Irish property market news and insights – by the industry, for the industry
Further to the Dublin price guide published last weekend, The Sunday Times national Property Price Guide is available today. This will likely be of interest to house-hunters, investors and estate agents regionally. Before we get stuck into the general property news of the week, below are a few local and international stories that might be of particular interest:
- Nama to shift €2bn of expected €4bn surplus to exchequer https://www.irishtimes.com/business/financial-services/nama-to-shift-2bn-of-expected-4bn-surplus-to-exchequer-1.4131193?mode=amp
- OMCs: Owners’ Management Companies – Events for Volunteer Directors – https://propertydistrict.ie/omcs-owners-management-companies-events-for-volunteer-directors/
- Struggling estate agent group Countrywide starts closing branches | Murky Depths https://www.fromthemurkydepths.co.uk/2020/01/09/struggling-estate-agent-group-countrywide-starts-closing-branches/
- Green Reit auction prompts Takeover Panel rule change: The Irish Takeover Panel is considering widening its rulebook following last year’s move by Green Reit to put itself up for sale rather than wait for approaches from potential acquirers.
The €1.34bn transaction, involving the sale of the real estate investment trust to London-based property group Henderson Park, was the first takeover in more than 20 years in which an Irish listed company put itself up for sale. This type of deal is not currently covered by the panel’s rulebook and, as a result, the body would have little input in the takeover. https://www.thetimes.co.uk/article/green-reit-auction-prompts-takeover-panel-rule-change-3vgt5l9gq
- For developers and design teams: To Build or Not to Build Parking: Automated Parking Lifts Have Changed the Rules | CityLift https://cityliftparking.com/build-not-build-parking-automated-parking-lifts-changed-rules
- Alexa, Build Me a House https://onezero.medium.com/alexa-build-me-a-house-d9b2b2e36750
- Toyota unveils plan to build ‘city of the future’ near Mount Fuji https://www.theguardian.com/world/2020/jan/07/toyota-city-of-the-future-japan-mount-fuji#img-1 (pictured above)
- Customer Experience Matters To Building Materials Companies Too https://www.forbes.com/sites/sap/2020/01/09/customer-experience-matters-to-building-materials-companies-too/#383fe222094d
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 firstname.lastname@example.org.
(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). 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.
*Listen back to all #PropertyMatters episodes here: https://anchor.fm/ipropertyradio
We are back on air this Tuesday 14th January and we are currently putting together our guest and content line-up for the next 12-months – all suggestions welcome! Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- How 16 initiatives are changing urban agriculture through tech and innovation https://www.greenbiz.com/article/how-16-initiatives-are-changing-urban-agriculture-through-tech-and-innovation
- 20th Century Response to 21st Century Urban Development Trend: State struggles to adapt to changing behaviours and trends in public consultation and community engagement| PLACEengage
- Tralee town square described as the ‘most dangerous’ in Ireland https://www.irishtimes.com/news/environment/tralee-town-square-described-as-the-most-dangerous-in-ireland-1.4131992?mode=amp
- IrishCycle.comAn Bord Pleanála deny climate impact of new Dublin dual carriageway https://irishcycle.com/2020/01/05/an-bord-pleanala-deny-climate-impact-of-new-dublin-dual-carriageway/
- Joe Gill: Visit to Cork City confirms why it is vying to be among the best places in world to invest https://www.irishexaminer.com/breakingnews/business/columnists/visit-to-cork-city-confirms-why-it-is-vying-to-be-among-the-best-places-in-world-to-invest-974060.html
- Design competition announced for €2m revamp of historic Cork city park
- Mayors offer solutions to Kerry social housing supply issue | Radio Kerry https://www.radiokerry.ie/mayors-offer-solutions-kerry-social-housing-supply-issue/
- Limerick Post Show | The development of the new Colbert Station district, Limerick
The Land Development Agency, in conjunction with Limerick City and County Council (LCCC), CIE and the HSE, held the signing of a memorandum of understanding for the development of the new Colbert Station district of Limerick City at the LCCC building, Merchant’s Quay
*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 Construction Data 2020: A pilot project will be kicking off in the early new year to collect Irish construction projects data in order to build industry big data. Property District is partnering with Dr. Houssem Jerbi and the team at Smart PMO to use AI (Artificial Intelligence) to develop industry collective intelligence to improve Irish construction. The predictive data analytics will help de-risk projects through reducing delays and cost-overruns. This is an industry first for Irish construction, providing participating organisations with new, unique insights and the opportunity to benchmark individual project/organisation data against the market, essentially revealing the strengths and weaknesses of live projects and optimising projects KPIs. I will be sending an email to contractors and cost/project managers shortly, if you are interested in getting involved in this pilot project in 2020 please email email@example.com.
- Diageo in no hurry over St James’s Gate development: Brewing giant has settled on shortlist of three developers for urban quarter at home of Guinness | Business Post https://www.businesspost.ie/commercial/diageo-in-no-hurry-over-st-jamess-gate-development-f5fa8956
- Dublin: European capital of the tech campus https://www.irishtimes.com/business/commercial-property/dublin-european-capital-of-the-tech-campus-1.4136109?mode=amp
- City Hall: Cork at mercy of Dublin-based planners on massive housing developments: STRATEGIC Housing Development (SHD) schemes must deliver sustainable communities for Cork as well as much-needed housing, according to City Hall’s director of planning https://www.echolive.ie/corknews/City-Hall-Cork-at-mercy-of-Dublin-based-planners-on-massive-housing-developments-dee7f2de-bd27-4601-b1eb-d6263bba628f-ds
- Permission sought for 11-storey block to enclose Dart line in central Dublin: The application to build either side of the railway line and in the space above it as well as within the arches supporting the railway tracks would be the first time the city’s ‘Loopline’ between Pearse and Connolly stations would be encased by development.
The application was lodged on December 18th by John Spain and Associates on behalf of developer Eric Kinsella’s Esprit Investments Ltd.
- Tough new energy ratings expected to increase construction cost of residential properties by up to 4pc – Independent.ie https://www.independent.ie/business/personal-finance/property-mortgages/tough-new-energy-ratings-expected-to-increase-construction-cost-of-residential-properties-by-up-to-4pc-38841043.html
- Dublin land hoarders face €30m bill from January https://www.irishtimes.com/news/environment/dublin-land-hoarders-face-30m-bill-from-january-1.4131930?mode=amp
- Coliving development in Castleknock gets green light https://www.rte.ie/amp/1105089/ Ccriticism of this: Permission for 200 room ‘co-living’ block in Castleknock criticised https://www.irishtimes.com/news/environment/permission-for-200-room-co-living-block-in-castleknock-criticised-1.4134917?mode=amp And for valence: What The Real Estate Industry Can Learn From How Co-Living Succeeds https://www.forbes.com/sites/forbesrealestatecouncil/2020/01/09/what-the-real-estate-industry-can-learn-from-how-co-living-succeeds/#7911fc218940
- First look: Paddy McKillen jnr’s Booterstown spa and interpretative centre https://www.irishtimes.com/life-and-style/first-look-paddy-mckillen-jnr-s-booterstown-spa-and-interpretative-centre-1.4134196?mode=amp
- Warning development must also occur outside Dublin as Waterford named Ireland’s most affordable city https://www.irishexaminer.com/breakingnews/business/warning-development-must-also-occur-outside-dublin-as-waterford-named-irelands-most-affordable-city-974108.html
- The Sunday Times take on this: State fund backs Bartra’s ‘Dickensian’ co-living project in Dun Laoghaire: The state-owned Ireland Strategic Investment Fund (Isif) has spent almost €8m on taking a stake in a co-living property development in Dublin that has been described as “Dickensian in nature” by the Green Party.
Isif has acquired a “significant minority stake” in the co-living project being developed at Eblana Avenue in Dun Laoghaire by Bartra Capital Property. The six-storey Eblana Avenue project will house 204 “single occupancy” rooms of just over 16.25 sq m each, smaller than a disabled parking space. It will have communal kitchens and living areas on each floor.
- ‘Major development dropped from housing report,’ concern for future of Tullow project https://www.carlowlive.ie/news/home/505617/major-development-dropped-from-housing-report-concern-for-future-of-tullow-project.html
- €45m housing projects to transform Thurles and mid Tipperary https://www.tipperarylive.ie/news/home/506718/45m-housing-projects-to-transform-thurles-and-mid-tipperary.html
- Tuam social housing plan gets green light https://connachttribune.ie/tuam-social-housing-plan-gets-green-light/
- Construction start date on events centre project still months away https://www.echolive.ie/corknews/Construction-start-date-on-events-centre-project-still-months-away-d8835a31-36b7-49af-8dc6-50b5c5cb612a-ds
- Former O’Flynn employees accused of secretly diverting deals https://www.irishtimes.com/business/transport-and-tourism/former-o-flynn-employees-accused-of-secretly-diverting-deals-1.4135303?mode=amp
- Engineering firm seeks order preventing former owner of premises from trespassing: The action has been brought by Winthrop Engineering & Contracting Ltd, a firm founded by well-known businessman Barry English, against James Jordan.
Winthrop claims that on December 30th last Mr Jordan, accompanied by others, broke into the company’s premises located at a Unit in Turnpike Business Park, Ballymount in Dublin 22.
It is claimed that Mr Jordan identified himself to a member of Winthrop’s staff and said that “Barry English” who is the plaintiff’s group managing director, had not paid rent to him for several months.
It is also claimed that Mr Jordan, and those with him, cut the power to the premises… https://www.irishtimes.com/business/retail-and-services/engineering-firm-seeks-order-preventing-former-owner-of-premises-from-trespassing-1.4134979?mode=amp
- Cairn Homes appoints Shane Doherty as new finance chief https://www.irishtimes.com/business/construction/cairn-homes-appoints-shane-doherty-as-new-finance-chief-1.4133715?mode=amp
- Board changes at Laing O’Rourke Construction https://www.theconstructionindex.co.uk/news/view/board-changes-at-laing-orourke-construction
- Sisk seals pre-construction deal for £149m GOSH project | Construction Enquirer https://www.constructionenquirer.com/2020/01/07/sisk-seals-pre-construction-deal-for-149m-gosh-project/
- Glazing contractor goes into administration https://www.constructionnews.co.uk/financial/administrations/glazing-contractor-goes-into-administration-08-01-2020/
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 *
- 2020: A New Decade of Construction –
Townmore’s Top 5 Construction Tech Picks for a New Decade:
- How UtilityAR is bringing augmented reality to factories and data centres https://fora.ie/utilityar-augmented-reality-4941696-Jan2020/
- Hot construction tech startups raising venture funding – Business Insider https://www.businessinsider.com/hot-construction-tech-startups-raising-venture-funding-2020-1?r=US&IR=T
- 2020 predictions: Aecom’s David Philp and ISG BIM manager Ivana Tudja | BIM+ http://www.bimplus.co.uk/analysis/2020-predictions-aecoms-david-philp-and-isg-bim-ma/
- Crowdfunding Firms Blow Up the Model to Survive in Real Estate https://www.wsj.com/articles/crowdfunding-firms-blow-up-the-model-to-survive-in-real-estate-11578398401
- Here’s where venture capital investors have been cutting their cheques in 2019 https://fora.ie/venture-capital-ireland-2019-4921323-Jan2020/
- This Is What 2020 Has In Store For Proptech, According to Seven VCs https://www.forbes.com/sites/angelicakrystledonati/2020/01/07/this-is-what-2020-has-in-store-for-proptech-according-to-seven-vcs/#50c38ca2535b
- Site Passports builds for tomorrow | Think Business https://www.thinkbusiness.ie/articles/site-passport-procurement-compliance-construction-industry/?_lrsc=c4aca20f-a05b-4501-99a1-6e4554742ccd&utm_source=elevate&utm_medium=social&utm_campaign=LinkedIn
- Irish firm to offer ‘drone takeaway deliveries’ in south Dublin from March | Newstalk https://www.newstalk.com/news/irish-firm-says-will-offer-drone-takeaway-deliveries-south-dublin-march-946985
- World’s first recycled bricks go into production in Scotland: Scientists at Heriot Watt University in Scotland have developed the world’s first building brick that’s made from 90% recycled #construction and demolition waste:
- Finland turns to technology to help frail old people live at home https://www.economist.com/europe/2020/01/11/finland-turns-to-technology-to-help-frail-old-people-live-at-home
- WeWork’s Adam Neumann in Talks to Boost Investment in Peach Street https://www.bloomberg.com/news/articles/2020-01-07/wework-s-neumann-in-talks-to-boost-investment-in-peach-street
- Five digital trends for construction in 2020 https://www.building.co.uk/communities/five-digital-trends-for-construction-in-2020/5103523.article
- ‘Groundbreaking’ green excavators unveiled https://www.newcivilengineer.com/innovative-thinking/groundbreaking-green-excavators-unveiled-10-01-2020/
OTHER PROPERTY NEWS
- The lead industry story in the Business Post this week is by Killian Woods: ‘Tuath provided more than 1,000 new social homes in 2019’: Overall spend at the not-for-profit housebuilder was €218 million, new accounts show | Business Post https://www.businesspost.ie/residential/tuath-provided-more-than-1000-new-social-homes-in-2019-48bc0ae6
- Noreen McManus sues Sisk over Limerick estate: The building giant was the main contractor in the €3m project at Martinstown House | Business Post https://www.businesspost.ie/ireland/noreen-mcmanus-sues-sisk-over-limerick-estate-f8040c44
- C&AG completes report on sale of €352m Nama loan book linked to Quinlan: Minister for Finance Paschal Donohoe must present findings within three months of receiving study | Business Post https://www.businesspost.ie/business/cag-completes-report-on-sale-of-352m-nama-loan-book-linked-to-quinlan-21e3ec27
- Retail park operators object to Liffey Valley expansion plans: Objectors say plans including roads and car parks overhaul need to be designed to suit all stakeholders, not just the shopping centre | Business Post https://www.businesspost.ie/commercial/retail-park-operators-object-to-liffey-valley-expansion-plans-76159382
- Starwood loans €35m for Irish commercial property portfolio to mystery investor: Financing arm of property giant confirms that six-year loan would aid the purchase of 12 commercial properties in central Dublin | Business Post https://www.businesspost.ie/companies/starwood-loans-35m-for-irish-commercial-property-portfolio-to-mystery-investor-a83e7084
- Gazing into the crystal ball for 2020 in Irish property: International investor interest remains strong, but the lack of sustainability of rent levels could create problems in the coming year | Business Post https://www.businesspost.ie/commercial/gazing-into-the-crystal-ball-for-2020-in-irish-property-4026f8e7
- In the Sunday Independent today: Dundrum makes plan to deal with threat to House of Fraser store: Dundrum Town Centre has drawn up plans to carve House of Fraser into two large shops as it readies itself for the possible closure of the troubled department store.
The owners of the centre believe that a current restructuring of the retailer may impact upon House of Fraser’s Irish store.
The centre outlined plans to split the unit into two to Dún Laoghaire Rathdown County Council, and sought exemption from planning permission for such a change.
- Dublin’s Prem Group goes Dutch with flagship aparthotel – The Dublin-based international hospitality and hotel management firm Prem Group is to open a new flagship aparthotel in Amsterdam.
The Premier Suites Plus Amsterdam will be a luxury offering located in the business area of Zuidas and is the company’s highest-spec premises to date.
Prem Group has taken a long-term lease in the Hourglass Building, which is currently under construction and is expected to become a landmark building in the district due to its distinctive design. Prem Group is investing €2.5m in the fit-out.
- Harcourt sells off Las Vegas site in $14m deal – Harcourt Developments, one of Ireland’s largest construction firms, has sold land it acquired in Las Vegas during the boom for $14m (€12.6m).
The land was previously earmarked by Harcourt, founded by Pat Doherty, in 2006 for the Sullivan Square development, which would have included 1,380 residential units, 45,000 sq ft (4,180 sq m) of retail and 272,000 sq ft of office space in an investment which could have been worth $800m.
The site stood six miles from the famous Las Vegas strip and was to be modelled on neighbourhoods in New York, Chicago and Montreal.
- One of the lead industry stories in the business supplement of The Sunday Times today reports that: Oakmount targets €45m from sale of Blackrock site in Dublin: Oakmount, a Dublin property development company headed by Paddy McKillen Jr, aims to clear €15m profit from the sale of a Dublin site for €45m.
The company is advancing plans to sell the 11-acre site at Temple Hill in Blackrock, south Dublin, where it secured permission last year to build 291 apartments.
Oakmount bought the site from the Daughters of Charity religious order in late 2017 for about €30m, meaning it is targeting a 50% increase in its value in a little more than two years, on the strength of the planning approval.
- What can you buy in Dublin and Leitrim for €220k? https://www.irishtimes.com/life-and-style/homes-and-property/what-can-you-buy-in-dublin-and-leitrim-for-220k-1.4131890?mode=amp
- Estate agent predicts ‘largely stable’ house prices this year amid ‘volatile’ rent increases https://www.irishexaminer.com/breakingnews/ireland/estate-agent-predicts-largely-stable-house-prices-this-year-amid-volatile-rent-increases-973914.html
- Another year of dysfunction ahead for Ireland’s property market https://www.irishtimes.com/business/economy/another-year-of-dysfunction-ahead-for-ireland-s-property-market-1.4133293?mode=amp
- Property tax is due to change in 2021 – but will it cost you more? https://www.irishtimes.com/business/economy/property-tax-is-due-to-change-in-2021-but-will-it-cost-you-more-1.4134826?mode=amp
- Mortgage interest rates dip but remain more than double euro zone average https://www.irishtimes.com/business/economy/mortgage-interest-rates-dip-but-remain-more-than-double-euro-zone-average-1.4135867?mode=amp
- Homeowners missing out by not switching mortgages, brokers say https://www.irishtimes.com/business/personal-finance/homeowners-missing-out-by-not-switching-mortgages-brokers-say-1.4132009?mode=amp
- Cork landlord offers free rent for sex in shocking online ad https://www.irishexaminer.com/breakingnews/ireland/cork-landlord-offers-free-rent-for-sex-in-shocking-online-ad-974640.html
- Your Questions: I am thinking of selling an investment property, but what about the tax? – Independent.ie https://m.independent.ie/business/personal-finance/your-questions-i-am-thinking-of-selling-an-investment-property-but-what-about-the-tax-38852427.html
- Housing assistance scheme will breach €1bn mark next month https://www.irishtimes.com/news/environment/housing-assistance-scheme-will-breach-1bn-mark-next-month-1.4131081?mode=amp
- One of world’s wealthiest men buys mansion near Waterford for €12.6m https://waterfordnow.ie/news/one-worlds-wealthiest-men-buys-mansion-near-waterford/
- Kerry’s ‘most beautiful island’ sells for €2m https://www.irishtimes.com/life-and-style/homes-and-property/kerry-s-most-beautiful-island-sells-for-2m-1.4135016?mode=amp
- Dublin City Council is owed €33 million in rent arrears from its council housing tenants https://www.thejournal.ie/dublin-city-council-5-4956180-Jan2020/
- Affordability relatively low for Kildare first time buyers https://www.leinsterleader.ie/news/news/506509/affordability-relatively-low-for-kildare-first-time-buyers.html
- Desmond left with €1.4m stamp duty bill over deal to buy former Killilea mansion – Independent.ie https://m.independent.ie/irish-news/desmond-left-with-14m-stamp-duty-bill-over-deal-to-buy-former-killilea-mansion-38839937.html
- Cairn Homes has sold more than 220 dwellings in Dublin to an investment-firm backed landlord for €78 million.
Cairn said on Friday that it has sold 229 apartments, houses and duplexes in Lucan, west Dublin, to a company funded by US firm Angelo Gordon and managed by Irish business, Carysfort Capital.
The Dublin-listed house builder said that the buyers paid €78.75 million for the new homes, all of which Cairn confirmed would be finished by the end of this year.
Carysfort and Angelo Gordon intend renting the properties out, in keeping with a trend in the Republic where investors buy blocks of homes to cash in on high demand from tenants.
- Cuckoo fund buys 229 new homes in Lucan – Independent.ie https://m.independent.ie/business/cuckoo-fund-buys-229-new-homes-in-lucan-38850989.html
- Investment in Irish commercial property sets new record of €7.2bn https://www.irishtimes.com/business/commercial-property/investment-in-irish-commercial-property-sets-new-record-of-7-2bn-1.4133298?mode=amp
- Grand value: Dublin office value up 50pc to €30m in five years – Independent.ie https://amp.independent.ie/business/commercial-property/grand-value-dublin-office-up-50pc-to-30m-in-five-years-38843126.html
- Dublin City Council moves to repossess Iveagh Markets – Independent.ie https://m.independent.ie/irish-news/news/dublin-city-council-moves-to-repossess-iveagh-markets-38838213.html
- Cork property investment predicted to grow this year https://www.echolive.ie/corknews/Cork-property-investment-predicted-to-grow-this-year-e151c5df-63c6-421a-8a55-07b6530acca4-ds
- Eason to relocate Cork’s St Patrick’s Street store https://www.breakingnews.ie/ireland/eason-to-relocate-corks-st-patricks-street-store-974293.html
- Popular Waterford city centre store planning revamp https://www.waterfordlive.ie/news/home/506467/popular-waterford-city-centre-store-planning-revamp.html
- Why Ireland’s data centre boom is complicating climate efforts https://www.irishtimes.com/business/technology/why-ireland-s-data-centre-boom-is-complicating-climate-efforts-1.4131768?mode=amp
- JYSK to open seven new shops here in first half of 2020 https://www.rte.ie/news/business/2020/0106/1104616-new-jysk-stores/
- Popular Dublin Shopping Centre to be transformed as part of €16m makeover https://www.dublinlive.ie/news/dublin-news/blanchardstown-shopping-centre-stores-work-17514934