Estate Of The Nation [Updated]

at | 30 Replies

Tonight.

Earlier…

This afternoon.

Mullen Park estate, Maynooth,  county Kildare.

The 170-home estate has had 135 homes bought by Round Hill Capital, a global property investment firm, who will be putting the houses on the rental market, making them unavailable to first-time buyers in Ireland.

Good times.

Earlier: ‘Developer-Led’

Eamonn Farrell/RollingNews

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30 thoughts on “Estate Of The Nation [Updated]

  1. Mr. T

    The “rental” market

    25 year lease with Kildare county council for social housing more like

    Reply
  2. ian-oG

    Round Hill Capital? Are they that famous nuclear disarmament body?

    I believe they are looking for committed nuclear de-escalation experts to join their team!

    Reducing nuclear stockpiles one Kildare estate at a time……

    Ahem…..

    Reply
  3. Rob_G

    There’s also a shortage of rental properties, no?

    “The Lord giveth, the Lord taketh away”.

    Reply
    1. Mr. T

      Investment funds dont buy to rent to the public – they buy to agree 20-25 year leases with Local authorities. So its only for social housing tenants.

      It gives a better return on investment than any government bond. Many pensions funds are invested in this way now since interest rates are at an all time low.

      Reply
      1. Rob_G

        I didn’t know that – cheers.

        Social housing tenants shouldn’t get brand new houses at the expense of private renters/would-be homeowners.

        Reply
        1. Mr. T

          The demand is fueled by pension funds et al needing a better return on investment than govt bonds @ ~0%.

          This is one of many serious side effects of low interest rates – funds have a lot of money to throw around in search of returns and it can seriously distort smaller markets (such as our housing market).

          Govt need to bring in regulation banning sales of residential property to non-residents/and or funds

          Reply
          1. Mr. T

            yes scottser, social housing tenants should get subsidised brand new houses ahead of those who wish to pay for the house themselves.

            Because that is the real sign of a fully functional housing market isnt it?
            All very Robin Hood-esque. Steal from the rich (working/middle class) give to the poor (dole lifers)

          2. Rob_G

            No, social housing tenants should get apartments adequate to their needs, rather than being housed in brand new houses at the expense of private renters/would-be homeowners.

            Only people with jobs should be prioritised for housing in and around Dublin; people who don’t work should be housed in other parts of the country where housing is not so scarce.

            I don’t really think there should be any houses used for social housing while there are private renters spending north of €2k a month to live in apartments (not to mention it being a poor use of a scarce resource).

          3. Johnny

            from an interview with-we gonna use app’s yeah apps and tech yeah hi tech new tech and proptech cause we overpaid…..and haven’t a clue bless:)

            – Kelly O’Hara, Partner and Head of Real Estate at Dillon Eustace

            RHC also says its investors are increasingly seeing the benefits of the application of innovative technology in an otherwise low yield environment. At Blackwood Square, RHC is deploying the latest PropTech AI tools to maximise site efficiencies and long-term sustainability. When Blackwood Square is ready for occupation, RHC expects to leverage other digital investments made by sister company Round Hill Ventures. These include apps such as Plentific, which help landlords manage repair and maintenance and alongside other tools, will help attract and engage tenants supporting consistent long-term yield.

            note they also did a loan to own on this Blackwood Square-297 high quality apartments.
            https://www.lawyer-monthly.com/2021/01/round-hill-capital-and-quadreals-e123-5-million-acquisition-of-blackwood-square-dublin/

          4. scottser

            rob, the problem with the dichotomy as you describe it, is that renters are being gouged by players in an unscrupulous market. people living in social housing schemes in dublin is not the problem – housing for profit, an ideal i’ve seen you venerate on here on numerous occasions, is.

          5. Rob_G

            Ok, ‘housing for profit’ has been abolished overnight, and there are still the same number of people who want to live in Dublin – amazing, we still have the same housing shortage. How should this non-profit housing stock be apportioned? Do you that, and bear with me here, people who have a pressing need to be in Dublin 5 days a week should not be prioritised over those who don’t?

        2. Darren

          At the expense?.. Probably the chance for social housing to ever be delivered is that it will come at some expense. It’s certainly a considerable expense to have no socially affordble housing. A very costly practice indeed. The reasonable provision of homes by a council with certainty of tenure for decades to come .. such as a local county coucil.. and the delivery of brand new .. boxfresh homes .. should most definitly become just one way to ensure that localities are occupied by communities and if it comes at anyone’s expense, let it be the benefit of good local management that takes the heat and sure enough those who have put down their own revenue stream for purchase will realise that socially affordable housing is a far better option than none.

          Reply
  4. Johnny

    ….there was a time when the yanks bought old useless country estates,golf courses and faux castles and then blew small fortunes restoring them,Rob is most certainly not following this tradition,thanks Trinity.

    https://roundhillcapital.com/team/rob-reiskin/

    global-not really-small niche london based sweat the bricks team-raised 7 billion V say oh blackrock at 9 Trillion

    Reply
  5. Johnny

    in past they used this FFG vehicle to forward purchase irish peoples homes-in other words-funded the development in return for the houses,which they can rent or sell.

    …as committed to by the Irish Government in its strategy for the International Financial Services Industry in Ireland 2011 – 2016.

    All,all of this is blessed by your independent “irish” central bank.

    https://thehedgefundjournal.com/the-irish-collective-asset-management-vehicle/

    this is all facilated,arranged and set up by one irelands leading law firms-oh my…the,the FEES.

    “Dillon Eustace acted as advisers to Round Hill Capital, a leading real estate investment, development and asset management firm, in a 216-apartment build-to rent residential scheme in Santry, North Dublin. Together with QuadReal Property Group, its newjoint venture partner, Round Hill Capital established an Irish Collective Asset-management Vehicle(ICAV) for the forward purchase of the 216 apartments. This represents the joint venture’s firstbuild-to-rent investment in Ireland as part of its wider Irish residential strategy”

    https://www.dilloneustace.com/uploads/files/Round-Hill-Capital-Bridgefield-deal-Nov-2018.pdf

    Trinity connections paying off for Rob.

    ..they are just filing a gap or a space created by FFG,this type loan to own finance,its one the reasons you don’t have any nice new houses in Ireland

    Reply
    1. ce

      Yeah, can’t wait for the Covid Emergency to be over so we can get back to the Housing Emergency… I know we’re not supposed to all it a Housing “Emergency”, apologies in advance…

      Reply
      1. Termagant

        An emergency by definition is something that requires immediate action

        Thus an emergency can be rendered a non-emergency by simply not doing anything about it, proving by the fact that we’re still just about capable of limping along without any solution whatsoever that no immediate action was required in the first place.

        Reply
        1. ce

          “Thus an emergency can be rendered a non-emergency by simply not doing anything about it, “… so crazy it just might work

          Reply
  6. wearnicehats

    Given that they’ve only managed to shift 35 houses in 5 months or so you can hardly blame the Developer for choosing a quick sale of everything that’s left. As to them not selling they are way overpriced. If the deal’s worth €54mil for c. 135 houses that’s €400k a pop and they’re being marketed around €545k.

    Reply
  7. Symptomagicsogography

    Someone commented above that people on the dole should just live in other parts of the country outside say Dublin and east of the country, but they should realize that local authorities on the west coast of this country are building hardly enough social housing to make a dent in their own housing waiting lists.
    The county and local councils are useless and would end up making most of that east coast cohort homeless in quick smart time.
    So it’s a bad idea all round.
    Every county and local town council should be given the funds to buy all the half finished country side bungalows that are laying around and the boarded up shops and other disused buildings in towns and villages and re-purpose them to make a serious reduction in the housing lists. But thats an answer to the problem to a certain degree and the government dont actually want that, what they want is another fudgy gimmick to keep the same old folks getting a profit.
    Lets just have another election and get Eoin O’Brion in as housing minister quick smart thanks.

    Reply
    1. Otis Blue

      Town Councils no longer exist. They were abolished by the FG-led Government in the 2014 Local Govt Act. As it happens Local Authorities already have the capacity to CPO the type of properties that you mention but these are rarely, if ever used. The useless hoors hardly even bother to update their derelict sites registers, the revenue from which would actually deliver much-needed income to support other services.

      Reply
    2. Rob_G

      Well I agree with you; whatever way they went about it, it would be cheaper to house unemployed people in less-populated counties. The towns that they moved to would have more people in living there spending money, more children enrolled in the schools. For the new residents, their cost of living would be cheaper.

      But while it’s politically acceptable for taxpaying Dubs to be forced out of their areas to commute in from the Midlands, apparently housing people who don’t work anywhere outside of Dublin is an ‘attack on comm-ewn-attees’.

      E O’B thinks that a house can be built for €60k, the man genuinely does not have a clue.

      Reply
  8. V AKA Frilly Keane

    Developers financing their working capital from private equity
    Cutting out the Banks

    Surprised it hasn’t happened before now
    But won’t be surprised to see a bit of what about the banks
    Expect something radical to get bank cash out the doors
    Current levels of deposits are unsustainable

    Reply
  9. Diddy

    I’m not sure but I think we may have reached peak black comedy. In about 6 months time everyone of those gafs in maynooth will be tied into a 25 year council lease at €24kpa ( no matter what happens ) . In these houses will be placed the national poor mouth brigade, a smattering of new arrivals to the country and some genuinely contributing low income working class families.

    As for the paye middle class? Well, thanks for the tax lads now here’s your subsidy free rent bill, oh and everything else you pay for in the country .

    I’m laughing maniacally

    Reply
    1. V aka Frilly Keane

      Here’s something tho

      it will be very hard to establish a current market value per unit
      with that % of the estate occupied by renters
      its value will only ever be as an investment property
      like buying a car off a hackney driver

      and not the residential Owner Occupiers market – that promises family friendly, home improvements, tlc, services and local facilities

      Reply

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