Dublin, 30th November 2023 – Circle VHA is proud to announce its entrance into the Cost Rental sector, commencing with the tenancy of 29 homes at Lanestown View, Donabate, situated in North County Dublin. This partnership focuses on providing long-term, secure rental options, contributing significantly to the provision of high-quality homes in the region.
In a significant expansion of its affordable housing initiatives, Circle VHA, a prominent Approved Housing Body, is set to scale up its housing delivery, aiming to provide over 3000 social and affordable homes in the next four years. This ambitious goal builds upon the success of the recently launched rental homes with an additional 700 cost rental homes set to commence construction in 2024. The strategic move solidifies Circle VHA’s commitment to addressing mixed tenure housing needs through innovative solutions.
The inaugural Cost Rental homes at Lanestown View represent a pivotal moment for Circle VHA, marking its entrance into the Cost Rental market. This development, in partnership with Cairn Homes, will deliver 29 high-quality Cost Rental homes, forming part of a larger project comprising a total of 72 homes. The mixed-tenure scheme, encompassing both social and Cost Rental homes, offers a diverse range of housing options, including 2-bedroom homes, duplex homes, and apartments, complete with contemporary amenities such as private balconies and communal spaces, enhancing its appeal to prospective residents.
This development not only represents Circle VHA’s groundbreaking entry into Cost Rental but also holds the distinction of being the first development along the new Donabate ring road. This road is anticipated to usher in thousands of new homes on the peninsula, marking a significant stride toward meeting the burgeoning housing demand in the region.
“These Cost Rental homes will provide a valuable pipeline of affordable secure long-term, rental accommodation. As we work toward finalising the acquisition of approximately 58 homes by year’s end, with the balance of homes due in the first half of 2024, Circle VHA remains dedicated to catalysing positive transformations in housing accessibility. Our commitment to the delivery of mixed tenure housing estates provides diverse housing options that foster inclusive communities and reduces socioeconomic segregation, allowing a range of individuals and families to find suitable homes within the same neighbourhood and community. Our conviction is rooted in the belief that by fostering secure and affordable housing choices, we bolster individual well-being and contribute to the diversity and stability of the evolving housing landscape Co. Dublin and beyond. We’d like to thank the Mayor of Fingal Cllr. Adrian Henchy and Minister for Housing, Local Government and Heritage Darragh O’Brien for officially cutting the ribbon to these new homes at Lanestown View, key funders, the Housing Finance Agency, the Department of Housing and The Housing Agency, who enable the delivery of these homes, alongside the ongoing support of Fingal County Council.”John Hannigan, CEO, Circle VHA.
Cost rental homes, a cornerstone of Circle VHA’s strategy, offer a secure, long-term rental option aimed at contributing to a robust housing market in Ireland. These homes cater to individuals whose income exceeds the social housing threshold but face challenges in affording private rented accommodation. The ‘cost rental’ model ensures that rent is based on the actual cost of constructing, managing, and maintaining the homes, resulting in more affordable housing solutions.
Applications for Circle VHA’s Cost Rental homes in Dublin were open through a lottery system, allowing anyone working in the area with a maximum net household income below €66,000 for Dublin to apply. These homes are designed to provide significant relief from rising rental costs, typically being rented at approximately 25-33% below market rates.
Commenting Minister O’Brien said,
“I’m delighted to launch Circle VHA’s first affordable cost rental homes – the first of many. Cost rental is beginning to take hold across the country with safe and secure long term tenancies at rates which are approximately 25% less than local market rates. It’s particularly welcome to see these homes delivered in my own constituency which is one of the youngest, fastest growing and most diverse areas in Ireland and under Housing for All we will continue to deliver social, affordable purchase, cost rental and indeed private homes here and across the country. I want to thank Circle for their continued efforts in delivering top quality homes, they are key partners in our Housing for All plan.”Minister of Housing, Local Government and Heritage, Minister Darragh O’Brien.
“Cairn is very proud of our development in Lanestown View in Donabate and we’re delighted to bring much-needed housing to the area in partnership with Circle VHA. With the support of Fingal County Council, we commenced construction in January of this year and shortly there will be upwards of 200 people living in these recently completed homes.”Michael Stanley, CEO of Cairn Homes.
“It is always a pleasure to see the launch of new housing and the HFA is proud to have supported Circle VHA with financing to facilitate the delivery of these 29 new homes. We wish the residents at Lanestown View every success and happiness in their homes. I would also like to congratulate Circle VHA on its entrance into the cost rental sector. This is an important tenure of housing, offering residents secure, long-term tenancies at more affordable rents, and we are working closely with HFA customers to facilitate further delivery of cost rental homes this year and into 2024.”Barry O’Leary, CEO of the Housing Finance Agency
Circle VHA’s commitment extends beyond providing housing; it aims to enhance the quality of life for residents by supporting school enrolment for local families, facilitating mortgage savings, and addressing the shortage of rental properties. This approach reflects Circle VHA’s dedication to nurturing thriving communities and contributing to the overall well-being of its residents.
Take a look at the official grand opening of Lanestown View, Donabate. Where we welcomed 29 families to their new homes.