Twinlite presses ahead with 282-unit rental scheme in north Dublin
Developer secured €90m in investment for Clongriffin units at height of pandemic
A computer-generated image of the Two Three North apartment development at Clongriffin, Dublin 13
Developer Rick Larkin’s Twinlite is pressing ahead with the construction of 282 apartments at Clongriffin in north Dublin after securing €90 million in investment, notwithstanding the uncertainty caused by the Covid-19 pandemic.
The units at Two Three North are aimed primarily towards the private rented sector, and represent Twinlite’s second major residential scheme in the area.
The developer’s first site in Clongriffin, One Three North, was one of the fastest schemes of its scale to be built in Ireland to date, taking just 20 months to complete all 376 apartments, despite delays arising from the pandemic. Twinlite sold the scheme last year to European real estate investment specialists, Tristan Capital Partners, for about €130 million. As part of that transaction, Twinlite undertook to manage the scheme through its vestaliving.ie digital platform.
According to Larkin: “We succeeded in securing investment during the height of the pandemic which allowed us to start construction the day the lockdown restrictions lifted. Despite this being a challenging time for our sector, we are glad to say that we will be supporting 400 jobs during the development of Two Three North.
“By using the latest technology and the best of Irish talent, we have been able to overcome some of the challenges facing our sector due to the pandemic and are on track to welcome our first residents in September of next year. One Three North was completed in just 20 months and we’ll be striving to beat expectations here also.”
While 10 per cent of the units at Two Three North will be made available to Dublin City Council for social and affordable housing, the scheme’s accommodation is being purpose built for the private rented sector. The development will be managed by Vesta and will provide residents with a range of onsite amenities including access to a gym, co-working spaces, a cinema and social facilities. In terms of its sustainability, the scheme will comprise nZEB (nearly zero energy buildings) rated units, powered exclusively by renewable energy.
The development is located next to the 54-acre Fr Collins Park and within close proximity to the Dart, giving residents regular and rapid access to Dublin city centre.
Since being established 35 years ago, Twinlite has invested in the region of €650 million in its various developments, and built almost 3,000 homes.