A former Dublin ghost estate that has been empty since it was built eight years ago will become home to tenants of Co-operative Housing Ireland today.
Calderwood Court, a complex of just 13 apartments and duplexes in Drumcondra, was built in 2007 by developer Robbie O'Brien and came under the control of the National Asset Management Agency (Nama).
The apartments were acquired last year by Nabco, since renamed Co-operative Housing Ireland, Ireland under a partnership arrangement with Nama as part of the agency’s commitment to provide social housing from property in its portfolio of loans.
However, because the apartments had been empty for so long, considerable work was needed, costing more than €600,000, to bring the apartments up to standard. The work was funded by Nama.
Separately the co-operative will next year start building on a €10.5 million development of 39 apartments at Richmond Road, also in Drumcondra.
The Department of the Environment will provide 30 per cent of funding with the remaining 70 per cent privately financed.
The development - a mix of one-, two- and three-bedroom apartments overlooking the river Tolka - will provide homes to 39 local families on Dublin City Council’s housing list, under a long-term lease arrangement.
Work is due to start in the first half of 2016 with the first occupants expected in 2017.
Under the co-operative model, tenants from local authority waiting lists become shareholders in the co-operative for a one-off fee of €80, which entitles them to vote on how their estate operates.
