Ardstone Capital pays €180m for 398 Dublin rental apartments

Investment firm in forward purchase deal for Dwyer Nolan units in Santry, Finglas and Clongriffin

Ardstone Capital, the investment firm founded by former Friends First senior executives, has paid around €180 million to acquire 398 apartments being delivered by Dwyer Nolan Developments across three sites in Dublin.

The agreement of the forward purchase deal will see Ardstone secure ownership of a mix of units across the developer's schemes at Santry Place in north Dublin, Hampton Wood in Finglas and at Windermere in Clongriffin.

While both Ardstone and Dwyer Nolan declined to comment on the matter, The Irish Times understands the transaction was finalised last week. The off-market deal which was brokered by joint agents CBRE and Dillon Marshall represents the latest in a series of significant sales for Dublin’s private rented sector (PRS) market.

It comes just two months after German investor Union Investment completed its own acquisition for €200 million of 435 apartments and a health centre being developed by Sean Mulryan's Ballymore Group at Royal Canal Park in Ashtown, Dublin 15.


The apartments at Santry Place account for the largest portion of the Dwyer Nolan portfolio sale with some 205 units across three blocks due for practical completion in the third quarter of this year. The 125 units at Hampton Wood and the 68 units at Windermere in Clongriffin are scheduled for delivery in 2022.

In the case of Santry Place, Dwyer Nolan is set to deliver apartments aimed towards the upper end of the private rented sector market. Located on the Swords Road and within close proximity to both the Omni Park shopping centre and Santry Park, the development will comprise a mix of concierge-serviced one, two and three-bedroom units, along with a range of residents’ amenities.

These will include a cinema room, creche, gym, residents’ lounge, work pods, play area, rooftop garden, and landscaped gardens and courtyards. The Santry scheme will also feature an on-site management suite and promises to be pet-friendly subject to terms and conditions.

Major change

The development of the complex represents a major change of use for the Swords Road site. Prior to its acquisition by Dwyer Nolan, the property had been home for many years to a 10,339sq m (111,288sq ft) warehouse.

At Hampton Wood, Dwyer Nolan’s deal with Ardstone on 125 units follows on from its sale of 128 apartments to Ires Reit for €40 million in 2017, along with a €35 million sale of 92 houses and apartments at the same development to Dublin City Council.

Established in 2005 by former Friends First property heads, Donal Mulcahy, Ciarán Burns and Donal O'Neill, Ardstone Capital focuses on investment in commercial real estate across the UK and Europe.

The company, which maintains offices in Ireland, the UK, Germany and Spain, currently has more than £500 million (€581 million) in assets under management, according to its website.

In 2016, Ardstone's principals established a new company dedicated to the development of new homes for the Irish market. Ardstone Homes is involved in housing schemes on sites in Dublin, Kildare, Wicklow and Galway and has plans to complete up to 5,000 new homes over the coming years.

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times