Re: Re: Smithfield Market Development
My biggest concern with this type of development is the Section 23 status.
I think the entry level one-bed apartment for Smithfield Market, overlooking the redeveloped city council housing at Blackhall Place, cost in the region of E365,000.
This rules out the vast majority of first-time buyers, and any first-timers with that kind of cash probably wouldn’t buy in Smithfield anyway.
I went in to their sales office one time and the only people there appeared to be middle-aged investors. Even though I’m familiar with how much property tends to be in Dublin, I was still flabbergasted at the prices being asked for in Smithfield.
When you have this constant transitional population, especially beside city council housing (which although brand new already looks badly maintained) – the buildings always get run down very quickly. You see the same thing right along Parnell Street.
The owners don’t care because they get their rent regardless and the tenants don’t care either because it’s just a temporary arrangement.
I think Section 23 was acceptable to drag Parnell Street out of the mire it was in. But by the time Smithfield Market came on stream, the tax relief were completely unnecessary.