Hammerson and Allianz Real Estate announced on Monday that they have commenced construction on their first-ever Irish residential-led scheme, The Ironworks.
The new scheme is located on the Sandyford Road entrance of the Dundrum Estate, which is spread across 27 acres and is home to Dundrum Town Centre and the proposed redevelopment of the old Dundrum Shopping Centre.
Comprising delivery of 122 apartments in total, with co-working space, a residents’ lounge, gym, panoramic terrace and a new coffee shop, The Ironworks aims to achieve a BREEAM Excellent rating.
Connor Owens, managing director Asset Management (Ireland), Hammerson, said: ‘Working with our chosen construction partner, Glenbeigh Construction Limited, and other skilled Irish design and operational partners, our vision is to create a sustainable residential development for the local community. Dundrum Town Centre is already Dublin’s best retail and leisure destination, and addition of The Ironworks will foster a vibrant community attuned to the heritage and culture of the area. We hope this will be a benchmark for residential-led developments for generations to come.’
Nicole Pötsch, head of Investments & Strategic Development for North & Central Europe, Allianz Real Estate, said: ‘The residential sector is one of the most prominent, institutional, stable asset classes benefitting from long-term trends which have created an urgent demand for housing in most cities around the world. We see an active role for institutional investors who are positioned to finance the large developments that are needed.’
The Ironworks residential-led scheme supports Hammerson’s strategy to focus on core city centre locations and drive diversification through new and mixed asset uses.
Hammerson is developing The Ironworks on behalf of the Dundrum Retail Limited Partnership; a 50:50 Allianz and Hammerson joint venture, which owns and operates Dundrum Town Centre.
The development is due to be completed by 2025.
