Investment management firm Harrison Street and pan-European real estate investment manager Eagle Street have formed a joint venture to develop a build-to-rent scheme with 554 residential units at East Road in Dublin’s north docklands.
Eagle Street, founded by Justin Bickle and Shane Scully, will serve as developer of the project through its operating platform, Resident Space, the two companies said.
The Irish Times reported in April that Eagle Street had purchased the 2.1 hectare (5.2 acre) site from Glenveagh Properties for a sum understood to be more than €60 million. The lands at 1-4 East Road came with full planning permission for the 554 apartments, which will be distributed across nine buildings ranging in height from three to 15 storeys.
The development will also include 4,009sq m (43,162sq ft) of commercial space comprising offices, a cafe, a daycare facility and retail units.
“Demand for rental housing in Dublin has outpaced development for the last 10 years, as Ireland’s growing population and influx of young professionals continue to stress the city’s obsolete residential options,” said Paul Bashir, chief executive of Harrison Street’s European business.
The East Road development will bring “high-quality rental housing” to the area, he said.
“We look forward to identifying and executing on further attractive opportunities in the Irish market with similarly favourable supply-demand dynamics for our investors and partners.”
Mr Bickle, Eagle Street’s executive chairman, said his company looked forward “to leveraging Harrison Street’s demographically driven platform and strong operational knowledge alongside Eagle Street’s strong track record acquiring, developing, and managing residential real estate assets in Ireland and the UK”.
The proliferation of build-to-rent schemes in Dublin has been the subject of controversy in recent years, with Dublin City Council chief executive Owen Keegan saying last month that their “over-dominance” has become “unsustainable” with the potential to have “significant long-term adverse impacts on the housing needs of the city”.
