Irish property market news and insights – for the industry, by the industry
Before we get stuck into the general property news of the week, below are the local and international stories that might be of particular interest:
- Irish house price inflation among lowest in Europe https://www.thetimes.co.uk/article/irish-house-price-inflation-among-lowest-in-europe-8v9rc8ttp
- Galway TD calls for €15,000 grant for people to buy vacant homes https://www.galwaydaily.com/news/galway-td-calls-for-e15000-grant-for-people-to-buy-vacant-homes/
- Cork City Councillors have backed a motion of no confidence in An Bord Pleanála after what has been described as “an affront to local democracy”.
Independent Councillor Paudie Dineen tabled the motion of no confidence, but also called for the current board of An Bord Pleanála to be disbanded.
https://www.echolive.ie/corknews/Cork-City-Councillors-support-motion-of-no-confidence-in-An-Bord-Pleanala-7d271cd9-950b-416b-bf47-406af4572925-ds
- Housing Minister refuses to commit to co-living ban https://www.irishexaminer.com/breakingnews/ireland/housing-minister-refuses-to-commit-to-co-living-ban-1011061.html
- ‘If this happens, there’ll be all out war’: Construction industry rumbled by wage legislation: A High Court ruling that Sectoral Employment Orders (SEOs) in the construction industry is unconstitutional has seen unions threaten strike action and workers calling for “all out war”.
https://www.irishtimes.com/news/ireland/irish-news/if-this-happens-there-ll-be-all-out-war-construction-industry-rumbled-by-wage-legislation-1.4305322?mode=amp
- Rent increases and evictions ban extension draws ire from property owners: Minister extends ban past Monday deadline but extension is expected to be short https://www.irishtimes.com/news/social-affairs/rent-increases-and-evictions-ban-extension-draws-ire-from-property-owners-1.4306397?mode=amp
- Revenues up 25 per cent at Pepper Ireland ahead of sale to Link Group: Company saw big increase in business after taking on loan books from Irish banks https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/financial-services/revenues-up-25-per-cent-at-pepper-ireland-ahead-of-sale-to-link-group-1.4307194?mode=amp
- Institutional investment is vital to Ireland’s real estate sector: In uncertain times, it is vital that government policy aids the positive impact that institutional investors have in this country https://www.businesspost.ie/property-insight/institutional-investment-is-vital-to-irelands-real-estate-sector-08914ac2
- Energy ratings and flood risks likely to be part of BoI’s climate change assessment
https://amp.independent.ie/business/irish/energy-ratings-and-flood-riskslikely-tobe-part-of-bois-climate-changeassessment-39377245.html
- Iconic Offices is launching a new monthly webinar series to explore a variety of Future of Work topics with a panel of industry experts. First up, the panel will be taking a look at Navigating the Covid-19 Landscape – Restructuring, Returning & Reimagining Dublin’s Working World. As the working world continues to see the impact of COVID-19, this live webinar aims to bring a real-time, informative and dynamic conversation with Commercial Real Estate (CRE) & flexible workspace industry leaders who are currently navigating ‘The New Norm’ within the workplace, providing invaluable insights from the ground.
I (Carol Tallon) on behalf of Property District Ireland will lead the panel of industry experts, which includes Jerry Corcoran of BNP Paribas Real Estate Ireland, Michael Healy of Savills Ireland and Joe McGinley of Iconic Offices. This live webinar is aimed to help you make informed decisions and develop a return-to-office plan that places people first. Offering guidance on how to safely operate in this new context, requiring a series of interconnected changes that will impact an offices physical design, service, policies, staffing practices, and more. Taking place Thursday 23rd July from 12.00 – 1.00pm, save your space here: https://bit.ly/2C67jDp
If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/category/sunday-property-review/
As always, you might let me know if I have missed out on any relevant property news by emailing carol@propertydistrict.ie.
(Apologies in advance for any typos, it’s difficult to get good help on a Sunday. Also, I use voice to text dictation so just sound out anything that really doesn’t make sense in a strong rural accent and that should help!)
SUNDAY LISTEN
Property Matters: Ireland’s First Weekly Property Radio Show (& Podcast!):
Ireland’s first weekly property radio show, Property Matters, launched In January 2019 on Dublin South FM 93.9 and is now available internationally via iTunes and Spotify podcast (www.iPropertyRadio.com). The team delivers 60 minutes of industry chat weekly with guests from the areas of planning, construction, property and proptech.
Produced by Katie Tallon of Hear Me Roar Media.
On #PropertyMatters this week:
Barry Cull of AIB, Damien Kilgannon of IDA Ireland and Ronan McGrath of McGrath Construction Consultants and Elevation Construction Network
Listen back: https://ipropertyradio.com/property-matters-15th-june-2020-aib-ida-mcgrath-construction-consultants/
Produced by Katie Tallon, Hear Me Roar Media
Email the Property Matters team at hello@iPropertyRadio.com
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Government rejected council’s request for €6.6m to fund white-water rafting project in Dublin City: More than half of the €22.8m funding for the project was expected to come from grants. https://www.thejournal.ie/funding-grants-white-water-rafting-rejected-5150931-Jul2020/
- Cairn Homes plan for former RTÉ site draws 19 objections: Project Montrose plan includes 611 apartments in blocks of four to 10 storeys high https://www.irishtimes.com/business/commercial-property/cairn-homes-plan-for-former-rt%C3%A9-site-draws-19-objections-1.4303515?mode=amp
- Judge strikes out Clontarf residents case against Minister; Association out of time to challenge failure to designate fields a special protection area
https://www.irishtimes.com/business/construction/judge-strikes-out-clontarf-residents-case-against-minister-1.4306361?mode=amp
- Ailesbury Road apartments plan ‘flawed’ – Dermot Desmond – Independent.ie https://m.independent.ie/business/commercial-property/ailesbury-road-apartments-plan-flawed-desmond-39365273.html
- Calls for forum to review allocation of outdoor space in the city
https://galwaybayfm.ie/galway-bay-fm-news-desk/calls-for-forum-to-review-allocation-of-outdoor-space-in-the-city/
- 300 residents submit objections for 496-unit apartment plans http://www.echo.ie/tallaght/article/300-residents-submit-objections-for-496-unit-apartment-plans
- Multi-million regeneration planned for Cork’s historic MacCurtain Street https://amp.irishexaminer.com/breakingnews/ireland/multi-million-regeneration-planned-for-corks-historic-maccurtain-street-1010958.html
- Objections to plan to demolish O’Rahilly house https://m.independent.ie/irish-news/objections-to-plan-to-demolish-orahilly-house-39368997.html
- Maynooth residents claim Kelston in breach of planning permission https://www.irishtimes.com/news/crime-and-law/courts/high-court/maynooth-residents-claim-kelston-in-breach-of-planning-permission-1.4303610?mode=amp
- Shops put up Save Malahide Village posters for campaign to stop pedestrian street trial https://www.dublinlive.ie/news/dublin-news/gallery/shops-put-up-save-malahide-18592022
- Historic character of Killaloe & Ballina to be respected in new plan
https://www.clareecho.ie/historic-character-of-killaloe-ballina-to-be-respected-in-new-plan/
- Seán FitzPatrick’s revised house plan rejected https://m.independent.ie/irish-news/sean-fitzpatricks-revised-house-plan-rejected-39372033.html
- Jan Gehl on 60 Years of Designing Cities for People https://www.planetizen.com/features/109884-jan-gehl-60-years-designing-cities-people
*PLACEengage: The future of speedy, successful placemaking for property developers is here – Property developers and project owners ready Public Consultation are encouraged to contact the PLACEengage team for full details*
CONSTRUCTION & DEVELOPMENT NEWS
- Construction activity rebounds as sites re-open – Activity levels up sharply in June versus May but construction firms continue to cut jobs https://www.irishtimes.com/business/construction/construction-activity-rebounds-as-sites-re-open-1.4303114?mode=amp
- Builders could bring country to a standstill with strike if pay deals aren’t honoured
This could see workers walking off sites on important projects like the National Children’s Hospital or large social housing schemes https://www.irishmirror.ie/news/irish-news/builders-threaten-strike-siptu-ireland-22355814.amp
- Cental to double Carlow workforce after Ardmac deal: Construction firm gains ‘strategic’ stake in modular building specialist as base for Germfree Labs designs https://amp.independent.ie/business/irish/cental-to-double-carlow-workforce-after-ardmac-deal-39374890.html
- Sisk not worried about hard road ahead –
The Sisk group built the Center Parcs resort in Co Longford: The country’s largest construction group, has projected that its revenues could fall up to 33% this year as a result of the fallout from the Covid-19 pandemic.
https://www.thetimes.co.uk/article/sisk-not-worried-about-hard-road-ahead-fld0ggzpc
- Bartra defies Darragh O’Brien with plan for co-living homes in upmarket Merrion Road: Bartra submits its proposal for 111-bed scheme in Ballsbridge as developers swamp An Bord Pleanala with applications for shared-living accommodation https://www.thetimes.co.uk/article/bartra-defies-darragh-obrien-with-plan-for-co-living-homes-in-upmarket-merrion-road-9jggwgg8q – extra bit of background here: Developer scraps plans for 20-bed apartment block in favour of 111-bed co-living development https://en.brinkwire.com/amp/wires/developer-scraps-plans-for-20-bed-apartment-block-in-favour-of-111-bed-co-living-development/
- Green light for 1,102 residential units on Old Naas Road: Dublin City Council gives go-ahead for nine blocks despite opposition https://www.irishtimes.com/business/construction/green-light-for-1-102-residential-units-on-old-naas-road-1.4304587?mode=amp
- Largest proposed public housing project in State’s history gets green light for Shankill in south Dublin
Construction of 600 social and affordable homes – for which there are only 356 car spaces – is set to start early next year https://www.dublinlive.ie/news/property/shankill-shanganagh-public-housing-project-18588132.amp
- Dublin City Council brings new challenge to Ronan dockland tower: High Court asked to quash An Bord Pleanála permission for second time in six months
https://www.irishtimes.com/business/commercial-property/dublin-city-council-brings-new-challenge-to-ronan-dockland-tower-1.4306291?mode=amp
- Marlet completes €46m sale of Dublin docklands apartments: German buyer Real IS notes ‘high excess demand’ in Dublin residential market https://www.irishtimes.com/business/commercial-property/marlet-completes-46m-sale-of-dublin-docklands-apartments-1.4304214?mode=amp
- UK developer gets green light for 245 new homes in Lucan: Construction on the development will begin later this year https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/uk-developer-gets-green-light-for-245-new-homes-in-lucan-1.4306045?mode=amp
- Seabren secures €5.7m from sale of Dublin 12 social housing units: Developer finalising plan for housing on landmark Europa Motors site in Blackrock https://www.irishtimes.com/business/commercial-property/seabren-secures-5-7m-from-sale-of-dublin-12-social-housing-units-1.4304116?mode=amp
- Singaporean developer pays over €3m for Citywest lands: K2 Data Centres acquires 4.6-acre site with full planning from Davy Hickey Properties https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/singaporean-developer-pays-over-3m-for-citywest-lands-1.4303452?mode=amp
- Heronvale plans 130-home complex close to M50 at Kilternan: Developer seeking planning permission under fast-track scheme
https://www.irishtimes.com/business/construction/heronvale-plans-130-home-complex-close-to-m50-at-kilternan-1.4307309?mode=amp
- The Cosgrave Property Group has launched a consultation with the national planning board to try to fast-track the building of more than 1,000 homes in Co Wicklow. https://www.thetimes.co.uk/article/cosgrave-plans-to-fast-track-1-000-homes-in-wicklow-tcvbwbh0m
- Cork planners seek further clarity on proposed tall building https://amp.irishexaminer.com/breakingnews/business/cork-planners-seek-further-clarity-on-proposed-tall-building-1011203.html
- M20 corridor puts brakes on planning permissions https://www.irishexaminer.com/breakingnews/ireland/m20-corridor-puts-brakes-on-planning-permissions-1010995.html
- City Council to apply for €15million loan for land for social and affordable housing https://connachttribune.ie/city-council-to-apply-for-e15million-loan-for-land-for-social-and-affordable-housing/amp/
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Falcon lands planning for €500m North Quay project: The eight-hectare mixed-use scheme in Waterford city will be the biggest in the history of the south-easthttps://www.businesspost.ie/commercial/falcon-lands-planning-for-500m-north-quay-project-f9ad8de7
- Three well-known derelict Galway buildings set for demolition https://galwaybayfm.ie/galway-bay-fm-news-desk/three-well-known-derelict-city-buildings-set-for-demolition/
- An Bord Pleanála to rule on plans for 42 new homes in Kilkenny commuter village https://kilkennynow.ie/an-bord-pleanala-to-rule-on-plans-for-42-new-homes-in-kilkenny-commuter-village/
- Large commercial property in centre of Tullamore going up for auction for considerable price https://www.offalyexpress.ie/news/home/557779/large-commercial-property-in-centre-of-tullamore-going-up-for-auction-for-considerable-price.html
- Carrick-on- Suir set to encounter housing density issues – Tipperary Live https://www.tipperarylive.ie/news/news/556844/carrick-on-suir-set-to-encounter-housing-density-issues.html
- Planning granted for construction of Longford town national school extension https://www.longfordleader.ie/news/home/558001/planning-granted-for-construction-of-longford-town-national-school-extension.html
- An Bord Pleanála Considering Proposal For Almost 400 New Homes In Clane. | Kfm Radio https://kfmradio.com/news/16072020-0844/bord-plean%C3%A1la-considering-proposal-almost-400-new-homes-clane
- How I made it: Ryan Structural Steel Services has the metal to grow, says founder Des Ryan https://www.thetimes.co.uk/edition/ireland/how-i-made-it-ryan-structural-steel-services-has-the-metal-to-grow-says-founder-des-ryan-rvk95rhtz
PROPTECH, MMC & CONSTRUCTION INNOVATION
- Proptech Ireland is updating the database of 2020 Irish technology providers for the built environment – From smart design and planning right through to the smart property transaction, where does your Irish-led or Ireland-based proptech or MMC business sit? Pease take five minutes to add or update your details to our internationally-shared listing here: SIGN UP HERE: *PROPTECH INNOVATORS and STARTUPS *
- New CPD: Innovate Together –
McKeon Group has been approved as a Registered Training Provider with Engineers Ireland and is now offering CPD titled ‘Innovate Together’: https://mckeon.ie/new-cpd-innovate-together/
- Kerry firm to raise €4.5m as it rolls out crowd-counting tech
Kerry IT firm Standard Access plans to raise €4.5m to help roll-out an artificial intelligence-based system that it has developed to count crowds using CCTV systems.
https://m.independent.ie/business/technology/kerry-firm-to-raise-45m-as-it-rolls-out-crowd-counting-tech-39377257.html
- Construction Innovation Hub launches toolkit to improve decision-making https://www.building.co.uk/news/construction-innovation-hub-launches-toolkit-to-improve-decision-making/5107036.article
- Relevation brings investor matchmaking online
https://placetech.net/analysis/relevation-brings-investor-matchmaking-online/
- Irish-invented smart water valve has potential to lower insurance premiums https://amp.breakingnews.ie/business/irish-invented-smart-water-valve-has-potential-to-lower-insurance-premiums-1010830.html
- London proptech startup Goodlord buys Vouch to modernise UK’s lettings sector – Tech.eu https://tech.eu/brief/goodlord-buys-vouch/
- Social Construct’s computer-optimized buildings could shake construction industry’s foundations, Just follow the instructions https://techcrunch.com/2020/07/14/social-constructs-computer-optimized-buildings-could-shake-construction-industrys-foundations/
- Balfour Beatty, in its white paper entitled Seizing the Day, the Tier One contractor’s chief executive said the sector had brought in a number of radical changes throughout lockdown ‘some of which were frankly overdue’. https://www.highwaysmagazine.co.uk/Balfour-Beatty-seizes-the-opportunity/8434
- PropTech: This pandemic, can PropTech help break real estate barriers – The Economic Times https://m.economictimes.com/small-biz/startups/newsbuzz/this-pandemic-can-proptech-help-break-real-estate-barriers/articleshow/77032714.cms
- Streamlined completions promised by latest PropTech platform
https://www.estateagenttoday.co.uk/breaking-news/2020/7/streamlined-completion-process-pledged-by-latest-proptech-platform
- Former WeWork Korea general manager dives into proptech scene with platform Dongnae http://m.koreaherald.com/view.php?ud=20200712000090
- Adam Neumann is back in the shared economy business with an investment in GoTo Global – TechCrunch https://techcrunch.com/2020/07/14/adam-neumann-is-back-in-the-shared-economy-business-with-an-investment-in-goto-global/
RESIDENTIAL PROPERTY NEWS
- Property price growth slowed in May as transactions plunged: Some 46% fewer transactions took place in May than in same month last year https://www.irishtimes.com/business/economy/property-price-growth-slowed-in-may-as-transactions-plunged-1.4305091?mode=amp
- Ban on rent rises and evictions to end in August over legal fears https://m.independent.ie/irish-news/news/ban-on-rent-rises-and-evictions-to-end-in-august-over-legal-fears-39378950.html
- Davy raises mortgage lending forecast as home listings rise: Home listings rise by 12% compared to same period in 2019 https://www.irishtimes.com/business/economy/davy-raises-mortgage-lending-forecast-as-home-listings-rise-1.4304318?mode=amp
- 4 IN 10 MORTGAGE SEEKERS EXPECT TO SEE PROPERTY BARGAINS THIS YEAR https://www.businessworld.ie/property-news/4-in-10-mortgage-seekers-expect-to-see-property-bargains-this-year–574203.html
- Permanent TSB has agreed a three-year partnership with the Ó Cualann Cohousing Alliance to support the agency’s work developing fully integrated, co-operative and affordable housing schemes across the country.
https://www.rte.ie/amp/1153171/
- Considerable private investment in social housing sector expected: New report from property consultant CBRE notes rising interest and European trends https://www.irishtimes.com/business/commercial-property/considerable-private-investment-in-social-housing-sector-expected-1.4303260?mode=amp
- Clúid Housing announces record social housing delivery https://www.irishbuildingmagazine.ie/2020/07/13/cluid-housing-announces-record-social-housing-delivery/
- Dublin banker sells island off coast of west Cork for €5.5m:
‘Ultra high net worth’ European buys Horse Island and its seven properties and helipad
https://www.irishtimes.com/business/dublin-banker-sells-island-off-coast-of-west-cork-for-5-5m-1.4303253?mode=amp
COMMERCIAL PROPERTY NEWS
- Office space take-up falls to levels not seen since 2013: New occupancy is well below normal, say property agents https://www.irishtimes.com/business/commercial-property/office-space-take-up-falls-to-levels-not-seen-since-2013-1.4306097?mode=amp
- Q2 Dublin office take-up is weakest on record: In a turbulent quarter marred by the Covid-19 crisis, take-up consisted of just 6,970 square metres across 13 lettings https://www.businesspost.ie/commercial/q2-dublin-office-take-up-is-weakest-on-record-26575fb6
- Yew Grove Reit improves rent roll to €11.1m: Commercial property investor completed deals in Kildare, Offaly and Dublin https://www.irishtimes.com/business/commercial-property/yew-grove-reit-improves-rent-roll-to-11-1m-1.4306019?mode=amp
- Dispute between Bewley’s cafe and landlord goes to mediation: Company controlled by developer Johnny Ronan says it is owed €747,000 by shuttered business after refusing rent holiday
https://www.irishtimes.com/business/commercial-property/dispute-between-bewley-s-cafe-and-landlord-goes-to-mediation-1.4303329?mode=amp
- Johnny Ronan offered Bewley’s the option to buy Grafton Street building: Developer said purchase of historic premises would allow business to operate rent-free https://www.irishtimes.com/business/commercial-property/johnny-ronan-offered-bewley-s-the-option-to-buy-grafton-street-building-1.4304297?mode=amp
- Aviva brings case over €5.5m sale of Bank of Ireland building: Action against Elkstone Capital Partners admitted to fast-track commercial court https://www.irishtimes.com/business/commercial-property/aviva-brings-case-over-5-5m-sale-of-bank-of-ireland-building-1.4304545?mode=amp
- Private investors acquire prime Dublin 2 assets as lockdown lifts: 50 Upper Baggot Street and 58 Fitzwilliam Square sold for around €1.75m and €2.3m https://www.irishtimes.com/business/commercial-property/private-investors-acquire-prime-dublin-2-assets-as-lockdown-lifts-1.4304212?mode=amp
- Cork shopping centre in €30m case after car goes on fire: Douglas Village Shopping Centre has been closed since the fire of August 31st 2019 https://www.irishtimes.com/business/commercial-property/cork-shopping-centre-in-30m-case-after-car-goes-on-fire-1.4303399?mode=amp
- Lidl still has ambitions for second store in Naas https://www.kildarenow.com/news/kildarenow/557856/lidl-still-has-ambitions-for-second-store-in-naas.html
- BREAKING: Aldi move to Millennium Park in Naas https://www.leinsterleader.ie/news/news/558802/breaking-aldi-move-to-millennium-park-in-naas.html
- Energy use rises in shops and offices as economy reopens https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/energy-and-resources/energy-use-rises-in-shops-and-offices-as-economy-reopens-1.4305386?mode=amp
- Journey through Pembroke Hall, Ballsbridge, a restored townhouse hotel https://www.thetimes.co.uk/article/journey-through-pembroke-hall-ballsbridge-a-restored-townhouse-hotel-ftw3rq7dw
- Northern retail centres bounce back as lockdown is lifted: Property management firm Lotus Property has seen a huge boost in the performance of tenants since the easing of the Covid-19 restrictions https://www.businesspost.ie/commercial/northern-retail-centres-bounce-back-as-lockdown-is-lifted-67230543
INTERNATIONAL PROPERTY NEWS
- After Nightingale: Some lessons for construction and public procurement
A crisis triggered the need for the Nightingale hospitals but the mindset behind their construction should apply to all projects, in good times and bad
https://www.building.co.uk/communities/after-nightingale-some-lessons-for-construction-and-public-procurement/5106984.article
- Airbnb asks people to donate money to landlords, backlash ensues https://www.sfgate.com/bayarea/article/Airbnb-asks-people-to-donate-money-to-hosts-15407730.php
FACEBOOK GROUP FOR IRISH PROPERTY BUYERS & INVESTORS
Crowd-sourcing answers topical property questions:
As many of you might know, my annual property book The Irish Property Buyers’ Handbook (since 2011) was rebranded in 2018 and now appears as part of The Property Insider series, published by Oak Tree Press, the first three titles are now published and available here: https://www.amazon.com/Carol-Tallon/
From 2020, the publishers and I want to ensure the content remains topical and we are doing this by crowd-sourcing home buyer and investor queries, with crowd-sourced and editorial team answers.
Join the Facebook Group here to contribute: https://www.facebook.com/groups/IrishPropertyBuyers/