Green light for €80m high-quality Limerick development

AN BORD Pleanala has given the green light for a new €80m high-quality residential development on a site derelict for over a decade, the Limerick Leader can exclusively reveal.

This Monday, the planning body affirmed Limerick City and County Council’s decision last April to grant planning in full. The major project encompasses 167 apartments across five new buildings, ranging in height from three storey to five storey, at the landmark Ardhu site off the North Circular Road / Roses Avenue / Ennis Road.

Tribeca Holdings Limited, a London-based property group owned by Limerick man Aidan Brooks, will develop the six-acre site.

Material refurbishment of an existing seven-storey residential building on the site - the former Clarion Suites - was completed in December. The 61 apartments are full with tenants employed by leading companies like Regeneron, Eli Lilly and Verizon for around €3,000 per month.

Only last week, a senior executive at telecoms firm Verizon - which has announced a massive investment in Limerick - warned “houses cannot keep up” with jobs being created in the city.

Kieran Scannell, Verizon's Limerick site lead and senior director for global procurement, said: “It’s a big problem. We are very engaged with the council and local groups looking into it. Anything that can be done to encourage private development and encourage government aid to help the housing situation is really needed.”

The cost of renting in Limerick city has risen three times the national average in the last year, according to a Daft report this week.

Minister of State Niall Collins welcomed the decision by An Bord Pleanala to grant planning at the Ardhu site. He said the provision of new housing is hugely important for Limerick.

“From Aidan Brooks’ first development in Limerick city of the Bedford garage in Henry Street, he has a proven track record of success. It is great to see him continue to invest in Limerick despite his many other interests worldwide. It is a major vote of confidence.

“The key to his success is his willingness to engage with neighbours and local communities to address any concerns they may have,” said Mr Collins. 

Concerns have been raised over privacy, security, landscaping, noise, traffic and car parking.

The Ardhu plan, prepared by architects Henry J Lyons, maintains that high quality is “at the heart of the development so that the finished residential development blends in with the existing surrounding area”.

All proposed residential units will be build-to-rent with Tribeca Holdings maintaining a long-term ownership of the apartments. The units will range in size from one, two and three-bed / duplex options catering from single occupants to families.

Gordon Kearney, managing director of Rooney Auctioneers, said the large-scale apartment development is a much-needed and highly welcomed development in a market that has been struggling with a severe shortage of housing supply.

"This project, led by Tribeca Asset Management and spearheaded by well-known Limerick developer Aidan Brooks, represents a significant and positive step toward addressing the critical need for rental housing in the area.

"The Limerick housing market has been under immense pressure, with demand far outstripping supply. This new development, which will bring 167 apartments to the market, is a crucial addition that will help alleviate some of this strain," said Mr Kearney.

In a time when both the rental and sales markets are in desperate need of new homes, this development is a beacon of hope, he said.

"It not only addresses the immediate housing needs but also contributes to the long-term growth and sustainability of Limerick as a thriving city. The community can look forward to a future where housing is more accessible, thanks to forward-thinking developments like this," said Mr Kearney.

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The landmark Ardhu House will be restored and become a focal point for residents. A smaller version of the well-known Ardhú Bar will re-open to the public.

David Conway, CEO of Limerick Twenty Thirty, told the  Leader when the planning application was first lodged last year  they welcome and support it.

Limerick Chamber has also thrown their support behind the project, highlighting the low level of units to rent presently.