Building works are set to start up again after a 12-year hiatus on Lancaster Quay in Cork City with a €40m investment in 88 apartments aimed squarely at the high-end rental market.
It is the first new apartment development, excluding expensive, purpose-built student accommodation, to start construction in Cork City in well over a decade, only made financially viable as the ground works have been in place since 2008, offsetting a significant portion of the costs.
Set to finally complete the unbuilt portion of the Lancaster Gate project near UCC is O’Callaghan Properties which built and completed 150 apartments in three blocks plus a 182-bed hotel, now called the River Lee Hotel, all on the old Jurys Hotel site on Cork’s Western Rd back in the mid/late 2000s.
Work on the last two blocks of the five originally envisaged stopped sharply after 2008 when the property market and the economy tanked.
The restarted ‘build to rent’ development is set for completion by December.
This article was first seen on https://www.irishexaminer.com/breakingnews/ireland/apartment-build-in-cork-city-restarts-after-12-years-977168.html