Cork TD calls on Land Development Agency to build instead of buy 

A Cork TD has said that “buying expensive turnkey units from developers is not the solution to this housing crisis” following an announcement regarding more than 300 homes at the docklands.

Glenveagh Properties announced on Monday that it has completed the sale of 337 apartments at Cork docklands to the Land Development Agency (LDA) for €150m — which equates to an average of just over €445,000 per home.

Construction is already progressing on site of what is the sixth major active transaction agreed by Glenveagh and an Irish public sector body following three additional partnerships this year.

The sale follows the granting of planning permission at the site for an additional 176 units, bringing the total available homes to 1,178.

Commitment

“The partnership underscores our commitment to delivering high-quality homes, and highlights our strategic focus on public-private collaborations and our ability to execute large-scale projects efficiently,” Glenveagh chief executive Stephen Garvey said.

The Sinn Féin TD for Cork North Central, Thomas Gould, told The Echo that he does not believe 337 apartments for €150m represents good value for money.

“The Land Development Agency is paying €445,000 on average for apartments in Cork city.

“This is an eye-watering sum and almost €100,000 above the average house price in Cork," he said.

Mr Gould called on the Land Development Agency to instead ramp up development of housing at unused sites.

“There are countless brownfield sites in Cork city that the Land Development Agency could be building on,” he said.

“Buying expensive turnkey units from developers is not the solution to this housing crisis.”