This important milestone was marked with a ribbon-cutting ceremony attended by Paschal Donohoe, Minister for Public Expenditure, NDP Delivery and Reform; John Hannigan, CEO of Circle VHA; and representatives from AIB, Dublin City Council (DCC) and other prominent stakeholders.
Located on the former Liberty House site in Dublin's city centre, the Railway Court development features a mix of one, two and three-bedroom homes designated for social housing. This initiative marks Circle's first direct construction project, symbolising a collaboration with AIB and establishing a new standard for social housing financing and implementation 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.
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.
This project marks a major step in Circle's efforts to expand its direct construction efforts in alignment with Government and Housing For All objectives for the AHB sector. The goal is for direct construction to comprise one-third of their total home delivery this year, with ambitions to increase this to 50 per cent in the future.
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. All homes are built to a high-grade specification, with an 'A' energy rating, alongside 52 bicycle spaces, underscoring Circle's commitment to sustainability.
Railway Court significantly improves Dublin city centre's housing landscape by fostering a thriving and inclusive community. It not only delivers high-quality homes but also empowers residents through a choice-based letting system. With a variety of one, two and three-bedroom homes, the development caters to diverse family sizes and needs, fostering a vibrant, mixed community. The addition of a residential courtyard, play area and a new ground-floor community facility enhances social cohesion, promotes employment, and encourages community engagement. This creates a welcoming environment where residents can forge connections and flourish together.
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John Hannigan, CEO of Circle VHA, said: "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 marks a substantial addition to Circle VHA's growing portfolio, which now includes over 2,500 managed homes nationwide. In the local area, Circle VHA already oversees 109 homes in the adjacent Sean Tracy and Peader Kearney developments, reinforcing its deep integration within the community and ongoing dedication to addressing housing needs in Dublin. With two additional construction projects currently in progress and several more in the planning phase, Circle VHA is set to significantly influence Ireland's social housing landscape.
Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe, commented: "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, stated: "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, said: "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."
