QuadReal Property Group and Round Hill Capital’s new joint venture has completed an agreement to forward purchase a high-quality 216-bed build-to-rent development in Dublin 9 in Ireland.
This scheme represents the joint venture’s first built-to-rent investment in Ireland as part of its wider Irish residential strategy.
The high-specification development scheme is well-located at Northwood, Santry, Dublin 9, a prime residential area 15 minutes’ drive north of the city center. The location benefits from easy access to extensive business, commercial, educational, medical, retail and leisure/entertainment facilities, and has excellent road, motorway, airport and future Metro connectivity.
The new development is being built by Dublin-based Cosgrave Property Group and will provide much needed rental accommodation in Dublin, with three one-bed, 195 two-bed and 18 three-bed apartments across three separate six-story buildings. It will also provide excellent dedicated common areas and amenities for all residents to enjoy including gym, concierge/reception area, crèche, playground and off-street car and bicycle parking. There is a landscaped courtyard and the garden links directly onto Santry River Park and onto Santry Demesne Park, one of Dublin’s finest networks of parklands. Residents are expected to take occupancy in third quarter 2019.
Round Hill has more than €1 billion ($1.1 billion) of dedicated capital to deploy into the local build-to-rent and purpose-built student accommodation (PBSA) sectors. And Ireland currently has sustained economic growth leading to increasing demand for all types of residential accommodation, especially for well located, purpose-built accommodation, while supply constraints are causing structural imbalances and inflationary pressures.
“Thanks to its robust and growing economy, Ireland continues to see strong and increasing demand for housing, but supply constraints persist,” said John Vaudin, managing director Round Hill Capital, Ireland. “The Round Hill Capital team is bringing its extensive international experience and more than €1 billion ($1.1 billion) of committed capital to deliver much needed housing to Ireland by investing for the long term.”
