Costa Coffee pitch up on Malahide Road

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Costa Coffee is the latest tenant to join the line-up at Malahide Road Retail Centre in north Dublin. Costa is trading out of a 2,000 sq.ft coffee pod that also has the use of outdoor seating. The letting comes just as the landlord, Irish Life, has resurfaced the car park and upgraded signage, lighting and landscaping.

The centre benefits from its location on the Malahide Road dual carriageway, attracting more than 25,000 customers most weeks. It is anchored by Woodies and Lidl, and other tenants include Halfords, Equipet, Right Price and Tiles.

Joint letting agents Bannon and Lisney are currently marketing two available units ranging in size from 4,950 to 9,895 sq.ft.

View letting opportunities

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Harvey Norman to anchor expanded Gateway Retail Park in Galway

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Giant retailer Harvey Norman is to open a substantial new store now under construction as part of the second phase of the Gateway Retail Park in Knocknacarra, Galway.

Australia’s leading retailer, specialising in computers, technology, electrical goods, furniture and bedroom fittings, is to rent the 5,574 sq.m (60,000 sq.ft) flagship store in the thriving park, which was acquired in 2016 by Sigma Retail Partners on behalf of Oaktree Capital.

The new store will form part of a 11,612 sq.m (125,000 sq.ft) extension, bringing the overall retail space to more than 30,192 sq.m (325,000 sq.ft).

The planned extension will be the first large-scale retail space to be completed outside Dublin since 2008 and the first in Galway for more than two decades. When completed, the new retail facilities will provide more than 300 permanent and part-time jobs in Galway.

Harvey Norman plans to trade over two levels after agreeing an annual rent believed to be about €900,000.

Tenant mix

Gateway’s line-up of tenants also includes Dunnes Stores, B&Q, New Look and Next. According to letting agent Bannon, signing Harvey Norman as anchor tenant highlights the undoubted appeal of the centre and its mix of tenants. Bannon is also due to announce the identity of a second international trader, which has agreed rental terms on another store extending to 650 sq.m (7,000 sq.ft).

In addition to Harvey Norman, the second phase of the retail park will have up to six new open-use retail units and four food and beverage outlets,

Darren Peavoy of Bannon said the interest in the available shops was hardly surprising given the absence of new trading facilities in Galway and the fact that new outlets in Gateway Park could be used for fashion and other choices.

Blaine Callard, Harvey Norman’s Irish chief executive, said the Irish business had great momentum right now and the addition of the huge showcase store in Galway would be an exciting addition to the network.

“We see from our online business that there is a huge pent-up demand from Galway customers to shop physically in Harvey Norman . . . it has taken a few years but we have finally found a home in the west.”

Marcus Wren of Sigma said a huge amount of work had been put into planning the new extension to the retail park. He added that Galway City Council had been extremely proactive in bringing this long-awaited development to reality.

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Eateries line up to join Krispy Kreme in Blanchardstown

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Canadian restaurant chain Pita Pit and Japanese eatery Musashi are to join Krispy Kreme in trading out of a newly redeveloped block at Ireland’s largest retail and leisure destination, the Blanchardstown Centre in north Dublin.

Both of the new units will extend to around 170 sq.m (1,829 sq.ft) and will include outdoor seating and dining areas, according to management company Multi Ireland. The expansion of the dining facilities comes after the recent opening of the first Krispy Kreme store in Ireland, which has attracted continuous queues for its own brand of doughnuts.

Pita Pit’s new outlet will be its first in Ireland. Founded in 1995 as a healthy alternative to fast food, the company has more than 500 outlets worldwide, mainly in the US and Canada.

The final unit in the block will be occupied by sushi and noodle bar Musashi, which already has five existing restaurants in Dublin. The new Blanchardstown outlet is the first in a shopping centre environment. Already open at the same block is Esquires, the international coffee house chain.

Multi Ireland has spent the past 12 months redeveloping the block, which had been vacant for several years. Putting this space back into productive use is expected to broaden the appeal of the Blanchardstown offering and add around €800,000 to the rent roll.

Simon Cooper, head of leasing, said Multi Ireland was particularly pleased that Krispy Kreme had selected Blanchardstown for their “debut Irish outlet”.

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Bannon expands office team with appointment of Patrick Sammon

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Bannon has added to its expanding office agency team with the appointment of Patrick Sammon, who has joined the company as Associate Director.

Patrick has spent the last seven years working in the office and industrial agency departments of CBRE in Australia and more recently New Zealand.  He has returned to Ireland bringing a wealth of experience from his work in different markets representing some of Australia and New Zealand’s largest listed institutional owners and private investors.  Patrick had a previous spell with Bannon back in 2007 when he worked in their retail agency department.

Paul Doyle, Managing Director of Bannon, commented “Patrick’s wealth of experience in other busy markets gives him a unique insight and understanding into occupier’s requirements which he can now share with our own clients.  With our expanding portfolio including a number of large-scale letting instructions Patrick’s appointment provides further strength to our already established office team.”

Donnybrook Fair upmarket food chain bought by Musgrave

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Musgrave, the owner of SuperValu, has agreed a deal to buy the Donnybrook Fair chain of upscale supermarkets in the greater Dublin area.

The Cork-headquartered retailing and wholesaling group finalised a deal to buy the chain this morning for an undisclosed sum from husband and wife team, Joe and Mary Doyle, who founded and control Donnybrook Fair.

Joe Doyle says he will remain involved with the business, to grow the brand in partnership with its new owners. Both sides also suggested the Donnybrook Fair brand will remain intact following the deal.

The transaction includes four stores in Dublin – in Donnybrook, Stillorgan, Malahide and Baggot Street – and one in Greystones in Wicklow. It also includes Donnybrook Fair’s food production facility.

Donnybrook Fair employs about 250 staff.

Dunnes Stores had been close to completing a deal for Donnybrook Fair earlier in the summer, but were ultimately overtaken in negotiations by Musgrave.

The deal strengthens Musgrave’s position in the booming Dublin grocery market, where SuperValu’s base is built mainly around the since-rebranded Superquinn outlets that Musgrave purchased in 2011.

As consumer trends within the Irish grocery market shifts further towards quality Irish foods, the deal also strengthens Musgrave and SuperValu’s offering in that segment of the market, given Donnybrook Fair’s association for epicurean goods.

“Donnybrook Fair increases our penetration of the Dublin food market and our intention is to maintain and grow the brand for the long term. We are looking forward to taking it to the next stage of development,” said Chris Martin, chief executive of Donnybrook Fair.

“Musgrave is as passionate as we are about the heritage and future of Irish food. I look forward to working in partnership with the Musgrave team to grow the Donnybrook Fair brand,” said Mr Doyle.

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Georgian on Stephen’s Green guiding €4.25m

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A Georgian building with a seven-day publican’s licence and a restaurant near the top of Dublin’s Grafton Street is expected to attract considerable interest when it goes on sale at a guide price of €4.25 million.

The building at 10 St Stephen’s Green will be available with full vacant possession from early next year. Daniel McLaughlin of selling agent Bannon said No 10 would suit a variety of uses, and not just a bar and restaurant. The vendors have already carried out some feasibility studies to improve the internal layout of the Georgian property.

The three-storey over-basement building extends to more than 483 sq.m (5,202 sq.ft) and adjoins the renowned Hibernian Club. The ground and upper floors are currently trading as the No 10 cocktail bar and the Mamma Mia restaurant. The basement is vacant but previously traded as the Il Posto restaurant.

No 10 was previously owned by Markland Holdings, which sold it in 2014 for more than €2.5 million.

Bannon says the prestige associated with St Stephen’s Green should ensure an early sale.

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Residential property prices rise by 10.4% in the year to July

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In the year to July, residential property prices at national level increased by 10.4%. This compares with an increase of 11.9% in the year to June and an increase of 11.6% in the twelve months to July 2017.

In Dublin, residential property prices increased by 7.2% in the year to July. Dublin house prices increased 6.5%. Apartments in Dublin increased 11.0% in the same period. The highest house price growth was in Dún Laoghaire-Rathdown, at 9.8%. In contrast, the lowest growth was in South Dublin, where house prices increased 5.2%.

Residential property prices in the Rest of Ireland (i.e. excluding Dublin) were 13.7% higher in the year to July. House prices in the Rest of Ireland increased 13.1% over the period. The Mid-West region showed the greatest price growth, with house prices increasing 23.7%. The Border region showed the least price growth, with house prices increasing 6.0%. Apartment prices in the Rest of Ireland increased 18.7% in the same period.

Overall Decline

Overall, the national index is 18.8% lower than its highest level in 2007. Dublin residential property prices are 21.8% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 23.1% lower than their May 2007 peak.

Recovery

From the trough in early 2013, prices nationally have increased by 81.3%. Dublin residential property prices have increased 93.8% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 76.9% higher than the trough, which was in May 2013.

CSO reports

Property sector comes together to raise funds for the homeless

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More than 800 participants and 70 teams took part in this year’s Dragons at the Docks property industry fund raising event at Grand Canal Dock in Dublin on Thursday.

The dragon boat-racing competition raised €250,000 for charity with two-thirds of the proceeds going to the Dublin Simon Community and the balance to be distributed to local charities.

“Working together, we have the ability to deliver many more permanent homes, ensuring that people never have to face the uncertainty and anxiety of homelessness again,” said Sam Guinness, chief executive of the Dublin Simon Community.

Dalata, Glenveagh Property and Hines joined the original six companies who launched the event last year: Cairn Homes, Green Reit, Hammerson, Hibernia Reit, Ires Reit and Kennedy Wilson Europe Real Estate.

Second year

“It’s great to be part of the second year of the Dragons at the Docks for what is an even bigger and better event than last year,” said Pat Gunne, chief executive of Green Reit.

“With over 700 people taking part and ma

ny more coming down to enjoy the event, it is fantastic that there has been so much support to help us raise money for important causes like the Dublin Simon Community.”

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(L-R back row) Stephen Fawcett, Rod Nowlan, Paul Doyle, Kathryn O’Leary, Evelyn Finegan, Rebecca Jones and Aisling Woods. (L-R front row) Richard Muldowney, Ciaran Curley, Luke Kelly and Barry Gorham.

Kellogg to relocate European HQ to Dublin Airport Central

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Dublin Airport Central, a major new office development in the heart of the airport campus, has landed a high-profile anchor tenant for the first of two headquarter-style buildings now under construction.

US multinational food company Kellogg is to relocate its 220 Irish and European office staff to Three Dublin Airport Central, where the six-storey block will be located close to Terminal 2.

Kellogg will take 3,600 sq.m (38,750 sq.ft) of the 8,500 sq.m (91,494 sq.ft) in the first block at a rent of €363 per sq.m (€33.75/sq.ft). Car parking spaces will cost an additional €1,750 per space.

Kellogg is currently based at Airside Business Park on the outskirts of Swords and expects to begin the fit-out of its new headquarters by the second quarter of 2019. The company will have the use of 2½ floors and around 65 car-parking spaces in the block, which is being built to international standards.

Construction is also well advanced on a second block, Two Dublin Airport Central, which will extend to about 11,500 sq.m (123,786 sq.ft).

The Dublin Airport Authority has planning permission for four corporate buildings, with 41,700 sq.m (448,854 sq.ft) of offices and associated facilities. DAA chief executive Dalton Philips said he was delighted to have secured Kellogg as the first tenant.

“We can’t wait to welcome Kellogg and its employees to their new home. Ireland is well recognised as a world-class location for business and Dublin Airport Central can accommodate the requirements of major multinationals such as Kellogg and also Irish firms seeking a modern, flexible location with unmatched connectivity.”

The two office buildings under way are the first newly constructed blocks at the airport and follow the redevelopment of the 1960s former Aer Lingus headquarters, which is now known as One Dublin Airport Central and accommodates about 500 ESB international staff.

With construction of the two new office building well under way there has been “very strong interest in Dublin Airport Central from a range of potential tenants,” according to Brian Coppinger, head of Dublin Airport Central.

He said the business park appealed to internationally-focused firms due to its unrivalled location, the high quality of the buildings, the amenities available on site and the flexibility for future growth.

The Dublin Airport campus is home to more than 200 businesses, which together employ more than 19,000 people. It has more than 30 restaurants and cafes, a range of retail outlets, and leisure facilities including a gym and swimming pool.

Last year Dublin Airport handled 30 million passengers and so far this year the numbers are 6% higher.

Handling the letting along with agent Bannon is BNP Paribas Real Estate. Cushman & Wakefield acted for Kellogg.

View Letting Brochure (PDF)

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Retail Sales volume increased by 6.5% in July 2018

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Seasonally adjusted, the volume of retail sales increased by 6.5% in the month of July, with an annual increase of 5.5%. If Motor Trades are excluded, there was a decrease of 0.5% in the volume of retail sales in July 2018 when compared with June 2018 and there was an increase of 2.9% in the annual figure.

The sectors with the largest monthly volume increases were Electrical Goods (+5.8%) and Books, Newspapers & Stationery (+4.4%).  The sectors with the largest month on month volume decreases were Other Retail Sales (-6.0%) and Hardware, Paints & Glass (-5.9%).

There was an increase of 1.6% in the value of retail sales in July 2018 when compared with June 2018 and there was an annual increase of 5.1% when compared with July 2017. If Motor Trades are excluded there was a decrease of 0.6% in the month and an increase of 2.6% in the annual figure.

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