David splashes crash cash on €459,000 investment
Published 24/09/2011 | 05:00
A man who was left with paralysis in his left arm after a serious motorbike accident invested a chunk of his compensation in a rental property.
David Glennon (31), who had never invested in property before, paid €459,000 for the Rathgar property in Dublin.
Mr Glennon, originally from Naas, Co Kildare, but currently renting a room at his friend's home in Laois, spent nearly €10,000 more than he planned to secure the property, which is sub-divided into eight flats.
The property at Waverly Terrace, which it is estimated would have fetched more than €1.2m at the height of the boom, had a guide price of €380,000.
David held his nerve and sealed the deal for €459,000.
The lorry driver says he does not plan to swap his current abode for the much sought-after Dublin 6 postcode, but instead intends to use his investment as a source of income until he is well enough to work again.
The property, which has eight sitting tenants, will generate an annual income in the region of €57,000 before tax for Mr Glennon, who plans to pay for the property in full with his compensation payment.
"I only heard about the auction last Wednesday and only got a chance to see the property yesterday, I was hoping it would go for the guide price, but I knew when the smaller property next door went for almost that much that I was in for a fight," he said.
"My threshold was €450,000 and I ended up going over it by almost €10,000, but it was worth it. I have eight tenants who are there for the foreseeable future," he added.
David spent 12 days in intensive care in a British hospital in 2007 following the accident.
"I had an extremely serious head injury and I tore all the nerves out of my spine, which is why my arm is paralysed," he said.
"I'm still not fully recovered. I was due to have an operation in August here, but that was cancelled. It's a very slow recovery," he added
Also among the new home owners were Dublin couple Lyndsey Crowley (28) and David Smith (28) who, following several frustrating attempts to get on the property ladder, finally found their dream home.
The couple yesterday purchased a four-bed semi detached home complete with two reception rooms in Ballyjamesduff, Co Cavan, for €79,000. The house had a guide price of €50,000.
"We are going to have a long commute to Dublin, but it will be worth it" said Ms Crowley.
Meanwhile, artist Michael O Faolain and his partner Barbara McGlynn brought their dream riverside home in Killinaker, Co Leitrim, for €107,500. The house, near Rooskey, had a guide price of €50,000.