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Renewed Cherrywood Apartment development

  • 01-06-2018 2:58pm
    #1
    BarryD2
    Closed Accounts Posts: 4,732 ✭✭✭


    Was interested to hear that planning was granted recently for the continuing development of 'Cherrywood Town'. Apart from shopping facilities and public spaces etc., it includes for the provision of nearly 1300 apartments. With the unusual (in Ireland I think) proviso that these will only be available to rent. No purchasing.

    The plan is apparently being funded by a Dutch pension fund company and follows a more common type of accommodation provision found on the continent.

    What's not to like? Probably Irish people will resent the idea that property ownership is being withheld from them. They may also resent the fact that it'll allow for a flow of funds out of the state to the benefit of others.

    What's to like? It should offer better security of tenure and more stable rents to those living there I think. You're not going to be turfed out by some private part timer here who thinks they can make a bigger buck off someone else. The pension funders will be looking for a safe investment that will grow slowly and/or a little above inflation, so as to manage their funds. There may be a realistic prospect of being a renter for long term, even life rather than a property owner.

    It could be a very good model for accommodation provision here. But could we replicate it ourselves with our own pension type and investment funds?

    https://www.rte.ie/news/dublin/2018/0531/967294-cherrywood-town-centre/

    http://www.thejournal.ie/cherrywood-town-centre-development-4046200-May2018/


Comments

  • #2
    M.Cribben
    Registered Users, Registered Users 2 Posts: 325 ✭✭M.Cribben


    BarryD2 wrote: »

    It could be a very good model for accommodation provision here. But could we replicate it ourselves with our own pension type and investment funds?


    It's already happening here, Hibernia REIT being one of the biggest players in the market. They're listed on the ISE. You could instruct your pension fund manager to invest a certain % in these REITs.


  • #3
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,243 Mod ✭✭✭✭godtabh


    PRS schemes are getting very popular


  • #4
    ted1
    Registered Users, Registered Users 2 Posts: 23,903 ✭✭✭✭ted1


    What the op didn’t mention that the developer managed to get the rules rewritten so that the apartments won’t havr a hall/ corridor and the bedrooms are directly off the living areas.

    They did this by installing sprinklers and the likes. So clearly these will be well designed apartments with less wasted space and wil have a great fire cert


  • #5
    BarryD2
    Closed Accounts Posts: 4,732 ✭✭✭BarryD2


    M.Cribben wrote: »
    It's already happening here, Hibernia REIT being one of the biggest players in the market. They're listed on the ISE. You could instruct your pension fund manager to invest a certain % in these REITs.

    Where are Hibernia REIT building/ funding accommodation development?


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