Bishopstown's first largescale new home scheme in 30 years likely to sell faster than a Coldplay gig
Waterfall, Ardrostig, Bishopstown
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Waterfall Road, Bishopstown |
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|---|---|
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€400k-€500k |
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Size |
1,100 sq ft – 1626 sq ft |
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Bedrooms |
3-4 |
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Bathrooms |
3-4 |
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BER |
A2 |
THE much talked about slowdown in the housing market on the back of a series of interest rate hikes seems to have bypassed certain areas, judging by the torrent of enquiries – 700 in just seven days - around what will be the biggest new housing scheme in the Cork City suburb of Bishopstown for decades.
Shane Finn of DNG Creedon Finn O'Connor auctioneers, sole sales agent from the 275-unit scheme planned for Waterfall Road, said the office was “inundated” with enquires following a soft launch of phase 1, for which deposits will be taken on site this Saturday, July 29.
“We literally had an enquiry every 1.5 minutes on the first day of the launch, and the momentum shows no signs of slowing. Demand is off the charts,” Mr Finn said.
While just 14 homes will be released in phase 1, Mr Finn said they may release a further 14 units under phase 2 this weekend “depending on the level of interest”.
Prices start at €400,000 for a 1,100 sq ft mid-terrace three-bed, with a top price of €500,000 for an end-of-terrace, three-storey, four-bed. Some mid-terrace homes will guide at €420,000, with the price differential down to garden aspect and orientation within the development, Mr Finn said.
Three-bed semis will guide at €450,000. All of the phase 1 units have three bathrooms and an excellent A2 energy efficiency rating.
Mr Finn said the phase 1 homes will be completed in 12 months and that the entire scheme was a “three-year project”.
The good news for first time buyers, he said, was that they would have “the advantage of eligibility for all the new Government grants, including the First Home Scheme and Help to Buy grants”.to help offset the cost of the homes.
News of the phase 1 release follows the acquisition for €10.4m of the 15.6 acre site, at the city end of Waterfall Road, by Cork outfit Bridgewater Homes from rival developer Ardstone Homes, who had already obtained planning permission for the development, having bought the site in 2018 for €6.2m.
Ardstone, active on a number of high-density Dublin sites, achieved planning more than a year ago for 275 units, with design by Dublin-based Fleming Architects. They subsequently struck a deal with Bridgewater, which is headed up by Corkmen David Walsh, an engineer and developer previously associated with Rockforest Homes/Into the Future, Paul Barrett, and former Beamish chief Alf Smiddy, as well as Wexford-based Declan O’Brien.
The development, to be known simply as “Waterfall” will be accessed off the Waterfall Road, on the city's western outskirts, and will include 136 houses, 99 apartments and 40 duplexes, with overall value put at c€124m.
The scheme will also include a new creche and a number of local and neighbourhood play areas. Bridgewater said the scheme would be the largest-scale residential development in the Bishopstown area in the past three decades. Earlier this year, 35 homes out of a total of 64 built by construction firm OBR at Ardrostig, Hawkes Road in Bishopstown, went on the market under the Affordable Homes Scheme, launched by Cork City Council, with prices starting from €246,000 for a two-bed townhouse and from €289,500 for a three-bed.
Mr Finn said the Waterfall Road scheme is in a “highly desirable location”, near major road networks and Marymount Hospice and Dunnes Stores flagship store in Bishopstown, with a footpath from the development to the outlet, and with good access to cycle paths into Cork University Hospital and onto Cork City centre.
Other Bridgewater new home schemes in Cork include developments in Rathcormac, Watergrasshill and Kerry Pike.
Likely to sell out faster than a Coldplay gig.
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