Re: Re: Lancaster Quay Hospital
O’Callaghan’s have never built, operated or raised funding for a private hospital and are only trying to now because the residential market is dead. They are trying to raise finance at one of the most difficult economic times in our history so naturally investors are nervous about projects like this due to their and their operators lack of a track record and experience in developing and running private hospitals in Ireland.
With the uncertainty surrounding the financial viability of this project would it really be in the long term interests to permit a commercial use at odds with the site and its surroundings, and one that will damage the setting of one of Cork’s greatest cultural heritage? The sensible answers is clearly no.
O’Callaghans should be made to continue with their approved residential development and adjust the costs and prices for the current market conditions. When they bought the site they gamble on the boom lasting. It hasn’t, so they have to face it like other developers and get through it. Jumping on the private hospital bandwagon is neither beneficial in the long run to them or the people of Cork.
There are not any questions on the planning application forms about “financial viability” as far as I know.Its a private project on his private land for private patients and will provide top medical jobs and jobs during construction and all privatly funded.
So developers should be forced to build housing units when you clearly state that the residential market is dead ?
Are you willing to lend Owen O’Callaghan the money ? Because the banks will not.
Builders and developers adapt according to demand.