Hampton Woods being ‘destroyed’ by vulture funds, says Cllr Reilly

Independent Dublin City Councillor Noeleen Reilly has condemned the sale of 125 apartments at Hampton Woods to investment fund Ardstone Capital and is calling on the Government to ban the practice.

Speaking today Reilly said that Hampton Woods, which is located near Poppintree, “has totally transformed in recent years from a quiet mixed tenure estate to one which has become a haven for vulture funds.

“We have seen IRES Reit purchase three apartment blocks in the past only to lease them out to Tuath last year after totally mismanaging the scheme,” she said.

“All these apartments were rented out to HAP tenancies, and it looks like Ardstone Capital will be doing the same having just purchased 125 apartments from O’Dwyer Nolan.

“So many HAP tenancies in one place does not create sustainable communities.

“The state is paying huge money out on rent with very little say or control over the tenants.

“Unfortunately, we have seen an increase in anti-social behaviour in this area and it now looks we are adding to the problem.”

Reilly says that the current housing policy does not allow for the creation and sustainability of local communities.

“I would have much preferred the council bought these units, or them to be sold to families in the area needing a home,” she said.

“There is no vetting of tenants at all when vulture funds come in and buy on a large scale.

“They are only interested in profit at the expense of the community.

“O’Dwyer Nolan continuously shows their disdain for people in this area when they know the problems they have created already by their selling policies but yet again they have done the same.

“We have a huge housing crisis in this country but all we are doing is creating future problems by allowing these vulture funds buy up anything that is built, and it is costing the state more when they should be building homes themselves,” she says.