Cork city apartment units to be kept for ‘local’ residents

In a landmark move to prioritise housing for local workers, 70 units in Cork city’s first large scale apartment scheme in almost 20 years will be ringfenced for people working within a five-mile radius of Horgan’s Quay.

The first-of-its kind housing initiative aims to bring people closer to their workplace, cutting commuter times and costs, and ostensibly helping foster a sense of community as Cork expands into its docklands.

The 302-unit Horgan’s Quay scheme marks the beginning of Ireland’s largest urban regeneration project, to which the Government has committed €353m.

The wider project will ultimately span 147 hectares — delivering up to 10,000 new homes, with capacity for around 22,500 residents.

Located beside Kent Station, next to the River Lee, the Horgan’s Quay homes were delivered by the Land Development Agency (LDA) in partnership with HQ Developments, a joint venture involving BAM and Clarendon Properties.

Below market rates

The scheme is the LDA’s first cost-rental development in Cork, with rents required to be at least 25% below local market rates.

Monthly rents at HQ start at €1,395 for a one-bedroom unit and at €1,520 for a two-bedroom unit.

The second quarter rental report from Daft.ie put average monthly market rent in Cork City at €1,781 for a one-bed apartment and at €2,168 for a two-bed. Based on these figures, the HQ apartments meet the cost-rental requirements.

Applications for HQ open on October 27, with eligible applicants able to apply through the LDA website.

LDA chief John Coleman said the apartments would cater for “middle-income earners finding it difficult to secure long term rental options in the city centre”.

The last large scale apartment scheme delivered in the city centre was The Elysian, in 2008.

While the HQ development will ultimately deliver 302 apartments, 192 are due for imminent release.