Ires Reit makes €21.13m social housing proposal to council

The country's largest private landlord, Ires Reit, is proposing to sell 43 apartments for €21.13 million to Dún Laoghaire-Rathdown County Council for social housing.

It will cost the council €491,503 on average for each apartment in the Rockbook development in Sandyford for which Ires Reit is seeking planning permission.

Documents lodged with An Bord Pleanála show that Ires Reit has put a value of €780,355 on the largest type of three-bed apartment in the development.

In complying with “Part V” regulations, Ires is to set aside the statutory 10 per cent of the 428 apartments planned for its Rockbook development at Sandyford for social and affordable housing.

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Allocation specifications

The council has specified that 40 per cent of the allocation should be one-bed apartments, 50 per cent two-bed and 10 per cent three-bed.

Ires Reit’s proposal shows that value of one-bed apartments ranges from €279,627 to €292,633, two-beds from €487,722 to €637,290, and three-beds ranging from €598,272 to €780,355.

Ires Reit’s Part V obligations will only come into force if and when it secures planning permission for the overall 428 unit plan.

Ires Reit ’s large-scale development is the latest to go before An Bord Pleanála under under the Government’s fast-track planning rules.

A decision is due on the application later this year.