Funding to support large-scale residential schemes across Cherrywood and Adamstown with strong focus on placemaking and sustainability.
Bank of Ireland is providing home building facilities to Evara to support the delivery of more than 850 new homes across key residential schemes in Dublin, in a move that underlines continued investment in housing supply and sustainable development.
Evara, established in 2019, with an initial pipeline of 9,000 new homes, and led by chief executive Michael Hynes, has more than 4,500 homes delivered and under construction to date.
“Since 2020, our partnership with Evara has supported the delivery of more than 1,100 homes, including over 650 homes at Cherrywood”
Bank of Ireland are supporting the delivery of approximately 650 homes across seven schemes in Cherrywood in Dublin 18, alongside a further 205 homes in Adamstown in west Dublin. The developments will include a mix of private housing, duplexes and apartments designed to meet strong demand in the capital. In addition, approximately 10% of the total units are expected to be allocated for social housing, contributing to public housing supply.
Bank of Ireland’s latest financing has helped enable the commencement of 234 apartments, in Cherrywood, which are supported through the Croí Cónaithe (Cities) Scheme, increasing housing supply and providing greater choice for homebuyers.
Bank of Ireland has been a key partner in supporting Evara’s growth since 2020,” said Ross Reale, Finance Director, Evara.
“Together, we have helped support the delivery of more than 1,100 homes across the greater Dublin area, and this latest phase at Cherrywood is another important milestone. With a strong pipeline of developments, we are focused on increasing housing output to meet demand and deliver more homes and communities for people across Dublin.”
Sustainable living
From a sustainability perspective, the new developments are designed to meet a minimum Building Energy Rating of A3, reflecting a focus on low-impact construction and energy efficiency.
The latest financing also builds on a wider partnership between Bank of Ireland and Evara. In 2021, Bank of Ireland provided Evara with credit facilities to finance The Crossings, a transformative, mixed-use development in Adamstown, Co. Dublin that is Ireland’s first new town since the 1960s. This supported the delivery of 279 homes for the private rental market as well as approximately 90,000 square feet of retail space, including Tesco and Aldi supermarkets.
“Housing delivery remains one of Ireland’s most important challenges,” said Kevin Baxter, Head of Property Finance, Bank of Ireland. “Since 2020, our partnership with Evara has supported the delivery of more than 1,100 homes, including over 650 homes at Cherrywood.
“This latest funding demonstrates how development finance can help unlock new housing supply. By supporting both homebuilders and homebuyers, we are helping increase housing output and broaden access to home ownership.”
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