Ires Reit closing in on €200m purchase of Dublin 8 apartment scheme

Ires Reit, the largest private landlord in Ireland, is closing in on the purchase for about €200 million of hundreds of new homes being developed in the Liberties in Dublin.

Due for completion in the first quarter of 2023, the development by Bain Capital-backed Carrey Issuer will comprise of 413 apartments. The concierge-serviced Newmarket Yards scheme will be aimed towards the upper end of the private rented sector market and consist of a mix of 203 studios, 136 one-bedroom apartments, 72 two-bedroom apartments, and two three-bedroom apartments. The scheme will also include a gym, cafe/lounge, a cinema, an artists’ studio, and retail space at street level, as well as bike and car parking spaces at basement level.

The wider Newmarket Square scheme will feature a 151-bedroom hotel to be operated by the UK-headquartered Whitbread’s Premier Inn brand. The design of the Dublin 8 development also includes 1,925sq m (20,720sq ft) of landscaped spaces, including a biodiversity terrace, spa terrace, communal courtyard, and new public walkway through the site from Newmarket Square to St Luke’s Avenue.

Newmarket Square, which was the centre of Dublin’s distilling and brewing industries, has seen dramatic changes in recent years, with the arrival in the area of the Teeling Whiskey Distillery, Aloft Hotel and two big student accommodation developments by UK-headquartered GSA. The GSA schemes, known as the Mill and the Tannery, comprise 400 and 300 bed spaces respectively.

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The Mac Group completed work last year on the 8 Building on behalf of Liberties, Valorem Investment Partners and Revelate. The building comprises 75,000sq ft of Grade A office accommodation, along with several artists’ studios and 6,500sq ft of food market space.