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This week’s vital property news: Cork's biggest hotel for sale and a big investment project

Everything you need to know in one quick guided tour.

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IT HAS BEEN announced that the Clarion Hotel, the biggest hotel in Cork, has come onto the market for €30 million.

There is also set to be a major investment by the government of half a billion into the construction sector. 

Here’s all the week’s property news.

The Big Movers

Hotel for sale 

The four-star Clarion Hotel in Co Cork has come onto the market for €30 million.

The 191-bedroom facility is the biggest hotel in the county and is situated in the City Quarter overlooking Lapps Quay.

With a sale price of €30 million, the hotel’s rent of €2.4 million annually represents an initial yield of 7.66%.

Clarion Hotel Cork The Clarion Hotel in Co Cork Source: Tony Healy

Housing investment 

The government is set to invest €500 million in building 11,000 new houses – something that will create nearly 2,000 constructions jobs a year.

The Ireland Strategic Investment Fund will be working with US investment firm KKR Credit on the new venture.

The fund will focus exclusively on Irish residential housing projects and will facilitate developers to engage in medium- and large-scale housing schemes, something that is hoped will help alleviate the housing shortage.

Coming to a halt

It seems that rising house prices in Dublin have come to a halt as people are no longer able to afford them.

New figures from the Central Statistics Office have shown a decrease for the second month in a row. In June there was a decrease of 0.4% in house prices in the capital, a slightly bigger fall than in May.

Speaking about the most recent results, Davy chief economist Conall Mac Coille said that the average house price was now five times the average earnings across the country.

“Affordability is starting to act as a constraint; our estimate is that Irish house prices are six times average incomes in Dublin but below three-to-four times in some rural areas,” he said.

Under Construction

  • This week it was revealed that a review of the running of An Bord Pleanála is set to take place. 
  • The Housing Agency has released a report detailing the number of houses that Ireland needs to build to deal with demand. 

housing supply Source: The Housing Agency

Des Res

This week Business Insider has taken a look at a London property which has just been sold to American billionaire and former mayor of New York Michael Bloomberg. The house, which sits close to the River Thames, sold for $23.4 million (€21.34 million).

This week’s vital property news: Cork's biggest hotel for sale and a big investment project
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  • Bloomberg's newest address rests in the exclusive Cheyne Walk section of London's Chelsea neighborhood, on the banks of the River Thames.

  • The residence is described as a "Grade II* listed building," which is London real estate speak for a historical building that's part of the slim 5.5% of Grade II listings on the market.

  • The house was originally built in 1715

  • Its historic grandeur is complemented by period furniture and fixtures.

  • Every room has immaculately preserved period detail, plenty of open space, and large windows.

  • A beautiful study with cascading light and Greco-Roman columns offers a serene place to work.

  • Note the lift in the far right corner.

Source for all pictures: Strutt and Parker Real Estate 

And Finally…

While Tiny Homes may still seem like quite a novel idea, it seems that certain design enthusiasts out there may have grown a little bit wary of them. This summer an array of alternatives have been put on display at UrbanCampsite Amsterdam, an annual ‘art-sleep experience’.

urban campsite picture Source: Val Ross/Urban Campsite Amsterdam

Read: One man’s quest to get off the grid – and the holiday cottage he has to show for it

Also: A teeny-tiny one bedroom is renovated to be absolutely massive

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