28 July 2023
By Tom Collins
753-unit housing project, one of the largest in Cork City’s history – Development will see the delivery of six new neighbourhoods 4km from Cork City Centre
The Tánaiste Micheál Martin TD has; alongside the Minister for Finance Michael McGrath TD; turned the sod on a major new housing project in Ballyvolane in Cork City. The sod-turning will mark the commencement of key infrastructure delivery that will see €9 million invested to ensure the construction of 753 homes that will be built across six new neighbourhoods. The infrastructure work is being delivered by the Housing Infrastructure Services Company (HISCo), a commercial joint venture between the Ireland Strategic Investment Fund (ISIF) and Cork County Council to build supporting infrastructure for housing.
HISCo provides an innovative solution to the provision of both on-site and off-site infrastructure that is hindering the delivery of residential development throughout Ireland. The unique aspect of HISCo’s Model is that the fee is calculated on a per unit basis and is only payable as each unit is sold or first leased.
Speaking about the project, Tánaiste Micheál Martin TD said: “This is a hugely significant project for Cork City. It will ensure the delivery of much needed housing only 4km from the city centre. As one of the largest housing developments to ever commence in the history of Cork City, this project points to the building momentum we’re now seeing in the delivery of housing.
“I want to pay particular tribute to HISCo, which is a commercial joint venture between Cork County Council and ISIF, for undertaking this project. It builds on the success that it has had to date in assisting to deliver thousands of homes across Ireland. This is a sustainable housing development that will see new communities thrive long into the future.”
Minister for Finance, Michael McGrath TD said; “I welcome the investment by ISIF and HISCo in the development of this project. ISIF’s investment in and support of HISCo follows on from a similar role it played in financing the significant enabling infrastructure required for the Cherrywood SDZ in Dublin and more recently in Drogheda. This project unlocks residential development land for the construction of 753 new homes here in Cork City.
“These investments are important elements of ISIF’s overall Impact Strategy which focuses on long- term transformational investments addressing key strategic challenges facing the country. The investment builds on ISIF’s existing housing investment programme where over €1bn has been committed to commercial investments that are expected to deliver more than 25,000 new homes for owner-occupiers, renters and those in need of social or affordable housing.”
Minister for Housing, Local Government and Heritage, Darragh O’Brien TD said; “This project builds on the positive signs in the residential construction sector. HISCo’s model is seeing results now at scale around the country and housing delivery at this scale will help the country not only meet its housing targets, but exceed them. I want to commend HISCo and their contractor Sorensen Civil Engineering for the excellent progress they have already made on site.
“Increasing housing supply to meet demand is one of the biggest challenges that we face as a society. Housing for All is our plan to deliver 300,000 new homes between now and 2030 and unlocking lands and making housing viable is key to us meeting our objective. The model that HISCo have made available to housebuilders in conjunction with partners, like Longview Estates Ltd in this instance; is a blueprint for how we can deliver housing at scale across the country.”
Niall Morrissey, CEO of HISCo, said: “This is an exciting project that will ultimately pave the way for 753 new homes in Cork City.
“It builds on our successful early projects, including the ongoing delivery of the Drogheda Northern Cross Route and augurs well for our plans to deliver similar supporting infrastructure for new homes across Ireland…”