The Marlet Property Group has secured €33m financing with AIB that will fund up to 142 high-spec Build to Rent apartments across four buildings at the Wallard Orchard Garden scheme. AIB had a significant role to play in the transaction, being the sole lender to the deal.
“This is our first financing transaction with AIB and we are delighted that the bank has demonstrated such confidence in our business, particularly given the challenging economic environment.
“Marlet continues to develop a significant portfolio of residential schemes and Walled Orchard Garden in Dundrum will set a new benchmark for quality in the market.”
Pat Crean, CEO, Marlet Property Group
The site – which is currently under construction – is just off Wyckham Way in Dundrum, South Dublin and is close to Dundrum Town Centre. It will consist of one- and two-bedroom Build to Rent homes as well as social housing, with 11 apartments acquired by the Dún Laoghaire-Rathdown County Council for €3.458.
Designed by McCrossan O’Rourke Manning Architects, the site is sensitive to its setting but in keeping with the area is being brought into the 21st century. The 19th century walls and farmyard buildings will be a key feature of the development. Dated by archaeologists to around the 1830’s, the farmyard buildings will be restored and used as the resident’s amenity building – and will include a concierge area, media suite and indoor gym.
The scheme will have a landscaped central space – a central square over 2.000 sq.m which features an outdoor gym, play area, seating courts and pond. There’s also a communal roof top garden in all four buildings, 256 covered and secured bicycle spaces, 54 visitor bicycle spaces, and 36 car parking and four motorcycle spaces.
“AIB is committed to playing a vital role in home building in Ireland. We are delighted to support Marlet in this transaction, which will ultimately deliver much needed high-quality housing units in Dublin 14.”
Derek O’Shea, Head of Land and Development, Real Estate Finance
