UK investor pays €31.5m for south Dublin social housing scheme

The Butter Yard is located at the junction of Newtownpark Avenue and Anneville Terrace in Blackrock, Co DublinUK-headquartered investor M&G has paid €31.3 million for a portfolio of 67 social housing apartments in the south Dublin suburb of Blackrock. The units at the Butter Yard scheme, which are fully let to Dún Laoghaire Rathdown County Council on a 25-year term, represent the second investment by M&G’s European Secured Property Income Fund in Dublin’s residential rental sector.

Earlier this year, the same fund paid €99.5 million for a portfolio of 148 high-end apartments being developed by Richmond Homes at Eglinton Place in Donnybrook, Dublin 4. The price paid on that occasion represented an average of €672,297 per unit. M&G is paying the Barina Property Group an average of €467,164 per unit for the social-housing apartments it has developed at the Butter Yard.

The scheme’s sustainability also aligns with M&G’s aim to achieve net zero carbon across its global portfolio by 2050 and features a green roof, electric vehicle charging points with heat pumps providing energy-efficient heating and hot water to individual apartments. The development has a landscaped courtyard, children’s play area and 83 bicycle spaces.

Someone call CAB.

Why could the County council not buy them rather than paying rent to an investor company?

Irish government are a complete disgrace, 'too lazy to do what they are elected to do'.

Madness.

They don't even have to pay for our land anymore... we pay them to buy them.

They’ve to be managed, insured etc.. Rents to be collected. Council probably struggling as it is

WHY THE F***K DOESNT THE COUNCIL JUST OWN THE FLATS OUTRIGHT THIS IS INSANE

Essentially the council are paying the mortgage costs of a foreign investment company to outright own a block of housing. Not even houses - 1&2 bed flats. Paying from the public purse to a foreign entity. Incredible.

467000 average unit cost, for only one and two beds… seems a bad deal from investor point of view. No doubt they’ll fleece DLRCC.💰

That’s 467 k per unit. 467 000 EUR per flat. Holy crap that’s expensive.

Great blackrock needs more diversity

Why didn’t dlrcc Dun Laoghaire Rathdown County Council buy them? They could have asked DaraghOBrienTD for some of that 1 Billion his department never got to spend.

ka-ching!

You couldn't make it up

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