Build to Rent (BTR) Schemes have become an emerging sector in the Irish residential property market. Essentially they are purpose-built residential apartment block developments with associated amenities, examples of which are;
- Concierge, often with facilities
- Laundry Collection/Delivery Service
- Lounge area to include communal gatherings areas, relaxing areas and also private bookings for residents
- Gymnasium for residentsuse/Kids Playground
- Break-out Areas to include remote working/meeting pods/homework pods etc.
These Build to Rent properties are owned, managed and serviced by an institutional landlord / investor with some of the main functions out sourced to local managing agents, letting agents and maintenance companies. Unlike traditional housing schemes, individual residential units within the development are not sold off separately for private ownership or for individualsub-lettings.
BTR is typically the provision of a long-term rental investment strategy by one single entity, however where provision for social and affordable housing exists in the planning, a social housing entity may purchase a proportion of the units, often c.10% of residential apartment units for the provision of accommodation.
Build to Rent has become a viable, stable and attractive option not only for Irish and Worldwide based investors, developers and funders alike but also for a convenience driven younger population who value flexibility and the lifestyle on offer in these extremely well built and apportioned multi-amenity properties.
These developments will assist in delivering some of the housing numbers Ireland needs to address during this era of severe housing supply shortage. More and more of these developments are coming on stream as the model proves its attractiveness.
With the experience of many such BTR developments under its belt to date, S.A. Faughnan (Brokers) Ltd. has positioned itself to be a leading expert in Build to Rent insurance programmes – from construction stage on behalf of the developer/builder, to phased handover to the OMC including all sale closure stages, and thereafter representing the new institutional landlord owner with highly competitive property& liability insurance rates.
S.A. Faughnan (Brokers) Ltd. as leaders in this emerging area, will liaise with the developer/builder and their financier(s), the OMC entity, and the ultimate Purchaser/Landlord and their financier(s) to achieve a seamless transition from green/brown-field site to functioning BTR apartment block. A considered programme of insurance coverage will be put in place to satisfy lenders and provide the Purchaser / OMC with the required risk management and transfer of risk mechanisms via A-Rated Financially Secure Insurers. We can also enter at the property stage when the building has been handed over to the OMC on sale completion to the purchaser.
Enquiries can be made to;
David Faughnan CIP – Director – S.A. Faughnan LTD.
E: david.faughnan@safaughnan.ie
M: 086 2111489 P: 01 824 5555