Irish property market news and insights – for the industry, by the industry
There is very little new industry news this weekend, most of the industry coverage has already been dealt with throughout the week. I have tried to avoid duplicating stories and have only done so where there is some additional information or insights provided.
Of course, coverage of the pandemic and the ongoing impact of this dominates the broadsheets today. The industry is playing its part – particularly shout out to all at Harcourt Developments for this: Harcourt Developments embarks on anti-Covid charity drive: The building group has set up donation points at all its properties to help support frontline medical staff battling to quell the coronavirus https://www.businesspost.ie/coronavirus/harcourt-developments-embarks-on-anti-covid-charity-drive-1f11cff2
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:
- Covid-19’s impact on the economy makes for grim reading https://www.irishtimes.com/business/economy/covid-19-s-impact-on-the-economy-makes-for-grim-reading-1.4234433?mode=amp
- Back to work on Ireland’s other crisis – housing https://www.irishtimes.com/business/construction/back-to-work-on-ireland-s-other-crisis-housing-1.4233621?mode=amp
- Farmers and developers line up to oppose land price cap plan: Fianna Fáil and Fine Gael have promised to hold a referendum on the move to address the housing crisis if they are able to form a new government
- Construction of new homes: There is an opportunity now to open up public lands to small and medium-sized building firms under contract as an engine for employment, training, affordability and future competitiveness.
- Construction contracts adjudication service resumes: The Construction Contracts Adjudication Service (CCAS) has resumed operations to process applications for appointments of adjudicators under the Construction Contracts Act 2013.
Due to the ongoing restrictions in place, the service may not be able to process applications strictly within the seven-day timeframe as set out in the handbook.
- Ireland’s data centres continue to hum regardless of the lockdown: Overnight, data became a utility. Those events launched a boom in the creation, storage, importing and exporting of data, which the UN describes as the fourth industrial revolution.
Ireland has placed itself at the centre of this revolution. Globally, we are a top-tier location and the data centre cluster around Dublin is the biggest metropolitan cluster in Europe. That is why information and communications technology was Ireland’s largest export sector last year, at $82bn.
- Honohan: ‘I was right on debt cases. Now we must requisition sites to solve housing crisis’ https://m.independent.ie/irish-news/i-was-right-on-debt-cases-now-we-must-requisition-sites-to-solve-housing-crisis-39156148.html
- Government seeks public views on investment screening: The Government wants the public’s views on EU plans to scrutinise overseas investors in strategically important businesses such as infrastructure and technology.
Brussels is introducing new rules demanding screening of investors from outside the EU that want to buy businesses giving them access to technology, data on European citizens or control of infrastructure and utilities.
- Irish geoscience companies feel the chill of Covid-19: Covid-19 is finding its troublesome way into every nook and cranny. Geoscience Ireland (GI) has called on the Government to help with cash flow issues in the sector, ensure infrastructure and Project 2040 spending is maintained, and to allow for a gradual but early reopening of construction projects.
GI is a business network for a cluster of 40 companies involved in infrastructure development, water and mineral resources, and environmental engineering, managed by Geological Survey Ireland, with revenues totalling about €360m, a third from overseas.
- Co-Living Through a Pandemic | Propmodo https://www.propmodo.com/co-living-through-a-pandemic-it-may-seem-counter-intuitive-but-shared-living-concepts-could-provide-safe-harbor/
- Press Up Group launches internet off-licence service https://amp.independent.ie/business/technology/press-up-group-launches-internet-off-licence-service-39155755.html
- Willie J Coonan, veteran Kildare auctioneer, dies aged 76 https://www.irishtimes.com/business/commercial-property/willie-j-coonan-veteran-kildare-auctioneer-dies-aged-76-1.4234079?mode=amp
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.
Current activity in the property market, expectations for 2020, the reality of remote working and scaling solutions for proptech
Joining us on Property Matters this week are Ray Cooke, Managing Director of Ray Cooke Auctioneers, John Moran, CEO of JLL in Ireland, PJ Appleton and Adam Malik, Co-founders of Bloxspring
Topics discussed: Current market conditions and how the industry is reacting to them; technology facilitating remote working; JLL Q1 office report and forecasts for 2020 market performance; and the new startup helping proptech providers scale globally.
Further details and link to listen back here: https://ipropertyradio.com/property-matters-21st-april-2020-current-activity-in-the-property-market-expectations-for-2020-the-reality-of-remote-working-and-scaling-solutions-for-proptech/
Listen back to all #PropertyMatters episodes here: https://ipropertyradio.com
Email the Property Matters team at hello@iPropertyRadio.com
Housing & Property Markets Post Covid-19 | Newstalk
I was delighted to join Patrick Davitt, CEO of IPAV – Institute of Professional Auctioneers and Valuers and Karl Deeter, Director at Yes.ie on this week’s ‘Between the Lines’ programme on Newstalk 106-108 FM with Andrea Gilligan to discuss the housing and property market post Covid-19.
Listen back: https://www.newstalk.com/podcasts/between-the-lines-with-andrea-gilligan/housing-property-markets-post-covid-19?utm_source=whatsapp&utm_campaign=article&utm_medium=web
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- More than 1,200 new homes to be developed at the site of Central Mental Hospital: The LDA said a programme of community engagement and public consultation will be set up to ensure that the development takes account of the needs and concerns of the local community.
- Fears for fate of The O’Rahilly house at Dublin’s Herbert Park: Efforts are underway to preserve the final home of The O’Rahilly, who died in the 1916 Rising. It follows proposals for its demolition to make way for an apartment scheme.
The McSharry and Kennedy building families, owners of the Herbert Park Hotel, want to build 105 apartments fronting onto Herbert Park on the site of three Edwardian villas.
Two of the houses, numbers 36 and 38 Herbert Park have been recently demolished. The last remaining house of the row, number 40, was the home of Michael Joseph O’Rahilly, known as The O’Rahilly, the only leader of the Rising to die in battle.
His grandson, Proinsias O’Rahilly said he was deeply concerned number 40 will now be levelled despite there being no planning permission in place for its demolition.
- Council blocks hotel group’s plans to demolish vacant homes | Business Post
The O’Callaghan group has been denied permission to knock down five two-storey houses in Dublin city centre
- Shannon Tourism Masterplan Public Consultation Closes This Wednesday https://afloat.ie/inland/inland-waterways/item/46076-shannon-tourism-masterplan-public-consultation-closes-this-wednesday
- Conor Skehan: As the city moves into our living room, our homes have become a national asset: The lockdown has accelerated a change that was already under way in how and where we work. These changes will require new thinking about planning and our personal lives. Are we ready for these changes?
- Ireland’s first virtual pub opens its doors to the public:
THE WORLD’S very first virtual Irish pub has opened its doors to the public.
With bars and pubs across Ireland and much of the world closed during lockdown, a group of Irish hospitality professionals have joined forces to create an online platform designed to recreate the experience of going to the pub in a virtual setting.
The result is ThePub.ie, an online venture that utilises the latest in video conferencing technology to allow friends to meet up for a jar or two from the comfort of their sofa.
Not only that, ThePub.ie also offers a platform for people to make new acquaintances or even go on an online date or two during this period of inactivity.
*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
- Irish Planning Conference 2020
- Construction sites could operate from dawn to midnight under new Covid-19 regime https://m.independent.ie/world-news/coronavirus/construction-sites-could-operate-from-dawn-to-midnight-under-new-covid-19-regime-39154558.html
- Offsite Construction: Speeding up the process of getting back on site: https://horizonoffsite.ie/offsite-construction-speeding-up-the-process-of-getting-back-on-site/
- CRH boss itches for return to construction as prudence pays off https://www.irishtimes.com/business/crh-boss-itches-for-return-to-construction-as-prudence-pays-off-1.4237273?mode=amp
- Construction resumes on social housing projects: Construction is resuming on 35 social housing projects to ensure local authorities can deliver accommodation for people currently in emergency accommodation or at risk of homelessness during the current pandemic, the Department of Housing, Planning and Local Government confirmed.
However, the Construction Industry Federation has warned members that if they do not comply rigorously with health and safety regulations, sites will be closed down again.
- Judge urges parties to large-scale planning disputes to shorten hearing time: Parties involved in legal challenges concerning large-sized strategic developments have been urged, in light of the Covid-19 pandemic, to try to shorten the time it takes for the High Court to hear such disputes.
The comments were made on Thursday by Mr Justice Denis McDonald, the presiding judge over the fast-track Strategic Infrastructure Development list.
The list concerns challenges against decisions made by An Bord Pleanála concerning large infrastructure developments that were made directly by the developer to the board, bypassing the local authority.
- Up to 1,000 social housing units to be completed, says Housing Agency: Work is to commence shortly on finishing about 1,000 homes on 35 social housing sites which are currently near completion.
Contractors are being notified by the Housing Agency that this work is considered essential and should go ahead.
House-building work has ceased since most of the construction sector was closed as part of the Government’s final phase of Covid-19 restrictions.
“Local authorities are working in these challenging circumstances to ensure that they have sufficient accommodation available to meet the needs of families and individuals who are currently in emergency accommodation and to households at risk of homelessness during the current public health emergency,” the agency said.
- Work resumes at just three #socialhousing sites in Dublin city https://www.irishtimes.com/news/social-affairs/work-resumes-at-just-three-social-housing-sites-in-dublin-city-1.4236260?mode=amp
- New social housing, delivered by Kildare County Council and Townmore via Construction Network Ireland:
The houses were delivered under the Rebuilding Ireland: Action Plan for Housing and Homelessness, which sets out the Government’s aim to deliver homes, accelerate the provision of social housing, and address the needs of homeless people and families in emergency accommodation… read more http://www.constructionnetworkireland.com/kildare-county-council-welcome-the-handover-of-18-new-houses/
- Home completions likely to fall below 18,000 this year, Goodbody forecasts:
Home completions are likely to fall sharply in 2020 to below 18,000 units, with growth already showing signs of slowing before the coronavirus pandemic restrictions stopped building work, new research has found.
Goodbody Analytics’ BER Tracker said growth in home-building activity slowed in the first quarter of the year to the lowest rate since 2013.
- Michael Clifford: A referendum to cap land prices – you’re having a laugh https://amp.irishexaminer.com/breakingnews/views/analysis/michael-clifford-a-referendum-to-cap-land-prices–youre-having-a-laugh-995534.html
- State plans 1,200 homes for Central Mental Hospital site in Dundrum https://www.irishtimes.com/business/construction/state-plans-1-200-homes-for-central-mental-hospital-site-in-dundrum-1.4235997?mode=amp
- New housing development will have to make special arrangements for a single bat https://www.irishexaminer.com/breakingnews/ireland/new-housing-development-will-have-to-make-special-arrangements-for-a-single-bat-995691.html
- Nama closes bids for development of Ringsend glass bottle site:
Developers still interested in joining forces with Nama to build 3,500 apartments, along with offices and shops, on the site, had to submit their final bids to Nama on Monday.
Nama did not comment on the number of bids received on Monday, nor on how long it was likely to take the agency to choose a partner to develop the site.
Several high-profile property players were said to be left in the race to develop the Dublin property.
They include developer Sean Mulryan’s Ballymore Group, which was regarded as one of the front-runners in the process.
His company worked closely with interested parties, including Dublin City Council, when it was preparing its tender.
- Johnny Ronan fails in third attempt to raise height of Dublin docklands tower: Dublin City Council has rejected developer Johnny Ronan’s third bid to increase the height of Salesforce’s new European headquarters at Spencer Dock.
As part of the proposal, which it submitted last September, Mr Ronan’s company, Ronan Group Real Estate (RGRE) had sought to increase the building’s permitted height from nine to 13 storeys.
- Planning is refused for 452 ‘build-to-rent’ apartments after more than 80 objections https://m.independent.ie/irish-news/planning-is-refused-for-452-build-to-rent-apartments-after-more-than-80-objections-39150565.html
- Fast-track planning sought for 116 homes in south Dublin: While the delivery of new housing is temporarily on hold due to the Covid-19 crisis, the flow of planning applications for new home schemes continues.
Kilternan-based David and Paul Butler are the latest developers positioning themselves to take advantage of the ongoing demand for housing on the city’s southside with plans for one of the biggest schemes to date in the foothills of the Dublin foothills.
- Hibernia Reit: Expanded development of Harcourt Square approved:
Designed by leading Irish architects Henry J Lyons, the scheme will deliver 343,000 sq. ft.[i] of Grade A office accommodation on the 1.9 acre city centre site, an increase of 28,000 sq. ft. (+9%) over the previously approved plans for a 315,000 sq. ft.[ii] scheme, and follows further work to optimise the layout.
- Cafe and apartments for Nest pub building: The planning application lodged by Legendstand also sought the construction of a three and four-storey building to the side and rear of the existing building to house 18 apartments.
- Homeless Facility in Bray gets green light https://wicklownews.net/2020/04/homeless-facility-in-bray-gets-green-light/
- Plans to replace Knocknacarra petrol station with apartments – Galway Daily https://www.galwaydaily.com/news/plans-to-replace-knocknacarra-petrol-station-with-apartments/
- An Bord Pleanala Refuses Permission For 120 New Homes In Maynooth: Ladas Property Company Unlimited Company was engaged in a Strategic Housing Development application with ABP on its proposal.
The firm wanted to build 120 apartments, and a creche, on lands adjoining and to the rear of St Mary’s Church on Mill Street,
An Bord Pleanala, in citing its reasons for refusing permission, cited the Site Specific Flood Risk Assessment submitted with the application
- Housing development in Offaly town gets go ahead: A housing development in Offaly has been given the go ahead by the county council.
Permission was sought for a development consisting of eight houses in Cloghan at Breachach on the Birr Road.
All eight of the houses will be three bed, two storey dwellings. Also included in the plans are all associated site works and connections to services and roads.
- Decision looming on application for seven commercial sites at Carlow business complex https://www.carlowlive.ie/news/home/536825/decision-looming-on-application-for-seven-commercial-sites-atcarlow-business-complex.html
- Major projects grind to a halt due to Covid-19 https://amp.independent.ie/regionals/newrossstandard/major-projects-grind-to-a-halt-due-to-covid-19-39145469.html
- Developer is not walking away from €34m Thurles housing plan https://www.tipperarylive.ie/news/home/536614/developer-is-not-walking-away-from-34m-thurles-housing-plan.html
- Six year saga rumbles on; High court refers planning for Cork wind turbine cluster back to An Bord Pleanála https://www.echolive.ie/corknews/Six-year-saga-rumbles-on-High-court-refers-planning-for-Cork-wind-turbine-cluster-back-to-An-Bord-Pleanala-ab555ba4-3e18-42bb-9eaa-f800491b5cba-ds
- Quarry loses claim it is beyond reach of environmental directives:
A quarry operating in Co Meath for almost 150 years has lost its High Court claim it is beyond the reach of EU environmental directives and does not have to seek development consent.
The gravel and sand quarry at Murrens, Olcastle, which began operating in 1875, was registered in 2005 with Meath County Council under section 261 of the Planning and Development Act 2000.
In 2005, its total area was 36.4 hectares, including an extraction area of 25.4 hectares, and it had traffic averaging 100 HGV trips per day. https://www.irishtimes.com/news/crime-and-law/courts/high-court/quarry-loses-claim-it-is-beyond-reach-of-environmental-directives-1.4233587?mode=amp
- Italian hedge fund has built up €15m stake in Glenveagh | Business Post
Helikon Investments, founded last year, has a 3.07 per cent stake in the Irish house building company which has closed all its building sites in accordance with government guidance on Covid-19
- High Court confirms liquidator appointment to construction & plant hire business:
Its members petitioned the court for the provisional liquidator’s appointment so its assets will be secured and their proceeds properly distributed to creditors.
It had been working on three projects when it sought the winding up order.
It had worked on several major contracts in the past and its main customer was Cairn Homes, the court heard.
- Full investigation launched into Kingspan acquisition https://www.constructionnews.co.uk/legal/full-investigation-launched-into-kingspan-acquisition-21-04-2020/
- Scaffolders ‘ScaffShirt’ set to Launch: A Bradford company is about to launch a new innovative product set to revolutionise the scaffolding and allied construction industries.
Gaaard Protection Ltd has developed ‘The Scaffshirt’, offering extra protection for scaffolders carrying loads on their shoulders, while meeting current Health and Safety visibility requirements needed for safe site work.
The ScaffShirt is a versatile specialist high quality hi-vis protective work-wear shirt with weight-bearing padded shoulders for supporting shoulder joints for example, when carrying heavy items such as bricks and scaffolding tubes.
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 *
- How is technology driving real estate sales online in the current crisis? Understanding how, when and what your customers will be buying from you and how to keep up with your customer’s needs?
THE PROPIT FREE WEBINAR SERIES hosted by Terrapinn
Register for your Proptech Ireland-delivered seminar place here: https://bit.ly/3eCAyvW
- Bringing a digital dimension to construction costs | Business Post
When two brothers from Dublin came home from Australia and saw a gap in the domestic building costings market, the result was Livecosts.com
- MMC: Designing solutions for social distancing on site:
“Much focus is placed on modern methods of construction (MMC), however, modern methods of design are really the key. Because we ‘build’ our structures digitally first, we can design and construct panels that are 5-metres apart to ensure that operatives do not have to work close together…”
- Irish proptech: BidX1 licensing its online auctioneer platform | Business Post: The Irish property agency is close to announcing a couple of tie-ups with with rural estate agents
- Irish smart city solution: Working in tandem with tech to set a business idea in motion | Business Post
Initially a pet project, See.Sense now sells smart lights into 70 countries and collects practical data to inform safety and traffic planning decisions
- How to tackle your tech: Which smart home tech really makes life better?
- Reapit’s #PropTech deal aims to accelerate completions and cut fall-throughs
- Robots, AI, and the road to a fully autonomous construction industry https://venturebeat.com/2020/04/23/robots-ai-and-the-road-to-a-fully-autonomous-construction-industry/
- Top UK agency chain rolls out video valuations to 45 offices https://www.estateagenttoday.co.uk/breaking-news/2020/4/top-agency-chain-rolls-out-video-valuations-to-45-offices
- PropTech Today: why the industry shouldn’t abandon best laid plans
- Up to 35% engagement increase for property sector online during lockdown https://m.bizcommunity.com/Article/196/800/202952.html
- Ten-X’s Maureen Waters Joins MetaProp as Partner | GlobeSt
Most VC firms still do not have any female partners with 32% of the new female partners the first ever at their firms last year.
- How Tech is Aiding Property Managers During Pandemic: Automated entry. Intelligent buildings. Package lockers on every other corner.
This is what urban living will look like in five years, thanks to technology that’s gaining traction during the coronavirus pandemic as property managers work to keep buildings running with minimal human contact.
“Property management is on the front lines,”
- Proptech firms lose momentum but tech may drive a comeback – San Francisco Business Times https://www.bizjournals.com/sanfrancisco/news/2020/04/23/proptech-firms-lose-momentum-but-tech-may-drive-a.html
- The Investor | How robots in China are helping make buildings safer https://www.theinvestor.jll/news/china/office/how-robots-in-china-are-helping-make-buildings-safer/
- Is this the end of Airbnb? https://www.wired.co.uk/article/airbnb-coronavirus-losses
OTHER PROPERTY NEWS
- IPAV CEO has an excellent opinion piece in the Business Post today: ‘Rebuilding the property market from the ground up’: Recovering from Covid-19 will require making it easier to build and easier to buy.
- Less than 5% of new builds available to average earners according to housing report https://extra.ie/2020/04/25/business/property/housing-report-2020/amp
- Watching and waiting a common theme in property market: Tommy Barker reports that doubt stalks investors as the impact of Covid-19 has yet to be determined
- Murphy says the crisis highlights the amount of short-term lets: Airbnb properties currently being used for homeless services must not go back into the private market according to Minister for Housing Eoghan Murphy.
The minister has said that Airbnb and other short-term letting agencies will have to be regulated directly to ensure this does not happen.
Mr Murphy was today visiting an aparthotel facility in the South City with 110 units that is being used to house cases or suspected cases of Covid-19 among the homeless community.
- In The Sunday Times today:Could Covid-19 lead to lower rents?
“If anything good comes out of this pandemic let it be lower rents in Ireland’s cities. When the Covid-19 restrictions were first put in place, in March, the website Daft.ie saw a surge in new advertisements for Dublin. Some of these were from a collapsing short-term rental market, but others were the result of homes being vacated by foreign workers returning home. On Wednesday, Daft reported that rental listings for central Dublin were up 75% this month on the previous year. In contrast, listings for the rest of the country were down…”
- Lenders pledge flexibility over new mortgages: “Uncertainty around incomes and a significant but hopefully short-lived hit to employment emphasise the prevalence of downside risks in the immediate future,”
- Coronavirus: Banks expected to restrict mortgage lending over pandemic price fears https://www.irishtimes.com/news/consumer/coronavirus-banks-expected-to-restrict-mortgage-lending-over-pandemic-price-fears-1.4238223?mode=amp
- Bank of Ireland offers compensation after arrears ‘technical error’: Bank started legal proceedings against 400 mortgage holders without first issuing letters
- What sold for about €375k in Smithfield, Santry, East Wall and Mullingar https://www.irishtimes.com/life-and-style/homes-and-property/what-sold-for-about-375k-in-smithfield-santry-east-wall-and-mullingar-1.4227855?mode=amp
- Covid-19 Shutdown: How to Use This Time to Prepare Your Home for Sale – Kinsella Estates https://kinsellaestates.ie/covid-19-shutdown-how-to-use-this-time-to-prepare-your-home-for-sale/
- Cheap Irish Homes: ‘It’s opened my eyes to what’s out there for under €100,000’ https://www.irishtimes.com/culture/tv-radio-web/cheap-irish-homes-it-s-opened-my-eyes-to-what-s-out-there-for-under-100-000-1.4234445?mode=amp
- ‘Minor and immaterial’ increase in apartments listed for rent | Business Post: Research shows the number of apartments available to rent in March this year was only marginally ahead of the previous peak in November
- Rents in the State rise at slowest rate in six years: The average rent in the State rose to €1,226 per month in the final quarter of 2019, the lowest annual increase in six years, while five new areas have breached the threshold to be classified as rent pressure zones #RPZ – Mallow, Killarney, Athy, Tullamore and Mullingar.
- Coronavirus: My tenant wants a rent freeze but what about catch-up payments? https://www.irishtimes.com/life-and-style/homes-and-property/coronavirus-my-tenant-wants-a-rent-freeze-but-what-about-catch-up-payments-1.4229460?mode=amp
- Coronavirus: What if my daughter can’t meet her Hap scheme rent top-up? https://www.irishtimes.com/life-and-style/homes-and-property/coronavirus-what-if-my-daughter-can-t-meet-her-hap-scheme-rent-top-up-1.4229553?mode=amp
- Tenants told that workouts could make flats fall apart: A letting agent has warned some people renting renovated Dublin bedsits that they should not exercise in their flats using dumbbells or kettlebells as it “could cause the ceiling to collapse”.
Belgrave Property Management, which manages many of the capital’s renovated bedsits, recently emailed tenants telling them not to do “high-impact” exercise in their homes.
- Commercial property investment rose in first quarter as Covid-19 hit https://www.irishtimes.com/business/commercial-property/commercial-property-investment-rose-in-first-quarter-as-covid-19-hit-1.4234106?mode=amp
- Corum adds €5.6m Cork Aldi outlet to portfolio | Business Post: The purchase brings the French investment company’s spend to over €210 million across the island of Ireland
- Rent crunch: An ‘avalanche of disputes’ is brewing between landlords and business tenants as lockdown bites
Thousands of businesses have stopped paying their rent amid the Covid-19 lockdown. Many landlords are willing to talk, some are giving their tenants relief – and others have already sent solicitors’ letters.
- Coronavirus latest: Hickey’s Pharmacy in clash over rent with property giant Hines – Hines, which owns more than €3bn worth of property in Ireland, demanded full payment of Hickey’s €43,000 Grafton Street rent for the month of April after the head of the pharmacy said it could only pay 10pc of the total until after the Covid-19 crisis.
- Irish retailers face winter of discontent after UK closures: On April 15th, the Irish operations of fashion outlets Oasis and Warehouse were put into liquidation, killing 248 jobs, 13 stores and 29 concession stands. The move came after its parent in the UK entered administration.
The next day, provisional liquidators were appointed to wind up the 11 Irish department stores owned by Debenhams, with the loss of 2,000 jobs.
- Aoife Coughlan: How tenants and landlords can navigate Covid’s challenges | Business Post https://www.businesspost.ie/commercial/aoife-coughlan-how-tenants-and-landlords-can-navigate-covids-challenges-16c4739d
- No time to lose as demand remains high for retail space | Business Post: Even as the economy contracts in the face of Covid-19, Irish retailers are opening up more outlets in various locations around the country
- Henley Bartra flips Phoenix House for €16m: Joint venture involving developer Richard Barrett paid €8.5m for Dublin 8 office in 2018
- Bishop’s Square scheme in Dublin city sold for €182m: GLL Real Estate Partners, an affiliate of the Australian investment bank Macquarie Group and German-headquartered investor Patrizia AG, has completed the acquisition for €182 million of the Bishop’s Square office scheme in Dublin city centre.
While the successful completion of the sale represents a particular coup for Hines, it will also be seen as providing a major boost to the Irish market, coming as it does in the midst of the Covid-19 crisis. The amount paid by GLL is slightly more than the €180 million price which Kyle Rothwell of agent CBRE had been guiding when he brought the property to the market on behalf of the US-headquartered real estate giant in May of last year.
- Dublin city centre retail investment sold for €765,000 https://www.irishtimes.com/business/commercial-property/dublin-city-centre-retail-investment-sold-for-765-000-1.4231532?mode=amp
- Dublin 15 logistics unit to let at €395,600 per annum https://www.irishtimes.com/business/commercial-property/dublin-15-logistics-unit-to-let-at-395-600-per-annum-1.4231657?mode=amp
- Amazon packs a punch in Dublin with rented warehouses: Amazon has leased its first e-commerce warehouse in Dublin and is finalising plans to rent more space in the capital that would allow it to expand its operations significantly.
The online giant will create 20 permanent jobs at the 6,800 sq m “delivery station” at Greenogue Business Park in south west Dublin. It is the first time the US company has directly hired staff in Ireland to handle online orders.
- Andy Tallon: Cashflow is the king in these uncertain times: Real estate market is cyclical in nature and will show its resilience again
- Average rents in Galway City dropped by 10 % in final quarter of 2019 – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/average-rents-in-galway-city-dropped-by-10-in-final-quarter-of-2019/
- Top executives at Yew Grove see pay packets quadruple https://www.irishtimes.com/business/commercial-property/top-executives-at-yew-grove-see-pay-packets-quadruple-1.4236819?mode=amp
- Woodie’s was ‘overwhelmed’ with orders after reopening online store, CEO says | Newstalk https://www.newstalk.com/news/woodies-overwhelmed-orders-reopening-online-business-ceo-says-1005881
- An Post to offer ‘green’ loans for retrofitting homes | Business Post: Move aims to support the government’s Climate Action Plan over the coming years
INTERNATIONAL PROPERTY NEWS
- Rightmove halts house price report for first time ever as so few homes up for sale https://www.homesandproperty.co.uk/property-news/london-house-prices-stalled-coronavirus-a137996.html
- 11 materials, products and services in most short supply https://www.constructionnews.co.uk/agenda/11-materials-and-products-in-most-short-supply-20-04-2020/
- Morgan Stanley Will Edge Away From Real Estate, CEO Says https://www.bisnow.com/national/news/office/morgan-stanley-will-edge-away-from-real-estate-103989
- Coronavirus outbreak will halt 520,000 UK house sales in 2020 https://www.theguardian.com/business/2020/apr/20/coronavirus-outbreak-will-halt-520000-uk-house-sales-in-2020
- Unions demand staggered start times for London construction sites https://www.constructionenquirer.com/2020/04/20/unions-demand-staggered-start-times-for-london-sites/
- Property firms hit ‘critical distress’ level even before worst of virus: Property firms hit ‘critical distress’ level even before worst of virus
- Commercial property landlords banned from demanding rent arrears https://www.theguardian.com/business/2020/apr/23/commercial-property-landlords-banned-from-demanding-rent-arrears
- COVID-19 forced Airbnb to rethink its product offerings; here’s some of what it came up with – TechCrunch https://techcrunch.com/2020/04/24/covid-19-forced-airbnb-to-rethink-its-product-offerings-heres-some-of-what-it-came-up-with/
- Real Estate Will Never Be The Same Post Covid-19. Three Top Developers Explain The New Normal https://www.forbes.com/sites/petertaylor/2020/04/23/real-estate-development-will-never-look-the-same-post-covid-19-realtors-and-architects-should-pay-attention/#1ab61ef96f2a