US property investment group Kennedy Wilson has completed three residential developments in Dublin that have added about 800 units to its multifamily portfolio here.
The schemes are in Coopers Cross, The Grange and Sanford Lodge and bring the company’s Irish portfolio to more than 3,300 units, with another 232 units under development. Kennedy Wilson is now the second biggest private landlord in the State, behind Ires, which had 3,930 units at the end of June 2023.
Encompassing nearly an entire city block in Dublin’s north docks, the six-acre Coopers Cross mixed-use development forms part of the Strategic Development Zone designed to facilitate the regeneration of the area.
The recently completed residential phase includes 471 apartments, and resident amenity and retail space anchored by a new public park in the north docks.
The residences at Coopers Cross are connected to future office space. A public square and town hall space also connects the office space and retail through a garden street.
The 395,000 sq ft of new office space at Coopers Cross is expected to be completed by the end of 2023.
At The Grange, Kennedy Wilson recently delivered 287 new apartments, resident amenity space, and a day care centre, bringing the company’s total holding at the Stillorgan project to 539 units.
This summer also marked a finish line for an expansion for Sanford Lodge Apartments in Ranelagh, where 36 new apartment and duplex units with “generous” private open space are available for lease.
Results recently filed by the Irish arm of the company show it cut its losses to €157,641 last year compared with €225,939 in the prior year.
Its accounts cited a number of key risks, such as “economic risk, including uncertainty surrounding the future performance of assets”. It also cited “market risk, including property value loss risk and asset mispricing”.
Finally, it highlighted “country risk, including uncertainty in the business, political, regulatory, taxation and currency environments”. It pledged to take “a holistic approach to risk management believing that no one risk can be properly managed in isolation”.
The directors did not recommend the payment of a dividend. The company has net liabilities of €3.3 million, up from €3.1 million the year before.
