Investment property spend triples to €548m during opening months of 2025
The value of investment property transactions during the first quarter of the year rose to €548m, three times higher than the same period in 2024, on the back of a large transaction involving the sale of a portfolio of retail parks, a report by estate agent Sherry FitzGerald shows.
The report shows there were 27 transactions completed during this period, the largest of which was the sale of Oaktree Capital Management's portfolio of eight retail parks — located in Bray, Drogheda, Galway, Limerick, Naas, Navan, Sligo, and Waterford — for €220m to US investor Realty Income Reit.
During the same quarter in 2024, there were 20 deals completed — valued at a combined €163m. However, when compared to the long-term average for the first quarter of the year, both the value and volume of transactions were both down by 20% and 26% respectively.
During the early part of 2024, the European Central Bank still had very high interest rates — which made borrowing money, potentially for investment, very expensive. Rates have been steadily declining since June of last year and, as of the start of the year, were significantly lower.
Retail was the main driver of investment activity during the period January to March, accounting for half of turnover in the market. In total, €272m was invested in retail space.
Aside from Oaktree Capital Management's retail park portfolio sale, other retail assets that transacted during the quarter included three receivership assets that were bought back by Johnny Ronan's property company RGRE.
All three properties were located on Grafton St, Dublin — including 78-79 Grafton St, the flagship premises of Bewleys Café; 70 Grafton St, which is let to PTSB and City Break Apartments; and 116 Grafton St, which is leased to cosmetics company Lush.
Total investor spend on office, industrial, and residential assets remained below the long-term quarterly averages.
Industrial and logistics
Office space accounted for €87m of total investor spending. The largest transaction in this sector involved the sale of Central Quay — a six-storey, over-basement modern office building at South Docks — by Hibernia Real Estate Group to French investor Atland Voisin for approximately €42m.
Hotel asset investment accounted for €86m of the overall spend while healthcare investments stood at €43m.
Industrial and logistics transactions totalled just over €41m during the first three months of the year, while residential assets saw the lowest quarterly level of investment activity since the second quarter of 2017 — reaching just €11m.
Overseas investors accounted for 78% of total investment spend during the quarter. Approximately 47% of turnover during the period was located in Dublin.
Cork absorbed a further 6% of capital spend in three transactions, while Galway, Limerick, and Meath each saw one transaction during the period.
In the report's outlook for the rest of the year, it said that the current international trade tensions and uncertainty across the global economy is likely to 'have some impact on the investment market in the short- to medium-term'.
'That said, given the current underlying strength of the domestic economy with robust employment, unemployment close to full employment, low inflation and strong consumer spending, investors in a position to move may take advantage of favourably priced assets,' the report said.
Read More
Fota Island Resort owner posts €1.2m loss despite turnover rise
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
3 hours ago
- Irish Examiner
Rich pickings at €1.6m Carewswood House, lovingly nurtured by Gill and Jack Hornibrook
THE gift of a tree to mark the birth of daughter number four sowed the seed that led to Gill and Jack Hornibrook buying Carewswood House in Castlemartyr 29 years ago. At the time the couple was running a business set up by Gill, Glendonagh Nursing home, in a period house in Dungourney. 'Neil Williams [the late owner of Carewswood House and Garden Centre] called after the birth of Rachel and he brought a tree to plant at Glendonagh, where we lived at the time. 'He told us that himself and Sonia (his wife) were selling Carewswood, that it had become too big for them, and he said 'We think you and Jack would be a great fit'.' As Gill was a keen gardener and Jack's background was in building and property development (Cork-based Hornibrook Builders) the notion of taking on a large period home on 40 acres, plus landscaped grounds, garden centre and cafe, while continuing to operate a nursing home, and a flower shop in Midleton, in between the business of raising four children, seemed, well, entirely manageable. Front view of Carewswood House Incredibly, the dynamic duo pulled it off. For years, they ran multiple businesses, before eventually leasing out the garden centre, which they sold in recent years to a couple that had made a very good fist of it while leasing it out. 'Daniel (Leahy) and Juulika (Lomp) are a fab couple, and they love it as much as we do. You just don't get walled gardens like that anymore, unless it's a top class property,' Gill says. Carewswood House is, inarguably, a top-class property. Built as the 'dower' house for the early 1700s nearby Castlemartyr House (dower houses were home to the widow or unmarried sisters of an estate owner), it was originally owned by the Boyle family, Earls of Shannon and baron of Castlemartyr. To this day you will find the remains of a tunnel that used to link the dower house, which dates to the 1800s, with the Great House, better known these days as five-star Castlemartyr Resort. While the pedigree of Carewswood House is immutable, the gardens grew from good stock too. Sumputous gardens Descendants of a chap called Barnabas Sall (or Saul), who worked on the demense grounds at Castlemartyr House, ended up as landscapers in Washington DC, including in the grounds of the White House. You'll find a plaque commemorating their achievements (dedicated to John Saul) in Castlemartyr. Gill was the gardening powerhouse at Carewswood and enjoying popping down to the nearby garden centre — it's handy these days when visitors drop by. 'We can all stroll down to the café,' Gill says. While Gill was the green-fingered half of the couple, Jack oversaw any building work. 'We'd the best of both worlds. I had the ideas and he had the people to implement them,' Gill says. She adds that the 'two greatest additions we made' were a beautiful, vaulted, south-east facing garden room, reached via French doors from the kitchen, and a front porch, with portico and columns, that faces south. Beautifully bright hallway Tasteful sunroom off the kitchen The delightfully bright porch 'When we bought the house, two big teak doors made the hallway very dark. Now, it's a wonderfully bright space.' A home bar and lounge area were added after Gill created space by removing a hidden backstairs. It had been concealed inside a suspiciously thick wall which Gill convinced one of Jack's workmen to saw through. Home bar was a terrific entertainment space 'When we sawed through, we found the stairs, so we took it out and fitted a bar,' Gill says. As a big fan of entertaining, she could shepherd guests straight to the bar while finishing off dinner preparations in the roomy kitchen, where herself and food buyer/blogger Rachel — daughter number four – have many happy memories of cooking up a storm. 'She was thinking of cheffing, but she was cured after doing a shift or two at Castlemartyr Hotel,' laughs Gill. Great big kitchen which opens to the sun room They've enjoying dining outdoors too, on the patio, or in a sandstone paved courtyard, where an old stone archway with intricate iron gates, topped by a bell and a weathervane, harks back to the days when bells were used to summon staff from service wings or announce the arrival of visitors. 'We did up the courtyard and we restored the gate lodge too. There was a tree growing through it when we bought the property and the land was ploughed fields,' Gill says. Jack and Gill did a tremendous job of Carewswood House and gardens and Gill's exceptional good taste is reflected in the décor of its myriad rooms. Exquisite drawing room Stately dining room Basement games room Basement lounge It's main reception rooms (drawing room and formal dining room, where the solid maple floors were salvaged from a former Midleton hotel ) have the high ceilings of a period home; the spacious basement (with external access) houses a games room with exposed stone walls, as well as a bathroom and family lounge; on the first floor, all five bedrooms have en suites. Upstairs landing Main bedroom There's a laundry room too and a pantry and a home office with underfloor heating. Outdoors, renowned South African landscaper Susan Turner worked on a new layout with Gill in recent years, resulting in a curved drive and an exquisite Koi pond. Stunning koi pond It's all good to go to the next set of owners. It even has a C2 energy rating, impressive for such an old house. 'This is a house you can walk into with your toothbrush,' Gill says. 'It has the grandeur of a big, old house, but even though it is very big (almost 5,000 sq ft), it is very manageable and practical, very warm and inviting.' She leaves behind many memories, mostly joyful (every family celebration) and a few tinged by sadness, mainly the passing of Jack on Christmas Day, 2023. 'He adored it here and he got his dying wish, that he would leave the world from home, with his family around him, myself and our four daughters, Victoria, Zara, Jacqueline and Rachel,' Gill says. As she prepares to downsize, joint agents Ray Sweetnam of Casey & Kingston and Adrianna Hegarty of Hegarty Properties, are bringing the house and a one-bed gate lodge, on three acres, to market for €1.6m. Ms Hegarty says the graceful property has been superbly Sweetnam says it's 'one of a kind'. It's a terrific location: a short walk from Castlemartyr village and close to the sea, with beaches nearby at Garryvoe and Ballycotton, while Midleton town is just a 10 minute spin and Cork city is a half hour drive. VERDICT: Demand for high end properties in East Cork is tracking upwards, with US interest on the rise among Irish buyers looking to return. Queries are in too from Cork City and Midleton, with keen interest in this exceptional home.
Irish Examiner
5 hours ago
- Irish Examiner
Ronan O'Gara: Rugby might be in trouble but Tolu Latu's made my day
TAKING stock of the state of club rugby would easily lead one to conclude it's in a bit of a state. The French Top 14 appears to be insulated from a lot of the turmoil, apathy and financial squeeze around comparable competitions like the URC and the Champions Cup, and given the eagle eyes of hedge funds and corporate investors, it is no massive shock that a new rebel league, the R360, has the potential to torpedo the status quo for the club game in 2026. This is exclusive subscriber content. Already a subscriber? Sign in Subscribe to access all of the Irish Examiner. Annual €120€60 Best value Monthly €10€4 / month Unlimited access. Subscriber content. Daily ePaper. Additional benefits.
Irish Times
5 hours ago
- Irish Times
Charming two-bed with courtyard garden and period features in Blackrock for €795,000
Address : 10 Green Road, Blackrock, Co Dublin Price : €795,000 Agent : Sherry FitzGerald View this property on Green Road, which connects Sydney Avenue and Waltham Terrace in Blackrock , is a residential street with a rich history dating back to the early 19th century. It was originally part of the Pembroke Estate and development of the road happened in stages – the majority occurring around 1908 – hence it features a variety of architectural styles from Victorian, Edwardian and 1930s types, reflecting its phased development. It is impossible to compare homes on the Property Price Register alone, as they vary so much in size. For example, the most recent sale listed is that of Seaforth, at Number 14; a semidetached, five-bedroom 180sq m (1,937sq ft) Edwardian in need of upgrading and with a good-sized garden, which achieved €1.225 million in 2020. Sherry FitzGerald has just listed Number 10 to the market for €795,000. It is part of a terrace of three and dates from 1840, making it one of the older properties on this stretch of prime Blackrock real estate, and extends to 102sq m (1,097sq ft). It lies at the Sydney Avenue end close to the junction with Sydney Terrace, so is close to the village, schools, good transport links and plenty of amenities. The fact that it is double-fronted allows for a good-sized livingroom on one side of the hall, and a family room that leads to a dining space on the other. Off the dining area, a set of Crittall-style doors open into a contemporary galley-style kitchen that itself opens out to a rear courtyard, as does the dining space. There's also a much-coveted, separate utility room located off the dining space, and it's close to the courtyard for drying linens in the fresh air. READ MORE Upstairs are two double bedrooms flanking each side of the landing, which is flooded with light thanks to a tall sash window. A family bathroom lies to the rear. As it has two living areas downstairs, it could have the potential to be a three-bedroom unit. There's room out front for morning cups of coffee, with privacy from a tall hedge. To the rear, a tall, woven willow fence provides much privacy to a small courtyard garden, which has a southeasterly aspect and where its owner has sundowners and barbecues. Its Ber rating is E1, but it retains its original sash windows, most of which are working, so heavy curtains and closing the shutters will keep rooms toastier in winter months. Entrance hall Front entrance Livingroom/dining space Kitchen Dining space Bathroom Courtyard Number 10 may interest those looking for an alternative to an apartment in the south Dublin suburbs, with the benefit of having its own door, a terrace and courtyard. It retains numerous original period features such as sash windows, old fireplaces, high ceilings and interesting curvature to bedroom ceilings. Though in good nick, the purple carpets upstairs may not be everyone's cup of tea, but it's a small cosmetic change to an otherwise lovely old house.
