Once valued at €700,000 each, now all 14 townhouses are going for just twice that
Published 07/11/2012 | 05:00
AN UPMARKET estate that would have sold for millions in the boom has sparked huge interest after going on the market for just €1.4m.
The 14 townhouses in the gated estate of Bun na Leaca in Galway city could once have commanded up to up €700,000 each.
Now, under the control of NAMA, they are set to sell in one lot for an asking price of €1.4m -- which would have covered just two of the units when they first came on the market.
The massive price drop saw 11 interested parties submit tenders, many of whom outbid the €1.4m guide price.
"There was unbelievable interest," said Noel Browne of O'Donnellan and Joyce Auctioneers.
"Four if not five of the tenders were above the asking price and one or two were considerably over. It was unexpectedly high but several bidders were very eager to secure them."
The 14 terraced and semi-detached houses are located on Newcastle Road directly across from the gates of NUI Galway.
The estate has a Georgian facade and is located on an enclosed private site. None of the newly developed homes has been occupied.
They were first launched on the market in July 2007 by builders the Fitzgerald Group from Gort.
Now in the hands of NAMA, eight of the properties will require just a final fit-out, while the remaining six will each require a spend of around €30,000 to complete.
"Details from the 11 tenders have gone to the solicitor, who has passed them on to NAMA. We really hope a decision will be made sooner rather than later," said Mr Browne.
Ten of the three- and four-bedroom houses have a floor area of 120sqm over three levels, while the remaining four three-bedroom gate lodges have similar floor space. Each of the houses is expected to rent for €12,000 per annum.
"Once they are completed they will undoubtedly be the best finished properties in Galway. The finish is second to none, even down to the skirting boards and light fittings," added Mr Browne.
The houses include smart home technology, mood lighting, sash windows and underfloor heating.
"It just shows that people still have the money for these types of developments if they believe they are getting value for money," he added.