The Torc Housing Partnership has been selected as Preferred Tenderer for the 2nd phase of the Government’s current PPP programme to deliver 465 new social housing units in County Cork, Kildare, Clare, Galway, Waterford and Roscommon.
This project is the second bundle of the Government’s PPP programme to invest c. €300m in social housing which is expected to comprise:
- development of up to 1,500 housing units as a number of ‘bundles’ of sites;
- provision of services to the developments over a 25 year period following construction that will include the maintenance and upkeep of the housing; and
- return of the asset after 25 years in prime condition.
The National Development Finance Agency (NFDA) is procuring the project on behalf of Cork County Council through a standard availability model PPP contract which includes the design, build, finance, operation and maintenance of the Social Housing developments for a 25 year contract term. The local authorities will own the developments at the end of the term.
Craig Smailes, Project Director for Kajima Partnerships Ltd, said, “We are delighted to have been selected as the preferred bidder for the second bundle of Ireland’s Social Housing PPP programme. Kajima’s extensive experience and that of our partners ensures that the consortium is very well placed to deliver on this significant project. It is a landmark for social housing in Ireland, and we hope to play a greater role in the very promising development of the Irish PPP market.”
The Torc Housing Partnership consortium is led by Equitix Ltd, who together with Kajima Partnerships Ltd are the lead developers and long term majority investors in the project. A Construction Joint Venture between Irish builder JJ Rhatigan and Spain’s Obrascon Huarte Lain who are jointly responsible for the Design and Construction of the project. Derwent FM will be delivering the Hard FM services and Tuath Housing Association providing the Tenancy Management. Debt funding is being provided by Nord/LB.