Construction begins on 122-apartment development in Dundrum

UK developer Hammerson has announced that construction has commenced on its first-ever Irish residential-led scheme, The Ironworks in Dundrum.

The new scheme is located on the Sandyford Road entrance of the Dundrum Estate, which is spread across 27 acres and is home to Dundrum Town Centre and the proposed redevelopment of the old Dundrum Shopping Centre.

Comprising delivery of 122 apartments in total, with co-working space, a residents’ lounge, gym, panoramic terrace and a new coffee shop, The Ironworks will “provide much-needed new and sustainably built homes for the area,” says the company.

The homes will be professionally managed on a long-term rental basis.

Connor Owens, Managing Director Asset Management at Hammerson Ireland, said: “Working with our chosen construction partner, Glenbeigh Construction Limited, and other skilled Irish design and operational partners, our vision is to create a sustainable residential development for the local community.

“Dundrum Town Centre is already Dublin’s best retail and leisure destination, and addition of The Ironworks will foster a vibrant community attuned to the heritage and culture of the area.

“We hope this will be a benchmark for residential-led developments for generations to come.”

Nicole Pötsch, Head of Investments & Strategic Development for North & Central Europe, Allianz Real Estate, said: “We are excited to bring much-needed residential stock to the Dublin market alongside our JV partners Hammerson.

“The residential sector is one of the most prominent, institutional, stable asset classes benefitting from long-term trends which have created an urgent demand for housing in most cities around the world. We see an active role for institutional investors who are positioned to finance the large developments that are needed.”