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Ireland's first crowdfunded new build: 5 things to know in property this week

Plus big changes for a derelict apartment block in Dublin city centre.

WHETHER YOU’RE TRYING to get a foot on the property ladder, or you just enjoy keeping up with the housing market, we’re here to help.

We know that it can be tricky to navigate all the news and views in the world of real estate, so each Friday, we collect five of the biggest stories of the week for you to peruse.

This week, a new build with a difference in Dublin is making the headlines…

1. Ireland’s first crowdfunded development comes to Dublin

initiative-ireland Source: Initiative Ireland

Linham Construction has secured a €1.5 million loan from private investors to build ten new apartments in the north inner city. The loan was secured through an online lending platform, making it the largest crowdfunding project in Ireland.

The company has said that it aims to work on smaller projects that are often ignored by banks and private lenders, saying that it is “filling a gap.”

Construction is due to begin immediately.

2. The number of homes to rent in Ireland has fallen by 90% since 2009

21/8/2015 To Let For Rent Signs Source: RollingNews.ie

The Central Bank’s 2017 Macro-Financial Review has found that the number of properties to rent in Dublin is six times lower than it used to be. The report cited stats from Daft.ie, and stated that properties across Ireland are in a similar situation.

It also noted that this may prevent foreign investment here, with many turning down a move to Ireland due to “horror stories” about the rental market.

3. Charity acquires Dublin 2 block for homeless housing

pmvt-redev Source: @PMVTrust/Twitter

The Peter McVerry Trust has acquired a Dublin apartment complex, and is set to redevelop it into eighteen apartments for homeless people and families. The project will take place on Townsend Street, near College Green, in Dublin city centre.

The building has been derelict for a number of years, and is set to be the first of many redevelopments undertaken by the charity. The charity hopes to have the complex finished and tenanted by 2019.

4. Almost 100 new apartments will be built on Bray’s seafront

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bray-wikimedia Source: Wikimedia

The apartments will be joined by five commercial units, a car park and a creché and will be built by two established Bray businessmen, the Freneys, who have sought to develop this site for several years.

The venture was dismissed by Wicklow County Council, citing concerns that the blocks would overshadow the now-closed Bray Head Hotel. However, this was overturned by An Bord Pleanála and the Freneys are now free to build.

5. Gannon Properties to develop a tower block in north Dublin

dublin-cc-gannon Source: Dublin City Council

Gannon Properties, one of the country’s best-known developers, is set to build a 139-apartment tower block at Station Square, Clongriffin, along with car parking spaces, meeting rooms, a gym and retail units.

The development was opposed by several locals, in fear that the 16-story block would “tower over” existing buildings. However, An Bord Pleanála sided with Gannon, stating that the development “would not seriously injure the visual or residential amenities”.

And finally, this week’s property buzzword…

We’re breaking down the complicated world of property jargon, one buzzword at a time. This week, it’s Oriel window. This is a type of a bay window that projects outwards, most commonly found on the upper floors of a building. You’ll find an example of an Oriel window at 1 Orwell Park in Rathgar, this week’s Dream Home. 

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