Tuesday 16 January 2018

Houses with guide of €4.3m on the market in north Dublin

Chartered Assets are seeking €4.3m for this property in Swords
Chartered Assets are seeking €4.3m for this property in Swords

Chartered Assets have been retained to seek a buyer for a series of properties in Swords, Co Dublin with an asking price of €4.3m.

The firm are looking to sell a group of 20 adjoining houses in the heart of Swords town centre.

The mix of three and four bed semi-detached houses are all on large sites just off main street in the north Dublin town at Chapel Lane, Seatown Road, and St Colmcille's Drive.

The portfolio was assembled during the Celtic Tiger years with the intention of building a large "town centre" commercial development. However with the economic downturn, that development ultimately did not go ahead and was eventually abandoned.

The properties are at present all zoned "MC- to protect and improve Town Centre Facilities" under the Fingal Development Plan 2011-2017."

The agents say there is "huge potential for redevelopment or refurbishment" of the site..

Chartered Assets' Enda Hanarahan said he "expects interest from Investors and Property Developers seeking a prime refurbishment or redevelopment opportunity".

"It is a unique offering of 20 traditional family homes, on large garden sites in an enviable location off Main Street, Swords.

"The portfolio has huge potential for value enhancement," he added.

Chartered Assets say the houses are currently partially tenanted and offer "potential for significant income uplift" for any potential buyer.

The houses are likely to attract a range of potential buyers given the shortage of suitable family homes in and around Dublin at present.

By most estimates more than 30,000 houses will be needed in Dublin over the next five years but the lack of new builds coming on stream is pushing house prices up rapidly.

The Construction Industry Federation has warned that the building of new houses has "basically stopped" in the past three months since the Central Bank unveiled its plan to restrict mortgage lending.

The cost of new builds is already far higher than it was back in the boom and developers have found it much harder to secure financing for construction.

The Society of Chartered Surveyors of Ireland meanwhile has estimated that there is enough land around Dublin that is zoned for residential development to accommodate as many as 100,000 residential units but only a small fraction of that land has planning permission applications pending at present.

That dearth of suitable family homes shows few signs of easing in the short term.

Sunday Indo Business

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