New Beginning Pays €54.5M For 111 Marlet Apartments At Grand Canal Harbour
Dublin-based debt advisory and housing firm New Beginning has paid €54.5M for a block of 111 apartments developed by Marlet at its Grand Canal Harbour project off James Street, Dublin 8, the Irish Independent reported.
Called Block 6, the property has been let to Dublin City Council on a 25-year lease at around 75% of the prevailing market rent in a deal whereby the council has taken responsibility for the management and maintenance of the apartments. New Beginning will take responsibility for maintenance of the block’s common areas.
Marlet’s Grand Canal Harbour is a mixed-use development consisting of 596 apartments and more than 76K SF of retail and amenity space. The residential units include 482 one-bedroom and 114 two-bedroom apartments across six blocks.
Marlet’s DubLiv platform offers private rentals starting at €2,150 per month for one-bedroom units and €2,600 for two-bedroom apartments in the development.
New Beginning was founded as a debt advisory service in 2011 focused mainly on individual distressed mortgage holders. Since 2017, it has provided social and affordable housing through partnerships with international capital.
Marlet is a developer of residential and commercial properties in Dublin and owns a portfolio of retail centres across Ireland. Its flagship development is the office-led College Square in Dublin city centre. Its other residential developments include two in Harold’s Cross and Green Acres Grange in Kilmacud, while it is also active as a purpose-built student accommodation developer in Dublin.
Last year, Marlet announced that investment management and investment services business BNY had signed a lease for four floors at the company’s The Shipping Office development at Sir John Rogerson’s Quay.
The Grade A office development totals 177K SF of offices across eight storeys, designed by architect Henry J. Lyons. Marlet said BNY is expected to move in around the middle of this year.
