Santa Sabina Scheme Goes €75 million To German Property Company
A German investment company, Union Investment has paid about €75 million for a portfolio of 140 apartments built by developer Park Developments on land that was formerly part of Santa Sabina.
The price paid for what is now called, Seafield Strand equates to an average of €535,714 per unit, and the transaction is the German investment company’s third investment in Ireland’s private rented sector (PRS) market.
In total, the development comprises six residential blocks with a total of 140 apartments and a preschool. The apartments consist of 108 two-bedroom units with the remaining properties made up one and three-bedroom apartments.
Commenting on the completion of the deal, Union Investment’s head of asset management for Europe, Christiane Bührsch, said: “Seafield Strand was built to high quality and sustainability standards. Given the good quality of the property and its location in addition to Ireland’s growing population overall, we expect demand for the apartments to be high in the future.”
From a local perspective, the private rental sector phenomenon is one that has taken hold across the country and is set to become an embedded feature in this area also. In many ways, its arrival is regrettable but signifies the dire need for government investment and lateral thinking, so social and affordable housing is an achievable aspiration for all.
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