A private rented sector – or build-to-rent – development in south Dublin comprising 295 apartments has been brought to market with a guide price of €130 million.
Developer Michael Cotter’s Park Developments has instructed joint agents Cushman & Wakefield and Sherry Fitzgerald New Homes, to market the development by way of a forward-purchase agreement.
The proposed development, at East Village in Dublin 18’s Clay Farm, is set to be one of Dún Laoghaire-Rathdown’s largest residential schemes.
While sales to owner-occupiers in the wider Clay Farm development will continue, the East Village opportunity is a rare one, according to the agents. When completed, the entire development will comprise about 1,500 homes, in addition to 33 acres of open space including parks and playgrounds.
The agents are expecting “significant interest” given the limited opportunity to acquire standing stock around the capital. There has been strong demand from local and international investors for this type of project, the agents said.
Located near a host of major employers, as well as infrastructural links including the Luas green line, the East Village development will comprise 71 one-bedroom apartments, 198 two-bedroom apartments and 26 three-bedroom duplex units across three separate blocks.
Partial completion of the units is expected in the fourth quarter of 2020, with the final block expected to be delivered by the same period in 2021.
East Village is about three minutes from the M50 motorway, while Sandyford Business Park is about seven minutes away by Luas. Employers such as Microsoft, Google, Vodafone, Salesforc e and Lease Plan are located within four stops of the development.
The blocks have been efficiently designed, with one-bedroom units averaging 50sq m, two-bedroom units averaging 89sq m and the three-bedroom units averaging 114sq m.
Standard fit-out includes fully floored units with fitted kitchens and generous storage spaces. Each apartment has at least one allocated car park space.
Some 150 houses have been sold at Clay Farm since construction started and Park Developments will soon offer the first 50 of 200 apartments to the owner-occupier market.
Since its foundation in 1962, Park Developments has built more than 20,000 units in the greater Dublin area. In the vicinity of Clay Farm it has delivered about 2,700 homes across developments including the Park in Cabinteely, and the Gallops in Leopardstown.
