With residential development closed down since January (in addition to the 2020 lockdown) the financial hit is significant. To put in perspective - the delay to Oakmount Groups development of 48 apartments in Dublin may add up to €0.5M to their project costs. This is approximately equivalent to the revenue from one unit and adds over 2% to project costs. The picture is the same for commercial development with projects stalled and no return to site date in place. With such uncertainty around delivery date this impacts on a developers ability to get a tenant in place. Further delays will make a bad situation worse. The example below illustrates the impact on Valorem Investment Partners project on Newmarket Square, Dublin 8.
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