Business Irish

Tuesday 24 April 2018

The Punt: Grand Canal Square sale a sign of the times

The Marker Residences on Grand Canal Square have a price tag of €40 million. Photo: Shane O’Neill/Fennells
The Marker Residences on Grand Canal Square have a price tag of €40 million. Photo: Shane O’Neill/Fennells

With a hefty price tag of €40m, there might not be too many investors out there who can afford a block of luxury apartments in our fair city.

But those selling the exclusive Marker Residences in the capital's south docklands say it's worth every cent.

With 84 luxury apartments and six – occupied – commercial premises, it already generates a gross rental income of approximately €2.5m per annum.

Now you can be the proud landlord of Lolly & Cooks, KBC bank and Hanover Medical, among others, while your residents can have access to the capital's latest five-star luxury place to stay, the nearby Marker Hotel – not that they'd need to stay there of course, what with their own luxury digs.

The sale, and guide price, is definitely a sign of changing times. It feels like a far cry from talk of ghost estates. But with investors flocking back to Ireland's property market, sellers say they expect domestic and international demand.

Fergus O'Farrell of Savills – which is selling the development on behalf of Brehon Capital Partners and Midwest Holding – says the development is one of the most exciting multifamily sales it has ever brought to the market.

"The Marker Residences present an opportunity to become part of Grand Canal Square – Dublin's most salubrious address," he added.

Little bit of US comes to town

LEADING US politicians were in Dublin yesterday for an exclusive breakfast meeting with the who's who of the Irish and American business elite.

Maryland Governor Martin O'Malley, right, Hawaii Senator Mazie Hirano and the Irish Ambassador to the United States Anne Anderson were among the distinguished guests at the Shelbourne Hotel.

Civil rights leader John Lewis, a Presidential Freedom Medal Honouree, also attended the event hosted by Ireland INC, a private sector platform aimed at promoting Irish business interests globally.

"An estimated 220 Irish companies have operations in the US, employing over 82,000 people and Ireland continues to be an attractive base for US companies," said Taoiseach Enda Kenny. "The USA and Ireland share a deep and enduring relationship which we will continue to nurture and develop to the mutual benefit of our people.

"The fact that we can gather such an authoritative and influential group is not only testament to the strength of Irish-US business ties, but it is also a signal of our potential," said Ian Hyland of Ireland INC.

Punchestown gets big boost

THE four legged competitors are groomed and polished, while the two legged variety are sprucing up their best wares.

Now more than 720 businesses are bracing themselves for the start of the Punchestown Festival which is set to boost the economy by €64m.

The five-day racing extravaganza, which starts next Tuesday, was officially launched this week with racing stars, business leaders and a host of celebrities in Palmerstown House Estate. And it is already bucking the trend.

Pre-sold hospitality packages are up 12pc, overseas corporate bookings have risen by 20pc, and the prize money is up 14pc, with a total of 39 sponsors supporting a prize fund of €2.5m.

"Year on year we endeavour to build on previous achievements and exceed 100,000 attendance," said Punchestown manager Dick O'Sullivan.

"The numbers speak for themselves this year and sales show the interest is huge."

All signs are pointing to a bumper week.

Irish Independent

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