Sunday Property Round-Up 7th June, 2020
Irish property market news and insights – for the industry, by the industry
Unsurprisingly, the broadsheets today are dominated by commentary on the escalation of Ireland’s phased re-opening of the economy, however, there is very little focus on the property sector, which returns to the offices and property viewings etc tomorrow. 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:
- Property sales to ‘plummet by up to 50%’ due to Covid-19 crisis
https://amp.irishexaminer.com/breakingnews/ireland/property-sales-to-plummet-by-up-to-50-due-to-covid-19-crisis-1002982.html
- Covid 19 shows we need a new direction in housing in Ireland
https://www.irishexaminer.com/breakingnews/views/analysis/covid-19-shows-we-need-a-new-direction-in-housing-in-ireland-1002971.html
- New Government should adopt housing commission to deliver homes for all
Opinion: Dr Bill Nowlan
https://www.irishtimes.com/business/commercial-property/new-government-should-adopt-housing-commission-to-deliver-homes-for-all-1.4268574?mode=amp
- What to do about lock-in of property fund that accounts for 20pc of pension plan? https://amp.independent.ie/business/personal-finance/what-to-do-about-lock-in-of-property-fund-that-accounts-for-20pc-of-pension-plan-39264091.html
- Airbnb plans to cut 35% of its Dublin workforce with around 190 jobs to go
https://www.thejournal.ie/airbnb-job-losses-2-5113453-Jun2020/
- As virus eases, Ireland sees ghosts of 2008 economic crash https://www.chron.com/news/article/As-virus-eases-Ireland-sees-ghosts-of-2008-15321583.php
- Alternative housing for people in Direct Provision should be explored – expert group https://amp.breakingnews.ie/ireland/alternative-housing-for-people-in-direct-provision-should-be-explored-expert-group-1003749.html
- Home comforts can’t be on a full-time basis – Working from home five days a week is a tempting prospect, but it simply won’t be fully feasible for most employees https://www.businesspost.ie/commercial/home-comforts-cant-be-on-a-full-time-basis-b79c7c0b
- Real Estate Alliance opens four new offices
The group adds premises in Dublin, Galway and Limerick despite the pandemic https://www.businesspost.ie/commercial/real-estate-alliance-opens-four-new-offices-0e74e417
- Potential rich pickings at latest BidX1 sales
The two upcoming online auctions include a mixed-use property in Blackrock, Co Dublin and a wedding venue with views over Dingle Bay https://www.businesspost.ie/commercial/potential-rich-pickings-at-latest-bidx1-sales-1fd7993e
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.
Property Matters, June 2nd 2020: McKeon Group Good2Go app, Xenon Fever Defence & Park Office
Joining host Carol Tallon on #PropertyMatters this week are:
- Tomás Mac Eoin, Managing Director of McKeon Group (Good2Go construction app)
- Paddy Byrne, Managing Director of Xenon Fever Defence
- Garrett Flower, CEO of ParkOffice.io
Listen back: https://ipropertyradio.com/property-matters-june-2nd-2020-mckeon-group-xenon-fever-defence-park-office/
Listen back to all #PropertyMatters episodes here: https://ipropertyradio.com
Email the Property Matters team at hello@iPropertyRadio.com
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Social homes separated from private housing in new apartment developments –
The clustering is considered to be against best practice as it can lead to ghettoisation https://www.businesspost.ie/residential/social-homes-separated-from-private-housing-in-new-apartment-developments-d77090a5
- First directly-elected mayor of Limerick to take office in 2021?
https://www.limerickleader.ie/news/home/547011/first-directly-elected-mayor-of-limerick-to-take-office-in-2021.html
- Few cities were hit harder in Ireland by the financial and property crisis in 2008/2009 than Waterford. But the harsh lessons learned a decade ago are now standing the capital of the south-east in good stead as Waterford prepares to bounce back from the Covid-19 pandemic lockdown. There is a firm emphasis on the positive as Waterford is hopeful of a domestic tourism ‘bounce’ – spearheaded by healthy leisure and cycling holidays focused on its award-winning ‘Greenway’.https://m.independent.ie/irish-news/capital-of-south-east-hopes-siege-mentality-and-tourism-bounce-will-work-in-its-favour-39248772.html
- Swapping the city for country living
Goodbye commuter homes, hello rural living. As lockdown lifts, househunters are looking to the country for a slice of the good life
https://m.independent.ie/life/home-garden/swapping-the-city-for-country-living-39265322.html
- National task force needed for Ireland’s towns https://amp-irishexaminer-com.cdn.ampproject.org/c/s/amp.irishexaminer.com/breakingnews/business/national-task-force-needed-for-irelands-towns-1002712.html
- Cork street regeneration to be boosted by mixed-use scheme: The proposed €25 million mixed-use scheme on North Main Street includes the planned restoration of Coleman’s Lane https://www.businesspost.ie/commercial/cork-street-regeneration-to-be-boosted-by-mixed-use-scheme-1dd29294
- Mammoth housing project for Cork city will ‘allow young people to stay and live in their community’
https://www.echolive.ie/corknews/Mammoth-housing-project-for-Cork-city-will-allow-young-people-to-stay-and-live-in-their-community-39f61ba1-b87f-4935-b53b-f99ba730a5d7-ds
- Virtual planning meetings `by end of month’ amid claims Northern Ireland `lagging behind https://www.irishnews.com/news/northernirelandnews/2020/06/02/news/virtual-planning-meetings-by-end-of-month-amid-claims-northern-ireland-lagging-behind–1959934/
- Galway Minister calls for Smart Travel Corridor from Galway Airport into the city
https://galwaybayfm.ie/galway-bay-fm-news-desk/galway-minister-calls-for-smart-travel-corridor-from-galway-airport-into-the-city/
- Cross-party support for 30km/h speed limits for Dublin – Public consultation on lowering speeds across the city to begin this month
https://www.irishtimes.com/news/environment/cross-party-support-for-30km-h-speed-limits-for-dublin-1.4269891?mode=amp
*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
- The lead industry story in the Sunday Independent reports that Mercury wins key role in €2.2bn data centre consortium: Cork firm to build ‘hyperscale’ cloud facilities across Europe for tech giants https://amp.independent.ie/business/technology/mercury-wins-key-role-in-22bn-data-centre-consortium-39264077.html
- Tyrone McKillen in the frame with €125m Dublin film studio development:
Plus Development, a California property company headed by Tyrone McKillen, has emerged as a backer of plans to develop the country’s biggest film studio complex and media park in west Dublin.
McKillen, son of wealthy property investor Paddy McKillen, is partnering with Lens Media to develop the site. Matthew and David Cooper, two Los Angeles entrepreneurs with interests in real estate and film post-production, are also believed to be involved. https://www.thetimes.co.uk/article/tyrone-mckillen-in-the-frame-with-125m-dublin-film-studio-development-7cc5m3mtz
- Construction Information Services Round-up: A summary of the biggest construction projects being planned around Ireland
https://www.businesspost.ie/commercial/construction-information-services-round-up-2514ccc5
- Chartered Land moves closer to approval for Dublin’s tallest tower – Planning inspector calls for additional report on proposed 29-storey apartment block
https://www.irishtimes.com/business/commercial-property/chartered-land-moves-closer-to-approval-for-dublin-s-tallest-tower-1.4269700?mode=amp
- Nine-storey Dublin apartment scheme plan ‘obnoxious’ – Monkstown locals oppose housing proposal for grounds of 19th-century villa https://www.irishtimes.com/news/environment/nine-storey-dublin-apartment-scheme-plan-obnoxious-1.4270876?mode=amp
- Primary care centre network will require €2.55bn investment – CBRE report shows just 81 of 536 centres proposed by government in 2001 have been delivered
https://www.irishtimes.com/business/commercial-property/primary-care-centre-network-will-require-2-55bn-investment-1.4268677?mode=amp
- Cairn Homes to sell 61 apartments at former RTÉ lands for social housing
Dublin City Council would pay €30m for the block at Project Montrose in Donnybrook
https://www.irishtimes.com/business/commercial-property/cairn-homes-to-sell-61-apartments-at-former-rt%C3%A9-lands-for-social-housing-1.4270911?mode=amp
- Plans lodged for demolition of The O’Rahilly house – Developers want to replace historic building at Dublin’s Herbert Park with apartments:
https://www.irishtimes.com/culture/heritage/plans-lodged-for-demolition-of-the-o-rahilly-house-1.4271823?mode=amp
- The Collective’s bargaining for Liberties site riles hotel rival Aloft https://www.thetimes.co.uk/article/the-collective-s-bargaining-for-liberties-site-riles-hotel-rival-aloft-l0r2gpvhq
- Land dispute between Citywest Hotel owner and neighbours before court:
Cape Wrath Hotel Company claims nearby family is building on land the hotel owns
https://www.irishtimes.com/business/transport-and-tourism/land-dispute-between-citywest-hotel-owner-and-neighbours-before-court-1.4272061?mode=amp
- Contractors sought for €20m Dublin cycle route – Construction will require traffic diversion for up to two years
https://www.irishtimes.com/news/environment/contractors-sought-for-20m-dublin-cycle-route-1.4267785?mode=amp
- Home building finance agency claims it is ‘on track’ to meet funding goal
Home Building Finance Ireland has financed fewer than 250 housing units so far https://www.businesspost.ie/construction/home-building-finance-agency-claims-it-is-on-track-to-meet-funding-goal-ca8a7183
- Cork’s vision for a Kildare Village: A retail haven or a huge mistake?
https://www.echolive.ie/corknews/Corks-vision-for-a-Kildare-Village-A-retail-haven-or-a-huge-mistake-f99e495e-7a32-422f-a93c-a8987cc4f968-ds
- REVEALED: Plan for over 200 homes in €50m project near Kildare motorway
https://www.kildarenow.com/news/home/547818/plan-for-over-200-homes-in-50m-project-near-kildare-motorway.html
- Ireland to host European manufacturing headquarters for doTERRA
https://www.bignewsnetwork.com/news/265306414/ireland-to-host-european-manufacturing-headquarters-for-doterra
- Large-scale student development in early planning stages in Cork city https://www.echolive.ie/corknews/Large-scale-student-development-in-early-planning-stages-in-Cork-city-32f0c202-cf1a-4481-bb6a-ace3a8538e6b-ds
- An Bord Pleanála upholds approval for Jurys Inn hotel expansion – Galway Daily https://www.galwaydaily.com/news/an-bord-pleanala-upholds-approval-for-jurys-inn-hotel-expansion/
- Plans are underway to build new houses and apartments in North Kilkenny
The existing structure is to be changed from commercial use to residential https://kclr96fm.com/plans-are-underway-to-build-new-houses-and-apartments-in-north-kilkenny/
- 41 new houses in Carrickmacross approved by An Bord Pleanála
https://www.northernsound.ie/41-new-houses-carrickmacross-approved-bord-pleanala/
- Construction contract signed for €1m social housing development in Loughrea https://www.galwaydaily.com/news/construction-contract-signed-for-e1m-social-housing-development-in-loughrea/
- REVEALED: First impressions of Limerick’s proposed new Lidl store https://www.limerickleader.ie/news/home/547087/revealed-first-impressions-of-limerick-s-proposed-new-lidl-store.html
- Plans for eight new houses in Virginia have been refused permission over fears of the impact they could have on water quality in Lough Ramor.
An Bord Pleanála overturned the planning permission granted to Mithbro Developments Limited by Cavan County Council for the houses at Yew Park last year. https://www.northernsound.ie/pollution-concerns-lead-to-overturning-of-permission-for-virginia-houses/
- BREAKING NEWS €820k allocated to Irish language centre development in Knocknacarra https://connachttribune.ie/e820k-allocated-to-irish-language-centre-development-in-knocknacarra/
- Weslin Construction has just announced the appointment of Brendan Mullan to the Board as Director of Operations
https://www.irishbuildingmagazine.ie/2020/06/04/weslin-appoints-new-board-member/
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 *
- CIF DIGICON 2020 goes Virtual
http://www.bimireland.ie/2020/06/04/cif-digicon-summit-2020-goes-virtual/
- Limerick Institute of Technology launch new app to facilitate energy renovation upskilling
https://www.limerickpost.ie/2020/06/04/limerick-institute-of-technology-launch-new-app-to-facilitate-energy-renovation-upskilling/
- Cairn trials GPS and facial recognition technology on sites – The house builder says it is operating at between 60 per cent and 90 per cent capacity under Covid-19 https://www.businesspost.ie/construction/cairn-trials-gps-and-facial-recognition-technology-on-sites-497510ef
- Irish Construction Magazine: In partnership with MJ Flood Technology, McKeon Group has developed a solution to support construction businesses with workers returning to site. The Good2Go solution is used to manage visitor CIF CV19 Induction compliance and has been built using Microsoft Power Platform technologies.
https://irishconstruction.com/mckeon-group-develops-good2go/
- “Could this be a time to investigate this change in model for the short-term, post-lockdown? To kickstart the market and capture market share?”
https://www.estateagenttoday.co.uk/breaking-news/2020/6/proptech-today-on-the-offensive–why-arent-you-giving-it-all-away-for-free
- World-leading energy standards are vital in meeting our net zero ambitions:
https://www.insidehousing.co.uk/comment/world-leading-energy-standards-are-vital-in-meeting-our-net-zero-ambitions-66618
- Proptech will be essential for commercial real estate after COVID-19 – PropertyWire https://www.propertywire.com/news/proptech-will-be-essential-for-cre-in-the-post-covid-19-world/
- PlaceTech | FUTURE PropTech goes virtual for 2020 https://placetech.net/news/future-proptech-goes-virtual-for-2020/
- Who Will Be the Rockefeller of Property Data? https://www.propmodo.com/who-will-be-the-rockefeller-of-property-data/
- PropTech is the key to dealing with post-lockdown surge
https://www.estateagenttoday.co.uk/features/2020/6/proptech-is-the-key-to-dealing-with-post-lockdown-surge
- Estonian proptech Moderan snaps up €270K for its property management software | EU-Startups https://www.eu-startups.com/2020/06/estonian-proptech-moderan-snaps-up-e270k-for-its-property-management-software/
- PlaceTech | #WORKBOLD podcast with Susan Freeman https://placetech.net/analysis/workbold-podcast-with-susan-freeman/
- Prop tech, property managers and the at-home workforce | Smart Cities Dive https://www.smartcitiesdive.com/news/prop-tech-property-managers-remote-workforce/578964/
- Five Key Areas To Cut Apartment Waste With Technology https://www.forbes.com/sites/forbesrealestatecouncil/2020/06/05/five-key-areas-to-cut-apartment-waste-with-technology/#5b7c6bfc346c
RESIDENTIAL PROPERTY NEWS
- Almost 17,000 landlords have exited the private rental market in the last three years.Their departure means that hopes of pressure easing for renters struggling with scarcity of supply and high rents may be short-lived.
There was an expectation that short-term holiday rentals would be converted to long-term residential leases because of new regulations and the coronavirus crisis.
https://m.independent.ie/irish-news/fresh-pressure-for-renters-as-exodus-of-landlords-grows-39248795.html
- Majority of potential homebuyers believe next year will be a good time to buy property – Over a third of respondents believe prices will drop by over 10% in the next 12 months. https://www.thejournal.ie/construction-homebuyers-property-myhome-ie-5112287-Jun2020/
- Mixed feelings amongst property agents around the true price of Covid impact
https://www.irishexaminer.com/breakingnews/business/mixed-feelings-amongst-property-agents-around-the-true-price-of-covid-impact-1002802.html
- Property body calls for extension of Help-to-Buy to secondhand homes: IPAV chief Pat Davitt says Covid-19 presents “compelling logic” for scheme’s expansion
https://www.irishtimes.com/life-and-style/homes-and-property/property-body-calls-for-extension-of-help-to-buy-to-secondhand-homes-1.4269606?mode=amp
- Homeowners now rushing to take out up to €30,000 of mortgage equity to do renovations https://m.independent.ie/business/personal-finance/property-mortgages/homeowners-now-rushing-to-take-out-up-to-30000-of-mortgage-equity-to-do-renovations-39252526.html
- April figures show a drop of over 40% in mortgage approvals being granted in Ireland – In total, 2,200 mortgages were approved in April.
https://www.thejournal.ie/approved-mortgages-in-april-ireland-5114146-Jun2020/
- ‘What was all our hard work for?’: Couple have mortgage approval pulled because one is on wage subsidy scheme https://www.thejournal.ie/wage-subsidy-mortgage-withdrawal-5113815-Jun2020/
- In The Sunday Times: Does Covid-19 mean the end of the line for Ireland’s tenant queues?
The pandemic and the temporary demise of Airbnb have helped renters — but the effects may not last very long
https://www.thetimes.co.uk/article/does-covid-19-mean-the-end-of-the-line-for-irelands-tenant-queues-9dh53k8kc
- Threshold research highlights Airbnb accounts with multiple properties to let
The letting agency claims that the housing charity has misinterpreted the data, but refuses to provide more information https://www.businesspost.ie/property-insight/threshold-research-highlights-airbnb-accounts-with-multiple-properties-to-let-ef9c2ef0
- Land in Glin and Foynes to go under the virtual hammer https://www.limerickleader.ie/news/home/545873/land-in-glin-and-foynes-to-go-under-the-virtual-hammer.html
- House buyers ‘ready to go’ after lockdown
https://www.leitrimobserver.ie/news/home/547866/house-buyers-ready-to-go-after-lockdown.html
- Meet the Lebanese fund spending tens of millions on pre-63 buildings in south Dublin
Valpre Capital has already spent €25m buying dozens of pre-63 buildings across Dublin, and it intends to deploy a further €75m. But just who are they, and why are they targeting old Georgian buildings. Two of its founders talk strategy, finance and the Dublin housing market. https://www.thecurrency.news/articles/17863/meet-the-lebanese-fund-spending-tens-of-millions-on-pre-63-buildings-in-south-dublin
COMMERCIAL PROPERTY NEWS
- A third of new office leases cancelled or postponed by coronavirus pandemic – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/a-third-of-new-office-leases-cancelled-or-postponed-by-virus-39252443.html
- Canada’s Timbercreek shifts from Ires into Hibernia REIT
https://m.independent.ie/business/commercial-property/canadas-timbercreek-shifts-from-ires-into-hibernia-reit-39255717.html
- Yew Grove collects 97% of second quarter rent
https://www.rte.ie/news/business/2020/0605/1145594-yew-grove-collects-97-of-second-quarter-rent/
- Pinterest seeks new office for Dublin EMEA headquarters expansion – US tech giant’s requirement for 40,000sq ft could accommodate up to 300 extra workers https://www.irishtimes.com/business/commercial-property/pinterest-seeks-new-office-for-dublin-emea-headquarters-expansion-1.4268783?mode=amp
- GSA offers commercial units in new student block https://m.independent.ie/business/commercial-property/gsa-offers-commercial-units-in-new-student-block-39258263.html
- In the Business Post today, New arrival in co-working market puts wellbeing as top priority – The View is offering attractive and contemporary spaces in the suburbs of Dublin, aiming to appeal to workers who want a better work-life balance https://www.businesspost.ie/commercial/new-arrival-in-co-working-market-puts-wellbeing-as-top-priority-f4e54d35
- Office brokerage offers commission-free leads to firms using its app
The move by Click Offices is aimed at helping businesses recover their bearings in the face of the Covid-19 crisis https://www.businesspost.ie/commercial/office-brokerage-offers-commission-free-leads-to-firms-using-its-app-2f6f2bb
- Balmoral International Land, a property company spun out of tropical fruits group Fyffes in 2006, expects the coronavirus crisis to have an impact on the value of its €150 million-plus portfolio this year, the company said in its latest annual report.
https://www.irishtimes.com/business/commercial-property/mccanns-balmoral-sees-property-value-hit-from-covid-19-1.4266995?mode=amp
- Coronavirus: Workplaces review office design with view to return
Speculation about virus’s ability to spread through air-conditioning systems https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/coronavirus-workplaces-review-office-design-with-view-to-return-1.4267974?mode=amp
- Serviced-office firm Iconic sees half of office workers returning by summer
https://www.irishexaminer.com/breakingnews/business/serviced-office-firm-iconic-sees-half-of-office-workers-returning-by-summer-1003442.html
- Ireland’s largest speculatively developed warehouse due for 2021 completion https://www.irishbuildingmagazine.ie/2020/06/03/irelands-largest-speculatively-developed-warehouse-due-for-2021-completion/
- The lead story in The Irish Times today reports that: HSE pays Tetrarch €25m to rent ‘empty’ Citywest complex https://www.thetimes.co.uk/edition/ireland/hse-pays-tetrarch-25m-to-rent-empty-citywest-complex-wpjfg9xrm
- PROPERTY: Lidl to relocate Mallow Store #NorthCork
https://www.thecork.ie/2020/06/07/property-lidl-to-relocate-mallow-store-northcork/
- Ballymore snaps up Edgware shopping centre for £75m
https://www.propertyweek.com/news/ballymore-snaps-up-edgware-shopping-centre-for-75m/5108262.article
INTERNATIONAL PROPERTY NEWS
- UK ‘leads the world in construction-dispute resolution’
https://www.constructionnews.co.uk/financial/uk-leads-the-world-in-construction-dispute-resolution-04-06-2020/
- Primark gags landlords on secret rent payments
https://www.thetimes.co.uk/article/primark-gags-landlords-on-secret-rent-payments-nk3mzl3c6
- We’ll make room for home working, says Royal Institute of the Architects of Ireland
Designers predict pandemic will make office space standard feature in houses and apartments https://www.thetimes.co.uk/edition/ireland/well-make-room-for-home-working-says-royal-institute-of-the-architects-of-ireland-dz96gpzwf
- Six Feet Of Separation: Apartment Communities Prepare For A Safe Reopening https://www.forbes.com/sites/brendarichardson/2020/06/04/six-feet-of-separation-apartment-communities-prepare-for-a-safe-reopening/amp/
NEW 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/