Irish real estate investment and development platform Ardstone has bought a large residentially zoned site in Clondalkin in Dubllin, which is capable of delivering 1,400 new homes.
The purchase price was about €25m.
The site comprises eight hectares of zoned, unplanned land with capacity for about 1,400 units together with social infrastructure, including a community centre and new town plaza, which will enhance the immediate locality. Ardstone hopes to be able to begin construction on this site in 2027.
Ardstone completed 800 social and affordable units this year in Tallaght and Citywest. Earlier this year it bought apartment complexes at Spencer Place in the North Dublin Docklands and Birchwood Court in Santry, Dublin 9 for a combined €250m.
It plans to start development on its existing land pipeline of 1,000 units in 2026, marking a substantial increase in output.
Ardstone deploys funds raised from institutional partners, including large European pension funds and insurance companies. The Ireland Strategic Investment Fund (ISIF) has invested over €100m with the company.
Donal O'Neill, the CEO of Ardstone, said Ardstone this year completed 800 social and affordable homes in Greater Dublin.
"We intend on increasing that scale and pace in the coming years with the continued support of our capital partners and this site will play an important part in sustaining our pipeline," he added.
