Point Village Shopping Centre

dylanbyrne2017

Anyone have any news on the shopping centre still very empty i'm surprised nothing has opened in a while

subpar

dylanbyrne2017 wrote: »

Anyone have any news on the shopping centre still very empty i'm surprised nothing has opened in a while

The long running legal saga involving Harry Crosbie / NAMA Recievers and Dunnes Stores has had a big negative impact on the Centre's development.

What was termed in legal circles as the final legal challenge by Dunnes to avoid either paying up 15 Million or alternatively opening a Store was due for hearing in the commercial court before christmas but was not listed for hearing.

Dunnes legal team have done a brilliant job in dragging out this case for the best part of a decade.

So the saga goes on into 2019.

AndrewJRenko

Mr.S wrote: »

Why did they pull out of opening a store there? It seems like it would be a great location for a big Dunnes, especially with all the new developments going up. There's no decent Supermarket nearby so surely the footfall would be high.

At the time they pulled out, there was no sign of any new developments.

blue_blue

Mr.S wrote: »

There's no decent Supermarket nearby so surely the footfall would be high.

Don't forget there's now a Lidl and Aldi in East Wall that's not too far away.

dylanbyrne2017

Centra is due to open on January 22nd

ongarboy

dylanbyrne2017 wrote: »

Centra is due to open on January 22nd

Welcome addition - an you imagine how jammers that will be just before a concert in the Three Arena??

Hoboo

ongarboy wrote: »

Welcome addition - an you imagine how jammers that will be just before a concert in the Three Arena??

Ker-ching

Somedaythefire

That's great news. I commute using the Point luas stop and didn't even realise a Centra was going in. That's perfect for me to pick stuff up on the way home without having to go up East Road.

LeeroyJ.

On Concert nights that Centra will be selling cans gallore

hako

Hi guys, I was passing by Centra this morning and I saw the doors were open and works were being carried. I managed to take some photos and wanted to share with you!

https://macarsultan.tumblr.com/post/181867954741/centra

darklighter

blue_blue wrote: »

Don't forget there's now a Lidl and Aldi in East Wall that's not too far away.

Dunnes completely missed the boat in that area by letting Aldi & Lidl open ahead of them.

At this stage, they may be better off just paying the penalty clause rather than keeping fighting the case

Asdfghjkl987

hako wrote: »

Hi guys, I was passing by Centra this morning and I saw the doors were open and works were being carried. I managed to take some photos and wanted to share with you!

https://macarsultan.tumblr.com/post/181867954741/centra

Looks lovely, very Donnybrook Fair esque!

LeeroyJ.

Centra wasnt open yet this morning. Was expecting opening today, will update this evening.

Fighting Tao

LeeroyJ. wrote: »

Centra wasnt open yet this morning. Was expecting opening today, will update this evening.

It looked open when I was getting the Luas at about 5pm yesterday. I haven't been by it today though.

L1011

Still a mix of builders and staff stocking up this morning (and last night)

L1011

And one of the lads in work has just come in with a salad from there, so they've opened.

L1011

It's really quite large, L shaped around the empty corner unit. Self service tolls might mitigate some of the huge delays in Spar

LeeroyJ.

Its large but a little empty. Certainly an improvement over the Spar around the corner though. Looking forward to further development in the Area. Finally starting to feel like a lively Hub 10 years later

subpar

More residents and customers on the way but it looks like they will be renters rather than property owners going by the latest on the Dublin Landings. - info from the Irish Independeant

Developer Sean Mulryan's Ballymore is in exclusive talks with US property giant Greystar for the sale of the 268 luxury apartments at Dublin Landings, the million square foot mixed-use development Ballymore is delivering in partnership with Oxley in the Dublin Docklands.

The Irish Independent understands the parties are currently working towards agreeing heads of terms on a deal, which would see Greystar acquire the portfolio for a figure in the region of €175m.

Upwards of a dozen parties are understood to have expressed an interest in the exclusive private rented sector (PRS) scheme when it was brought to the market last October by selling agent Savills Ireland.

The 268 units at Ballymore's 'Dublin Landings Residential' will, upon completion, comprise 82 one-bed, 146 two-bed, and 31 three-bed apartments, in addition to nine three-bed duplexes. The scheme, the first phase of which is due to be completed in September 2019, will include numerous on-site resident amenities including a concierge service, landscaped gardens, a private gym, business lounges and 210 basement parking spaces.

All told, the 'Dublin Landings' waterfront regeneration project is set to extend to 100,000 sq m (1,076,391 sq ft) of office, residential and retail/leisure accommodation, of which 22,019 sq m (237,000 sq ft) will be residential accommodation. The scheme occupies a pivotal position within the Dublin Docklands, immediately adjacent to the Central Bank's headquarters on North Wall Quay.

While over 40,000 people already work in the immediate area across the banking, financial, legal and other service sectors, that figure is set to grow significantly over the coming decade, making the Dublin Landings Residential portfolio an especially attractive proposition for Greystar.

An additional 186,000 sq m (two million sq ft) of office space is scheduled to be delivered in the Dublin Docklands by 2021 alone, which would equate to over 15,000 additional people working in the area.

And while Greystar's acquisition of the Dublin Landings Residential portfolio looks set to be a coup for Ballymore and Oxley, it may well prove to have a wider significance for Dublin and Ireland's fast-growing build-to-rent (BTR) market.

Since entering the UK market in 2013, for example, Greystar has built up a portfolio of more than 32,000 units comprising both private rental sector units and student accommodation.

geecee

very disappointed to see no freshly baked bread or Deli operating in new Centra today
Hopefully its just a staffing issue and they will eventually cater to the Sunday brunch crowd!

I also notice that the price of certain items have gone up since opening day...

dylanbyrne2017

The Deli was open today i say its not worth their while to have it open on Sundays

AMKC

geecee wrote: »

very disappointed to see no freshly baked bread or Deli operating in new Centra today
Hopefully its just a staffing issue and they will eventually cater to the Sunday brunch crowd!

I also notice that the price of certain items have gone up since opening day...

I also notice that the price of certain items have gone up since opening day.

That's because of Brexit. Its already having an effect. Prices have already started to go up in all the shops already unfortunately some by 25%. Hopefully they stop arsing around and get it sorted and prices come back down eventually.

LeeroyJ.

Probably due to the location too, all the newer buildings being built around that area are of the pricier type. Castleforbes Area is more of a middle class area or at least was.

subpar

https://www.irishtimes.com/polopoly_fs/1.3773319.1548685282!/image/image.jpg_gen/derivatives/box_620_330/image.jpg

Planning Permission granted today for yet another nice looking building on North Wall Quay. It is a nine storey high grade office building , built on top of the old Richview Motors Building ( preserved red brick ). Due for completion by end of 2020.

CucaFace

subpar wrote: »

https://www.irishtimes.com/polopoly_fs/1.3773319.1548685282!/image/image.jpg_gen/derivatives/box_620_330/image.jpg

Planning Permission granted today for yet another nice looking building on North Wall Quay. It is a nine storey high grade office building , built on top of the old Richview Motors Building ( preserved red brick ). Due for completion by end of 2020.

That's great and all, but maybe at some stage they might actually start building places for people to live in?

You would swear nobody realises yet we are in an accommodation crisis in the city and all I see and hear about are new offices being built, new hotels being built, new student accommodations being built and lots of new jobs being announced.

And not one single place for anyone to live in.

Sorry for the rant, but how much do you think it will be to rent down here in a few more years at this rate? 2 beds apartment's will probably be €3,500/month in a year or so when all this happens.

beauf

They are building a lot of apartments in the area. Only in the two years or so have a lot of the existing apartments been occupied. I noticed before that, there was a surprising number of empty apartments in the area. Especially in North Docklands. AirBnB brought a lot of people into the whole IFSC/Docklands. Before that it was a ghost town out of business hours.

subpar

Optimistic report in today's newspaper regarding residential sector in the North Docklands


The combination of increased jobs and more affordable prices is expected to boost demand for housing, from investors, owner occupiers and tenants in Dublin's north docklands in 2019, according to local estate agent Owen Reilly. He is forecasting that residential prices across the whole of the docklands will rise by between 3pc and 4pc in 2019.

"At present prices in the north docklands are about 20pc below those in the south docklands. I expect buyers will be encouraged by Salesforce's recent announcement of its plans to locate at Spencer Place and will be attracted by the more affordable prices on the north side," he said.

Most investors prefer the south docklands and this is reflected in his firm's research which shows that while investors accounted for 53pc of deals across all the docklands, in the south docklands they accounted for as much as 80pc of purchases.

About 75pc of docklands purchasers were cash buyers and 73pc were Irish including ex-pats, some of whom were investors, including those who would consider returning here at a future date.

"I expect more buyers to avail of debt to help fund their purchases this year. I also expect more investors to buy in the north docklands where they can get a two-bedroom apartment in some of the older blocks for more affordable prices. They can buy a two-bedroom apartment in one of the older blocks for €350,000. Then after they refurbish it, the rents will not be subject to the 4pc rental cap and they can achieve market rents," he added.

"With supply of rental accommodation not coming close to matching demand, affordability is increasingly a factor with tenants. Investors achieved average rents of €2,392 per month across all of the docklands, which is an increase of 8.7pc."

These figures are based on letting agreements concluded by Reilly's agency in the third quarter of 2018.

Three-bedroom rents increased by 12pc to €4,166 in 2018 while two-bed units rose by only 2.6pc to €2,471. One-bedroom units increased by 11pc to €1,850, while on a floor area basis the average rent for all types was €419 per sq m (€39.37 per sq ft).

When it came to buying, one-bedroom units achieved the strongest growth rising 10pc to an average of €364,667 in 2018 while the increase for two-bedroom units was 3pc resulting in an average price of €501,327. Three bedroom apartment prices rose by 6.5pc to an average of €735,000.

Consequently with average price inflation rising by only 4.1pc and average rents increasing by 8.7pc, the average yields for new investors increased to 5.8pc gross.

While south docklands yields rose three basis points to 5.5pc, somewhat higher gross yields of between 5.8pc and 6.2pc were seen in the north docklands depending on the type and block.

In the first quarter of 2018 the Dublin Docklands residential market recorded strong enquiries and selling prices leading to higher asking prices. However, by the early summer market dynamics shifted with increased supply, especially apartments for which supply increased by 41pc compared with 2017.

But the increased asking prices led to affordability issues for owner occupiers due to mortgage cap restrictions while some investors became more hesitant if they didn't see value, despite the very strong rental market.

These factors combined to generate some buyer resistance and longer selling times - up from 5.2 weeks to 7.4 weeks. The average asking price was €531,595 and the average selling price was only 2.3pc higher compared with 6.7pc in 2017.

In floor area terms, the average selling price was €647 per sq ft compared with €622 in 2017, an increase of 4.1pc. In the south docklands, Grand Canal Dock is still the most valuable neighbourhood with an average selling price of €694 per sq ft. In the luxury market, two penthouse sales broke the €1,000 per sq ft level.

At 25 Gallery Quay, Block 1, a three-bedroom duplex penthouse sold for €1.55m or €350,000 more than its asking price.

The majority of sellers were landlords exiting the market, many of them accidental landlords with families who had outgrown their apartments.

With almost half of the sold properties being bought by owner occupiers, there are now less rental properties available in the docklands putting further pressure on the rental sector.

But while more than seven in every 10 purchasers was Irish, less than two in every 10 tenants were Irish. And with many of the investors being ex-pat Irish, this suggests that the market is attracting new absentee landlords who are letting to people of overseas origin, as these accounted for 81pc of tenants.

Nevertheless Owen Reilly points out that Irish tenants more than doubled their share of docklands renting activity last year - up from 8pc to 19pc.

"In recent months we are increasingly meeting higher earning executives relocating here, some of it Brexit-related," Reilly says.

The average salary of his docklands tenants is now €117,095 which is more than double the level of three years ago.

The growth of the private rental sector will have a significant impact on the market. For instance Cairn Homes' sale of 120 apartments at 6 Hanover Quay at an average price of €800,000 per apartment changed the strategy for many developers.

Only last week the Irish Independent revealed that developer Sean Mulryan's Ballymore and its partners, Oxley, are in exclusive talks with US property firm Greystar to sell 268, one, two and three-bedroom apartments at Dublin Landings on North Wall Quay in one lot for €175.5m or an average of €653,850 per luxury unit.

"It is very likely that all remaining apartment developments, planned or under construction, will now be sold in one block to an institutional investor. Though this will help alleviate pressures in the rental sector, one of the unintended consequences is that owner-occupiers don't have the option of buying in these developments," Reilly says.

He believes a more normal, sustainable market is beginning to emerge however with the Central Bank's mortgage lending rules combining with improved supply to deliver price stability. He also points to the strong fundamentals with office space under construction or nearing completion for another 30,000 office workers.

Fighting Tao

beauf wrote: »

They are building a lot of apartments in the area. Only in the two years or so have a lot of the existing apartments been occupied. I noticed before that, there was a surprising number of empty apartments in the area. Especially in North Docklands. AirBnB brought a lot of people into the whole IFSC/Docklands. Before that it was a ghost town out of business hours.

There were a lot of apartments in receivership and they were sold to vulture funds over the last couple of years. They have been working on fitting them out, painting them etc and many are now back on the rental marked.

CucaFace

beauf wrote: »

They are building a lot of apartments in the area. Only in the two years or so have a lot of the existing apartments been occupied. I noticed before that, there was a surprising number of empty apartments in the area. Especially in North Docklands. AirBnB brought a lot of people into the whole IFSC/Docklands. Before that it was a ghost town out of business hours.

Where? I don't see any new building of apts going on at the moment. I hope you are right, but I don't see it happening.

cgcsb

subpar wrote: »

https://www.irishtimes.com/polopoly_fs/1.3773319.1548685282!/image/image.jpg_gen/derivatives/box_620_330/image.jpg

Planning Permission granted today for yet another nice looking building on North Wall Quay. It is a nine storey high grade office building , built on top of the old Richview Motors Building ( preserved red brick ). Due for completion by end of 2020.

Pitty that all these sites are being wasted on 9 storey buildings. 20 should be a minimum. There's a chronic shortage of all types of property in Dublin.