Business Irish

Thursday 22 February 2018

Bringing new life to residential sites

Donal Buckley

A substantial investment opportunity with good short-term development potential has been brought to the market in market in Newbridge, Co Kildare.

The property consists of 22 apartments at The Hawthorns section of the development together with 10 houses in the Millfields section of the development as well as 21 residential sites at Millfields.

HT Meagher O'Reilly, the agents for receivers Mazars, are guiding €2.1m for the property.

HTMO'R director David Browne points out that a national housing association has expressed a formal interest in taking a 20-year lease on the 32 built properties at a rent of €247,937 a year.

It is also willing to lease the houses which will be built on the 21 sites.

He estimates that the homes could rent for about €279,000 on the open market.

It has also been estimated that it would cost €370,000 to bring the 32 built units to a rentable condition excluding fit out.

The Hawthorns extend over three floors and consists of 22 apartments, each of two bedrooms. Millfields consist of 10 terraced houses, nine of which are three-bedroom and one is four-bedroom.

The 21 sites have permission for 13 three-bedroom houses and eight four-bedroom houses ranging in size from 99-120sqm.

The property offers an opportunity for a developer to team up with an investor with the rental income from the built houses either helping to pay down the purchase or to help fund the development of the remaining sites.

The receiver has also reached agreement with Kildare County Council on site resolution works, Part V, outstanding contributions and remedial works.

Indo Property

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