Before we get stuck into the general property news of the week, I would like to take a moment to acknowledge the passing of Simon Brooke. Simon was such an important and impactful advocate for social housing, particularly during this challenging time in Irish housing. He was also an absolute gentleman, I learned a lot from him when chairing or joining in industry panel discussions. Condolences to all of his family, friends and colleagues at Cluid https://www.cluid.ie/simon-brooke-rip/
Below are a few local and international stories that might be of particular interest:
- No-confidence motion in Eoghan Murphy https://www.rte.ie/news/politics/2019/1127/1095457-politics/ More on this: FG will need Independents’ votes to keep Housing Minister Eoghan Murphy in job – Independent.ie https://m.independent.ie/irish-news/politics/fg-will-need-independents-votes-to-keep-housing-minister-eoghan-murphy-in-job-38733695.htm
- Ireland’s credit rating upgraded for first time in four years https://www.irishexaminer.com/breakingnews/business/irelands-credit-rating-upgraded-for-first-time-in-four-years-967506.html
- Cushman & Wakefield introduces six weeks fully-paid paternity leave https://www.irishtimes.com/business/commercial-property/cushman-wakefield-introduces-six-weeks-fully-paid-paternity-leave-1.4091951?mode=amp
- Public consultation opens on Ireland’s greenhouse gas emissions reduction | PLACEengage
https://placeengage.com/public-consultation-opens-on-irelands-greenhouse-gas-emissions-reduction/
- Good lord, Ireland, you make it hard: An emigrant’s battle to become Irish again https://www.irishtimes.com/life-and-style/abroad/good-lord-ireland-you-make-it-hard-an-emigrant-s-battle-to-become-irish-again-1.4096917?mode=amp
- Ugly Irish Houses: “Access to money makes people do ugly things” https://www.rte.ie/lifestyle/living/2019/1128/1095694-ugly-irish-houses-access-to-money-makes-people-do-ugly-things/
- Awards season 2019 kept going this week with the Fit Out Awards on Wednesday evening followed by the Docklands Business Forum Awards on Thursday evening (with special appearances from our Housing Minister Eoghan Murphy and former Taoiseach Bertie Ahern!). Also on Thursday, the Irish Independent’s PIEA awards took place (winners below) and on Friday, the Irish Building & Design Awards closed out the week – well done to all our construction and property clients, colleagues and friends who enjoyed well-deserved wins!
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@caroltallon.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!)
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). Seasoned political broadcaster, Bryan Fox, and I (Carol Tallon) team up to deliver 60 minutes of industry chat with guests from the areas of planning, construction, property and proptech. Produced by Katie Tallon of Hear Me Roar Media.
(l-r) Bryan Fox, Colm Daly, Carol Tallon and John Power
We were joined in the Property Matters studio this week by Colm Daly, chief executive of HomeSecure to discuss the next generation of tech-enabled home and personal security products and services.
Also, John Power, MD of Strategic Growth Leaders (SGL) Corporate Finance and Sandford Advisors explored strategies for construction businesses to help prepare for the impact of Brexit.
Listen back here: https://anchor.fm/ipropertyradio/episodes/Property-Matters–November-26th-2019-e98mch
*Listen back to all #PropertyMatters episodes here: https://anchor.fm/ipropertyradio
Email the Property Matters team at hello@iPropertyRadio.com
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- When good community engagement goes bad – Residents ‘caught in the firing line’ as FF and FG clash on social housing plans in Montenotte
https://www.echolive.ie/corknews/Residents-caught-in-the-firing-line-as-FF-and-FG-clash-on-social-housing-plans-in-Montenotte–6fcbe6ab-7e8e-4dd8-8e3d-d19dc94f498f-ds
- Placemaking and housing options for Ireland’s aging population | PLACEengage https://placeengage.com/placemaking-and-ageing-demographics/
- This is what the new white-water rafting attraction at Dublin’s IFSC will look like https://www.thejournal.ie/white-water-rafting-course-on-the-liffey-dublin-4907046-Nov2019/ (featured image above)
- Plans for 150-bed homeless hostel on Dublin’s Aungier Street shelved following local opposition https://www.thejournal.ie/avalon-house-hostel-family-hub-4911433-Nov2019/
- Greystones plan proposes new town square, a boardwalk and less car dominance #placemaking https://www.irishtimes.com/news/ireland/irish-news/greystones-plan-proposes-new-town-square-a-boardwalk-and-less-car-dominance-1.4099306?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
- Ronan raises stakes in legal battle against Clancourt. A legal battle between a company owned by Johnny Ronan and Clancourt, the company owned by the Kenny developer family, has escalated even further with Ronan lodging a lawsuit against the state:
https://www.businesspost.ie/legal/ronan-raises-stakes-in-legal-battle-against-clancourt-1c3bf8fc
- Sean Reilly cements big profit on development sites:
‘A property group owned by Dublin developer Sean Reilly and his family made almost €110m profit last year after a bumper land sale. Alcove Holdings, parent company of Reilly’s various businesses including builder McGarrell Reilly, had sales of €171.2m in 2018, a more than fivefold increase from €33.1m the previous year. Pre-tax profits hit €109.5m, up from €6m in 2017. The surge in profits resulted largely from the sale of sites in Dublin and Meath to the quoted homebuilder Glenveagh Properties in March last year. Alcove recorded turnover of €84.6m from land sales, residential sales of €50.1m, and €36m in contracting income. The figures represent a remarkable comeback for Reilly, who has developed property in Ireland, the UK and Germany since 1981.’
https://www.thetimes.co.uk/edition/ireland/sean-reilly-cements-big-profit-on-development-sites-r7xb8m9t0
- Lone Star unit says private equity loans are too expensive for housing schemes – Independent.ie https://m.independent.ie/business/irish/lone-star-unit-says-private-equity-loans-are-too-expensive-for-housing-schemes-38733091.html
- BAM Ireland boss calls for ‘early contractor involvement’ in major public projects for better costs certainty’ https://www.irishexaminer.com/breakingnews/business/bam-ireland-boss-calls-for-early-contractor-involvement-in-major-public-projects-for-better-costs-certainty-966961.html
- Sales of Irish development land set to top €1bn this year: Housing shortage is continuing to fuel sales of residential development sites
- Dublin parish paid €3.5m compensation for loss of light due to new developments https://www.irishtimes.com/news/social-affairs/religion-and-beliefs/dublin-parish-paid-3-5m-compensation-for-loss-of-light-due-to-new-developments-1.4094743?mode=amp
- Developer plans to demolish Georgian terrace on Kildare Street https://www.irishtimes.com/news/ireland/irish-news/developer-plans-to-demolish-georgian-terrace-on-kildare-street-1.4097318?mode=amp
- London-based operator, The Collective, downscale Liberties co-living complex after meetings with Dublin City Council | BusinessPost.ie https://www.businesspost.ie/construction/developers-downscale-liberties-co-living-complex-after-meetings-with-council-47546c18
- Marlet Group secures planning for 13-storey Dublin apartment block https://www.irishtimes.com/business/economy/marlet-group-secures-planning-for-13-storey-dublin-apartment-block-1.4099757?mode=amp
- German fund acquires high-end Dundrum apartment scheme for €55m https://www.irishtimes.com/business/commercial-property/german-fund-acquires-high-end-dundrum-apartment-scheme-for-55m-1.4099760?mode=amp
- Planning application details revealed for development of the old Penneys site in Carlow https://www.carlowlive.ie/news/home/497534/planning-application-details-revealed-for-development-of-the-old-penneys-site-in-carlow.html
- Plans submitted for 332 apartments in Knocknacarra housing project – Galway Daily https://galwaydaily.com/news/knocknacarra-housing-development-332-apartments/amp/?__twitter_impression=true
- 51 New Social Housing Units To Be Built In Shannon – Clare FM http://www.clare.fm/news/housing/51-new-social-housing-units-built-shannon/
- LATEST: 6,000 construction jobs on the way as Intel gets go ahead for massive plant https://www.leinsterleader.ie/news/news/496741/latest-6-000-construction-jobs-on-the-way-as-intel-gets-go-ahead-for-massive-plant.html
- Limerick plan compared to ‘Twin Towers’ – Independent.ie https://m.independent.ie/business/commercial-property/limerick-plan-compared-to-twin-towers-38726612.html
- Henry Scanlon Appointed as Civil Engineering Director at John Paul Construction – Construction Network Ireland http://www.constructionnetworkireland.com/henry-scanlon-appointed-civil-engineering-director-john-paul-construction/
- Cork firms face construction permit obstacles https://www.irishexaminer.com/breakingnews/business/cork-firms-face-construction-permit-obstacles-966781.html
- Glanbia Ireland set to build €140 million facility on outskirts of Waterford city https://www.waterfordlive.ie/news/home/496697/global-company-granted-planning-permission-for-140-million-waterford-facility.html
- New social houses set to be built in Waterford https://www.waterfordlive.ie/news/property/497942/contract-awarded-for-new-waterford-social-housing-units.html
- New wind farm passes ‘hugely important milestone’ as construction begins https://www.irishexaminer.com/breakingnews/business/new-wind-farm-passes-hugely-important-milestone-as-construction-begins-967091.html
- Sisk restructures to create three operating divisions | Construction Enquirer https://www.constructionenquirer.com/2019/11/28/sisk-restructure-to-create-three-operating-divisions/
- Murphy moves to cabbed dumpers https://www.theconstructionindex.co.uk/news/view/murphy-moves-to-cabbed-dumpers
- Severfield targets high-rise flats with steel frame design | Construction Enquirer https://www.constructionenquirer.com/2019/11/26/severfield-targets-high-rise-flats-with-steel-frame-design/
- Jenga’s cantilevered sky bridge completed 80 metres over Nine Elms https://www.theconstructionindex.co.uk/news/view/jengas-cantilevered-sky-bridge-completed-80-metres-over-nine-elms
- Jacobs to add more than 2,000 jobs to its payroll https://www.building.co.uk/news/jacobs-to-add-more-than-2000-jobs-to-its-payroll/5102982.article
- Who needs a ‘builders licence’?
‘An industry taskforce is developing a builders’ licensing scheme to solve myriad industry problems. Phil Bishop is not persuaded’
https://www.theconstructionindex.co.uk/news/view/who-needs-a-builders-licence
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 *
- Rain-responsive windows and sci-fi beds: How ready are you for the home decor of the future? https://www.thejournal.ie/home-interior-design-of-the-future-4911413-Nov2019/
- BAM helps develop AI system for concrete strength https://www.theconstructionindex.co.uk/news/view/bam-helps-develop-ai-system-for-concrete-strength
- Celebrating Global Ambition With the launch of AWS Activate with Enterprise Ireland – PropTech Ireland https://prop-tech.ie/celebrating-global-ambition-with-the-launch-of-aws-activate-with-enterprise-ireland/
- Can we crack modular housing?
‘For decades, modular housing has been the sector’s equivalent of nuclear fusion: the imagined fount of limitless supply has always been just over the horizon… but never quite within reach.
However, Boris Johnson’s government appears to have hollered the edict: it’s time to ‘get modular done’.
https://www.propertyweek.com/insight/can-we-crack-modular-housing/5105405.article
- Kilkenny Mechanical Modular Firm Plan Further Expansion – Construction Network Ireland
http://www.constructionnetworkireland.com/kilkenny-mechanical-modular-firm-plan-expansion/
- Plentific, a London proptech raises more funding – PropTech Ireland https://prop-tech.ie/plentific-a-london-proptech-raises-more-funding/
- What’s new in Revit 2020.2 – Revit Official Blog https://blogs.autodesk.com/revit/2019/11/18/whats-new-in-revit-2020-2/
- Middlegame Ventures targets Irish fintechs with new €150m fund https://www.irishtimes.com/business/technology/middlegame-ventures-targets-irish-fintechs-with-new-150m-fund-1.4094201?mode=amp
- Proptech: what is it and how will it change real estate? https://www.raconteur.net/technology/proptech-definition
- Bricks printed from recycled plastic smash clay for U-values https://www.theconstructionindex.co.uk/news/view/bricks-printed-from-recycled-plastic-smash-clay-for-u-values
- PropTech Today: Smart contracts and their impact on trust
https://www.estateagenttoday.co.uk/breaking-news/2019/11/proptech-today-smart-contracts-and-their-impact-on-trust?source=newsticker
- How Funding Proptech Can Amplify Real Estate Business? https://www.cioapplications.com/news/how-funding-proptech-can-amplify-real-estate-business-nid-5358.html
- Proptech Entera Raises $7.5 Million to Further Expand Operations https://www.crowdfundinsider.com/2019/11/154526-proptech-entera-raises-7-5-million-to-further-expand-operations/
- Proptech Milestones In The Conveyancing Industry https://www.todaysconveyancer.co.uk/main-news/proptech-milestones-conveyancing-industry/
MORTGAGE NEWS
- Makhlouf resists pressure to relax mortgage lending rules for first-time buyers:
‘Makhlouf resists pressure to relax mortgage lending rules for first-time buyers. As he prepares to release the Central Bank’s annual review of mortgage lending rules, Gabriel Makhlouf, the regulator’s new governor, knows that he is under political pressure to help first-time buyers.’
https://www.businesspost.ie/ireland/makhlouf-resists-pressure-to-relax-mortgage-lending-rules-for-first-time-buyers-36b7f4f0
- Central Bank asked to probe mortgage “dual-pricing” https://www.rte.ie/news/business/2019/1125/1095016-central-bank-asked-to-probe-mortgage-dual-pricing/
- Ulster Bank cuts rates for those not refixing mortgages https://www.rte.ie/news/business/2019/1126/1095241-ulster-bank-cuts-rates-for-those-not-refixing-mortgages/
- First-time buyers drive demand for mortgage approvals https://www.rte.ie/news/business/2019/1129/1095894-mortgage-drawdowns/
- Man wins appeal over lack of detail in mortgage debt demand https://www.irishexaminer.com/breakingnews/business/man-wins-appeal-over-lack-of-detail-in-mortgage-debt-demand-967396.html
- Two more lenders launch review into possible overcharging
Bank of Ireland and KBC now investigating whether any customers have been issued incorrect charges: https://www.businesspost.ie/companies/two-more-lenders-launch-review-into-possible-overcharging-837fb6c6
OTHER PROPERTY NEWS
- Homeless charity Respond promises 2,500 new social homes in next five years https://amp.irishexaminer.com/breakingnews/ireland/homeless-charity-respond-promises-2500-new-social-homes-in-next-five-years-966947.html
- This housing crisis in Cork and nationwide must be ended https://www.echolive.ie/opinion/This-housing-crisis-in-Cork-and-nationwide-must-be-ended-1862b1ed-9830-4284-b910-03c7e057769d-ds
- Man banned from providing property services in Ireland in landmark case https://www.irishexaminer.com/breakingnews/ireland/man-banned-from-providing-property-services-in-ireland-in-landmark-case-966529.html
- Small private landlords are quitting ‘in their droves’, says seller of Glenageary house https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/life-and-style/homes-and-property/new-to-market/small-private-landlords-are-quitting-in-their-droves-says-seller-of-glenageary-house-1.4089315?mode=amp
- Controversial landlord now ordered to pay back €22,000 – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/irish-news/courts/controversial-landlord-now-ordered-to-pay-back-22000-38722625.html
- Why is it that private investors so keen to get into social housing? https://www.independent.co.uk/news/business/comment/social-housing-rents-homelessness-general-election-sajid-javid-a9214181.html
- Cairn Homes sells 150 Maynooth homes for €53.5m https://www.rte.ie/news/business/2019/1128/1095665-cairn-homes-maynooth-and-clonburris-deal/
- Dublin businesses face rate hike over funding row https://www.rte.ie/news/2019/1124/1094911-business-rate-increase/ Also: Dublin businesses to pay more in rates as budget passes https://www.rte.ie/news/regional/2019/1125/1095108-dublin-city-council-2020-budget-passed/
- UCD to sell Richview https://universityobserver.ie/55499-2/
- German fund pays €53m for Dublin 4 office block https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/german-fund-pays-53m-for-dublin-4-office-block-1.4095617?mode=amp
- Amazon strikes deal for new Dublin offices https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/amazon-strikes-deal-for-new-dublin-offices-1.4099458?mode=amp
- French real estate group pays €45m for Kilmainham Hilton hotel https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/french-real-estate-group-pays-45m-for-kilmainham-hilton-hotel-1.4095698?mode=amp
- Dublin’s newest hotel set to open its doors in docklands | BusinessPost.ie https://www.businesspost.ie/hospitality/dublins-newest-hotel-set-to-open-its-doors-in-docklands-5f9d5222
- Nama receives €42m from sale of Dublin docklands office blocks https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/nama-receives-42m-from-sale-of-dublin-docklands-office-blocks-1.4094445?mode=amp
- AIB takes €6m hit on sale of Griffeen Shopping Centre in Lucan https://www.thetimes.co.uk/edition/ireland/aib-takes-6m-hit-on-sale-of-griffeen-shopping-centre-in-lucan-cskcz9l52
- Cosgraves seek €50m for new Smithfield hotel https://www.irishtimes.com/business/commercial-property/cosgraves-seek-50m-for-new-smithfield-hotel-1.4097256?mode=amp
- Michael Fetherston to sell care home group TLC:
‘Michael Fetherston, the businessman who is in the process of buying the K Club luxury golf resort, is looking to sell his TLC Nursing Homes portfolio for more than €155m. Fetherston appointed Rubicon Capital Advisors to run the sale process earlier this summer, and sources say that bids for the company have been separately lodged by Primonial REIM, a French fund manager; Dutch private equity company Waterland; German property company Immac; and InfraVia, the French owner of Mater Private hospital group. A sovereign wealth fund is also believed to be interested.’
https://www.thetimes.co.uk/edition/ireland/michael-fetherston-to-sell-care-home-group-tlc-w3pksrqjl
- A success story in Sandyford –
Recent deals have indicated that Sandyford Business District is one of the most attractive investment targets in the whole of south Co Dublin: https://www.businesspost.ie/commercial/a-success-story-in-sandyford-2f48280a
- The green energy group SSE Renewables has ramped up its plans for the second phase of the Arklow Bank offshore wind farm in Wicklow and says it is prepared to invest up to €2bn in the project “in the very near term”.
https://www.thetimes.co.uk/edition/ireland/sse-ready-to-blow-2bn-on-arklow-bank-wind-farm-project-l9xcv0phf