Bank of Ireland has committed to supporting GEM Group in its development of an additional 110 affordable homes, in Church Fields, Co. Dublin.
Bank of Ireland has a strong relationship with GEM Construction and is currently providing debt facilities to support the development of the first phase of 220 units in Church Fields, Mulhuddart, Co. Dublin under a Development Agreement with Fingal County Council.
This includes 180 affordable houses and 40 social houses. Most recently Bank of Ireland also committed to supporting GEM in its development of an additional 110 affordable homes/ Phase 2, in Church Fields, Mulhuddart, Co. Dublin via an extension of the existing Development Agreement.
“The project will provide much needed, high quality, social and affordable housing in a long established community including a fantastic park and play area and other amenities”
The Bank is also working with GEM to deliver 237 new homes within the ongoing development at ‘The Willows’, Dunshaughlin, Co Meath.
Upon completion, the overall development will result in the delivery of 1,100 high-quality residential units.
Quality, affordable housing
The latest development in tandem with Fingal County council will allow the Bank to play its part in supporting the delivery of quality social and affordable housing. The development also includes two parks, two retail units, a creche and a community centre which will all benefit the local community.
The project aligns GEM and Bank of Ireland’s commitment to sustainability by committing to deliver environmentally responsible low-impact developments. Each unit will be constructed to a minimum BER A3 Rating.
The news comes on the heels of Bank of Ireland revising its home building target upwards from currently 24,000 homes across 235 sites in 22 counties to 30,000 homes through debt and equity finance.
“Supporting the supply of new homes on high-quality sustainable schemes is a strategic priority for the Group and this latest transaction has provided Bank of Ireland with an opportunity to deliver on this priority,” said Brian Gaffney, Director, Property Finance Group
“The project will provide much needed, high quality, social and affordable housing in a long established community including a fantastic park and play area and other amenities.”
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