Weekly Irish property market news and insights – for the industry, by the industry
*As pledge portal opens for offers of accommodation, here’s how you can help house Ukrainians fleeing the invasion to Ireland https://m.independent.ie/irish-news/as-pledge-portal-opens-for-offers-of-accommodation-heres-how-you-can-help-house-ukrainians-fleeing-the-invasion-to-ireland-41425518.html
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:
- Need, demand, demographics: How Irish housing policy is creating a ‘forgotten middle’ – Some people have the financial means to cover their housing needs. Others qualify for state support. But there is a ‘forgotten middle’ who are outside either group. And the demographic trends reveal this will get much worse https://thecurrency.news/articles/76174/need-demand-demographics-how-and-why-irish-housing-policy-is-creating-a-forgotten-middle/
- Research: How Bias Against Women Persists in Female-Dominated Workplaces https://hbr.org/2022/03/research-how-bias-against-women-persists-in-female-dominated-workplaces
- The Irish Times view on housing supply: Key task for Government is to maintain building volumes no matter what https://www.irishtimes.com/opinion/editorial/the-irish-times-view-on-housing-supply-1.4820605
- €7bn invested in Dublin’s private rented sector since 2016: Investors now seeking opportunities in commuter belt counties of Kildare, Meath and Wicklow, report finds https://www.irishtimes.com/business/commercial-property/7bn-invested-in-dublin-s-private-rented-sector-since-2016-1.4820619
- New report by construction consultancy firm Mitchell McDermott warns Dublin data centre ban could cost sector €2bn: Eirgrid’s five-year halt on the building of new centres, due to power concerns, may discourage foreign investment by tech firms https://www.businesspost.ie/commercial/construction-expert-warns-dublin-data-centre-ban-could-cost-sector-eur2bn-eab0ab06
- Investigation into Nama loan sale extended for another three months: Sale of State agency’s Northern Ireland loans has been under investigation since 2017 https://www.irishtimes.com/business/investigation-into-nama-loan-sale-extended-for-another-three-months-1.4824698
- A local auctioneer, who shored up company losses using over €140,000 in booking deposits, before finally closing the doors on his business and absconding to Scotland, has been jailed for three years. https://www.anglocelt.ie/2022/03/09/former-auctioneer-jailed-for-three-years/
- Will Dublin ever introduce an elected Lord Mayor? Government would have to surrender power to this elected official, but will this happen? https://www.irishtimes.com/life-and-style/will-dublin-ever-introduce-an-elected-lord-mayor-1.4824249
- Over 3,000 obsolete laws face removal from Irish statute books: Tooth theft law from 1836 among those Law Reform Commission wants abolished https://www.irishtimes.com/news/ireland/irish-news/over-3-000-obsolete-laws-face-removal-from-irish-statute-books-1.4821742
- Wanted: space for Irish art – There is a post-pandemic glut of art waiting to be hung but a shortage of places to show it https://www.thetimes.co.uk/article/wanted-space-for-irish-art-btg7cpzx6
- Buying Property in Metaverse: Investment of Future or Doom? https://www.analyticsinsight.net/buying-property-in-metaverse-investment-of-future-or-doom/ Also: JPMorgan stakes a claim in the metaverse with Decentraland lounge https://www-theblockcrypto-com.cdn.ampproject.org/c/s/www.theblockcrypto.com/amp/linked/134311/jpmorgan-stakes-a-claim-in-the-metaverse-with-decentraland-lounge (more below under Proptech News)
- International Women’s Day 2022 was marked this week and many great events took place for women in the industry. Below is our favourite image of the week, from McKeon Group! https://mckeon.ie/removing-barriers-and-normalising-diversity-is-everyones-business/
If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/sunday-roundup/
As always, you might let me know if I have missed out on any relevant property news by emailing carol@propertydistrict.ie
(Apologies in advance for any typos, it’s difficult to get good help on a Sunday. Also, I use voice to text dictation so just sound out anything that really doesn’t make sense in a strong rural accent and that should help!)
SUNDAY LISTEN
Property Matters: Ireland’s first weekly property radio show and podcast, which launched in January 2019 on Dublin South FM 93.9 and is now available internationally via iTunes and Spotify podcast (www.iPropertyRadio.com), returned last month for a fourth season. The team delivers 60 minutes of industry chat weekly with guests from the areas of planning, construction, property and proptech.
Produced by Hear Me Roar Media
On #PropertyMatters @iPropertyRadio this week I chat to Vincent Harney of Anisorian about repurposing real estate asset classes and Bryan Fox explores Dun Laoghaire-Rathdown’s strategic land reserve with local representatives Dave Quinn of the Social Democrats and Tom Kivlehan of the Green Party.
Watch back: https://youtu.be/6w0_Wb_wSQ8
👉 Listen back to this and all shows at: https://ipropertyradio.com
Email the Property Matters team at info@propertydistrict.ie
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Dublin revealed to be third most ‘culturally enriched’ city in Europe: Dublin was beat by only Prague and Amsterdam to be named third most culturally enriched city in Europe https://www.dublinlive.ie/lifestyle/dublin-revealed-third-most-culturally-23365832
- Sandymount to become neurodiverse-friendly village in new campaign: Nessa, a mother who is involved with the project, says that the organisation has submitted a proposal to Dublin City Council https://www.dublinlive.ie/news/sandymount-become-neurodiverse-friendly-village-23314588
- New Dun Laoghaire Rathdown plan for ‘10-minute neighbourhood’: 20,000 new homes to be created in south Dublin, building out towards Co Wicklow https://www.irishtimes.com/news/ireland/irish-news/new-dun-laoghaire-rathdown-plan-for-10-minute-neighbourhood-1.4824569
- Local resident brings court action against Clontarf apartment scheme: More than 350 objections lodged against €52m build-to-rent proposal https://www.irishtimes.com/business/commercial-property/local-resident-brings-court-action-against-clontarf-apartment-scheme-1.4820713
- Dublin 8 is ‘primed for prosperity’, alongside four other global neighbourhoods: Knight Frank forecasts price growth of up to 20% in area and puts it on global hot list https://www.irishtimes.com/life-and-style/homes-and-property/dublin-8-is-primed-for-prosperity-alongside-four-other-global-neighbourhoods-1.4823561?mode=sample&auth-failed=1&pw-origin=https%3A%2F%2Fwww.irishtimes.com%2Flife-and-style%2Fhomes-and-property%2Fdublin-8-is-primed-for-prosperity-alongside-four-other-global-neighbourhoods-1.4
- Primary care centre, over 600 apartments, gym, cafes and more planned for old city site: Separate applications are currently sitting with bosses in the council and An Bord Pleanala https://www.corkbeo.ie/news/property/primary-care-centre-over-600-23340511
- Vision of Cork city’s future 80 years downriver on exhibition: Engineers show how city on the Lee may change in the next 80 years https://www.irishexaminer.com/property/commercial/arid-40825307.html
- Cycleway plan unlikely to reduce traffic congestion: Councillors are expected to approve the extensive cycleway/walkway project for Carrigtwohill next Monday, but fears have been raised it will have little or no impact on increasing ‘sustainable travel’ https://www.irishexaminer.com/news/munster/arid-40824255.html
- GALWAY COUNTY COUNCIL has received a wave of planning applications for one-off housing amid concerns that it will soon be significantly more difficult to build such homes in rural areas. https://www.thejournal.ie/galway-one-off-housing-limit-development-plan-5707790-Mar2022/
- Old Woodford courthouse to be redeveloped as community hub https://www.galwaydaily.com/news/old-woodford-courthouse-to-be-redeveloped-as-community-hub/
- Councillors claim ‘outside influences’ playing too big a role in planning process: “When you hear of Friends of the Irish Environment, which is based in Cork, objecting to a project in Galway, it begs the question if the tail is wagging the dog… “The sooner the better legislation is brought in for people that are objecting from outside an area can’t . . . if it’s local people, that’s fair enough and that’s democracy,” https://connachttribune.ie/councillors-claim-outside-influences-playing-too-big-a-role-in-planning-process/amp/
- The state of four Mayo islands in 1838 recalled https://www.con-telegraph.ie/2022/03/12/the-state-of-four-mayo-islands-in-1838-recalled/
- Court quashes plans for high-performance rowing centre at Blessington Lake https://www.breakingnews.ie/ireland/court-quashes-plans-for-high-performance-rowing-centre-at-blessington-lake-1270672.html
- Kildare castle could become a tourist attraction: Built with the intention of being a royal palace https://www.kildarenow.com/news/home/760995/kildare-castle-could-become-a-tourist-attraction.html
- Wexford Arts Centre closing to allow for construction of €2.5m extension https://m.independent.ie/regionals/wexford/news/wexford-arts-centre-closing-to-allow-for-construction-of-25m-extension-41421120.html
- The 10 most innovative urban development companies in 2022: Commercial, residential, and garden spaces are being transformed by forward-thinking organizations such as Bumo, SunPower, and Yardzen. https://www.fastcompany.com/90726702/most-innovative-urban-development-real-estate-category-2022
*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* https://www.youtube.com/watch?v=rdwwKy4MA_4
CONSTRUCTION & DEVELOPMENT NEWS
- Planning permissions for new homes up 1.5% last year: The CSO said that planning permissions were granted for 42,991 homes in 2021, up from 42,371 in 2020. Of this total, 26,272 were for apartments and 16,719 were for houses https://www.rte.ie/news/business/2022/0311/1285810-cso-planning-permission-figures/
- CIF director general Tom Parlon: ‘Women account for approximately half of the overall labour force in this country, but still less than one in 10 of the people working in our sector is female.’ https://www.irishexaminer.com/business/economy/arid-40825163.html
- Higher number of housing builds threatened by labour shortages: Most commencements since 2007 last year, but prices and rents continued to rise https://www.irishtimes.com/business/construction/higher-number-of-housing-builds-threatened-by-labour-shortages-1.4820728
- Europe faces building material shortages as energy prices soar: Chief of world’s biggest brickmaker warns of hit to supplies as Ukraine war threatens to deepen industry’s problems https://www.irishtimes.com/business/construction/europe-faces-building-material-shortages-as-energy-prices-soar-1.4819834
- Inflation pushes standard cost of two-bed apartments to €440,000: Project managers say forcing builders to sell 40% of dwellings renders scheme unviable https://www.irishtimes.com/business/construction/inflation-pushes-standard-cost-of-two-bed-apartments-to-440-000-1.4821717 Also: Cost of building two-bed apartment jumps 14% since 2020: The study by consultants Mitchell McDermott estimates the cost of construction of a mid-range two-bed apartment is now €219,000, up €26,876 since the pandemic began in early 2020 https://www.rte.ie/news/business/2022/0308/1285193-cost-of-building-two-bed-apartment-jumps-14-since-2020/
- Pressure builds in construction sector as costs rise: Geopolitical crises abroad and ever-increasing demand at home have pushed both raw material prices and salaries sky-high https://www.businesspost.ie/commercial/pressure-builds-in-construction-sector-as-costs-rise-9c8668ea
- Right data, but is it the right insight to be taken from that data..? ‘Planning data captures strong appetite for city centre apartments: CSO figures suggest almost two-thirds of permissions granted in 2021 were for apartments’ https://www.irishtimes.com/business/economy/planning-data-captures-strong-appetite-for-city-centre-apartments-1.4824665
- One of the country’s main construction unions has warned that “sites will come to a halt” from next week due to soaring fuel costs. Irish Plant Contractors Association (IPCA) members employ more than 40,000 truck drivers and digger and machinery operators https://m.independent.ie/irish-news/education/building-sites-face-strike-shutdown-as-cost-of-diesel-soars-since-january-41434102.html
- BPFI: 50,000 new homes to be built before end of 2023 https://www.rte.ie/news/business/2022/0307/1284970-bpfi-50-000-new-homes-to-be-built-before-end-of-2023/
- More than two-thirds of planned new homes are small apartments: A new Business Post analysis shows residential development trending sharply away from family homes towards one and two-bed apartments https://www.businesspost.ie/houses/more-than-two-thirds-of-planned-new-homes-are-small-apartments-a0b2d388
- Glenveagh boss: price caps on First Home scheme may need to rise https://www.businesspost.ie/houses/glenveagh-boss-price-caps-on-first-home-scheme-may-need-to-rise-98016881
- Settlement reached in €31.5m Cherrywood dispute: Hines claimed demand for public infrastructure contributions had no lawful basis https://www.irishtimes.com/business/construction/settlement-reached-in-31-5m-cherrywood-dispute-1.4822483
- Ronan Group presses on with plans for hundreds more apartments at Poolbeg: Consortium of RGRE, Lioncor Developments and Oaktree Capital Management has lodged planning permission for more than 350 units on top of a separate application for almost 600 units currently being considered by DCC https://www.businesspost.ie/houses/ronan-group-presses-on-with-plans-for-hundreds-more-apartments-at-poolbeg-95188a63
- State needs 400,000 new homes to tackle housing crisis – Glenveagh CEO: Stephen Garvey spoke after Glenveagh Properties said it earned pre-tax profits of €46m last year https://www.irishtimes.com/business/construction/state-needs-400-000-new-homes-to-tackle-housing-crisis-glenveagh-ceo-1.4821320
- Eir to lodge plans for 111-unit apartment scheme in Dublin 14: Communications firm has completed pre-planning consultation for Dundrum scheme https://www.irishtimes.com/business/construction/eir-to-lodge-plans-for-111-unit-apartment-scheme-in-dublin-14-1.4820821
- Merrion Road apartment scheme rejected on appeal: Development would depreciate value of nearby properties, says An Bord Pleanála https://www.irishtimes.com/business/innovation/merrion-road-apartment-scheme-rejected-on-appeal-1.4820683
- Green Party TD and locals oppose build-to-rent plan for Rialto: Apartment scheme would include 137 units over six blocks https://www.irishtimes.com/business/construction/green-party-td-and-locals-oppose-build-to-rent-plan-for-rialto-1.4823781
- Permission for 99 buy-to-let apartments in Dublin is challenged in High Court: Judicial review proceedings taken against An Bord Pleanála over Beaumont scheme https://www.irishtimes.com/news/crime-and-law/courts/high-court/permission-for-99-buy-to-let-apartments-in-dublin-is-challenged-in-high-court-1.4820854
- Church and locals oppose road plan for €10m Howth Castle redevelopment: Plans for site include a 150-seat restaurant and a revamped cookery school https://www.irishtimes.com/business/construction/church-and-locals-oppose-road-plan-for-10m-howth-castle-redevelopment-1.4824573
- Planning granted for 16-storey office tower on Cork’s former Sextant site: The JCD Group last year switched plans to offices, from a proposed 25-storey apartment tower https://www.irishexaminer.com/property/developmentconstruction/arid-40825988.html (pictured)
- Answer to prayers? Cork landmark Christ the King church next to blessed city development site: Half acre at Turner’s Cross “is as good an infill site as you’ll ever get in the city” https://www.irishexaminer.com/property/commercial/arid-40825277.html
- The Court of Appeal has dismissed an appeal brought by a farmer claiming to have an interest over land earmarked for 200 residential units in Oranmore, Co Galway. https://www.irishtimes.com/business/commercial-property/farmer-s-appeal-over-claim-to-land-dismissed-1.4823890
- Controversy over invalidation of planning applications in Galway Co Council https://galwaybayfm.ie/galway-bay-fm-news-desk/controversy-over-invalidation-of-planning-applications-in-galway-co-council/
- Green light for Cappagh Road apartment complex https://galwaybayfm.ie/galway-bay-fm-news-desk/green-light-for-cappagh-road-apartment-complex/
- Five acres of development lands for sale near Galway city centre: The site, in Terryland, about 1km from Galway city centre, also contains two detached residences in good condition. Price is on application https://www.businesspost.ie/commercial/five-acres-of-development-lands-for-sale-near-galway-city-centre-69825deb
- Developers plan riverside development for 1,000 people in Limerick https://www.limerickleader.ie/news/home/757860/developers-plan-riverside-development-for-1-000-people-in-limerick.html
- Naas land bank offers prime development opportunity at €6m: Holding of 57 acres in prime location on the outskirts of Kildare’s county town https://www.irishtimes.com/business/commercial-property/naas-land-bank-offers-prime-development-opportunity-at-6m-1.4817575
- DuPont announces multimillion euro transformation of Athlone production facility https://www.gov.ie/en/news/6a140-dupont-announces-multimillion-euro-transformation-of-athlone-production-facility/
- Plans unveiled for further development on site of prominent building in Tullamore https://www.offalyexpress.ie/news/home/759434/plans-unveiled-for-further-development-on-site-of-prominent-building-in-tullamore.html
- Plans are set to open Ireland’s largest film and television facility https://www.kftv.com/news/2022/03/10/plans-are-set-to-open-irelands-largest-film-and-television-facility
- Bord defers decision on planning permission for €650m Shannon LNG plant: Decision pushed back to September due to complexity of project, An Bord Pleanála says https://www.irishtimes.com/business/energy-and-resources/bord-defers-decision-on-planning-permission-for-650m-shannon-lng-plant-1.4820778
- Dispute over €40m sale of Dublin property before Commercial Court: Receiver and liquidator disagree over how net proceeds of sale should be distributed https://www.irishtimes.com/business/commercial-property/dispute-over-40m-sale-of-dublin-property-before-commercial-court-1.4820758
- Global legal business DWF has announced the appointment of Órlaith Molloy as a partner in its real estate team in Dublin. https://www.irishlegal.com/articles/dwf-dublin-appoints-orlaith-molloy-as-real-estate-partner
- Roadbridge to go into receivership: Founded in Limerick in the 1960’s by the late Pat Mulcair, it employs 630 people and is involved in some of the biggest infrastructural road, energy and water projects in Ireland the UK and Europe https://www.rte.ie/news/business/2022/0311/1285890-construction-firm-roadbridge-to-go-into-receivership/ Also: Roadbridge reaches end of the road – The construction company never recovered from €80m losses on Polish motorway project https://www.thetimes.co.uk/article/roadbridge-reaches-end-of-the-road-57ng2jsrc
- Killilea appeals order to pay nearly €20m to bankruptcy trustee: ‘We will aggressively defend the judgment … We don’t think her appeal has any merit,’ says trustee https://www.irishtimes.com/business/construction/killilea-appeals-order-to-pay-nearly-20m-to-bankruptcy-trustee-1.4824714
- Receiver appointed to 12 properties in Ronan Group over €142m debt: Ronan Group Real Estate said refinancing arrangements were at an advanced stage, which would enable the receivers to be discharged and for the firm to retain ownership of the properties https://www.businesspost.ie/business/receiver-appointed-to-12-properties-in-ronan-group-over-eur142m-debt-e15404d1
- Leo Lynch announces appointment of Philip Smith as Managing Director https://irishbuildingmagazine.ie/2022/03/10/leo-lynch-announces-appointment-of-philip-smith-as-managing-director/
- CRH chief Manifold sets new Iseq record with €13.9m pay package: Building materials giant advancing succession plans as CEO contracted to late 2024 https://www.irishtimes.com/business/construction/crh-chief-manifold-sets-new-iseq-record-with-13-9m-pay-package-1.4824532
- TLI Group to create 90 jobs after opening new engineering hub in Kerry https://www.siliconrepublic.com/jobs-news/tli-group-new-jobs-engineering-irish-clients
- Building insulation firm SIG sees rise in Irish sales: Business ‘saw a strong rebound in the second half’ of 2021 https://www.irishexaminer.com/business/arid-40826771.html
PROPTECH, MMC & CONSTRUCTION INNOVATION
- Proptech Ireland is updating the database of 2022 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: *https://prop-tech.ie/register/ * and email product or service details to hello@prop-tech.ie.
- Has your proptech product or service excelled in what has been an extremely challenging year for the property sector? *Nominations for the National Property Awards 2022 are now open!* The Proptech Award, sponsored by Proptech Ireland, aims to reward industry innovation and impact. Apply now 👉https://www.nationalpropertyawards.ie/proptech-nomination-category-criteria/
- Positioning Proptech Startups & Scaleups for Global Success https://prop-tech.ie/positioning-proptech-startups-scaleups-for-global-success/
- Making it Work: Unsure about that sofa? Beam a virtual version into your home and decide: Since 2018, Allen Wixted’s augmented reality start-up Plop has been helping clients woo customers by offering 3D virtual versions of products to try out at home https://www.businesspost.ie/making-it-work/making-it-work-unsure-about-that-sofa-beam-a-virtual-version-into-your-home-and-decide-e4997e15
- Safecility in blockchain-based building safety platform contract win: Start-up developing platform that combines blockchain and satellite technology https://www.irishtimes.com/business/technology/safecility-in-blockchain-based-building-safety-platform-contract-win-1.4823438
- Proptech: How tech is propelling the stubbornly-analogue property world into the 21st century https://content.sifted.eu/wp-content/uploads/2022/03/10154919/Sifted-Proptech-Report.pdf
- PropTech market valuation to boom through 2026 https://www.aeresearch.net/proptech-market-617730
- Procuring PropTech: How large real estate organizations vet new technology https://www.propmodo.com/procuring-proptech/
- What it’s like to be a woman in prop tech – Show House https://www.showhouse.co.uk/news/what-its-like-to-be-a-woman-in-prop-tech/
- PropTech integration claims to slash end-of-tenancy admin time https://www.lettingagenttoday.co.uk/breaking-news/2022/3/proptech-integration-claims-to-slash-end-of-tenancy-admin-time?source=newsticker
- Agents – are you having problems with banks and client accounts? https://www.lettingagenttoday.co.uk/breaking-news/2022/3/agents–are-you-having-problems-with-banks-and-client-accounts?source=newsticker
- PropTech supplier nurtur.group – which owns Fine & Country and the Guild of Property Professionals – has acquired Brief Your Market, the marketing and data service https://www.estateagenttoday.co.uk/breaking-news/2022/3/major-proptech-deal-for-fine–and–country-parent-firm?source=newsticker
- Agency reveals PropTech breakthrough after year-long research project https://www.estateagenttoday.co.uk/breaking-news/2022/3/proptech-supercharge-for-ewemove-after-year-long-research-project
- A metaverse convert: Proptech Swivel pivots business to virtual worlds: It’s potentially the “largest generational shift” in commercial real estate in 50 years, CEO says https://therealdeal.com/2022/03/04/a-metaverse-convert-proptech-swivel-pivots-business-to-virtual-worlds/
- Diamond Age picks up $50M to lay the foundation for the future of houses built by robots https://techcrunch.com/2022/03/11/diamond-age-series-a/
- Saudi proptech Aqarito raises $767,000 in crowdfunding round – Wamda https://www.wamda.com/2022/03/saudi-proptech-aqarito-raises-767000-crowdfunding-round
- Egyptian prop-tech startup Circle acquired by community management platform Milango – Disrupt Africa https://disrupt-africa.com/2022/03/03/egyptian-prop-tech-startup-circle-acquired-by-community-management-platform-milango/
- BlockPark, a Proptech innovation platform concludes $200k Builder’s round private token sale | Benzinga https://www.benzinga.com/pressreleases/22/03/n25947492/blockpark-a-proptech-innovation-platform-concludes-200k-builders-round-private-token-sale
- Austin becomes hub for technology that’s shaking up real estate world https://www.statesman.com/story/business/2022/03/07/austin-becomes-hub-technology-thats-shaking-up-real-estate-world/6799026001/
- OpenSpace Closes $102M Series D Round: Funding latest boost to fast-growing global proptech startup for construction site progress visualization https://commercialobserver.com/2022/03/openspace-funding-psp-tech/
- CIBC Innovation Banking has arranged a $150 million syndicated loan facility for New York-based commercial real estate proptech VTS, CIBC announced. https://www.connectcre.com/stories/proptech-vts-in-150m-cibc-arranged-syndicated-loan/
- Toronto proptech Perch releases innovative Pathfinder tool that makes finding a mortgage as easy as 1-2-3 – Peace Arch News https://www.peacearchnews.com/marketplace/toronto-proptech-perch-releases-innovative-pathfinder-tool-that-makes-finding-a-mortgage-as-easy-as-1-2-3/#
RESIDENTIAL PROPERTY NEWS (including PRS)
- More landlords than ever putting properties up for sale, say new figures: Notices to quit from landlords to tenants rose to 958 in final quarter of 2021 https://www.irishtimes.com/news/social-affairs/more-landlords-than-ever-putting-properties-up-for-sale-say-new-figures-1.4819871
- Residential still reigns supreme for investors: Hooke & MacDonald’s latest report shows the private rented sector is outperforming all other investment classes https://www.businesspost.ie/commercial/residential-still-reigns-supreme-for-investors-51b2b344
- European investor pays about €3.1m for Clongriffin apartments: LRC Group back on the acquisitions trail with purchase of 16 units at Station Point https://www.irishtimes.com/business/commercial-property/european-investor-pays-about-3-1m-for-clongriffin-apartments-1.4817564
- Multi-family development in heart of Smithfield Market: A scheme of 19 apartments sits metres from the Smithfield Luas stop, the Lighthouse cinema and all the amenities of this bustling city-centre location https://www.businesspost.ie/commercial/multi-family-development-in-heart-of-smithfield-market-027fcc71
- Bain Capital has sold a portfolio of student accommodation in Dublin and Galway to Ares Real Estate Group for €145 million https://www.thetimes.co.uk/article/ares-wins-hunt-for-bains-student-blocks-v0msmb2t9
- Boutique development of apartments and duplexes in popular Limerick suburb: Sixteen contemporary two and three-bedroom homes at Heridan Crescent in Dooradoyle offer investors a net initial yield of 6.5 per cent https://www.businesspost.ie/commercial/boutique-development-of-apartments-and-duplexes-in-popular-limerick-suburb-046c0835
- 200 homes in Bray to be sold to provide social housing https://m.independent.ie/regionals/wicklow/news/200-homes-in-bray-to-be-sold-to-provide-social-housing-41425747.html
- Mortgage rates in Ireland rise at highest amount in five years https://m.independent.ie/business/personal-finance/property-mortgages/mortgage-rates-in-ireland-rise-at-highest-amount-in-five-years-41427259.html
- PTSB’s Eamonn Crowley is the banker with a big mortgage book https://www.thetimes.co.uk/article/ptsb-s-eamonn-crowley-is-the-banker-with-a-big-mortgage-book-rt5nhzhc3
- Selling mum’s home now that she is in long-term nursing home care: Changes in Fair Deal rules should help end the blight of vacant homes https://www.irishtimes.com/business/personal-finance/selling-mum-s-home-now-that-she-is-in-long-term-nursing-home-care-1.4819734
- An internet pioneer’s well-connected home on the Co Meath coast for €1.2m: Gerry McGovern’s modern six-bed is perched above the beach with far-reaching sea views https://www.irishtimes.com/life-and-style/homes-and-property/new-to-market/an-internet-pioneer-s-well-connected-home-on-the-co-meath-coast-for-1-2m-1.4814347 (Pictured)
- Abandoned Waterford mansion to go under the hammer for €300,000: Mayfield House in Portlaw, Co Waterford was built in 1740. Empty since 1994, it was once considered one of the finest mansions in Ireland https://www.irishexaminer.com/news/munster/arid-40824207.html (Pictured)
- West Cork island sales have been ringing in millions, but you can bag Middle Calf for €750,000 (and it comes with a herd of Kerry Bog Ponies) https://www.irishexaminer.com/property/residential/arid-40826459.html
COMMERCIAL PROPERTY NEWS
- Gen Z Is Driving Growth In New Shopping Formats—But Are Retailers Paying Attention? https://www.forbes.com/sites/gregpetro/2022/03/05/gen-z-is-driving-growth-in-new-shopping-formats-but-are-retailers-paying-attention/?sh=4c931cc4f484
- Stepping up to save Irish high streets: Rebirth of small bricks-and-mortar stores across the country shows there’s more to retail than online clicks https://www.thetimes.co.uk/article/stepping-up-to-save-irish-high-streets-d0dz925sw
- Shopping centre vacancy rate tops 15% nationwide: Pandemic and online competition have hit high street retail hardest in the west of Ireland, where nearly a third of units are empty https://www.businesspost.ie/retail/shopping-centre-vacancy-rate-tops-15-nationwide-1b3cda20
- Even Google agrees there’s no going back to the old office life https://theconversation.com/even-google-agrees-theres-no-going-back-to-the-old-office-life-177808
- Battle to get workers back in the office faces a powerful foe: the dreaded commute – Pilita Clark: Some bosses are trying to entice staff back to the old ways with free lunches https://www.irishtimes.com/business/work/battle-to-get-workers-back-in-the-office-faces-a-powerful-foe-the-dreaded-commute-1.4819770
- Supply of aparthotels in Dublin to double this year https://www.rte.ie/news/business/2022/0307/1284907-supply-of-aparthotels-in-dublin-to-double-this-year/
- City Centre hotel gets green light for major expansion https://www.galwaydaily.com/news/city-centre-hotel-gets-green-light-for-major-expansion/
- Four Restaurant Properties In Dublin Being Sold https://www.hospitalityireland.com/amp/restaurant/four-restaurant-properties-in-dublin-being-sold-166258
- Ownership of Bewley’s stained-glass windows in dispute: Johnny Ronan seeks possession of Grafton Street building along with €747,000 in rent https://www.irishtimes.com/business/retail-and-services/ownership-of-bewley-s-stained-glass-windows-in-dispute-1.4821765
- Iput seeks €17.25m for landmark Topshop building: Retail floors at 6-7 St Stephen’s Green also available to let at €875,000 a year https://www.irishtimes.com/business/commercial-property/iput-seeks-17-25m-for-landmark-topshop-building-1.4820625
- Revamped Marshalsea building in D8 sold for €23.6m: An enviable location bolstered by a recent upgrade made the multi-let offices a prime investment opportunity for buyer Corum Asset Management https://www.businesspost.ie/commercial/revamped-marshalsea-building-in-d8-sold-for-eur236m-66d8ff1d
- Managed office model now has a growing appeal for tenants https://m.independent.ie/business/commercial-property/managed-office-model-now-has-a-growing-appeal-for-tenants-41429526.html
- Andrew Lynch, co-founder and chief operating officer of co-working outfit Huckletree is focused on propelling his company to the forefront of the start-up world, as he looks ahead to opening a second office in Dublin city centre https://www.businesspost.ie/sunday-interview/the-big-interview-we-say-no-to-people-if-someone-wants-something-from-us-that-we-cant-give-we-wont-work-with-them-andrew-lynch-co-founder-huckletree-df8a7446
- Imposing 1930s office building in Dublin 8 on market for €3.5m: Bloomfield House is a prominent building on Bloomfield Road just off the South Circular Road. The first and mezzanine floors are let, generating a combined annual rent of €230,200 https://www.businesspost.ie/commercial/imposing-1930s-office-building-in-dublin-8-on-market-for-eur35m-541f4572
- Harcourt Street Georgian building on offer for €1.3m: No 26 Harcourt Street, a protected structure, is a mid-terrace over basement building of some 362 square metres which operated until recently as a language school. https://www.businesspost.ie/commercial/harcourt-street-georgian-building-on-offer-for-eur13m-834ea6f3
- Eastpoint Business Park office block with potential at €6.25m: Block H for sale with full vacant possession and scope for full or partial redevelopment https://www.irishtimes.com/business/commercial-property/eastpoint-business-park-office-block-with-potential-at-6-25m-1.4818526
- Bank investment in Swords with development prospects: The property is currently leased to KBC Bank https://m.independent.ie/business/commercial-property/bank-investment-in-swords-with-development-prospects-41429524.html
- FBD Hotels boss has ‘renewed optimism’ about hospitality in wake of €25m Killashee acquisition: David Kelly says the firm’s plan to invest over €5m in the Kildare hotel is a sign of its confidence in the domestic tourism market https://www.businesspost.ie/hospitality/fbd-hotels-boss-has-renewed-optimism-about-hospitality-in-wake-of-eur25m-killashee-acquisition-624ff242
- Price looks right for Bettystown retail investment opportunity:?Artis Real Estate is guiding €1,350,000 for the property https://m.independent.ie/business/commercial-property/price-looks-right-for-bettystown-retail-investment-opportunity-41429522.html
- US investor Davidson Kempner seeks €67.5m for retail park portfolio: Sale of schemes in Letterkenny, Tullamore and Killarney offers 8.72% net initial yield https://www.irishtimes.com/business/commercial-property/us-investor-davidson-kempner-seeks-67-5m-for-retail-park-portfolio-1.4821472
- Chapters bookstore to reopen under new ownership https://www.breakingnews.ie/ireland/chapters-bookstore-to-reopen-under-new-ownership-1270425.html
- Oakmount, a vehicle of Paddy McKillen Jr and Matt Ryan, has emerged as the buyer of Loftus Hall on the Hook peninsula. The 22-bedroom mansion, known as Ireland’s “most haunted house”, was put on the market for €2.5 million in July 2020. It sold the following year. https://www.thetimes.co.uk/article/press-up-finds-new-haunt-loftus-hall-wexford-m50mnrdd2
- Coast Hotel in Rosslare is up for sale with a guide price of between €3.5 and €4 million https://m.independent.ie/regionals/wexford/news/coast-hotel-in-rosslare-is-up-for-sale-with-a-guide-price-of-between-35-and-4-million-41420194.html
- Co. Tipperary’s five-star Cashal Palace Hotel has opened following a major restoration programme. https://www.hospitalityireland.com/amp/hotel/co-tipperarys-cashel-palace-hotel-opens-following-refurbishment-166246
- New plans unveiled for former busy pub in Tullamore https://www.offalyexpress.ie/news/home/763802/new-plans-unveiled-for-former-busy-pub-in-tullamore.html
INTERNATIONAL PROPERTY NEWS
- New dispute resolution service for UK’s private rental sector https://www.landlordtoday.co.uk/breaking-news/2022/3/new-dispute-resolution-service-for-private-rental-sector
- One of the oldest houses in Mousehole, Cornwall, is on sale for £750,000: Mousehole is a labyrinth of pretty granite 18th and 19th-century houses, with twisting cobbled walkways leading down to the harbourside https://www.thetimes.co.uk/article/the-oldest-house-in-a-coastal-cornish-village-is-on-sale-for-750-000-8wnt59d0v
- £320m high-profile merger is set to create a ‘flexible workspace marketplace’: Switzerland-headquartered IWG plc, a global supplier of flexible workspace solutions, is to merge certain of its digital and technology assets with The Instant Group, a leading flexible workspace platform based in London. https://businesscloud.co.uk/news/320m-merger-creates-flexible-workspace-marketplace/
- Property mogul Andy Ruhan deceived developer in £100m deal: A property mogul and former racing driver fraudulently breached his duties in a £100 million deal for a luxury hotel near Park Lane in central London, a senior judge has ruled. https://www.thetimes.co.uk/article/property-mogul-andy-ruhan-deceived-developer-in-100m-deal-0d2nk2rfj
- ‘We must separate the idea of house from home’: the case for drastic action on shelter – How does Australia change from an investment-property-owning gerontocracy to a home-for-all loving nation? It’s time for radical reform https://www.theguardian.com/australia-news/2022/mar/13/we-must-separate-the-idea-of-house-from-home-the-case-for-drastic-action-on-shelter
- Why Frank Lloyd Wright’s playful architecture fuels creativity: Craft classes, sleepovers in historic houses, and other ways families can experience the legendary U.S. architect’s dazzling properties. https://www.nationalgeographic.com/travel/article/why-frank-lloyd-wrights-playful-architecture-fuels-creativity (pictured)
FACEBOOK GROUP FOR IRISH PROPERTY BUYERS & INVESTORS
Crowd-sourcing answers topical property questions:
As many of you might know, my annual property book The Irish Property Buyers’ Handbook (since 2011) was rebranded in 2018 and now appears as part of The Property Insider series, published by Oak Tree Press, the first three titles are now published and available here: https://www.amazon.com/Carol-Tallon/
From 2020, the publishers and I wanted to ensure the content remains topical and we are now doing this by crowd-sourcing home buyer and investor queries, with crowd-sourced and editorial team answers.
Join the Facebook Group here to contribute: https://www.facebook.com/groups/IrishPropertyBuyers/