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Full house for Garland’s Build to Rent breakfast briefing

Jun 11, 2019

There was a full house in attendance at Garland’s Build to Rent breakfast briefing held on the 17th May. The event was hosted in EPIC: The Irish Emigration Museum - in the beautifully restored vaults of the CHQ Building, where merchants once stored their cargos of wine and spirits casks. The museum was recently voted Europe's Leading Tourist Attraction for 2019 beating Buckingham Palace, the Roman Colosseum and the Eiffel Tower.

The event, which was co-hosted with Build to Rent Consultants LIV Consult, was attended by over 100 of the industry’s top professionals in the Build to Rent space.

Build to Rent

The Build to Rent sector is undoubtedly a vibrant sector of the Irish investment market, with considerable potential for continued, sustainable growth. This is evidenced by the fact that investment in built-to-rent units amounted to 30% of all transaction activity in Dublin for 2018. This marks a significant increase from 6% in 2016 and 17% in 2017.

Following some networking and a light breakfast the event was opened by Garland CEO, Kevin Rudden who introduced the first speaker, Iain Murray from LIV Consult.

Built to Rent Garland

Iain shared his expertise in field, providing an overview of how the sector has changed from Private Rental and Build to Let schemes, which offered renters small, often cramped spaces, intended for short term rental. In comparison, the purpose-built Build to Rent sector is focusing on long term rentals and as a result, providing tenants a space they would be excited to make a home in, which has an impact on how these units are designed and built.

Iain continued to provide an overview of the need for rental properties. According to Ronan Lyons in the Daft Rental Market report (2019), Dublin alone requires 80,000 rental properties to be built as soon as possible. The market is beginning to respond to this requirement. Although there are currently less than 2,000 units in the Dublin pipeline, this is expected to increase to 18,000 by 2021.

Following Iain’s overview of the Build to Rent market and how it’s evolving, Kevin introduced Brian Kavanagh from Garland who discussed the design implications to be considered. Brian provided an overview of the Strategic Housing Development applications. He also discussed the building energy compliance directives, outlining that Ireland are at least one year ahead of the UK in NZEB implementation.

Epic Museum

Brian provided a comprehensive overview of the BC(A)R implications for Build to Let projects including tips for assessing the risks involved, client legal obligations and the two completion options available. Finally Brian discussed the impact Brexit might have on compliance under the legislation.

Before turning to the audience for a Q&A session, Kevin introduced our final speaker of the morning, Sarah Conroy of Beale & Co. Sarah provided our guests with a comprehensive overview of the risks involved from a legal perspective.

Sarah discussed include “Right to Light”, which has become a bone of contention in the UK. She also discussed issues relating to limitations and the extension of the time period to 12 years. Finally Sarah outlined some issues relating to insurances, providing some examples from European countries with a longer established Built to Rent market to illustrate of how the market might develop here.

EPIC Museum 2

Attendees were welcome to explore the museum at their leisure following the event.

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