Saturday 19 January 2019

Ires Reit to fast-track new bid for Dublin apartments

David Ehrlich of Ires Reit
David Ehrlich of Ires Reit

Ronald Quinlan Commercial Property Editor

Ires Reit, Ireland's biggest private landlord, is to resubmit a fast-track application for more than 400 apartments at Sandyford in south Dublin after An Bord Pleanála backed council planners' rejection of the scheme.

It came as a report from WorldFirst payment group said rental yields in Ireland are the highest in Europe, at more than 7pc - a signal of how the lack of housing supply as driven up rents.

Bord Pleanála upheld Dún Laoghaire-Rathdown County Council's refusal last April of Ires Reit's application for three 14-storey apartment blocks at the Rockbrook scheme.

In opposing the development for 456 apartments, council planners said its height would detract from the visual dominance of the unfinished 14-storey Sentinel Building located on an adjacent site.

In a statement released to the Irish Stock Exchange yesterday, Ires Reit said that it had received an order from An Bord Pleanála confirming its decision.

"Naturally, we are very disappointed at the result of the appeal," said Ires Reit CEO David Ehrlich. "We are ready, willing and able to develop additional apartments.

"Everyone recognises the housing crisis in and around Dublin and Ires wants to be part of the solution because we intend to be in Ireland over the very long term."

Ires Reit said it will submit a revised planning application shortly, adding that it will avail of the Government's new fast-track arrangements for large-scale housing developments.

Ires Reit isn't alone in facing planning difficulties at Sandyford.

As the Irish Independent recently reported, a plan by the Comer brothers to complete the development of the Sentinel building and an adjoining apartment block has been met with an objection from Transport Minister Shane Ross.

While welcoming a proposal for the completion of the 14-storey Sentinel which he said "has been a visible scar on the Sandyford skyline for so long", Mr Ross has told council planners that the addition of two floors to the six-storey building beside it would "be totally out of sync with the local area".

The Comers are seeking permission for 294 'live-work' office units and retail space at the Sentinel and its adjoining buildings, part of the Rockbrook scheme originally begun by developer John Fleming prior to the economic crash.

Also in the Rockbrook campus, receiver Pearse Farrell of Duff Phelps is seeking planning for 482 apartments.

Irish Independent

Also in Business