Kajima secures green loan for €100m Irish multifamily scheme

With funding secured, Kajima and Bartra have also appointed John Sisk & Son as design and build contractor for the project, with work to start imminently.

The scheme, which is named O’Neill Court, received planning permission last year and is set to achieve LEED Gold standard for sustainability. As part of the plans, and working with an Approved Housing Body, 50 homes will be available for social residents with the remaining 208 homes provided for private rental.

Dwayne McAleer, managing director at Kajima Ireland, said: 'This scheme will provide a fantastic place to live for families and professionals alike. Building on the purchase of the site last year, Kajima has continued its investment in bringing this fantastic project to construction, with EU Green Loan debt financing now secured from AIB in challenging times.

'We have assembled an excellent team for this project, including Sisk who have worked in partnership with Kajima, Bartra and our team throughout the lead-in process to construction. With this team’s support we look forward to seeing this project come to fruition, as well as developing further projects in the Irish living sector, a hugely exciting market.'

The development will comprise a mix of one-, two- and three-bed homes, as well as more than 500 m2 of residential amenity facilities including a gym, media room, workstations, parcel reception, concierge and relaxation area. The development will be WiredScore certified.
Designed by McCrossan O’Rourke Manning Architects, the scheme consists of three buildings, up to seven-storeys, with podium gardens above accessible parking levels.

The site is situated in the northern Dublin suburb of Belmayne, close to Northern Cross in the north fringe business district, around 15 mins from Dublin airport and 30 mins to Dublin central business district via public transport, from the nearby Clongriffin train station.
The site is part of a wider local authority masterplan area with adjacent similar developments already completed and sits directly to the north of the new Belmayne Main Street extension.

Bartra has also been appointed as development and project manager and has been operating in this remit since last year. Site enabling works have been delivered by Coffey Construction.

Mike Flannery, CEO at Bartra, said: 'This is a significant milestone in our partnership with Kajima. Social and environmental sustainability is at the forefront of everything we do in Bartra. We are delighted that our experience in delivering large scale residential schemes will be utilised to complete the 50 social and 208 private homes at O’Neill Court.

'All homes will be delivered to LEED Gold specification helping residents to reduce their energy consumption and carbon emissions, thereby lowering utility bills each month. With its excellent rail connectivity from Clongriffin Station, O’Neill Court will be a truly sustainable community.'

Dillon Marshall have been appointed as lettings and property managers and Hooke and MacDonald will act as selling agents. Advisors to Kajima and Bartra on the transaction include EY Debt Advisory, LK Shields, JPA Brenson Lawlor, Linesight, AON, Aecom and HRA Planning.

Construction is expected to be complete in mid-2025.