The Ironworks

PIMCO Prime Real Estate’s involvement at Dundrum Town began in 2015, when we secured Ireland’s premier shopping and leisure destination in a joint venture with Hammerson Plc. From the outset, the thesis was steeped in deep operational expertise to unlock upside.

Even in the face of challenges such as the Covid pandemic, the proactive management thesis has played out: the center has been repositioned into a multi-purpose destination for all ages, with entertainment and leisure complemented by local and international brands. Major retailers are choosing Dundrum Town for their Irish flagship stores while the Pembroke District – a modern lifestyle and dining area within the Dundrum complex – has become a new leisure destination in the Dublin landscape. Furthermore, sustainability initiatives have reduced energy consumption and carbon emissions.

The Ironworks represents the evolution of that proactive asset management story. The project transformed a previously underutilized car park podium at Dundrum Town into a residential community hub, providing 122 high quality build-to-rent and affordable apartments in the heart of a sought after neighborhood and adjacent to the retail destination.

Providing mostly one- and two-bedroom homes, The Ironworks gives residents access to amenities including co-working space, a gym, a lounge, a private dining room, a landscaped courtyard and a roof terrace overlooking Dublin. The redevelopment has achieved BREEAM Excellent certification.

The Ironworks is not simply a neighboring residential development, but a demonstration of proactive asset management and a great partnership. Identifying underused space and responding to local housing needs have created a new income line and strengthened the long-term resilience of an investment.