Monday 16 September 2019

Tetrarch Capital sells 84 apartments for social housing

Michael McElligott, CEO of Tetrarch Capital
Picture Conor McCabe Photography
Michael McElligott, CEO of Tetrarch Capital Picture Conor McCabe Photography
Ellie Donnelly

Ellie Donnelly

Real estate investment company Tetrarch Capital is selling 84 homes at the Westpark Apartments in Citywest to Clúid, Ireland’s largest approved housing body (AHB).

Clúid will add the units to its portfolio of social housing.

The development, located adjacent to the golf course at Citywest Hotel, which is also owned by Tetrarch, is made up of 34 one bed, 44 two bed, and six three bed apartments.

Tetrarch acquired 80 aparthotel units in six blocks at Westpark in 2017, converting the units into 84 apartments.

All units are being delivered to Clúid on a turn key basis, following a €10m refurbishment process.

Fiona Cormican, Clúid’s director of new business, said: “Clúid Housing is delighted to have agreed this deal with Tetrarch Capital which will improve the supply of social housing in West Dublin, an area of acute shortage.”

“We look forward to helping new tenants at Westpark move off the local authority housing waiting list, and into a new home.”

Clúid is financing the project through a combination of loans from the Housing Finance Agency (HFA), and financial support from the Department of Housing, Planning and Local Government.

Meanwhile, Tetrarch is advancing plans for the development of a scheme of apartments on a separate residential site it owns on Garter Lane.

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