The Land Development Agency has announced the acquisition of over 328 new homes in Shankill in Dublin.
The new A-rated apartments are being delivered in Woodbrook and include 102 one-bed and 226 two-bed homes.
The homes are being delivered in partnership with Castlethorn, one of Ireland’s leading residential property developers, through the LDA’s Project Tosaigh initiative. This is where the Agency partners with private homebuilders, providing the financial stimulus required to initiate construction and complete new housing projects.
The completed homes are then owned by the LDA and made available as cost rental or sold by the LDA in partnership with local authorities through affordable purchase schemes.
In this case, all of the 328 Woodbrook apartments will be made available as cost rental. Cost rental is a relatively new tenure, which provides a secure, long term rental option with rents at least 25% below market rates. Cost rental is designed to assist those who do not quality for social housing or other state housing supports, but who are struggling to afford to rent in the private market.
The apartments are part of Castlethorn’s Woodbrook development, which includes 685 homes and has the potential to deliver an additional 500 homes.
The development will also feature excellent amenities including a creche, a primary school and neighbour centre, helping to create a vibrant and well-serviced community.
The acquisition of the Woodbrook apartments means the LDA has now delivered or secured the delivery of almost 5,000 homes via Project Tosaigh. The Agency is targeting the delivery of 8,000 Project Tosaigh homes and continues to source new housing developments under the initiative.
There are now over 1,500 households living in an LDA cost rental home, with a further 350 LDA homes either sold or sale agreed through the Government’s affordable purchase schemes.
In addition to Project Tosaigh, the LDA is also in the process of directly delivering 19,000 homes on State-owned or acquired land.
The Woodbrook apartments are being delivered in 2 blocks over 6 storeys and are due to be completed by 2026.
They are located beside Woodbrook Golf Club, featuring views of the course, the Dublin’s coastline. They are also next to Woodbrook Dart station, which is due to open this Summer In addition to Dart services, the area is located on a main bus route with easy access to the M11 and M50.
Woodbrook is conveniently located between Shankill and Bray, near to beaches, mountains and Shanganagh Park. The area is also well served with a wide range of primary and secondary schools and provides easy access to amenities, retail services and employment centres.
The new apartments are located close to the award winning Shanganagh Castle Estate, where 597 new affordable purchase, cost rental and social homes have been developed by the LDA in partnership with Dún Laoghaire-Rathdown County Council.
John Coleman, Chief Executive of the LDA, said: “This is a very welcome partnership between the LDA and Castlethorn. We are forward funding the development of 328 new cost rental homes in a prime location with excellent transport links, local amenities and facilities. This is a highly accessible and attractive location for renters, and we are pleased to be working with an experienced delivery partner in Castlethorn to bring these homes to market by the end of 2026. These new homes will play an important role in addressing demand for affordable, secure rental accommodation in south Dublin.”
Joe O’Reilly, CEO of Castlethorn, said: “We are delighted to partner with the LDA on this exciting project at Woodbrook. The proximity to the new Dart station, high-quality design, and inclusion of community facilities make this a highly attractive offering. We look forward to delivering these sustainable A-rated homes and helping to establish a new community that will thrive for generations to come.”
