DUBLIN, IRELAND: Irish Residential Properties REIT (I-RES) has completed the acquisition of 69 new residential homes at Tara View, Merrion Road, Dublin 4 (formerly known as Project Merrion). I-RES entered into a contract for the forward purchase of the residential units from DHGL Limited (a subsidiary of the Dalata Hotel Group plc) in 2018, a transaction valued at €47.1 million (including VAT but excluding other transaction costs).
Tara View is a prime waterfront development located adjacent to the Elm Park development (where the Company owns 194 apartments) in Dublin 4, Ireland’s premier residential address. The scheme is surrounded by excellent infrastructure and amenity including direct public transport links to the City Centre, schools, hospitals, retail and leisure facilities.
The development is now fully completed with the acquisition of the 69 apartments, townhouses and car park spaces closed at the original price, with no variation. These excellent homes, many with excellent views across Dublin Bay and the Dublin mountains, will appeal to a range of residents.
Based on the projected annualised market rents, the asset is expected to generate a gross yield on cost of 5.6%.
Margaret Sweeney, the Company’s Chief Executive Officer commented: “We are delighted to take delivery of the Tara View development which is an excellent addition to the I-RES portfolio at a time when there is a significant need for new accommodation in Dublin City. The property is in an excellent location close to a host of employment, amenity and transport routes with a short commute to Dublin city centre. The addition of Tara View, along with the acquisition earlier this year of Ashbrook and the delivery of our development at the School Yard, now brings our total portfolio size to in excess of 4,000 homes.”
Irish Residential Properties REIT plc (together with IRES Residential Properties Limited & I-RES Fund Management Limited, the “Group”) is a growth oriented Real Estate Investment Trust that is focused on acquiring, holding, managing and developing investments primarily focused on private residential rental accommodations in Ireland. The Group currently owns 4,067 apartments and houses for private rental in Dublin and Cork.
The Company has a further 44 units to be delivered in 2023 under a pre-purchase contract and planning approval to develop an additional 543 residential units on its existing sites. The Company’s shares are listed on Euronext Dublin. www.iresreit.ie