Clancy Quay beside Heuston Station? (Old thread)

Delirio

Delirio wrote: »

Thanks for replies. I may just go for a walk that direction and see how it looks like, haven't been there for ages. Good to know there are so many unsold apartments, this will give me a good leverage when discussing renting prices eventually...

Nothing to discuss, the place is awful (imho).
Most of the apartment blocks are not even accessible, maybe 1/2 blocks are partially occupied. No shops, it is deserted. I'll be looking elsewhere...

uberwolf

madmoe wrote: »

I was full sure it was in NAMA....

nope.

Apt.hunter

uberwolf wrote: »

madmoe wrote: »

I was full sure it was in NAMA....

nope.[/Quote

Anyone know anything about renting in Clancy quay. I have seen an apt I like but it's not yet furnished, and they said they are taking cash only deposits and I can move in in a month. Is it all above board and why cash only?

tara73

are there any news about clancy quay? is it much more occupied now? any shops opened?

thanks for any infos.

RATM

Passed it last week in the car and had a quick gander in - couldn't see any shops open- at least not in the units closest to the road.

Anyone know what happened the college that was supposed to move in- did they in the end? And are they still there ?

The whole development is bizarre, it seems like no-one is making decisions anywhere on what to do with it.

nomoreindie

According to todays Sunday Business Post, these are going to be sold in blocks, so a couple of hundred extra appartments should be available to rent soon

gaius c

nomoreindie wrote: »

According to todays Sunday Business Post, these are going to be sold in blocks, so a couple of hundred extra appartments should be available to rent soon

What's interesting is that it was supposed to be snapped up by "funds" but they are not interested and the whole lot will end up being firesaled by auction. That's a big red warning sign that they didn't represent value and that we're nowhere near the bottom yet.

conorhal

RATM wrote: »

Passed it last week in the car and had a quick gander in - couldn't see any shops open- at least not in the units closest to the road.

Anyone know what happened the college that was supposed to move in- did they in the end? And are they still there ?

The whole development is bizarre, it seems like no-one is making decisions anywhere on what to do with it.

It's slowly filling up, whoever own's/manages the complex seems to be fitting out the site block by block and renting out the units. The first two blocks on the river have been mostly let and now they have started furnishing apartments in the third block, leaving only the 4th block that's pressed up against the rail line empty. God knows who'd want to live in that block though, it's about 10ft from the line that runs under the park, they move rolling stock along that line during the night and they make a racket as they cross the metal bridge.
I don't know if the language school lasted more then 5 minutes in the place but quite a large number of the apartments seem to occupied by arab families, there tends to be a lot of women wandering around in burkhas in the place, which might be off putting to some.
The shops that are part of the complex will never be let of course, there is absolutely no chance of any business locating there.

RATM

gaius c wrote: »

What's interesting is that it was supposed to be snapped up by "funds" but they are not interested and the whole lot will end up being firesaled by auction. That's a big red warning sign that they didn't represent value and that we're nowhere near the bottom yet.

It probably all depends on the price that NAMA or whoever it is that has Clancy Quay was asking for them. If it is NAMA then chances are they're asking too much.

Pension funds will typically settle for a yield of 4-5% so if they weren't going to get that then they'd walk.

Conversely I know from a mate who is tasked with off loading his clients property portfolio around Dublin that there are deals being done with pension funds and other vulture capitalists. Some American firm got an absolute bargain down in the Gasworks where they paid an average of €210k per unit. Which is a great deal as they're all renting for c.€1,400-€1,600 a month and they've got 2,500 odd Google staff working on their doorstep so no chance of any vacant periods.

Pension funds will look for value so the fact they are about does signal that we are near a bottom. But being near a bottom doesn't mean it is going to shoot back up, we could just as easily stagnate for 10 or 20 years a la Japan.

RATM

conorhal wrote: »

It's slowly filling up, whoever own's/manages the complex seems to be fitting out the site block by block and renting out the units. The first two blocks on the river have been mostly let and now they have started furnishing apartments in the third block, leaving only the 4th block that's pressed up against the rail line empty. God knows who'd want to live in that block though, it's about 10ft from the line that runs under the park, they move rolling stock along that line during the night and they make a racket as they cross the metal bridge.
I don't know if the language school lasted more then 5 minutes in the place but quite a large number of the apartments seem to occupied by arab families, there tends to be a lot of women wandering around in burkhas in the place, which might be off putting to some.
The shops that are part of the complex will never be let of course, there is absolutely no chance of any business locating there.

Good to hear it is filling up. Any ideas what 2 beds are renting for ?

I'd say a small convenience store could make a few quid there. It wouldn't be terrifically busy but between Clancy Quay, Riverbank House, Bellevue, the council flats and Bridgewater Quay it would serve a catchment of about 1,500 people which should be enough to sustain it. It defintely beats walking all the way up to the Spar in Kilmainham or the Centra on Parkgate St, both of which are a 10-12 minute walk from Islandbridge.

gaius c

Gross yield of 4-5% is a bit tight really. In the current risky market, it would take more than that to tempt investors.

gaius c

Article in IT.

One bit got my attention:

The strong rental market in the city and the high quality fit-outs in all the apartments has meant that not only are they easy to let but they are attracting better than expected rents of €1,100 for one beds; €1,400 for two-beds and €1,650 for three-beds.

What are they smoking? You can get two beds in Bellevue and Bridgewater for their prospective pricing for one beds!

Hannibal6.0

gaius c wrote: »

Article in IT.

One bit got my attention:

What are they smoking? You can get two beds in Bellevue and Bridgewater for their prospective pricing for one beds!

Yeah but then you have to live in Bellevue or Bridgewater....

Victor

Hannibal6.0 wrote: »

Yeah but then you have to live in Bellevue or Bridgewater....

Please don't drag up old thread to make one line quips

Moderator

gaius c

Bellevue is lovely just in case you were wondering.
And Bridgewater is a fine mature gated development.

A friend is living in Clancy Quay and while my eyes watered when I heard what he's paying for his tiny one-bed, he seems happy enough with it. Car park is grand. If a shop goes at the front, it might become a decent place to live. Think the bus service is well down from what it was a few years back. Most buses now run on Con Colbert road with the frequency of services on Connigham (and South Circular itself) drastically reduced.

A pet peeve of his is that the complex is totally open and anyone can walk in. He said there were people having picnics on the balcony yoke above the river!

Grandpa Hassan

gaius c wrote: »

Bellevue is lovely just in case you were wondering.
And Bridgewater is a fine mature gated development.

I agree. The weirside gardens in Bellevue are some of the nicest you will see in any apartment complex anywhere. I'd say Clancy quay apartments are better spec in terms of fixtures and fittings, but Bellevue is built soundly and Clancy Quay not worth the extra IMO