Platinum Land has launched a hunt for €170m (£153m) in forward funding for a build-to-rent scheme of up to 550 flats at the Jam Factory in North Dublin.
The developer has appointed Cushman & Wakefield to secure finance for the scheme spanning three acres in the North Dublin suburb of Coolock.
The Jam Factory comprises four blocks of flats ranging from four to nine storeys, with a separate amenity building. It includes three acres of parklands, a gym and crèche facility. It has a projected gross income of €10m, equating to a gross yield of over 5%.
The scheme includes 30% affordable housing prelet on 25-year CPI indexed linked leases to Dublin City Council. The scheme is currently consented for 471 flats, but is pending approval for a further 79 flats, with a decision expected next month.
The development is located 6km north of Dublin city centre in a predominantly residential area with nearby retail and leisure uses.
The opportunity is expected to generate interest from both domestic and international investors, owing to the scale of the scheme, the affordable locations and the security of income from Dublin City Council. Platinum Land expects to begin construction by Q2 2021.
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