Bank of Ireland approves €17.7m to support new housing development in Skerries

Bank of Ireland has approved €17.7 million in financing to support the construction of 176 homes in the first phase of a new development in Skerries, north county Dublin. The project, led by Irish family-owned homebuilder Lydon, will deliver a mix of social, affordable, and cost rental homes, helping to address critical housing needs in the region.

Construction recently got underway on the Priory Fields scheme which will include A-rated one, two, and three-bed houses and apartments, along with a crèche and a community space. The development is a 10-minute walk from Skerries train station and a short distance to the town centre.

The project is being supported by a revolving debt facility, a flexible funding structure that will allow Lydon to draw down capital as needed, repay it as homes are sold, and reuse the facility for future phases.

As of the end of June, Bank of Ireland was supporting the construction of 25,000 homes across 238 sites in 23 counties, as part of its broader ambition to facilitate the development of 30,000 homes nationwide.

Brian Gaffney, Head of Residential and Development Finance at Bank of Ireland, said:
“We’re proud to support Lydon in delivering this important housing scheme in Skerries. Supporting developments that prioritise sustainability and add to Ireland’s housing supply is one of the most practical ways Bank of Ireland can play its part in responding to the country’s housing needs. We’re also pleased to continue our long-standing relationship with Lydon as they work in partnership with the Land Development Agency on this project.”

Conor Lydon, Director of Lydon said: “We are delighted to get started on this much-needed housing project for the people of Skerries and the wider north County Dublin region. We understand the urgent need to deliver homes for families, single people, first-time buyers and renters, and we are grateful for the continued support of Bank of Ireland, whose financing has been instrumental in enabling the delivery of this project.”