Business
New apartments at Dundrum Town Centre set to generate €3m a year in rental income for owners
DCM Editorial Summary: This story has been independently rewritten and summarised for DCM readers to highlight key developments relevant to the region. Original reporting by Irish Times, click this post to read the original article.
The 122 apartments at The Ironworks residential scheme developed beside Dundrum Town Centre will generate net rental income of €3 million between them when fully let, according to figures released by British property group Hammerson.
According to the website for the scheme, one-bedroom apartments are available from €2,450 a month, while two-bedroom units cost from €2,925 per month.
Hammerson is seeking to let 107 units, with 15 apartments provided to the local authority on long-term leases for social housing.
The scheme was completed in October 2025; as of February 19th, 30 leases had been signed with tenants. “We are seeing strong levels of demand,” Hammerson said.
When fully let, Hammerson said it expects the residential scheme to become the town centre’s largest “occupier” in terms of the income stream it will deliver.
Hammerson jointly owns the Dundrum Town Centre with Pimco, which in turn is majority owned by German insurance group Allianz.
The British group’s results for the year to the end of December 2025, published on Wednesday, show that Dundrum generated a profit of £50 million from its operating activities last year, up from £49.2 million in 2024.
It also notes a payment to Hammerson of £15 million from Dundrum, which had 178 tenants in the period.
Hammerson also has a 50 per cent share in both the Ilac and Pavilions shopping complexes in Dublin. Between them, they generated passing rent last year of £11.6 million, up from £10.4 million in 2024.
Of the rents generated from tenants at its Irish centres, Spanish retailer Inditex (owner of Zara, Pull&Bear, Massimo Dutti and other brands) pays the highest rent at £2.7 million, followed by Marks & Spencer at £1.1 million, Penneys at £1 million and a number of retailers (including Dunnes Stores and Brown Thomas) at £900,000 each.
