New Homes on the horizon for Ardee as Bank of Ireland supports Ashcroft project

Bank of Ireland has approved €21 million in financing to support the construction of 75 new homes in Ardee, Louth and 68 new homes in Johnstownbridge, Co. Kildare by Irish homebuilder Ashcroft Developments.

The larger of the two schemes, ‘Bridgegate’ in Ardee, has planning for a total of 347 new homes, a creche and a community building, with construction expected to commence on the second phase in 2026. The ‘Spire View’ development in Johnstownbridge will comprise of 68 new homes and a commercial unit.

Construction is well underway at both sites which will feature a mix of two, three and four-bed homes, designed to meet the needs of young couples as well as small and growing families. Spire View will also include 1-bed maisonettes.

The developments are being supported by a revolving debt facility, a flexible funding structure that enables Ashcroft to draw down capital as needed, repay it as homes are sold, and reuse the facility for future phases.

Bank of Ireland has previously supported Ashcroft to deliver more than 200 new homes across seven residential schemes. 

As of the end of June, the Bank was supporting the construction of 25,000 homes over 235 sites in 23 counties, as part of its “broader ambition to facilitate the development of 30,000 homes nationwide.”

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Brian Gaffney, Head of Residential and Development Finance at Bank of Ireland, said:

“These new developments by Ashcroft in Louth and Kildare will deliver much-needed, A-rated homes in areas where demand for housing is strong. Our revolving debt facilities allow developers to ‘recycle’ funding, ensuring housing projects progress at pace. Supporting projects like these – both in regional towns and commuter counties – is a practical way Bank of Ireland can play its part in addressing Ireland’s housing challenges.”

Alan Brunton, Managing Director of Ashcroft Developments, added:

“On behalf of Ashcroft, we would like to thank Bank of Ireland for their continued support of the expansion of our business. Since 2015, the bank’s focused relationship management and financial backing of our housing projects have been fundamental to Ashcroft’s success. As we continue to grow, Ashcroft look forward to working with Bank of Ireland in the years to come.”