The owners of the Dundrum Town Centre have finished the structural phase on a 122-unit build-to-rent development, the Ironworks, on a site on the Sandyford Road in advance of its launch to market next year.
UK property group Hammerson and Pimco Prime Real Estate, the property investment arm of German insurer Allianz, said the scheme on an infill site adjacent to the town centre has now been “topped out”, meaning structural work has concluded.
Once completed in autumn 2025, the scheme will comprise 107 new apartments – spread across studios, one and two-bedroom apartments – alongside 15 social homes.
It is not yet clear whether Hammerson and Pimco intend to sell all of the units or operate some themselves and the partners have not yet appointed an agent to manage a sale, it is understood. Meanwhile, talks are under way with potential operators for the social housing aspect of the scheme.
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Conor Owens, managing director of asset management at Hammerson in Ireland, said the delivery of the scheme will be another step forward in its plan to “unlock value” from the 27-acre Dundrum estate.
“Our vision is to be Dublin’s lifestyle destination of choice which blend of an exciting mix of uses including residential, food, entertainment, healthcare and workspace, all anchored by Dundrum Town Centre,” he said. Against that backdrop, Hammerson and Pimco have added brands including Brown Tomas, Penneys and Dunnes Stores to Dundrum Town Centre in recent times as it looks to re-anchor more than 15 per cent of the centre’s footprint.
“The Dundrum Estate is a prime quality asset within the portfolio we manage for our clients and we expect that the completion of this residential element – a sector which continues to show stable rental growth and strong structural demand – will create further value for our investors and the local,” said Nicole Pötsch, co-head of investments Europe at Pimco Prime Real Estate.
Earlier this year, Hammerson, which owns 50 per cent of Dundrum Town Centre, wrote down the value of its flagship Irish shopping centre interests by a further 7.7 per cent in the first half of 2024 amid uncertainty in the sector.
The value of the Irish portfolio, which also includes 50 per cent stakes in the Ilac Centre in Dublin city centre and Pavilions shopping complex in Swords, north Co Dublin, declined by £49 million (€58.3 million) over the period, Hammerson said in interim results published in July.
It said it work was progressing at the Ironworks, “albeit with a short delay having recently replaced the main contractor”, but that delivery is expected in autumn 2025.
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