John Sisk & Son has teamed up with another family-owned construction company to unveil a new joint venture (JV) with multi-million pound backing to meet rising housing demand.
The venture, called Arden, in partnership with D/RES Properties is set to deliver 1,000 affordable homes a year in Ireland and has been launched to accelerate housing development.
Dublin-headquartered housebuilder, D/RES is privately owned and provides residential properties in the wider Dublin area.
Supported by the resources and expertise of both Irish-founded contractors, Arden will be a fully independent company.
In September, it plans to provide residential homes in the Foothills and Killnarden, South County Dublin, partnering with the local council.
Chief executive at John Sisk & Son, Paul Brown said: “Arden brings together complementary strengths and a shared commitment to delivering high-quality housing. Our focus is on working collaboratively to support well-planned, sustainable communities.”
Arden will work closely with landowners, local authorities and agencies to accelerate delivery and has already secured financial backing from the Bank of Ireland worth €32 million (£27.7 million).
The fund will support the delivery of 635 social, affordable and private residential homes on its Foothills scheme.
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Patrick Durkan, chief executive at D/RES added: “This Joint Venture with Sisk and the formation of Arden is the powerful combination of two-family legacies to assist in the institutional delivery of large residential developments across Ireland.
“As the market is maturing and the scale of government ambition is to deliver larger multi-tenure schemes which require development and financial expertise, alongside the execution and construction expertise, we feel that Arden is a great proposition to drive value for all stakeholders.”
Chief executive of corporate and commercial banking at the Bank of Ireland, John Feeney said that working with Arden aligned closely with their housing strategy and they were pleased to fund Arden’s “first flagship project”.
He added: ”We look forward to working with Sisk and D/RES over the coming years as they build on this foundation to deliver a strong pipeline of sustainable housing projects across Ireland.”
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