Construction BUSINESS

Property

PREM Group to Invest Over €1.6 Million in Hotel Refurbishment

    PREM Group to Invest Over €1.6 Million in Hotel Refurbishment

International hotel management company PREM Group has secured the purchase of the well-known Aspect Hotel in Kilkenny. The Irish owned hotel management and hospitality group has strengthened its growing property portfolio by acquiring the property which it has been leasing and running since it opened in 2006. The 80-bedroom hotel is located just five minutes’ […]

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Home For Life is a New Participant in the Mortgage to Rent Scheme

    Home For Life is a New Participant in the Mortgage to Rent Scheme

The Government has welcomed Home For Life Ltd as a new participant in the Mortgage to Rent [MTR] scheme, where they will work in tandem with local authorities as landlords providing a long term solution for those in mortgage distress. The announcement coincides with the launch by the Department of Housing Planning and Local Government […]

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The First Phase of the Regeneration of O’Devaney Gardens Gets Underway

    The First Phase of the Regeneration of O’Devaney Gardens Gets Underway

Eoghan Murphy TD, Minister for Housing, Planning & Local Government; Paschal Donohoe TD, Minister for Finance, Public Expenditure & Reform; and Lord Mayor of Dublin, Nial Ring have turned the sod for the development of the first phase in the Regeneration of  O’Devaney Gardens in Dublin.  The first phase will deliver 56 social homes with […]

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Ireland is 9th Most ‘Highly Transparent’ Property Market in the World

    Ireland is 9th Most ‘Highly Transparent’ Property Market in the World

The latest JLL Global Real Estate Transparency Index (GRETI) shows that Ireland’s property market ranks within the most ‘highly transparent’ markets in the world. Ireland is ranked 9th globally, in terms of the most transparent countries.
The index which is published biennially, measures transparency in 158 metropolitan areas, across 186 unique indicators. This year’s survey saw a […]

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Ibec Warns of Skills Shortages in Construction Sector

    Ibec Warns of Skills Shortages in Construction Sector

Although the latest CSO figures indicate that employment is up 2.9% annually in the first quarter of 2018, Property Industry Ireland, the Ibec group that represents businesses operating in the property sector, has said that the growth in overall employment numbers masks the situation of the construction sector.
The new CSO projections suggest that over 840,000 […]

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Residential Property Prices Rise by 13.0% in Year to April

    Residential Property Prices Rise by 13.0% in Year to April

In the year to April, residential property prices at national level increased by 13.0%, according to the latest CSO figures. This compares with an increase of 12.6% in the year to March and an increase of 9.5% in the twelve months to April 2017.
In Dublin, residential property prices increased by 12.5% in the year to […]

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Housing Market Failing Younger Generations, Says First Woman President of IPAV

    Housing Market Failing Younger Generations, Says First Woman President of IPAV

The current housing market is failing our younger generations, according to Ella Dunphy (pictured) of DNG, who recently became the first woman President of IPAV, the Institute of Professional Auctioneers & Valuers. She was speaking at the organisation’s AGM and annual conference at the Lyrath Estate Hotel, Kilkenny.
“It’s a market where those with the greatest […]

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The KPMG Irish Independent Property Industry Excellence Awards 2018 Launched

    The KPMG Irish Independent Property Industry Excellence Awards 2018 Launched

The KPMG Irish Independent Property Industry Excellence Awards 2018, which serve as a beacon for excellence in the Irish property sector, are open for entries. Award winners set the benchmark for professionalism and showcase the best that industry stakeholders have to offer.
The Irish property industry is going from strength to strength, and if you believe […]

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Progress on Actions to Address Unfinished Housing Developments

    Progress on Actions to Address Unfinished Housing Developments

The Government has published the sixth annual progress report and seventh housing survey on tackling the issue of unfinished housing developments. This reveals a 91% reduction in the unfinished developments since 2010 from almost 3,000 to 256.  2017 saw the resolution of 165 developments.
The report includes the results from the 2017 National Housing Development Survey […]

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U+I Hires Investment Specialist Eoin Condren

    U+I Hires Investment Specialist Eoin Condren

U+I, the specialist regeneration developer and investor, is further building out its senior leadership team with the appointment of Eoin Condren who will manage non-public sector joint venture relationships. In this role, Eoin will grow U+I’s existing real estate private equity partnerships, as well as sourcing and executing acquisitions in U+I’s three core markets, with […]

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National Asset Management Agency Did Not Breach EU Rules

    National Asset Management Agency Did Not Breach EU Rules

Following a complaint, the European Commission has assessed whether the Irish National Asset Management Agency (NAMA) has benefited from illegal State aid and whether it granted undue advantages to certain property developers. The Commission has concluded that NAMA did not breach EU State aid rules.
Commissioner Margrethe Vestager, in charge of competition policy, said: “We have carefully […]

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€1.1 Million Renovation Works at Osprey Hotel, Naas

    €1.1 Million Renovation Works at Osprey Hotel, Naas

The Osprey Hotel in Naas, Co. Kildare, has commenced work on the creation of abrand new state-of-the-art spa as part of a major renovation project. The new spa is set to cost in the region of €1.1 million and will have luxury features, fittings and facilities.
The spa has been designed by renowned celebrity architect and star of RTÉ’s Home of the Year, Hugh Wallace. Hugh, along with […]

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Rebuilding Ireland Home Loan Introduced

    Rebuilding Ireland Home Loan Introduced

The Rebuilding Ireland Home Loan, a new Government-backed mortgage for first-time buyers, will be available nationwide from local authorities from Thursday, 1 February 2018. The loan can be used both for new and second-hand properties, or to build your own home.
In line with Central Bank rules, a person or couple can borrow up to 90% […]

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Naas Racecourse to Unveil Stunning New Feature Building

    Naas Racecourse to Unveil Stunning New Feature Building

Naas Racecourse will unveil its brand new ‘Feature Building’ at its National Hunt race meeting this Sunday, (28th of January). The new Feature Building was created as part of a €3.2 million HRI Capital Development Scheme which commenced last year.
It is an unusual structure; cylindrical in shape, it boasts wrap around glass and several balconies which […]

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Tech Companies Continue to Dominate Dublin City Centre Prime Office Market

    Tech Companies Continue to Dominate Dublin City Centre Prime Office Market

International tech companies continued to dominate the capital’s commercial office market in 2017 and are expected to do so again this year. Analysis from the Lisney report, Lisney 2018, ‘Our View’ highlights the impact these large and rapidly expanding companies are having on the market. Facebook and Google alone are on track to occupy 4% of all […]

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Residential Property Prices Rise by 11.6% in the Year to November

    Residential Property Prices Rise by 11.6% in the Year to November

In the year to November, residential property prices at national level increased by 11.6%, according to the CSO’s Residential Property Price Index November 2017 report. This compares with an increase of 11.8% in the year to October and an increase of 9.2% in the twelve months to November 2016.
In Dublin, residential property prices increased by […]

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JLL Predicts a Buoyant Year For Ireland’s Hotel Industry

    JLL Predicts a Buoyant Year For Ireland’s Hotel Industry

What does 2018 have in store for the Irish Hotels Market? JLL expects approximately 1,300 new hotel rooms to open in Dublin City, representing a +6.0% increase in current room supply. The first new hotel to open will be the Iveagh Garden Hotel (pictured above), which opens this month on Harcourt Street.
The summer will also see […]

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2018 is Off to a Fresh Start For Speculative Industrial Development in South West Dublin

    2018 is Off to a Fresh Start For Speculative Industrial Development in South West Dublin

Exeter Property Company has appointed contractors for the construction of a new 110,000 sq. ft. state-of-the-art logistics facility at Greenogue Business Park, just minutes from the Naas Road at Rathcoole. On completion, the company expects to employ over 200 people at the facility, whilst over 50 jobs will be created during construction.
“With the absence of […]

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Planning Regulations and Planning Process Delays Impacting on Irish Commercial Real Estate Sector

    Planning Regulations and Planning Process Delays Impacting on Irish Commercial Real Estate Sector

The latest Commercial Real Estate (CRE) Sentiment Tracker from Origin Capital, completed by 180 industry professionals, identified industry concerns about the current planning regulations and processes in Ireland and the recent increase in commercial property stamp duty as being among the risks faced within the sector.
Findings on CRE in Ireland generally:

84% believed that planning regulations […]

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2017 KPMG Irish Independent Property Industry Excellence Award Winners

    2017 KPMG Irish Independent Property Industry Excellence Award Winners

800 of Ireland’s property industry stakeholders; commercial & residential agencies, developers, architects, designers, investment managers and contractors convened at the Convention Centre Dublin recently for the announcement of the winners of the highly contested KPMG Irish Independent Property Industry Excellence Awards. Over 120 shortlisted nominations were judged across 11 categories where the standard of entries […]

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New Record Set For Dublin Property Market

    New Record Set For Dublin Property Market

Sales at Lansdowne Place, Chartered Land’s luxury residential development in Ballsbridge, have surpassed targets with over €100 million secured from sales to date. The prices achieved equate to over €1,000 per sq. ft. setting new records for the Dublin property market.
The Templeton, which was the first building to come on the market, and The Blake, launched […]

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Keadeen Hotel Unveils New €3 Million Development Works

    Keadeen Hotel Unveils New €3 Million Development Works

The O’Loughlin family run, four-star Keadeen Hotel in Newbridge, Co. Kildare has just completed a €3 million renovation programme which has seen some major works taking place both in and outside the well-known Kildare property. The renovation programme started 18 months ago when a new Honeymoon Suite was created and many of the bedrooms were […]

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EIB Backs Re-development of Limerick and Confirms New Irish Urban Investment Plans

    EIB Backs Re-development of Limerick and Confirms New Irish Urban Investment Plans

Limerick’s economic resurgence has taken another giant step forward as the European Investment Bank (EIB) confirmed a record commitment for an urban Ireland investment programme for the city. EIB will commit to €85million in lending to Limerick City and County Council to be spent on transforming the 1.62 hectare Opera Site in the city centre […]

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Continuing House Price Inflation “Very Worrying”

    Continuing House Price Inflation “Very Worrying”

Responding to the latest CSO house price data showing continued acceleration in property prices with Dublin prices increasing by 12.2% in the year to September and prices in the rest of Ireland rising by 13.2% in the same period, Brokers Ireland which represents 1,300 broker firms, said “the deteriorating situation is very worrying.”
Diarmuid Kelly (pictured), Chief […]

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Credit ratings agency KBRA selects Dublin for European Headquarters

    Credit ratings agency KBRA selects Dublin for European Headquarters

Kroll Bond Rating Agency (KBRA) has announced its expansion into Europe with the opening of its European Headquarters in Dublin. The move is expected to create 100 new jobs over the next three years.
KBRA is a full service credit rating agency that was established in 2010 to restore trust in credit ratings following the financial […]

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Rents in Dublin grew by 3.3% in Quarter 2 2017

    Rents in Dublin grew by 3.3% in Quarter 2 2017

According to the Residential Tenancies Board, private sector rents grew 6.6% in the year end to the end of June this year. However, the rate of increase in the second quarter was marginally slower than in Quarter 1. The standardised average national rent stood at €1,017 per month in Q2, 2017 – up by €63 – […]

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Construction to start on major North Wall Quay development

    Construction to start on major North Wall Quay development

Targeted Investment Opportunities (‘TIO’) has announced that it hopes to initiate construction on a significant commercial development at 91-94 North Wall Quay this autumn. TIO are currently seeking an amendment to the existing planning permission that will allow construction to commence on a large new development to include a luxury hotel and over a quarter […]

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Sisk wins Dragons at the Docks property industry fundraiser

    Sisk wins Dragons at the Docks property industry fundraiser

Over 700 people working in the Irish property industry took part in the inaugural Dragons At the Docks dragon boat racing event, which has raised over €200,000 for the Dublin Simon Community and local charities. The overall winner was the team from Sisk, with Hooke & McDonald coming second, and Goodbody coming third in a […]

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Smithfield apartment block on market for €9.25m

    Smithfield apartment block on market for €9.25m

Smithfield Lofts – a well-located apartment block on North King Street, Dublin 7, has been brought to the market by Savills Ireland. The asset will be offered for sale by private treaty with a guide price of €9,250,000, which equates to a gross income yield of 6.6% and an average breakup value of €185,000 per […]

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UK house price growth slows

    UK house price growth slows

According to Nationwide, house price growth slowed to 2.1% in August, from 2.9% in July, amid fears Brexit-fuelled inflation is placing pressure on household spending. Property values fell for the first time since May, down 0.1% month-on-month to an average of £210,495. The number of mortgages approved for house purchases fell to a nine-month low of […]

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Survey reveals one in five people might never afford their own home

    Survey reveals one in five people might never afford their own home

The 123.ie Irish House & Home Survey has revealed that affordability is a huge issue for those not currently on the property ladder with almost one in five (19%) reporting that that they don’t think they’ll ever be in a position to buy their own home, despite the fact that 91% of adults currently renting […]

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Plans lodged for historic building

    Plans lodged for historic building

A planning application for Aldborough House, Dublin’s last Georgian mansion, has been submitted. Situated on Portland Row in the North Inner City, the plans would transform the protected structure into an office development.
The building was vacated almost two decades ago and has fallen into disrepair. Despite plans to renovate and restore the building, it has continued to […]

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Patrizia pays €132m for buy-to-let apartment scheme

    Patrizia pays €132m for buy-to-let apartment scheme

German real estate fund Patrizia is set to buy Ireland’s largest build-to-let apartment development, which is in the early stages of construction in Dún Laoghaire, Co Dublin. The company was the top bidder at about €132 million for two blocks with a total of 319 multifamily apartments at the former Dún Laoghaire golf course off […]

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NI’s largest single commercial property transaction

    NI’s largest single commercial property transaction

The largest single commercial property transaction in recent years in Northern Ireland has taken place. The deal was completed by Wirefox Investment Group – a client of Savills Northern Ireland.
Wirefox is a Northern Irish-based investment firm with a portfolio of assets across the United Kingdom and Ireland. They have acquired CastleCourt Shopping Centre in Belfast […]

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Exchange building to be delivered ahead of schedule

    Exchange building to be delivered ahead of schedule

Work on the first new building to be built in the IFSC since 2003 is nearly complete. The façade of ‘The Exchange’ building has been revealed and the Cosgrave Property Group, in partnership with IPUT plc, has now confirmed a completion date of September 28, which is ahead of schedule.
The first tenant to arrive at […]

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Redevelopment planned at Tara Towers hotel site

    Redevelopment planned at Tara Towers hotel site

Dalata Hotel Group has submitted a planning application to redevelop its Tara Towers Hotel site on Merrion Rd in Dublin 4. The company wants to demolish the existing structure and build a 140-room 4-star Maldron hotel on the 1.46-acre site. The application also includes plans for 70 residential units and a basement car park on […]

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High profile building goes for €11.05m

    High profile building goes for €11.05m

US-based State Street Global Advisers has paid €11.05 million for a high-profile building in Fonthill Business Park in Dublin 22, which has been described as “possibly the best HQ logistics building in the country”.
Developed by Green Property and adjacent to Liffey Valley Shopping Centre, the block is let to United Drug Plc on a 10-year […]

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HSBC lends €100m for redevelopment of former Central Bank building

    HSBC lends €100m for redevelopment of former Central Bank building

HSBC Ireland has entered the commercial property lending market for the first time after advancing a €100 million loan for the redevelopment of the former headquarters of the Central Bank of Ireland, according to a report in the Irish Times. The Central Bank, which had been based on Dame Street since 1980, moved its offices […]

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Hewlett Packard’s Leixlip manufacturing campus up for sale

    Hewlett Packard’s Leixlip manufacturing campus up for sale

Hewlett Packard’s Leixlip manufacturing campus is being brought to the market by agents CBRE, with the expectation from property industry sources that its sale could secure in excess of €60m.
The Liffey Park Technology Campus is described as a “world class technology and manufacturing complex” and is expected by CBRE executive director, Willie Norse, to be […]

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Residential property prices rise by 11.9% in the year to May

    Residential property prices rise by 11.9% in the year to May

In the year to May, residential property prices at national level increased by 11.9%. According to the Central Statistics Office (CSO), this compares with an increase of 10.0% in the year to April and an increase of 5.4% in the 12 months to May 2016.
In Dublin, residential property prices increased by 11.2% in the year […]

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Strong office take-up In Dublin in first half of 2017

    Strong office take-up In Dublin in first half of 2017

Commercial property consultants, CBRE Ireland has released statistics on the volume of office lettings signed in Dublin during the first half of 2017, showing that more than 150,000 square metres of office lettings were signed in the capital during the first six months of 2017.
There were 81 office lettings signed in the second quarter of […]

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National house prices rise in line with expectations with the Dublin market to the forefront

    National house prices rise in line with expectations with the Dublin market to the forefront

According to Marian Finnegan, Chief Economist at Sherry FitzGerald Group, the average value of Irish houses and apartments rose by 2.5% in the second quarter of 2017, bringing growth in the year to date to 4.4%. This represents an increase on the 2.7% recorded in the opening six months of 2016.
House prices in Dublin were […]

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Department of Justice HQ up for sale

    Department of Justice HQ up for sale

The current Irish Department of Justice Headquarters, which was originally the Centenary Church of Ireland, immediately adjacent to the KPMG Headquarters on St Stephen’s Green, is being offered for sale through Savills, on behalf of the investment management group SW3 Capital.  
In its present state No. 94 St Stephen’s Green comprises a landmark office headquarters with […]

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Industrial sector will become best performer in commercial property market

    Industrial sector will become best performer in commercial property market

“The industrial sector will be the best performer over the next 10 years,” predicted Enda Luddy, Managing Director of CBRE Ireland, when discussing the increasing impact that technology is having on the commercial property world, from drones to autonomous cars, and online retailing to vertical farming.
The success of the industrial sector will be fuelled by […]

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CRE professionals expect flux in Irish market

    CRE professionals expect flux in Irish market

The latest Origin Capital Commercial Real Estate Sentiment Tracker has shown that commercial real estate (CRE) professionals expect to see huge flux in the market in Ireland in the coming months.
The tracker, completed by 250 industry professionals, found that, alongside a predicted increase in the level of CRE activity, CRE specialists expect changes in transaction […]

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RTÉ land at Donnybrook sells for €107.5m

    RTÉ land at Donnybrook sells for €107.5m

RTÉ has accepted a bid of €107.5 million from property group Cairn Homes for 8.64 acres of land at its Montrose complex in Donnybrook. In a statement released this week, Cairn said it plans to seek permission to build 500 apartments and nine houses on what it described as a “prime site in a unique […]

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Metropole hotel in Cork to get €50m revamp

    Metropole hotel in Cork to get €50m revamp

One of Cork’s most historic hotels, the Metropole, is set to get a €50 million investment that will double its rooms tally, add shops at ground level and see the construction of another three-star hotel to be called The M.
The two linked hotels will have 400 bedrooms, making “The Met” the city’s largest guest complex. […]

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Irish commercial property lending business launched by Timbercreek

    Irish commercial property lending business launched by Timbercreek

Canadian property investment firm, Timbercreek Asset Management, has launched its Irish commercial property lending business, with €200 million available to support property investment projects.
Paul Roddy will lead Timbercreek’s Irish platform, building upon its 10 year and €4 billion commercial property lending global track record. The company is targeting loans sized from €1 million to €50 […]

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NI’s largest office building gets green light

    NI’s largest office building gets green light

Planning permission has been approved for Northern Ireland’s largest office building, One Bankmore Square. When complete, the Belfast building will extend to 250,000sq ft of office space, complete with 8,000sq ft of ground floor space for retail use.
According to Savills, the building will have enough space to accommodate up to 3,000 office workers across its […]

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JP Morgan to buy 200 Capital Dock in Dublin

    JP Morgan to buy 200 Capital Dock in Dublin

JP Morgan has agreed a deal to buy 200 Capital Dock in Dublin city centre as part of its plans to create up to 500 new jobs here. According to Bloomberg, the US late next year. The new Capital Dock offices are being built on Sir John Rogerson’s Quay in the Dublin Docklands and when […]

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Contractor sought for Dublin’s tallest building

    Contractor sought for Dublin’s tallest building

Dublin’s tallest office building, The Exo, will stand at 73m high and could accommodate up to 2,000 office workers. Located at Point Square in Dublin’s Dockland’s, it was announced this week that tender has been issued for the appointment of a building contractor and that Savills and CBRE have been instructed to seek pre-letting agreements […]

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Residential property prices rise by 10.7% in the year to February

    Residential property prices rise by 10.7% in the year to February

According to the latest property price index from the Central Statistics Office (CSO), residential property prices at national level increased by 10.7% in the year to February. This compares with an increase of 8.1% in the year to January and an increase of 5.4% in the 12 months to February 2016.
In Dublin, residential property prices […]

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Fawaz Alhokair Group plans shopping centre in Waterford City

    Fawaz Alhokair Group plans shopping centre in Waterford City

Saudi Arabia’s Fawaz Alhokair Group is believed to be acquiring two Waterford City centre sites for a new shopping centre and other commercial facilities with a planned spend of around €280 million.
The Fawaz Alhokair Group is said to have agreed terms with Waterford City Council and Nama on a 4-acre site at Michael Street with […]

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Galway Irish Crystal buildings sells for €3.5m

    Galway Irish Crystal buildings sells for €3.5m

The Galway Irish Crystal showrooms and factory at Old Dublin Road, opposite Merlin Park Hospital in Galway, has been bought by the resident company for approximately €3.5 million. Developer Bernard McNamara reportedly paid €20 million for it just before the property crash.
Patricia Staunton of agents Cushman & Wakefield handled the sale of the buildings on […]

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€125m City Quay Development secures funding

    €125m City Quay Development secures funding

City Development Fund, a sub-fund of Targeted Investment Opportunities ICAV (TIO) has just confirmed that Irish Life will pre-fund the €125 million development of 13-18 City Quay in Dublin’s docklands.
On completion, full ownership of the development will be transferred to Irish Life. This acquisition follows Irish Life’s recent purchase of Velasco on Grand Canal Street, […]

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€75m for residential development site on RTE campus

    €75m for residential development site on RTE campus

Savills has just announced the sale of prime development lands in Donnybrook, Dublin 4 – one of the City’s most prestigious and high value residential locations. Entitled ‘Project Montrose’ the site comprises 8.64 acres of lands owned by Irish national broadcaster RTÉ. It is adjacent to RTÉ’s broadcasting headquarters at Montrose, Donnybrook and provides an […]

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Tax breaks for ‘accidental landlords’ to boost supply in rental market

    Tax breaks for ‘accidental landlords’ to boost supply in rental market

The Department of Finance has announced that tax breaks for “accidental landlords” could be applied to keep properties in the rental market and boost supply. These tax breaks would also encourage landlords to remain in, or to enter, the rental market. More towns are also expected to be designated as rent pressure zones in the […]

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No planning required to change commercial buildings to housing

    No planning required to change commercial buildings to housing

Under new regulations being drafted by the Department of Housing, owners of empty commercial buildings will be able to convert their properties into apartments without seeking planning permission. Vacant residential buildings can already be brought back into use without seeking planning permission as long as no major alterations to the building’s structure are required. However, the […]

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