Irish property market news and insights – for the industry, by the industry
It has been a busier than expected week for industry news. 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 prices increased in February but will free-fall in wake of pandemic https://m.independent.ie/irish-news/property-prices-increased-in-february-but-will-free-fall-in-wake-of-pandemic-39135668.html
- Coronavirus halts building of 60,000 homes in Ireland https://www.irishtimes.com/business/construction/coronavirus-halts-building-of-60-000-homes-in-ireland-1.4230460?mode=amp
- Construction sector likely to be first in line to return to work:
The construction sector should be able to gradually reopen in the first phase of the economy getting restarted, but new measures to combat Covid-19 will inevitably increase costs and slow projects, according to the Construction Industry Federation (CIF).
- 110% rise in Q1 property investmentas CBRE claims demand will return: Ireland, and in particular Dublin, will remain a target for real estate firms after the coronavirus pandemic, having seen a yearly 110% rise in investments in the first quarter of 2020.
The latest data from global real estate adviser CBRE showed total property investment in Europe reached €85.5bn in the first three months of 2020, a 52% increase on the same period last year,
- JLL Ireland: Q1 Office Report 2020
Read more: https://propertydistrict.ie/jll-q1-office-report-2020/
- Airbnb’s Downfall Is Good News For Cities, Or Is It? https://www.godsavethepoints.com/airbnbs-demise-is-good-news-for-cities-or-is-it/
- On-farm construction during Covid-19: What is permitted? https://www.agriland.ie/farming-news/on-farm-construction-during-covid-19-what-is-permitted/
- ‘A generation feels locked out of the housing market’ – Maggie Molloy finds Ireland’s cheapest properties for house-hunters on a budget https://m.independent.ie/weekend-magazine/a-generation-feels-locked-out-of-the-housing-market-maggie-molloy-finds-irelands-cheapest-properties-for-house-hunters-on-a-budget-39129675.html
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 email@example.com.
(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!)
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 Management, Resilient Industry Leadership & Digital Construction Solutions
Joining us on Property Matters this week are:
- Aisling Keenan, Managing Director of A.K. Property Services talks us through the challenges facing residents and property managers of multi-unit developments currently dealing with Covid-19 restrictions.
- Valerie O’Keeffe, CEO of ClarityVP Consulting explains the importance of resilience for industry leaders during these challenging times and vital first steps in taking back control of our response to the crisis.
- Joseph Mady, CEO of Digital Construction Technologies Group (DCT) discusses how project owners are “leaving money on the table” by failing to embrace technology to project manage efficiently and how now is the time to seek out digital collaboration solutions.
Listen back to this and all shows on: https://ipropertyradio.com/property-matters-14-04-2020-property-management-resilient-industry-leadership-digital-construction-solutions/
*Listen back to all #PropertyMatters episodes here: https://ipropertyradio.com
Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Make a move to Rathfarnham for the good life https://www.irishtimes.com/life-and-style/homes-and-property/make-a-move-to-rathfarnham-for-the-good-life-1.4225917?mode=amp
- The dark side of placemaking:
We should not forget the human price paid to create the Blessington Lakes https://www.kildarenow.com/gallery/newsletter-kildare/534319/we-should-not-forget-the-human-price-paid-to-create-the-blessington-lakes.html
- Planning In The Emergency: Impact Of Part 3 Of The Emergency Measures In The Public Interest (Covid 19) Bill 2020 On Time Limits In The Planning Code – Coronavirus (Covid-19) – Ireland http://www.mondaq.com/ireland/operational-impacts-and-strategy/916242/planning-in-the-emergency-impact-of-part-3-of-the-emergency-measures-in-the-public-interest-covid-19-bill-2020-on-time-limits-in-the-planning-code
- Concern over planning process for controversial Cork housing project:
Coakley O’Neill Town Planning Ltd, on behalf of 1 Ash Grove Land Limited, applied to An Bord Pleanala for permission for a Strategic Housing Development of 237 units at Ringmeen, Cobh, which would be an extension to the Cluain Ard estate.
There had been significant opposition to the development by a number of people in the area.
The decision was due to be made and signed on Thursday April 9, however, An Bord Pleanala told The Echo the official documents wouldn’t be publicly available until the middle of this week.
- Dun Laoghaire Baths Site Ready for Roger Casement Statue https://afloat.ie/port-news/dun-laoghaire-news/dun-laoghaire-baths/item/46023-dun-laoghaire-baths-plinth-ready-for-roger-casement-statue
- Cornelscourt build-to-rent plan opposed by local planners: Plans to construct 452 build-to-rent apartments in eight apartment blocks in Cornelscourt village in south Dublin are facing opposition from both locals and council planners.
Last December, Cornel Living Ltd lodged fast-track plans with An Bord Pleanála for the eight apartment blocks including one reaching 12 storeys in height at Cornelscourt village, Old Bray Rd, Dublin 18.
- Kilkenny residents vow to fight special housing development on former Bishop’s Palace – Kilkenny Now – Your City. Your County. Your News. Now https://kilkennynow.ie/kilkenny-residents-vow-to-fight-proposed-special-housing-development-on-former-bishops-palace/
- Traffic concerns over plan for 105-unit apartment complex in Dalkey: The former chairman of Independent News and Media, Leslie Buckley, says he has huge traffic concerns relating to plans for a 105-unit apartment complex planned for Dalkey in Dublin.
Winterbrook Homes (Dalkey) Ltd lodged “fast track” plans with Bórd Pleanála earlier this year for the two- to four-storey over-basement apartment complex at Charleville, Harbour Road, Dalkey.
Planning consultants for Winterbook say there is already approval for 49 units on the site, and that the increase in density is appropriate given the context of a site in a built-up area of Dublin with excellent transport connections and ministerial guidelines calling for increased density on in-fill urban sites.
- Architects on lockdown: ‘We need to build safer and more lovable places to live and work’ https://www.irishtimes.com/life-and-style/homes-and-property/architects-on-lockdown-we-need-to-build-safer-and-more-lovable-places-to-live-and-work-1.4228531?mode=amp
- Coronavirus: Dublin City Council to implement ‘emergency’ #socialdistancing measures https://www.irishtimes.com/news/ireland/irish-news/coronavirus-dublin-city-council-to-implement-emergency-social-distancing-measures-1.4231576?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
- Deputy Planning Regulator Appointed – The Office of the Planning Regulator
- Coronavirus – Construction Industry Federation (CIF)
The CIF Safety and Health Subcommittee, mindful of the best available guidance, nationally and internationally, has developed this document, Construction Sector C-19 Standard Operating Procedures which serves as a guide for the management of COVID-19 on a construction site for the duration of the pandemic. The actions set out in this document should be implemented in tandem with an amended Construction Stage Health and Safety Plan. The purpose of this document is to protect workers, their families and the community, whilst also recognising the need to protect livelihoods. The document has been endorsed by the Federation’s Executive Body for implementation.
Simply put, this is the most important document the CIF has distributed to this point in terms of preparing your organisation to operate in the construction industry after restrictions are relaxed.
- More on this on the front page of The Sunday Times today – Ireland’s builders plot a path towards lockdown exit: Construction bosses are offering to tell workers to drive to building sites alone or take public transport, to work different shifts to ensure social distancing, and wear full face shields and gloves where close contact cannot be avoided, in a bid to get 150,000 builders back to work on May 5.
- CIF calls for social housing work to be classed as ‘essential’: Industry body is eager to get housebuilding restarted after weeks of inaction
- Coronavirus: New homes supply will be hit – and affordability too
Efforts to address the ongoing shortage in the supply of new and affordable homes are likely to experience a significant setback as a result of the Covid-19 crisis.
With all construction activity other than the delivery of essential health-related infrastructure currently on hold, a new report from Deloitte suggests the fallout from the pandemic will continue to be felt in the residential property sector even after the threat of coronavirus recedes.
Commenting on the expected impact, John Doddy, real estate lead at Deloitte, said: “The strong requirement for housing has not disappeared due to the current Covid-19 crisis, and, as we emerge from it, the implications could include delayed delivery of units, an impact on affordability as the economy contracts, a delay in the commencement of projects currently in planning and a slowdown in the release of phases in schemes currently under way.”
- Builders on State projects to be paid costs of maintaining closed sites – Donohoe https://www.irishtimes.com/business/construction/builders-on-state-projects-to-be-paid-costs-of-maintaining-closed-sites-donohoe-1.4229005?mode=amp
- Surveyors welcome Government aid for builders on State projects: The payment only applies to contractors working on State-funded projects and will run from April 12th until midnight on May 4th, the day before the Government is due to review the lockdown.
- Builders may end up in complex disputes following suspension of most construction:
Joseph McCaffrey, director of quantity surveyors Duke McCaffrey, said at the weekend that the delay resulting from the Government ban on all but essential construction could create difficulties for builders and their customers.
“We would foresee a lot of contractual disputes on the horizon,” Mr McCaffrey warned.
Building contracts set deadlines for the work to be completed, and many impose financial penalties for delays. The terms generally include exceptions to this, including force majeure, that is where circumstances beyond the parties’ control make it impossible to fulfil an agreement’s terms.
Solicitor Fiona O’Neill, consultant in construction law with Dillon Eustace, said that builders and their clients should look at their contracts’ terms, including how the agreement defines force majeure.“See what the contract says,” she said.
Ms O’Neill noted that a lot of agreements allow builders to apply for an extension of time.
However, she warned that the Covid-19 outbreak and subsequent suspension of work were so unusual that an agreement’s definition of force majeure may not cover it. “A lot of contracts have not been drawn up with this in mind.”
Mr McCaffrey noted that builders working on State-funded projects were particularly fearful of the fallout from the coronavirus suspension.
He explained that Government contracts had strict terms, and even though the State itself had suspended work builders were still concerned that they could end up facing penalties or other problems as a result.
- Social housing construction needs to resume quickly, says builder:
Townmore construction contractor has urged the Government not to impose a lengthy hiatus on social housing, healthcare facilities, schools, roads and utilities projects to deliver “critical infrastructure” and preserve economic stability to the greatest extent possible.
Mark Cronin, associate director with Townmore, said that because the virus was likely to remain in circulation for a considerable time, construction sites would have to adapt to new ways of working, but it was feasible for sites to operate safely.
“In construction, PPE [personal protective equipment] has been worn for years and years, so having to wear gloves, helmets and goggles is commonplace,” he said.
“We are one of the few sectors that have full-time health and safety teams on site each and every day, and these staff would be well able to implement any Covid-19 instructions.” The project managers of each site are also trained in health and safety management he said.
- Coronavirus: Dublin City Council continues social housing works: Building work is continuing on some 80 Dublin City Council housing renovation projects, despite restrictions on construction imposed as a result of the coronavirus pandemic.
The Government shut down construction sites as part of the new tighter restrictions on movement to reduce the spread of Covid-19.
An exemption has been put in place for the construction of “essential health and related projects” relevant to the coronavirus crisis. No exemption was made for general social housing projects.
However, the council said it was continuing work on the renovation of “void properties” – social homes that are vacant and require refurbishment before they can be re-let to tenants.
- In The Sunday Times – U+I zones in for Dublin’s Liberties housing bonanza: An industrial estate that spans nearly three acres in Dublin’s Liberties area has been rezoned for residential development, unlocking a potential windfall for the UK property group U+I.
The London-quoted group paid about €7m for the White Heather industrial estate, which fronts on to the Grand Canal and the South Circular Road, in December 2018. At the time, U+I said it could seek to have it rezoned for residential use in the next Dublin city development plan, which would come into effect in 2022.
- Frascati developers move to double number of apartments on site:
The owners of the centre, which recently underwent a reported €30 million programme of extension and refurbishment, have entered into a pre-planning consultation to build 105 apartments on the site located in Blackrock village.
Planning permission was originally granted by both Dún Laoghaire Rathdown County Council and An Bord Pleanála to IMRF II Frascati Limited Partnership to build a total of 45 apartments. Under that plan, three one-bedroom apartments, 36 two-bedroom apartments and six three-bedroom apartments would have been built.
The plans, which included a first floor “podium level” car park, had the apartments located at the northwest of the site, bringing total car parking from 556 to 604 spaces.
Now, the developers have moved to alter that permission and build 105 apartments. They have entered into a pre-planning consultation with An Bord Pleanála under the strategic housing development scheme. An application under this scheme allows them bypass the local authority and requires a developer to build more than 100 units.
- Green light: An Bord Pleanála backs plans for 197 residential unit build in Kilternan, south Co Dublin:
The appeals board has granted planning permission to receivers Declan Taite and Anne O’Dwyer in spite of concerns from Dún Laoghaire County Council over the plan for Glenamuck Rd and Enniskerry Rd. The proposal is made up of 62 houses, 115 apartments and 20 duplex apartments, plus a crèche.
Mr Taite and Ms O’Dwyer are receivers over certain assets of Michael Doran and Martin Doran.
- Plans for 417 apartments are lodged at Cooldown Commons: A FAST track planning application for 417 apartments at Cooldown Commons in Fortunestown Lane has been lodged by Cairn Homes Properties Limited.
The Strategic Housing Development was lodged on March 26 with the case to be decided on May 27.
- Discovery of remains could impact apartment plans: With the find of skeletal remains on the riverbank of the Ward River, calls are now being made to ensure controlled archaeological digs take place in the area if planning permission is granted for a development of apartments.
The skeletal remains, which are believed to date back to the 15th century, are of an ancient burial in the north Dublin town, possibly the remains of a child.
Jacko Investments Ltd has applied for permission for the construction of 172 apartments on the site of The Lord Mayor’s pub in Swords.
- Hines lodges €135m expansion plan for Liffey Valley: Property group Hines has lodged a €135 million plan for a major extension to the Liffey Valley Centre in Dublin.
According to the consultant for the developer, the mixed leisure, entertainment and retail extension will be centred around a large public plaza, and creating a new east-west street at the centre. The proposed extension is to be anchored by two large retail units to either side of the plaza.
A retail impact assessment lodged with the planning application states that the planned extension will deliver an additional €128.65 million in retail revenues for Liffey Valley by 2025.
- Vesta Living to spend €85m on 290-unit block: Vesta Living, Ireland’s first entirely online rental platform, is to develop a 290-unit site in north Dublin as part of an investment worth around €85m.
In an interview with the Sunday Independent, Rick Larkin, executive director of Vesta, confirmed that he had agreed to terms on a site near the company’s 376 units in Clongriffin, Co Dublin. The development is currently at the legal stage, which has been made difficult due to the pandemic, but he hopes to formally announce the new site “within the next few weeks”.
“We have agreed terms on another piece of land for about 300 apartments quite nearby,” he said. “I can’t say where exactly, as we don’t have permission from the seller, but it is quite near [Clongriffin].
- Trinity Street car park demolition plan hits legal snag: Dublin publican Paul Keaveny has written to Dublin City Council to object to Bashview’s plan to knock down the complex
- Pioneer Point powers up with 15% stake in Echelon Data Centres: Pioneer Point Partners, a specialist European infrastructure investment company, has taken a 15% stake in the Irish data centre developer Echelon Data Centres.
Echelon, founded by Dublin property developer Niall Molloy, is developing large data centres at Clondalkin, west Dublin, and at Avoca, near Arklow in Co Wicklow.
Pioneer Point is believed to be investing in the company through a mix of loans and equity in partnership with global investment firm Davidson Kempner European Partners.
- Breaking: Green light for Cork Events Centre as Gleneagle Hotel halt challenge:
- An Bord Pleanála approves proposal for almost 240 new homes in Cobh https://www.irishexaminer.com/breakingnews/ireland/an-bord-pleanala-approves-proposal-for-almost-240-new-homes-in-cobh-994434.html
- Bord Pleanála refuses planning for service station near Watergrasshill – The Avondhu Newspaper https://avondhupress.ie/bord-pleanala-refuses-planning-for-service-station-near-watergrasshill/
- More Detailed Information Has Been Requested On Planning Application Lodged By Contractors Attached To Intel, Leixlip’s €3.6 Billion Development. https://kfmradio.com/news/17042020-0809/more-detailed-information-has-been-requested-planning-application-lodged
- Work paused on Kildare Village extension due to Covid-19 rules – Leinster Leader https://www.leinsterleader.ie/news/news/535020/work-paused-on-kildare-village-extension-due-to-covid-19-rules.html
- Plans for new Kilkenny hotel on hold after councillor appeals decision to An Bord Pleanála – Kilkenny Now – Your City. Your County. Your News. Now https://kilkennynow.ie/plans-for-new-kilkenny-hotel-on-hold-after-councillor-appeals-decision-to-an-bord-pleanala/
- Planning green light for the construction of an Equestrian Training Centre in Carlow https://www.carlowlive.ie/news/home/535599/planning-green-light-for-the-construction-of-an-equestrian-training-centre-in-carlow.html
- Plan approved to redevelop former Galway Bay Resort hotel in Oranmore – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/plan-approved-to-redevelop-former-galway-bay-resort-hotel-in-oranmore/
- Construction of new school building in Athenry complete – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/construction-of-new-school-building-in-athenry-complete/
- Decision due shortly on plans to expand Galway’s G Hotel – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/decision-due-shortly-on-plans-to-expand-galways-g-hotel/
- Housebuilder Barratt cuts executive pay as 85% of employees furloughed https://www.irishtimes.com/business/construction/housebuilder-barratt-cuts-executive-pay-as-85-of-employees-furloughed-1.4230397?mode=amp
- Carrigaline Western Relief Road – Construction Tenders Invited
Cork County Council has invited all short-listed contractors to tender for the construction contract for the Carrigaline Western Relief Road. Tenders are to be submitted before the end of May 2020.
Once the tender assessment process is complete, a contractor will be selected to undertake the construction of the Western Relief Road.
- Harrowing read from the UK: The construction-worker death that won’t make the COVID-19 stats https://www.constructionnews.co.uk/agenda/opinion/the-construction-worker-death-that-wont-make-the-covid-19-stats-14-04-2020/
PROPTECH, MMC & CONSTRUCTION INNOVATION
- 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 *
- Will We Accept Being Monitored Via Our Smartphones As A Way Out Of The Pandemic, And Will We Have Any Say In The Matter? https://www.forbes.com/sites/enriquedans/2020/04/12/will-we-accept-being-monitored-via-our-smartphones-as-a-way-out-of-the-pandemic-and-will-we-have-any-say-in-thematter/#4d4389243379
- Up to 50pc of Irish venture capital funding under threat due to Covid-19 https://m.independent.ie/business/irish/up-to-50pc-of-irish-venture-capital-funding-under-threat-due-to-covid-19-39119866.html
- ‘Dawn Of The VR Era’: Proptech Adoption Exploding As CRE Goes Digital https://www.bisnow.com/national/news/technology/dawn-of-the-vr-era-proptech-adoption-exploding-as-cre-goes-digital-103878
- PropTech firm extends deal to benefit agents, landlords and tenants
- New auction platform targets customers for swift sales solution: Youbid is aimed at giving property vendors a quick sale in the midst of the coronavirus crisis
- Council Post: How Proptech Will Help Renters Navigate The Next Recession https://www.forbes.com/sites/forbesrealestatecouncil/2020/04/14/how-proptech-will-help-renters-navigate-the-next-recession/#2c9be5663433
- Remote ID verification software demanded by more agents
- PropTech Firms Step Up In Times Of Crisis https://www.forbes.com/sites/jeffsteele/2020/04/18/proptech-firms-step-up-in-times-of-crisis/#3515541c5e05
- MRI Software strikes deal to buy social housing proptech firm: Commercial real estate software firm MRI Software has agreed to buy social housing proptech firm Castleton Technology. #proptech #socialhousing
- Find out why PropTech Market is thriving worldwide by Top key players like ATLANT, Bowery, Buildium, Enertiv, Flip, Foyr, hOM, Huthunt, No Agent, Opendoor – Bandera County Courier https://www.bccourier.com/find-out-why-proptech-market-is-thriving-worldwide-by-top-key-players-like-atlant-bowery-buildium-enertiv-flip-foyr-hom-huthunt-no-agent-opendoor/
- Airbnb secures new $1bn loan on top of $1bn bond deal https://www.irishtimes.com/business/transport-and-tourism/airbnb-secures-new-1bn-loan-on-top-of-1bn-bond-deal-1.4229360?mode=amp
OTHER PROPERTY NEWS
- In the Sunday Independent today – House valuations are being reduced by 10pc during the mortgage process due to Covid 19 according to brokers: Bank valuers have been putting valuations on some properties that are lower than agreed sale prices in recent days, according to mortgage brokers.
Typically, these valuations are around 10pc lower than prices which have already been agreed by buyers and vendors. Brokers are dubbing the gap in valuations the ‘Covid caveat’.
“There are instances we have seen where people have agreed a price and then the bank’s valuer has gone out in the past week or 10 days where they can get access – because they can still get access to some properties – but the valuations are coming in at less than what the agreed purchase prices were,” said Michael Dowling of Dowling Financial. “So that is going to cause a problem.
- Sales of Irish homes drop 13% in March: Sales of houses and apartments fell by 13% in March, the latest figures on the Property Price Register show. Some 3,714 sales closed last month, compared with 4,287 in March last year, as the property market felt the effects of the Covid-19 restrictions.
Sales have continued to close since the lockdown commenced, however, with 518 sales recorded in the first two weeks of April.
Sherry FitzGerald, the largest estate agency in the country, expects further “contraction in activity in the coming weeks”. It said some sales fell through when the restrictions were announced, with buyers either withdrawing or asking for price cuts that vendors were unwilling to accept.
- Property market bottoming out before coronavirus crisis hit: Prices have increased by 83.1% from their trough but are still 17.9% lower than peak
- What sold for about €425k in Dublin 2, Rathmines, Drumcondra and Malahide https://www.irishtimes.com/life-and-style/homes-and-property/what-sold-for-about-425k-in-dublin-2-rathmines-drumcondra-and-malahide-1.4224000?mode=amp
- What is the going rate for a home in. . . Co Wicklow? https://www.irishtimes.com/life-and-style/homes-and-property/what-is-the-going-rate-for-a-home-in-co-wicklow-1.4226070?mode=amp
- Coronavirus: Three month payment break on local authority mortgages https://www.irishtimes.com/news/ireland/irish-news/coronavirus-three-month-payment-break-on-local-authority-mortgages-1.4228054?mode=amp
- Banks grant 45,000 mortgage payment breaks due to Covid-19 crisis https://www.irishtimes.com/business/financial-services/banks-grant-45-000-mortgage-payment-breaks-due-to-covid-19-crisis-1.4227226?mode=amp
- Properties available for rent in central Dublin up 71% https://www.rte.ie/news/ireland/2020/0417/1132149-rent-sale-property-ireland/
- Coronavirus: ‘What is an acceptable amount of rent to pay during the crisis?’ https://www.irishtimes.com/life-and-style/homes-and-property/coronavirus-what-is-an-acceptable-amount-of-rent-to-pay-during-the-crisis-1.4225081?mode=amp
- Covid-19 impact on Dublin office sector will be absorbed by long-term investors https://www.irishtimes.com/business/commercial-property/covid-19-impact-on-dublin-office-sector-will-be-absorbed-by-long-term-investors-1.4227861?mode=amp
- Autoaddress signs for new Dublin city centre offices https://www.irishtimes.com/business/commercial-property/autoaddress-signs-for-new-dublin-city-centre-offices-1.4225960?mode=amp
- South Dublin office investment guiding at €625,000 https://www.irishtimes.com/business/commercial-property/south-dublin-office-investment-guiding-at-625-000-1.4227414?mode=amp
- Yew Grove properties ‘insulated’ from Covid rent defaults: Yew Grove Reit, the Irish property trust invested in offices and industrial holdings outside Dublin’s central business district, said it expects over 95 per cent of rent due to it in the second quarter to be paid as the Government, overseas groups and large corporates make up almost all of its tenant base.
Still, the company has pressed the pause button on planned acquisitions until there is greater clarity on the effect of the Covid-19 pandemic on the economy and property market.
- LinkedIn campus plan drives €2m sale of Georgian building in Dublin https://www.irishtimes.com/business/commercial-property/linkedin-campus-plan-drives-2m-sale-of-georgian-building-in-dublin-1.4228661?mode=amp
- City centre retail properties sell for 12.5% above guide price: Two buildings on Dublin’s Aston Quay and Aston Place went for €765,000 last week
- Covid-19 and retail: A time for pragmatism and partnership: Turnover-based rents could be one way of helping retailers get through the tough times when the crisis has abated -Hugh Markey
- D15 logistics unit for rent at €395,600 https://m.independent.ie/business/commercial-property/d15-logistics-unit-for-rent-at-395600-39131351.html
- George’s Street Arcade owners say they will carry the rents of tenants in full until they can reopen https://lovindublin.com/best-of/georges-street-arcade-owners-will-carry-the-rents-of-tenants-in-full-until-they-can-reopen
- Provisional liquidators appointed to Irish arm of Laura Ashley chain https://www.thejournal.ie/laura-ashley-provisional-liquidation-ireland-5077374-Apr2020/
- Nigel Healy: What will Covid-19 mean for the industrial market? | Business Post
“We need to use this difficult time well and plan comprehensively for the future”
- 37 new homes on site of former Kildare convent school due to go to market https://www.leinsterleader.ie/news/home/535097/37-new-homes-on-site-of-former-kildare-convent-school-due-to-go-to-market.html
- French investment giant pays €5.6m for Aldi store in Cork https://www.irishtimes.com/business/commercial-property/french-investment-giant-pays-5-6m-for-aldi-store-in-cork-1.4226084?mode=amp
- Growing interest in Garden Rooms as a solution to working from home: The company has seen a spike in enquiries from people looking for a separate home office
- Cork dream homes: West Cork refuge offers stunning location and style https://www.corkbeo.ie/news/property/cork-dream-homes-west-cork-18070893
- Boyd company told by UK court to pay £1m costs to Nama https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/boyd-company-told-by-uk-court-to-pay-1m-costs-to-nama-39136993.html
INTERNATIONAL PROPERTY NEWS
- Learning from lockdown: What needs to change in housing? https://www.bdonline.co.uk/opinion/learning-from-lockdown-what-needs-to-change-in-housing/5105575.article
- 57%: That’s How Much Rent Was Paid To UK Landlords This Month https://www.bisnow.com/london/news/commercial-real-estate/57-thats-how-much-rent-was-paid-to-uk-landlords-this-month-103868
- Lessons For Real Estate From A Market Coming Out Of Lockdown https://www.bisnow.com/london/news/commercial-real-estate/lessons-for-real-estate-from-a-market-coming-out-of-lockdown-103843
- What Will America’s Housing Market Look Like After The Coronavirus Pandemic Ends? Here’s What 5 Top Producing Real Estate Agents Had To Say https://www.forbes.com/sites/petertaylor/2020/04/12/what-will-americas-housing-market-look-like-after-the-coronavirus-pandemic-ends-heres-what-5-top-producing-real-estate-agents-had-to-say/
- US shopping mall owners face financial reckoning https://www.irishtimes.com/business/commercial-property/us-shopping-mall-owners-face-financial-reckoning-1.4227869?mode=amp