2024 promises mixed fortunes for property owners and opportunities for investors
THE IRISH TIMES, DECEMBER 6 2023
Interest rates unlikely to be reduced in the short term, which will leave asset values under pressure
Current choppy market offers growth options for 2024
BUSINESS POST – PROPERTY YEAR IN REVIEW, DEC 2023
With the current uncertainty, there is a sense that interest rate stability and growth in the US is needed to give investors confidence
Michele Jackson
Eglinton Place in Donnybrook, Dublin 4, which was bought by M&G for €99 million in one of the most notable deals of the year
TWM Real Estate Podcast (Episode 7)
A podcast which looks at the influences and influencers of real estate
In Episode 7 Seán O’Neill chats with Arlene Maguire, Head of Property Acquisition and Asset Management with Tesco. Arlene gives us some background on the Tesco Ireland business now, what’s happening in terms of their current strategy and why is Tesco expanding in Ireland. She also explains what types of stores are they looking to open and how do they go about selecting a site. We find out how do Tesco balance being both an owner and tenant and what are their current challenges in the property market. Finally we speak about sustainability and the measures Tesco are taking in this regard.
Please click HERE to listen to this episode of the TWM Real Estate Podcast
TWM Real Estate Podcast -EXPO REAL Special (Episode 6)
A podcast which looks at the influences and influencers of real estate
Episode 6 of the TWM Real Estate Podcast features Seán O’Neill & Stephen Aherne with international investors at EXPO REAL in Munich, which took place October 4-6, 2023.
George Fraser Harding (Head of European Funds at Aviva Investors), Oliver Gaschler (Director of Investments at AM Alpha) and Axel Wünnenberg (Managing Director of Quodoro) give their thoughts on the European Real Estate market and whether or not Ireland is still on their radar!
Please click HERE to listen to this special episode of the TWM Real Estate Podcast
Summary of Investment Market Q3 2023
TWM Real Estate Podcast (Episode 5)
A podcast which looks at the influences and influencers of real estate
Please click HERE to listen to the fifth episode of the TWM Real Estate Podcast featuring:
Seán O’Neill, Director, Co-Owner of TWM
Michael Costello, Partner at BDO, Dublin
Having just completed 3 terms as Managing Partner, Michael talks about the challenges of Brexit, Covid, the move to new offices, the inflation/ interest rate crisis as well as his new role in charge of Sustainability.
Futureproofing Value
Sustainability considerations are increasingly important in Valuations.
Please click HERE to read Ken Noble’s article in the SCSI Surveyor’s Journal – August 2023
TWM Real Estate Podcast (Episode 4)
A podcast which looks at the influences and influencers of real estate
Please click HERE to listen to the fourth episode of the TWM Real Estate Podcast featuring:
Seán O’Neill, Director, Co-Owner of TWM
Stephen Walsh, Independent Economist & Consultant
Russell Cleere, Senior Investment Analyst & Associate Director, TWM
Summary of Investment Market Q2 2023
TWM Real Estate Podcast (Episode 3)
A podcast which looks at the influences and influencers of real estate
Please click HERE to listen to the third episode of the TWM Real Estate Podcast featuring:
Seán O’Neill, Director, Co-Owner of TWM
John Hannigan, CEO, Circle Voluntary Housing Association – speaking about the Social Housing sector, its role in the provision of housing, how the sector works, how they deal with developers and the State, the blockages and challenges in the market at present and the future for the sector.
Extracting value from a tough market: How TWM is navigating the commercial property turmoil
Tom Lyons, Chief Executive, The Currency
TWM founders Seán O’Neill and Michele Jackson. Photo: Bryan Meade
New working and shopping patterns plus higher interest rates have altered the commercial property equation, but agents TWM say there are plenty of cash investors. Founders Seán O’Neill and Michele Jackson explain uncertainty gives their firm an edge.
TWM Real Estate Podcast (Episode 2)
A podcast which looks at the influences and influencers of real estate
Please click HERE to listen to the second episode of the TWM Real Estate Podcast featuring:
Seán O’Neill, Director, Co-Owner of TWM
Anne Marie Shalloe, Group Commercial Asset Manager, An Post – speaking about all things An Post including their transformation as a business, sustainability and their property strategy, the imminent HQ office relocation, the proposed Logistics hub and future real estate sustainability trends.
French investor pays €4.971m for Dublin 12 office block
Westland House at Westland Park is fully refurbished and occupied on new long-term lease by Virtual Access (Ireland) Ltd
Ronald Quinlan
Westland House (Block A), Westland Park, Dublin 12 been fully refurbished and has a B2 energy rating
TWM Economic and Commercial Property Highlights Q1 2023
Summary of Investment Market Q1 2023
TWM Real Estate Podcast (Episode 1)
A podcast which looks at the influences and influencers of real estate
Please click HERE to listen to the first episode of the TWM Real Estate Podcast featuring:
Seán O’Neill, Director, Co-Owner of TWM
Stephen Walsh, Independent Economist & Consultant
Russell Cleere, Senior Investment Analyst & Associate Director, TWM
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Summary of Investment Market Q4 2022
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A resilient year for property investment despite headwinds – The Business Post
Flutter’s HQ building at Belfield Office Park in Clonskeagh reached €97.5 million
With Ireland possibly the only country in Europe to avoid going into recession, there remains a good level of demand in the Irish property investment market from a variety of investor types and nationalities
Sean O’Neill
Strong interest expected in €20m Churchtown apartments – The Business Post
Rare opportunity to acquire a fully let residential investment in a prime suburban location, says agent TWM
Tina-Marie O’Neill
Hazelbrook in Churchtown in Dublin 14 is a prime suburban residential investment opportunity guiding €20 million. Picture: Peter Moloney
Tesco to sell Oranmore supermarket with €2.2m price tag – The Independent
The Competition and Consumer Protection Commission made it a condition that Tesco should sell the Joyce store in Oranmore, Co Galway
Donal Buckley
Improving properties’ green credentials is in the interests of both landlord and tenant – The Irish Times
As green ESG targets become more widespread, the need for sustainable performance has begun to trickle down from class-A new-builds to older office
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Axa Investment Managers Alts and local partner BCP Capital are currently engaging in a €50 million revamp of La Touche House at the IFSC in Dublin. This is a digital impression of how it will look.
Ken Noble
Entire business campus at Swords on market for €50m – The Business Post
The 19-acre site, which could also be used for residential subject to planning permission, is near a planned Metro station, has upgraded its green credentials and is intensively landscaped for biodiversity.
Swords Business Campus in Fingal in north Dublin is on sale for €50 million. The ten-acre site has potential for residential development
Tina-Marie O’Neill
Swords Business Campus hits the market at €50m – The Irish Times
Established office and healthcare scheme on 19-acre site near Dublin Airport has potential for addition of hundreds of apartments
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Swords Business Campus extends across an area of 19 acres, and sits 1km from the M1 motorway and is five minutes’ drive from Dublin Airport
Ronald Quinlan
Getting the best results when negotiating a new lease – The Business Post, Aug 26 2022
Successful lease negotiations require a balance of knowledge and understanding
Sarah Winters
All lease events, regardless of whether they are expiries, breaks or rent reviews, present opportunities for both sides to avail of lease arrangements more suited to their needs. Picture: Getty
Refurbished offices in west Dublin for sale or rent – The Independent, June 10 2022
Three-storey detached building stands on a 0.4-acre site with about 75 surface car spaces
Block A Westland Business Park in Dublin 12 is guiding at €5,000,000
Donal Buckley
An Post seeks developer to deliver 500,000sq ft logistics unit – The Irish Times, May 18 2022
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Postal service future-proofing as letters and shops give way to email and online retail
Ronald Quinlan
Fully-let retail investment in Longford can deliver 8.45pc annual yield – The Independent, May 12 2022
The property comprises eight units in three blocks at the N4 Axis Centre in Longford
Donal Buckley
Fundamentals for commercial property market remain positive – The Irish Times, December 06 2021
Inflow of investors expected to continue as inflation rears its head
Seán O’Neill
Owners of popular Galway city nightclubs Electric Garden and Halo consider sale- The Irish Times, December 01 2021
Venues formerly known as Central Park carry value of €3.5m – €5m
TWM Research – Focus on Healthcare
The property market continues to evolve with different sectors coming more into focus as occupier and consumer patterns change. The current hot sectors of Logistics and Residential are well known at this stage however Covid -19 put a focus on other “essential” real estate. We previously (Pre Pandemic!!) produced a research note on Grocery Retail and Retail Warehousing. We now turn our attention to Healthcare.
Our colleague, Eithne O’Neill has many years’ experience in valuing and appraising Healthcare backed Real Estate. She has produced our latest Research Note focusing on this subject which is a new investment sector on the radar of many domestic and overseas investors.
Summary of Investment Market Q3 2021
Summary of Investment Market Q2 2021
Aldi Sandyford store at €10.75m promises ‘pandemic-proof’ 5.1% return – The Irish Times, May 19 2021
€4.5m west Dublin office investment offers 7pc yield – The Independent, May 13, 2021
Seven acres of development land in Longford Town guiding €1.5m – The Business Post, May 02, 2021
TWM Economic & Commercial Property Highlights 2021
Summary of Investment Market Q1 2021
Co Galway car park for sale at less than 10pc of development cost – The Independent Feb 04, 2021
Roscrea and Shannon retail investments sold for €7.8m and €6m – The Irish Times Feb 03, 2021
Summary of Investment Market 2020
Prime mixed-use property in College Green guiding €5.2m – Business Post, Jan 17, 2021
College Green building with development potential seeks €5.2m – The Irish Times, Dec 02, 2020
Galway’s industrial investment market sees strong demand – Business Post, Nov 08, 2020
The city has an enviable reputation as a hub for medical manufacturing and engineering, but more opportunities need to be created for the industrial rental investment sector to expand
Fully-let industrial unit in Galway city for €3.75m – Business Post, Nov 01, 2020
The manufacturing property extends to over 19,000 square feet and has a secure ten-year lease term
Galway industrial investment offers prospect of 7.25pc yield – The Independent, Oct 22, 2020
Unit 19 Mervue Business and Technology Park, Galway
Budget 2021 – A Property Market Review
The budget, whilst significant in terms of the economic supports and demand boost provided, contained little change for the commercial property sector. Given the surprises of recent budgets this can be seen as a positive.
Offers of over €80m sought for Royal Hibernian Way – Business Post, September 6 2020
The famous retail thoroughfare on Dawson Street in Dublin 2 is one of the most sought-after locations in the capital
Prime city centre investment with added value prospect – The Independent, September 3 2020
Way to go: The mixed use property on Dawson Street offers plenty of scope for developers and investors
Aviva tests strength of market with €80m sale of Royal Hibernian Way, The Irish Times, September 2 2020
Dawson Street scheme’s tenant mix includes Davy stockbrokers and Marco Pierre White’s
Covid-19 Property Impact TWM Tracker
Times are certainly changing and economic statistics are changing on a week to week basis. At TWM we have tried to collate some of the impact of Covid-19 and the resultant Government policies and how these may impact on economic activity and the property market.
IFSC office suite available at competitive rent of €45 per sq ft, July 17 2020
Unit at Custom House Plaza 2 is well-located next to Dublin’s Connolly Station
OPW secures new offices at Balbriggan Business Campus, June 14 2020
State to pay €18.50 per sq ft for 24,300sq ft at Brenta Group’s Paramount Place scheme
Picking up from the pandemic – Business Post, June 14 2020
TWM has managed to get a number of property deals over the line in spite of the lockdown
Optimism on property market encourages projects to restart – Independent, June 11 2020
Optimism about prospects for Galway’s property market is reflected in the restart of building work on two of the city’s major new mixed-use developments, Gerry Barrett’s Bonham Quay and JJ Rhatigan’s Crown Square.
Essential Real Estate
Seeing all the queues at Supermarkets and DIY outlets reminded us of the Research note we published in October 2018 in which TWM highlighted the advantages and defensive qualities of these two sub sectors of the retail market.
Hi-spec south Dublin industrial facility seeks €2.5m – Irish Times, May 13 2020
Stillorgan Industrial Estate unit equipped for pharma R&D and medical manufacturing
Henley Bartra flips Phoenix House for 16m – Irish Times, April 22 2020
Joint venture involving developer Richard Barrett paid €8.5m for Dublin 8 office in 2018
Flexibility should be built into lease arrangements, Business Post, April 05 2020
Good communication between landlord and tenant can go a long way to helping come to an agreement during these difficult times
Coronavirus: Landlord and tenant advice, The Irish Times, March 26 2020
Financial stress of Covid-19 can be lessened through fairness and transparency
Landlords and tenants must work together in the face of coronavirus, The Irish Times, March 25 2020
Unprecedented threat to investments and businesses
Sandyford multi-let office blocks guiding at €15m – Business Post, March 01 2020
The prime-location lots are held on long leasehold interests from the local council
Landmark retail scheme on Dublin’s Navan Road guiding €7.1m – The Irish Times, February 26 2020
Maple Centre generates €550,023 annually from tenant mix which includes McDonald’s
Fully-let south Dublin office investment seeking €15.1m – The Irish Times, February 26 2020
Units at Sandyford Business Centre for sale in individual lots at €8.6m and €6.5m
Tesco store in Roscrea at €8.8m offers yield of 9.82% – The Irish Times, February 05, 2020
Property comes to the market following sale of Gorey Tesco to French investment giant
By Ronald Quinlan
Service stations capture investor imagination – The Sunday Business Post, October 06 2019
Returns from service stations appear to be increasingly attractive for property investors.
€1.95m Galway investment offers buyer net initial yield of 9.8% – The Irish Times, October 02 2019
Kilcolgan neighbourhood centre anchored by busy high-profile Circle K petrol station
Investors get chance to be at the races with Ballybrit unit sale – The Business Post, October 13, 2019
A highly reversionary office investment opportunity located within Ballybrit Business Park, a well-established commercial park on the outskirts of Galway city, has come to market with agent TWM. The investment comprises two office buildings, extending to some 1,847 square metres gross internal area in total on a 0.8-acre site.
Two Galway office buildings on sale for less than €1.5m – The Irish Independent October 10, 2019
TWO office buildings on an 0.8-acre site at Ballybrit Business Park on the outskirts of Galway city have come to the market with a guide price of more than €1.475m.
French investment giant pays €21m for Tesco store in Gorey – The Irish Times October 09, 2019
Latest deal brings value of Corum’s portfolio in Ireland and Northern Ireland to €146m.
French asset management company, Corum, has increased its overall investment in Ireland and Northern Ireland to over €146 million with the acquisition of the Tesco supermarket in Gorey, Co Wexford, for about €21 million.
Henley Bartra looks to flip Phoenix House for €16m – The Irish Times October 09, 2019
Joint venture involving developer Richard Barrett paid €8.5m for office block in 2018
Henley Bartra looks to be in line for a significant return on its investment in Phoenix House in Dublin 8.
Elmpark Green office block in Dublin 4 seeks €50m – The Irish Times October 02, 2019
Allianz House fully-let on 31-year lease and is delivering €2.9m in annual rental income.
A wide range of Irish and international investors are expected to express an interest in the sale of the Irish headquarters of Allianz at Elmpark Green in Dublin 4.
€1.5m for residential development site in Ireland’s coolest neighbourhood – The Irish Times, September 25, 2019
79-83 Prussia Street offers scope for 17 units at the heart of Dublin’s Stoneybatter.
Investors and developers looking to take advantage of Stoneybatter’s newly-minted status as “Ireland’s coolest neighbourhood” may be interested in an opportunity which has been brought to the market on Prussia Street at a guide price of €1.5 million.
TWM Economic & Commercial Property Highlights – June 2019
Please click HERE to view our latest highlights update
Galway is booming as multiple new commercial developments on way – The Business Post, 17 March 2019
Private developers are returning to the property market in Galway, but state agencies have also recognised that they need to generate supply in order to build commercial facilities and attract international employers beyond Dublin.
Private rental sector demand set to grow – Sunday Business Post, 10 February 2019
Dublin is among the most attractive locations in the world for investing in multi-family market as the recovery continues and new regulations favour institutional landlords
Developer Barrett rides to the rescue for Galway’s squeezed office and retail market – Sunday Business Post, 25 November 2018
The two big projects are part of a response to heightened interest in the city
Developers have begun to respond to demand for commercial property in Galway, and Gerry Barrett is leading the charge with two major city centre projects. Similarly, investors are also demonstrating increased interest in the City of the Tribes as reflected in recent deals.
€1.25m Galway retail investment offers 11% yield – Irish Independent, Thursday 22 November 2018
Sarah Winters of agent TWM is guiding a price in excess of €1.25m for the anchor supermarket unit at Tuam Shopping Centre in Co Galway.
High yielding investment in Tuam – Galway Advertiser, 8 Nov 2018
TWM brings the anchor supermarket unit in Tuam Shopping Centre to the market.
TWM Research Note – November 2018
Please click HERE to view our new Research Note
€1.25m Galway retail investment offers 11% yield – Independent, Thursday 1 November 2018
Sarah Winters of agent TWM is guiding a price in excess of €1.25m for the anchor supermarket unit at Tuam Shopping Centre in Co Galway.
Friends First buys Carlow Retail Park for nearly €17m – The Irish Times, 17 October 2018
Purchase of 15-year-old centre follows recent acquisition in Citypoint in Galway
Galway housing portfolio at €1.6m to draw developers and investors – Independent, 11 October 2018
Sarah Winters of agent TWM is seeking offers in excess of €1.6m plus VAT for 13 partially-completed residential units distributed across the Cuirt na hAbhainn estate in Claregalway, Co. Galway, an established residential development within Claregalway village approximately 11.6kms from Galway city centre.