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:
- One of the highlights of reading through today’s broadsheets today was coming across Pat Farrell’s opinion piece in The Sunday Business Post headed: ‘Big investors are the heroes, not villains of housing crisis’. While I personally believe that we need to move away from terms like ‘heroes’ or ‘villains’, he points out many market realities that tend to go frustratingly unnoticed or unsaid. For example, the chief executive of Irish Institutional Property (IIP) reminds readers that homeownership rates in Ireland have been falling since the 1990’s, long predating institutional investment at scale. Also, “the July announcement from the Residential Tenancies Board that the number of private rental tenancies fell by 2 per cent, or by 6,000, to 307348 in 2018 clearly shows purchases by institutional investors are barely compensating for small buy-to-let investors selling up”. Link to the full article here: https://www.businesspost.ie/opinion/big-investors-heroes-not-villains-housing-crisis-451307
- “All happy families are alike; each unhappy family is unhappy in its own way.” Tolstoy’s opening lines to Anna Karenina apply equally to family businesses: The business of family feuds
- An Bord Pleanála and fast-track planning https://www.irishtimes.com/opinion/letters/an-bord-plean%C3%A1la-and-fast-track-planning-1.4000250?mode=amp
- When something looks too good to be true it often is https://www.irishtimes.com/business/personal-finance/when-something-looks-too-good-to-be-true-it-often-is-1.3999310?mode=amp
- Call to ban negative rates on savings of up to €100,000 https://www.irishexaminer.com/breakingnews/business/call-to-ban-negative-rates-on-savings-of-up-to-100000-946366.html
- Construction firms brace for recession as EU workers leave UK https://www.theguardian.com/uk-news/2019/aug/27/construction-firms-brace-for-recession-risk-eu-workers-leave-uk
- Stocktake: Warnings on WeWork’s eye-watering valuation https://www.irishtimes.com/business/personal-finance/stocktake-warnings-on-wework-s-eye-watering-valuation-1.3995230?mode=amp
- Why GDPR Could Be A Catalyst for Innovation in 2019 and beyond – Irish Tech News https://irishtechnews.ie/why-gdpr-could-be-a-catalyst-for-innovation-in-2019-and-beyond/amp/
- Welcome to Insta-Dublin, a city of pop-ups and cheap neon signs https://www.irishtimes.com/opinion/welcome-to-insta-dublin-a-city-of-pop-ups-and-cheap-neon-signs-1.3995336?mode=amp
- Ireland has third highest emissions of greenhouse gas in EU https://www.irishtimes.com/news/environment/ireland-has-third-highest-emissions-of-greenhouse-gas-in-eu-1.3998041?mode=amp
- Bank of Ireland sells €250m of buy-to-let loans to US fund (at €100 million discount) https://www.irishtimes.com/business/financial-services/bank-of-ireland-sells-250m-of-buy-to-let-loans-to-us-fund-1.4000373?mode=amp
- Irish Life acquires financial services consultancy firm https://www.rte.ie/news/business/2019/0830/1071834-irish-life-acquires-financial-services-consultancy-firm/.
- Housing Minister’s plans to meet Bartra founder for ‘land gift’ https://www.thesun.ie/news/4494117/eoghan-murphy-founder-co-living-buildings-gift-of-land/
- Shares soar 10% in ‘ultimate Brexit stock’ Chadwicks and Woodie’s owner, Grafton Group https://www.irishexaminer.com/breakingnews/business/shares-soar-10-in-ultimate-brexit-stock-chadwicks-and-woodies-owner-grafton-group-947335.html
- 5 surprising calls by ‘Big Short’ investor Michael Burry, who just called passive investing a ‘bubble’ | Markets Insider https://www.businessinsider.com/5-calls-big-short-michael-burry-passive-investment-bubble-2019-8
- And, given this business was born in Kerry a decade and a half ago – before relocating to Dublin – I could not let the afternoon pass without sharing the image below from the Sunday Independent today:
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 firstname.lastname@example.org.
(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, we were joined by Paddy Conlon from CBRE to talk about the upcoming CBRE International Proptech Challenge competition; and Stephen O’Sullivan of PPN Dublin to talk about the current marketplace for private investors.
Listen back to this episode here: https://anchor.fm/ipropertyradio/episodes/Property-Matters–August-27th-2019-e54sht
*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
- “Unashamedly pedestrian-focused” apartment block project in #Cork increased by four floors after consulting An Bord Pleanála https://www.irishexaminer.com/breakingnews/ireland/cork-apartment-block-project-increased-by-four-floors-after-consulting-an-bord-pleanala-946826.html (image above)
- Diageo set to pick developer U+I to redevelop St James’s Gate as new city quarter – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/diageo-set-to-pick-ui-to-redevelop-st-jamess-gate-as-new-city-quarter-38435635.html
- Concerns of over-development in Dublin 8 as ‘Docklands-style makeover’ proposed https://www.thejournal.ie/dublin-8-docklands-development-4787198-Aug2019/
- More on this: No place left to show: How Dublin is turning into a cultural ghost town https://www.irishtimes.com/culture/no-place-left-to-show-how-dublin-is-turning-into-a-cultural-ghost-town-1.3999157?mode=amp
- Another Dublin street blocked off by activists in car-free demonstration https://www.thejournal.ie/liffey-street-blocked-4790639-Aug2019/?amp=1
- Locals ‘gobsmacked’ as ‘monolithic’ Dublin apartment complex to go ahead – Independent.ie https://m.independent.ie/irish-news/locals-gobsmacked-as-monolithic-dublin-apartment-complex-to-go-ahead-38440165.html
- An Bord Pleanála shoots down county council housing plans – Galway Daily https://galwaydaily.com/news/an-bord-pleanala-rejects-council-housing-plans/
- Naas town – one of the few locations in Ireland where residential supply actually exceeds demand: 1,200 MORE PEOPLE ARRIVE TO WORK IN NAAS DAILY THAN THOSE WHO MAKE THE COMMUTE TO DUBLIN
- David McWilliams: Dún Laoghaire typifies Ireland’s poor use of land https://www.irishtimes.com/opinion/david-mcwilliams-d%C3%BAn-laoghaire-typifies-ireland-s-poor-use-of-land-1.4001397?mode=amp
- Excellent initiative: “Health Check” to be carried out on Bray Town http://wicklownews.net/2019/08/health-check-to-be-carried-out-on-bray-town/
- Residents of Abington Estate in Malahide are up in arms about plans for a modern, Huf Haus (flat timber and glass design) in the Georgian-styled, exclusive enclave.
OTHER PROPERTY NEWS
- This is shocking, but perhaps not surprising…’The secret city centre ‘apartment’ that’s hidden in back of tiny industrial unit’ https://www.dublinlive.ie/news/dublin-news/students-allegedly-given-sponge-sheets-16829612.amp (images above)
- One of the lead business stories in the Independent, by Michael Cogley, reports that ‘Fire safety moves threaten developments’. This refers to the proposed changes to apartment standards in Ireland, which could add €4,000 to the cost of a new apartment, including extended corridors, mandatory sprinkler systems and any cooking appliances may need to be three metres at least from the escape route.
- The same journalist reports that Dundrum Town Centre owners have revealed their plans for more than 100 new apartments near the centre.
- Also in the Independent today, Vanguard Health Services International has now submitted plans for a new 40-bed hospital and primary care centre in Swords.
- One of the lead business stories in The Sunday Times today reports that Ardstone Capital looks set to acquire part of the Jesuit site in Milltown – 10.5 acres for €65m.
- Also in the Times, Gavin Daly reports that BTR investors (15) have purchased almost 12,000 houses and apartments in the first half of the year, total value €898m.
- In the property supplement of The Irish Times today, Janine Thomas has a feature on downsizing (I think the PC term is now ‘right-sizing…). There is plenty of food for thought and some early steps to take to assess if this is the right move for you.
- In The Sunday Business Post today, Roisin Burke reports that ‘Richmond Homes to pay €42m for north Dublin site with potential for 1,700 homes’. This refers to Project Shoreline (first reported in the context of Seamus Ross).
- Niamh Horan, writing in The Sunday Independent, shares Harry Crosbie’s vision for reclaiming land in Dublin Bay to provide homes for 65,000+ people. The pull quote reads “If Haughey was alive, I’d be out pumping sand today”. (below)
- Also in the SBP today: Glenveagh calls for the help-to-buy scheme to be retained in Budget 2020; Cork developer Joe O’Donovan sues Nama, the IBRC and Oaktree; three major investment firms (including Goldman Sachs) have increased their stakes in Cairn Homes; Donal Buckley reports that ‘Guide prices slump in BidX1 auction: Quotes are down by 23 per cent on earlier this year…’.
- Number of new mortgages rose in July – BPFI https://www.rte.ie/news/business/2019/0829/1071544-mortgages/
- More on that: Numbers approved for mortgage hit eight-year high – Independent.ie https://m.independent.ie/business/numbers-approved-for-mortgage-hit-eightyear-high-38445262.html
- New funding finally confirmed for State mortgage scheme https://www.irishtimes.com/news/politics/new-funding-finally-confirmed-for-state-mortgage-scheme-1.3997047?mode=amp
- Property tax from our cities still props up rest of country https://m.independent.ie/business/personal-finance/property-mortgages/property-tax-from-our-cities-still-props-up-rest-of-country-38443184.html
- Vast Luggala estate in Wicklow sold at discount to overseas buyer https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/life-and-style/homes-and-property/vast-luggala-estate-in-wicklow-sold-at-discount-to-overseas-buyer-1.3999255?mode=amp
- Government to spend €65 million on new Direct Provision centres in four counties https://www.thejournal.ie/direct-provision-centres-4785367-Aug2019/
- OPW facing big levies bill on Dublin’s most notorious vacant site https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/news/environment/opw-facing-big-levies-bill-on-dublin-s-most-notorious-vacant-site-1.3996948?mode=am
- Tuath Set to Finalise €120m Low-Interest Financing Deal – Construction Network Ireland http://www.constructionnetworkireland.com/tuath-set-finalise-e120m-low-interest-financing-deal/
- Boom-era apartment values rebound as big investors pour into Dublin PRS https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/boom-era-apartment-values-rebound-as-big-investors-pour-into-dublin-prs-1.4000135?mode=amp
- Iconic Offices invests €500,000 in new restaurant facility #cowork https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/agribusiness-and-food/iconic-offices-invests-500-000-in-new-restaurant-facility-1.4001676?mode=amp
- Investment to reach fresh record high of over €4.6bn – Independent.ie https://amp.independent.ie/business/commercial-property/investment-to-reach-fresh-record-high-of-over-4-6bn-38446296.html
- Cairn Homes sells 282 units at Citywest to Urbeo for €94m https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/cairn-homes-sells-282-units-at-citywest-to-urbeo-for-94m-1.3998611?mode=amp
- Student accommodation development soars but new investments set to slow https://m.independent.ie/business/commercial-property/student-accommodation-development-soars-but-new-investments-set-to-slow-38446299.html
- Apartment scheme for D4 Magdalene Laundry site gets green light https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/apartment-scheme-for-d4-magdalene-laundry-site-gets-green-light-1.4000270?mode=amp
- Planning permission secured for 428 new apartments in South Dublin https://www.dublinlive.ie/news/dublin-news/new-apartments-sandyford-dublin-property-16826828
- Developers looking to build 611 apartments and three townhouses on former RTÉ campus https://www-thejournal-ie.cdn.ampproject.org/c/s/www.thejournal.ie/donnybrook-rte-homes-cairn-4786565-Aug2019/?amp=1
- Spencer Place rejects Docklands height concerns – Independent.ie https://m.independent.ie/business/commercial-property/spencer-place-rejects-docklands-height-concerns-38449657.html
- Marlet more than doubles Dundrum plans – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/commercial-property/marlet-more-than-doubles-dundrum-plans-38446301.html
- JYSK search for retail properties for 40 stores https://www.rte.ie/news/business/2019/0828/1071359-jysk-search-for-retail-properties-for-40-stores/
- Decathlon plans April opening of new Dublin flagship store https://www.irishtimes.com/business/retail-and-services/decathlon-plans-april-opening-of-new-dublin-flagship-store-1.4001693?mode=amp
- Major Cork city housing development delayed https://www.irishexaminer.com/breakingnews/ireland/major-cork-city-housing-development-delayed-946499.html
- Model opportunity for housing scheme in Tower https://www.irishexaminer.com/breakingnews/property/model-opportunity-for-housing-scheme-in-tower-946909.html
- Bathroom pod firm aims to create 140 jobs in £2.5m expansion https://www.irishtimes.com/business/health-pharma/bathroom-pod-firm-aims-to-create-140-jobs-in-2-5m-expansion-1.4002683?mode=amp
- Work commences on €32m expansion of Blanchardstown Centre https://www-irishtimes-com.cdn.ampproject.org/c/s/www.irishtimes.com/business/commercial-property/work-commences-on-32m-expansion-of-blanchardstown-centre-1.3995341?mode=amp
- McKillen jnr acquires Glasson Country House Hotel & Golf Club for €9m https://www.irishtimes.com/business/commercial-property/mckillen-jnr-acquires-glasson-country-house-hotel-golf-club-for-9m-1.3999098?mode=amp
- Also, McKillen’s Clarendon Group seeks approval for 300 apartments in Cork city https://www.irishtimes.com/business/commercial-property/mckillen-s-clarendon-group-seeks-approval-for-300-apartments-in-cork-city-1.4002671?mode=amp
- Castlehaven switches backer in €250m deal – Independent.ie https://amp-independent-ie.cdn.ampproject.org/c/s/amp.independent.ie/business/irish/castlehaven-switches-backer-in-250m-deal-38431258.html
- More on this: Investment fund to invest €2bn in Irish property sector https://www.irishexaminer.com/breakingnews/property/investment-fund-to-invest-2bn-in-irish-property-sector-946863.html
- CBRE strengthens investment team as value of sales surpasses €2bn mark https://www.irishtimes.com/business/commercial-property/cbre-strengthens-investment-team-as-value-of-sales-surpasses-2bn-mark-1.3995381?mode=amp
- Chartered Land seeks buyer for €650m Dublin apartment portfolio https://www.irishtimes.com/business/commercial-property/chartered-land-seeks-buyer-for-650m-dublin-apartment-portfolio-1.3998894?mode=amp
- Pretax profits at Walls Construction drop slightly to €4.1m https://www.irishtimes.com/business/construction/pretax-profits-at-walls-construction-drop-slightly-to-4-1m-1.3997972?mode=amp
- Investments lead Avoca owner Aramark to record €14.9m loss https://www.irishtimes.com/business/retail-and-services/investments-lead-avoca-owner-aramark-to-record-14-9m-loss-1.3999165?mode=am
- Deirdre Foley was paid at least €7.6m from Clerys proceeds https://www.irishtimes.com/business/commercial-property/deirdre-foley-was-paid-at-least-7-6m-from-clerys-proceeds-1.4002788?mode=amp or Deirdre Foley receives €3.29m dividend from the sale of Clerys – Independent.ie https://m.independent.ie/business/irish/deirdre-foley-receives-3-29m-dividend-from-the-sale-of-clerys-38452866.html (it’s not like the Independent to underestimate!)
- Operating profit jumps at employee-owned PM Group – Independent.ie https://m.independent.ie/business/irish/operating-profit-jumps-at-employeeowned-pm-group-38440094.html
- US engineering firm to create 200 jobs as it unveils €4.5m investment in Cork office https://www.irishexaminer.com/breakingnews/ireland/us-engineering-firm-jacobs-to-create-200-jobs-946705.html
- JJ Rhatigan bags £280m Luton scheme main build | Construction Enquirer https://www.constructionenquirer.com/2019/08/29/jj-rhatigan-bags-280m-luton-scheme-main-build/
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 *
- An Estimated $4B Will Flow To U.S. Proptech Companies In 2019 – That’s Just The Beginning https://www.inman.com/2019/08/29/an-estimated-4b-will-flow-to-u-s-proptech-companies-in-2019-thats-just-the-beginning/
- Camber Creek is Raising a $120 million Proptech Fund https://therealdeal-com.cdn.ampproject.org/c/s/therealdeal.com/national/2019/08/26/camber-creek-re-ups-bet-on-proptech-with-120m-fund/amp/
- Proptech is booming—these are the British startups to watch – TechRound https://techround-co-uk.cdn.ampproject.org/c/s/techround.co.uk/startups/proptech-is-booming-these-are-the-british-startups-to-watch/amp/
- PropTech Today: Are we hiring the wrong people? https://www.estateagenttoday.co.uk/breaking-news/2019/8/proptech-today-are-we-hiring-the-wrong-people
- WeWork acquires co-working rival Spacious – TechCrunch https://techcrunch.com/2019/08/27/wework-acquires-co-working-rival-spacious/amp/?__twitter_impression=true
- Robotic lifting makes giant blocks weightless at Sisk site | Construction Enquirer https://www.constructionenquirer.com/2019/08/29/lifting-robot-makes-giant-blocks-weightless-at-sisk-site/
- Three tips for navigating the budding proptech industry | BetaKit https://betakit.com/three-tips-for-navigating-the-budding-proptech-industry/
- PlaceTech | RICS takes the pulse of proptech https://placetech.net/analysis/rics-takes-the-pulse-of-proptech/
- Residently raises £7M to digitise the rental experience | TechCrunch https://techcrunch.com/2019/08/28/residently/
- WHAT’S ON: Upcoming events you need to know about | Real Estate Weekly https://rew-online.com/2019/08/whats-on-upcoming-events-you-need-to-know-about/
- KvCORE Shines In Increasingly Crowded All-In-One Platform Space https://www.inman.com/2019/08/29/kvcore-shines-in-increasingly-crowded-all-in-one-platform-space/
- Scottish ‘proptech’ firm chosen selected for international accelerator based in LA – FutureScot https://futurescot.com/scottish-proptech-firm-chosen-selected-for-international-accelerator-based-in-la/
- PropTech firm wants to clean up image of Modern Method of Auction … https://www.estateagenttoday.co.uk/breaking-news/2019/8/modern-method-of-auction-firm-bids-to-transform-sectors-negative-image?source=newsticker
- What’s The Deal With Women In PropTech? https://www.forbes.com/sites/angelicakrystledonati/2019/04/14/whats-the-deal-with-women-in-proptech/amp/
- Status of digital transformation – Where are we? – Assetti https://assetti.pro/status-of-digital-transformation-where-are-we/
- Grosvenor partners with Silicon Valley tech platform to drive proptech innovation • PrimeResi https://primeresi.com/grosvenor-partners-with-silicon-valley-tech-platform-to-drive-proptech-innovation/
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/