Hammerson-Allianz joint venture commences building its first-ever residential-led scheme in Ireland
Munich | Dublin, 17.10.2022
Hammerson and Allianz Real Estate, on behalf of the Dundrum Retail Limited Partnership, announce that construction has commenced on its first-ever Irish residential-led scheme, The Ironworks.
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. The Ironworks will benefit from the operation and management of the Estate’s stewardship and in turn diversify the use and purpose of the wider Estate with sustainability at the forefront.
Modern apartments and co-working space
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.
The homes will be professionally managed on a long-term rental basis.
Net zero carbon ambitions
Designed as a best-in-class residential development, the scheme will achieve a BREEAM Excellent rating as part of Hammerson’s Net Zero Carbon ambitions. All the homes are designed to optimise light and heat recovery ventilation, with the building also benefitting from solar photovoltaics and a green roof. The development will also encourage sustainable transportation through secure bicycle facilities, car-club spaces, and EV charging points.
Exterior courtyards and terraces will incorporate a combination of quality landscaping such as seating, paving, and lighting along with native plants to enhance local biodiversity. The development will fully integrate new social housing within the plans, contributing to the sustainability of the local community.
Connor Owens, Managing Director Asset Management (Ireland), Hammerson, 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
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.”
Reinvigorating Hammerson’s assets
The Dundrum Estate plays a key role in the Hammerson portfolio providing development opportunity to become one of Europe’s leading mixed-use estates. The Ironworks residential-led scheme supports the Group’s strategy to focus on core city centre locations and drive diversification through new and mixed asset uses.
Hammerson holds over 100 acres of attractive pre-development and strategic land in and around urban locations with the potential to ultimately reshape entire neighbourhoods and create mixed-use city centre spaces for generations to come. These include Bishopsgate Goodsyard in Shoreditch, Martineau Galleries in Birmingham, and Dublin Central.
Hammerson is developing The Ironworks on behalf of the Dundrum Retail Limited Partnership; a 50:50 Allianz and Hammerson joint venture, which owns and operates Dundrum Town Centre.
The development is due to be completed by 2025.
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