Anyone who rents in Dublin knows just how hard it is to find a place where you can put down roots and not have to move when every 12-month lease expires.
The two-year fixed rent legislation introduced last October has helped dampen the annual rent increases many have had to endure, but with figures from the 2011 census putting the overall percentage renting at 29 per cent, this market still lacks a security of tenure seen in mainland Europe.
US property investment firm Kennedy Wilson has built its rental portfolio to some 25,000 units worldwide across the US, UK, Japan and here in Ireland where it has snapped up distressed residential complexes, refurbished them and, in some cases, added amenities.
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The company now has 1,138 units under management in Dublin across six developments: Alto Vetro at Grand Canal Dock and The Alliance on South Lotts, both in Dublin 4; Liffey Trust at the Point Village and Sandford Lodge and Vantage, Leopardstown both in Dublin 18. It has another 719 units in development.
Clancy Quay is the jewel in its Irish residential crown. In mid-2013 the firm paid €82 million for the 13-acre former Clancy Barracks site. It includes a series of cut-stone buildings and stables that date from about 1857 and there will be 800 units on the site once completed.
Phase two adds a total of 46 homes to the rental market, and they are very different in that 35 are in the original cut-stone barracks, with a sympathetic refurbishment by O’Mahony Pike Architects.
Located in the buildings where the soldiers once slept above their horses, the original flagstone floors and stone staircases remain. A further 32 units in phase two launch in October and 85 more will be coming on stream in 2017.
Rental rates
There will be eight one-bedroom apartments, about 64sq m/695sq ft in size renting from E1700 to E1900 depending on its size; 18 two-bed apartments, about 76sq m /821 sq ft and nine two-bedroom houses, about 92sq m/1001sq ft that will rent between €2,250 and €2,400.
In addition there will be five three-bedroom and six four-bedroom new build houses, respectively 123sq m/1329sq ft and 168sq m/1819sq feet and renting for €3,000 and €3,400.
The accommodation is contemporary with good ceiling heights and original floorboards retained in the first-floor properties.
The ground floor units include a south-facing terrace complete with patio furniture – a real boon.
The entire complex centres around the original officers’ mess, named The Cobbles. This was refurbished by the original developer of the site but was refreshed by RKD Architects for Kennedy Wilson and now feels like a boutique hotel lobby, complete with concierge to take parcels, let workmen into your apartment and even hold your dry cleaning for you.
Amenities
Above this is a suite of rooms that tenants can use for free. They include a media room complete with Playstation, a games room with a pool table and a shared high-end kitchen. Tenants have used these rooms for all sorts of private parties, including children’s birthdays, or just to relax and read the papers.
On the second floor is a series of office-like cubicles while a boardroom-style meeting room is also available. Social events include a book club, speed friending nights and wine and cheese evenings featuring the wares of on-site shop The Yard. There is also a studio and gym.
The addition of the three- and four-bedroom houses will increase the proportion of families in Clancy Quay, currently about 15 per cent of the tenants. The company is also adding a playground in September.
The properties are available from Monday, July 4th and will be advertised through by Savills and Kennedywilsonresidential.ie
