The 'Elysian' - Cork's Folly?


#1

Will O’Flynn Construction’s 17 story ‘Elysian’ tower in Cork City centre come to be known as Cork’s Folly?

The tower which is nearing completion (In fact it was due for launch in March) was expected to command high asking prices and by the look of the website branding and general marketing was looking to attract the cream of the crop of purchasers.

Of course all that marketing was concieved in the heady days of 2006 when the boom was …em… ‘booming’

How things change in 2 years. Now that nothing in certain in the property market the only guarantee that O’Flynns and agents Sherry Fitz have is that they will get plenty of tyre kickers eager to see the view from the top of the elysian tower whenever it launches. But how many of these will transform into signed up purchasers?

I predict that they will not have many takers unless prices are reasonable. At the time of the press launch figures of a million euro were being tossed around for an apartment on the upper floors of the tower. Is that realistic in these more recessionary times?

Perhaps the elysian may come to be known as Cork’s Folly - a striking building but largely uninhabited. Still they could possibly use the roof as a viewing platform to attract the tourists - may provide an alternative to Shandon Steeple

Maybe O’Flynns will lose their shirt on this - skyscrapers don’t come cheap.

See www.theelysian.ie for property porn at its finest (no updates since Nov 2007 though and a countdown clock to its scheduled launch in March 2008 was removed with a week to go)


#2

You have, in one sentance, sumated the entire purpose of this forum.

Price is everything.


#3

It’s a nice building, I think that it definitely adds to the Cork skyline. As for whether the apartments will sell or not? It’s hard to say at this point.

I can actually see this being converted to a luxury hotel.


#4

You could be right about the hotel idea. There are big plans for development in the docklands not far from the Elysian. However as this is Cork everything takes an eternity to happen. Ten years of waffle and aspirational ideas have produced little so far. At this stage I can’t see where the finance is going to come from.


#5

Think “Elysian” in your finest Cork accent…


#6

They might try, but it would not be commercially successful. You need a completely different layout structure etc. in order to make it economical.

They would spend a lot of money trying to change it into something like a hotel. But it would still be far from optimal and hence make its revenue stream much less than an identical purpose designed hotel. Also it would be more costly to run and maintain than a purpose designed/built hotel.

All that would add up to the asset being worth less even after they poor more money into it.

Maybe they could go for the short stay luxury serviced aparment route, but I am not sure what sort of demand there would be in Cork.


#7

would this be a luxury hotel next door to the other two (new luxury) hotels??

clarioncork.com/

jurysdoyle.com/cork


#8

I look at the building everytime I’m in Cork and to be fair, they are working fairly fast. In an ideal world, it would be an excellent development. It’s high density accommodation within a stone’s throw of the city centre. The view will be lovely provided your apartment faces the right way and it’s regeneration of a previously under-utilised part of Cork.
Trouble is that the asking prices are likely to be high. If prices were reasonable and I was 5 years younger, I’d consider it as the location is excellent. Then you could rent it out as the location alone would make it very desirable but again, the yields would make this a hopeless idea.


#9

Who’s betting they rent out much of it in the hope of riding out the downturn?


#10

A good friend of mine worked there as a carpenter for a few months and he assured me the quality of workmanship was the worst he’s ever seen bar none. Seems like the contracts for all trades got subed and subed again until finally the job was full of a bunch of chancers
This guy was totally stunned what he saw


#11

A few weeks ago one of the sparkies on it told me the lads were calling it The tower of doom.

Was it future shock that said when you start building towers and expecting silly money that the game is up?


#12

Burj Dubai Vs Cork Towers
linkmap.blogspot.com/2007/06/bur … -hall.html