Circle VHA, in collaboration with Cairn, is delighted to commence occupancy of 113 homes at The Mills in Castletroy, Limerick consisting of 57 cost rental and 56 social homes.
Circle VHA leads the way as the first Approved Housing Body (AHB) to introduce cost rental homes to Limerick, solidifying its commitment to providing diverse and affordable housing options. Circle VHA's initiative responds to the escalating demand for rental housing, particularly in a market where rents have surged by 17% year-on-year, reflecting Circle VHA’s commitment to catalysing positive transformations in housing accessibility.
Cost rental homes provide a long-term, secure rental option to individuals working in the area with a maximum net household figure below €59,000. These are households who face challenges affording private rented accommodation. The rent is based on the actual cost of constructing, managing, and maintaining the homes, resulting in more affordable housing solutions.
The Mills signifies a notable stride towards enhancing affordable housing options in Limerick. 68 of the 113 homes were successfully delivered in 2023, with the remainder due for delivery in 2024.
These 113 homes, falling within the larger context of a 224-home site, were designed to flexibly cater to a wide spectrum of housing needs offering 2 and 3-bedroom A-rated terraced and semi-detached homes in an exceptional living environment in Castletroy, Limerick. The Mills development offers spacious homes with ample parking facilities with residents benefiting from a well-planned urban layout and a pedestrian-friendly public space within the development. The homes are conveniently located adjacent to the Castletroy Town Centre shopping centre, just 7 kilometres from Limerick City Centre. Castletroy has plenty of excellent public transport links, while for motorists, the nearby M7 provides easy access to Dublin and other towns across the country. The location offers a range of amenities, a wide selection of local schools while the University of Limerick is close by. There is a significant employer base in Castletroy with a large number of indigenous and FDI businesses located in the area.
“Having lived in Limerick for 6 years, my family had been looking to settle in a more suitable accommodation for close to 3 years. With the ever increasing rent rate, as an average earner, this became a pipe dream for us. The option of Cost Rental couldn't have come at a better time when we were losing hope of renting a suitable home, whilst remaining in the community of Limerick. With its modern facilities in such a serene location as Castletroy, our new Cost Rental home is the perfect solution for us as a family." New Cost Rental Tenant at The Mills
"Circle VHA is committed to providing a valuable pipeline of affordable, secure, and long-term rental accommodation through our Cost Rental homes. Our visionary approach includes the delivery of mixed tenure housing estates, offering a diverse range of housing options to foster inclusive communities. This commitment extends to both cost rental and social homes, allocated equitably either through the local social housing list or by lottery, ensuring that a variety of individuals and families can find suitable homes within the same neighbourhood and community. Our conviction is rooted in the belief that by providing secure and affordable choices, we enhance individual well-being and contribute to the diversity and stability of the evolving housing landscape in Limerick. We express sincere gratitude to our key stakeholders, including Cairn, the Department of Housing, the Housing Finance Agency and Limerick City and County Council, for their pivotal role in the successful delivery of this transformative project." - John Hannigan, CEO, Circle VHA.
Mayor of the City and County of Limerick, Cllr Gerald Mitchell says cost rental provides a solution for workers:
“I’m delighted to see the progress being made at The Mills by Circle VHA, in collaboration with Cairn, Limerick City and County Council and other stakeholders. The challenge of obtaining affordable housing not only causes worry and tension among workers but also affects local employers' competitive edge and their capacity to draw and keep talent. Cost Rental homes offer a solution, providing households with greater stability while reducing financial burden. Additionally, there are several projects underway in Limerick at the moment that promise to provide more cost rental and affordable sale options for the workforce in the near and distant future.”
“I am delighted to launch Circle VHA’s first cost rental homes in Limerick, says Minister of State for Local Government and Planning, Kieran O’Donnell. It’s particularly welcome to see these homes delivered in my own constituency. It’s thanks to successful collaborations such as this one between Circle VHA, Cairn, Limerick City & County Council and the Department of Housing, Local Government and Heritage under the Government’s Housing for All plan that these secure long-term tenancies under Cost rental within communities in Limerick are now being offered. Today we celebrate these brand new cost rental homes where individuals and families will build their own community and I’d like to wish them every happiness as they begin this new chapter.”
Cairn chief executive Michael Stanley said:
”Cairn welcomes all new residents to The Mills, Castletroy, our first of several large-scale projects outside the greater Dublin area. We are proud to say that with the support of Circle VHA and Limerick City & County Council, we completed delivery of these homes in less than 14 months and already many of the 300 people who will live in The Mills have received keys to their new home.”
Chief Executive of Limerick City and County Council, Dr Pat Daly said:
"I’m delighted to see this latest offering of affordable and social homes in Limerick, marking a significant step forward in Limerick City and County Council’s commitment to providing housing solutions for all incomes. This endeavour is a crucial component of our strategy to provide mixed-tenure options - a direct outcome of government policy, facilitated by a significant increase in housing investments under Housing for All. We're committed to supporting the delivery of homes that are well-connected, well-serviced, sustainable, and diverse in tenure options. The Mills is a prime example, showcasing much-needed affordable and integrated housing solutions."
Circle VHA's dedication extends beyond providing housing; by supporting school enrolment for local families, facilitating mortgage savings, and addressing the shortage of rental properties, Circle VHA aims to provide more than just housing; it strives to enhance the quality of life for residents.
The acquisition of 113 homes at The Mills reinforces Circle VHA's commitment to addressing Ireland's housing crisis and sets a precedent as the first Approved Housing Body (AHB) to introduce cost rental housing to Limerick.