Tánaiste turns the sod on €9m infrastructure project ‘paving the way for 753 new homes in Cork city’

Tánaiste Micheál Martin has, alongside Minister for Finance Michael McGrath, turned the sod on a €9m infrastructure project in Ballyvolane which will “pave the way for 753 new homes in Cork city”.

The new homes will be built across six new neighbourhoods and the infrastructure work is being delivered by the Housing Infrastructure Services Company (HISCo) - a commercial joint venture between the Ireland Strategic Investment Fund (ISIF) and Cork County Council to build supporting infrastructure for housing.

The project has been described by the Tánaiste as “hugely significant” for the city.

“It will ensure the delivery of much-needed housing only 4km from the city centre.

“As one of the largest housing developments to ever commence in the history of Cork city, this project points to the building momentum we’re now seeing in the delivery of housing,” he continued.

Mr Martin paid tribute to HISCo for undertaking this project, which he said, “builds on the success that it has had to date in assisting to deliver thousands of homes across Ireland”.

“This is a sustainable housing development that will see new communities thrive long into the future,” he added.

HISCo’s objective is to deliver infrastructure that is holding up the delivery of much-needed residential accommodation throughout the country, where there is no state funding available to deliver the infrastructure in question.

The company provides a design-build-finance service for both on-site and off-site infrastructure that facilitates residential development.

It recovers its investment via an infrastructure fee only payable on the sale or first lease of each individual unit.

Project 'unlocks residential development land'

Speaking about the project in Ballyvolane, the Finance Minister said it “unlocks residential development land” for the construction of the 753 new homes.

“These investments are important elements of ISIF’s overall Impact Strategy which focuses on long-term transformational investments addressing key strategic challenges facing the country.

“The investment builds on ISIF’s existing housing investment programme where over €1bn has been committed to commercial investments that are expected to deliver more than 25,000 new homes for owner-occupiers, renters and those in need of social or affordable housing,” Mr McGrath added.

Meanwhile, the Minister for Housing, Local Government and Heritage, Darragh O’Brien said HISCo’s model is “seeing results now at scale around the country”.

“The model that HISCo have made available to housebuilders in conjunction with partners, like Longview Estates Ltd in this instance; is a blueprint for how we can deliver housing at scale across the country,” he added.

Niall Morrissey, CEO of HISCo, described the project in Ballyvolane as “exciting” and one that “will ultimately pave the way for 753 new homes in Cork city”.

“Cork County Council and ISIF deserve enormous credit for establishing HISCo with the objective of tackling the challenge that critical infrastructure poses for the delivery of residential development.

“We look forward to delivering this key piece of infrastructure that will see these housing units delivered for Cork city in a timely fashion.”