Planned Waterford development shelved

rte.ie/news/2008/0226/waterford.html

This can only mean that the developer know they cannot make money on property in waterford anymore…

The commercial property boom is now over as well as the residential. So much for commercial taking up the slack.

Credit crunch is now biting. The banks virtually want you to not need their money before they will lend on spec developments. The noises from Ray Grehan on getting PP for his 15 storey development last week did not sound like a guy whooping for joy. I wonder how many of these grandiose schemes will go ahead?

So, what if anything does this do to property prices in Waterford.

I’ve been looking at a few places that could be ok value if I you could get another 25% knocked off the asking price.

Does an announcement like this mean that a whole traunch of new apartments are not going to be built, which would have presumably created more competition and driven down rents. If so I should be willing to offer a little more to buy an existing place.

Or is an announcement like this a vote of no confidence in the city in which case perhaps I should be willing to offer less if buying there.

I’m leaning more towards the second option, this removes any claims that Waterford has to being an “Up and coming” city. It sounds more like an “Up and went”

-Rd

Up and Gone! :smiley:

Just take a drive around the city, the number of “for sale signs” is unbelievable.

We are quite a distance to go before with hit the bottom of the cycle.

I know, I’ve mentioned this before, it’s absolutely incredible. There are entire city blocks for sale (if city block is a term you can use in the meandering world of European cities).

Down around the Tower Hotel seems to have more properties for sale than not.

-Rd

C’mon lads,sure Waterford is not a city,it is a large town at best,population of 41,000 in 1986 which grew to 49,000 in 2006.Its population grew by 11.5% in those 20 years while the state population grew by 20%.Like those other towns of Galway and Limerick these places will never become city’s.

“Stab Town” just doesn’t have the same ring to it though…

I heard a rumour that the local tourism board is now actively trying to encourage the moniker “stab city”, inorder to give the place a warmer and more hospitable impression.

Just a rumour mind.

Apparently Martin Cullen is keen for the development to go ahead regardless

Article

Unless Martin is going to empty his pockets and put all his assets on the line he should put up or shut up.

Rd, any idea how are things looking on the other end of the quay ? All those apartments around O’Connell St., Summerhill ? Must be a few signs up…

I knew a good few Polish lads renting around there who were working on the sites, cleaning jobs etc. eighteen months ago, when I moved away from the town.

Would have thought there’s nothing for them there now if there’s no building work. In fact, an Irish friend told me at the time, that a bit of animosity was creeping in, as work was getting a bit harder to come by even at that point.

In a certain year, we went on a certain rag trip to Waterford… We’d been to the nightclub in Carlow earlier (3pm) and were in Waterford past midnight, upon exiting the “club”, a dangerous Hillsborough situation developed on the staircase for no apparent reason, eventually we funnelled downstairs and then the reason became apparent.

As fast as folks were going out the door and it was being shut and open at intervals, people were walking into right hooks from the local populace who had come down to have a go at the Dublin jackeens as it were. I went out, ducked my punch and made it to my bus whilst a host of cop cars and paddywagons pulled up, my abiding memory of Waterford.

The year would have been 1998, I guess. :blush:

are you taking the piss or what?

punching people just because they were down from Dublin?

Eh yes.

This was quite common in my youth.

I’ve no idea if it stills go on today but I’d imagine it does…

There’s an apartment building opposite the tax office that has looked run down since the day it was built. I don’t know if the windows have ever been washed.

The Ground floor seems to have always been vacant. I have no idea how many people live there, and if they all left I don’t think it would make a difference to the appearance of the building.

As you cross the bridge into Waterford there’s an apartment building straight in front of you that looks run down, it was built 5 or 6 years ago. I don’t think it has ever been cleaned.

The New Railway Square Shopping Center seems to have been finished for ages now, and still every retail unit that I can see from the outside is empty, and only a handful of the apartments seem to be occupied.
Frankly I got more use out of the place when it was a Car Park.

There’s a proposal for a new development at Stephen’s Street, but why would you bother if Railway Square is still lying empty?

The news in the local papers is that the North Quay project was shelved because the company got sick of waiting on a court case involving the Port Company and CIE to be resolved, although I thought I read somewhere that that case had been settled.

The Head of the Port company but a nice brave face on things saying that it wasn’t a set back, a few years ago they needed the money and selling was an imperative, but now after a few years a sound management they have more cash, so they can sit back and think about what to do with their assets.

Given that the Asset (land) is falling in price, I’d have thought that was a kind of a silly line to be peddling. But there you go.

-Rd

All sounds pretty dismal going forward. For brand new, those blue apartments always looked really shabby.

An extra kick in the teeth will be the news that **Cork dock area is getting E10 billion of investment.
**
The only hope Waterford LL’s have now is any benefit from WIT getting univ. status.

When will people realise that the day of big developments , whether residential or commercial are over. There are surplus examples of both types dotted around the country.

The Cork habour development will never happen IMO as no developer will want to invest in the hope there will be a return.

There are enough developers feeling the pain at the moment without turning up more heat on themselves :open_mouth: