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:
- People Surprised Why Rents And Security Deposits Are So High, So This Landlord Reveals Some Pics https://greenlemon.me/people-surprised-why-rents-and-security-deposits-are-so-high-so-this-landlord-reveals-some-pics/
- New phase of construction begins on Dublin’s underground jet fuel pipeline https://www.thejournal.ie/fingal-jet-fuel-pipeline-5017054-Feb2020/
- ‘Start acting like a rich country’ – Ibec and EU call for infrastructure https://m.independent.ie/business/irish/start-acting-like-a-rich-country-ibec-and-eu-call-for-infrastructure-38993983.html
- 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.
- Single women are losing out in the property market – Women buy houses for 2% more than men, and sell them for 2% less: https://www.economist.com/graphic-detail/2020/02/25/single-women-are-losing-out-in-the-property-market
- Bogus notion that supply will cure our housing woes https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/bogus-notion-that-supply-will-cure-our-housing-woes-1.4188161?mode=amp
- IRELAND: SNC-Lavalin has been selected to act as Transport Infrastructure Ireland’s operations adviser for the MetroLink project to build an automated metro line running north–south across Dublin: https://www.railwaygazette.com/projects-and-planning/dublin-automated-metro-operations-consultant-appointed/55865.article
- CIF campaign to encourage women to work in construction: https://www.rte.ie/news/ireland/2020/0226/1117664-cif-women-campaign/
- Holy housing developments! How God is getting into construction: Cash-strapped churches are raising money by inviting developers to build pricey flats on their turf. Is this the promised land for faith buildings – or a deal with the devil? https://www.theguardian.com/artanddesign/2020/feb/25/holy-housing-developments-how-god-is-getting-into-construction
- Nama wins €5.6m case against NI developer Frank Boyd https://www.irishtimes.com/business/commercial-property/nama-wins-5-6m-case-against-ni-developer-frank-boyd-1.4185925?mode=amp
If you missed last week’s round-up, you can catch up here: https://propertydistrict.ie/category/sunday-property-review/
As always, you might let me know if I have missed out on any relevant property news by emailing email@example.com.
(Apologies in advance for any typos, it’s difficult to get good help on a Sunday. Also, I use voice to text dictation so just sound out anything that really doesn’t make sense in a strong rural accent and that should help!)
Property Matters: Ireland’s First Weekly Property Radio Show (& Podcast!):
Ireland’s first weekly property radio show, Property Matters, launched In January 2019 on Dublin South FM 93.9 and is now available internationally via iTunes and Spotify podcast (www.iPropertyRadio.com). 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.
Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- The call to relocate Dublin Port is based on faulty thinking https://www.irishtimes.com/opinion/the-call-to-relocate-dublin-port-is-based-on-faulty-thinking-1.4182363?mode=amp
- ‘It’s bringing hell back again’: Clare families brace for further flooding as River Shannon rises https://www.thejournal.ie/shannon-floods-clara-clare-5018674-Feb2020/
- Here’s What Happens When Public Transit Is Free https://m.huffpost.com/us/entry/us_5e4f9b49c5b6b82aa651191e
- Tenders are being sought to build a new park near Naas https://www.kildarenow.com/news/news/519729/tenders-are-being-sought-to-build-a-new-park-near-naas.html
- Galway walking trail projects receive major government funding – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/galway-walking-trail-projects-receive-major-government-funding/
- Oral hearing on city ring road hears from affected homes ‘living under uncertainty for years’ – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/oral-hearing-on-city-ring-road-hears-from-affected-homes-living-under-uncertainty-for-years/
- 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
- The owner of one of Ireland’s most popular tourist attractions, Blarney Castle in Cork, has failed to halt plans for a 120-bed nursing home and housing development just two kilometres away.
Charles Colthurst last year put the plan by Hydro Estates Ltd on hold after lodging an appeal against the Cork County Council decision to give the project the go-ahead. However, An Bord Pleanála has now given the green light to Hydro Estates Ltd for the nursing home and 23 of the 29 planned houses at St Ann’s Hill, Kilnamucky, Tower, Blarney.
- Let’s find a friendlier solution to Ireland’s housing crisis: As ageing tenants struggle to pay rents while young people cannot afford to buy, it’s time to give the co-living model a rethink
*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
- Johnny Ronan to buy disputed Cabinteely plot for €29m | Business Post
“Developer’s previous legal action had ‘frustrated’ sale of development land, court hears”
- 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.
- BAM warned over dust levels at Boland’s Mill site: ‘Numerous complaints’ have been received over particulates at Google’s €300m flagship project, says Dublin City Council’s air quality unit
- Ires hires contractor to build more than 60 apartments close to Croke Park https://www.irishtimes.com/business/construction/ires-hires-contractor-to-build-more-than-60-apartments-close-to-croke-park-1.4182505?mode=amp
- First look: Inside Dublin’s Hard Rock Hotel, from a Rock Star Suite to Kurt Cobain’s sweater https://m.independent.ie/life/travel/travel-news/first-look-inside-dublins-hard-rock-hotel-from-a-rock-star-suite-to-kurt-cobains-sweater-38971772.html (images above)
- 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…
- Johnny Ronan re-submits application for Docklands apartment blocks following High Court decision https://www.thejournal.ie/high-court-overturns-planning-permission-for-height-increase-at-johnny-ronan-docklands-apartment-5016171-Feb2020/
- Sales of development land reached €1.2bn in 2019 https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/sales-of-development-land-reached-1-2bn-in-2019-1.4179898?mode=amp
- ABP give Rathmines co-living development the go-ahead
- 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.
- Veteran property players acquire 40 apartments in D4 https://www.irishtimes.com/life-and-style/homes-and-property/veteran-property-players-acquire-40-apartments-in-d4-1.4185781?mode=amp
- Cosgrave Group in €210m deal to sell 368 Dún Laoghaire properties https://www.irishtimes.com/business/commercial-property/cosgrave-group-in-210m-deal-to-sell-368-d%C3%BAn-laoghaire-properties-1.4184473?mode=amp
- Tyrone offsite building company attracts multi-million investment https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/construction/tyrone-offsite-building-company-attracts-multi-million-investment-1.4187010?mode=amp
- German investor acquires Hatch Street office building for €35m https://www.irishtimes.com/business/commercial-property/german-investor-acquires-hatch-street-office-building-for-35m-1.4184358?mode=amp
- Key piece of Dublin 4 boom-era site guiding €2.5m https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/key-piece-of-dublin-4-boom-era-site-guiding-2-5m-1.4184366?mode=amp
- A Star Backpackers makes pitch for new 95-bed hostel in Dublin: The company aims to redevelop several buildings at Sackville Place and Marlborough Street into a 95-bedroom hostel with a cafe, residents’ lounge and other facilities. The buildings, opposite a recently opened Moxy hotel, were sold by Technological University Dublin, formerly Dublin Institute of Technology, for €5.5m last year.
- Appeals board rejects plan for €36m R&D campus near Dublin Airport https://www.irishtimes.com/business/appeals-board-rejects-plan-for-36m-r-d-campus-near-dublin-airport-1.4186761?mode=amp
- Longview seeks permission for 753 homes in Cork’s outskirts https://www.irishtimes.com/business/construction/longview-seeks-permission-for-753-homes-in-cork-s-outskirts-1.4183685?mode=amp
- Planning for Cork student apartments fast tracked https://www.irishexaminer.com/breakingnews/property/planning-for-student-apartments-fast-tracked-984788.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/
- Familiar faces behind Frankfield’s first housing development in 20 years https://amp-irishexaminer-com.cdn.ampproject.org/c/s/amp.irishexaminer.com/breakingnews/property/familiar-faces-behind-frankfields-first-housing-development-in-20-years-984255.html
- 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/
- Bene Plan Huge Expansion in the Irish Market:
“Bene intends to double its business in Ireland over the next 24 months but has much bigger ambitions to grow the business even further in the Irish market and is investing in personnel and infrastructure to support this”
- 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.
- 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
- CRH hints at further buybacks after hiking 2019 dividend https://amp.independent.ie/business/irish/crh-hints-at-further-buybacks-after-hiking-2019-dividend-39001452.html
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 *
- 1,800 homes sign up as WiredScore rolls out build-to-rent certification https://www.irishtimes.com/business/technology/1-800-homes-sign-up-as-wiredscore-rolls-out-build-to-rent-certification-1.4182475?mode=amp
- Virtual realty: Can property technology provide fixes for Ireland’s broken housing market? | The Currency
“Proptech thrives when the property industry fails … smart planning, smart asset management, smart transaction, smart design, smart build, and smart city….”
- 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
- New Irish commercial property website goes live https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/new-irish-commercial-property-website-goes-live-1.4184865?mode=amp
- 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
- 11 ways to improve indoor air quality at home that actually work https://www.countryliving.com/uk/homes-interiors/interiors/a30891129/improve-air-quality-in-home/
- 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/.
- How a Landscape Architecture Firm Integrates 3D BIM Workflows https://www.archdaily.com/932811/how-a-landscape-architecture-firm-integrates-3d-bim-workflows
- Can AI Better Match Luxury Real Estate Agents With Well-Heeled Buyers? https://www.forbes.com/sites/dimawilliams/2020/02/21/can-ai-better-match-luxury-real-estate-agents-with-high-heeled-buyers/
- 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
- Modern methods of construction https://www.designingbuildings.co.uk/wiki/Modern_methods_of_construction
- Twitter for Urban Planning: Few social media sites offer the same kind of diversity of information and opinion to a field of study than Twitter does for planning.
- Blackstone Made Strategic Investment In Dealpath https://therealdeal.com/2020/02/28/blackstone-is-latest-real-estate-giant-to-back-dealpath/
- Real Estate Technology: Trends & Overview https://builtin.com/consumer-tech/real-estate-technology
OTHER PROPERTY NEWS
- Rory Gillen: Reits are the right choice for property investing https://www.thetimes.co.uk/article/rory-gillen-reits-are-the-right-choice-for-property-investing-gxgn2dlzl
- In The Sunday Times today – When the door shuts on withdrawals from open-ended commercial property funds: When you put your money into an “open-ended” fund — one that does not require a notice period for withdrawals — you might expect near-instant access to your cash. So investors in Aviva/Friends First commercial property funds must have been a little taken aback when told in January that they would not be allowed to do so for up to six months. https://www.thetimes.co.uk/edition/ireland/when-the-door-shuts-on-withdrawals-from-open-ended-commercial-property-funds-r63ql7bxj
- 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.
- Ownership dispute over Bray properties threatens proposed €5.1m sale, court hears: A dispute over the ownership of 16 apartments and three commercial units threatens their proposed sale for €5.1 million, the Commercial Court has been told in a case involving the former chief executive of the Windsor Motor group, Michael Herbert and his wife, Paula, and the developer of the apartments, Paul Walsh, and his wife, Breda.
- 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
- What sold for €320k in Inchicore, Crumlin, Phibsborough and Terenure
- Rates may be finally falling but people can’t afford to buy https://m.independent.ie/opinion/comment/rates-may-be-finally-falling-but-people-cant-afford-to-buy-38983994.html
- First time buyer mortgages are harder to get than in the 1970s https://www.idealhome.co.uk/news/first-time-buyer-mortgages-mojo-243799
- Hotel properties are forecast to reach €600m in sales this year – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/hotel-properties-are-forecast-to-reach-600m-in-sales-this-year-38994006.html
- 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.
- 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.
- Irish builders and investors eye Barbados opportunities: Low-key Mayoman John Reddington, whose JRL Group booked revenue of £539m (€629m) in 2018, was among a group that visited the Caribbean island, we hear.
A property source there also said they had taken a separate group of prospective investors who were from Ireland to visit the undeveloped Clearwater Bay site last year, which is now on the market for $12.2m (€11.1m)…
- GLL Real Estate to capture Bishop’s Square office block: Munich-based buyer seals deal for Dublin building put up for sale at €180m by Hines last year
- 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
- Modern period home in Dublin wows Home of the Year judges https://www.rte.ie/lifestyle/living/2020/0224/1117270-home-of-the-year-is-back-with-more-swoon-worthy-dream-homes/ (images below)