New home view: New schemes aim to satisfy Cork demand
Earls Well and Hazel Hill already attracting major interest from buyers
Before the crash, Fleming Construction began work on Waterfall's upmarket Earls Well scheme, alongside the developer's existing Heatherfield development. During an untimely launch, an eye-watering price of €1.1m was put on one of the properties.
While the implosion of the property market called a temporary halt to Earls Well, four of the original homes were eventually sold last year for prices ranging from €730,000 and €900,000 - though these included two furnished showhouses with a 1,344 sq ft detached block-built garage.
Construction by a Nama-funded contractor of 36 more units was revived at the end of 2016. The homes currently under construction at Earls Well are a pretty sizeable 2,300 sq ft to 2,800 sq ft, but at least 1,000 sq ft smaller than their boom-era predecessors.
"It's unlikely we'll see another scheme in Waterfall for years," said selling agent Catherine McAuliffe.Work is underway on a new phase of 12 homes. Most were quickly snapped up after a launch last weekend, so just five are presently available, with prices starting at €605,000.
The contemporary-style detached homes sit on individual plots of between one third and half an acre, with an old-style boundary ditch between each one. There are large allowances available for buyers at Earls Well, including €12,000 for a kitchen and utility, €4,000 for wardrobes and €6,000 for integrated wood burning stoves in both living rooms.
The Nama development is being overseen by receivers RSM Ireland, while Bluebroe Ltd are project managers and Savills are the selling agents.
RSM, Bluebroe and Savills are also behind a new scheme called Hazel Hill at Maryborough Ridge in Douglas. The first five of the 20 four-bed homes at Hazel Hill, near Douglas Golf Club, were launched last weekend but were sold out by Tuesday. However, Savills is operating a waiting list for the next release. Asking prices for the first five properties, all of which have south-facing back gardens, ranged from €465,000 to €470,000. Construction on Hazel Hill started before Christmas and Savills expects the scheme to be completely finished by 2018.
These architecturally designed, A3-rated homes have 1,722 sq ft of accommodation laid out over two storeys, all overlooking a large landscaped green space. Allowances available include €10,000 for a kitchen and utility, €4,000 for wardrobes and €2,000 for an integrated wood burning stove.
Earls Well, Waterfall, and Hazel Hill, Douglas, Co Cork
Asking price: From €605,000 (Earls) and from €465,000 (Hazel)
Agent: Savills (021) 4271371