Business Irish

Sunday 24 September 2017

Cut-price Nationwide apartments raise €16m

Donal Buckley

A TOTAL of 51 of the 62 plush apartments developed by Michael Fingleton as head of Irish Nationwide have sold within the past five days.

Slashed to half the market peak prices, the sales have generated more than €16m for Irish Nationwide, which is now controlled by the Government.

Located in the posh Dublin suburb of Booterstown and within walking distance of University College Dublin and the DART, the first tranche of 20 apartments sold out within hours of being launched last Thursday.

Prices range from €215,000 for one-bedroom apartments to €455,000 for two-bedroom penthouses with large private roof gardens and sea views over Dublin Bay.

Most of the sales were to first-time buyers who opted for the two-bedroom apartments. They were priced from €289,000, which is less than half the €635,000 charged for two-bedroom apartments in the Thornwood development just across the road during the peak.

All 11 penthouses priced from €355,000 have been sold.

Estate agent Ken MacDonald of Hooke & MacDonald says he is keeping prices for the remaining 11 units at the same level as those offered last Thursday when first launched. This contrasts with developer pricing strategies during the boom when they frequently increased prices in response to strong demand and quick sales.

The remaining units consist of three one-bedroom and eight two-bedroom apartments.

Demand

When originally planning the launch, Hooke & MacDonald said they would release only 20 apartments last weekend -- but with such strong demand they decided to release a further 20 and then to sell them all.

A total of €22.4m was spent on development work, but just €19m is expected to be received from the sales. Mr MacDonald said he was confident the remaining units would sell quickly.

"We could see from the level of interest that some of those who are intent on buying will come forward in the near future. There were a lot of cash buyers and this augurs well as a reflection of the demand for apartments in south Dublin."

Meanwhile, near Dublin City University on Dublin's north side, receiver David Hughes plans to sell 15 apartments in 11 days' time at prices that are also half those at the peak.

The development, Milner's Square, is on Shanowen Road just south of Santry village.

Kelly Walsh Property is pitching one-bedroom apartments from €139,000, two-bedroom apartments from €165,000, two-bedroom duplexes from €195,000 and three-bedroom penthouses from as little as €199,000. It will be launched on Saturday, October 30.

Milner's Square was developed by a division of Hanly Group.

Irish Independent

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