Strong interest is expected in the upcoming forward purchase sale of 18 Newmarket Square, one of the few build-to-rent developments expected to come to market this year.
It’s understood the development of more than 130 apartments in the Liberties in Dublin 8, which is still under construction, will be brought to the market by CBRE in the first quarter of this year at an asking price of about €80 million.
18 Newmarket Square, which is expected to complete around September of this year, was developed by Revelate Capital, an Irish specialist private equity real estate business, along with Valpre Capital, a London-based private equity real estate investment firm and a UBS-owned real estate platform, Aventicum Real Estate.
It is located around a 10-minute walk from St Stephen’s Green and amenities are expected to include a co-working lounge, communal rooftop gardens and a landscaped courtyard, as well as about 500sq m of retail space.
The Liberties development is not the only deal of scale coming to the market this year; the sale of a large city centre asset is also due to be announced, with an asking price expected to be in the region of €180 million.
Last year residential transactions remained low, at about €466 million – the largest deal was the €150 million sale of the Point Campus student accommodation by German asset manager DWS. It was acquired by US fund Greystar.
Developers say issues such as the rent cap, which is up for review at the end of the year, is a factor in the lack of new private rented sector developments. Other residential developments expected to complete this year include Marlet’s Claremont development of more than 500 units in Howth, north Dublin, and Lioncor’s development at Alta Verde in Blackrock, in the south of the city.
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