Rockbrook 428 Residential Unit Planning Approval

RNS Number : 8521J

Irish Residential Prop REIT PLC

22 August 2019

 

22 August 2019

Planning Approval received for 428 unit residential scheme at  Rockbrook in Sandyford, Dublin 18.

Irish Residential Properties REIT plc ("I•RES" or the "Company") is pleased to announce that An Bord Pleanála, (The Planning Board in Ireland), has notified the Company of its decision to grant planning permission for its 428 unit residential development at Rockbrook in Sandyford, Dublin 18, through the Strategic Housing Development planning process. The permission provides for a scheme consisting of 428 apartments in two blocks (32 studio apartments, 122 one-bedroom apartments, 251 two-bedroom apartments and 23 three-bedroom apartments), a crèche, 4 local retail/commercial units and residents communal space. The Rockbrook site benefits from partially completed below-ground infrastructure and car parking, and is adjacent to the Company's existing assets in Sandyford as well as excellent transportation links to Dublin City Centre including the Luas light rail service.

The grant of planning permission for the development of the Rockbrook site has been a key strategic objective of the Company. Following this approval, I•RES now has planning permission for a total of 628 units on its existing sites and will, during the coming months, progress detailed design and construction evaluation phases for these projects.

Commenting on the planning approval, Margaret Sweeney, Chief Executive Officer of I•RES said: "The receipt of planning permission for the development of our site at Rockbrook in Sandyford, Dublin 18 was a key strategic objective for our growth strategy.  We engaged in a detailed pre-submission process to ensure that the application met all of the requirements for a Strategic Housing Development including extensive engagement with Dún Laoghaire-Rathdown County Council to understand its priorities and objectives for the locality.  We are delighted to have achieved this key milestone and the opportunity to provide additional supply of residential accommodation for rental in the Sandyford area."

For further information please contact:

For Investor Relations:

Irish Residential Properties REIT plc

Margaret Sweeney, CEO

+ 353 (0) 1 557 0974

For Media Requests:

Q4PR

Gerry O'Sullivan

+ 353 87 2597644

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc is a leading Irish real estate investment trust ("REIT") listed on Euronext Dublin. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland.  The Company currently owns 3,607 residential units with an additional 278 units due for delivery between now and 2021 under pre-purchase contracts.  The Company also has planning approval to develop an additional 628 residential units on its existing sites.  Further information in respect of the Company can be obtained from the Company's website at www.iresreit.ie.

Note on forward-looking information

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts.   Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement.  The Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.

 

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