The latest New Homes phase of Clay Farm recorded 25 sales of the NZEB homes over just two days, with all 11 no. 3 beds houses being snapped up, while 14 no. 4 beds were also sale agreed following the first viewings. Park Developments, who have been at the forefront of residential development in South County Dublin over the past 30 years are continuing to work hard to service the private homes market.

Separately, the off-market forward sale of the Laurel and Rowan Hall blocks, which comprise the PRS component of Phase 1 at Clay Farm also concluded recently for a price in the region of €75 million which would reflect a net yield on current estimated rents of between 4.25% and 4.5%.

The proposed development will include 192 apartments in two blocks, with each block ranging in height from four to six storeys over basement car parking. The scheme will also provide communal amenities to include an entrance lobby, lounge area, work hub and communal laundry facilities. Roof terraces will provide further functional amenities for shared use by residents. Practical Completion will commence in Q1 of 2022.

The property was forward purchased by Urbeo, a leading player in the build to rent sector, who have invested over €500 million in the past 18 months.

Savills commented:

“We are very pleased to see the continued strong demand at Clay Farm, Dublin 18. On the New Homes front, this development has out-performed all local competition since launching initially in 2017 and last week’s successful sales further demonstrates demand for quality new homes in the best locations. Separately, the bulk sale marks one of the first large-scale single asset PRS transactions to be executed in 2020, and it will also be seen as providing a major confidence boost to the Irish Investment market, coming in the midst of the Covid-19 crisis. We strongly believe that portfolio allocations towards PRS will continue to increase as a result of its resilient characteristics, which have been highlighted more so than ever in recent times with both rent collection and occupancy rates within many residential rental schemes in the Irish capital performing extremely well over recent months despite the economic backdrop.”