Planners approve homes for ‘cuckoo fund’ investor

From this week’s Galway City Tribune – The green light has been given for the construction of 345 apartments at the Crown Square site in Mervue – the majority of which will be put on the rental market and operated by a ‘cuckoo fund’ for a minimum of fifteen years.

Crown Square Developments, which is owned by developer Padraic Rhatigan, has secured permission from An Bord Pleanála for the ‘Build to Rent’ development, with four blocks ranging ranging from four to nine storeys in height.

There will also be a neighbourhood facility with a gym, a primary care medical centre with pharmacy, a ‘working from home’ lounge, six shops, a games room and a creche.

There will be 240 two-bed apartments, 86 one-beds and 19 three-beds, all of which will be specifically for the rental market and not available to purchase.

A breakdown of the apartments shows there will be 240 two-beds; 86 one-beds and 19 three-beds.

To meet social housing requirements, the developer plans to transfer 35 of the apartments (20 two-bed, 10 one-bed and 5 three-bed) to Galway City Council.

A total of 138 car-parking spaces have been allocated on the lower basement levels of Crown Square for residents, along with shared access to another 109 spaces and another 13 for use by a ‘car club’. There will be 796 secure bicycle parking spaces to serve the apartments.

The Board has ordered that the apartments can only be used as long-term rentals, and none can be used for short-term lettings.

Under ‘Build to Rent’ guidelines, the development must be owned and operated by an institutional entity for a minimum period of 15 years and “where no individual residential units shall be sold separately for that period”. The 15-year period starts from the date of occupation of the first residential unit.

This is a shortened preview version of this article. To read the rest of the story, see this week’s Galway City Tribune. You can buy a digital edition HERE.