McGrath Group Properties has sold two phases of its Elmwood apartment development at Johnstown Road in Cabinteely, Dublin 18, to Clúid Housing, the independent not-for-profit charity which provides affordable homes to people in housing need.
McGrath declined to disclose the sale price but it is believed to be about €45m for both phases.
At the early stages of the first phase of the development, the Irish Independent indicated that McGrath had received offers of more than €20m from investors in advance of its work. The first phase at Johnstown Place consists of 51 units – 26 one-bed apartments and 25 two-bed apartments.
Phase two of Elmwood comprised 25 one-bedroom units and 32 two-bedroom apartments which have just been completed.
Clúid works in partnership with local authorities to provide housing to those on social housing waiting lists. An approved housing body, it owns and manages over 9,000 properties providing a home to over 24,000 people.
It also provides homes under the Government’s Cost Rental Scheme, whereby rents are targeted at a minimum of 25pc below open market value. Residents are also provided with long-term security of tenure.
Joey Walsh, a senior executive from McGrath Group, said: “McGrath Group Properties has been in business for over 40 years and we build quality dwellings made to last. We are very pleased with the completion of this development totalling 108 units at Johnstown Road, which was built sustainably with a focus on the local community and wider environment.”
Johnstown Road connects Cabinteely Village to Glenageary, Killiney and Dalkey. It is also within walking distance of the office complexes on Pottery Road.
The McGrath Group, a family-owned Irish property firm, was founded in the early 1980s and is headquartered in Dublin city centre.
Initially it developed residential properties for the Irish rental market and later expanded into large investment and development projects. It diversified into development and refurbishment projects in Dublin, southern England and Germany.
Its German projects are located in Berlin, Rostock, the state of Leipzig and Zwickau in the state of Saxony.