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The 10 Newmarket Square Project: Redefining Urban Living in Dublin

The 10 Newmarket Square Project: Redefining Urban Living in Dublin

Dublin, January , 2025 – The 10 Newmarket Square project is poised to transform Dublin’s cityscape with its innovative approach to urban living. This ambitious Build-to-Rent (BTR) scheme, located in the vibrant Liberties area of Dublin 8, is a collaboration between Valpre Capital, Revelate Capital, and Aventicum Real Estate.

The project promises to deliver 132 high-quality apartments with state-of-the-art amenities, including a co-working lounge, three communal rooftop gardens, a landscaped courtyard, and 301 designated bicycle parking spaces. The development also features a retail unit and public amenities, fostering a dynamic and interconnected community living experience.

A key highlight of the project is its commitment to sustainability. Designed to meet the Nearly Zero Energy Building (NZEB) standards, 10 Newmarket Square incorporates a passive-first philosophy with low u-values and a low-energy design. This forward-thinking approach underscores the joint venture’s dedication to making a positive environmental impact.

The architectural design is by the award-winning firm Reddy Architecture + Urbanism, and construction is being handled by Walls Construction. Fairfield Real Estate Finance, backed by funds managed by Oaktree Capital, is providing the construction financing.

Jan Dijkstra, Senior Director at Aventicum Real Estate, expressed excitement about the project, stating, “We are delighted to have concluded this partnership with Valpre Capital and Revelate Capital, marking our first investment in the Irish market. We believe Dublin and other larger cities in Ireland will continue to offer attractive investment opportunities in the living sector in the coming years as demand fundamentals are sound and construction activity is suppressed.”

Ahmad M. Hariri, Founder and Managing Partner of Valpre Capital, added, “We are glad to have Aventicum onboard in this project, which will enable the delivery of 132 much-needed high-quality apartment units in Dublin. Our experience in the residential sector in Ireland over the past five years reinforces our belief in the urgency of regulatory changes to the current format of rental caps to enable the delivery of additional housing units.”

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Public Opinion

Residents and local businesses in the Liberties area have expressed mixed feelings about the project. While many are excited about the new amenities and the focus on sustainability, some are concerned about potential increases in rent and the impact on the local community’s character. “It’s great to see new developments, but we need to ensure that they benefit everyone, not just those who can afford higher rents,” said one local resident.

Rent Caps

The discussion around rent caps is particularly relevant in the context of the 10 Newmarket Square project. Rent caps are regulatory measures imposed by the government to limit the amount by which rents can increase over a certain period. These measures aim to prevent excessive rent hikes, which can lead to affordability issues for tenants, especially in high-demand urban areas like Dublin.

Ireland has experienced significant rental inflation in recent years, leading to concerns about housing affordability. Rent caps are seen as a way to protect tenants from sudden and unaffordable rent increases, ensuring that housing remains accessible to a wider range of residents. However, developers argue that such regulations can hinder the delivery of new housing units, as they may reduce the financial viability of new projects.

The 10 Newmarket Square project aims to strike a balance between providing high-quality, sustainable housing and addressing the concerns of local residents and regulators. As Dublin continues to grow, the success of such projects will depend on their ability to meet the diverse needs of the community while adhering to regulatory frameworks designed to protect tenants.

The project is anticipated to be completed by Q3 2025, and it is expected to become a landmark development in Dublin, setting new standards in urban living and sustainability.

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