be accommodated over the whole site. The Irish Examiner, 6th June
BidX1 Auction The recent auction generated €21.4 million in sales from 133 lots which is more than two-thirds of the 198 lots offered. The highest price was achieved by a commercial investment property on Main Street, Celbridge, Co Kildare, which sold for €850,000 – €100,000 over its €750,000 guide price. The property generates €89,000 rental income per annum (10.47% gross yield). The Irish Independent, 6th June
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Balbriggan, North Dublin Savills is seeking offers in excess of €6.65 million (€912 per sq.ft.) for the freehold interest of the Bank of Ireland’s 7,286 sq.ft. branch premises at Balbriggan in north Dublin. The lease has a weighted average unexpired lease term of 14.53 years with current total passing rent of €432,456 per annum (€59.35 per sq.ft.) Lease reviews are on an upward-only basis and benefit from the higher of either open market rent or 15 per cent fixed uplifts. The asset is currently producing a net initial yield of 6% with this expected to rise to 7.92% once the fixed uplifts take effect. The Irish Times, 29th May
Musgrave Retail Park, Waterford Knight Frank is guiding €4.75 million for the 96,808 sq.ft. Musgrave Retail Park in Waterford. Developed in 2009, the scheme is fully-occupied by two high-profile tenants, Musgrave and The Range, and is delivering total rental income of €407,712 per annum (€4.21 per sq.ft.) which equates to a net initial yield of 7.91%. A fixed rental increase is due in 2022, rising to €433,676 per annum (€4.48 per sq.ft). The rental uplift offers the buyer a potential yield of 8.89%. The Irish Times, 29th May
Number 4 O’Connell St, Dublin 1 A five story over-basement mid-terrace 3,350 sq.ft. building has come to the market through Knight Frank with a guide price of €1.5 million (€447 per sq.ft.) The fully refurbished building consists of a retail element extending to 1,370 sq.ft. with separate access provided to the upper floors from O’Connell Street, with direct access also available from the ground-floor shop. The property is being sold with the benefit of vacant possession. The Irish Times, 29th May
Howth Castle Tetrarch Capital has completed the purchase of the estate of Howth Castle and demesne in a multimillion euro sale which also included the Deer Park hotel and golf courses. Tetrarch plans to redevelop and reopen the hotel as a luxury property, to transform the golf courses whilst also including a new leisure centre, retail elements and significant sports and recreational amenities and facilities. The Irish Times, 30th May
Portmarnock Hotel and Golf Links Kennedy Wilson has launched the Portmarnock Hotel and Golf Links on the market with a guide price of €50 million. The estate was acquired in 2014 for €27 million and has undergone significant refurbishments since. The 134 guestrooms, banqueting and conference facilities were upgraded along with the addition of a spa and enhanced golf experience. The Irish Times, 29th May
Parnell Place, Cork A planned new 162-bed hotel on Parnell Place in Cork City can now proceed after an appeal against the plan was dropped. Tetrarch Capital sought planning permission for the hotel which would stretch back to Deane Street and onto the rear of homes and businesses on Lower Oliver Plunkett Street. Buildings to the rear of the premises facing Deane Street will be demolished which is also where the entrance to the hotel will be located. The Echo, 31st May
Nassau Street, Dublin 2 An Bord Pleanála has granted planning permission for a new €100 million office development on Nassau Street in Dublin. The proposed development by Ternary Ltd will have a gross floor area of 406,036 sq.ft. (€246 per sq.ft.) The existing office block is largely vacant and according to the applicants not suitable for modern office needs. The Irish Times, 30th May
Prism Building, Cork City The developers of the triangular Prism Building have said work could start within months on the site next to the city’s central bus station, and bounded by Clontarf St, Deane St and Lower Oliver Plunkett St. The building was granted planning despite senior planners recommending it be refused due to its height. Architects have designed the Prism to provide 60,000 sq.ft. of office space over floors one to 14, with a roof-top terrace on the 15th floor, with room for 600 workers. The Irish Examiner, 28th May
Lugus Capital and Broadhaven have acquired a portfolio of 142 residential properties for c.€29.9 million. The properties are located in Dublin, Meath, Kildare and Galway. The portfolio includes 34 apartments at Swiftwood in Saggart (€6.9 million purchase price), 16 apartments at Garrison Mews in Dublin 18 (€3.46 million), 19 apartments at the Clontarf Bay development (€5.3 million), and 10 units at Wilford Court in Bray (€2.52 million). There are also a number of individual properties in portfolio. The Irish Times, 29th May
Dún Laoghaire, Co. Dublin A real estate fund managed by Deutsche Bank subsidiary DWS has agreed to pay €108 million to acquire 214 apartments in the Fairways development in Dún Laoghaire, Co Dublin. The price tag equates to an average of €504,000 per unit, and a gross yield of 4.89%. The apartments are due for completion in stages between September 2019 and February 2020. The scheme will incorporate 29 one-bedroom units, 156 two-bedroom units, five two-bedroom plus study units, 23 three-bedroom units and one four-bedroom penthouse. The Irish Times, 29th May
Anglesea Avenue, Blackrock, Co. Dublin Sherry Fitzgerald has brought the 4 bedroomed 7 Anglesea Avenue, Blackrock to the market guiding €1.375 million. The 2,300 sq.ft. double fronted late Georgian terraced property has been restored, refurbished and extended, maintaining many of the period features. The Sunday Business Post, 2nd June
23 Hatch Street Lower, Dublin 2 Knight Frank is guiding €2.6 million for the 5,124 sq.ft. Georgian investment property. The four-storey over lower-ground period building comprises both commercial and residential accommodation. Located at lower ground, ground, first and second floors, the office accommodation extends to 3,934 sq.ft. This portion of the property is fully let along with seven car parking spaces. The lease has 14 years remaining and a passing rent of €152,200 with parking at €3,500 per space. The two apartments are being sold with vacant possession with an estimated rental value of between €43,000 and €45,000 per annum. The Irish Times, 29th May
Q1 2019 Dublin Industrial Report Take up in the Capital was 829,897 sq.ft. in Q1, comprising mainly small leasehold transactions. Prime rents are €9.29 psf, a 9% increase YoY, and are expected to rise to €10.03 in 2019 and €10.22 psf in 2020. 227,119 sq.ft. of industrial space was completed in Q1 with a further 450,470 sq.ft. of space under construction Cushman and Wakefield Report
Naas Road Industrial Park, Dublin 12 Quinn Agnew is seeking offers in excess of €7.5 million for the Naas Road Industrial Park, a 4.2-acre managed business park property in Dublin 12. Naas Road Industrial Park comprises six units extending to a total gross external area of 87,611 sq.ft. Four of the units produce an annual income of €408,250. The site comes with development potential (SPP) as it is zoned Objective Z6 under the Dublin City Development Plan 2016-2022. The Sunday Business Post, 2nd June
18.24 acres, Enniskerry Road Cushman & Wakefield has brought an 18.24 acre site on the Enniskerry Road to the market at a guide price of €17 million (€932k per acre). The site has the capacity to accommodate c.200 homes (€85k per site). As this is a NAMA appointed sale, purchasers will have the opportunity to bid to acquire the site outright or to enter into a licence agreement (subject to planning permission) for the delivery and disposal of units in the development. The Irish Times, 29th May
3 acres, Blackrock Co. Dublin A 3 acre site on Cross Avenue, South Dublin adjacent to Blackrock College has come to the market with GVA Donal O’Buachalla seeking offers in excess of €20 million (€6.6 million per acre). The site falls within “objective A” in the Dún Laoghaire Rathdown Development Plan 2016-2022. A site feasibility study was conducted and examined the potential for two development options for the site – 121 units in build-to-sell (€165k per unit) and 154 units in build-to-rent (€130k per unit) layouts. The Irish Times, 29th May
Poolbeg Housing Site NAMA has announced that the country’s biggest housing development site Poolbeg will be brought to the market within weeks. The site has the potential to see upwards of 3,000 homes built. The site is one of the last remaining large-scale residential development opportunities still available near Dublin city centre and 25% of all new homes there will be either social or affordable housing. The Irish Independent, 31st May
Rathcoole, Dublin 24 Coonan Property is seeking offers of €3 million for a Rathcoole development opportunity. The 1.27 acres comes with full planning permission for a 58 bedroom aparthotel, nine retail units and four market stalls. The Sunday Business Post, 2nd June
A Cushman & Wakefield report has highlighted that development land transactions worth an estimated €240 million were sale agreed in the first quarter of 2019. In greater Dublin alone, a total of 14 deals closed in the first three months of the year, for a combined value of €160.8 million. The largest deal being the sale of 84.5 acres in Newbridge and Leixlip for €50 million. Sandyford, Dublin 18 had the second-largest deal, for the sale of a site with full planning permission for 459 apartments to Avestus for €38 million. The Irish Times, 28th May
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
Luttrellstown Castle, Dublin 15 is to get eight new bedrooms as part of a multimillion renovation of the walled estate. This will bring the number of bedrooms at the hotel and golf resort to 20, with a completion date of April 2020. This will result in the nightly hire rate for the entire resort increasing from €7,000 upwards at present to €12,000 or more once the new rooms are opened. The resort is used for weddings, parties, corporate entertainment and other events, with those hiring the property having to book all of the bedrooms. The expansion will mean that up to 54 guests can stay there at any one time. The Irish Times, 26th May
Townsend Street, Dublin 2 The hotel group Tifco, which was acquired last year by Apollo Global Management, has agreed to buy a 393-bedroom venue being built in Dublin city centre by John Sisk on behalf of Tetrarch, for c.€100 million. It is being reported that the new eight storey hotel on Townsend Street will become a Travelodge. The Sunday Times, 26th May
Sorting Office, Dublin Docklands The Irish Times understands that Mapletree Investments, a Singapore-headquartered real estate investment trust is closing in on a deal to buy the Sorting Office, a 202,000 sq.ft. office scheme being developed in the Dublin docklands. They are set to pay €240 million (€1,188 psf) for the seven-storey office block, which is now under construction on the site near Grand Canal Dock. The sale does not include the 56 apartments Marlet is delivering as part of the wider Sorting Office development. The Irish Times, 25th May
Reflector Building, Dublin 2 The Sunday Times understands Hana Financial Group, one of South Korea’s largest bank holding companies, is believed to be in advanced talks to buy the Reflector, a six-storey block in Grand Canal Dock. The property was developed by Park Developments, and put on the market for €155 million. The Sunday Times, 26th May
19-22 Lower Baggot Street A private investor has paid just under €8 million to acquire a portfolio of four interconnecting Georgian properties. The properties comprise a total of 12,723 sq.ft. with four basement car parking spaces. Numbers 20 and 21 are interconnected at all levels while numbers 19 and 22 are connected at basement level. No. 22 can also be used as a self-contained unit. The Irish Times, 22nd May
Foxrock, Dublin 18 A three storey detached family home (4,110 sq.ft.) on 0.4 of an acre has come to the market for c.€2.45 million (€596 psf). The upper floors consist of six bedrooms and seven bathrooms. The professional landscaped gardens have a wrap-around timber deck and back on to the Leopardstown Racecourse. The Sunday Business Post, 26th May
Rathmichael, Dublin 18 A five bedroom detached family home built in 2014 on 0.4 of an acre (3,799 sq.ft.) is guiding €1.195 million (€314 psf) through Sherry Fitzgerald. The Sunday Business Post, 26th May
52 Castlepark Road, Sandycove Agent Tom O’Higgins is guiding €1.495m for the 1,937 sq.ft. four bedroom home. The extensive gardens have planning permission for a detached 1,668 sq.ft home with separate access. The Sunday Business Post, 26th May
Park Avenue, Cork Agent CBRE is quoting €17.5 million for Park Avenue on South Douglas Road, Cork. The scheme comprises six standard one-bed apartments (652sq.ft.), 12 large one-bed apartments with an additional study/dressing room (836sq.ft.), 40 two-bed apartments (855sq.ft.) and four three-bed apartments (1,132sq.ft.). The property has 82 car parking spaces at basement level. 53 of the 62 apartments are being offered for sale with full vacant possession. There are also two commercial units part of the sale, occupied by a crèche and a cookery school. The Irish Times, 22nd May
Lennox Building, South Richmond Street Oakmount and Core Capital have secured €27 million from the sale of the Lennox Building in Dublin city centre to a fund managed by Swiss Life Asset Managers. The price achieved for the property represents a significant return on the estimated costs of c.€18 million incurred by Oakmount and Core in acquiring and developing the site on the corner of South Richmond Street and Lennox Street in Portobello. The Lennox Building’s sale price of €27 million meanwhile provides its new owners with a net initial yield of 4.8%. Completed in March 2019, the property comprises an office and restaurant premises over basement, ground and three upper floors totalling 33,448 sq.ft. The Irish Times, 22nd May
Aungier Street, Dublin 2 The Marlin Group has been granted planning permission from Dublin City Council for the delivery of 20 serviced apartments and a bar and restaurant on Aungier Street in Dublin city centre. The proposed development will, upon completion, form an annex to the group’s 300-bedroom Marlin Hotel, which is due to open for business on the adjoining Bow Lane on July 19th. An on-street entrance from Aungier Street will lead to the Marlin Hotel restaurant, bar and outdoor terraces leading on to Bow Lane. The Irish Times, 27th May
Ballymun Town Centre, Dublin 11 Hooke & MacDonald is quoting €2m (€595k per acre) for a site in Ballymun Town Centre (3.36 acres), which is situated on the southern side of Silloge Road adjacent to the College View apartment development and Ballymun Shopping Centre. The site is zoned Z4 mixed use under the Dublin City Development Plan and has the capacity to be developed into a number of uses including build-to-rent and student housing. The Irish Independent, 23rd May
Citywest, Dublin 24 Goldman Sachs and US investor Carval plan to build almost 300 apartments at Citywest Shopping Centre. The centre has begun talks with An Bord Pleanála and the local council on a proposal to build the apartments at its site in west Dublin under the fast-track initiative for residential projects. Goldman Sachs bought Citywest Shopping Centre several years ago. The Irish Times, 25th May
55 Fumbally, Dublin 8 Oakmount has sold a c.0.55 acre site (55 Fumbally) in Dublin 8 to international co-living company The Collective for c.€10.5 million through joint selling agents JLL and Knight Frank. They have purchased the site with planning permission for a large, mixed-use scheme ranging in heights of up to six storeys incorporating 34 apartments, 287,000sq.ft. of office space, a restaurant and 24 under-croft parking spaces. The Irish Times, 22nd May
0.23 acres, Dublin 4 Knight Frank and Colliers International are guiding a price of €4.5 million for a residential development site at the junction of Appian Way and Leeson Street Upper in Dublin 4. The site extends to 0.23 acres and is being offered to the market with full planning permission for a scheme of 16 apartments (€281k per site). The planning allows for a single five-storey over-basement property consisting of four one-bed apartments, eleven two-bed apartments and one three-bed penthouse and thirteen car parking spaces. The Irish Times 22nd May
22.7 acres, Kildare Town A ready-to-go development site of 22.7 acres in Co Kildare with full planning permission for 187 houses is for sale with a €6.5 million guide price (€35k per site). Located on the northern side of Kildare Town, the site is in close proximity to transport links, schools and Kildare town centre. The Irish Independent, 23rd May
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie
23 Rock Hill, Blackrock Village, Co. Dublin Savills are guiding €3.5m for a mixed-use investment comprising two substantial split-level retail units while the upper floor provides for a fully-fitted vacant own-door, open-plan office of 3,261 sq.ft. with unobstructed sea views. The premises are located directly opposite Blackrock Shopping Centre and immediately adjacent to Blackrock Dart Station. One of the ground-floor retail units is leased to Irish Permanent TSB plc for a term of 35 years from February 1st, 1987, subject to a passing rent of €150k p.a., while the adjacent retail unit is let to Fine Bottles Ltd T/A Blackrock Cellar Fine Wines for a term of 12 years from February 22nd, 2012, at a passing rent of €60k p.a. The Irish Times, 15th May
80 Philipsburgh Avenue, Dublin 3 Agent Robert Colleran has brought 80 Philipsburgh Avenue (used by the Billie Barry Stage School and a crèche) and the leasehold interest in the adjoining Fairview Pitch and Putt grounds to market guiding €3.5m. The property consists of a two-storey club house building extending to 10,828 sq.ft. and parking for 50 cars. This 0.52-acre freehold property is zoned Z1 – Sustainable Residential Neighbourhoods. It is thought that the site could accommodate houses or an infill apartment development of about 32 units. The Irish Independent, 16th May
30 Wexford Street, Dublin 2 Lisney are guiding €1.8m (€796 psf) for a 2,259 sq.ft. four-storey, mid-terrace, mixed use property which has a retail unit at ground-floor level and three two-bedroom apartments on the upper floors. The retail unit will be sold with vacant possession and the residential units are leased on informal agreements. The Irish Times, 15th May
Phoenix Park Racecourse, Castleknock An Bord Pleanála has approved Flynn & O’Flaherty Construction’s plans to build 88 apartments at the former Phoenix Park racecourse in Castleknock. The homes will be constructed in four blocks ranging from four to six storeys. The 0.6 hectare site forms part of a much larger housing development of 40 hectares. The Sunday Times, Irish Edition, 19th May
2A Pecks Lane, Castleknock, Dublin 15 Sherry Fitzgerald are guiding €1.15m (€545 psf) for a 5-bed detached 2,110 sq.ft. property beside the Phoenix Park and Castleknock Village. The Sunday Business Post, 19th May
No 17 Leeson Street Upper Hunters are seeking €1.75m (€535 psf) for a 4-bed 3,272 sq.ft. terraced house in close proximity to the canal and St Stephens Green. The Irish Times, 20th May
The Conrad Hotel, Dublin 2 The sale of Dublin’s five-star Conrad Hotel is expected to conclude shortly for c.€118m, through CBRE who offered the hotel for sale at a guide price of €115m four months ago. It is reported that the hotel’s current owners have entered exclusive talks with European hotel investor, Archer Hotel Capital BV. The Irish Times, 16th May
The Marker Hotel, Dublin 2 CBRE are guiding €125m for the five-star Marker Hotel. The current owners, Midwest Holding AG, and an investor group led by Kevin McGillycuddy’s Brehon Capital Partners, acquired the Marker Hotel and the adjoining Marker Residences in 2011 for c.€30m and undertook significant refurbishment works before opening for business in 2013. The Irish Times, 15th May
Brady’s Castleknock Inn, Dublin 15 Bartra has bought the 0.783 acre Brady’s Castleknock Inn site on the Old Navan Road, Dublin 15 for c.€3.3m, €450k over the €2.85m quoted by estate agents Finnegan Menton. The site has planning permission for 36 two-bed and three-bed apartments and penthouses. It is reported that Bartra are considering developing the site as a co-living development. The Irish Independent, 16th May
Bray Town, Co Wicklow John P Young Auctioneers are auctioning Chrissy D’s pub (4,097 sq.ft.) located on the southside of Bray town, Co Wicklow, on May 30th guiding between €1.4m and €1.6m. (€341 psf.) The premises includes a lounge and public bars as well as a function room, kitchen and apartment. The Irish Independent, 16th May
34-35, Liffey Street, Dublin 2 Savills is guiding €1.95m for 34-35 Liffey Street which comprises a double-fronted property with two- level retail trading. The entire building is leased to the Scout Association of Ireland Trust Ltd for a term of 35 years from December 1st, 1994 subject to a passing rent of €120k p.a. The lease provides for upward-only rent reviews. The Irish Times, 15th May
31 Liffey Street, Dublin 2 Savills are guiding €1.4m for a property located next door to Marks & Spencer’s flagship Mary Street store and is leased to D&L Household Goods & Gifts Ltd T/A All Seasons for a term of 35 years from 1986 subject to a passing rent of €80k p.a. The lease provides for upward-only rent reviews. The Irish Times, 15th May
32 Lower Liffey Street, Dublin 2 Savills are guiding €850k (€712 psf) for two freehold units spanning 656 sq.ft. and 538 sq. Ft. The units are being sold with vacant possession. The Irish Times, 15th May
Henley Bartra Henley Bartra has paid €125m in an off-market deal for a portfolio of office and data centre assets in Dublin and Cork. This transaction represents Henley Bartra’s largest single acquisition to date and means it secures ownership of nearly 500,000 sq.ft. of property distributed across the Citywest Business Campus in Dublin and Cork Airport Business Park. The Citywest campus is a 369,000 sq.ft. portfolio comprising 11 buildings, development sites and car parks. The Cork portfolio extends to 140,000 sq.ft. The Irish Times, 17th May
No 30 Merrion Square and No 1 Holles Street, Dublin 2 Lisney is guiding €2.5m and €800k for No 30 Merrion Square and No 1 Holles Street respectively. No 30 Merrion Square, currently in use as an office, is a 5,160 sq.ft. mid terraced four-storey over-basement Georgian building with a part two-storey and part three-storey return to the rear along with parking for six cars. No 1 Holles Street is a 2,835 sq.ft. semi-detached, four-storey over-basement period building located directly opposite the National Maternity Hospital. This property is in need of a full refurbishment. The properties are available to purchase separately or combined. The Irish Times, 15th May
No 29 Merrion Square, Dublin 2 HWBC is guiding €4m for a 4,768 sq.ft. fully restored Georgian building together with a tenanted mews to the rear of the property. The property comprises a four-storey over-basement, mid-terrace building and is being offered for sale with vacant possession. The mews at Holles Place is let to Workgroup at a rent of €30.5k p.a. and comprises a 1,582 sq.ft. self-contained two-storey property with one parking space. The tenant is in occupation under a 10-year lease from May 2017, with a break option in year five. The Irish Times, 15thth May
Numbers 1 – 4 Sussex Street, Dun Laoghaire Cushman & Wakefield is guiding €2.15m for two office investments in Dún Laoghaire. The buildings comprise two adjoining two-storey detached office buildings extending to 6,932 sq.ft. No 1 Sussex Street, guiding €450k is a two-storey office, let to a private accountancy and business advisers’ practice producing an annual income of €18k p.a. Number 2-4, guiding € 1.7m, is being sold with vacant possession. The Irish Times, 15th May
Kilbride House, Herbert Road, Bray, Co Wicklow CBRE, on behalf of Marlet Property Group, are guiding €6m for the former Danish embassy site in Bray, Co. Wicklow. The 9.1 acre site comes with planning permission for 42 houses (€143k per site) ranging from 4-bed detached to 3-bed terraced homes. The Irish Times, 15th May
Sandymount, Dublin 4 Knight Frank sold a prime 1.26 acre residential site in Castle Park, off Gilford Road, Sandymount, Dublin 4 for €7m to an Irish house builder. The site has existing planning permission for the construction of 25 residential units (€280k per site) comprising nine three-bed houses, seven two-bed ground-floor apartments, one three-bed ground floor apartment, and eight four-bed duplex apartments. The Irish Times, 15th May
Usher’s Quay, Dublin City Centre Knight Frank is guiding €2.75m for a 0.14 acre mixed-use site with full planning permission for 27 apartments and commercial space at Usher’s Quay in Dublin city centre. The site comes for sale with full planning permission from Dublin City Council for the demolition of all existing buildings and the construction of a new part six/seven storey building comprising 27 apartments (five one-bed units and 22 two-bed units), above ancillary residential amenities and a commercial unit at ground floor. The Irish Times, 15th May
Lusk, Co. Dublin Knight Frank is guiding €3.8m (€442k per acre) for an 8.6 acre residential development site distributed across two lots on either side of the Lusk Relief Road. The site is situated close to Lusk Village and adjoins the new village centre (currently under construction) which will provide a comprehensive retail offering including a supermarket of over 43,055 sq.ft. The Irish Times, 15th May
OTHER
Stella Maris Convent, Howth Joint agents Lisney and Farley Property are guiding €3.5m for the Stella Maris Convent and Retreat House on Howth Head. The property currently comprises a complex of buildings extending to an overall area of 8,000 sq.ft. The various buildings include an extended two-storey Victorian residence; a second two-storey house offering retreat accommodation and a large single-storey prefabricated building used for seminars. There are 23 bedrooms in total, numerous reception rooms, dining rooms and kitchens together with a single-storey chapel built in 1929 and two prefabs. The Irish Times, 15th May
Circle K Filling Station Citywest, Co. Dublin Savills is guiding €3.85m (6.75% NIY) for the Circle K filling station in Citywest Co. Dublin. There is 15.7 years remaining on the lease producing €283k in rental income p.a. The prospective purchaser will also benefit from fixed 25% rental uplifts in December 2024 and December 2029, reflecting net running yields of 8.45% and 10.54% respectively. The site has an area of about 0.76 acres and occupies a high-profile location immediately off the N7/Naas Road. The Irish Times, 15th May
Cork City CBRE released a detailed report for the rationale for locating and investing in Cork City, which stated that there is currently almost 950,000 sq.ft. of office stock under construction in Cork, with a further 1,840,000 sq.ft. with planning permission that can be delivered in the short to medium term. CBRE Ireland, 17th May
If you have an article which you would like to have considered for inclusion in our next weekly report, please contact us at info@origincapital.ie