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A €115M, 240K SF assisted living community for older people, alongside a transitional care home and sports upgrades for St. Lawrence College in Loughlinstown, Dublin, has been granted planning permission.
Brought forward by Clopen Capital under its 11 Senior Living brand, the development has been designed by Douglas Wallace Consultants and will include a purpose-built assisted living community for people over 65, supported by on-site amenities and a transitional care home.
The development will include approximately 120 assisted living homes, plus a 180-bedroom transitional care home for people moving from acute hospital care back to independent or supported living.
As part of the planning permission, the development will also provide St. Lawrence College with two new multi-use games areas and additional upgrades to the school’s existing sporting facilities at the front of the site.
First-half investment in Ireland was characterised by growing interest in long-income and operationally critical assets, including healthcare, while residential accounted for 31% of total Irish investment volumes, according to CBRE. Occupancy levels underline the existing demand, with a June BDO survey of private and voluntary nursing homes reporting average occupancy of 95%.
For Clopen, the Loughlinstown scheme represents a move into a specialist segment alongside its established residential and commercial development activity. The company was founded in 2014 and operates across Ireland and the UK, covering site acquisition, planning, development and asset management. It has a 700K SF development pipeline and annual turnover of more than €40M.
Its Irish pipeline also includes projects in Cobh, Cloncowen and Dublin's Francis Street. The developer says its wider pipeline comprises 509K SF in planning, with 357 units in planning and 125 units already granted, representing €225M of gross development value.
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