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D4 pads worth up to €1m in boom selling for one-third of price

The unusual Alliance Building forms part of The Gasworks

WHEN they were launched at the peak of the market, they were packaged as the city slicker's ideal Dublin 4 pad and could command prices of up to €1m.

The Gasworks apartments were in the capital's upmarket playground, close to the DART, Ballsbridge, Lansdowne Road, Grand Canal Dock and the city centre.

Fast forward a few years and their proximity to the NAMA headquarters is more notable as they are about to become the first Dublin 4 apartments and houses to be sold by a receiver -- after they were seized by Ulster Bank from developer Liam Carroll.

And they are going for just a third of their original asking price.

Today receiver Paul McCann, of Grant Thornton, will sell one bedroom apartments in the Gasworks off Barrow Street at prices starting from only €155,000.

At the peak of the market, similar units fetched €475,000. Three-bedroom penthouses which achieved €975,000 are now selling for only €385,000.

In all there will be 20 apartments and six houses for sale and these include two-bedroom apartments sized at 70 sq m and priced at €270,000 -- a reduction of 65pc from the peak price of €765,000.

Three-bedroom houses with floor areas of 105 sq m now range in price between €350,000 and €370,000, compared to €950,000.

The Gasworks has recently been made famous by Google which has its Irish headquarters in an office building in the development, which was one of the more ambitious projects completed by Mr Carroll.

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His property empire collapsed with debts of more than €1bn due to a number of banks.

One of these, Ulster Bank, appointed Mr McCann as receiver to one of Mr Carroll's companies, Fabrizia, which retained ownership of the 26 homes in the Gasworks that are now being offered for sale.

In all, the development included 550 residential units and about 300 of these were sold off by Mr Carroll in the years before the receiver was appointed.

A further 215 of the units are located in the unusual Alliance Building, which was constructed like a glass case within the red steel pillars of a former gas storage tank.

Mr Carroll also agreed deals to sell a number of the Alliance apartments, but when the market changed he looked unlikely to get the prices he hoped for this costly development.

So he changed his mind about selling, returned deposits to the prospective buyers and rented out the Alliance apartments. The receiver still rents out these apartments and has no plans to sell them.

The show houses will be open at 5pm today.

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