Global real estate business – Kajima – secures a green finance loan from Allied Irish Bank (AIB) for O’Neill Court, a Build to Rent scheme in Belmayne, Dublin. The €100m+ scheme will be delivered by a joint venture between Kajima and Bartra, who were advised on the transaction by EY Debt Advisory, LK Shields, JPA Brenson Lawlor, Linesight, AON, Aecom and HRA Planning.
Kajima acquired the site last year, which marked its entrance into the Irish Build to Rent market. Kajima and Bartra, who has been appointed as development and project manager, have appointed John Sisk & Son as the design and build contractor for the project. Work is to start imminently on the scheme with construction expected to complete in mid-2025.
“Sisk is delighted to have collaborated with Kajima and Bartra during the successful pre-construction phase for the O’Neill Court residential scheme in Belmayne. We look forward to immediately progressing to begin the construction phase on site and working with local stakeholders to create a positive legacy in the local community.”
Derek Gormley, Director Preconstruction Ireland & Europe, Sisk
Having received planning permission last year, O’Neill Court will deliver 258 units – a mix of one-, two- and three-bedroom homes. As part of the plans, and working with an Approved Housing Body, 50 homes will be available for social residents. Homes will be suitable for professionals and families looking for suburban living close to the city centre, as the site is supported with strong infrastructure connections as well as local amenities.
“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.”
Dwayne McAleer, Managing Director, Kajima Ireland
Amenities at O’Neill Court will include a fully equipped gym, media room, workstations, parcel reception, concierge and relaxation area covering over 500 sqm of space. The development is set to achieve LEED Gold standard for sustainability (Leadership in Energy and Environmental Design, U.S. Building Council), and will be WiredScore certified, which means it will have excellent internet connectivity.
“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.”
Mike Flannery, CEO, Bartra
Designed by McCrossan O’Rourke Manning Architects, the O’Neill Court scheme consists of three buildings, up to seven-storeys. The buildings will surround two podium gardens that provide high quality landscaped green spaces for residents and play areas for children. The gardens sit above accessible parking which includes 400 bicycle spaces, with all car parking spaces being electric vehicle parking compatible. On the ground level, further trees and planting will be delivered to create an attractive new streetscape, which links the scheme to the nearby quality bus corridors and rail station.
Located in the northern Dublin suburb of Belmayne, close to Northern Cross in the north fringe business district, O’Neill Court is around 15 minutes from Dublin airport, and 30 minutes 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 it sits directly to the north of the new Belmayne Main Street extension.
“AIB Real Estate Finance are delighted to support Kajima & Bartra with the development of O’Neill Court through our ‘Sustainable Communities’ green finance initiative. The scheme, which will be developed to LEED Gold standards will deliver 258 much needed private and social residential units to the market over the coming years. AIB are proud to be working with a best-in-class development partnership who share the Bank’s sustainability objectives.”
Derek O’Shea, Head of Development Finance, AIB Real Estate Finance
Site enabling works have been delivered by Coffey Construction. The design team for O’Neill Court includes Horgan Lynch, IN2 Engineering, Daire Byrne & Associates, Cunnane Stratton Reynolds, Traynor Environmental Limited, Building Engineering Technologies, Sweco, Ashview Consultants, Let’s Furnish and KSN PM. Dillon Marshall have been appointed as the lettings and property managers and Hooke and MacDonald will act as selling agents.
