- The Ironworks is Hammerson and PIMCO Prime Real Estate’s integral residential development, constructed on infill site on top of an underground car park to create over 120 high-quality homes
- Latest phase in wider investment plan into Dundrum to update and transform the asset and deliver future rental income growth
Hammerson and PIMCO Prime Real Estate have reached a major new residential milestone at The Ironworks as part of its ongoing investment in the Dundrum Estate.
In a major step forward for the repositioning and diversification of the Dundrum Estate, The Ironworks has ‘topped out’ today, which is the conclusion of its structural phase ahead of its official sales launch in 2025. Comprising 107 new apartments alongside 15 social homes, The Ironworks will include studios, one- and two-bedroom apartments and benefit from the stewardship of the 27-acre Dundrum Estate.
Residents’ amenities will include co-working space, gym and high-quality external landscaped courtyards as well as proximity to Dundrum Town Centre, the premier retail and leisure destination in Dublin.
Recent investment in the Dundrum Estate – which is owned by the Dundrum Retail Limited Partnership, a 50:50 Allianz and Hammerson joint venture – includes re-anchoring and repositioning more than 15 per cent of Dundrum Town Centre’s footprint. This has seen the introduction of new uses including entertainment and leisure, international brands, market firsts and cultural programming which have broadened the use and purpose of the destination.
High-profile additions to Dundrum Town Centre include Brown Thomas, Penneys, Dunnes Stores, the first Nike Live in Ireland, and one of the largest JD Sports in the country. Recent success also reflects a step-change in diversification, with Western Union’s lease of penthouse office space and the arrival of boutique bowling brand, Lane 7 along with premium food and beverage offerings, Fujiyama and Rongcheng.
Connor Owens, Managing Director Asset Management (Ireland), Hammerson, said: “The delivery of The Ironworks is another step forward in our plan to unlock value from our Dundrum Estate and create a truly multi-purpose destination. Our vision is to be Dublin’s lifestyle destination of choice which blend of an exciting mix of uses including residential, food, entertainment, healthcare and workspace, all anchored by Dundrum Town Centre.”
Nicole Pötsch, Co-Head of Investments Europe for PIMCO Prime Real Estate, which manages Allianz’s participation in the Dundrum partnership, said: “We’re making great progress on The Ironworks development and look forward to delivering the much-needed residential stock to the Dublin area. The Dundrum Estate is a prime quality asset within the portfolio we manage for our clients and we expect that the completion of this residential element – a sector which continues to show stable rental growth and strong structural demand – will create further value for our investors and the local community.”