Cork Railway Gardens Site for Sale: Approved 17-Storey Apartment Development Near City Hall
A tower apartment site near Cork City Hall is for sale. An Bord Pleanala approved a development of 118 units in a 17-storey tower in 2019. The planning permission for this site, known as Railway Gardens, is set to expire soon. The selling agent, Sean McCarthy of ERA Downey McCarthy, is guiding offers at €4.75 million.
The 0.8-acre site is suitable for social and affordable housing. Originally, it was developed for the Build to Rent sector by owners Seamus and Evelyn Scally, with plans created by Meitheal Architects. The site borders high rock to the east, Bord Gais HQ to the west, and has access to the South Link road.
Currently, Railway Gardens serves as overflow parking. It is named after the N27 South Link road, which opened in the 1980s on the old Cork-Bandon rail line. The Scallys secured planning permission in December 2019 for 118 units in two blocks, but this was later reduced to 112 apartments in July 2022.
The site is 250 meters from the 17-storey Elysian apartment scheme, finished in 2008. The proposed tower for Railway Gardens is 58 meters tall, nearly 10 meters lower than the Elysian Tower.
A new apartment tower is planned for construction at the nearby abandoned Carey Tool Hire site. This tower will be 24 storeys high, creating a total of 217 apartments aimed at the cost rental sector. That development is titled Railyard Apartments and links all three towers in the area.
What are the key factors influencing the housing market in Cork related to the Railway Gardens Tower development?
INTERVIEW WITH REAL ESTATE SPECIALIST ON RAILWAY GARDENS TOWER APARTMENT SALE NEAR CORK CITY HALL
News Directory 3 sat down with real estate expert Dr. Brian O’Leary to discuss the implications and potential ramifications of the sale of the Railway Gardens site in Cork, which is currently on the market with a guiding price of €4.75 million. The site holds approved plans for a 17-storey tower with 118 residential units and is crucial for the local housing market, particularly in the context of social and affordable housing needs.
News Directory 3: Thank you for joining us, Dr. O’Leary. Can you provide some context about the Railway Gardens site and its significance to Cork’s housing landscape?
Dr. O’Leary: Certainly! The Railway Gardens site, positioned conveniently near Cork City Hall, has great potential for addressing the dual issues of housing demand and affordability. With its approved planning permission for 118 units, this 0.8-acre plot offers significant capacity for growth and is ideally suited for social and affordable housing solutions, especially given the current housing crisis in Cork and throughout Ireland.
News Directory 3: An Bord Pleanála approved the development back in 2019. What implications does the impending expiration of this planning permission have for potential buyers?
Dr. O’Leary: The expiration of the planning permission introduces a level of urgency for any prospective buyers. They must act quickly to secure the rights granted by An Bord Pleanála, as reapplying for planning can be a lengthy and uncertain process. The site is certified for development as per the existing plans; thus, a new buyer could potentially hit the ground running. However, they will need to navigate the bureaucratic landscape to avoid losing this hard-fought approval.
News Directory 3: The site was initially designed for the Build to Rent sector. How might its potential new use for social and affordable housing affect the neighborhood?
Dr. O’Leary: Transitioning the project focus from Build to Rent to social and affordable housing is quite significant. It reflects a growing recognition of the urgent needs of many residents in Cork. From the neighborhood perspective, this could enhance community stability, creating a more diverse population. However, it could also trigger concerns among current residents about infrastructure pressures, such as traffic and local amenities. Effective communication and planning will be essential to manage these impacts thoughtfully.
News Directory 3: What should investors and developers consider when looking at a mixed-use project like this?
Dr. O’Leary: Investors and developers need to factor in several critical components: understanding market dynamics, local demand for different types of housing, and the potential for a mixed-use development approach. Moreover, collaborations with local authorities and community groups could facilitate the creation of a project that not only addresses housing shortages but also integrates well into the existing urban fabric. If successfully done, it could uplift the area while generating positive sentiment around the development.
News Directory 3: Lastly, from a financial perspective, do you believe the EUR 4.75 million asking price is justified?
Dr. O’Leary: Given the approved plans and the strategic location of the Railway Gardens site near central Cork, the €4.75 million asking price is reasonable. The potential unit yield and the growing demand for affordable housing make this a strategic investment. However, buyers must conduct thorough due diligence, assess market conditions, and prepare for any potential changes in local real estate dynamics before finalizing their investments.
News Directory 3: Thank you, Dr. O’Leary, for your insights on this critical topic in Cork’s housing development landscape.
Dr. O’Leary: It was a pleasure to discuss this pivotal development. The future of housing in Cork depends on investments like Railway Gardens to meet the needs of our growing population.
The future of the Railway Gardens site depends on the new owners. The Scallys decided to sell after previous delays due to market conditions. The planning approval is valid until March 2025 due to the extension granted during the pandemic.
Government incentives, including Project Tosaigh, have improved the development prospects in the area, facilitating new apartment projects. ERA’s Sean McCarthy noted that the planning amendment for Railway Gardens allows for 112 apartments catering to the social and affordable housing market with no changes to the building’s height or structure.
The site is within walking distance of Cork’s business and shopping areas. It will have direct pedestrian access from a bridge linking Hibernian Road with Rockboro Road. The plan includes spaces for 57 one-bedroom apartments, 45 two-bedroom apartments, five duplexes, five three-bedroom apartments, and various communal areas.
For more information, contact ERA Downey McCarthy at 021-4905000.