With demand for Dublin's private rented sector (PRS) market undimmed by the Covid-19 pandemic, developer Pat Crean's Marlet Property Group will be hoping to take advantage of the continuing appetite of institutional investors for prime opportunities in the capital by bringing Ireland's largest-ever PRS portfolio to the market. The forward sale, which is being handled by sole adviser Cantor Fitzgerald, is expected to attract offers in excess of €1 billion.
The Castle portfolio comprises some 2,000 apartments and duplexes distributed across six sites and due for delivery between July 2021 and March 2024. The scale of the offering is significant, representing as it does just under 24 per cent of Marlet’s 8,500-unit residential pipeline and an estimated 15 per cent of Dublin’s institutional PRS market.
The first scheme scheduled for completion is St Clare’s in Harold’s Cross, Dublin 6. Situated on the lands of the former St Clare’s Convent, the completed development will consist of 192 units in eight new blocks along with 28 apartments within the refurbished convent buildings. The scheme will also include landscaped gardens, 156 basement car-parking spaces and a creche.
Following this, Marlet is aiming to complete the construction of 449 apartments across two developments in the south Dublin suburb of Dundrum between the final quarter of this year and the second quarter of 2022.
In the first instance, Green Acre Grange, will comprise 307 one-, two- and three-bedroom apartments across three blocks. Located beside Airfield’s renowned urban farm, the development will be aimed towards the upper end of the PRS market, and feature a concierge, gym, cinema, lounges, meeting rooms, outdoor play and recreation areas, landscaped gardens and a creche.
The second of Marlet’s Dundrum schemes, The Walled Garden, will offer an equivalent level of onsite services and amenities and consist of up to 142 apartments arranged across four five-storey blocks. As part of the project, the developer is set to carry out conservation works on the existing wall along with conservation and restoration of an existing building that will serve as concierge, fitness and recreation space. Located within a five-minute walk of Dundrum Town Centre, the development at Wyckham Way will also include 2,149sq m (23,132sq ft) of public open space including a play area, seating and pond features.
The Castle portfolio also includes two developments in Dublin city centre comprising a total of 812 apartments. The first of these, One Lime Street, will consist of 216 one- and two-bedroom apartments complemented by an onsite gym, multipurpose rooms and retail space at street level. The scheme, which is located in the city’s south docklands will also include some 1,207sq m (13,000sq ft) of landscaped communal space. The larger of Marlet’s city centre developments is Grand Canal Harbour. Located next to the Guinness Storehouse on the site of the original Grand Canal terminus, the scheme will have 596 apartments and over 7,000sq m (76,000sq ft) of retail and amenity space upon completion. Over 50 per cent of the site is to be given over to public spaces including a public plaza offering a flexible outdoor space for open-air markets and events.
The sixth and final scheme within the portfolio is Claremont, Marlet’s seafront development overlooking Howth harbour in north Dublin. The development is set to comprise a total of 512 apartments along with a creche and more than 2,600sq m (28,000sq ft) of retail space.
In terms of their sustainability, the six schemes within the Castle portfolio will carry a BER rating of A3 and offer prospective residents a potential car-free existence thanks to their proximity to public transport links including the Luas, Dart and numerous Dublin Bus routes.
Commenting on the sale of the Castle portfolio, Crean said: “We are excited to be delivering these 2,000 homes as part of our 8,500 residential pipeline. Sustainability has always been at the forefront of our design and construction strategy. For the Castle portfolio developments, in addition to being exemplary in terms of sustainable construction materials used, we have invested a significant amount of time and effort into planning the long-term operation of our six schemes, with the aim of minimising environmental impacts. This is part of our commitment to be one of Ireland’s leading property developers to achieve a carbon- neutral target by 2030.”