Tánaiste turns sod on 410 home development in Bishopstown, Co. Cork
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From: Department of Finance
- Published on: 29 May 2026
- Last updated on: 29 May 2026
Tánaiste and Minister for Finance, Simon Harris T.D., today turned the sod on a a significant new mixed-tenure residential development in Bishopstown, Cork that is being delivered with funding from Home Building Finance Ireland (HBFI).
Waterfall Avenue, led by Bridgewater Construction, will provide up to 164 much-needed homes for the area.
These homes are being actively delivered under phase 2 of the scheme with phase 3 set to commence in June and deliver a further 246 units.
Speaking at the site in Bishopstown today, the Tánaiste and Minister for Finance, Simon Harris, said:
“I am delighted to see the impact that Bridgewater Construction is having here in Bishopstown Cork, providing 164 new mixed-tenure homes to the local area. This development, upon completion, will deliver up to 410 new homes.
“This is an excellent example of the impact that HBFI can have in supporting SME homebuilders across the country.
“HBFI funding is critical for those builders who find access to finance difficult because of either their size, the location or both.
“At a time when we are experiencing significant housing challenges, the positive role being played by HBFI is so important.
“I would like to wish Bridgewater Construction well in the development of this site and its future phases and look forward to seeing these homes being occupied with families and people who now have a foundation to build their lives upon.”
Minister for Housing James Browne added:
“Last year my Department confirmed €17m in funding for the delivery of 79 new Cost Rental homes and over €7m in funding to deliver 60 social homes by Respond AHB at nearby Waterfall Heights in Ardarostig.
“The apartments across both phases of the scheme are expected to be brought forward with the support of the Croí Cónaithe subvention - a vital measure that is helping to close viability gaps and ensure that these much-needed homes can be delivered for communities without delay.”
Dara Deering, CEO of HBFI said:
“HBFI is pleased to attend today’s site visit with the Tánaiste and Minister for Finance and Bridgewater Homes. Waterfall Avenue is part of Bridgewater Homes’ wider development at Bishopstown, where HBFI is supporting the delivery of a total of 410 units, across two development sites. This is a good example of how HBFI funding can support housebuilders such as Bridgewater Homes, which is providing much needed housing in the Cork City area.“
Paul Barrett of Bridgewater Homes said:
“Bridgewater Homes is pleased to welcome Tánaiste Simon Harris to Waterfall Avenue in Bishopstown. Waterfall Avenue marks the company’s second residential development on Waterfall Road and represents a significant milestone in Bridgewater Homes’s continued investment in the area.
“In partnership with Home Building Finance Ireland, Bridgewater Homes is delivering 164 A‑rated homes at Waterfall Avenue, helping to meet the growing demand for high‑quality, energy‑efficient housing in Bishopstown. This government-backed financing plays a vital role in ensuring a reliable pipeline of new homes for the community.
“The first completions in Waterfall Avenue are scheduled for Q4 2026 and the first completions for our third Bishopstown site, Waterfall Manor are scheduled for Q1 2027, with families expected to move in shortly thereafter.”
Notes:
Site Information:
- Location: Waterfall Road, Bishopstown, Co. Cork
- Homes: 164 new homes, comprising 64 houses, 46 Duplex and 54 apartments. 46 units will be Part V.
- At present, Bridgewater Homes currently have c. 50 staff employed across their 6 active sites in Cork.
- HBFI are positioned to fund the development of 410 units across two phases at Bishopstown.
HBFI’s Role in Supporting Housing Delivery:
- Since its establishment in 2019, HBFI has approved over €3.3 billion in funding.
- This has supported nearly 17,000 homes across 233 developments in 25 counties.
- 82% of HBFI loans are €20 million or less, demonstrating its strong backing of small and medium‑sized builders.
- Over 40% of homes supported by HBFI to date are social and affordable units.
- Following Budget 2026, HBFI has also secured an additional €200 million in funding capacity, strengthening its ability to respond to financing gaps and accelerate housing delivery in areas where it is most needed.