Irish property developer Twinlite and its joint venture partner Tristan Capital Partners have engaged Knight Frank and Hooke & MacDonald to act as joint agents for the sale of 376 apartments at Clongriffin in north Dublin.
While the search for a buyer has yet to get underway, The Irish Times understands the units at One Three North will command a price in excess of €200 million. The portfolio is set to come to the market virtually fully let through Twinlite’s digital rental platform Vesta, which manages the properties and allows tenants to view and lease apartments online. Twinlite was the first company to offer this fully digital service to tenants.
Completed in July 2020, One Three North represents the first of two phases at the Clongriffin private rented sector (PRS) scheme. The precise timing for the sale of the 282 apartments in the second phase at Two Three North has yet to be decided. This element of the development is expected to reach practical completion within the coming weeks.
Should a sale of the One Three North portfolio proceed at or above the expected pricing level, it would deliver a significant return for Tristan Capital Partners particularly. The pan-European real estate investment manager paid Twinlite about €130 million for the 376 units in a forward purchase deal in 2018. The developer, for its part, took a minority equity stake in the scheme.
Located immediately beside the 54-acre Fr Collins Park and within close proximity to Clongriffin Dart station, both One Three North and Two Three North comprise nZEB (nearly zero energy building) rated units, powered solely by renewable energy. The apartments are complemented by a full range of tenant facilities including a gym, exercise studio, cinema and concierge.
Since its establishment 36 years ago, Twinlite has invested in excess of €650 million in its various developments and built almost 3,000 homes. Outside of its schemes at Clongriffin, the company is currently involved in the construction of 101 apartments at Castle Park Road in Dalkey.
News of the impending sale of the One Three North portfolio comes just weeks after developer Sean Mulryan's Ballymore emerged as the successful bidder for the nearby Project Capital North site. Extending to 27.4 acres, the lands which were assembled by Gannon Properties, have full planning permission for 1,823 residential units, a 209-bedroom hotel, including 20 short-term let apartments, and 1,358 car parking spaces. The site also has permission for 22,728sq m of commercial space, providing office accommodation and retail space. Ballymore has agreed to pay €40 million for the lands, or some €10 million less than the sole selling agent Savills had been seeking when it brought the site to the market last November.
