47 New Homes for Dublin City Centre Community Following Circle VHA’s First Direct Construction Project in €21m+ Partnership with AIB and DCC
Published on 14th June 2024
Dublin City Centre, 10th June, 2024 – Circle Voluntary Housing Association (VHA) proudly celebrates 47 new homes at Railway Court, Dublin 1, a landmark project made possible through an innovative €21 million plus, dual funding deal with AIB and DCC. This significant milestone was celebrated today with a ribbon-cutting ceremony attended by Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe; Circle VHA CEO John Hannigan, and representatives from AIB, Dublin City Council (DCC), among other key stakeholders.
The Railway Court development, located on the former Liberty House site in Dublin’s city centre, includes a mix of one, two and three-bedroom homes for social housing. This project represents Circle's first direct construction project and exemplifies a successful partnership with AIB, setting a new benchmark for social housing funding and delivery in Ireland. Developed using innovative construction methods, the homes are designed to the highest specifications, achieving an 'A' energy rating. The project also includes a new community facility on the ground floor, enhancing the communal living experience and bringing additional facilities and employment to the community.
Key Highlights:
Innovative €21 Million Plus Funding Deal with AIB and support of DCC: This landmark agreement is the first of its kind in Ireland, enabling the funding of the entire lifecycle of the project from development through to long-term ownership under a 30-year investment facility. The €21 million plus, dual funding deal equates to €16 million funding from AIB, alongside Capital Advance Leasing Facility (CALF) funding from Dublin City Council.
Circle VHA's First Direct Construction Project: A significant step in Circle's mission to increase its direct construction output in line with Government and Housing For All objectives for the AHB sector, aiming for it to constitute one-third of their total home delivery this year, with aspirations to reach 50% in the future.
47 One, Two and Three-Bedroom Homes for Social Rent in DCC: These homes are allocated through choice-based letting, ensuring fair and transparent housing allocation. The allocation of the homes at Railway Court is underway, with tenants being offered their new homes and preparing to move in very soon.
Commitment to Sustainability: All homes are built to a high-grade specification, with an 'A' energy rating, alongside 52 bicycle spaces, underscoring Circle's commitment to sustainability.
Strategic Community Development: Railway Court significantly enhances Dublin city centre's housing landscape by fostering a thriving and inclusive community. This development not only provides high-quality homes but also offers residents the power of choice through a choice-based letting system. By offering a range of one, two, and three-bedroom homes, Railway Court accommodates diverse family sizes and dynamics, contributing to a vibrant, mixed community. The inclusion of a residential courtyard, play area and of a new community facility on the ground floor further supports social cohesion, employment and community engagement, creating a welcoming environment where residents can connect and thrive.
John Hannigan, CEO of Circle VHA, commented: "We are thrilled to celebrate these new homes at Railway Court, made possible by our groundbreaking funding partnership with AIB. This innovative funding facility ensures that we at Circle have a single line of sight on the provision of these 47 homes from breaking ground for construction to funding the long-term ownership of the homes over the 30-year investment period. We are grateful for the continued support from the Department of Housing and Dublin City Council and look forward to expanding our portfolio with similar projects."
The Railway Court development is a significant addition to Circle VHA's expanding portfolio, which includes over 2,500 managed homes nationwide. Locally, Circle VHA manages 109 homes in the nearby Sean Tracy and Peader Kearney developments, further embedding itself in the community and demonstrating a long-term commitment to addressing housing needs in Dublin. With two more construction projects currently underway and several in the planning stages, Circle is poised to make a substantial impact on Ireland's social housing landscape.
Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe, said:
“This landmark project, which will deliver accommodation for a range of families and individuals, adds to the stock of housing around the Dublin 1 area, right in the heart of the city. The innovative funding arrangement demonstrates an ability to think outside the box in order to get things done, which is always welcomed by Government. An overall capital provision for housing of over €5 billion has been made for 2024. This is made up of the Budget 2024 allocated to the Department of Housing, Local Government and Heritage, as well as investment by the Land Development Agency (LDA) and Housing Finance Agency (HFA) lending. We are seeing the stock of housing steadily increasing, with the needs of more and more people being met each month. Work has commenced on around 29,000 homes so far this year – that’s 337 homes every working day and the highest since records began in 2015. We will keep at it to ensure the continued delivery of a range of housing that meets the needs of all of our citizens and provides the shelter, fresh starts and security that comes with a home of your own.”
Minister for Housing, Local Government and Heritage, Darragh O’Brien TD, said:
“I am delighted to hear that the ribbon has been cut to this innovative social housing project, made possible by the dedicated work of a number of project partners. I commend all the stakeholders gathered at Railway Court today for their hard work in delivering these top-quality A-rated homes in the heart of Dublin and for their continued efforts in assisting us to achieve the objectives of ‘Housing for All’. The funding model for this project was the first of its kind in Ireland, and my Department has been delighted to see it come to this stage today. Of course, the most important aspect of this - and any similar development - is that keys will soon be turning in doors as residents move into their new homes right here in the city centre, bringing a sense of community both the area and the city. I am always heartened to see new developments like these, making efficient use of a tricky site and which allow households to live within walking distance of the city and all the amenities they need. All of our efforts are focussed on increasing the supply of new homes, and I look forward to seeing similar developments like this in the future”
Colin Hunt, AIB Chief Executive Officer, said “AIB is determined to play its part in the provision of social housing in keeping with the Government’s housing plan. We’re delighted to back an organisation such as Circle in this innovative and sustainable way through the provision of dual funding. We have been committed to our valued relationship with Circle for a long time, and the fact that people will receive the keys to almost fifty new homes from them is testament to the work they do, and the ambition we share with them”
Frank d’Arcy, Assistant Chief Executive, Dublin City Council, comments: ‘This is a great day for the community here in Railway Street. Thank you to the teams in the Department of Housing, Local Government and Heritage, Circle VHA, Dublin City Council staff and most of all, the local community for their support. We hope all the residents will be very happy in their new homes.’