Ires Reit has completed the construction of 68 apartments in Sandyford, Dublin 18.
The development is called the Maple at Block B2B, Beacon South Quarter. The 68 apartments comprise four one-bed, 55 two-bed, and nine three-bed apartments.
All the 68 apartments are already fully leased, with leases starting in July and August. The annualised passing rents will be about €1.64 million.
Ires Reit is expanding its development activities and the success of the Maple Block will lead to further development by Ires Reit in the Sandyford area as they own the vacant site at Rockbrook.
The completion of the Maple Block will add to the supply of serviced apartments in the area which in turn will help growing business attract staff. However, many will also feel the rents achieved by Ires Reit will push up rents to high.