Saturday 20 July 2019

Ergo: Friends First execs eye new Cornelscourt development

Lindsey O'Connell, HubSpot; John Cairns, Hibernia Reit; and Patrick Casey, Bee Green Ireland, with the hives at Two Dockland Central. Photo: Shane O'Neill/SON Photographic
Lindsey O'Connell, HubSpot; John Cairns, Hibernia Reit; and Patrick Casey, Bee Green Ireland, with the hives at Two Dockland Central. Photo: Shane O'Neill/SON Photographic

Dunnes Stores' flagship store in Cornelscourt looks set to attract hundreds of new regular customers in the coming years.

The retailer does a roaring trade on its premises, which stradles the N11 in south county Dublin. That trade is likely to increase quite significantly if a bid to bring 469 new homes to the area is successful.

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In the nearby Cornelscourt village a company called Cornel Living has applied to develop a build-to-rent development for the area. Its currently moving through An Bord Pleanála's fast-track system and a decision on the matter is expected by August 12.

Ergo notes that Cornel shares most of its directors with Ardstone Capital, which was established by former Friends First property chiefs Donal Mulcahy, Ciaran Burns, and Donal O'Neil. Cornel was established in June of last year.

Ardstone itself established Ardstone Homes back in 2016. In February it received a €110m revolving credit facility from Bank of Ireland to deliver over 2,500 homes in the near term.

Cornel is far from the only high-profile developer to be attracted to the area, which employs a large number of AIB and Bank of Ireland staff nearby.

Cairn Homes is in the masterplan stage of its Barrington development on the Brennanstown Road while Pat Crean's Marlet secured the green light for 115 units on the same road.

The Magic Carpet pub in Cornelscourt village has also gone up for sale on 2.7 acres. The pub, which has a price tag of €12m, has plenty of development potential too.

Buzz about Hibernia Reit's new eco-friendly initiative

Hibernia Reit, the Dublin-listed property firm, has partnered with Bee Green Ireland to establish urban beehives in three of their Dublin city-centre properties. The honeybee hives have recently been installed on the rooftops of Hibernia’s offices at 1 Cumberland Place, 1 Windmill Lane (1WML), Two Dockland Central and The Observatory.

Tenants of these properties, which include Twitter, Autodesk, Travelport Digital, HubSpot and Core Media, will be able to enjoy the benefits of the hives.

Twice a year, the hives will be harvested for honey and each hive is expected to produce up to 90 jars per harvest for distribution to tenants. Along with natural honey, the hives will produce wax which can be turned into body balm, lip balm and candles.

The threat to Ireland’s bee population was outlined recently on World Bee Day.

- Digital banks are becoming more and more commonplace in Irish society. Their ability to split bills and send money to friends and family seamlessly has caused a headache for some of the more traditional banks here.

Ergo notes that the German fintech N26 has brought its ‘metal card’ offering here in the industry’s latest attack on traditional banking. It allows customers to make use of its members programme, which includes travel insurance. The card programme starts at €9.90 a month. It also offers free withdrawals worldwide.

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