Land Development Agency to deliver 320 cost-rental apartments in Co Dublin
The development at Woodbrook, which will have access to a new Dart station, will include 102 one-bed and 226 two-bed homes.
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All of the apartments will be made available as cost rental.
The agency said the apartments would be delivered in partnership with property development company Castlethorn 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.
The development will be next to Woodbrook Dart station, which is due to open this summer
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 long-term rental option with rents at least 25 per cent below market rates.
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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 amenities including a creche, a primary school and neighbour centre.
The Woodbrook apartments are being delivered in two blocks over six storeys and are due to be completed by 2026. Woodbrook Dart station is due to open this summer.
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John Coleman, chief executive of the LDA, said the development was in an accessible and attractive location for renters.
"These new homes will play an important role in addressing demand for affordable, secure rental accommodation in south Dublin," he said.
Joe O'Reilly, chief executive of Castlethorn, said the firm was "delighted" to partner with the LDA on the project.
"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."
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