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:
- Dublin Residential & Affordable Housing Review:
HOW WILL DUBLIN’S RESIDENTIAL LANDSCAPE TRANSFORM IN 2020?
- New office players have changed the property game, the industry is turning to tech to keep pace – Fora https://fora.ie/prop-tech-ireland-4880060-Nov2019/
- Urgent – please help to identify public/privately owned vacant properties across Ireland that are capable of being brought back into use with only a few days upgrading work. Many of the local authorities have committed to a fast turnaround of these properties – including final survey/inspection – so that bureaucracy will not stand in the way of families getting access to a home this side of the Christmas holidays through VacantHomes.ie: https://buyersbrokerinternational.com/2019/10/property-owners-urgent-action-required-to-impact-families-in-time-for-christmas/
- Fannie Mae Accidentally Spills the Beans on the Impending Housing Market Crash https://www.ccn.com/fannie-mae-housing-market-crash/
- Hibernia appoints Non-Executive Director – Property District | Irish Property Services https://propertydistrict.ie/hibernia-appoints-non-executive-director/
- Niall Gunne strengthens JLL Investment team – Property District | Irish Property Services https://propertydistrict.ie/niall-gunne-strengthens-jll-investment-team/
- Construction sector trapped in ‘sustained decline’ https://www.thetimes.co.uk/article/construction-sector-trapped-in-sustained-decline-3w3zl5tpw
- Conclusions of the Minister for Housing, Planning and Local Government on the Review of the Strategic Housing Development process:
- Leading barrister to investigate whether Dublin City Council paid protection money to criminals https://www.irishexaminer.com/breakingnews/ireland/leading-barrister-to-investigate-whether-dublin-city-council-paid-protection-money-to-criminals-962525.html
- Supreme Court hears appeal over housing rights of separated parents https://www.irishexaminer.com/breakingnews/ireland/supreme-court-hears-appeal-over-housing-rights-of-separated-parents-962475.html
- Apple Commits $2.5 Billion to Fight California Housing Crisis https://www.macrumors.com/2019/11/04/apple-2-5-billion-california-housing-crisis/
- Late payment sparks mental health crisis in construction | Construction Enquirer https://www.constructionenquirer.com/2019/11/07/late-payment-sparks-construction-mental-health-crisis/
- ‘There is money being left on the table’: Irish startups need more female angel investors – Fora #VC https://fora.ie/hban-female-angel-investors-4881651-Nov2019/?utm_source=more
- Apple, Facebook, Google and Amazon are putting billions of dollars toward affordable housing — but that money may be too little, too late #housing #affordablehousing https://www.marketwatch.com/story/apple-facebook-google-and-amazon-are-putting-billions-of-dollars-toward-affordable-housing-but-that-money-may-be-too-little-too-late-2019-11-08
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.
In the Property Matters studio this week:
PJ Appleton, Global Head of Communications with Equiem to talk about the challenges of marketing a technology product to a traditional industry like commercial property and what areas of the proptech space will likely see the most growth over the next few years.
Also, Eddie O’Driscoll of Auctioneera to talk about the residential marketplace in Dublin and Cork, and how the hybrid agency has now more than 100 properties/€30million+ sold (saving vendors close to half a million euro in fees)
Listen back to this episode here: https://anchor.fm/ipropertyradio/episodes/Property-Matters–November-5th-2019-e8sa0u
*Listen back to all #PropertyMatters episodes here: https://anchor.fm/ipropertyradio
Email the Property Matters team at hello@iPropertyRadio.com
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- Former Dublin industrial sites to provide more homes – Plans to re-zone 20 Dublin industrial sites to provide around 4,000 homes are to go out to public consultation.
- Wicklow County Council seek public help in forming Development Plan 2021-2027 https://wicklownews.net/2019/11/wicklow-county-council-seek-public-help-in-forming-development-plan-2021-2027/
- Minister rejects artists’ call for protection of Joyce’s ‘House of the Dead’ https://www.irishtimes.com/culture/heritage/minister-rejects-artists-call-for-protection-of-joyce-s-house-of-the-dead-1.4076574?mode=amp
- O’Devaney Gardens regeneration to go ahead https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/news/social-affairs/o-devaney-gardens-regeneration-to-go-ahead-1.4072464?mode=amp
- How O’Devaney Gardens went from 100% public housing to a ‘less than perfect’ redevelopment https://www.thejournal.ie/odevaney-gardens-dublin-city-council-4883066-Nov2019/
- Investors in €350m #Waterford project concerned over housing – The Saudi group fears there will not be enough homes in the region for its expanding workforce, and has also complained about too many ‘men around the table’ | BusinessPost.ie https://www.businesspost.ie/business/investors-e350m-waterford-project-concerned-housing-456671
*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*
OTHER PROPERTY NEWS
- The lead industry story in the Sunday Independent (by Sean Pollock) reads that: CIE seeks advisors for 18-acre Heuston Station site sell-off. This is according to documents on the e-Tenders website. The land has the potential to deliver more than 150,000 square metres of residential/commercial property. Agencies have until December 2nd to submit proposals.
- Townmore wins €130m of new projects – Managing Director James Godley talks all things construction with Fearghal O’Connor in the Sunday Independent today
- HSBC Ireland planning to invest millions in green projects here – HSBC Ireland, which provided Ireland’s first so-called “green loan” worth €77.3m to developer Ballymore, which is set to help fund the construction of three offices in Dublin, said it was set to sign mandates for the projects in the first quarter of 2020. The projects will be a mixture of wind energy, renewables and waste treatment.
- A fund managed by Tristan Capital Partners, a real estate investment management company, has applied for planning permission to add more units to a 9.63-acre site it acquired in July – https://amp.independent.ie/business/commercial-property/tristan-capital-seeks-to-add-more-units-to-cabra-site-bought-from-pat-creans-marlet-38676314.html
- E-commerce boom makes warehousing the focus of Blackstone investment – Independent.ie https://amp.independent.ie/business/commercial-property/ecommerce-boom-makes-warehousing-the-focus-of-blackstone-investment-38676283.html
- Luggala, the former Guinness estate in Co Wicklow, has been listed on the Property Price Register with a sale price of €11.585m, although it is understood the entire 5,000-acre estate sold for more than €20m, writes Colin Coyle in The Sunday Times today
- The lead business story in The Sunday Time last reports that:Starwood Capital, an American property investment group, has scrapped the planned sale of a portfolio of Dublin offices for up to €550m. The group pulled the sale of the so-called Cedar portfolio after a final round of bidding that is understood to have involved Germany’s Union Investment, Blackstone Real Estate and Westridge Real Estate, headed by Irish developer Shane Whelan. Starwood put the portfolio on the market in June, reportedly after receiving an unsolicited approach for the assets from the Irish property investor Iput. The sale was being handled by CBRE.
- Henderson Park, a UK property group that last week got clearance to buy Green Reit for €1.34bn, could sell off the Green assets within five years, according to a funder of the deal. Blackstone Mortgage Trust, part of the Blackstone private equity group, is lending €1.2bn to Henderson Park to part-fund the Green takeover. In a conference call with analysts last week, Steve Plavin, president and chief executive of Blackstone Mortgage Trust, said Henderson Park was an “opportunistic” property fund with a “finite” life. Plavin said Henderson Park was likely to sell some of the properties into the “very, very strong Dublin market”.
- Billionaire businessman Larry Goodman is doubling down on plans to reshape Nassau Street in Dublin, with a proposal to demolish the Kildare Street Hotel and replace it with a five-storey office building. The hotel is on the same block as the Setanta Centre, where Goodman already has approval to develop a €100m, eight-storey office property. The Setanta Centre plan is being opposed, however, by the Kilkenny retail group, which has a flagship store in the centre.
- Activate Capital, the state-backed alternative lender to the house-building sector, has attracted “hundreds of millions” of fresh funding from a large European pension fund. The new investor will fund Activate alongside the company’s existing investors KKR, a large US investment fund, and Ireland Strategic Investment Fund (Isif), the state’s sovereign development fund.
- The owners of the Omni Park shopping centre in Santry in north Dublin are advancing plans to build hundreds of apartments and an aparthotel on an adjoining site.
The Omni Park Shopping Centre Consortium is in consultation with An Bord Pleanala about the project, which would involve demolishing a vacant warehouse to make way for the scheme. It is proposing to build 324 apartments, an 81-bedroom hotel and creche.
- Businesses who are paying ground rents to landlords due to Ireland’s colonial past could be given the right to buy them out before Christmas | BusinessPost.ie https://www.businesspost.ie/news/ground-rent-buyout-bill-become-law-christmas-456709
- Waterland, the €6 billion portfolio Dutch private equity house, is opening a Dublin office as it seeks to deepen its investment here | BusinessPost.ie https://www.businesspost.ie/business/e6bn-dutch-private-equity-group-open-dublin-base-456684
- Investors in €350m Waterford project concerned over housing – The Saudi group fears there will not be enough homes in the region for its expanding workforce, and has also complained about too many ‘men around the table’ | BusinessPost.ie https://www.businesspost.ie/business/investors-e350m-waterford-project-concerned-housing-456671
- Kingspan said to be among bidders for Armacell | BusinessPost.ie https://www.businesspost.ie/business/kingspan-said-among-bidders-armacell-456703
- US data giant Segment hopes to create 150 new jobs in Dublin | BusinessPost.ie https://www.businesspost.ie/business/us-data-giant-segment-hopes-create-150-new-jobs-dublin-456769
- Also in the SBP today, latest Hibernia Reit earnings figures are due to be published on Tuesday and Dan O’Brien of Lidan Designs talks about delivering modular buildings from €1,420psm in less than a month.
- In the property supplement of The Sunday Business Post, Eithne Dodd has an excellent feature on BER and the many obstacles to meeting government 2030 energy rating targets and Pat Davitt writes about ‘Why private landlords are upping sticks, despite record rents: A combination of rising taxes, draconian legislation and unruly tenants are forcing landlords out of the market’.
- Housing policy under fresh scrutiny as home-building stalls in Dublin https://www.irishtimes.com/business/economy/housing-policy-under-fresh-scrutiny-as-home-building-stalls-in-dublin-1.4075676?mode=amp
- AIB offers lower rate “green” mortgage https://www.rte.ie/news/business/2019/1104/1088544-aib-offers-lower-rate-green-mortgage/
- Mortgage rates here remain way above euro area average https://www.rte.ie/news/business/2019/1108/1089598-mortgage-rates-here-remain-way-above-euro-area-average/
- Central Bank again in the firing line as Dublin housebuilding stalls https://www.irishtimes.com/business/construction/central-bank-again-in-the-firing-line-as-dublin-housebuilding-stalls-1.4077083?mode=amp
- Majority of councils to hike rates next year a ‘property tax grab’ to affect a million homes – Independent.ie https://m.independent.ie/business/personal-finance/property-mortgages/majority-of-councils-to-hike-rates-next-year-a-property-tax-grab-to-affect-a-million-homes-38657794.html
- Housing Minister defends the government’s Rebuilding Ireland plan during Cork visit https://www.irishexaminer.com/breakingnews/ireland/housing-minister-defends-the-governments-rebuilding-ireland-plan-during-cork-visit-962687.html
- Councillors set to vote on O’Devaney Gardens after developer offers up ‘affordable-rental’ housing https://www.thejournal.ie/councillors-set-to-vote-on-odevaney-gardens-after-developer-offers-up-affordable-rental-housing-4878135-Nov2019/
- Dublin City councillors voted to extend an increase in development levies of 6.6% to residential as well as commercial and industrial construction from January 2020.
“Assistant chief executive Richard Shakespeare said the increase would mean an extra development contribution of up to €600 for an average two-bedroom house.”
- Housebuilding in Dublin stalls amid concern over affordability https://www.irishtimes.com/business/economy/housebuilding-in-dublin-stalls-amid-concern-over-affordability-1.4075676?mode=amp
- 8 million euro for controversial Gort social housing project – Galway Bay FM https://galwaybayfm.ie/galway-bay-fm-news-desk/8-million-euro-for-controversial-gort-social-housing-project/
- Dublin hotel that has been shut for almost a decade bought by Austrian investor https://www.breakingnews.ie/business/dublin-hotel-that-has-been-shut-for-almost-a-decade-bought-by-austrian-investor-961670.html
- Dublin City Council green lights new cinema on Dawson Street https://www.irishtimes.com/business/media-and-marketing/dublin-city-council-green-lights-new-cinema-on-dawson-street-1.4074283?mode=amp
- Developer row could lead to part-demolition of IDA office https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/developer-row-could-lead-to-part-demolition-of-ida-office-1.4075983?mode=amp
- World-leading company starts construction on new Waterford facility https://www.waterfordlive.ie/news/business/492101/world-leading-company-starts-construction-on-new-waterford-facility.html
- Fine Grain buys offices in Citywest for ‘around €10m’ https://m.independent.ie/business/commercial-property/fine-grain-buys-offices-in-citywest-for-around-10m-38668603.html
- Savoy owners fail in injunction application over Screen Cinema site https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/savoy-owners-fail-in-injunction-application-over-screen-cinema-site-1.4074641?mode=amp
- KBC, transparency and tracker mortgages https://www.irishtimes.com/business/personal-finance/kbc-transparency-and-tracker-mortgages-1.4072203?mode=amp
- PTSB builds mortgage lending share to post-crisis peak of 15.5% https://www.irishtimes.com/business/financial-services/ptsb-builds-mortgage-lending-share-to-post-crisis-peak-of-15-5-1.4074112?mode=amp
- Housing finance agency approves €100m in funding for 500 homes https://www.irishtimes.com/business/construction/housing-finance-agency-approves-100m-in-funding-for-500-homes-1.4074127?mode=amp
- Building firms oppose travel allowance in pay plan #construction https://www.irishexaminer.com/breakingnews/business/building-firms-oppose-travel-allowance-in-pay-plan-962352.html
- Sandyford businesses urge council to abandon rate hike proposal https://www.irishtimes.com/business/economy/sandyford-businesses-urge-council-to-abandon-rate-hike-proposal-1.4074206?mode=amp
- Nine-storey hotel approved for Clerys site in Dublin https://www.irishexaminer.com/breakingnews/business/nine-storey-hotel-approved-for-clerys-site-in-dublin-961899.html
- DCU selling Griffith Avenue lands with €35m price tag https://www.irishtimes.com/business/commercial-property/dcu-selling-griffith-avenue-lands-with-35m-price-tag-1.4073087?mode=amp
- Company gets temporary injunction stopping blockade of entrance to headquarters https://www.irishtimes.com/business/company-gets-temporary-injunction-stopping-blockade-of-entrance-to-headquarters-1.4077022?mode=amp
- Directors at Jones Lang LaSalle share €5.42m https://www.irishtimes.com/business/commercial-property/directors-at-jones-lang-lasalle-share-5-42m-1.4073479?mode=amp
- Construction’s most considerate contractors revealed | Construction Enquirer https://www.constructionenquirer.com/2019/11/04/constructions-most-considerate-contractors-revealed-3/
- Government lends £30m to modular builder https://www.theconstructionindex.co.uk/news/view/government-lends-30m-to-modular-builder
- UK perspective: Surveyors downbeat as growth slows https://www.theconstructionindex.co.uk/news/view/surveyors-downbeat-as-growth-slows
- McAvoy raids Farrans for construction board director | Construction Enquirer https://www.constructionenquirer.com/2019/11/08/mcavoy-raids-farrans-to-appoint-construction-director/
THE AGILE AGENT
GETTING IRELAND’S PROPERTY MARKETPLACE DIGITAL BY DEFAULT
The Agile Agent is a 12-month digital transformation programme for independent Irish estate agents and auctioneers, which runs from September – August. This programme will be delivered by a multi-disciplinary Irish and UK team and will go beyond proptech adoption to help agents get their industry digital by default.
To get involved and for free Proptech Prompts, please
PROPTECH AND CONSTRUCTION INNOVATION
- From smart design and planning right through to the smart property transaction, where does your Irish-led or Ireland-based #proptech 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 *
- European Fintech Investment Surpassed Asia | In proptech, it is Pilabs (17), Seedcamp (10) and GFC (8) that are the most active seed stage investors. For Series A and Series B, it is Atomico (4), Idinvest Partners (4) and Finch Capital (4), while top late-stage proptech investors are Augmentum, Draper Esprit, Goldman Sachs, Israel Growth Partners and Northzone, all recording one proptech investment. https://fintechnews.ch/fintech/european-fintech-investment-surpassed-asia-study/31386/
- Ten urbantech startups selected to support the development of sustainable cities | EU-Startups https://www.eu-startups.com/2019/11/ten-urbantech-startups-selected-to-support-the-development-of-sustainable-cities/
- UAE’s growing focus on property technology emphasized at Proptech middle east | ZAWYA MENA Edition https://www.zawya.com/mena/en/press-releases/story/UAEs_growing_focus_on_property_technology_emphasized_at_Proptech_middle_east-ZAWYA20191104115138/
- Online housing platform avoids endless viewing queues https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/online-housing-platform-avoids-endless-viewing-queues-1.4073567?mode=amp
- PropTech dragons form new expert property innovation council – GOV.UK https://www.gov.uk/government/news/proptech-dragons-form-new-expert-property-innovation-council?utm_source=1db99908-1bdb-43ad-8bd7-57753fd9f854&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate
- PropTech Today: The biggest mistake you can make is to nothing
- AI Foundry And Radius Financial Group Partner To Automate Residential Mortgage Loans https://www.forbes.com/sites/tomdavenport/2019/11/06/ai-foundry-and-radius-financial-group-partner-to-automate-residential-mortgage-loans/
- Privacy-First PropTech Doesn’t Have to Suck | Propmodo https://www.propmodo.com/privacy-first-proptech-doesnt-have-to-suck/
- Editor’s Pick: Unlocking the enterprise promise of PropTech – Construction Business News Middle East https://www.cbnme.com/analysis/editors-pick-unlocking-the-enterprise-promise-of-proptech/
NEW 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 will now appear as part of The Property Insider series, published by Oak Tree Press, the first three titles are now published and available here.
From 2019, the publishers and I want to ensure the content remains topical and we are 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/