IRES – Planning permission for 456 properties at Rockbrook denied
This morning IRES announced the decision of An Bord Pleanala determining the Company’s appeal against the decision of Dun Laoghaire-Rathdown County Council to refuse planning for its planned development of 456 apartments at Rockbrook, Sandyford.
An Bord Pleanala upheld the decision of Dun Laoghaire-Rathdown County Council and refused planning permission for the proposed apartment development.
IRES will now submit a revised planning application and intends to avail of the new fast track arrangements for large scale housing developments. We believe the new planning application will result in 40 less apartments being built, delaying the step up in rent and equating to c.€1 million less gross rent.
Darren McKinley, CFA
Senior Equity Analyst