Sandyford home of Grafton Group and Cubic Telecom seeking €24.2m
Sandyford Business District
in south Dublin.
The property –
which was first put up for sale on behalf of Spectre, a joint venture involving U+I and US investor Colony Capital, for €34.4 million in 2022
– is being offered to the market now for €24.2 million.
The Hive, which was known formerly as Ballymoss House, underwent a comprehensive refurbishment in 2019. The building comprises 6,785sq m (73,000sq ft) of grade A office space distributed over four floors, and comes with LEED Gold certification, an A3 Ber rating, and the highest WiredScore and CycleScore ratings.
Located 500 metres from the Luas Green line stop at Sandyford and within a short drive of both the M50 motorway and the N11, the property also includes 114 car parking spaces, 96 cycle spaces and 12 EV charging stations.
READ MORE
The Hive is generating annual rental income of €1.95 million, with a weighted average unexpired lease term (WAULT) of 8.2 years to expiry, underpinned by a strong tenant line-up, which includes the global connectivity software specialist Cubic Telecom, the FTSE-listed Grafton Group, and the infrastructure investor and asset manager NTR plc. Should a sale of the property proceed at the guide price, the new owner would be in line for a net initial yield of about 7 per cent.
[
French investor pays €47.2m for Smithfield office block
Opens in new window
]
Iain Sayer of HWBC says: 'The Hive is a prime example of the type of office investment attracting European capital today – long, secure income, blue-chip tenants, and best-in-class sustainability specifications. With strong occupier demand in Sandyford and an attractive yield profile, we expect interest from a wide range of investors.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Times
an hour ago
- Irish Times
Hilary Weston, who helped build Penneys and Brown Thomas, has died aged 83
Hilary Weston, the Dublin-born businesswoman who helped build Penneys and Brown Thomas as part of her husband Galen Weston 's family retail empire, has died aged 83. Ms Weston died in England, where she lived in recent years. She was prominent in the early days of Penneys after the family business bought the ailing Todd Byrne's department store and established the budget fashion chain. She is said to have personally overseen the production of clothing for the in-house brand the company introduced early on, Primark , which would ultimately give its name to the wider chain outside Ireland. She was later prominent in running Brown Thomas for a considerable time after her husband purchased the long-established retailer. In the years that followed she served as vice-chair of Holt Renfrew, the group's luxury retail chain in Canada. She held a variety of other positions in the wider family's interests, which included the conglomerate Associated British Foods (ABF), of which Penneys was a subsidiary; Fortnum & Mason; and Loblaws, the largest food retailer in Canada. She also oversaw a major property development in Florida. Born Hilary Frayne in Dún Laoghaire in 1942, she was the eldest of five children and attended Loreto Abbey, Dalkey. She started to work as a model in the 1950s and was successful at it, working extensively in Ireland and internationally. She met her future husband after he saw her on a billboard advertisement and had auctioneer Corrie Buckley arrange an introduction. The couple married in 1966. Having initially settled at the Roundwood Park estate in Wicklow, the family moved to Toronto in 1971 and Ms Weston later became a Canadian citizen. In August 1983, the IRA attempted to kidnap Mr Weston at Roundwood but An Garda Síochána had apparently been tipped off. The family was not there and two of the kidnappers were killed, while others were arrested during a gunfight with armed police. The family went on to sell the estate and are said to have become more private afterwards. Mr Weston, who was born in England but brought up in Canada, moved to Ireland in 1962 to establish Power supermarkets. He later took over the Quinnsworth chain before eventually selling the retailer to Tesco in the 1990s. Brown Thomas subsequently acquired the Switzer group of stores and then Arnotts, the Irish operation becoming part of the Selfridges group, which the family sold in 2021 for a price reported to have exceeded €4 billion. Penneys, though, which was established by Arthur Ryan with Galen Weston for ABF in 1969, would ultimately represent the Irish business's greater contribution to the wider group. The company now employs more than 80,000 staff across 17 countries and had sales of close to €11 billion in 2024. The Sunday Times put the wider family's fortune at some £17.75 billion in its most recent rich list. Ms Weston was still involved in various aspects of the business until recent years and played a role well as the many related charitable foundations which had been established to support a range of causes and made donations running into hundreds of millions of euro over the years. In 1979, she set up the Ireland Fund of Canada, a chapter of Tony O'Reilly's Ireland Fund, to raise money for good causes here. Between 1997 and 2002 she served as lieutenant governor of Ontario, donating the salary to an initiative to help young people from poor backgrounds into employment. She also authored two successful books on homes and gardens. She was predeceased by her husband, who died in April 2021, and is survived by their two children, Alannah and Galen jnr, both of whom are involved in the family business.
Irish Times
6 hours ago
- Irish Times
Economist calls for budget ‘prudence', as Central Bank governor suggests rethink is needed
'A lot of prudence' is needed in Budget 2026 , while there is a case for postponing recurrent spending and tax cuts until there is 'greater clarity' on the negative implications of the EU-US trade deal , a prominent economist has said. Dan O'Brien, the chief economist of the Institute of International and European Affairs , made the remarks while responding to comments from the Central Bank governor Gabriel Makhlouf suggesting the Government should rethink its approach to the October budget. In its summer economic statement last month the Government said a €9.4 billion tax and spending package will form the foundation of the upcoming budget. However, the Coalition warned at the time it may have to 'recalibrate' its strategy and reduce the size of the overall package if there is a 'deterioration in the tariff landscape' over the coming months. READ MORE The European Union has since struck a trade deal with the United States which sees EU goods, including those from Ireland, hit with 15 per cent tariffs by the US. The Business Post reported on Sunday that Mr Makhlouf said Minister for Finance Paschal Donohoe now has 'more certainly' for planning the budget with the level of tariffs on EU goods known. 'Hopefully the summer economic statement is not the budget, and hopefully, by the time he (Mr Donohoe) gets there, he will have reflected again on what the trade situation is telling us,' Mr Makhlouf said. He added: 'For an economy operating at full employment, we're adding more stimulus to the economy than it needs – and I would look again at what we're planning to do.' Mr Makhlouf also told the paper: 'I think at the moment there's a risk that we're in the wrong place.' [ What did the summer economic statement really tell us about Budget 2026? Opens in new window ] A spokeswoman for Mr Donohoe declined to comment on Mr Makhlouf's remarks. During an interview on Newstalk radio on Sunday, Mr O'Brien was asked if he agrees Mr Donohoe needs to rethink the budget. He said this suggestion is 'largely' correct, as 'we're facing a lot of uncertainty'. Mr O'Brien added: 'I think the Government needs to manage expectations around this. There's been a lot of giveaways [in recent budgets]. Clearly we had a general election last year.' He said there has been a 'big uptick in inflation' but this has 'come right back down again' and 'there isn't the justification for Government to be intervening to deal with every problem'. Mr O'Brien said the implications of the trade situation for the pharmaceutical sector are uncertain, relying on the 'whims of the US president who may just decide he doesn't like the pharmaceutical sector in Europe selling stuff to the US and he may do something more radical'. He added: 'So there's a lot of uncertainty here, and I think we need a lot of prudence in this budget.' Asked about potential tax choices in the budget, Mr O'Brien argued there is 'no economic justification' for the Government's intention to reduce the VAT rate for the hospitality sector. 'One might strongly make the case that both recurrent spending and tax cuts maybe need to be postponed until we get greater clarity as to the negative implications of the trade deal and the extent to which it effects particularly the pharmaceutical sector and how that feeds into corporation tax revenues,' Mr O'Brien added. 'We just don't know how big a hit that could impose on the public finances if we get a change in pharmaceuticals sales to the US and that results in a reduction in corporation tax profits.' Did the EU have its hands tied before striking a trade deal with the US? Listen | 23:32
Irish Times
9 hours ago
- Irish Times
Inheritance, relatives and blended families: what does it mean for tax-free thresholds?
Could you clarify a passing comment that you made in your article last week. You used the phrase 'by blood'. Are you drawing a distinction with uncle or aunt by marriage versus an uncle or aunt 'by blood'? In other words, are you saying that a child can inherit under Class B from their parent's sibling, but not the spouse of that sibling? Are you sure that is correct as I do not see any such distinction in Revenue guidance ? It also raises the question of who is 'the parent' in the case of a divorce and remarriage. Does the birth parent for Class A purposes cease to be a parent on remarriage or can the step-parent become one? Mr DL READ MORE I always wonder when I write 'by blood' whether it is clearly understood. As with many recurring items, I have set out clearly what that means at one point or another but often revert to the shorthand. And yes, it can be counterintuitive if, like me, you grew up in a family where aunts were regarded as aunts regardless of whether they were my parents' siblings or had married into the family – and similarly for uncles. But Revenue does make a distinction when it comes to inheritance. The three inheritance tax thresholds are very specifically delineated according to blood relationship between the person making the gift or leaving the inheritance in their will and the person receiving it. Category A, which offers the highest tax-free threshold – currently €400,000 – is generally referred to as covering gifts and inheritances from a parent to a child, but it is slightly wider than that. [ Inheritance tax: How to avoid leaving your loved ones with a hefty bill Opens in new window ] For instance, if it is the child that dies – as an adult or otherwise – and the parent who inherits from them, the parent will also benefit from the Category A threshold as long as they are inheriting outright – rather than, say, getting a life interest in a property. The threshold will also apply to a child – anyone under the age of 18 – where they are inheriting from their grandparent when their parent is dead. We'll come back to that Category A in a minute in relation to the second part of your query. Category B covers close blood relatives other than parents – or other scenarios covered by Category A. It is sometimes described as lineal relations – i.e. those in a direct line of descent or ancestry. Most commonly, that is seen as covering gifts and inheritance from a brother or sister, a grandparent and an uncle or aunt. And yes, it is only aunts or uncles related by blood – i.e. siblings of one or other parent. You're certainly right to query it. I used to think it covered everyone with that title but I did check with the Revenue commissioners and they did confirm that there had to be a blood relationship with the aunt or uncle for them to be covered under Category B. Category B will also cover life interest inheritance from a child to a parent or any inheritance from a child to an aunt, uncle or grandparent in the unfortunate circumstance of the child predeceasing the older relative. [ Will inheritance tax be cut again in the budget? Opens in new window ] Many people worry about what other people will pay in tax on an unexpected windfall (inheritance) after they are gone. Photograph: Getty Images There is a growing clamour – particularly from people who do not have children – for reform of this Category B. As it stands, the tax-free threshold under Category B is €40,000, just 10 per cent of the Category A threshold. An awful lot of people worry about what other people will pay in tax on an unexpected windfall (inheritance) after they are gone. Personally, I always find that odd but that's not to say it is not a thing. There is pressure either to raise this significantly or to find some other device to allow people without children nominate one or two beneficiaries who can avail of a higher threshold. It is something that has been examined in the Tax Strategy Papers published recently by the Department of Finance . These papers examine issues that might be addressed in the budget later this year or a budget further down the line. As is their wont, this review merely sets out options and, to the degree possible, their likely cost or benefit to the exchequer. Whether one approach should be favoured over another or whether any policy change should be pursued remains a political matter for decision by the Government . Finally, we have Category C which covers all other people benefiting from a gift or inheritance – sometimes called 'strangers in blood' where the current tax-free threshold is €20,000. [ I am due to inherit €30,000, is it worth my while to gift my husband half to avoid tax? Opens in new window ] The three inheritance tax thresholds are delineated according to blood relationship between the person leaving the inheritance in their will and the person receiving it. Photograph: Getty Images And you can see here why Revenue specifies that aunts and uncles in Category B must be blood relations, not relations by marriage. Apart from friends, neighbours, carers, gardeners etc, Category C also includes cousins who are, by definition, blood relatives of some sort and also in-laws, whom in many cases can be closer to the disponer (the person making the gift or inheritance) than even a niece or nephew by blood. But so it is. As regular readers will know, the other key thing to note is that these are lifetime limits on all gifts and inheritances dating back under each category to December 5th, 1991. So, under Category B, you need to tot up all large gifts and inheritances you have received from any grandparent, sibling, aunt or uncle to see if your latest windfall is tax-free or otherwise. And when we say gifts, we mean gifts valued at more than €3,000, as anything below that in any year is covered by the small gift exemption and is also tax free. Finally, once to hit 80 per cent of the relevant threshold – benefits of €320,000, €32,000 and €16,000 for each category respectively, you need to file an inheritance tax return to Revenue even though no tax is owing until you exceed the full threshold. Getting back to your second query – the position with blended families after divorce, remarriage and separation – you're quite correct to say that this is increasingly relevant in our modern society. We need to return to the question of the Category A threshold. When it states that a child can receive up to €400,000 tax-free from parents, the definition of child also refers to stepchildren and to adopted children. In fact, it even applies to foster children as long as those foster children spent at least five years with the family before the age of 18 at the family's expense. So does that mean that a child who is adopted or whose parents have divorced and remarried can receive category A benefits from more than two parents? Yes, it does. A stepchild qualifies for Category A on inheritance or gift from their birth parents and from any step-parent. The same is true for a child formally adopted. But birth parents are not removed from the Category A equation. A child can still avail of Category A in relation to a birth parent, even after divorce and remarriage, or where the child has been adopted elsewhere, as can a child who has been fostered under the criteria mentioned above. The one difference between the three categories of child is that if an adopted child's birth parent dies without making a will, they are not entitled to anything under intestacy where a stepchild and a fostered child would be. Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street, Dublin 2, or by email to , with a contact phone number. This column is a reader service and is not intended to replace professional advice
