Bank of Ireland has approved €17.7m in financing for the construction of a new housing development in Skerries, north Dublin.

Homebuilder Lydon recently commenced construction on the first phase of the Priorty Fields scheme, during which 176 BER A-rated one-, two- and three-bed houses and apartments will be built, 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.

Bank of Ireland will support the project with a revolving debt facility, allowing Lydon to draw down capital as needed repay as the homes are sold, and reuse the facility for future phases.

“We’re proud to support Lydon in delivering this important housing scheme in Skerries," said Brian Gaffney, head of residential and development finance at Bank of Ireland.

"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.”

Photo: Sod-turning at Priory Fields in Skerries, with Minister for Housing James Browne, representatives from Bank of Ireland’s housing finance unit, the Lydon team, and LDA chief executive John Coleman. (Pic: Supplied)