An approved housing body has secured 22 apartments for €11.25 million to provide social housing at a “luxury” Dublin 4 apartment scheme.
Co-operative Housing Ireland (CHI) purchased units at the Gardens at Elmpark Green, Dublin 4, which has been built by Keith Craddock’s Red Rock Developments.
The website for would-be private buyers describes the scheme as “a boutique luxury development close to both the city and the coast”, located just off the Merrion Road in Dublin 4, a “much sought-after and exclusive location”.
Figures published on the Residential Property Price Register show CHI purchases include six apartments bought for €611,000 each with a further eight purchased for €499,000 each.
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Other prices secured include €537,082, €533,356 and €528,390, while the lowest purchase price was €324,676. The purchases were completed on September 30th.
On Friday, director of corporate services at Co-operative Housing Ireland Eoin Carroll said it was “delighted to deliver 22 much-needed social-rental homes to families and individuals at Elmpark”.
He said CHI member tenants, including those in Elmpark, “pay approximately 12-17 per cent of their total household income in rent, making it truly affordable”.
“Nominations for the homes at Elmpark were provided by Dublin City Council and have been fully allocated to CHI’s new member tenants. We are hopeful that families will begin moving in over the coming weeks.”
The bulk purchase by CHI was carried out in co-operation with Dublin City Council but at no cost to the local authority.
The council is allocating the apartments to people on its housing list. On Friday, a spokeswoman said that having assessed the developer’s costs, it considered the acquisition price, which was passed on to CHI, “as good value for money”.
She said CHI would be signing up tenants in a couple of weeks.
The apartment mix is made up of 11 one-bed apartments, 10 two-bed apartments and one studio.
Mr Carroll said: “Co-operative Housing Ireland delivered these homes with the support and partnership of Dublin City Council, which provides a monthly payment for each apartment, and the Housing Finance Agency, which provided the mortgage loan.”
Last year, CHI delivered 849 new homes and now provides 5,537 homes nationally to lower-income households.
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