TENANTS AT AN apartment complex in Cork have avoided a mass eviction after the building was bought by a housing association and Cork City Council.

Investment fund Lugus Capital bought the 78-unit Leeside Apartments in 2017 and a number of long-term tenants faced being evicted.

Under the deal, believed to be worth around €20 million, some 50 units will be made available for social housing.

James O’Halloran, New Business Manager at Clúid Housing, said the property will provide people in Cork city with “long-term, secure homes”.

O’Halloran said he hoped people would start moving into the apartments in the coming weeks.

“This project shows what can been achieved when stakeholders who are committed to housing delivery work together.

“This purchase will help us in our aim of delivering 2,500 homes over three years,” O’Halloran said in a statement.

Emergency accommodation 

Speaking on RTÉ Radio 1′s Morning Ireland, O’Halloran said the deal was great value for money as it would cost closer to €28 million to provide similar inner-city accommodation.

He said HAP tenants and six private tenants who are living in the building will remain there. 

O’Halloran said the council will interview people in emergency accommodation or on social housing waiting lists ahead of allocating apartments in the coming weeks.

Commenting on the acquisition, Brian Geaney, Director of Services for Housing at Cork City Council, said the local authority is committed to “finding solutions to housing challenges in the city”.

Clúid is financing the development of the units through funding from the Department of Housing, Planning and Local Government, and a loan from the Housing Finance Agency.