Cairn seeks €90m for 280 apartments in Citywest

Housebuilder hoping single institutional investor will snap up Citywest development

Chief executive, Michael Stanley, confirmed that that the Citywest sale was aimed at institutional investors

Chief executive, Michael Stanley, confirmed that that the Citywest sale was aimed at institutional investors

 

Housebuilder Cairn Homes is offering more than 280 apartments for sale to a single landlord buyer for €90 million.

Cairn recently began building houses and apartments at a site in Citywest in Co Dublin and expects to finish the entire project in the second half of 2021.

The company said yesterday that it is offering 282 apartments, dubbed the Citywest Quarter, it is building there for a potential €90 million or €319,150 each.

Cairn has appointed estate agents Savills and Hooke & MacDonald to manage the sale of the block, which is likely to be to an institutional investor who will let the properties.

Last year the publicly-quoted builder sold a block of 120 apartments, Six Hanover Quay, in Dublin city centre, for €101 million to a company managed by investor Carysfort Capital, which is renting out the homes.

Cairn maintains that there is still strong demand from such buyers for apartment blocks.

Institutional investors

Chief executive, Michael Stanley, confirmed that that the Citywest sale was aimed at institutional investors.

The builder will finish the first of the apartment blocks in the final three months of next year. The site is close to Fortunestown light rail stop and there are a number of big employers in the immediate area.

Separately, the Citywest development will include 123 houses, 42 duplexes and 14 more apartments, which Cairn will sell to individual buyers.

Meanwhile, on Monday An Bord Pleanála gave Cairn permission to build 377 apartments and eight houses on Griffith Avenue on Dublin’s northside.

The planning board’s decision followed recent grants of permission to Cairn to for 107 apartments in Rathgar and 221 dwellings in Blackrock, both in the capital.

Cairn got permission for all three projects through the fast-track strategic housing initiative.

This allows builders to sidestep local authorities and seek approval for developments of 100 or more homes direct from An Bord Pleanála.

Mr Stanley welcomed the planning board’s decision. “This is the seventh successful planning permission Cairn has received through the strategic housing development process in the past 14 months for a total of 2,100 units,” he said.