Sunday Property Round-Up, March 1st 2020

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Irish property market news and insights – for the industry, by the industry  

 

*For anyone planning to travel to the south of France the week after next, please note that  MIPIM has been postponed to 2-5 June due to coronavirus https://www.dezeen.com/2020/02/29/mipim-property-fair-postponed-until-june-over-coronavirus-fears/amp/ 

 

*No updates from PropIT in Dubai yet…

 

The broadsheets are dominated by coverage of the coronavirus/Covid-19 (first confirmed case in the Republic of Ireland), the aftermath of Storm Jorge and continuing political speculation about the makeup of our next Government. The Sunday Independent carries a mortgage supplement ’Move In Move Up’ and the Business Post has a first-time buyer guide to the legal steps involved in purchasing a new home. 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: 

 

 

 

 

 

 

 

 

  • Investigation into Dublin housing charity launched: The activities of one of Dublin’s most prominent senior citizens housing organisations have come under scrutiny following the resignation of its chief executive.

    Dublin City Council has initiated an investigation into the activities of Cabhru Housing Association Services, which was until recently known as the Catholic Housing Aid Society (Chas).

    The council said it would not go ahead next month with the planned transfer of lands to the organisation. Cabhru requires the title of council-owned lands on Berkeley Street near the Mater hospital for the long-planned redevelopment of one of its senior citizens housing complexes, James McSweeney House.
    https://www.irishtimes.com/news/social-affairs/investigation-into-dublin-housing-charity-launched-1.4183669?mode=amp

 

 

 

 

 

 

 

 

  • ‪CIF campaign to encourage women to work in construction‬: ‪https://www.rte.ie/news/ireland/2020/0226/1117664-cif-women-campaign/‬ 

 

 

 

 

 

 

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. 

 

*Listen back to all #PropertyMatters episodes here: https://anchor.fm/ipropertyradio

 

Maria Clifford and Regina Mangan, Directors of Liberty Blue Estate Agents in Waterford join Property Matters on iPropertyRadio.com to discuss the Waterford property market in 2020, estate agent safety and a whole suite of proptech solutions for Irish estate agents.

Listen back here: https://ipropertyradio.com/property-matters-waterford-special-with-liberty-blue-estate-agents/

 

 

Email the Property Matters team at hello@iPropertyRadio.com

 

 

PLACEMAKING

PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

  • ‪Plans to extend the Luas line with four new stops have been revealed‬ https://lovindublin.com/lifestyle/plans-to-extend-the-luas-line-with-four-new-stops-have-been-revealed‬ 

 

 

 

 

 

 

 

*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

  • Land-hoarding penalty proves to be weak deterrent, report finds: The vacant site register was introduced in 2018 to encourage owners of idle land to develop or sell their properties
    https://www.businesspost.ie/residential/land-hoarding-penalty-proves-to-be-weak-deterrent-report-finds-6035f605

 

  • Johnny Ronan to buy disputed Cabinteely plot for €29m | Business Post

    “Developer’s previous legal action had ‘frustrated’ sale of development land, court hears”

     https://www.businesspost.ie/legal/johnny-ronan-to-buy-disputed-cabinteely-plot-for-29m-d95ec600

 

  • Glenveagh in €250m pre-fund deal for 450 Dublin apartments: The quoted housebuilder Glenveagh Properties is lining up the sale of 450 planned apartments in Dublin to international property investment group Round Hill Capital for about €250m.

    Round Hill is in exclusive talks with Glenveagh about a so-called pre-fund deal for the project on East Road in Dublin. The development, close to the north docklands, will have nine apartment blocks, including a 15-storey tower.

    https://www.thetimes.co.uk/article/glenveagh-in-250m-pre-fund-deal-for-450-dublin-apartments-zgzhvcqwn

 

 

 

 

  • Housing plan knocked down over ‘dominance of parking’: A planned housing development which would have included more than 350 homes has been shot down, partly because it was found to be “dominated by car parking”.

    Dwyer Nolan, a prominent housebuilder behind many projects in the capital, applied to build 359 homes on a site in Lusk, in north Co Dublin. Most would have been two and three storey detached, semi-detached and terraced houses, and there would have been 84 apartments in four four-storey blocks, and a crèche.

    A previous application to build 228 homes was rejected in 2018 for being too low-density and for not taking into account a cycle path which would have passed beside the housing estate. The re-submitted plans harshly critised by an inspector from An Bord Pleanála…

    https://www.thetimes.co.uk/article/housing-plan-knocked-down-over-dominance-of-parking-l80sgx3z5

 

 

 

 

  • O’Brien’s company to transform offices in south docklands with four new floors:  Jepview Limited, a Denis O’Brien company, is set to undertake an extensive redevelopment of Malt House South, a waterside building overlooking Grand Canal Dock, in Dublin’s south docklands.

    Four new floors will be added on top of a stone building which was originally constructed by the Guinness family as a grain store in the mid-1800s.

    Agent Knight Frank is quoting a rent of €67.50 per sq ft and €4,500 per car parking space, per annum for the new offices which will extend to about 30,000 sq ft. It is expected to be ready for occupation in about 15 months.

    Those rents compare with headline rents of €59 per sq ft which Hibernia REIT recently secured at nearby 2WML.

    https://m.independent.ie/business/commercial-property/obriens-company-to-transform-offices-in-south-docklands-with-four-new-floors-38994001.html 

 

 

 

 

 

 

 

 

 

 

 

  • Appeal is made against planning permission for new pharmacy in Ballinamore: https://www.shannonside.ie/news/local/leitrim/appeal-made-planning-permission-new-pharmacy-ballinamore/ 

 

 

  • Plans for four new apartments on Avenue Road – Talk of the Town https://www.talkofthetown.ie/plans-for-four-new-apartments-on-avenue-road/amp/

 

 

  • Grafton Group targets European takeovers: Grafton Group is in early-stage discussions with at least one company that it sees as a potential acquisition in a new European market, CEO Gavin Slark has told the Sunday Independent in an interview.

    The firm has up to €350m to spend on acquisitions and is eager to expand beyond the Irish, UK and Dutch markets in which it operates, said Slark.


     https://amp.independent.ie/business/world/grafton-group-targets-european-takeovers-39000642.html

 

  • Renewables industry has wind in its sails:  “The future for renewable electricity in general is really positive,” said Noel Cunniffe, head of policy at the Irish Wind Energy Association (IWEA). “The Government’s Climate Action Plan and now the RESS scheme have almost been like pressing a ‘go’ button on the development of a pipeline over the next 10 years.

    “There was a quiet time when there was ambiguity over what the support scheme would look like, what the target would look like, what grid connection policy would look like, but we have got really positive directions on all of those things in the last 12 months.

    “We are really seeing a thriving pipeline emerging from that. If you talk to people on the ground in the industry, they have never been as busy doing environmental analysis, surveys and grid connection studies.” https://amp.independent.ie/business/irish/renewables-industry-has-wind-in-its-sails-38979822.html

 

  • Gallagher fund secures €20m in debt from PMM Group:  Loan will part-finance Clyde Real Estate’s investment in numerous mixed-use sites around the country https://www.businesspost.ie/commercial/gallagher-fund-secures-20m-in-debt-from-pmm-group-ccc01c13

 

 

 

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 * 

 

 

 

 

  • Glenveagh spends €5m on factory for timber frames | Business Post

    – Home builder says wood will reduce building costs and speed up process with modular homes

    https://www.businesspost.ie/companies/glenveagh-spends-5m-on-factory-for-timber-frames-ed79c691

 

 

  • Proptech could be a game-changer for commercial deals:  Blockchain and Big Data are already being used to enhance efficiency in major property transactions, and they could have a much bigger impact in the future https://www.businesspost.ie/commercial/proptech-could-be-a-game-changer-for-commercial-deals-241d41e0

 

 

  • PlaceTech | Year of disruption for UK’s £5bn proptech sector – Oxford Saїd https://placetech.net/analysis/year-of-disruption-for-uks-5bn-proptech-sector-oxford-sa%d1%97d/. 

 

 

 

  • ‪Modern methods of construction and changing the way we build‬ ‪https://www.building.co.uk/communities/modern-methods-of-construction-and-changing-the-way-we-build/5104370.article‬ 

 

 

 

 

 

 

OTHER PROPERTY NEWS

 

 

 

 

 

 

  • Owners in Dublin development hit with €18k bill each for fire safety repairs: OWNERS OF PROPERTIES in a complex in Blackrock, Dublin, have been hit with a bill of €18,000 each to repair fire safety deficiencies at their homes.

    The Linden complex was built in 1999 and consists of both apartments and houses. The developer, Capel Developments, has gone into receivership.

    Owners have been advised that it may be too late now to pursue legal action against any of the firms involved in the development because deficiencies were only uncovered years after it was built.
    https://www.thejournal.ie/linden-development-fire-safety-5012988-Feb2020/

 

 

 

 

  • Hike in building of apartments as hundreds lie empty in Dublin: Focus on high-end builds is ‘wrong thing, in the wrong place, at the wrong price’, says housing expert
     https://www.businesspost.ie/property-insight/hike-in-building-of-apartments-as-hundreds-lie-empty-in-dublin-874c4fa6

 

 

 

 

 

 

 

 

 

  • Dundrum owner has €138m wiped off its Irish property book – The lead business story in the Sunday Independent by Sean Pollock reads: Irish property owned by Hammerson, a UK-based property development and investment group that co-owns Dundrum Town Centre, has decreased in value by nearly £119m (€138m).

    Hammerson, which also holds stakes in Dublin’s Ilac Centre and the Swords Pavilions, revalued its property as part of its 2019 full-year results. In 2019, the value of its property portfolio in Ireland was £860m, down from nearly £979m.

    Dundrum accounts for two-thirds of the value of its Irish portfolio. Hammerson also revealed that works at Dundrum, which will include the new Brown Thomas unit, will cost £28m. The cost will be split with centre co-owner Allianz.
     https://amp.independent.ie/business/commercial-property/dundrum-owner-has-138m-wiped-off-its-irish-property-book-39000655.html

 

 

  • Starwood Property Trust gains $120m on sale of Irish portfolio: It is believed the gain relates to the sale of its portfolio of five prime Dublin office assets, which had an indicative value of around €530m. Blackstone, a US-based private equity giant, acquired the offices, known as the Cedar portfolio.

    The portfolio of offices included the Watermarque building, 75 St Stephen’s Green, Iveagh Court, Marsh House, 29-31 Adelaide Road, and 1 and 2 Parkgate Street. The properties comprise nearly 601,000 sq ft (55,830 sq m) of office space, with 45 residential units.

    https://amp.independent.ie/business/commercial-property/starwood-property-trust-gains-120m-on-sale-of-irish-portfolio-39000686.html

 

 

 

 

 

 

  • How real estate is adjusting to the changing world of work:  The corporate workplace is more and more seen as key to improving employee experience https://www.businesspost.ie/commercial/how-real-estate-is-adjusting-to-the-changing-world-of-work-3a7da47a

 

 

  • Dublin’s serviced office market is still working:  The number of flexible or ‘hot’ desks available in the capital continues to grow despite the collapse of big player WeWork https://www.businesspost.ie/commercial/dublins-serviced-office-market-is-still-working-6469d6ad

 

 

  • Investment market expects big deals despite uncertainty:  Even without a new government in place, assets continue to be launched for sale, and demand remains strong, according to CBRE bi-monthly report
    https://www.businesspost.ie/commercial/investment-market-expects-big-deals-despite-uncertainty-5474d359

 

 

 

 

 

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