'It ticks all the right boxes': Cork city's first cost rental homes under construction

'It ticks all the right boxes': Cork city's first cost rental homes under construction

A tower crane in position at the CField Construction site for the Lancanster Gate Development of Blocks D & E on the Western Road, Cork City. Pic: Larry Cummins

“A source of great comfort” for those caught between social and private housing is how one city centre councillor described new homes under construction in Cork.

Clúid Housing announced Cork city’s first cost rental homes, in partnership with the Department of Housing, Local Government and Heritage. The organisation will deliver a mixed tenure development of cost rental and social homes on the Lancaster Gate site, close to The Lough amenity area.

The 88 new apartments will consist of 73 cost rental homes. When complete, the scheme will comprise one, two, and three-bedroom properties. 

Under the Government’s Cost Rental Scheme, cost rents must be a minimum of 25% below open market values. Monthly rent for Clúid’s Lancaster Gate, Lancaster Quay homes will start at €990 per month – approximately 45% below local market rates.

Speaking about the development, Independent Councillor Mick Finn said, it was a great location and a fabulous scheme which he anticipated strong demand for.

“It will be a great help in the housing crisis facing young couples - there need to be more solutions than social or private.” 

The properties will be semi-furnished with white goods and flooring supplied. Eligibility for the homes will require evidence to show the individuals are not in receipt of social housing supports, they do not own a property, can afford the cost rent of the home, match the property size and have a net household income below the defined figure. Applications for the scheme will be opening in Q3 2022.

Minister for Housing, Local Government and Heritage, Darragh O’Brien said cost rental is an “exciting new form of tenure in Ireland” and the Government is “committed” to helping people on moderate incomes to access “affordable, secure tenancies in homes that suit their needs”.

CEO of Clúid Housing Brian O’Gorman said the organisation strived for “a society where everyone has a great place to live”.

“Along with our partners, we are delighted to announce the construction of Cork city’s first cost rental homes. These new homes will provide excellent quality, long term secure rental options for middle-income households and those struggling to rent on the open market. 

"The security of tenure and affordable rent offered here will have a significant impact on how we think about renting in Ireland.

“Clúid has an ambitious growth strategy to deliver an additional 3,000 new social and cost rental homes before the end of 2022. We are hopeful the success of these first cost rental homes will lead to longer-term commitments from the Government on the future of the Cost Rental Scheme,” Mr O’Gorman added.

Brian Geaney, Assistant Chief Executive, Cork City Council said they are determined that people with moderate incomes living and working in the city can access accommodation at affordable rents.

“Cost rental is an important element of the range of housing solutions being rolled out across the city to deal with the demand in a growing city. The City Council has been supportive of this initiative from the outset." He added that the project "ticks all the right boxes for Cork city”.

Managing Director of O’Callaghan Properties Brian O’Callaghan said they were delighted to be involved in this project with Clúid Housing and Cork City Council.

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