Sale of apartments to help address housing shortage

THE sale of 84 units at Westpark Apartments on Garter Lane in Citywest will address some of the housing shortages in South Dublin, it was stated last week.

Tetrarch Capital has agreed to sell the units to Clúid, Ireland’s largest approved housing body (AHB).

Clúid will add the units to its portfolio of affordable social housing, consistent with its strategy of delivering 2,500 new social housing homes over the next three years.

Michael McElligott, Chief Executive of Tetrarch Capital, said they had worked diligently with South Dublin County Council and Clúid to deliver a family-friendly development that will address some of the housing shortages.

 “We are very pleased to have agreed the sale of the Westpark Apartments to Clúid, helping turn a struggling aparthotel scheme into high quality, long term residential accommodation,” he said. “Our refurbishment work, which is nearing completion, is transforming a former dilapidated development into 84 fine apartments in what is Dublin’s fastest growing suburb.”

Clúid’s Director of New Business, Fiona Cormican, said they were delighted to have agreed this deal with Tetrarch Capital which will improve the supply of social housing in West Dublin, an area of acute shortage.

“We look forward to helping new tenants at Westpark move off the local authority housing waiting list, and into a new home,” she said.

Clúid is financing the project through a combination of loans from the Housing Finance Agency (HFA), and financial support from the Department of Housing, Planning and Local Government.

All units are being delivered to Clúid on a turn key basis, following a €10m refurbishment process by project contractor McKelan Construction on behalf of Tetrarch Capital. 

The refurbishment works included new windows and doors, extensive fire stopping and protection, new balconies, and a full internal fit out, including new kitchens and bathrooms. A complete re-landscaping of the extensive estate common areas will occur before the final units are handed over to Clúid. 

The Westpark Apartments are located adjacent to the golf course at Citywest Hotel, which is also owned by Tetrarch Capital. Tetrarch is advancing plans for the development of a scheme of apartments on a separate residential site it owns on Garter Lane.

Tetrarch Capital is an Irish owned, Dublin-based, real estate investment and development company that is active in the residential, hotel and leisure sectors.