Hammerson-Allianz jv begins residential scheme for Dundrum redevelopment
Hammerson and Allianz Real Estate have started construction on the first phase of Dundrum Retail’s proposed redevelopment of the Dundrum Estate in Dublin.
The masterplan of the development includes 881-homes, as well as public space. The 27-acre Dundrum Estate includes Dundrum Town Centre – Ireland’s biggest shopping centre – and the smaller Dundrum Shopping Centre.
Construction has commenced on the first residential scheme of the master plan, The Ironworks (pictured), located at the Sandyford Road entrance of the Dundrum Estate.
Hammerson and Allianz Real Estate have started construction on the first phase of Dundrum Retail’s proposed redevelopment of the Dundrum Estate in Dublin.
The masterplan of the development includes 881-homes, as well as public space. The 27-acre Dundrum Estate includes Dundrum Town Centre – Ireland’s biggest shopping centre – and the smaller Dundrum Shopping Centre.
Construction has commenced on the first residential scheme of the master plan, The Ironworks (pictured), located at the Sandyford Road entrance of the Dundrum Estate.
Dundrum Retail – the 50:50 Allianz and Hammerson jv that owns and operates Dundrum Town Centre – has chosen Glenbeigh Construction as its construction partner, along with “other skilled Irish design and operational partners” for the project.
The first phase of the scheme being built will include 122-homes, 2,000 sq ft of co-working space, 4,000 sq ft of residents’ amenity and lounge space, a gym, 2,000 sq ft of panoramic terrace, and a coffee shop. The homes will be professionally managed on a long-term rental basis. The development will also include 164 bicycle parking spaces, car-club spaces, and EV charging points.
The development will aim for BREEAM “excellent” rating as part of Hammerson’s net-zero carbon ambitions.
Allianz Real Estate head of investments and strategic development for North and Central Europe Nicole Pötsch said: “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.”
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Picture © Allianz Real Estate
