Property & Planning
Week of 2026-W18
Irish Property Market Intelligence
Monthly Property & Planning Monitor — 27 April to 3 May 2026
Source: PROPERTY | Period: 2026-04-27 to 2026-05-03
A Brutalist icon reborn: Phibsborough Shopping Centre set for hotel and student accommodation overhaul as April market holds steady at €324,149 median
The Irish property market registered 1 transactions in the week to 3 May 2026 — a figure that reflects the Property Price Register's typical 4–6 week data lag rather than any slowdown in activity. The real story this period is in the planning pipeline: 0 applications were lodged across the country in April and early May, with 204 residential units in the mix and one landmark application that could reshape a Dublin 7 streetscape that has barely changed since the 1960s. The Larkin family's Stormborn Capital Acquisition Three Limited has lodged plans to convert the Phibsborough Shopping Centre into a 150-room hotel, 411-bed student accommodation block, and 23 cost-rental apartments — a scheme that, if approved, would be among the most ambitious mixed-use conversions in the capital this decade.
By the Numbers
| Metric | Value | Signal |
|---|---|---|
| National median price (April 2026) | €324,149 | Stable |
| National average price (April 2026) | €363,360 | Stable |
| April transactions registered | 2,661 | Active |
| Kildare median (April 2026) | €418,502 | +29% vs national |
| Planning applications (Apr–May) | 425 | Broad pipeline |
| Residential units in pipeline | 204 | Supply signal |
| Largest single application (Newcastle South) | 113 units | LRD Phase 4 |
| Phibsborough hotel/PBSA/cost-rental scheme | 584 beds + 23 apts | Landmark |
The Investigation: A Market in Equilibrium, a Pipeline Under Pressure
Price Tracker: April 2026 vs March 2026
A deeper look at the April data reveals a market that has found a stubborn equilibrium. The national median of €324,149 represents a marginal 0.2% decline from March's €324,751 — a rounding error in market terms. Transaction volumes are essentially flat: 2,661 in April versus 2,659 in March. What this tells us is not stagnation but stability: the market is absorbing demand at current price levels without either overheating or correcting. The outlier is Kildare, where 144 April transactions produced a median of €418,502 — a 29% premium over the national figure that reflects both the county's commuter belt appeal and a new-build pipeline skewed toward larger family homes.
| County | Median (April 2026) | Median (March 2026) | Change | Transactions (April) | Transactions (March) | Volume Change |
|---|---|---|---|---|---|---|
| Kildare | €418,502 | €324,751 (national) | +29% vs national | 144 | — | Active |
| National (all counties) | €324,149 | €324,751 | −0.2% | 2,661 | 2,659 | Flat |
| Dublin (register lag) | — | — | Data lag | 0* | — | Lag |
| Cork (register lag) | — | — | Data lag | 0* | — | Lag |
| Galway (register lag) | — | — | Data lag | 0* | — | Lag |
*Register lag: transactions from 27 April–3 May 2026 not yet reflected. April aggregate used for county-level analysis.
Planning Pipeline: Applications by Authority and Type
The 0 planning applications received in April and early May 2026 tell a story of geographic concentration. Donegal led all authorities with 59 applications — a figure that reflects the county's ongoing rural one-off housing demand rather than large-scale development. Dun Laoghaire-Rathdown (56 applications) and South Dublin (37) represent the metropolitan core, where the applications are smaller in number but larger in scale and significance. The 61 applications containing residential units account for all 204 units in the pipeline, with three applications accounting for 137 of those units.
| Application Ref | Location | Description | Authority | Units / Scale | Status |
|---|---|---|---|---|---|
| LRD25A/0014W | Newcastle South, Co. Dublin | Phase 4 ‘Burgage South’ LRD: 53 houses + 60 apartments/duplexes, 4.08ha site | South Dublin CC | 113 units | AI Received |
| SD25A/0133 | Croughs Pub, Cookstown Rd, Tallaght, D24 | Demolition + 5-storey over basement: 15 apartments (6 x 1-bed, 9 x 2-bed) | South Dublin CC | 15 units | CAI Received |
| SD25A/0131 | Croughs Pub, Cookstown Rd, Tallaght, D24 | Alternative scheme: 5-storey over basement, 9 apartments | South Dublin CC | 9 units | CAI Received |
| ED26/0021 | Red Cow Moran Hotel, Naas Rd, D22 | Section 5 declaration: whether use as asylum seeker accommodation is exempted development | South Dublin CC | N/A | Provisional Rec. |
| 26/1032 | Derrynanool, Mitchelstown, Cork | 750kWp ground-mounted solar PV array (1,261 panels), Renewable Energy Directive III | Cork County Council | 750kWp | Awaiting Validation |
| D26A/0312/WEB | 14 Main Street, Dundrum, D14 | Change of use: ground floor retail to office (up to 1,000 sq.m.) | Dun Laoghaire-Rathdown CC | N/A | Validation |
| SD26B/0193W | 2 Eden Court, Rathfarnham, D16 | Two-storey side and rear extension, 199.86 sq.m. floor area | South Dublin CC | N/A | Valid |
Planning Application Types: The Mix
Of the 425 applications in the period, 320 were standard Permission applications (combining PERMISSION and Permission categories), 63 were Retention applications, and 7 were Section 5 declarations — queries to planning authorities on whether a proposed use constitutes exempted development. The Red Cow Moran Hotel Section 5 query is the most politically charged of these: it asks South Dublin County Council to rule on whether converting a hotel to asylum seeker accommodation requires planning permission. The answer will have implications for similar conversions across the country.
The Connections: What the Data Alone Cannot Tell You
Property transactions and planning applications are the skeleton of the market. The flesh is the corporate architecture behind them — who is buying, who is building, and what their CRO footprint reveals about their ambitions and their risk appetite. This period, three stories emerge from the cross-index data that the raw numbers alone would never surface: a Brutalist shopping centre being reborn as a hotel and student village, a data centre operator betting €1bn on South Dublin's digital future, and a family hotel dynasty fighting its succession battle in the courts.
The Radar: Three Signals Worth Watching
The Deep Dive: Stormborn Rising
This period's most significant planning story is not a transaction — it's a corporate architecture. One company stands out for the depth of its cross-index footprint: the Larkin family's Twinlite/Stormborn group, whose Phibsborough Shopping Centre application reveals a developer that has been quietly building the legal infrastructure for a major mixed-use portfolio over the past five years. A deeper look at the CRO data reveals a network that goes well beyond what any single planning application would suggest.
Stormborn Capital Acquisition Three Limited — The SPV Behind the Landmark
Stormborn Capital Acquisition Three Limited is a private limited company registered on 14 April 2025 at Phibsborough Tower, Phibsborough Road, Dublin 7 (D07 XH2D). Its directors are Richard Larkin (DOB 07/01/1984, Dundrum, Dublin 14) and Michael Larkin (DOB 30/01/1982, Dunshaughlin, Co. Meath), with Kevin Gilmore (Blessington, Co. Wicklow) as a third director from September 2025. The company was registered just 12 months before the Phibsborough Shopping Centre planning application was lodged — a classic SPV (special purpose vehicle) structure, created specifically to hold the planning risk for this project. The parent entity, Stormborn Holdings Limited, was registered in July 2025 with all three Larkins — father Eugene and sons Richard and Michael — as directors.
| Entity | CRO Number | Registered | Role in Group | Address |
|---|---|---|---|---|
| Twinlite Construction Limited | 702744 | Aug 2021 | Construction vehicle | Phibsborough Tower, D07 XH2D |
| Stormborn Holdings Limited | 792989 | Jul 2025 | Group holding company | Phibsborough Tower, D07 XH2D |
| Stormborn Capital Acquisition Three | 786153 | Apr 2025 | Phibsborough SPV (planning applicant) | Phibsborough Tower, D07 XH2D |
| Stormborn Capital Acquisition One | 704514 | Sep 2021 | Acquisition SPV | Phibsborough Tower, D07 XH2D |
| Ironborn Real Estate Limited | 651439 | Sep 2019 | Real estate holding (Shannon) | Rocktwist House, Shannon, V14FW97 |
| Highgarden Real Estate Limited | 658812 | Feb 2020 | Real estate holding (Shannon) | Rocktwist House, Shannon |
The question for the 2026 planning decision: will Dublin City Council grant permission for a scheme that would demolish a 1960s Brutalist landmark and replace it with a 9-storey student accommodation tower? The Phibsborough area is already under planning pressure from the Dalymount Park redevelopment next door. The outcome will set a precedent for how the planning system treats large-scale mixed-use conversions in inner-city Dublin.
Key People This Period
| Name | Role | Notable Activity | Connections |
|---|---|---|---|
| Richard Larkin | Director, Twinlite/Stormborn Group | Phibsborough Shopping Centre hotel/PBSA planning application via Stormborn Capital Acquisition Three | Twinlite Construction, Stormborn Three, Ironborn, Highgarden |
| Michael Larkin | Director, Twinlite/Stormborn Group | Co-director across Twinlite Construction and Stormborn entities; Dunshaughlin, Co. Meath base | Twinlite Construction, Stormborn Three, Stormborn Holdings |
| Eugene Larkin | Director, Twinlite Construction / Stormborn Holdings | Patriarch of Larkin property family; joined Twinlite Construction board May 2023; Dunboyne, Co. Meath | Twinlite Construction, Stormborn Holdings |
| Noel O'Callaghan | Founder/Patriarch, O'Callaghan Collection | High Court dispute with sons Paul and Charles over €400m hotel empire; arbitration upheld by Mr Justice Mulcahy | Saira Company Dublin ULC (87224), Sherborough Development Company |
| Paul O'Callaghan | Director, O'Callaghan Collection | Defendant in family hotel dispute; active director of Saira Company Dublin ULC since June 2015 | Saira Company Dublin ULC (87224), New Street Service Charge CLG (406199) |
| Niall Molloy | CEO, Echelon Data Centres | Seeking 4-year planning extension for Dub10 Phase 4 data centre, Clondalkin; €1bn+ invested in Dub10 campus | Echelon Data Centres, Starwood Capital (€800m deal 2024), Arklow campus |
One to Watch: Stormborn Capital Acquisition Three Limited
Stormborn Capital Acquisition Three Limited
| Metric | Detail |
|---|---|
| Company type | Private Limited Company (LTD) |
| Issued capital | Not yet filed (registered April 2025) |
| Directors | Richard Larkin, Michael Larkin, Kevin Gilmore |
| Parent | Stormborn Holdings Limited (registered July 2025) |
| Planning application | Phibsborough Shopping Centre — 150-room hotel, 411-bed PBSA, 23 cost-rental apartments |
| Site | Phibsborough Road / North Circular Road / Connaught Street, Dublin 7 (next to Dalymount Park) |
Stormborn Capital Acquisition Three is the planning applicant for what would be one of the most ambitious mixed-use conversions in Dublin in a decade. The company was registered in April 2025 — 12 months before the planning application was lodged — as a special purpose vehicle for the Phibsborough Shopping Centre project. Its directors, Richard and Michael Larkin, are the sons of Eugene Larkin, who built the Twinlite group from its base at Phibsborough Tower.
Why it matters: the Phibsborough scheme is not just a planning application — it is a statement of intent about the future of inner-city Dublin. The site sits at the junction of three major streets, adjacent to the redeveloped Dalymount Park. If granted, the scheme would add 584 student beds and 23 cost-rental apartments to an area that is already under pressure from student accommodation demand generated by nearby DCU and TU Dublin. The hotel component — 150 rooms with co-working space — targets the growing market for extended-stay business travellers in north Dublin. The cost-rental apartments, at 23 units, are a planning sweetener that may prove decisive in securing permission.
The number that matters: 12 months — the time between Stormborn Capital Acquisition Three's registration (April 2025) and the planning application (April 2026). This is a developer that moves fast once it has a site. Watch for the planning decision in Q4 2026 and for a capital raise announcement if permission is granted.
The Broader Picture
The Companies Registration Office
The CRO data for the period reflects the broader market dynamics visible in the planning and property data. While the CRO's indexing for the specific week of 27 April to 3 May 2026 was not yet available at time of publication, the corporate footprint of the period's key players tells its own story. The Larkin family's Stormborn group — with 0 entities registered across the Phibsborough Tower address cluster — represents the kind of systematic corporate architecture that precedes major development activity. The registration of Stormborn Holdings Limited in July 2025 and Stormborn Capital Acquisition Three Limited in April 2025 are the most recent additions to a group that now spans construction, real estate holding, and institutional capital vehicles. Separately, Castlethorn Old Conna Unlimited Company — registered in November 2024 as an unlimited liability holding company at Dundrum Town Centre — signals that Castlethorn is actively building its corporate pipeline for future residential developments beyond Canal Gardens.
| Company | CRO Number | Type | Registered | Significance |
|---|---|---|---|---|
| Stormborn Capital Acquisition Three Limited | 786153 | LTD | Apr 2025 | Phibsborough Shopping Centre planning applicant |
| Stormborn Holdings Limited | 792989 | LTD | Jul 2025 | Group holding company; Eugene, Michael, Richard Larkin directors |
| Castlethorn Old Conna Unlimited Company | 776367 | ULC | Nov 2024 | Castlethorn developer holding entity; Canal Gardens pipeline |
| Ironborn Real Estate Limited | 651439 | LTD | Sep 2019 | Shannon-based institutional capital vehicle; UK co-director |
| Highgarden Real Estate Limited | 658812 | LTD | Feb 2020 | Shannon-based real estate holding; part of Larkin two-tier structure |
The Irish Courts
The courts were busy with planning and property-related litigation in the period. Three High Court judgments stand out for their direct relevance to the development pipeline: a data centre planning judicial review that has implications for the entire sector, a dismissed challenge to a large-scale residential development in Galway, and a wind farm planning challenge. Together, they paint a picture of a planning system under sustained legal pressure from multiple directions — environmental objectors, infrastructure challengers, and renewable energy opponents all using the courts to test the boundaries of An Coimisiún Pleanála's decision-making.
| Citation | Parties | Subject | Why It Matters |
|---|---|---|---|
| [2026] IEHC 156 | Doyle and Ors v An Coimisiún Pleanála | Data centre planning permission — Clare County Council | High Court quashed permission; climate change and bat fauna grounds; remitted to An Coimisiún Pleanála. Sets precedent for environmental challenges to data centre permissions |
| [2026] IEHC 23 | Foran v An Coimisiún Pleanála | LRD challenge — 227 apartments, Galway | Challenge dismissed; roads and climate grounds rejected. Positive signal for large-scale residential development pipeline |
| [2026] IEHC 65 | Hoctor and Ors v An Coimisiún Pleanála | Wind farm planning judicial review | Renewable energy infrastructure challenge; outcome relevant to accelerating solar and wind pipeline |
Property Markets and Plans
The commercial property market this period was defined by two contrasting signals: the launch of Castlethorn's Canal Gardens at €550k–€750k in west Dublin, and the Phibsborough Shopping Centre planning application that would convert a 1960s retail centre into a mixed-use hotel and student accommodation complex. Both signal developer confidence in Dublin's continued growth — but they are betting on different segments of the market. Castlethorn is targeting owner-occupier families in the D15 corridor; the Larkin group is targeting institutional investors in the hotel, PBSA, and cost-rental sectors. The gap between these two markets — owner-occupier new-build at €550k–€750k versus the national median of €324,149 — is the defining tension in the Irish property market in 2026.
| Development | Location | Scale | Significance |
|---|---|---|---|
| Canal Gardens Phase 1 (Castlethorn) | Dublin 15 | 20 houses, €550k–€750k | New-build premium 70–130% above national median; west Dublin demand signal |
| Phibsborough Shopping Centre (Stormborn Capital Three) | Dublin 7 | 150 hotel rooms, 411 PBSA beds, 23 cost-rental apts | Landmark mixed-use conversion; institutional investor target asset |
| Newcastle South Phase 4 (LRD25A/0014W) | South Dublin | 113 units (53 houses + 60 apts/duplexes) | Largest residential application in period; Phase 4 of 400+ unit scheme |
| Croughs Pub, Tallaght (SD25A/0133) | Dublin 24 | 15 apartments (alternative: 9 units) | Pub-to-apartment conversion; emerging urban infill typology |
| 14 Main Street, Dundrum (D26A/0312/WEB) | Dublin 14 | Office change of use, 1,000 sq.m. | Retail-to-office conversion; suburban town centre restructuring signal |
The Week Ahead
The period of 27 April to 3 May 2026 will be remembered not for its transaction volume — the Property Price Register lag means the real data will only emerge in June — but for the planning applications and corporate moves that signal where the market is heading. The Phibsborough Shopping Centre application is the headline, but the deeper story is the systematic corporate architecture the Larkin family has built over five years: eight CRO entities, two jurisdictions (Dublin and Shannon), and a planning application that would transform one of Dublin's most recognisable streetscapes. The Newcastle South Phase 4 application, at 113 units, is the supply story: a developer delivering at scale in South Dublin, with mixed tenure and multi-access design. And the courts data — particularly the Clare data centre judicial review — is the risk story: a planning system under sustained legal pressure from environmental objectors who are increasingly using climate change as a ground for challenge.
What to Watch: The planning decision on the Phibsborough Shopping Centre application (expected Q4 2026) will be the most significant planning outcome of the year for inner-city Dublin. An Coimisiún Pleanála's response to the Echelon Dub10 extension request will signal how the planning system treats legacy data centre permissions in the post-climate-action era. And the Property Price Register data for April and May 2026 — when it fully emerges in June — will tell us whether the market's stubborn equilibrium is holding or beginning to crack.