Elm Park, Bootertown - How much of this has sold?

Got a lift to work this morning and took the scenic route by the quays out along the coast road to avoid the mini marathon.
Wow, it’s amazing the volume of apartments around the grand canal docks and still not completed.
Anyway we passed Elm Park and couldn’t help but notice the number of empty premises, all better built by McNamara…

https://www.ciarancuffe.com/images/Helicopter.Poolbegfullsize.jpg[.](https://www.ciarancuffe.com/PR/2005/PR051110D.BooterstownHelicopterDecision.htm)
No wonder the guy is having cash flow problems.

With this amount of stock flushing onto the market in a very short space of time will probably cause some downward pressure on surrounding rents, unless Bernard decides to hold out for ‘sensible’ values.

Here is one that has had some serious movement associated with it

www.daft.ie/2553845

That ad seems to be for several apartments:

Ken is recycling the one ad for multiple lets so he is !

Oh my God…

That touch-screen yoke would make me run a mile. Can you imagine the dry conversations when you invite your mates around to watch the latest hollywood film?

As far as I am aware only ONE section of Elm Park has been fitted out and occupied…to Allianz…who surprise surprise vacated their offices in Burlington Rd (Directly behind the McNamara Burlington Hotel!) to move there. The other 4 blocks are empty. Another gleaming glass ediface to the dying Celtic Tiger.

one block has been bought by either first active or friends first, can’t remember which. But afaik its an investment property, they dont plan to relocate

its stillempty as well, no tenant has been found.

I pass this place regularly and have to say its the worst looking development around.

From its sheer size, to the mass of glass, to the mix of office and residential (hint : people dont want to live in an office complex, such stuff may have sold during the boom, but are simply not wanted in normal times).
I lothe this particular development.

Shame on the planners for allowing such a blot on the landscape.

They’ve started popping up on Daft as available to rent.
And the ads seem to suggest that it’s not one off landlords but someone who owns a block of apartments.

Next years students are going to have their pick of some pretty swish pads. Can you imagine students in the 80’s and 90’s hearing that in the future students would be living in apartments with flatscreen TV’s and touchscreen remote controls.

Only the geeks would have believed it, and they’d have thought we’d be travelling through space, and picking fights with aliens by the time that happened.

-Rd

I agree, it dominates the sky even when walking along the beach at sandymount and IMO is nothing but an eyesore.

If the developer targets the student market, he’ll find it even more difficult to get tenants in the offices.

And anyway, the student market is of limited size and there are plenty of other landlords out there thinking exactly the same thing. The student market simply cannot support €750 per student per room. Simple as. You’re deluding yourself if you think otherwise.

Can you operate them with beer cans at a distance? How full does the can have to be?

*waits in anticipation for the first youtube video…

So if supply at 750 is too expensive for current student means, two things can happen:

  • student incomes can rise so they can afford the apartments
  • the price of the apartment can fall

Which of these is the more likely??
(I think this is daltonr’s point!)

Those postgraduates fortunate enough to have funding earn about €12-€16k tax free.

€750 per month (or about €850 after bills) is quite simply, far too expensive.

Developers (with their S-class mercs and choppers) are so far abstracted away from the reality of life for most people that for them, €750 is just some number that makes their Excel spreadsheet balance.

Eggzachery, so the price will have to fall, and the excel will start going red with !DIV errors where they calculate their margins!

I didn’t say students would end up saving all these developments.

I’m just saying that in a year or two, students will have their pick of luxury apartments, because nobody will be living in a lot of them.

Who’s going to live in rent a rooms and below par flats?
I have no idea.

-Rd

You never know!

A lot of developers would sooner let 'em decay naturally than let a load of UCD oirts students run riot over their trophy developments.

CP - sure they won’t, but what they will have to do is lower the rents to get people who are currently in standard accommodation. The people who rent out the current standard will then be desperate for anyone, even students, and will have to cut down to student prices.

Sort of a food chain in reverse (the little fishes starve, so do all the bigger fish above).

There are two possible good results out of this for the country:

  1. As has been pointed out by RD and others, who is going to want/need to live in a bedsit?
  2. Lowering the cost of being a student (the majority cost of which must be the accommodation, after the drink, of course) may make it viable for a greater proportion of the population to get qualifications, whether they be first or back to education ones.

With one beds costing from €445k and 2 beds from €585k that is some tenant subsidisation (repayments of about €2200 a month for a 1 bed over 35 years, 100% mortgage, of course interest only would be cheaper) :astonished:

speaking of students, has the price of rental income increased in Phibsborough since the opening of the DIT campus in Grangegorman?
graduatenetwork.dit.ie/thenetwork/issue_8/issue02.htm