European real assets firm Kajima has announced the acquisition of a 3.45-acre site in Dublin for delivery of 260 build-to-rent homes, marking its entry into the Irish private residential market.
Planning permission for the scheme was granted on 17 August under Ireland’s fast track ‘Strategic Housing Development’ planning route. As part of the plans, Kajima is planning for 67% of homes to be for private rental, and 33% for social and affordable rent. The development will consist of 108 one-bed, 135 two-bed and 17 three-bed homes along with over 500 m2 of residential amenity facilities.
Designed by McCrossan O’Rourke Manning Architects, the scheme consists of six cores within three buildings, up to seven-storeys. The site is situated in the northern Dublin suburb of Belmayne.
Kajima intends to commence enabling works in December 2021 and construction in April 2022. Completion of all construction work is expected by mid-2025.
Dwayne McAleer, managing director at Kajima Ireland, said: ‘We’re thrilled to make our first entry into Ireland’s private residential sector, a market that excites us with strong growth potential. This acquisition is a great demonstration of Kajima’s ability to fund landmark developments using its own equity, which will make us a unique player in the market. In the near future, we are looking forward to expanding our presence in the country and add further assets to our portfolio.’
