Kennedy Wilson and its equity partner are aiming to build more than 1,000 new multifamily homes in Dublin by 2023, aided by two new construction contracts at Coopers Cross and the Grange in Ireland.
Including units recently launched and nearing completion at Clancy Quay, the contracts will expand Kennedy Wilson’s Irish portfolio to around 3,300 homes.
Construction company John Sisk & Son has been appointed to build 472 multifamily homes at Coopers Cross in Dublin’s North Docks, backed with a development loan facility from AIG.
The development will form part of a six-acre, city-centre mixed-use campus, featuring 395,000 sq ft of grade-A offices. It will also include the largest public park in the North Docks.
Construction started in March, and is expected to complete by the end of 2023.
At the Grange in the Stillorgan area, John Paul Construction has been appointed to deliver 287 homes as part of its first phase of development, to grow the community to 561 homes. A development loan facility was provided by HBFI.
Works began in September and are set to complete in the first half of 2023.
Both Coopers Cross and the Grange developments are designed by Irish architecture firm O’Mahony Pike.
The new developments follow on from the completion of phase three at Clancy Quay, where 246 homes were recently delivered to the rental market, which will bring the total number of homes at the site to 875 once fully complete. Kennedy Wilson said that its phase three development is 40% let so far.
Peter Collins, president at Kennedy Wilson Europe, said: “Since our first investment in this sector over eight years ago, we have seen professionally managed rental accommodations play an increasingly important role in addressing the shortage of housing, particularly apartments, in Ireland.
“We are confident that Ireland, the only English-speaking EU country, will make a strong recovery as an attractive HQ destination for global companies, underpinned by a young and growing population, strong talent pool and university system.”
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