Developer Pat Crean's Marlet Property Group has agreed a €147 million financing facility with AIG to fund the delivery of its Grand Canal Harbour scheme in Dublin 8.
The transaction represents the largest financing deal completed in the capital so far in 2021 and will be used for the construction of up to 596 apartments and 7,060sq m (76,000sq ft) of retail, clinical, and office (co-working) space, and 1,700sq m (18,000sq ft) of amenity space.
The Grand Canal Harbour scheme is one of six developments within the Castle portfolio, Ireland's largest available PRS portfolio, comprising approximately 2,000 apartments and duplexes distributed across Dublin and due for delivery between July 2021 and March 2024. The portfolio, which is on the market currently through sole adviser Cantor Fitzgerald, is expected to attract offers in excess of €1 billion.
Commenting on AIG's decision to finance the development of Grand Canal Harbour, Marlet CEO Pat Crean said: "We are delighted that AIG is supporting us on this exciting and transformative development which will deliver much needed supply to the Dublin housing market. All the indications are that demand for housing in Dublin will accelerate as the economy continues to rebound from the impact of the pandemic. It is crucial that we find solutions to the complex issues that are impacting housing supply so that the city can meet this demand over the coming years."
Grand Canal Harbour has been designed as a fully-pedestrianised environment, with over half of its site given over to public spaces, including a large and flexible public plaza which is to be made available for open air markets and events.
The site’s original curved harbour warehouse and walls are to be fully restored and refurbished by the developer and will become a centrepiece for the development, along with three large water features celebrating the industrial history of the area.
Grand Canal Harbour will also be designed to deliver on Marlet’s stated commitment to sustainable and green construction practices, with the aim of achieving HPI (Home Performance Index) certification once completed.
The roof terraces have been designed to enhance biodiversity and provide an amenity for the residents, creating what the developer describes as a “green oasis”, with semi-open winter gardens to facilitate all-year-round and all-weather use.