The improving Irish commercial property sector aided a significant upswing in pub and hotel sales in 2014, according to CBRE, which released its annual report.
In the report, CBRE described last year as a “pivotal” one for Irish commercial property and forecasted that 2015 is set to continue that positive trend.
The company’s Outlook 2015 report contains figures for transactional activity in different sectors of the Irish commercial property market in 2014 and predictions for each sector in the year ahead.
The report highlighted that 63 hotel sales concluded in Ireland in 2014, totalling over €341.2 million, compared to 33 hotel sales totalling €160 million in 2013.
In addition, a further €355 million of Irish hotel transactions (17 properties) were in legals at year-end.
A number of other hotel properties were sold as investments during the year and are included in investment spend figures.
Meanwhile, 38 Dublin pubs were sold in 2014, totalling almost €44 million between them with a further 19 properties in legals at the end of the year. This compares to 20 Dublin pub sales totalling approximately €15 million completed in 2013.
“Commercial transaction volumes and property value improvements exceeded all expectations last year,” said CBRE Ireland managing director, Enda Luddy.
“Irish property was one of the best performing asset classes in the world during the last 12 months and transaction volumes were up significantly in all sectors. However, it is important to remember that recent value increases are coming off a low base following an exceptionally severe crash and values still remain considerably below peak levels in all sectors, which will continue to attract investors to Irish real estate over the next 12 months,” he added.
