Ires Reit may set record for rent for two-bed in Sandyford

Apartments at Ires Reit’s latest development in Sandyford, south Dublin, are set to rent from €2,570 for a two-bed apartment when the scheme launches on July 4th, setting a possible new record for the area.

The Maple, at Beacon South Quarter, is a newly-built development of 68 apartments – four one-bed, 55 two-bed and nine three-bed apartments. It was constructed by the property fund, Ireland’s biggest private landlord, specifically for the rental market, and Ires Reit promises “well-appointed, spacious apartments” with private garden areas, at the location.

Tenants will pay a premium to live there, however, with one-beds due to hit the market at €1,925, two-beds from €2,570 and three-beds from €2,750.

The rates are far in excess of what might be expected in other schemes in the area, and may be an effort by the property investment trust to overcome challenges posed by rental restrictions, by setting rents high to begin with.

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The landlord has had significant interest in the development, however – as early as last November the fund noted it was receiving calls from people looking to put a deposit down on the development.

Rent increase

According to today’s latest Daft.ie report, rents in Dublin 18 rose by 12.8 per cent in the year to March, putting typical rents for a two-bed in the area at €1,554.

Indeed, elsewhere in Beacon South Quarter, where Ires Reit has 225 apartments available, rents start at a more moderate – albeit still steep – €1,485 for a two-bed, or €2,229 for a three-bed. A two-bed apartment is available for €1,570 at South Central, also in Sandyford.

The landlord, which has a portfolio of some 2,400 apartments across Dublin, is also looking for a deposit of two months’ rent at some of its properties in Sandyford, although at its high-end Marker Residences on Grand Canal Quay it is offering a limited “move-in bonus”, with no security deposit required at present.

Ires Reit is currently working on an appeal for its nearby site at Rockbrook, also in Sandyford. The fund was refused planning permissions for its planned development of 465 apartments at the site in April. Ires Reit was planning to complete the development, which it had acquired from the National Asset Management Agency for €87.5 million in 2015.