‘Excessive' – South Dublin build-to-rent scheme on hold after council bridles at €4,000 monthly cost
Plans for a build-to-rent scheme in south Dublin have been dealt a blow after the local authority deemed the proposed rents of up to €4,000 per month to be “excessive”.
Gedv Monkstown Owner Ltd, a subsidiary of multi-billion-dollar US residential fund Greystar, lodged plans for the 488-unit development at Dalguise House in Monkstown last year.
As part of the proposal, auctioneer Hooke & MacDonald outlined that rents would be around €2,000 for a 39 sq m studio, €2,500 for a one-bedroom apartment and €4,000 for a three-bedroom flat.
The BTR units will consist of 288 one-bed units, 32 two-bed units, 153 two-bed units, 13 three-bed units and two studios.
The scheme will also provide residential units in the repurposed Dalguise House, its gate lodge and coach house.
There will also be a yoga studio, a swimming pool, co-working space and gym.
Dún Laoghaire-Rathdown County Council (DLRCC) was due to make a decision at the end of January but has now requested additional information from the developer, while also criticising fundamental aspects of the project.
The council said: “The market rents quoted, while indicative, are considered excessive and any agreement based on these would not be considered the best use of resources available. The housing authority’s preferred option would be for the transfer of land.”
It also found the development could result in a proliferation of BTR accommodation in the area and has “serious concerns” about the proposed heights of some of the building blocks, which would be “visually overbearing, resulting in adverse impacts on the visual amenity of the area and residential amenities”.
The scheme will have 10 blocks, with one reaching nine storeys. Twenty per cent of the units will be made available for social and affordable housing.
Since the plans were lodged, locals in the Monkstown area have raised objections, with over 1,000 people signing a petition against the development.
The Irish Independent contacted Greystar for comment but did not receive a reply.
The Irish Independent previously reported how Greystar was charging tenants €45 to apply for accommodation at its Griffith Wood, Dublin 9 and Quayside Quarter Dublin 1 complexes, where monthly rents range from between €2,100 and €3,600.