This week saw the handing over of the first set of keys to the purchasers of a new home in Bishops Lough, Kilkenny which is one of 223 homes being constructed by Wisteria Developments Ltd in conjunction with Wallace Contracting Ltd. The infrastructure work is being delivered by the Housing Infrastructure Services Company (HISCo), a commercial joint venture between the Ireland Strategic Investment Fund (ISIF) and Cork County Council to build supporting infrastructure for housing.
HISCo provides an innovative solution to the provision of both on-site and off-site infrastructure that is hindering the delivery of residential development throughout Ireland. The unique aspect of HISCo’s Model is that the fee is calculated on a per unit basis and is only payable as each unit is sold or first leased.
Speaking about the project, Niall Morrissey, CEO of HISCo, said: “Our Company is proud to be part of such a success story where people are achieving their dream of owning their own home. It builds on our successful early projects, including the ongoing delivery of the Drogheda Northern Cross Route, and supporting infrastructure for substantial housing developments in Bantry and Cork City, and augurs well for our plans to deliver similar supporting infrastructure for new homes across Ireland.
Cork County Council and ISIF deserve enormous credit for establishing HISCo with the objective of tackling the challenge that critical infrastructure poses for the delivery of residential development.”
Matthew Wallace Wisteria Developments Ltd said: “This is a hugely significant project for Kilkenny City. It will ensure the delivery of much needed housing only 800m from the city centre. I want to pay particular tribute to HISCo, which is a commercial joint venture between Cork County Council and ISIF, for undertaking this project. It builds on the success that it has had to date in assisting to deliver thousands of homes across Ireland. This is a sustainable housing development that will see new communities thrive long into the future.”
Jerry Mehigan Chairperson of HISCo stated: “These investments are important elements of ISIF’s overall Impact Strategy which focuses on long- term transformational investments addressing key strategic challenges facing the country. This investment builds on ISIF’s existing housing investment programme where over €1bn has been committed to commercial investments that are expected to deliver more than 25,000 new homes for owner-occupiers, renters and those in need of social or affordable housing.
HISCo’s model is seeing results now at scale around the country and housing delivery at this scale will help the country not only meet its housing targets, but exceed them. The model that HISCo have made available to house builders in conjunction with partners, like Wisteria Developments in this instance; is a blueprint for how we can deliver housing at scale across the country.”