Planning permission granted to build 84 apartments, 14 storeys high in Sandyford has been slammed, fearing costly rents by the property investment company.
The mixed-use development will complete the Beacon South Quarter scheme.
Éirígí local election candidate for the Dundrum area, Brian Leeson, told Dublin Gazette he is disappointed in the council’s decision to give property investment company Irish Residential Properties REIT PLC the green light.
“Ires REIT already own 630 homes in this one small part of Sandyford. “This massive portfolio of homes is big enough to influence the overall rental market in Sandyford and the surrounding areas.
“This is particularly problematic because of Ires REITs extremely aggressive pricing strategy.
“Since it began operations in Sandyford five years ago, the rents that Ires charge have risen dramatically, establishing new rental highs that have been quickly followed by other corporate and more traditional landlords.
“For example, when The Maples came to market last summer, Ires were charging a staggering €2,600 for a two-bed apartment, a record high for this area.”
Mr Leeson fears reports that Ires are about to apply for permission to build another 428 apartments on the nearby Rockbrook site.
“If this permission is also granted to Ires it will put Ires on course to owning over 1,100 homes in our community. No one company should be allowed to own so much housing in one area.”
Mr Leeson is calling on the government and DLRCC to instead build large volumes of public housing that will be open to people on all incomes to rent.