Irish property market news and insights – for the industry, by the industry
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:
- Consumer sentiment falls to record low, says BoI report https://m.independent.ie/business/consumer-sentiment-falls-to-record-low-says-boi-report-39672030.html
- The Irish Economic Model Is Built on Rotten Foundations — Now Its People Want an Alternative https://www.jacobinmag.com/2020/10/ireland-economic-model-fianna-fail-fine-gael-sinn-fein
- Hostel for homeless Defence Forces veterans to open in Cobh https://www.irishexaminer.com/news/munster/arid-40072601.html?type=amp
- David McWilliams: A plan to put Ireland’s 200,000 vacant buildings to use https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/opinion/david-mcwilliams-a-plan-to-put-ireland-s-200-000-vacant-buildings-to-use-1.4394673?mode=amp
- The CIF is launching a national competition for senior cycle students called ‘A Home for Everyone’. It is a team-based project where students work together to design a home that helps ‘solve’ climate change, the housing crisis and addresses inclusivity. https://www.irishbuildingmagazine.ie/2020/10/28/cif-launches-national-home-for-everyone-competition/
- The problem with preserving historic buildings – and why it needs to change: Blanket protection of structures restricts their use for contemporary living and their overall vitality and viability https://www.irishtimes.com/life-and-style/homes-and-property/the-problem-with-preserving-historic-buildings-and-why-it-needs-to-change-1.4390882?mode=amp
- One of Iberia’s largest landlords is hidden away in a Tallaght industrial estate: Debt collector turned vulture fund Cabot Financial has been growing its Mediterranean business out of Dublin, illustrating the wider trend among US distressed debt investors to use Ireland as a base for European portfolio securitisation. https://thecurrency.news/articles/27492/one-of-iberias-largest-landlords-is-hidden-away-in-a-tallaght-industrial-estate/
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@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 (& 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). The team delivers 60 minutes of industry chat weekly with guests from the areas of planning, construction, property and proptech.
On Property Matters this week we discuss remote working options and co-working throughout the pandemic with:
- Rose Barrett, Co-Founder at Grow Remote
- Lauren O’Reilly, Owner at Space@Venture House
- Carol Ann Hickey, Co-Owner at M-Space Malahide
Listen back at https://anchor.fm/ipropertyradio/episodes/Property-Matters–October-27th–2020-Remote-working-and-the-future-of-coworking-ellejd
Produced by Katie Tallon of Hear Me Roar Media.
Email the Property Matters team at hello@iPropertyRadio.com
PLACEMAKING
PUBLIC CONSULTATION AND COMMUNITY ENGAGEMENT
- No examinations of public complaints by new planning regulator https://www.irishtimes.com/news/ireland/irish-news/no-examinations-of-public-complaints-by-new-planning-regulator-1.4395342?mode=amp
- Third challenge to permission for 657 apartments on Raheny lands https://www.irishtimes.com/news/crime-and-law/courts/high-court/third-challenge-to-permission-for-657-apartments-on-raheny-lands-1.4394480?mode=amp
- Concerns over cost halt €20m north Dublin city cycle path https://www.irishtimes.com/news/environment/concerns-over-cost-halt-20m-north-dublin-city-cycle-path-1.4391550?mode=amp
- Landowner tells An Bord Pleanála that Ring Road doesn’t need to take his entire property – https://galwaybayfm.ie/galway-bay-fm-news-desk/landowner-tells-an-bord-pleanala-that-ring-road-doesnt-need-to-take-his-entire-property/
- Should Dublin’s Phoenix Park prioritise walkers and cyclists? | Newstalk https://www.newstalk.com/news/dublins-phoenix-park-prioritise-walkers-cyclists-1097335
- Lighting up Cork’s Marina would benefit all, say cycling advocates https://www.irishexaminer.com/news/munster/arid-40072778.html
- Kerry musician granted permission to build home on farm https://www.rte.ie/news/regional/2020/1030/1174995-kerry-musician-breanndan-o-beaglaoich/
- Population growth projections for Tullamore queried: The Office of the Planning Regulator expressed doubt about Offaly County Council’s draft development plan projecting the population of Tullamore as growing by 4,753 by 2027. Photograph: Brenda Fitzsimons https://www.irishtimes.com/news/environment/population-growth-projections-for-tullamore-queried-1.4391844?mode=amp
- Residents fear ‘nightmare’ traffic situation from Tipperary housing development – 46 units planned for Glenconnor, Clonmel https://www.tipperarylive.ie/news/home/582777/residents-fear-nightmare-traffic-situation-from-tipperary-housing-development.html
*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
- The lead industry news story this weekend broke in The Irish Times yesterday (Saturday) and it is the lead business story in The Sunday Times, as well as being featured in the Sunday Independent today: Cosgrave Property Group secures exit from Nama: Developer has refinanced its loans with Castlehaven Finance and Relm Finance https://www.irishtimes.com/business/commercial-property/cosgrave-property-group-secures-exit-from-nama-1.4396624?mode=amp
- Developers may need to go back to the drawing board as one-beds fall from favour: Couples in Dublin are shunning the confines of a one-bed apartment as they struggle to both work and live in two rooms https://www.irishtimes.com/business/work/developers-may-need-to-go-back-to-the-drawing-board-as-one-beds-fall-from-favour-1.4395657?mode=amp
- Office of the Planning Regulator Launches First Annual Report https://www.opr.ie/office-of-the-planning-regulator-launches-first-annual-report/
- Planning regulator urges developers to focus on building fast-track homes: Head of the Office of the Planning Regulator questions whether some developers with permission to build new homes are more interested in increasing value of land https://www.businesspost.ie/ireland/planning-regulator-urges-developers-to-focus-on-building-fast-track-homes-6ebb56d4
- Irish data centres set for $6.7bn of investment: Knight Frank, a UK-based estate agency, forecasts that there will be another $6.7bn (€5.75bn) invested in data centre development across Ireland through to 2025 https://amp.independent.ie/business/irish/irish-data-centres-set-for-67bn-of-investment-39688151.html
- Just 269 homes built in disadvantaged Limerick communities since 2008 https://www.irishexaminer.com/news/munster/arid-40073405.html?type=amp
- Planning permission for apartments at record high https://www.rte.ie/news/2020/1030/1174874-planning-permission/
- Johnny Ronan loses out on €315m Dublin docklands deal https://www.irishtimes.com/business/commercial-property/johnny-ronan-loses-out-on-315m-dublin-docklands-deal-1.4392467?mode=amp
- Impact of Covid-19 means ‘hotel should be stripped from Ronan 22-storey tower plan’ – Independent.ie https://m.independent.ie/business/commercial-property/impact-of-covid-19-means-hotel-should-be-stripped-from-ronan-22-storey-tower-plan-39688662.html
- Plans for 657 apartments in Dublin face a third challenge https://www.irishexaminer.com/property/planning/arid-40072961.html
- Hawkins House demolition begins: Watch video: https://www.irishtimes.com/news/ireland/irish-news/hawkins-house-demolition-begins-1.4394631?mode=amp
- Former City Arts Centre’s €50m-plus sale hits obstacle https://www.irishtimes.com/business/commercial-property/former-city-arts-centre-s-50m-plus-sale-hits-obstacle-1.4321853?mode=amp
- Permission refused for Kill houses on noise grounds https://www.kildarenow.com/news/home/585241/permission-refused-for-kill-houses-on-noise-grounds.html
- Michael Fingleton-linked lands at centre of controversial housing plan in Shankill: Proposed scheme in south Co Dublin involves development containing 194 homes https://www.irishtimes.com/business/construction/michael-fingleton-linked-lands-at-centre-of-controversial-housing-plan-in-shankill-1.4392676?mode=amp
- Developers fail to stop receiver selling €60m Dublin City Quay property https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/developers-fail-to-stop-receiver-selling-60m-dublin-city-quay-property-1.4394681?mode=amp
- Polonez founder Adrian Rezmerita’s Ringline Investments puts a Dublin hotel on its shopping list https://www.thetimes.co.uk/article/polonez-founder-adrian-rezmeritas-ringline-investments-puts-a-dublin-hotel-on-its-shopping-list-kkbxk5l93
- Padraig Hoare: How many hotels does Cork really need? https://www.irishexaminer.com/opinion/commentanalysis/arid-40071371.html?type=amp
- Retailers’ group appeals plans for Lidl in Knocknacarra https://connachttribune.ie/retailers-group-appeals-plans-for-lidl-in-knocknacarra/
- €1m boost as Limerick store ‘banks’ expansion https://www.limerickleader.ie/news/home/584350/1m-boost-as-limerick-store-banks-expansion.html
- Planning lodged for construction of 36 houses and 65 parking spaces in Tipp https://www.tipperarylive.ie/news/home/583927/revealed-planning-lodged-for-construction-of-36-houses-and-65-parking-spaces-in-tipp.html
- Fit-out starts on Cork’s newest state-of-the-art office block https://www.irishexaminer.com/property/developmentconstruction/arid-40072274.html
- Prospective buyers will hope to clean up on Cork’s busy Curraheen Road https://www.irishexaminer.com/property/commercial/arid-40072328.html
- Dangerous building incident on Cork city centre street https://www.irishexaminer.com/news/munster/arid-40072370.html
- Cork’s mothballed super-dump may be used to recycle construction waste https://www.irishexaminer.com/news/munster/arid-40071584.html?type=amp
- Developer seeks planning for 232 homes at former Carmelite convent in Delgany https://www.irishtimes.com/life-and-style/homes-and-property/developer-seeks-planning-for-232-homes-at-former-carmelite-convent-in-delgany-1.4393165?mode=amp
- An Bord Pleanála give thumbs down to Rathangan housing development https://kildare-nationalist.ie/2020/10/30/an-bord-pleanala-give-thumbs-down-to-rathangan-housing-development/
- Permission Granted To Expand Kildare Solar Farm. | Kfm Radio https://kfmradio.com/news/29102020-0815/permission-granted-expand-kildare-solar-farm
- Glanbia confirms the commissioning plan for €130 million new pizza cheese plant in Portlaoise https://www.leinsterexpress.ie/news/-keeplaoisinbusiness/584745/glanbia-confirms-the-commissioning-plan-for-130-million-new-pizza-cheese-plant-in-portlaoise-keeplaoisinbusiness.html
- The backers of a contentious plan for a €40m meat processing plant for Banagher, Co Offaly have formally sought Dept of Agriculture approval for the project. https://m.independent.ie/news/meat-factory-backers-seek-approval-for-40m-plant-in-offaly-39671217.html
- Offaly Community Centre Set For €600,000 Redevelopment https://www.midlands103.com/news/midlands-news/offaly-community-centre-set-for-e600000-redevelopment/
- Decision made on massive Coosan housing development | Westmeath Independent https://www.westmeathindependent.ie/2020/10/29/decision-made-on-massive-coosan-housing-development/
- Lidl Given Permission To Build Townhouses In Westmeath https://www.midlands103.com/news/midlands-news/lidl-given-permission-to-build-townhouses-in-westmeath/
- Meath site primed for delivery of enterprise and employment https://www.irishtimes.com/business/commercial-property/meath-site-primed-for-delivery-of-enterprise-and-employment-1.4389488?mode=amp
- Major €8m homes plan for Prosperous includes maisonettes https://www.leinsterleader.ie/news/home/584263/major-8m-homes-plan-for-prosperous-includes-maisonettes.html
- Development of 82 residential units and crèche in Ballymahon appealed to An Bord Pleanála https://www.longfordleader.ie/news/home/585237/development-of82-residential-units-and-creche-in-ballymahon-appealed-to-an-bord-pleanala.html
- John Paul Construction has further strengthened its senior leadership team in line with its strategy of sustainable growth and expansion through a number of appointments announced today. https://www.irishbuildingmagazine.ie/2020/10/28/john-paul-construction-strengthens-senior-leadership-team/
- CRH sells Brazilian cement business for $218m https://amp.independent.ie/business/irish/crh-sells-brazilian-cement-business-for-218m-39672628.html
PROPTECH, MMC & CONSTRUCTION INNOVATION
- Proptech Ireland is updating the database of 2020 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: *PROPTECH INNOVATORS and STARTUPS *
- New PropTech tool called Covid Profile tells lettings agents if tenants are self-isolating or in quarantine because of Coronavirus https://www.lettingagenttoday.co.uk/breaking-news/2020/10/proptech-tool-tells-agents-if-tenants-are-affected-by-covid?source=newsticker
- Proptech’s potential to transform residential remains vast: The residential market is still in its infancy when it comes to fully embracing tech, but momentum to harness its power to change the status quo is increasingly rapidly. https://www.propertyweek.com/analysis-resi-and-data/proptechs-potential-to-transform-residential-remains-vast/5110870.article
- EXCLUSIVE: UK Government backs unusual new proptech estate agency – Sail Homes has joined the Land Registry/Ordnance Survey Geovation programme that nurtures start-ups with cash, office space and advice. https://thenegotiator.co.uk/government-backs-estate-agency-offering-dual-sale-and-conveyancing-service/
- flatfair Named as Highest-Ranking PropTech Firm on Top 50 List of London Start-Ups – Property Notify https://www.propertynotify.co.uk/news/press-releases/flatfair-named-as-highest-ranking-proptech-firm-on-top-50-list-of-london-start-ups/
- Story of data: Human and technology as one https://irishtechnews.ie/the-story-of-data-human-and-technology-as-one/
- Danish proptech startup LifeX raises €6 million to expand co-living business – Tech.eu https://tech.eu/brief/lifex-funding/
- Digital building library Tallhouse “to revolutionise construction industry” https://www.dezeen.com/2020/10/30/tallhouse-digital-building-low-carbon-tallhouse/
- iBuying: disrupter or fad? TRD Insider explores the latest proptech craze | The Real Deal https://therealdeal.com/2020/10/27/ibuying-disrupter-or-fad-trd-insider-explores-the-latest-proptech-craze/
- One-click housing startup Atmos raises another $4M from Khosla, real estate strategics, and TikTok star Josh Richards https://techcrunch.com/2020/10/29/one-click-housing-startup-atmos-raises-another-4m-from-khosla-real-estate-strategics-and-tiktok-star-josh-richards/
- Unified Buildings Key to Post-Pandemic Return to Commercial Property | Connected Real Estate Magazine https://connectedremag.com/smart-buildings/proptech/unified-buildings-key-to-post-pandemic-return-to-commercial-property/
- Proptech and smart city tech ventures find eager market in Asia-Pacific https://investableuniverse.com/2020/10/29/asia-proptech-smart-cities-ping-an-brainbox-amp/
RESIDENTIAL PROPERTY NEWS (including PRS)
- Dublin City Council seeks to use Docklands tower block for social housing – Council interested in acquiring planned 15-storey building if ‘price is right’ https://www.irishtimes.com/news/social-affairs/dublin-city-council-seeks-to-use-docklands-tower-block-for-social-housing-1.4393441?mode=amp
- Prime Dublin residential specialist agent, Owen Reilly yesterday reported on the latest trends in the prime Dublin residential market during the third quarter of 2020. https://www.businessworld.ie/property-news/Prime-Dublin-residential-rents-down-12-since-March-574715.html
- Confidence in housing market rises due to high rental prices https://extra.ie/2020/10/27/news/irish-news/housing-market-confidence/amp
- Fall in mortgage drawdowns, Brexit threat to services, and advice on your pension https://www.irishtimes.com/business/fall-in-mortgage-drawdowns-brexit-threat-to-services-and-advice-on-your-pension-and-property-taxes-1.4392194?mode=amp
- Mortgage drawdowns fall by almost a third https://www.irishtimes.com/business/economy/mortgage-drawdowns-fall-by-almost-a-third-1.4391707?mode=amp
- Housing crisis here to stay in absence of big rethink, industry warns: Irish Institutional Property claims land costs are not a major expense and typically range from 8 to 18 per cent of the total delivery costs. https://www.irishtimes.com/business/economy/housing-crisis-will-be-permanent-unless-there-is-radical-rethink-industry-warns-1.4392410?mode=amp
- Why a new deal for Irish tenants may see landlords flee: Tenants in Ireland enjoy a higher level of security at present, with the reintroduction of the eviction ban for the duration of the latest lockdown — but a proposal in the Programme for Government to introduce unlimited tenures for private renters could bring increased security for tenants, long term. https://www.thetimes.co.uk/article/why-a-new-deal-for-irish-tenants-may-see-landlords-flee-rxhwvbvzx
- Huge drop in State-backed loans for first-time buyers https://www.irishexaminer.com/news/arid-40071143.html
- Get rid of ‘unfair’ local property tax, says advisory body, NESC calls https://amp.independent.ie/irish-news/news/get-rid-of-unfair-local-property-tax-says-advisory-body-39692205.html
- Tourists and renters to be permitted in student accommodation https://www.irishtimes.com/news/ireland/irish-news/tourists-and-renters-to-be-permitted-in-student-accommodation-1.4391807?mode=amp
- Sonder ready to expand in Dublin city centre: The luxury short-term rental company boasts of a successful summer and has cash poised to invest https://www.thetimes.co.uk/article/sonder-ready-to-expand-in-dublin-city-centre-ktmmlvqtk
- ‘The thought of losing the house was heartbreaking’: First-time buyer tells of difficulties during Covid-19 pandemic https://www.leinsterleader.ie/news/home/583765/kildare-property-the-thought-of-losing-the-house-was-heartbreaking.html
- Kildare TD criticises ‘U-turn’ on co-living https://kildare-nationalist.ie/2020/10/27/kildare-td-criticises-u-turn-on-co-living/
- PROPERTY: Offaly Express editor discusses buying a house during the Covid-19 pandemic https://www.offalyexpress.ie/news/property/584924/property-offaly-express-editor-discusses-buying-a-house-during-the-covid-19-pandemic.html
- Interiors: Will the pandemic impact our future home design trends? https://www.kildarenow.com/news/newsletter-kildare/583777/interiors-will-the-pandemic-impact-our-future-home-design-trends.html
- After spending €10k to improve my energy rating it has not been upgraded. Why? https://www.irishtimes.com/life-and-style/homes-and-property/after-spending-10k-to-improve-my-energy-rating-it-has-not-been-upgraded-why-1.4389281?mode=amp
COMMERCIAL PROPERTY NEWS
- Blackstone sale could be tip of the iceberg for Irish retail property: Retailers have been hit hard by Covid-19 and the two main banks have significant exposure to retailers and landlords https://amp.independent.ie/business/commercial-property/blackstone-sale-could-be-tip-of-the-iceberg-for-irish-retail-property-39688170.html
- Grafton Street landlord cuts high street property values by 26% https://www.irishtimes.com/business/commercial-property/grafton-street-landlord-cuts-high-street-property-values-by-26-1.4393537?mode=amp
- Companjon signs deal for new headquarter office at the IFSC https://www.irishtimes.com/business/commercial-property/companjon-signs-deal-for-new-headquarter-office-at-the-ifsc-1.4381856?mode=amp
- Kennedy Wilson sells Baggot Plaza for $165m https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/kennedy-wilson-sells-baggot-plaza-for-165m-1.4395235?mode=amp
- Revolut’s Irish-based company to oversee its European operation | Business Post https://www.businesspost.ie/companies/revoluts-irish-based-company-to-oversee-its-european-operation-644c8d46
- Fully-let industrial unit in Galway city for €3.75m -The manufacturing property extends to over 19,000 square feet and has a secure ten-year lease term: https://www.businesspost.ie/commercial/fully-let-industrial-unit-in-galway-city-for-375m-a4c43880
- Castle keeps a romantic vision: This well-kept Wexford estate offers extensive accommodation for a weddings venue that is already up and running https://www.thetimes.co.uk/article/castle-keeps-a-romantic-vision-x689cgqnt
INTERNATIONAL PROPERTY NEWS
- Almost 4,500 UK construction firms fall into financial distress https://www.constructionnews.co.uk/financial/almost-4500-construction-firms-fall-into-financial-distress-29-10-2020/
- UK Construction is set to temporarily become a two-speed industry split by high growth rates in infrastructure set against ‘slow-growers’ in the industrial and commercial sector. https://www.constructionenquirer.com/2020/10/28/construction-careers-into-two-speed-industry/
- Modular partner sought for £100m housing framework https://www.constructionnews.co.uk/buildings/modular-partner-sought-for-100m-housing-framework-30-10-2020/
- Shared-ownership homes in London:where to look for new-build flats with deposit requirements from five per cent https://www.homesandproperty.co.uk/property-news/buying/shared-ownership-london-new-flats-deposit-requirements-a140618.html#gallery
- IWG tenants use office landlord’s own model to exit contracts: Small UK business owners have begun mimicking the controversial tactics deployed by the tycoon behind Britain’s biggest serviced offices provider to get out of contracts. https://www.thetimes.co.uk/article/iwg-tenants-use-office-landlords-own-model-to-exit-contracts-s97p9x80g
- Deloitte to shut 4 offices, to transfer all staff to permanent work from home https://www.moneycontrol.com/news/business/deloitte-to-shut-4-offices-will-transfer-all-staff-to-permanent-work-from-home-5997081.html/amp?__twitter_impression=true
- The importance of art in real estate https://www.savills.co.uk/blog/article/306886/commercial-property/the-importance-of-art-in-real-estate.aspx
- CBRE shifts headquarters from LA to Dallas https://www.dailynews.com/2020/10/29/cbre-moving-its-headquarters-from-la-to-dallas/
FACEBOOK GROUP FOR IRISH PROPERTY BUYERS & INVESTORS
Crowd-sourcing answers topical property questions:
Irish Property Buyers Handbook annuals
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 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/