A major Irish residential property firm – which offloads homes to so-called investment ‘cuckoo funds’ – is planning to build 335 apartments in a new ‘rental community’ in Knocknacarra.
Glenveagh Living, which is part of the Irish Stock Exchange-listed Glenveagh Properties, has sought a ‘pre-application consultation’ with An Bord Pleanála on its proposal to build the apartments on a six-acre site at Gateway Retail Park.
The plans are being drawn up under Strategic Housing Development legislation – which allows planning applications for more than 100 residential units to be made directly to An Bord Pleanála.
The project is currently in a consultation phase, after which An Bord Pleanála will issue an opinion on whether the plans can proceed to the point of an actual planning application. Last year, Glenveagh signed an agreement with US investment fund Oaktree Capital – the owner of the retail park – to develop residential rental units as part of their ‘Project Town’ portfolio, which also includes sites at The Square in Tallaght and Bray Retail Park.
Glenveagh Living’s purpose is to deliver “private rental communities” for “institutional investors and the public sector”.
Large institutional investors – such as pension funds or those who specialise in rental properties – earned the name ‘cuckoo funds’ because the block-buy residential units and push young buyers and families out of the market.
This article was first seen on https://connachttribune.ie/new-rental-community-with-335-apartments-planned-for-galway/