The Cosgrave Property Group has secured the sale of 297 apartments it is developing in Santry in north Dublin to a joint venture between Round Hill Capital and QuadReal Property Group for € 123.5 million.
The deal for the Blackwood Square portfolio is the second major private rented sector transaction involving the Cosgraves to have taken place in recent months. Last July, the group secured the biggest investment deal of the year when it sold 368 apartments at Cheevers Court and Haliday House in its Cualanor scheme in Dún Laoghaire to Deutsche Bank subsidiary DWS for about € 200 million.
Round Hill Capital and QuadReal Property Group's forward purchase of the units at Blackwood Square, meanwhile, represents their second acquisition from the Cosgrave Property Group. In 2018, the joint venture partners paid more than € 80 million, or an average of € 370,370 per unit for 216 apartments at the neighbouring Bridgefield scheme. The Blackwood Square portfolio's €123.5 million price tag equates to an average of € 415,825 per unit.
Located at the centre of Northwood in Santry Demesne, Blackwood Square will, upon completion, comprise 297 apartments distributed across four eight-storey buildings over a basement car park. The scheme will have a concierge area and residents’ gym along with five commercial units and a creche at ground-floor level. The homes will comprise a mix of four one-bedroom units, 243 two-bedroom units and 25 three-bedroom apartments along with two one-bedroom penthouses, 15 two-bedroom penthouses and eight three-bedroom penthouses.
Blackwood Square is situated within a short walk of Santry River Park which in turn links to Santry Demesne Park, and next to Gullivers Retail Park and Neighbourhood Centre. The scheme is well located, with Dublin Airport, the city centre, Irish Financial Services Centre and wider docklands area all quickly accessible by road.
Managing director of Round Hill Capital’s Irish operation John Vaudinsaid: “This is our second PRS [private rented sector] investment in the Santry area of north Dublin . . . [which] marks another step in Round Hill’s plan to create a long-term PRS and student accommodation portfolio in Ireland.”
David Lawlor of selling agents Hooke & MacDonald said: “The Blackwood Square investment sale is underpinned by the strong rental demand in the area, the shortage of accommodation and the Cosgrave Property Group’s reputation for delivery of high-quality buildings along with the exceptional demographic projections for the Dublin area”.