Solving the housing shortage in Ireland
The global financial crisis of 2008 and its aftermath affected all developed economies. Ireland was particularly badly hit. The years leading up to the crash had seen a massive Irish property bubble develop alongside a rapidly growing economy.
The property market collapsed in 2009, as finance for construction projects dried up and debt-laden property companies failed. House building ceased and completed homes remained unoccupied.
After a period of deep austerity, Ireland has rebounded from its difficulties with growth and jobs having returned. The debt and banking systems are on much firmer ground. The scale of the property bubble and the inevitable burst that followed has seen the property market take longer to recover. However, as Ireland’s overall economy continues to recover, the demand for new homes is increasing and the Irish residential property market is now rapidly growing again.
Our Managing Director in Dublin, Paul O’Connell, steered Waterman Moylan (Moylan) through the collapse and explains how he has focused his business strategy for recovery; “We foresaw the looming deficit in new housing supply and positioned ourselves in addressing this problem by building our resource and skills base early in the cycle.”
It was the right direction for Paul and his team; longstanding relationships with clients have beencrucial to the business’ recovery after the crisis. “We are working closely with many of our clients on a wide range of apartment and housing schemes in Dublin and the surrounding regions”, Paul said. With the orderbooks going from strength to strength, he has expanded the team’s capacity and expertise into a multidiscipline engineering consultancy to meet the increased demand.”
A major milestone was the recent completion of the Vantage apartment scheme in Central Park for Kennedy Wilson, a key client for which Moylan has delivered several successful schemes over recent years. Another important client is Cairn Homes, one of the most active house builders in and around Dublin. Paul said; “We are currently working on several sites within easy reach of Dublin, including the high quality 50-unit Glenheron development in Greystones. We are also involved in Cairn projects at Churchfields in Ashbourne, Parkside in Balgriffin, Jigginstown in Naas, Shackleton Park in Lucan and Streamstown in Malahide.”
Castlethorn, a client of 20 years, appointed Moylan for their Alderlie development at Adamstown and the team is delighted about their subsequent appointments on other residential schemes such as St. Helens and Sommerton, also in Adamstown, Brighton Vale in Foxrock and Bellarmine in Stepaside.While much of Moylan’s focus in the last couple of years has been on housing, the team is now seeing more interest in apartment schemes as rising rents in Dublin are making higher density developments more attractive. Optimistic about the future, Paul adds; “Construction in Ireland is now on a sustainable growth path and we have a stable pipeline of quality developments in our order book. A lot of businesses are seeking to relocate to or expand in Dublin which gives us confidence for the future.”
Alderlie, Adamstown Co. Dublin
Castlethorn’s 177-unit Alderlie development comprises a mix of two, three and four-bedroom terraced houses and apartments. Moylan is providing mechanical, electrical, civil engineering design and monitoring services. All homes have a minimum A3 energy rating, meaning the new owners will benefit from low energy bills into the future.
Vantage Apartments, Central Park Co. Dublin
Kennedy Wilson’s scheme in Central Park comprises 170 apartments in three linked 7 to 10-storey blocks, all over a common podium and basement. Moylan provided civil, structural and traffic engineering.