The housing agency Clúid, in conjunction with Cork City Council, has bought a 78-unit apartment complex from an investment company for €20 million, which will be used for social housing and for rent to the private sector.
The four blocks of apartments Leeside in Cork city have undergone a multi-million euro refurbishment following their vacation last year.
The apartments had been in receivership before being purchased by Lugus Capital in October 2017 with a view to bringing them up to fire safety standards.
Notice to quit had been issued to residents in late 2017, however some tenants remained in the complex despite a determination by the Residential Tenancies Board (RTB) that they must leave.
Clúid will use the units to provide long-term, quality housing for people on Cork City Council’s housing list.
Private tenants in the blocks will benefit from Clúid’s management of common areas as their tenancy switches to the organisation, a spokesman said.
James O’Halloran, business manager at Clúid, said that the purchase represents a major milestone for the association.
“These units are finished to the highest standard and will provide people in Cork City with long-term, secure homes. Clúid has worked with Cork City Council to deliver these units in a matter of months and we hope to begin the process of filling the units next week,” said Mr Halloran .
Mr O’Halloran said the purchase will help the organisation’s aim of delivering 2,500 homes over three years.
Mr O’Halloran told RTÉ’S Morning Ireland on Friday that to build the complex would have cost €25million to €26 million so the purchase represented very good value.
Leeside is part of Clúid’s ongoing work in Cork and the association currently has planning permission for 112 units in Blackpool on the city’s northside and is working with Cork City Council and developers to identify additional sites.
Director of Services for Housing at Cork City Council Brian Geaney,said the project shows its willingness to take a multi-faceted approach to finding solutions to housing challenges in Cork city.
The rent on the units will be based on Cork City Council’s rent policy and the council will retain full nomination rights on the properties.