The directors of Power Scaffolding Supplies Limited plan to develop 345 apartments, a crèche and a media and business centre on a site on the corner of Airton Road and Belgard Road, in Tallaght, Dublin 24.
Directors Pádraig and Edward McElwain have applied to An Bord Pleanála for fast-track planning under the Strategic Housing Development category. The dwellings are also designed for the build-to-rent market in an area where there is a strong demand for rental accommodation as well as relatively few new apartment schemes developed in recent years.
Pádraig McElwain said the units would be developed in four blocks ranging in height from five to 10 storeys. The apartments will comprise 82 one-bedroom units, 255 two-bedroom units and eight three-bedroom units. The combined floor areas of the apartments and crèche will extend to 26,000 sq m.
Belgard Road connects Tallaght town centre to the N7, while Airton Road connects Belgard Road to Greenhills Road and Walkinstown.
A gauge of the value of the project may be indicated by the asking price for a portfolio of 122 apartments currently for sale in two separate complexes in Tallaght. Branded as the Acorn Collection, they have a €29.8 million price tag and with current gross annual rents of around €2.08 million they offer a gross initial yield of 7pc. The quoted price suggests an average of €244,200 per unit. That suggests a 22pc premium to the average price of €200,000 for-two bedroom apartments in Dublin 24 shown by the Institute of Professional Auctioneers and Valuers survey for the second half of 2018.