The jury’s back and verdict clear on city development

Tommy Barker is impressed by Cork’s largest ever apartment scheme.

THE jury is still out on the future of Dublin’s controversial and costly Jurys Hotel development site, but in Cork’s former Jurys site, the verdict is in. It is home and dry.

With the first-ever €1 million apartment sale just under their belt in Cork city, O’Callaghan Properties are finally going public on the sales of the Lancaster Gate scheme on Western Road and Lancaster Quay, on the bulk of the seven-acre Leeside site bought in an off-market coup.

The setting for the biggest apartment scheme to date in the city (on a size par with O’Flynn Construction’s rival and high-rise Elysian apartment tower, with both schemes having well over 200 units) is pure Cork, with the city’s English Market 500 yards away, UCC’s main campus to the west, and the spires of St Fin Barre’s Cathedral to the south.

Considerable deference was rightly paid to those iconic Gothic cathedral views, so much so that one building was pared back to the sharpest angle (30 degrees) to present a new streetscape view to the spires. It works a treat, and one of the unexpected bonuses is the stylish interior space (the descriptive term ‘cutting edge’ applies because of the acute interior angle alone) created on all six overhead apartment floors.

That building, now with units released for sale, is called the Sherkin (all are called after Irish islands,) and has 21 apartments, of a size and quality not previously seen in the city’s core area.

The biggest top 1,600 sq ft, or are over 1,850 sq ft if you factor in the large balconies. At last there really are apartments being delivered which can be truly consider as long-term living options.

Priced at over €1 million for those whoppers, though, they aren’t in the grasp of most of us, and the initial headline-making sale here on the top floor was in fact bought by a Munster individual for three daughters attending UCC. The coolest college party pad yet, it would appear.

A surprise on visiting is the greenery surrounding the back of the site: St Al’s girls secondary school to the rear has three grass tennis courts almost hidden in the forest-like mature woodland, with a mix of native hardwood trees clearly well over a century (or two) old, and with glimpses through the trees to the Church of Ireland Bishop’s Palace, a Georgian beauty on several private acres. The Palace is without doubt Cork’s finest private residence and family home. As autumn takes further hold, the changing hues of this natural backdrop will surely tip the purchase decision balance for some buyers, teetering on the brink of a move to the ‘city.’

Selling agents Savills Hamilton Osborne King have had 40 pre-launch sales at Lancaster Gate, so far, as they worked through a list of 1,000 registered names for the first quayside block, of 60 units, called the Fastnet.

Future sales and viewings will be by appointment only, and the third block of the total six blocks will be completed by Bowen Construction early next year.

The first occupant moved into the Fastnet last week, and units there were priced from €320,000 to €400,000 for one-beds of 550/660 sq ft, two-beds of 750 to 900 sq ft went from €450,000 to €525, and three-beds of 1,000 sq ft and more were from €580,000 to €615,000. Prices vary according to aspect, views and floor level. Many units in the Fastnet had dual aspect, north to the river and Sunday’s Well, and southerly for sun and spire glimpses.

Lancaster Gate has a number of strong selling features to carry it through the current lull in investor interest, although about one-third of sales so far have been to investors, according to SHOK’s Catherine McAuliffe.

Top of the lot for the targeted owner-occupiers and traders-down are the size of the units, the overall quality and the quality of living environment, on the doorstep and nearby in UCC campus grounds, and with the Mardyke a pleasant stroll away.

Then, there’s the proximity of the new Jurys hotel, open since last October and a restaurant/coffee dock/shop unit to come, plus a creche.

Interior design of the several show units is by Stephen Dunne, who mixes Italian and French design such as Ligne Rose in the impressive units, with understated finishes such as oak floors and joinery, quality pod bathrooms with power showers, plush velvet-like carpets and Rational kitchens with thick granite toppings. There are video intercoms for controlled access, newly-planted and landscaped seating areas, plus a sprawling four acres of basement car parking, with individual spaces priced at an extra €35,000 each.

O’Callaghan Properties will now move on to their St Patrick Street/Academy Street ‘living over the shop’ units. It will have just 60 or so to be built above ‘Pana,’ and then it is onwards, and upwards, says OCP financial controller Brian O’Callaghan, with plans for a 30-storey tower at Mahon, where a tall hotel block is also planned.