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Plans for 1,000 fast-track apartments announced: 5 things to know in property this week
Plus the owner of Muckross Park Hotel bags €40m to expand nationwide.
IT’S SO IMPORTANT to keep our ears to the ground when it comes to what’s going on in the world of property. That’s why each week, we round up some of the freshest stories that you may have missed.
From newly acquired land to housing scheme announcements, here are some of the hot property stories that got chins wagging this week.
1. Plans for 1,000 fast-track apartments announced
Housing Minister Eoghan Murphy announced this week that the government is planning a ‘fast track’ apartment scheme in a bid to tackle the country’s homelessness crisis.
The Department said that funding was in place to support the delivery of the apartments and that plans were “currently being advanced across a number Dublin sites and other city and town locations across the country”.
2. WeWork signs 20-year lease for new Harcourt Rd office
US firm WeWork is expanding its presence in Dublin with the leasing of a new office development at 5 Harcourt Road. The seven-storey building is due to be completed this month, and WeWork has signed a 20-year lease with a rent of €3 million per year.
The firm recently opened its first Irish office space in Iveagh Court, and is also planning to open premises on the south quays, North Wall Quay and Dame St’s One Central Plaza.
3. Muckross Park group bags €40m expansion funding
One of the country’s biggest regional hotel groups has bagged €40 million in investment and plans to expand its network of hotels across the country.
Noel Creedon founded iNua Hospitality in 2012, the firm currently owns seven hotels, including Radisson Blu brands in Athlone, Cork and Limerick as well as the five-star Muckross Park Hotel in Killarney.
4. New developer spends €120m on land in Dublin and Cork
Glenveagh Properties is a fresh entrant to Ireland’s property market, but has snapped up four building sites worth €120 million with plans to deliver a combined 2,780 housing units
The outfit, which is backed by US ‘vulture fund’ Oaktree Capital, now has a land bank of more than 10,000 residential units.
5. Local authorities should stop allowing tenants to buy council houses, report says
A new report has recommended local authorities suspend tenant purchase schemes and instead build smaller units for people to move into once their children have grown up and moved out instead.
And this week’s property buzzword is…
Development control plan, a detailed guide published by a planning authority that lists guidelines for land usage and amenities. If you’re moving to a new area, this is one that’s worth checking out ahead of time.
