Upcoming auctions offer range of opportunities for investors
Five public property auctions are scheduled to take place in the next three weeks across the country in Dublin, Naas, Cork, Galway and Limerick.
Five public property auctions are scheduled to take place in the next three weeks across the country in Dublin, Naas, Cork, Galway and Limerick.
The industrial property market got the year off to a strong start in 2019, although some secondary properties are reported to be priced below development costs.
Prime Dublin high street retail market rents fell in the last quarter of 2018 according to the latest MSCI Property Index, the authoritative monitor of the Irish property and investment markets...
The combination of increased jobs and more affordable prices is expected to boost demand for housing, from investors, owner occupiers and tenants in Dublin's north docklands in 2019,...
Breathing new life into unused old buildings is the aim of Danoj Developments headed by Irish entrepreneur Daniel MacAuliffe, a scion of the Guiney family of Clerys department store fame.
The rising tide of the property market has lifted the boats of the south Dublin city Georgian sector. Recent activity has seen not only individual Georgian properties but also Georgian portfolios selling for above their asking prices.
The sale of the leasehold interest in the Old Stand Pub in Dublin city centre brings to 18 the number of bars sold in Dublin during the first 10 months of this year, with a combined value of €33m.
Properties with million-euro-plus price tags account for six of the 173 lots which BidX1 will auction online on November 15. With combined guide prices totalling €40m, the catalogue includes multi-unit residential lots in Dublin and the regions as well as mixed-use investment properties and sites with development potential.
A major portion of a Galway commercial property sold for €2,225,000 or more than five times its guide price at a BidX1 auction last week.
Residential and other developers look set to compete with their industrial counterparts for industrial properties coming to the Dublin market.
The extension of the Luas green line to Dublin's northside has brought more shoppers to four of the main shopping streets north of the Liffey but some of the southside shopping streets have seen...
International firms are investing hundreds of millions of euros to meet demand for student accommodation in Dublin and Cork.
The value of Irish commercial property has almost doubled over the last five years, however it is still below the levels achieved before the crash.
In contrast to the UK retail market, where more than 300 store closures are forecast for this year, developers are gearing up to expand or develop swathes of new retail outlets in Dublin - and...
Existing office tenants in most Dublin suburbs could be faced with increases of between 12pc and 14pc in forthcoming rent reviews, according to Goodbody real estate analyst Colm Lauder. He...
Dublin's North Docklands area is showing increasing appeal to investors and developers thanks in part to competitive office rents and in part to the strong demand for both short and long-term residential accommodation.
Cork City is currently seeing increased development of offices, hotels and student accommodation. However the city has had little, if any, new apartment developments despite increased employment, and rising residential rents in contrast to the upsurge in build-to-rent developments in Dublin.
Three estate agents with plans for public auctions in December have published catalogues with properties carrying a combined value of over €19m. The biggest of them is IAM Sold's Leinster catalogue with more than €10m worth of properties, followed by Sherry FitzGerald/Cushman & Wakefield's joint €7.8m catalogue and REA O'Connor Murphy's €1.35m catalogue.
A portfolio of Waterford properties, five of them in the city centre, will go for public auction as six separate lots on November 29. Auctioneer Sherry FitzGerald John Rohan estimates that their combined guide prices total €2.3m. They are being sold by the executor of the estate of the late John McGrath, who had been engaged in business in the UK.
Over 970 people, including property professionals and rugby internationals, attended the KPMG Irish Independent Property Industry Excellence Awards in Dublin on Thursday night when long-established building contractor SISK was named Overall Winner 2018.
More than €1bn worth of development land has been bought since the start of this year and the figure could reach €1.2bn by the year end if the current momentum is maintained.
Rumours that the Government is considering increasing stamp duty on purchases of apartment blocks in next month's Budget come at a time when as much as €5bn of international investment funding is targeting the Irish Private Rented Sector (PRS).
Prime office rents in Galway look set to rise by more than 9pc to €323 per sq m before the end of the year but, nevertheless, yields are expected to hold steady at 6.25pc. These are among the latest forecasts for the Connacht capital from estate agent Cushman & Wakefield which expects prime industrial rents to also rise, by 6.66pc, to €80 per sq m and industrial yields to fall 25 basis points to 7.75pc.
A combination of a shortage of housing and a plentiful supply of retail accommodation has encouraged the McGrath Property Group to seek planning permission for more than 300 apartments on a west Dublin site which already had planning for a major retail and apart-hotel development.
The number of construction projects commencing on-site in the first half of this year in the Republic dropped 6pc to 1,278 compared to the same period last year. On the other hand, the value of projects on-site is up 7pc on the same period in 2017, with almost €4bn worth of projects starting in the first six months of 2018.
Values and rents for all sectors of the commercial property market are expected to resume their growth in the second half of this year after pausing for a breather during the last five months, according to new research.
Glenveagh PLC may be about to follow the example of other developers and allocate more of its housing projects to multi-unit institutional buyers.
Housebuilder Glenveagh has spent €120m to acquire four more sites with the potential to deliver over 2,780 new homes in Dublin's Docklands, Cork's Docklands and the greater Dublin area.
Kennedy Wilson (KW) which swept into Ireland at the bottom of the market has formed a joint venture targeting the Irish buy-to-rent sector with AXA Investment Managers - Real Assets.
Clyde Real Estate, the company headed up by former Dragons' Den entrepeneur and Sunday Independent columnist Sean Gallagher, is progressing its activities at four locations around the country: Dublin, Dundalk, Cork and Carlow.
Groups of residential units and mixed use regional investments are among the highlights of BidX1's catalogue for its commercial online auction which will take place on July 18 next.
A logistics facility extending on a 1.26 acre site is for sale at Ballycoolin, Dublin 11.
Solicitors and estate agents have been called on to speed up the process of property sales by investing in new technology and preparing contracts prior to the start of sales.
Equine veterinary surgeons Ned and Liz O'Flynn are selling their Hawkfield House Stud, a 93-acre property on the edge of the commuter town of Newbridge, Co Kildare. Jordan Auctioneers are guiding €1.3m for its auction next Thursday.
Offices on the ground and first floor of Dunluce House, EastPoint Business Park, Dublin 3, have been sublet on a four-year sub lease to Cognizant, a multinational IT services firm.
Dublin's gig economy meets Dublin's gig lifestyle: That is one way to describe the deal by global shared office provider, WeWork, to take 73,000 sq ft of space at One Central Plaza, the former Central Bank overlooking Temple Bar and Dame St.
Economic expansion is boosting the appetite for Dublin commercial property.
A number of investment and development properties will be auctioned by Galway agent Colm O'Donnellan, who featured in a number of RTE's recent TV property programmes, and who will wield his gavel at the next O'Donnellan & Joyce bumper auction on July 20 in Galway.
A redbrick B&B in Drumcondra, Dublin will be among the more valuable properties at I Am Sold's public Leinster Property Auction on July 18 in The Clayton Hotel, Liffey Valley, when about 30 lots worth a combined €5m will be offered.
A lack of office supply will be the main driver of above-average rental growth in European hotspots - with Ireland listed in sixth place for growth.
Elaine Gordon of Savills is quoting a rent of €110,000 per annum for a high-profile warehouse of 1,544sqm (16,619sq.ft), with a large yard on 0.34 hectares at McKee Avenue, Finglas, Dublin 11.
THE 2018 KPMG Irish Independent Property Industry Excellence Awards is now open for entries at propertyexcellenceawards.com. This year, the competition is being contested across 11 categories, following the introduction of a Facilities Management Project award, which recognises an individual or team whose project demonstrates substantial innovation and positive effect on an organisation.
Food and beverage has become a key performer in the retail property market - meaning investors, owner occupiers and developers will take an interest in an award-winning gastropub for sale in Co Louth.
Cahermoyle House, a mansion constructed in a Venetian palazzo style and sitting on 43 acres in Ardagh, Co Limerick, is for sale with a €900,000 guide price.
A high-profile Wicklow road house, Pluck's of Kilmacanogue, is for sale as a going concern and with its one-acre site, it is considered to have strong development potential.
Core Industrial REIT is seeking tenants for a warehouse and office facility that it is re-developing at Unit 7 Northwest Business Park, Ballycoolin, Dublin 15.
The Tribeca building, home to one of Ranelagh's more popular restaurants, is being offered for sale as an investment with a €2.1m price tag, which reflects a net initial yield of 6.85pc after standard purchaser's costs of 8.46pc.
Large-scale investor funds may effectively be outbidding home buyers for apartments in sought-after areas of Dublin. At last weekend's conference of the Institute of Professional Auctioneers and Valuers (IPAV), the topic was raised by IPAV chief executive Pat Davitt.
At least nine parties have approached developer Pat Crean's Marlet Property Group to express their interest in acquiring the 'Dublin Living' apartment portfolio since negotiations were terminated last week with the scheme's expected purchaser, Round Hill Capital.
A disused chimney overlooking the Luas bridge at Milltown, Dublin 6, sold for €136,000 or almost four times its guide price after a keenly-contested bidding competition with as many as 77 bids at BidX1's recent auction.
Fringe areas to the west and north of Dublin's traditional city centre office district have seen some interesting trading activity in recent times, as some investors who availed of the post crash prices took their profits.
Dublin logistics property is the third most attractive property market in Europe.
As many as seven bumper property auctions are scheduled to take place between May 17 and June 1, with more than 460 lots and over 500 properties.
Quintain, the UK property development arm of opportunity fund Lone Star, is a major new player about to enter the Irish build-to-rent (BTR) market and boost supply of residential rental accommodation. It expects that a major portion of the 1,000 new homes which it will develop at the new Adamstown district centre will be supplied for the rental market.
Cork City and especially its docklands area is expected to be one of the major beneficiaries of the Government's Project Ireland 2040 long-term national spatial strategy.
Nama has got rid of almost all of its ghost estates and expects to 'resolve' the last six of them by the end of the year. The news comes as BidX1 sold four unfinished housing developments at auction during the last week at prices ranging from €336,000.
Ballsbridge is gearing up to become one of Dublin's dining out destination neighbourhoods. From next September with the Comers' opening of their new street connecting Shelbourne Road to Pembroke Road, at least three new upmarket food and beverage outlets - Avoca, Dylan McGrath and Butlers Café - will be open for business. These are expected to be supplemented by another café on the Pembroke Road side of the project.
The development potential and values of some religious properties have received an unexpected boost from the latest trend in the residential letting market - co-living.
Five bumper property auctions will be held in April with over 330 lots covering more than 400 properties.
Irish investors are still devoting hundreds of millions of euro in overseas commercial property.
More than 220 lots recently generated around €40m worth of sales for two auctioneers BidX1 and Sherry FitzGerald.
The number of licensed premises which sold in 2017 fell to 31 in Dublin, compared to 35 in 2016, despite increased demand, according to the latest market analysis from specialist estate agent Morrissey's.
Rent increases are expected in all sectors of the commercial property market across the country this year, according to the latest commercial property survey by the Society of Chartered Surveyors Ireland (SCSI) of its members.
The food and beverage sector (F&B) is one of the retail sectors which appears to be withstanding two key pressure trends: rising rents and online operators. However, while competition for pitches remains strong, it is not quite as strong as it was two years ago, even in parts of Dublin city centre.
The former Dublin alma mater of Irish actor Gabriel Byrne will be among 87 lots with combined values of about €15m which will go under the hammer at one of four public auctions taking place between February 28 and March 8 next.
Online shopping has created a demand for delivery and collection properties within Dublin's M50, decades after similar types of properties were pushed out of city centre side streets and into the western suburbs.
On the face of it 2018 should see a plentiful supply of development land coming to the market for residential development. In practice however, some agents are more cautious, and expect the scale of increase to fall short of demand.
At last the huge upsurge in commercial property development in Dublin is beginning to ripple into a long-decaying former heartland of Dublin business, The Liberties.
In the scramble by banks and receivers to get properties off their books before the end of the year, as many as seven bumper auctions will take place over the next eight days with as many as 370 lots on offer worth a combined €70.6m.
A fully fitted and furnished plug-and-play ground floor office is available to let at 3046 -3050 Lake Drive, Citywest Business Campus, Dublin 24. Agents Colliers are quoting €322 per sq m and €750 per car space per annum and say the property is available immediately on a sub-lease under flexible lease terms.
Plans for a £50m Grade-A office scheme to be known as Belfast Waterside have been announced by developer Swinford (Sirocco) Ltd. James Osborne, one of the joint owners, said the site formerly known as Sirocco Quays will accommodate 750 new homes and almost 80,000 square metres of contemporary offices.
A keen test of demand for development and hospitality properties will be seen at BidX1's online auctions on December 13 and 14, when more than 200 lots with combined reserves totalling €51 million will be on offer. These include about 20 sites in Dublin, Cork and elsewhere, some with guide prices ranging from €900,000 to €2.9 million.
Investment and business opportunities in the hospitality sector in Glasthule, Co Dublin and Annacotty, Co Limerick have been brought to the market by Morrisseys.
IDA Ireland, the state agency which recruits foreign direct investment for Ireland, is understood to have narrowed down its beauty parade of possible new headquarters to four premises on the south side of Dublin's prime central business district.
As many as five Dublin 8 dwellings with tenants in place will be auctioned by Sherry FitzGerald on December 12, reflecting how not all landlords are evicting tenants in order to sell their properties.
Rents and prices for industrial properties look set to continue to rise during 2018, while the recent change in the capital gains tax waiver period may present opportunities for investors.
Dublin's Grafton Street is ranked 11th of the top 30 European shopping streets in terms of mass-market footfall.
More than €40m was generated from property sales at BidX1 online auctions last week, and four of the lots sold for more than the million euro mark.
Philip Littlewood has been appointed as associate director of valuations and advisory services at Colliers International property consultants in Dublin.
INCREASED growth in online shopping has set new delivery challenges not alone for retailers but also for other property occupiers.
The Square Bar in Portlaoise is being offered for sale as a going concern by the Fitzpatrick family who have traded from these premises for four generations.
Three retail investment properties in the trendy Castlemarket and Drury St area of Dublin city centre are for sale with a guide price of €2.8m plus VAT. Located on two sides of the corner at 6/7 Castlemarket St and 43 Drury St, the three generate a net annual income of €157,500. This suggests a gross initial yield of 5.63pc before VAT is added to the sale price.
A modern, semi-detached warehouse and office facility in Jamestown Business Park in Finglas on Dublin's north side is being offered for sale with a €990,000 asking price.
Seven investment properties in Dublin, Cork and Limerick with combined guide prices totalling over €7m are being offered for sale in five or seven lots.
A growing minority of property experts consider that the Irish commercial property market may be close to peaking, although a substantial majority still believe that commercial real estate to be at or below fair value.
Between €1.75bn and €2bn worth of investment property deals could be completed in the current year. This follows a surge in both the value of commercial property as well as the turnover in deals seen during the three months leading up to the Budget.
An international campaign to entice investors to back major property developments in Belfast was launched recently by the British government in conjunction with Invest Northern Ireland. They are focusing on seven projects with the potential to provide Stg£1.3bn (€1.46bn) worth of property.
Occupier activity has largely been positive on the high streets of 10 Irish towns and cities around the country during the six months to the end of September according to CBRE's twice-yearly vacancy survey. As a result, four urban centres saw increases while none showed falls in occupancy levels.
Such is the rush to sell off properties before the end-of-year deadline that vendors are giving prospective buyers less than the usual three weeks within which to assess them.
Up to 4,700 residential rental units are in the pipeline for Dun Laoghaire Rathdown County Council area. This could generate a 29pc increase in rental accommodation units in the area where there are already 16,332 tenancies registered with the Private Residential Tenancies Board (PRTB).
Housing minister Eoghan Murphy's hope that the Government's 'fast-track' planning application system for large-scale housing developments would speed up the delivery of new homes has been dealt an early blow.
Applicants for fast-track housing developments are finding that the process is not as fast as they might have expected. In the last five weeks, at least five applicants for developments with as many as 2,254 housing units have been informed that their pre-planning requests for Strategic Housing Developments (SHD) were rejected by An Bord Pleanála.
Housing developers have been quick to respond to the new fast-track planning facility for housing schemes of more than 100 dwellings. As many as 17 proposals with up to 5,161 dwellings have been submitted to An Bord Pleanala since it opened its doors for the processing of Strategic Housing Development applications in early July.
Dublin's northside area stretching from O'Connell Street to the Point Village has become the centre of hotel and hospitality development and investment activity in the capital.
Brexit could lead to two different property valuation systems being operated for Irish properties, one in compliance with European valuation standards and the other based on Anglo-Saxon standards.
Grafton Group has paid €1.425m for the Gorey, Co. Wexford, premises where its Heiton Buckley business has been trading.
Prime office rents in the three regional cities are expected to grow in the second half of this year after second-quarter pauses in Cork and Limerick.
Demand for office space in green buildings looks set to increase as new buildings will need to legally comply with the EU directive on Near Zero Energy Buildings from 2020 and state agencies will have to focus their searches to green buildings from the end of next year.
CBRE has brought two properties to the market which would appeal to private investors and one of them could also suit an owner-occupier.
A number of personnel changes have been made at three estate agencies.
Two investment properties with attractive yields, which could appeal to private investors, have been brought to the market this week by agents TWM.
Rohan Holdings, the Irish family-owned commercial property company, has sold a new office development, 21 Charlemont, Dublin 2, to La Française Group, a French firm, for about €45m.
The largest ever catalogue of Irish properties will be auctioned online by BidX1, the new brand name for Allsop Ireland, following its takeover by Stephen McCarthy's Space Property Group.
Transaction activity in the multi-family housing sector increased by over 75pc in value and grew more than fourfold in volume, between 2013 and 2016, according to a new report from Sherry FitzGerald.
More than €300m worth of rental apartment blocks and portfolios are expected to be sold in the second half of this year according to the latest investment property report from estate agents Lisney.
An unusual combination of residential, tourist and industrial investment, known as the Benbulben Suites, in Sligo is for sale with a €2.5 million price tag.
One of Ireland's most active property investors, Tetrarch Capital, has sold a modern Dublin city centre office building for €1.611m - €361,000 over its guide price - at an auction.
An unusual step in Irish planning is being taken by residents in the Dundrum area of south Dublin. Rather than wait for a developer to submit a planning application and then object to it, they are undertaking a major consultation process with local businesses, residents, politicians and the developer in advance. Also unusually, their feedback so far suggests that instead of seeking to curtail residential development, they want to encourage it.
Summer auction activity will peak during the seven days between July 21 and 27 next when three auctioneers will offer almost 200 lots at three separate bumper auctions.
More than €1bn worth of property deals were completed in the first half of this year in Ireland. These included more than €770m worth of commercial properties bought by investors, as well as €75m worth of hotels sold by hotel operators and there were also almost €269m worth of development land deals.
Developer Sean Mulryan's decision long ago to invest in London's docklands continues to pay dividends. Having already helped see Ballymore Properties through the recession and out of Nama, the strength of Mr Mulryan's property portfolio in the UK capital has propelled him on to the Estates Gazette 2017 'Power List'.
Changing marriage and jobs trends are among the factors that are impacting on the type of homes that are needed in Ireland and the amount of them. The latest census statistics show that lifestyle and population trends are changing. To address the challenge this presents, the corporate landlord looks set to play an increasing role.
A modern, detached, warehouse and office facility in Tallaght, Co Dublin, is being offered for its vacant sale or as a letting. Agent William Harvey & Son is asking €1.45m for its sale or quoting a rent of €118,000 a year to let it on flexible terms.
Paddy was more than surprised. He had just been offered a loan. "I felt like the pushers were back on the street offering me a fix." His succinct reaction sums up why we are not currently in a property bubble but also how the current momentum might ultimately create a new bubble.
A prime Co Kildare residential site with full planning permission for 71 houses, a creche and two apartments is for sale with a €300,000 guide price.