Cosgrave Property Group Explained

Cosgrave Property Group
Founded:	1979 in Dublin
Key People:	Joseph Cosgrave, Michael Cosgrave
Industry:	Real estate, Property developments

The Cosgrave Property Group is an Irish property development company established by brothers Joseph, Michael, and Peter Cosgrave. It currently has loans from the National Asset Management Agency.^[1]

The group is also known as Cosgrave Developments and is a subsidiary of Borg Developments.^[2]

History

The company was established in 1979 by the brothers Joseph, Michael and Peter Cosgrave, sons of Jack Cosgrave, also a notable property developer.^[3]

In 2007 the company won the Irish Developer of the Year Award^[4] at the award event organised by UK property magazine Property Week.^[5]

In 2014 Cosgrave has sold to Green REIT a €384.4 million worth portfolio, comprising office buildings at Georges Quay and George's Court, Dublin 2 and retail and commercial space in Westend Retail Park, Blanchardstown.^[6]

In September 2016 the company has announced plans to build a new office building called The Exchange. A€60m million funding was provided by Irish investment fund IPUT.^[7]

In 2016, the company sold 197 apartments at Neptune, Honeypark to SW3 Capital-Tristan Capital Partners for €72.5m. The following year, the Cosgraves sold 319 apartments at the Leone and Charlotte buildings at Honeypark to Patrizia for €132m.^[8]

Property

• Belville, Donnybrook, Dublin, Ireland.
• Morehampton Square, Donnybrook, Dublin, Ireland.
• Donnybrook Manor, Donnybrook, Dublin, Ireland.
• Sweepstakes and Shrewsbury, Ballsbridge, Dublin, Ireland.
• Chesterfield, Castleknock, Dublin, Ireland.
• Custom Hall, Gardiner Street, Dublin, Ireland (1992).
• St. Helen's, Booterstown, Dublin, Ireland. Currently operated as a Radisson Hotel. (1996 IEP£2m)^[9]
• Ardilea Wood, Clonskeagh, Dublin, Ireland (2000). Noted as the first development of IEP£1m houses in Ireland.
• The 78 acre former site of the Dun Laoghaire Golf Club on Glenageary Road, Dublin, Ireland.^[10] (2002 EUR€20m^[11])
• George's Quay office complex, Dublin, Ireland.
• Caxtongate retail and office complex, Birmingham, United Kingdom. (Bought 2006 GBP£78.8m, Sold 2011 approx. 25% for £16m / €18.23m).^[12]
• Liberty shopping centre, Romford, Essex, United Kingdom, (2006 GBP£281m^[13] / EUR€415m).
• 301–307 Oxford Street, London, United Kingdom. (2007 GBP£86.5m / EUR€124m)^[14]
• Jubilee House, 197–213 Oxford Street, London, United Kingdom. (Sold 2011 GBP£165m^[15]).
• 215–219 Oxford Street, London, United Kingdom. (Sold 2011 GBP£55.1m).
• Cedarview, Northwood, Santry Demesne, Dublin, Ireland

Notes and References

1. News: State pays rent millions to NAMA developers. 12 December 2011. Independent. 13 January 2012. Dublin. Cormac. McQuinn.
2. News: Upbeat Cosgrave builds up profit of €8.9m. 10 March 2011. Independent. 14 January 2012. Dublin. Emmet. Oliver.
3. News: Building on their wealth in the new Ireland. 3 September 2006. Independent. 13 January 2012. Dublin. Ciaran. Brennan.
4. News: Cosgrave brothers named top developers. 30 November 2007. The Irish Independent. 14 January 2012. Dublin. Cliodhna. O'Donoghue.
5. http://www.propertyweek.com/news/irish-property-awards-winners/3101384.article Property Week Awards 2007
6. News: Green REIT acquires major Dublin portfolio. Ltd. Insider Media. 7 February 2017.
7. News: Cosgrave to build new 105,000sq ft office building for €60m. The Irish Times. 7 February 2017.
8. Web site: Cosgrave apartments set to sell for over €100m. The Irish Independent. 31 January 2019 . 18 April 2019.
9. News: SAS operates St Helens. 4 May 1998. Independent. 13 January 2012. Dublin. Cliodhna. O'Donoghue.
10. http://www.dunlaoghairegolfclub.ie/Home/History.aspx Dun Laoghaire Golf Club History
11. News: Dún Laoghaire golf club site to be torn down. 1 April 2011. The Irish Times. 13 January 2012. Dublin. Tim. O'Brien.
12. News: London Irish sell up their holdings. 2 June 2011. The Irish Times. 13 January 2012. Dublin.
13. News: Hammerson sells Essex shopping centre for £281m. 22 August 2006. The Independent. 13 January 2012. London. Gary. Parkinson.
14. News: Cosgraves splash €124m on London high street. 13 October 2007. Independent. 13 January 2012. Dublin.
15. News: Cosgrave makes tidy profit on Oxford Street. 26 May 2011. The Irish Times. 13 January 2012. Dublin.