Build To Rent / PRS Schemes

Build To Rent (BTR) / PRS Schemes have become an emerging sector in the Irish residential property market. Essentially they are purpose-built residential apartment block developments with associated amenities, examples of which are; 

• Concierge, often with office facilities
• Laundry Collection / Delivery Service
• Lounge area to include communal gathering areas, relaxing areas and also private bookings for residents
• Gymnasium for residents use / Kids Playground
• Break-out Areas to include remote working / meeting pods / homework pods etc.

These Build to Rent properties are owned, managed and serviced by an institutional landlord / investor with some of the main functions outsourced to local managing agents, letting agents and maintenance companies. Unlike traditional housing schemes, individual residential units within the development are not sold off separately for private ownership or for individual sub-lettings. 

BTR is typically the provision of a long-term rental investment strategy by one single entity, however where provision for social and affordable housing exists in the planning, a social housing entity may purchase a proportion of the units, often c.10% of residential apartment units for the provision of accommodation.

Build to Rent has become a viable, stable and attractive option not only for Irish and Worldwide based investors, developers and funders alike but also for a convenience driven younger population who value flexibility and the lifestyle on offer in these extremely well built and apportioned multi-amenity properties.

These developments will assist in delivering some of the housing numbers Ireland needs to address during this era of severe housing supply shortage.  More and more of these developments are coming on stream as the model proves its attractiveness.

With the experience of many such BTR developments under its belt to date, S.A. Faughnan (Brokers) Ltd. has positioned itself to be a leading expert in Build to Rent insurance programmes – from construction stage on behalf of the developer/builder, to phased handover to the OMC including all sale closure stages, and thereafter representing the new institutional landlord owner with highly competitive property & liability insurance rates.

S.A. Faughnan (Brokers) Ltd. as leaders in this emerging area, will liaise with the developer/builder and their financier(s), the OMC entity, and the ultimate Purchaser/Landlord and their financier(s) to achieve a seamless transition from green/brown-field site to functioning BTR apartment block. A considered programme of insurance coverage will be put in place to satisfy lenders and provide the Purchaser / OMC with the required risk management and transfer of risk mechanisms via A-Rated Financially Secure Insurers. We can also enter at the property stage when the building has been handed over to the OMC on sale completion to the purchaser.

EXAMPLES of BTR schemes where we have been / are currently involved for the Cosgrave Group;

• Neptune Block (205 Apts) – Honeypark, Dun Laoghaire
• Leona Block (160 Apts) – Honeypark, Dun Laoghaire
• Charlotte Block (159 Apts) – Honeypark, Dun Laoghaire
• Bridgefield / Pappan Grove (251 Apts) – Northwood, Santry
• Fairway Hall / Fairway Court (214 Apts) – Cualanor, Dun Laoghaire
• Cheevers Court (186 Apts) – Cualanor, Dun Laoghaire
• Haliday House (182 Apts) – Cualanor, Dun Laoghaire
• Blackwood Square (329 Apts) – Northwood, Santry (CGI image below)

Click here to find out “Why You should insure to the correct Re-Build Value”

References can be sought from;

David Lawlor – Director – Hooke & McDonald

E: davidl@hookeandmcdonald.ie M: 086 821 9848

Enquiries can be made to;

David Faughnan CIP – Director – S.A. Faughnan (Brokers) Ltd.

E: david.faughnan@safaughnan.ie

M: 086 2111489 P: 01 824 5555

What Our Clients Are Saying

"The experience and knowledge that SA Faughnan has with regards to my business and insurance needs makes an arduous and somewhat tedious task much easier. They go the extra mile to ensure that I have the most comprehensive cover at competitive premiums. Read more...."

Joseph, Peter & Michael Cosgrave
Cosgrave Property Developments

July 2021

"We use S.A. Faughnan (Brokers) Ltd. for a number of retail outlets and office developments we actively manage across Dublin. They are a professional outfit who are dedicated to providing excellent insurance coverage at competitive pricing year on year, ongoing claims management and general broking services. Read more..... "

Niall Curley MSCSI, MIPFMA
Property Management Division Savills Ireland

July 2021

"SA Faughnan has the experience and knowledge required to take the insurances from developer / builder construction stage, through the various block completion phases, to the subsequent investor purchase, and onwards as a functioning OMC block thereafter. Their attention to detail in the management of developer, purchaser and both financiers’ demands together with the insurer and managing agent relationships, is second to none. Read more..."

David Lawlor
Director Hooke & MacDonald

July 2021

FAQs