Allied Real Estate Group (AREG) plans to offer a series of forward funding deals to the market at its Project Royal scheme in Dublin that could fetch a total of €700 mln.
The Irish property group’s development comprises 9 buildings which will range from 7 to 18 stories high and for which planning permission was granted last July.
The most eye-catching component of the scheme is an 18-story landmark office tower building, to be developed alongside 992 build-to-rent apartments and 110 shared accommodation or co-living spaces.
The vast majority of the development will be aimed towards the private rented sector. It is understood the first plot for forward funding will be capable of hosting between 400 and 450 units with an approximate value of €300 mln.
AREG took control of the site after acquiring a retail park there two years ago for €25 mln.
Its redevelopment plans won favour with the city’s planning authority given it was a ‘redevelopment of under-utilised urban land in a prime location strategically positioned beside a major transport node… and would be consistent with guidance which seeks to secure more compact and higher density development in the wider city area.’
