irish property investment - James Lyons O'Keeffe

irish property investment - James Lyons O'Keeffe

JAMES LYONS O’KEEFFE IRISH PROPERTY in 2012 Ireland’s economy is starting to show real signs of recovery. The IMF said late last year that Irish econo...

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JAMES LYONS O’KEEFFE IRISH PROPERTY in 2012 Ireland’s economy is starting to show real signs of recovery. The IMF said late last year that Irish economy was now out of recession and in a bumpy recovery. Ireland’s exports are currently higher than they have ever been with the Irish Exporters Association estimating the figure for Irish exports for 2012 will be a record €183 billion. Ireland had its first venture of 2013 back into the bond markets this January. The objective had been to to sell €2 billion at a yield of 3.45. However due to the high demand, over €7 billion, they ended up selling €2.5 billion of 2017 year bonds sold at a yield of 3.32%. Since 2007 property values have dropped by in some cases by over 60%, demand for commercial property has been minimal. However with changes by the Irish government to tax laws and with the emergence of positive economic indicators the market has reopened. 2012 has proved to be the turning point in Irish Commercial Property, the receivers, the banks, and NAMA have finally decided to get things moving in the commercial market. Over half a billion Euro of property was sold in Ireland in 2012, the bulk of this was to US (approx 40%) and European (approx 25%) investors. Yields of over 7% were commonplace while some properties showed initial yields of up to 10% and even reached over 14% for an office building in Dublin 4. Below are listed some of the more significant properties which were signed over the last 12 months.

PROPERTIES SOLD 1. Name: Location: Description: Business Status: Vendor: Agent: Sale Status: Sale Price: Link:

Burlington Hotel Dublin 4 Hotel, 500 bedrooms, in need of refurbishment. Trading, EBITDA €6.5 million Receiver Grant Thornton CBRE SOLD €67 million http://www.burlingtonhotel-cbrehotels.com

2. Name: Location : Description: Business Status: Vendor: Agent: Sale status: Sale Price: Link:

Former Bank of Ireland HQ Baggott Street, Dublin 2 Office space, 200,000 sq.ft. in need of refurbishment Vacant Reciever KPMG Jones Lang LaSalle SOLD €42 million http://www.jllproperty.ie/ireland/en-ie/Listings/View?vt=Browse&mt=g

3. Name: Location : Description: Business Status: Vendor: Agent: Market status: Sale Price: Link:

78 Sir John Rogerson’s Quay Plus adjoining 3 acre vacant site South Docks, Dublin 2 8 storey office building 16,226 sq. Metres with 140 parking spaces Let to State Street Bank for 7.8 million per annum Reciever Grant Thornton Savills SOLD €108 million (initial yield 7.2% with undeveloped waterfront site) http://search.savills.ie/No-78-SJRQ-and-Adjoining-Site.aspx

4. Name: Location : Description: Business Status: Vendor: Agent: Market status: Sale Price: Link: 4.aspx

St. Martins House Waterloo Road Dublin 4 Mixed Use Investment Retail and Offices, 10,601 sq ft retail and 65,073 Offices. Multi let including State F&C Reit Savills SOLD €22.5 million (initial yield 13.26%) http://search.savills.ie/Properties/Commercial/Investment/St-Martin-s-House,-Dublin-

5. Name: Forum Building. Location : IFSC (Irish Financial Services Centre) Commons Road. Description: Office Building, 47,000 sq.ft. with 371 car park spaces. Business Status: German DEPFA bank and Park-rite Vendor: NAMA Agent: Knight Frank Market status: SOLD Sale Price: €28 million initial yield 9.6% Link: http://photos.myhome.ie/media/6/2/9/1984926/The%20Forum%20IFSC%20Final%20Brochure%202012. pdf

6. Name: Location : Description: Business Status: Vendor: Agent: Market status: Sale Price: Link:

Sandford Lodge Ranelagh, Dublin 6 119 deluxe residential units Fully let at €2.08 million per annum Reciever KPMG Savills SOLD €27 million (initial yield 7.7%) http://search.savills.ie/Properties/Commercial/Investment/Sandford-Lodge.aspx

7. Name: Location : Description: Business Status: Vendor: Agent: Market status: Sale Price: Link:

Brooklawn House Shelbourne Road, Dublin 4 Multi Let Office Building, 45,103 sq.ft. Rented for €2.198 million per annum Receiver KPMG Savills SOLD €15 million (initial yield 14.6%) http://search.savills.ie/Properties/Commercial/Investment/Sold/Brooklawn-House.aspx

PROPERTIES FOR SALE 1. Name: Location : Description: Business Status: Vendor: Agent: Market status: Asking Price: Link:

1 Grand Canal Square South Docks Dublin 2 Office building with 118,866 sq ft plus 60 car parking spaces. Let for €5.65 million (HSBC, Accenture, others) vacant retail unit and penthouse. ??? CBRE FOR SALE €75 million http://www.1grandcanalsquare.com/

2. Name: Location : Description: Business Status: Vendor Agent: Market status: Asking Price: Link: Hotel.aspx

River Lee Hotel Cork City Hotel, 182 bedrooms leisure centre with Leased to PV Doyle Hotels for 35 years from 2006. Rent €2,040,000. NAMA, O’Callaghan Properties Savills FOR SALE €25 Million http://search.savills.ie/Properties/Commercial/Investment Investment /The-River-Lee-

3. Name: Location : Description: Business Status: Vendor: Agent: Market status: Sale Price: Link:

Bishops Square Kevin street, Dublin 2 Office building with 64 basement parking spaces Fully to AAA tenants for €6.7 million pa (70% State) Reciever PWC Savills FOR SALE €70 Million http://search.savills.ie/Properties/Commercial/Investment/Bishops-Square.aspx

If you are interested in investing in Irish property please contact us, we can offer you a property search service tailored to your specific needs. Please direct your enquiries to; Stephen O’Keeffe, James Lyons O’Keeffe, 13 Upper Baggott Street, Dublin 4, Ireland. Telephone 00 353 1 526 2553 Mobile 00 353 86 206 7788 Email: [email protected]