Frustration over long-abandoned apartment complex in Waterford

Amid the ongoing housing crisis an entire apartment complex in Waterford has remained abandoned since 2028, much to the annoyance of one local representative.

Cllr Donal Barry raised the matter of the Penrose Lane apartment complex in the wake of a recent Waterford Metro Council meeting. He told Waterford News & Star the Council has interest in 24 apartments, the condition of which is steadily deteriorating and requires prompt intervention. 

"The ramifications of this dispute will ultimately lead to financial burdens for Waterford taxpayers, possibly running into millions of euros," he said.

Cllr Barry said that in 2018, the projected refurbishment costs for each apartment was "pegged at approximately €110,470". 

However, factoring in inflationary trends in construction, he said; "It's plausible that these costs have effectively doubled, further straining potential remedial plans."

"Then add this figure to the cost of each apartment and it is not looking at good value for the Waterford taxpayer in an area where apartment sell for on average €140,000 to €165,000," he said.

He questioned how much of taxpayers’ money has already been spent on this project?

"The inclinations conveyed in the monthly management reports propose the formation of a new management company; however, this development has seemingly been in indefinite development, spanning several years," he said.

Cllr Barry said it's of "paramount urgency" that an exhaustive and current evaluation be conducted to clarify the present status of what he said it a beleaguered and economically burdensome project.

"Moreover, transparency is crucial in unraveling the protraction surrounding the management company formation," he said.

"It is imperative to explain precisely what barriers obstruct progress, thus enabling the formulation of a coherent strategy that will expedite resolution and mitigate taxpayer liabilities and rid the city of this eyesore and provide much needed accommodation in the time of a housing crisis and spiraling homeless figures," he added.

Highlighting that the relevant Minister has voiced significant apprehension over potential faltering in achieving set targets for apartment construction, he said: "Ironically, the Council seems to be at the forefront of the decay and neglect that plague this locale, raising serious questions about this project."