Irish real estate investor Ardstone has secured permission to develop a new €70 million apartment project close to Tallaght Stadium in south Dublin.
In May the company led by Donal O’Neill applied for permission to build a 169-apartment scheme on a 1.32 hectare site on Whitestown Way, Dublin 24.
South Dublin County Council has approved the application by the developer, which also included plans for two commercial units, a creche and new public open space area.
Ardstone senior director Mark Forrest said the decision was a “significant milestone” for the company’s plans in south Dublin.
RM Block
“Whitestown Way builds on our strong track record in the Tallaght and Citywest area and will create a vibrant, sustainable new neighbourhood with excellent transport links, quality public realm and amenities that benefit both new residents and the wider community.”
The site of the proposed apartment block is based across the road from Tallaght Stadium, the home of League of Ireland champions Shamrock Rovers.
The project will provide 80 one-bed, 85 two-bed and four three-bed apartments in two blocks, the highest of which will be six storeys. The planned development will also include 77 car parking spaces, with 66 under the development and 11 on street.
Irish-owned real estate investor Ardstone was cofounded by O’Neill and veteran property investor Donal Mulcahy in 2005. Mulcahy exited the business in 2023. It has a portfolio of more than 3,000 residential units in Ireland, valued at about €1.4 billion.
Last year it completed the construction of 800 social and affordable units in Tallaght and Citywest. It also expanded its residential portfolio through the acquisition of the apartment complexes Spencer Place based in north Dublin docklands and Birchwood Court in Santry, Dublin 9, for deals worth a combined €250 million.
Ardstone has completed a number of land deals in the past year that have paved the way for the firm to significantly grow its portfolio in the coming years.
Last year it spent €25 million to acquire an eight-hectare, residentially-zoned site in Clondalkin with capacity for 1,400 homes. O’Neill said at the time it planned to start construction on this site in 2027.
The company also owns the Jesuit Order’s former Milltown Park campus in Dublin 6, which it bought for €65 million in 2019. Ardstone has faced a number of appeals and threats of legal challenge to its plans to build a large apartment scheme on the land.
Its latest plan to deliver 562 apartments on the site was approved by Dublin City Council in April, but has been appealed.
Ardstone has land capable of delivering 2,500 homes in Dublin. The firm has forecast it will start construction on 1,000 units in 2026.
The company has been funded through capital raised from large European pension funds, insurance firms and the Ireland Strategic Investment Fund.
