Latest news with #MarletPropertyGroup
Irish Times
20-07-2025
- General
- Irish Times
Dublin's new tallest building: This tower of darkness should never have been allowed
The random tower that has reared up on Tara Street in Dublin photobombs itself into almost every important vista in the city centre. It intrudes into the historic precincts of Trinity College as well as College Green and looms up behind O'Connell Bridge House in views along the Liffey quays. It can also be seen from Lower Grafton Street, Parnell Square East, St Stephen's Green West and numerous other locations. Although some high-rise cheerleaders are no doubt thrilled by such a brazen jump in scale within the city's historic core, there is nothing elegant about Marlet Property Group 's vertical slab of build-to-rent apartments rising from the top of Longstone House, an 11-storey office block opposite Mulligan's pub on Poolbeg Street. It's a dark and brooding alien edifice redolent of a sci-fi portal of darkness and as menacing as Darth Vader in The Empire Strikes Back. Why it presents such a black picture is a story in itself. As originally designed by Henry J Lyons Architects , it was light in colour and intended to have 'a calm presence ... to reflect and converse with the Dublin sky'. But the three members of An Bord Pleanála who dealt with an appeal by An Taisce against Dublin City Council 's decision to grant permission decreed that it should be redesigned – to have more impact. Light or dark, the new tower should never have been built. There was no provision for it either in the Dublin city development plan 2016-2022 or in the 2009 George's Quay local area plan. While this local plan envisaged that there might be a 'mid-rise marker building' at the corner of Tara Street and Poolbeg Street, it clearly specified that any such building on the site 'shall not exceed a maximum of 12 storeys in height'. READ MORE What Dublin got instead is now the city's tallest building, at 82m – 3m higher than the dreary brick-clad Capital Dock tower on Sir John Rogerson's Quay, designed by O'Mahony Pike Architects for Kennedy Wilson. But that tower created its own environment at the nether end of Docklands, whereas Marlet's erection – part of its College Square development, of which Longstone House forms two sides – has been inserted into the Georgian city, between the Custom House and Trinity College. The only tall building envisaged by the George's Quay local area plan was for a site directly adjoining Tara Street station, specified to be 'a maximum of 22 storeys (88 metres)' in height. These were the precise dimensions of a tower proposed by the developer Johnny Ronan – also designed by Henry J Lyons Architects – that An Bord Pleanála finally approved in April 2019 after it had been refused twice by Dublin City Council and once by the board itself. Using this as a precedent, and apparently emboldened by the promulgation in December 2018 of ultraliberal building-height guidelines by Eoghan Murphy, as minister for housing, Pat Crean's Marlet subsidiary Atlas GP opened pre-application consultations with Dublin City Council planners in June 2019 on its audacious proposal to diversify the redevelopment of Apollo House, Hawkins House and College House by adding a 10-storey 'vertical extension'. [ From the archive: Hawkins House to be knocked, but what about its ugly neighbours? Opens in new window ] Marlet's planning consultant Brady Shipman Martin referenced a High Court judgment by Mr Justice Garrett Simons on May 30th, 2019, to suggest that the planners could 'rely on the guidelines to disapply objectives of the local area plan'; in fact, Mr Justice Simons found exactly the opposite: that the building height guidelines 'do not authorise a planning authority to disapply the criteria prescribed under a planning scheme…' Crean's approach paid off. Instead of being treated as a material contravention of both the Dublin city development plan 2016-2022 and the George's Quay local area plan – which would require the approval of city councillors – Atlas GP's tower proposal was evidently welcomed by one of the council's senior planners, Garrett Hughes, who had previously condemned Ronan Group 's tower as 'unacceptably conspicuous' in its context. Tower of darkness: plans for the redesigned, blue-black residential tower at College Square. Illustration: HJL/Marlet While noting that Marlet's proposal 'will have a visual impact' on College Green and Trinity College, he considered this 'acceptable given the inventive nature of the design', with a scale that was intended to 'sit in tandem' with Ronan Group's still unbuilt tower at Tara Street station. 'Overall, the impact is considered to be positive given the modern and assertive design and the overall upgrading of the existing urban block'. Hughes also noted that the 'perceived height' would be 'moderated by the architectural treatment of the upper and lower parts of the building', with the office-block element having a blue-black terracotta frame, 'whereas the upper residential tower adopts a comparatively lighter character with the use of fritted glass and white ceramic fin detailing' – the facade finishes that Henry J Lyons Architects suggested would give it a 'calm presence'. [ From the Irish Times archive: The little known architectural firm that is transforming Dublin Opens in new window ] Dublin City Council's decision to grant permission in December 2019 was appealed by An Taisce , which warned that Dublin was 'heading toward an incoherent Manchester or Brussels-type townscape with modern high-rise towers randomly inserted into the historic urban structure'. The Irish Georgian Society said it would also 'exacerbate the negative impact' on the skyline of the tower approved at Tara Street station. The Bord Pleanála planning inspector Irené McCormack, in her 40-page report to the board, said Marlet's building would not be 'dominant or uncharacteristic with its surrounding built context', as it was 'notably slender in form and light in colour and reflective'; on the contrary, it 'would generate a strong sense of place through the diversification of the skyline and make a positive contribution to the urban character of the area'. The board triumvirate that dealt with the case consisted of its only architect members – the former deputy chairman Paul Hyde , who would later be convicted on two counts of failing to make full declarations of his property interests, and Michelle Fagan , a former president of the Royal Institute of the Architects of Ireland – along with Terry Prendergast, previously senior planner with Grangegorman Development Agency. The new Longstone House/College Square building development over the Dublin skyline. Photograph: Chris Maddaloni The new Longstone House/College Square building development over the Dublin skyline seen from College Green. Photograph: Chris Maddaloni The new Longstone House/College Square building development over the Dublin skyline seen from inside Trinity. Photograph: Chris Maddaloni As 'presenting board member' in charge of the case, Hyde convened a meeting with Fagan and Prendergast to discuss it three days after McCormack submitted her report. The trio were apparently so unhappy with the scheme that they decided to issue a rare notice under section 132 of the 2000 Planning Act to Atlas GP requesting significant design revisions to respond to 'this pivotal and highly visible location' in the city centre. In sending the Henry J Lyons team back to their designs, the board bluntly stated that the reason for doing so was that 'the proposed development, due to its architectural design quality and materiality, does not successfully address the opportunities provided by the site, does not protect or enhance the skyline at this location nor does it, in its present form, make a positive contribution to the urban character of the area'. It considered that the design and materiality of the tower 'contrasts negatively with that of the lower blocks' on Marlet's huge site while its 'horizontal emphasis ... and lack of facade articulation provides an unsatisfactory response to its context'. But matching the 'materiality' of the build-to-rent tower with the dark-terracotta frame of the office block beneath it inevitably meant that its skyline impact would be more strident. [ Dublin's disappearing venues: A promised 500-seat theatre is shrouded in mystery Opens in new window ] In its response, submitted in July 2020, Henry J Lyons did exactly what it was told by redesigning the tower 'using the same materials, profiles and rhythm of the base building', as it explained, while also giving it a 'strong vertical emphasis' with a frame of blue-black terracotta fins – similar to the office floors below – reinforced by a 'double order' expression, meaning that horizontal profiles occur at every second floor. Henry J Lyons claimed that its darker finish would contrast with the lighter stone of historic buildings in Trinity College, allowing these to be 'read independently and not to be confused with the backdrop'. Does that sound like grasping at straws? A revised townscape assessment by the Paul Hogarth Company conceded that the tower would be 'more noticeable' on the skyline and would also have a 'heavier' presence in views along the Liffey quays. After holding two further meetings to consider the case, the board's triumvirate decided unanimously on September 14th, 2020, to grant permission for the proposed development 'as superseded and/or amended by the plans and particulars submitted in response to the section 132 request', with the order signed by Paul Hyde. It was, to paraphrase Yeats, 'all changed, changed utterly: A terrible beauty is born ...' In March 2022 Dublin City Council approved Marlet's plan to add a floor, increasing the number of build-to-rent apartments from 54 to 58, including a large penthouse on the 21st floor; this raised the tower's overall height to 22 storeys, topped by a 'crown' that appears peculiarly unresolved. One can just imagine how discordant this high-rise luxury tenement will look at night, with light in some windows and not in others. The view from Lower O'Connell Street towards Burgh Quay, originally designed by the Wide Streets Commission as a uniform composition, has been so spoiled by uncoordinated redevelopment in recent decades that it resembles the urban-design equivalent of a dog's dinner – now trumped by a tower of darkness on Tara Street that will sadly stand for decades as a monument to developer-led 'planning' in Dublin.
Irish Times
01-07-2025
- Business
- Irish Times
Some €394m invested in Irish commercial property market in second quarter
A total of €394 million was invested in the Irish commercial property market in the second quarter of 2025, taking the total spend for the year to date to just more than €940 million. While the figures for the first six months of 2025 are less than half the 10-year historical average spend of €1.9 billion, commercial real estate adviser CBRE says it sees 'clear signs' that investment is continuing to recover gradually from the lows of 2023 and 2024. CBRE says that investors are 'now more actively assessing opportunities in the Irish market'. They believe this interest is being driven by the series of cuts to ECB interest rates which have taken place since June 2024. The most valuable transaction in the second quarter saw US investor, Realty Income Corporation, paying €123.5 million for the Trinity Collection, a portfolio of three retail parks comprising Belgard Retail Park in Tallaght, Dublin 24; the M1 Retail Park in Drogheda, Co Louth; and Poppyfield Retail Park in Clonmel, Co Tipperary. Realty's acquisition of the portfolio from developer Pat Crean's Marlet Property Group and its funding partner M&G Investment, follows on from its purchase in the first quarter of a portfolio of eight Irish retail parks from Oaktree Capital Management for €220 million. READ MORE While the retail sector accounted for the most valuable transaction in the second quarter, the office sector proved to be the most attractive to investors overall accounting for nearly 50 per cent of the €394 million spent. The largest office deal of the quarter saw German investor Deka Immobilien continue its expansion in the Dublin office market by acquiring 20 Kildare Street from US real estate firm Kennedy Wilson for €74.5million. The second prime office transaction saw Pontegadea, the Spanish family office of Zara founder Amancio Ortega, acquire Ten Hanover Quay in the south Dublin docklands from Kennedy Wilson and Nama at a price of €69 million. Although investors around Europe are focused on the 'living' sectors comprising the private rented sector (PRS) and purpose-built student accommodation (PBSA) markets, no institutional-grade residential transactions closed in the Irish market in the first half of the year. CBRE says however that several significant sale processes are progressing, which they believe should offer a firm indication of pricing for PRS assets in the Dublin market. Commenting on the latest investment figures, Kyle Rothwell of CBRE said: 'It was hugely positive to see two prime office transactions close this quarter in Dublin, attracting some of the most competitive core capital in Europe, which is a sure sign of confidence for the office investment market.'
Irish Times
24-06-2025
- Business
- Irish Times
Dublin office market rebalancing as demand grows in face of falling supply
The ongoing rebalancing of the Dublin office market continued in the second quarter as take-up levels grew in the face of a weakening pipeline of future developments. That's the key takeaway from the latest report into activity in sector by Cushman & Wakefield . While preliminary data for the second quarter of 2025 shows that demand for office space in the capital hit its highest level since 2022 with about 206,800 sq m (2.2 million sq ft) taken up by companies over the past 12 months, that figure comes against the backdrop of just 165,000 sq m (1.78 million sq ft) of office space under construction for the period 2025-2027 with about 76 per cent of that accommodation already pre-let or reserved. To put those figures in perspective, the average Dublin office take-up came in at around 193,000 sq m (2.078 million sq ft) over the past 15 years, according to Cushman & Wakefield. About 61,100 sq m (657,675 sq ft) of office space was leased in the second quarter of this year, with the majority of this accounted for by two significant transactions. READ MORE The bigger of these two lettings saw US technology giant Workday formally signing a deal to locate its new European headquarters at College Square, the landmark office scheme developed by Pat Crean's Marlet Property Group in Dublin city centre. [ Marlet secures €238m refinancing deal for College Square development Opens in new window ] Workday will occupy some 38,700 sq m (416,200 sq ft) of the office space at College Square. The company's accommodation represents the entirety of College Square's 'super-prime' office space and is the equivalent of five and a half football pitches. The College Square deal is the largest single office letting to have taken place in the European office market since the onset of the Covid-19 pandemic in early 2020 and was brokered by Cushman & Wakefield's Dublin office. The other major lease of note in the second quarter involved Vodafone which took 5,900 sq m (63,000 sq ft) at 70 St Stephen's Green. The amount of reserved space in the Dublin office market meanwhile 'held steady', according to Cushman & Wakefield, at more than 100,000 sq m (1.08 million sq ft) reserved in the second quarter. The level of office vacancy remains elevated in a longer-term context, however. Having peaked in the first quarter of this year at 17 per cent, the report's authors say their preliminary analysis has found that the vacancy rate fell to about 15.5 per cent in the second quarter. Tom McCabe, head of research and insight at Cushman & Wakefield , said : 'In recent quarters we have seen a marked improvement in supply and demand fundamentals for the Dublin office market. Take-up on an annualised basis is running at its highest level in around three years, the amounts of reserved space have climbed, vacancy rates are now falling, and future office supply is relatively scant. Overall, the data points to a market which is rebalancing for the better.' Ronan Corbett, head of Cushman & Wakefield's office division, added: 'We are delighted to have secured College Square as the new EMEA headquarters for Workday this quarter. This is a significant vote of confidence not only in the Dublin office market but also in the outlook for international investment in Ireland.'
Irish Times
18-06-2025
- Business
- Irish Times
US investor set to pay €120m for three of Ireland's leading retail parks
Having paid €220 million in March for the Oaktree portfolio, a collection of eight of Ireland's best-known retail parks, Realty Income Reit is set to deepen its involvement in the Irish market with the purchase of three additional schemes. While the transaction has yet to be completed, The Irish Times understands that the US investment giant is poised to move in the coming days from being preferred bidder into exclusivity in relation to the acquisition of the Trinity Collection, a portfolio comprising Belgard Retail Park in Tallaght, Dublin 24, the M1 Retail Park in Drogheda, Co Louth, and Poppyfield Retail Park in Clonmel, Co Tipperary. The proposed purchase price is said to be in line with the €120 million guided by agent Cushman & Wakefield when it offered the portfolio to the market formally in April. Should the sale complete at the agreed level, the Trinity Collection's owners would be in line for a significant return on their original investment. Developer Pat Crean's Marlet Property Group and its funding partner M&G paid €78 million to secure ownership of the schemes from US investor Marathon Asset Management in September 2021. Since acquiring the portfolio, Marlet has engaged in an intensive asset management programme at all three locations. All three schemes have benefited from ESG initiatives and had work undertaken to improve their overall aesthetics and presentation. The overall rent roll, meanwhile, has been increased from €7 million to more than €9 million. READ MORE Belgard Retail Park has long been regarded as one of the foremost retail parks in the capital. Outside of its more recent addition of its new EZ Living unit, the scheme is occupied by a range of leading retailers including B&Q, Home Store & More, Dealz, Carpet Right, Halfords, Right Style Furniture, Burger King and Starbucks. The total current rent is about €3.45 million per annum, or some €320,000 more than the €3.13 million it had been generating in 2021. The M1 Retail Park comprises a mix of retail, office and leisure accommodation extending to a total of 24,805sq m (267,000sq ft), along with 600 car-parking spaces. The addition of the new Tesco supermarket will increase the scheme's overall footprint to 28,986sq m (312,000sq ft). The park is already anchored by Woodie's DIY and its other tenants include Smyths Toys, Sports Direct/Brand Max, Dealz, Equipet and EZ Living. The total current rent is now €4 million per annum, an increase of €1.56 million on the €2.44 million it had been generating in 2021. The M1 scheme also includes Mellview House, a four-storey building comprising office space, a gym operated by Gym Plus and a number of other smaller retail units. Another building known as the Pavilion is home to Costa Coffee, TC Matthews and Lanu Medi Spa. M1 Retail Park also includes lands extending to 11 hectares (27 acres) and comprises three adjoining plots with proposed zoning under the Draft Louth County Development Plan 2021-2027 for three uses, namely A2 New Residential, C1 Mixed Use and B4 District Centre. Poppyfield Retail Park extends to 12,821sq m (138,000sq ft) and comprises a mix of 14 retail warehousing units, a neighbourhood centre and 393 car-parking spaces. The park is 99 per cent occupied and anchored by Woodie's DIY and SuperValu. Other tenants include Harry Corry, Maxi Zoo, EZ Living, World of Wonder and DID Electrical. The neighbourhood centre is occupied by Costa Coffee and Sam McCauley, along with a hair and beauty studio and fish-and-chips operator. The total current rental income is €1.6 million per annum, an increase of €170,000 on the €1.43 million it had been generating in 2021. The Trinity Collection will be Realty Income Reit's third investment in Ireland to date. The US investor made its first acquisition here in 2023, when it paid Eden Capital €45.9 million for CityEast Retail Park in Limerick and Blackwater Retail Park in Navan, Co Meath. Its second and most valuable acquisition (the Oaktree portfolio) took place earlier this year, and saw it secure ownership of an eight-strong portfolio of retail parks comprising Navan Retail Park; Bray Retail Park; Sligo Retail Park; Waterford Retail Park; Naas Retail Park; Drogheda Retail Park, Gateway Retail Park in Galway, and Parkway Retail Park in Limerick. Oaktree had acquired the retail parks through its subsidiary, Targeted Investment Opportunities (TIO), in a series of transactions between 2015 and 2017.
Irish Times
29-05-2025
- Business
- Irish Times
Marlet secures €238m refinancing deal for College Square development
Developer Pat Crean's Marlet Property Group and its partner M&G Investments have secured a €238 million refinancing facility with Standard Chartered for College Square, the landmark office scheme they have developed in Dublin city centre. Standard Chartered acted as sole underwriter, mandated lead arranger, and hedging bank for the transaction, which is understood to have been completed late on Wednesday night. It qualifies as a Green Loan under the Green Loan Principles due to College Square being one of the most sustainable buildings in Ireland, having achieved LEED Platinum Certification and targeting WiredScore Platinum and A3 BER ratings. Commenting on the deal, Marlet's CEO Pat Crean said: 'We are delighted to have closed our first financing facility with Standard Chartered. This new facility brings us through the next chapter of the College Square development while Workday completes preparations to occupy the building and our PRS platform, DUBLIV, completes the leasing of the residential units.' READ MORE Ronan O'Dowd, global head of commercial real estate at Standard Chartered said: 'This green loan financing facility underscores our commitment to backing transformative developments that deliver long-term value for communities, investors, and the city itself.' News of the refinancing deal comes just seven weeks after Marlet and M&G completed a deal with US technology giant Workday for some 38,648 sq m (416,000 sq ft) of the office space at College Square. The company's accommodation represents the entirety of College Square's 'super-prime' office space and is the equivalent of five and a half football pitches. The College Square deal is the largest single office letting to have taken place in the European office market since 2021. The US enterprise technology giant's decision to base its operations there was first revealed by The Irish Times in August of last year. Developed on sites occupied formerly by Apollo House and the neighbouring College House, College Square is a major mixed-use scheme comprising a total of 50,170 sq m (540,000 sq ft) of LEED Platinum office accommodation and 1,580 sq m (17,000 sq ft) of retail space distributed over 10 floors. The development has an overall height of 22 storeys owing to the inclusion of 58 high-end apartments on 12 floors above the office element of the scheme.
