Ires Reit agrees deal to sell Sandyford site with permission to build 428 apartments

A residential site at Rockbrook in Sandyford Business District, Dublin 18

Donal Buckley

Ires Reit, Ireland's biggest private landlord, is understood to have agreed a deal on the sale of a residential site at Rockbrook in Sandyford Business District, Dublin 18. The company declined to comment on speculation that the price may be about €20m.

The site comes with planning permission for 428 apartments along with amenity space including gymnasium, lounges, games room and a panoramic function room, a crèche and café. It acquired the site in 2015 and received planning approval in 2019.

It had intended developing the units but delayed site work because of Covid-19.

Earlier this year, the Reit said that with “subsequent supply chain pressures and cost inflation, the yield metrics became challenged. We recently made the decision, based on considered assessment of capital allocation options, to dispose of the site.”

This decision came despite the Government scheme to assist developers in undertaking projects whose viability is considered risky.

The site adjoins the Rockbrook complex where Ires Reit already rents out several hundred apartments and the Aldi and EZ Living stores.

It also adjoins a site where Richmond Homes, the development subsidiary of Avestus Capital, is nearing completion of a build-to-rent development of 564 apartments spread over six blocks, one of which is 17 storeys high.

The Ires site also abounds Comer brothers’ unfinished Sentinel office building and faces Beacon South Quarter shopping centre which includes a busy Dunnes Stores among its occupiers.