Tuesday 20 March 2018

More than €500,000 sought for Donegal apartment block

Eden Bay Development, Bundoran, Co Donegal
Eden Bay Development, Bundoran, Co Donegal

Tara Fitzsimons

A Donegal apartment block is on the market for more than half a million euro.

CBRE and DNG Flanagan Ford have been instructed to handle the disposal of the Eden Bay Development in Bundoran on the instructions of joint receivers Paul McCann and Aengus Burns.

The property is being offered to the market for sale by tender.

According to CBRE, Bundoran is an "attractive coastal suburb" of Donegal situated about 30km south west of Donegal town.

The property commands a "prime" location in the centre of the town with unrivalled shore frontage and spectacular views.

Bundoran itself is said to be a "bustling small town" predominantly known as a tourist destination.

The town swells in numbers considerably throughout the busy summer months and indeed other holiday periods throughout the year.

The Eden Bay Development comprises a complex of 44 apartments (five of which are already sold) over four floors along with 5,489 sq ft of commercial space.

That space is made up of a restaurant unit and two retail units with basement level parking providing 40 car spaces.

The apartments are all two bed en suite ranging in size from 71 sq m to 115 sq m and are at "varying stages of completion" with a mix of fully and partially completed units, shell and core units. There are superb sea views from many of the apartments, the agents say.

The restaurant unit at ground floor is fully fitted to a high standard and has a feature glass wall fitted from floor to ceiling allowing patrons to enjoy the west-facing views of Donegal Bay and the Atlantic Sea.

The two retail units have access from main street and are both currently rented. The entire site extends to approximately three fifths of an acre.

CBRE claim that a "significant market" has emerged for apartment complexes in Ireland in the past year and a half and the receivers are hoping to capitalise on this trend and offload these apartments.

The success or failure of the sale will also give a good indication of what kind of desire there is for such partially finished properties.

Irish Independent

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