The Developer
A look at BTR Developments and what's on the market
Hello and welcome to The Developer. In this article we look at the Rise of Build to rent in Ireland. Something that was completely unheard of before the 2000s.
We also look at what’s currently on the market and we have requirements from developers and funds looking land and property across Ireland.
The Rise of Build-to-Rent Schemes in Ireland and Belfast
Build-to-rent (BTR) schemes are becoming a dominant force in the Irish and Northern Irish housing markets. Designed specifically for long-term rental, these projects offer modern amenities, catering to younger professionals and those seeking flexibility without the commitment of homeownership. Below, we explore why BTR is on the rise and who is funding these major developments.
Why Build-to-Rent is Growing
Addressing Housing Shortages
Ireland’s urban housing markets, particularly in Dublin and Cork, are under pressure due to population growth and limited housing supply. Build-to-rent projects provide a quicker solution to these challenges by delivering high-quality rental units that meet demand, especially from younger professionals.
Institutional Investment
Institutional investors like Kennedy Wilson and Legal & General (L&G) are leading the charge, viewing BTR schemes as stable, long-term investments. These large investors are behind some of the biggest BTR projects in Dublin and Belfast, ensuring that new rental housing is delivered on a large scale.
The Rise of Build-to-Rent Schemes in Ireland (2015-2024)
As the graph above illustrates, the number of BTR schemes in Ireland has grown exponentially since 2015. The rise reflects increasing demand for urban rental accommodation, especially in cities like Dublin and Cork.
Who is Financing These Projects?
Institutional Investors
Kennedy Wilson: With major developments like Clancy Quay and Capital Dock, Kennedy Wilson has been a major force in Dublin’s BTR boom.
Legal & General (L&G): L&G is financing the Loft Lines project in Belfast’s Titanic Quarter, providing £155 million to build 627 BTR units, along with affordable housing(
Private Equity Firms
Blackstone and Round Hill Capital: These private equity giants are backing large BTR developments, viewing them as stable, high-yielding investments.
Government-Backed Agencies
Land Development Agency (LDA): Through Project Tosaigh, the LDA is fast-tracking stalled projects, aiming to unlock land for BTR developments.
Housing Finance Agency (HFA): The HFA is providing loans for BTR projects focused on affordable and social housing.
Graph: Build-to-Rent Schemes by City (2017-2024
The above graph showcases the rapid growth of BTR projects across major Irish cities. Dublin remains the leader, but Cork and Belfast are catching up, with Belfast’s Loft Lines development marking a key milestone in Northern Ireland’s housing market.
Several Build-to-Rent (BTR) projects across Ireland are currently in various stages of planning or pre-construction. Here are some notable examples:
Cookstown Crescent Modular BTR, Dublin
Ireland's first modular BTR development has secured planning permission in Cookstown, Dublin 24. This project will feature 196 units arranged across four blocks, with heights ranging from 6 to 9 storeys. Located near the Cookstown Luas stop, this innovative modular design will include communal spaces, a crèche, a gym, and retail units().
Horgan's Quay, Cork
One of Cork’s most significant residential developments, Horgan’s Quay, will deliver 302 apartments by 2025. This project had previously stalled but was revived by the Land Development Agency (LDA) as part of their Project Tosaigh, which helps bring planning-approved but delayed projects to fruition().
Ashbourne BTR Scheme, Meath
A €202 million residential development in Ashbourne, Co. Meath, has been approved by An Bord Pleanála. This project includes over 185 housing units and is part of a broader push to address housing demand in commuter towns().
Dublin Docklands Projects
Several BTR schemes are also planned for Dublin’s Docklands area, which remains a hotspot for high-end rental developments. Projects here typically face extended planning timelines due to the high density and need for zoning adjustments, but they are critical to meeting rental demand in the capital.
2. On the Market
Lands near Dublin Airport – Industrial Development Opportunity
129 acres of land near Dublin Airport are on the market for €4.5m. This site offers long-term potential for industrial development and is well-located, close to the M2 motorway and Dublin Airport Logistics Park.
The Square Shopping Centre in Tallaght Sold for €130m
One of Ireland’s largest shopping centres, The Square in Tallaght, has been sold for around €130m. The sale reflects current challenges in the retail property market, down significantly from the €250m paid for the site in 2018.
Land Bank in Ballymadun, Meath
A 76.68-hectare land bank near Ashbourne Business Park is on the market for €8.5m. The land is zoned for rural use but offers high-yield agricultural income and future development potential.
Nuremore Hotel and Country Club, Co Monaghan
Nuremore Hotel in Carrickmacross is on the market for £5m. The 70-bedroom hotel includes an 18-hole golf course and extensive event facilities, making it a prime opportunity for investors in the hospitality sector.
3. Requirements
We are actively working with developers, investment funds, and property professionals to source the following types of opportunities. If your team is currently seeking deals or has access to properties that meet these criteria, we’d love to collaborate.
Logistics and Industrial Assets: Properties with potential for long-term industrial development, particularly in key logistics hubs near Dublin.
Retail Parks: Sites with strong anchor tenants and opportunities for asset management, located across Ireland.
Residential Development Land: Zoned land in commuter towns, backed by solid infrastructure.
Mixed-Use Commercial Projects: Prime city-center redevelopment sites, ideal for mixed-use development backed by market fundamentals.
If you’re looking for these types of properties or know of any opportunities that match our criteria, get in touch with us today. We’re keen to explore how we can work together to bring value to these opportunities.
4. Off-Market Opportunities
In collaboration with leading developers and investment funds, we are constantly sourcing and offering exclusive off-market opportunities that aren't available to the wider market. If you are searching for unique investment opportunities, or have a property to offer, let’s connect.
Current off-market deals include:
Prime Retail Site in Dublin: Centrally located with long-term tenants and strong yields.
Commercial Development, Northern Ireland: Planning-approved mixed-use site, ideal for residential and commercial units.
If you're seeking off-market properties or have opportunities that may interest us, we’re eager to hear from you. Whether you’re a developer, fund, or individual investor, reach out for confidential discussions on how we can partner on these exclusive deals.
That’s all for this week.
Thanks for Reading
Eamon Breen