The rapid growth of Ireland's private rented sector (PRS) market moves up a gear today with the launch to the market of 268 apartments at Dublin Landings, the million square foot mixed-use development being delivered by Sean Mulryan's Ballymore in partnership with Oxley in the Dublin Docklands.
While the selling agent, Savills Ireland, has not set a guide price for the portfolio, its location at the centre of the capital's financial services and technology sectors suggests it will command a premium.
In terms of its potential pricing, one useful benchmark was provided earlier this year with Cairn Homes's sale of 120 apartments at nearby Six Hanover Quay for €101m to a special purpose vehicle managed by Carysfort Capital. The sale price represented an average gross price of €800,000 for each of the apartments.
The 268 units at Ballymore's 'Dublin Landings Residential' will comprise 82 one-bed, 146 two-bed, and 31 three-bed apartments, in addition to nine three-bed duplexes.
The scheme, the first phase of which is due to be completed in September 2019, will include numerous on-site resident amenities including a concierge service, landscaped gardens, a private gym, business lounges and 210 basement parking spaces.
Ballymore's managing director, John Mulryan, said the scheme has been designed to introduce what he described as "a new standard of rental product in Dublin".