Cork developments

snotboogie

fonecrusher1 wrote: »

Fantastic news.

100% there will be objections from the whinge brigade (with that gob****e 'artist' from cobh at the helm) but hopefully that will be reviewed then thrown in the bin relatively soon.

Well done ABP. Cork city takes another leap ahead.

There can't be appeals unless objectors go down the highly expensive judicial review route. That usually requires a well organized, opulently funded community group, like the M28 Steering Group. There is no such group in this case.

fonecrusher1

"Two of the seven submissions were in favour of the development - which said that the development was appropriate and that housing was needed in Cork city."

I'm so confused on this. So because 2 of the 7 submissions were in favour this overturns 5 that are not? Is this a misprint perhaps.

CHealy

fonecrusher1 wrote: »

"Two of the seven submissions were in favour of the development - which said that the development was appropriate and that housing was needed in Cork city."

I'm so confused on this. So because 2 of the 7 submissions were in favour this overturns 5 that are not? Is this a misprint perhaps.

Theres no overturning of anything, there could be 200 submissions saying its too high, ruins the skyline, wheres my view bla bla bla...... but if the planners approve it thats it. A submission is just that, has very little value to the process in reality.

chalkitdown1

Awesome news!

Love this objection, though.

the development would set an undesirable precedent.

:rolleyes: A precedent of tall buildings smack bang in the middle of an area perfectly suited for them? God, can you imagine such a thing!

This bodes well for the port of Cork site now, surely? It's literally across the street from it so they can hardly refuse it besed on height after this.

fonecrusher1

CHealy wrote: »

Theres no overturning of anything, there could be 200 submissions saying its too high, ruins the skyline, wheres my view bla bla bla...... but if the planners approve it thats it. A submission is just that, has very little value to the process in reality.

Ah ok so all of the 7 submissions were all objections. I see.

Rhys Essien

chalkitdown1 wrote: »

Awesome news!

Love this objection, though.



:rolleyes: A precedent of tall buildings smack bang in the middle of an area perfectly suited for them? God, can you imagine such a thing!

This bodes well for the port of Cork site now, surely? It's literally across the street from it so they can hardly refuse it besed on height after this.

Do anyone know when the decision on the Port of Cork tower is due?.

CHealy

fonecrusher1 wrote: »

Ah ok so all of the 7 submissions were all objections. I see.

No, a submission can be for or against the project, in this case there was 7, 5 against and 2 for. It could be 200 against and 1 for and the decision still lies with the planners, hence why it hold little to no value.

leahyl

Fantastic news!! I dowtcha Cork

BullBlackNova

Rhys Essien wrote: »

Do anyone know when the decision on the Port of Cork tower is due?.

City Hall sent them a request for further information five months ago. They have six months to either supply this info or they can request a further three months to do so before the period elapses around March 25th.

Once submitted, I think its a 28 day turnaround for accept, reject or more further info, but I'm not 100% sure on the timescale there so someone else might be able to correct if needed.

Markcheese

CHealy wrote: »

Theres no overturning of anything, there could be 200 submissions saying its too high, ruins the skyline, wheres my view bla bla bla...... but if the planners approve it thats it. A submission is just that, has very little value to the process in reality.

I probably wouldn't go as far to say "very little value "
It's a stated point of view ,it'll be given consideration ... Not to say that a submission will block a development...

AugustusMinimus

Is this taller than the Elysian? Assume top floor will be taller than Elysian top floor?

bingo9999

Markcheese wrote: »

I probably wouldn't go as far to say "very little value "
It's a stated point of view ,it'll be given consideration ... Not to say that a submission will block a development...

And worth remembering that disagreement with a plan is more motivating than agreement, like restaurant reviews. Doesnt surprise me the ratio was like that, how many of the people here in favour of it took the time to write in in support? (less than 2, that Im sure of!)

Markcheese

Shedite27 wrote: »

Would be a cracking location if they get access to the proposed North Ring Road.

Jaysus... If they're depending on the north ring ,then it could be waiting a long while ...

marno21

AugustusMinimus wrote: »

Is this taller than the Elysian? Assume top floor will be taller than Elysian top floor?

22m taller than the Elysian based on the 90m reported on SSC

fonecrusher1

bingo9999 wrote: »

Doesnt surprise me the ratio was like that, how many of the people here in favour of it took the time to write in in support? (less than 2, that Im sure of!)

If its not an official submission i'm pretty sure a nicely worded letter from someone thinking its a great idea is worthless?

Open to correction here.

SleetAndSnow

Brilliant news!! Cork going upward. The fact it’s JCD gives me a lot of hope aswell

bingo9999

fonecrusher1 wrote: »

If its not an official submission i'm pretty sure a nicely worded letter from someone thinking its a great idea is worthless?

Open to correction here.

I'm honestly not too sure if submissions have to take a certain form - judging by some of the objections I have seen online it might be as simple as a letter for or against!

fonecrusher1

bingo9999 wrote: »

I'm honestly not too sure if submissions have to take a certain form - judging by some of the objections I have seen online it might be as simple as a letter for or against!

I'm not sure myself.

Submission / objection pretty sure either requires money for it to be officially lodged with ABP. I assume someone sending in an email moaning about something is not an official objection / submission. And the same for an email that's for it. Pity that wasn't the case because these all would have been approved some time ago. I think the vast majority are in favour of getting these approved and built.

questionmark?

https://www.irishexaminer.com/breakingnews/ireland/sextant-skyscraper-will-take-two-years-to-build-984576.html

"Market sources say Railway Gardens is to be offered for sale shortly to international funds in the build-to-rent sector, such as Kennedy Wilson, now owners of the 217-unit Elysian."

Just as expected Railway Gardens is a flip site.

Captainsatnav

questionmark? wrote: »

https://www.irishexaminer.com/breakingnews/ireland/sextant-skyscraper-will-take-two-years-to-build-984576.html

"Market sources say Railway Gardens is to be offered for sale shortly to international funds in the build-to-rent sector, such as Kennedy Wilson, now owners of the 217-unit Elysian."

Just as expected Railway Gardens is a flip site.

"However, to make the development financially viable, rents will have to be over €2,000 per month, against a backdrop of rent level scrutiny and proposed caps in cities"

Ah here...

questionmark?

Captainsatnav wrote: »

"However, to make the development financially viable, rents will have to be over €2,000 per month, against a backdrop of rent level scrutiny and proposed caps in cities"

Ah here...

What did you expect? These apartments will be aimed at mostly young professionals working in fairly well paying jobs who want to live and work in the city centre not a house share in Wilton. This will increase supply so not competing with families looking for those houses.

Captainsatnav

questionmark? wrote: »

What did you expect? These apartments will be aimed at mostly young professionals working in fairly well paying jobs who want to live and work in the city centre not a house share in Wilton. This will increase supply so not competing with families looking for those houses.

My bad. A thousand apologies.

wakka12

questionmark? wrote: »

https://www.echolive.ie/corknews/Sextant-skyscraper-in-Cork-gets-go-ahead-521c2336-74a4-4488-878c-318fed9b1dcb-ds?fbclid=IwAR2z9jfDoJI1JLyFf52kgTRkpJ0TUswnC3SlXS2Lp93jtehCpD7Iidg0vPw

Permission granted ��

Stunning tower Cork will be such a cool city in a few years, lovely old town with loads of really nice modern highrises on the way.

Tomtom364

Captainsatnav wrote: »

"However, to make the development financially viable, rents will have to be over €2,000 per month, against a backdrop of rent level scrutiny and proposed caps in cities"

Ah here...

Expected Project Value €80-100 so lets say €90m
201 Apartments at base rate €2,000 pm = €402k pm = €4.8m pa

Thats ~ 18/19 years to generate its value in rent. Pretty reasonable

opus

The proposed student apartments on North Main St got approved to go for the fast track planning. Hope it goes through as that street badly needs a lift.

Planning for student apartments fast tracked

nogono

Tomtom364 wrote: »

Expected Project Value €80-100 so lets say €90m
201 Apartments at base rate €2,000 pm = €402k pm = €4.8m pa

Thats ~ 18/19 years to generate its value in rent. Pretty reasonable

There's also a bar/restaurant being developed, no doubt that will help with the ROI.

fash

Tomtom364 wrote: »

Expected Project Value €80-100 so lets say €90m
201 Apartments at base rate €2,000 pm = €402k pm = €4.8m pa

Thats ~ 18/19 years to generate its value in rent. Pretty reasonable

That's fine but that expected project value is based on the rental return. It's not the cost to but the site and build.

Tomtom364

fash wrote: »

That's fine but that expected project value is based on the rental return. It's not the cost to but the site and build.

Well yes.
But the rental return required to make the project worthwhile is based on the development cost.

You're talking site costs + associated costs (incl Carey's new building) + developer overheads and profit + about €60m to build it.

So still seems about right.

nogono

Tomtom364 wrote: »

Well yes.
But the rental return required to make the project worthwhile is based on the development cost.

You're talking site costs + associated costs (incl Carey's new building) + developer overheads and profit + about €60m to build it.

So still seems about right.

This project will be about developing a product that can be sold, most likely to a pension fund in the same way the Capitol was brought to market and then sold.
The numbers need to stack up so that the pension funds buy in.

opus

wakka12 wrote: »

The drawings/renders show this building as being maintained. Are they demolishing it and then rebuilding it?

Guess the developers didn't actually think they had to stick to the approved plan or something.

https://twitter.com/irishexaminer/status/1234550050472071169