I-Res Reit applies to build 492 apartments in South Dublin
Irish Residential Properties Reit is looking to increase the number of apartments on its books by almost 500, bringing its overall Irish portfolio to just under 2,900 units.
Yesterday, the company, which is controlled by Canada's largest residential landlord, CAPREIT, announced its submission of a planning application to Dun Laoghaire/ Rathdown County Council for a mixed-use development of 492 apartments and retail and commercial space at Rockbrook in Sandyford, south county Dublin.
Should the council give the go ahead for the plan, I-Res would increase its existing foothold at Rockbrook to 827 apartments.
The company already owns 335 units in the completed section of the scheme, which was originally commenced before the crash by the Cork developer, John Fleming. The Rockbrook scheme's intended centerpiece, the 14-storey Sentinel Tower office block was acquired separately by Galway-born developers, Luke and Brian Comer for less than €1m in 2012. The building has yet to be completed.
In terms of its own plans, I-Res says the 492 apartments it wishes to build would consist of 82 one-bedroom and 410 two-bedroom units divided between three buildings.
The proposal also includes a crèche and retail and commercial accommodation.
I-Res ceo David Ehrlich said Housing Minister Simon Coveney's initiative to "rationalise planning regulations" had had a "positive effect" on the ability of I-Res to progress its plans.
He added that his company's construction of 68 apartments at Block B2B at Beacon South Quarter in Sandyford would be completed by July 2017.