Cork’s First Cost Rental Homes Announced
Clúid Housing today announces the construction of Cork City’s first Cost Rental Homes. In partnership with the Department of Housing, Local Government and Heritage, Clúid Housing will deliver a mix tenure development of cost rental and social homes on the Lancaster Gate site.
The 88 new apartments will consist of 73 cost rental and 15 social homes. When complete, the scheme will be a mixed tenure community of one-, two-, and three-bedroom properties. Under the Government’s Cost Rental Scheme, cost rents must be a minimum of 25% below open market values. Monthly rent for Clúid’s Lancaster Gate, Lancaster Quay homes will start at €990 per month – circa 45% below local market rates.
Lancaster Gate is being delivered in partnership with O’Callaghan Properties, one of Ireland’s longest established property development and investment companies. When complete, the Building Energy Rating (BER) will be A2.
Minister for Housing, Local Government and Heritage, Darragh O’Brien TD commented: “Cost rental is an exciting new form of tenure in Ireland. We are committed to helping people on moderate incomes to access affordable, secure tenancies in homes that suit their needs. Cost rents are based solely on the cost of delivering, managing, and maintaining the apartments themselves. We are delighted to see this scheme of 88 new homes get underway in the heart of Cork City. When complete, this new development will be a wonderful example of a mixed tenure community with fantastic links to the existing community in the city.” he concluded.
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