The Irish Commercial Real Estate Market Quarter 1
There was increased activity in Dublin’s retail investment market in Quarter 1 of this year with a total €524m also invested in Dublin’s office market. The acquisition by Hines and HSBC Alternative Investments of 73% of Liffey Valley Shopping Centre for €253m marked the first significant shopping centre sale of the year. Assets on Dublin city centre prime street, Grafton Street, traded for yields ranging from 4.6% to 6.7%.
Strong rise in housing and commercial construction sectors since 2006
Both the housing and commercial construction sectors saw stronger rises in activity than in February during March, with rates of expansion at three-month highs in each case. Meanwhile, the rate of decline in civil engineering activity slowed for the second month running and was the weakest since last November.
Dublin City Council requests ‘Living City’ tax relief to include offices
DUBLIN City Council (DCC) has requested an extension of the proposed Living City tax relief initiative to include offices in its submission to the Minister for Finance.
Two Drury Street shops sold for €900,000
A private investor has paid in excess of €900,000 for two adjoining retail buildings at 24 and 25 Drury Street, Dublin 2, which will show an immediate return of 5.6 per cent.
David Carroll of Bannon, who handled the sale, said “The investment team is the progress of finalising another sale along the street which received similar strong interest and will make it the fourth transaction on Drury Street the team have concluded along this stretch in the last 18 months”.
More good News for Dublin’s Office Market
Airbnb, the world’s leading community-driven hospitality company, last Friday marked the official opening of its new Dublin office with Taoiseach Enda Kenny T.D. announcing the creation of an additional 100 new roles which increases to 200 new roles in Dublin.
IBEC’s prediction of domestic growth good news for Retail
The Irish economy will grow faster than previously expected as 50,000 jobs are created and consumer spending improves, business group IBEC said in a new report.
