Cushman & Wakefield & Sherry FitzGerald New Homes have been instructed by Park Developments to market a PRS opportunity of 295 apartments by way of a forward purchase agreement at East Village, Clayfarm, Dublin 18.
East Village provides an opportunity to acquire a significant footprint of scale in Dublin’s strongly performing residential investment sector.
This disposal of East Village will complement the ongoing process of traditional sales to owner occupiers in the wider Clay Farm development which on completion, will comprise a total of approximately 1,500 homes incorporating 33 acres of open space which includes, public parks, playgrounds and a hugely desirable Eco Park.
Phase one of Clay Farm has been a major success for Park Developments delivering over 150 houses in the market since its launch in 2017.
The agents say with limited opportunities available to acquire standing stock, strong demand is currently being demonstrated by both local and international PRS investors to acquire forward commit product and as such agents, Cushman & Wakefield, are expecting significant interest in East Village.
The development is located close to a host of strategic employment centres as well as key infrastructural links including the LUAS Green Line which operates along the Ballyogan Road immediately adjacent to the entrance to the development. The LUAS Green Line provides easy access to Sandyford Business Park (c.7 mins), Dundrum Town Centre (c.14 mins) and St Stephen’s Green (c.28 mins) with trams operating every 6 minutes at peak times.
Sandyford Business Park, which accommodates in the order of 25,000 employees, is home to a host of both national and international companies with a particular focus on the TMT and Professional Services sectors. Microsoft, Google, Vodafone, Salesforce and Lease Plan to name a few, are all located within 4 LUAS stops of East Village.
Furthermore, East Village is also only moments away from the M50 motorway (approx. 3 minutes) which is accessible via junctions 13, 14 and 15 and provides convenient access to the country’s national road network.
The apartment mix will comprise 71 no. 1 bed apartments, 198 no. 2 bedroom apartments and 26 no. 3 bedroom duplex units situated in 3 separate blocks ranging in height up to 4 storeys, all with the benefit of individual courtyard enclaves. Practical completion of the units is set to commence in the fourth quarter 2020 with two further delivery milestones expected in the second quarter 2021 and the final block in the fourth quarter 2021.
Commenting on the opportunity, The agents have commented that, "East Village represents a significant opportunity to acquire a prime PRS product within the existing community of Clay Farm where place and home making has already occurred, and a vibrant locality is developing. East Village is easily the most connected scheme that will come to the market in South Dublin in the short to medium term, and with it being backed by a promotor of Park Developments quality, we expect a highly competitive process to develop."