Wednesday 14th September 2022: Kajima, the global real estate business, has secured a green finance loan from Allied Irish Bank for a 258-home residential scheme in Belmayne, Dublin. The €100+ million scheme will be delivered by a joint venture between Kajima and Bartra.
With funding secured, Kajima and Bartra have also appointed John Sisk & Son as design and build contractor for the project, with work to start imminently.
The scheme, which is named O’Neill Court, received planning permission last year and is set to achieve LEED Gold standard for sustainability (Leadership in Energy and Environmental Design, U.S. Building Council). As part of the plans, and working with an Approved Housing Body, 50 homes will be available for social residents with the remaining 208 homes provided for private rental.
The development will comprise a mix of one-, two- and three-bed homes, as well as more than 500 sqm of residential amenity facilities including a fully equipped gym, media room, workstations, parcel reception, concierge and relaxation area. The development will be WiredScore certified, which means it will have excellent internet connectivity. The homes will be suitable for both professionals and families looking for suitable suburban living that remains close to the city centre, as the site is supported with strong infrastructure connections as well as local amenities.
Designed by McCrossan O’Rourke Manning Architects, the scheme consists of three buildings, up to seven-storeys. These 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 including 400 bicycle parking 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 site to the nearby quality bus corridors and rail station.
The site is situated in the northern Dublin suburb of Belmayne, close to Northern Cross in the north fringe business district, around 15 mins from Dublin airport and 30 mins 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 sits directly to the north of the new Belmayne Main Street extension.
Bartra has also been appointed as development and project manager and has been operating in this remit since last year. Site enabling works have been delivered by Coffey Construction. Dillon Marshall have been appointed as lettings and property managers and Hooke and MacDonald will act as selling agents. Advisors to Kajima and Bartra on the transaction include EY Debt Advisory, LK Shields, JBA Brenson Lawlor, Linesight, AON, Aecom and HRA Planning. The design team 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.
Construction is expected to be complete in mid-2025.
Dwayne McAleer, Managing Director at Kajima Ireland, said: “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.”
Mike Flannery, CEO at Bartra, said: “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 utilized 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.”
Derek Gormley, Director Preconstruction Ireland & Europe at Sisk, said: “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 O’Shea, Head of Development Finance at AIB Real Estate Finance, said: “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.”