Twinlite ramps up with 372-unit rental scheme in north Dublin
Rick Larkin’s company spending €110m to develop Clongriffin build-to-rents
Twinlite, the property-development company led by Rick Larkin and family, has bought a significant site in Clongriffin, in north Dublin, and has already begun construction of 372 homes that are expected to accommodate some 700 residents when completed, in 2020.
The site, to the north of Fr Collins Park, was acquired in an off-market deal with the UK-based developer Hollybrook. Twinlite now looks set to invest about €110 million in all, once the price of the land and the costs of building the 371,160 sq m (400,000 sq ft) residential project are accounted for. The development, which will include about 400 basement parking spaces, has secured funding from Activate Capital.
The Clongriffin development, a build-to-rent scheme, is one of a number of residential developments earmarked for the area, including a high-rise tower for which Gannon Homes has secured planning permission. Twinlite’s site has solid transport links, including Clongriffin Dart station, a 10-minute walk away; the M1 and M50 motorways and Dublin Airport are all within a 10-minute drive.
Twinlite has concentrated on high-end schemes in pricey south Dublin locations in recent years. The acquisition of this latest site suggests the company may be returning to its large-scale roots. The developer previously undertook what may have been the largest completed private development in the State when it built more than 2,100 homes, a neighbourhood centre, three schools and a hotel at Tyrrelstown, at the turn of the millennium.
Twinlite’s focus latterly turned to new development projects in Dalkey, in south Co Dublin, where it acquired three high-profile sites. The first, Enderly, on Cunningham Drive, is now complete; 10 of the 18 units in the development have appeared on the property-price register with an average sale price of €1.15 million. This average will increase again when the sales of the final units close, including two large houses that were sold guiding €2.5 million apiece.